Document:

Exhibit
10.1

 

 

 

AMENDED AND RESTATED ABL CREDIT AGREEMENT

 

Dated as of September 30, 2019

 

among

 

GYP HOLDINGS III CORP.

 

as Lead Borrower,

 

THE ENTITIES LISTED ON SCHEDULE I HERETO

 

as Borrowers,

 

GYP HOLDINGS II CORP.

 

as Holdings,

 

WELLS FARGO BANK, N.A.,

 

as Administrative Agent and Collateral Agent,

 

THE OTHER LENDERS PARTY HERETO,

 

SUNTRUST BANK,

 

as Syndication Agent,

 

RBC CAPITAL MARKETS,*

 

as Documentation Agent,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,
and

 

SUNTRUST ROBINSON HUMPHREY, INC.,

 

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

 

* RBC
Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its affiliates.

 

     

     

    

 

TABLE OF
CONTENTS

 

	Section	 	 	Page

 

	Article I

                                                                                DEFINITIONS AND ACCOUNTING TERMS

                                                                                

	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	63
	1.03	Accounting Terms	64
	1.04	Rounding	64
	1.05	References to Agreements and Laws	64
	1.06	Times of Day	65
	1.07	Timing of Payment or Performance	65
	1.08	Currency Equivalents Generally	65
	1.09	Pro Forma Calculations	65
	1.10	Basket Calculations	65
	1.11	Letter of Credit Amounts	66
	Article II

                                                                                the COMMITMENTS and Credit Extensions

	2.01	The Revolving Credit Loans	66
	2.02	Borrowings, Conversions and Continuations of Loans	67
	2.03	Letters of Credit	70
	2.04	Swing Line Loans	80
	2.05	Prepayments	83
	2.06	Termination or Reduction of Revolving Credit Commitments	85
	2.07	Repayment of Loans	86
	2.08	Interest	86
	2.09	Fees	87
	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	88
	2.11	Evidence of Indebtedness	89
	2.12	Payments Generally; Administrative Agent’s Clawback	90
	2.13	Sharing of Payments	92
	2.14	Revolving Credit Commitment Increases	93
	2.15	Cash Collateral	96
	2.16	Defaulting Lenders	97
	2.17	Designation of Lead Borrower as Agent	99
	2.18	Designated Account	100
	2.19	Maintenance of Loan Account; Statement of Obligations	100
	Article III

                                                                                TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

	3.01	Taxes	101
	3.02	Illegality	104

 

     

     

    

 

	3.03	Inability to Determine Rates	105
	3.04	Increased Cost and Reduced Return; Capital Adequacy	105
	3.05	Funding Losses	106
	3.06	Matters Applicable to All Requests for Compensation	107
	3.07	Replacement of Lenders under Certain Circumstances	108
	3.08	Effect of Benchmark Transition Event	109
	3.09	Survival	110
	Article IV

                                                                                CONDITIONS PRECEDENT TO Credit Extensions

	4.01	Conditions to Initial Credit Extension	110
	4.02	Conditions to All Credit Extensions	114
	Article V

                                                                                REPRESENTATIONS AND WARRANTIES

	5.01	Existence, Qualification and Power; Compliance with Laws	115
	5.02	Authorization; No Contravention	115
	5.03	Governmental Authorization; Other Consents	115
	5.04	Binding Effect	116
	5.05	Financial Statements; No Material Adverse Effect	116
	5.06	Litigation	116
	5.07	No Default	117
	5.08	Ownership of Property; Liens	117
	5.09	Environmental Matters	117
	5.10	Taxes	117
	5.11	ERISA Compliance	118
	5.12	Subsidiaries; Equity Interests	119
	5.13	Margin Regulations; Investment Company Act	119
	5.14	Disclosure	119
	5.15	Compliance with Laws	120
	5.16	Intellectual Property	120
	5.17	Solvency	120
	5.18	Labor Matters	120
	5.19	Perfection, Etc	121
	5.20	OFAC and PATRIOT Act Compliance	121
	5.21	Anti-Corruption Compliance	121
	5.22	OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	121
	5.23	Designation as Senior Debt	121
	5.24	Tax Reporting Compliance	121
	Article VI

                                                                                AFFIRMATIVE COVENANTS

	6.01	Financial Statements	122
	6.02	Certificates; Other Information	123

 

    ii

     

    

 

	6.03	Notices	126
	6.04	Payment of Obligations	127
	6.05	Preservation of Existence, Etc	127
	6.06	Maintenance of Properties	128
	6.07	Maintenance of Insurance	128
	6.08	Compliance with Laws	128
	6.09	Books and Records	128
	6.10	Inspection Rights	128
	6.11	Use of Proceeds	130
	6.12	Covenant to Guarantee Obligations and Give Security	130
	6.13	Compliance with Environmental Laws	132
	6.14	Further Assurances, Post Closing Obligations	132
	6.15	OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	133
	6.16	Conference Calls	133
	6.17	ERISA	133
	6.18	Cash Management	133
	6.19	Physical Inventories	135
	Article VII

                                                                                NEGATIVE COVENANTS

	7.01	Liens	135
	7.02	Investments	139
	7.03	Indebtedness	143
	7.04	Fundamental Changes	146
	7.05	Dispositions	147
	7.06	Restricted Payments	149
	7.07	Change in Nature of Business	152
	7.08	Transactions with Affiliates	152
	7.09	Burdensome Agreements	153
	7.10	Use of Proceeds	154
	7.11	Fixed Charge Coverage Ratio	154
	7.12	Amendments of Organization Documents	154
	7.13	Accounting Changes	155
	7.14	Prepayments, Etc. of Indebtedness and Modifications of Certain Debt Instruments	155
	7.15	Holding Companies	156
	7.16	Deposit Accounts; Credit Card Processors	157
	Article VIII

                                                                                EVENTS OF DEFAULT AND REMEDIES

	8.01	Events of Default	157
	8.02	Remedies Upon Event of Default	159
	8.03	Right to Cure	160
	8.04	Application of Funds	161

 

    iii

     

    

 

	Article IX

                                                                                ADMINISTRATIVE AGENT AND OTHER AGENTS

	9.01	Appointment and Authorization of Agents	163
	9.02	Delegation of Duties	164
	9.03	Liability of Agents	164
	9.04	Reliance by Agents	164
	9.05	Notice of Default	165
	9.06	Credit Decision; Disclosure of Information by Agents	165
	9.07	Indemnification of Agents	166
	9.08	Agents in their Individual Capacities	166
	9.09	Successor Agents	167
	9.10	Administrative Agent May File Proofs of Claim	168
	9.11	Collateral and Guaranty Matters	169
	9.12	Secured Cash Management Agreements and Secured Hedge Agreements	169
	9.13	Other Agents; Arranger and Managers	170
	9.14	Appointment of Supplemental Administrative Agents	170
	9.15	Withholding	171
	9.16	Certain ERISA Matters	171
	9.17	Field Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information	173
	Article X

                                                                                MISCELLANEOUS

	10.01	Amendments, Etc	174
	10.02	Notices; Effectiveness; Electronic Communications	177
	10.03	No Waiver; Cumulative Remedies; Enforcement	179
	10.04	Expenses and Taxes	180
	10.05	Indemnification by the Lead Borrower	181
	10.06	Payments Set Aside	183
	10.07	Successors and Assigns	183
	10.08	Confidentiality	188
	10.09	Setoff	189
	10.10	Interest Rate Limitation	190
	10.11	Counterparts	190
	10.12	Integration; Effectiveness	190
	10.13	Survival of Representations and Warranties	191
	10.14	Severability	191
	10.15 	Governing Law; Jurisdiction; Etc	191
	10.16 	WAIVER OF RIGHT TO TRIAL BY JURY	192
	10.17	Binding Effect	192
	10.18	No Advisory or Fiduciary Responsibility	193
	10.19	Affiliate Activities	193
	10.20	Electronic Execution of Assignments and Certain Other Documents	194
	10.21	USA PATRIOT ACT; “Know Your Customer” Checks	194
	10.22	Keepwell	195

 

    iv

     

    

 

	10.23	ABL/Term Intercreditor Agreement	195
	10.24	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	196
	10.25	Acknowledgement Regarding Any Supported QFCs	196
	10.26	Amendment and Restatement; No Novation	197

 

    v

     

    

 

SCHEDULES

 

	I	 	Loan Parties
	 	 	 
	II	 	Immaterial Subsidiaries
	 	 	 
	III	 	Designated Account
	 	 	 
	IV	 	Administrative Agent’s Account
	 	 	 
	2.01	 	Revolving Credit Commitments and Pro Rata Shares
	 	 	 
	5.09	 	Environmental Matters
	 	 	 
	5.11(d)	 	Pension Plans
	 	 	 
	5.12	 	Subsidiaries and Other Equity Investments
	 	 	 
	5.16	 	Intellectual Property
	 	 	 
	5.18	 	Labor Matters
	 	 	 
	6.02(e)	 	Financial and Collateral Reports
	 	 	 
	7.01(b)	 	Existing Liens
	 	 	 
	7.02(f)	 	Existing Investments
	 	 	 
	7.03(b)	 	Existing Indebtedness
	 	 	 
	7.08(o)	 	Existing Affiliate Transactions
	 	 	 
	10.02(a)	 	Administrative Agent’s Office, Certain Addresses for Notices

 

EXHIBITS

 

		 	Form of
	 	 	 
	A-1	 	Committed Loan Notice
	 	 	 
	B	 	Borrowing Base Certificate
	 	 	 
	C-1	 	Revolving Credit Note
	 	 	 
	C-2	 	Swing Line Note
	 	 	 
	D	 	Compliance Certificate
	 	 	 
	E-1	 	Assignment and Assumption
	 	 	 
	E-2	 	Administrative Questionnaire
	 	 	 
	J	 	Solvency Certificate
	 	 	 
	K	 	U.S. Tax Compliance Certificate
	 	 	 
	L	 	Cash Management/Secured Hedge Notice
	 	 	 
	M	 	Intercompany Note
	 	 	 
	O	 	Credit Card Notification

 

    vi

     

    

 

 

AMENDED AND RESTATED ABL CREDIT AGREEMENT

 

This AMENDED AND RESTATED
ABL CREDIT AGREEMENT (this “Agreement”) is entered into as of September 30, 2019, among GYP HOLDINGS
III CORP., a Delaware corporation (the “Lead Borrower”), the entities listed on Schedule I (together
with the Lead Borrower, collectively, the “Borrowers” and individually, a “Borrower”),
GYP HOLDINGS II CORP., a Delaware corporation (“Holdings”), each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”) and Wells Fargo
Bank, N.A., as Administrative Agent, as Collateral Agent, as Swing Line Lender and as an L/C Issuer.

 

PRELIMINARY
STATEMENTS

 

The Lead Borrower, Holdings,
and the other Borrowers party thereto have entered into that certain ABL Credit Agreement dated as of April 1, 2014 (as amended
by that certain First Amendment to ABL Credit Agreement, dated as of February 17, 2016, that certain Second Amendment to ABL Credit
Agreement dated as of November 18, 2016, that certain Third Amendment to ABL Credit Agreement dated as of June 1, 2018, that certain
Fourth Amendment to ABL Credit Agreement dated as of September 16, 2019, and as further amended, restated, amended and restated,
supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”)
with Wells Fargo, as Administrative Agent and Collateral Agent thereunder, and each lender from time to time party thereto.

 

The Borrowers and Holdings
have requested that the Administrative Agent and the Lenders amend and restate the Existing Credit Agreement, which shall continue
the senior revolving credit and letter of credit facilities to the Borrowers.

 

The Lenders and the L/C
Issuer have indicated their willingness to amend and restate the Existing Credit Agreement and make the Loans and issue the Letters
of Credit on the terms and subject to the conditions set forth herein.

 

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

 

Article
I

DEFINITIONS AND ACCOUNTING TERMS

 

1.01        Defined
Terms. As used in this Agreement (including the preliminary statements above), the following terms shall have the meanings
set forth below:

 

“ABL Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document
or otherwise, with respect to any Loan, Letter of Credit, Secured Cash Management Agreement or Secured Hedge Agreement (other than
Excluded Swap Obligations), in each case whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or
against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding (or that
would accrue but for the commencement of such proceeding), regardless of whether such interest and fees are allowed claims in such
proceeding. Without limiting the generality of the foregoing, the ABL Obligations of the Loan Parties under the Loan Documents
include (a) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, costs, indemnities
and other amounts payable by any Loan Party under any Loan Document, (b) the obligation of any Loan Party to reimburse any
amount in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such
Loan Party, and (c) all amounts payable under Sections 10.04 and 10.05; provided that the ABL Obligations
shall not include Excluded Swap Obligations.

 

     

     

    

 

“ABL Priority
Collateral” has the meaning specified in the ABL/Term Intercreditor Agreement.

 

“ABL/Term
Intercreditor Agreement” means the ABL/Term Intercreditor Agreement, dated as of the Original Closing Date (as amended,
supplemented or otherwise modified from time to time in accordance with the terms thereof), among the Holdings, the Lead Borrower,
the other Loan Parties party thereto, Wells Fargo as Representative for the Secured Parties and Credit Suisse as Representative
for the Initial First Lien Term Secured Parties and as Representative for the Initial Second Lien Term Secured Parties.

 

“Acceptable
Credit Card Processor” means any major credit or debit card processor (including Visa, MasterCard, American Express,
Diners Club, and other processors reasonably acceptable to the Administrative Agent in its Permitted Discretion).

 

“Account”
means “accounts” as defined in the Uniform Commercial Code, and also means a right to payment of a monetary obligation,
whether or not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned, or otherwise
disposed of, (b) for services rendered or to be rendered or (c) arising out of the use of a credit or charge card or information
contained on or for use with the card.

 

“Account
Debtor” means a Person obligated under an Account.

 

“Acquired
Business” has the meaning specified in Section 7.02(i).

 

“Adjustment
Date” means the first day of each fiscal quarter, commencing with the first day of the fiscal quarter ending on January
31, 2020.

 

“Administrative
Agent” means Wells Fargo, in its capacity as administrative agent under the Loan Documents, and any successor administrative
agent.

 

“Administrative
Agent’s Account” means the Deposit Account of Administrative Agent identified on Schedule IV to this
Agreement (or such other Deposit Account of Administrative Agent that has been designated as such, in writing, by Agent to Borrowers
and the Lenders).

 

“Administrative
Agent’s Office” means the Administrative Agent’s address as set forth on Schedule 10.02(a),
or such other address as the Administrative Agent may from time to time notify the Borrowers and the Lenders.

 

    2

     

    

 

“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any other
form approved by the Administrative Agent.

 

“AEA”
means AEA Investors LP and its Affiliates, other than any portfolio company of any of the foregoing.

 

“Affiliate”
means, with respect to any Person, another Person that directly or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified. “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Agent-Related
Persons” means each Agent, together with its Affiliates, and the officers, directors, employees, partners, members,
representatives, agents, attorneys-in-fact, trustees and advisors of such Persons and Affiliates and their respective successors
and assigns.

 

“Agents”
means, collectively, the Administrative Agent, the Collateral Agent, the Syndication Agent and the Supplemental Administrative
Agents (if any).

 

“Aggregate
Commitments” means the Revolving Credit Commitments of all the Lenders.

 

“Agreement”
means this Amended and Restated ABL Credit Agreement, as amended, supplemented or modified from time to time in accordance with
its terms.

 

“Anticipated
Cure Deadline” has the meaning specified in Section 8.03(b).

 

“Anti-Corruption
Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and regulations or
ordinances concerning or relating to bribery, money laundering or corruption in any jurisdiction in which any Loan Party or any
of its Subsidiaries or Affiliates is located or is doing business.

 

“Anti-Money
Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Loan Party or any of its
Subsidiaries or Affiliates is located or is doing business that relates to money laundering, any predicate crime to money laundering,
or any financial record keeping and reporting requirements related thereto.

 

“Applicable
Rate” means a percentage per annum equal to (a) from the Restatement Effective Date until the first Adjustment Date,
the applicable percentage per annum set forth below in “Pricing Level 1” and (b) thereafter, from any Adjustment Date
until the immediately succeeding Adjustment Date, the applicable percentage per annum set forth below, as determined by reference
to Average Daily Availability for the most recent fiscal quarter ended immediately prior to such Adjustment Date expressed as a
percentage of the Line Cap.

 

    3

     

    

 

	Applicable Rate
	Pricing

 Level	Average Daily

 Availability	Eurodollar

 Rate	Base Rate
	1	> 66.7%	1.25%	0.25%
	2	< 66.7%	1.50%	0.50%

 

Any increase or decrease
in the Applicable Rate resulting from a change in Average Daily Availability shall become effective as of the third Business Day
immediately following the date a Borrowing Base Certificate is delivered pursuant to Section 6.02(b); provided, however,
that “Pricing Level 2” shall apply (x) as of the first Business Day at any time after the date on which a Borrowing
Base Certificate was required to have been delivered but was not delivered (or was delivered but did not contain the calculations
of Average Daily Availability) until the first Business Day immediately following the date on which such Borrowing Base Certificate
(which includes calculations of Average Daily Availability) is delivered and (y) at all times during the existence of an Event
of Default.

 

Notwithstanding anything
to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions
of Section 2.10(b).

 

“Appraised
Value” means the appraised orderly liquidation value of Eligible Inventory, net of costs and expenses to be incurred
in connection with any such liquidation, which value is expressed as a percentage of Cost of Eligible Inventory as set forth in
the Inventory stock ledger of the applicable Loan Party, which value shall be determined from time to time by reference to the
most recent appraisal undertaken by an independent appraiser engaged by the Administrative Agent and reasonably satisfactory to
the Lead Borrower.

 

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

 

“Arrangers”
means each of Wells Fargo and SunTrust Robinson Humphrey, Inc., in their respective capacities as exclusive joint lead arrangers
and joint bookrunners.

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor.

 

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

 

“Attributable
Indebtedness” means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP (subject to Section 1.03(c)).

 

“Availability”
means, at any time, the result, if a positive number, of (a) the Line Cap at such time minus (b) the Total Outstandings.
In calculating Availability at any time and for any purpose under this Agreement, the Lead Borrower shall certify to the Administrative
Agent that all accounts payable and Taxes are being paid on a timely basis.

 

    4

     

    

 

“Availability
Reserves” means, without duplication of any other Reserves or items that are otherwise addressed or excluded through
eligibility criteria or in the determination of Appraised Value, such Reserves as the Administrative Agent from time to time determines
in its Permitted Discretion as being appropriate (a) to reflect the impediments to the Agents’ ability to realize upon the
Collateral, (b) to reflect claims and liabilities that the Administrative Agent determines will need to be satisfied in connection
with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect
any component of the Borrowing Base or the assets, business, financial performance or financial condition of any Loan Party, (d)
to reflect that a Default or an Event of Default then exists, (e) to reflect any Accounts that are subject to any Lien permitted
under Section 7.01(p) or (dd) (unless the proceeds from such Accounts are deposited in accounts that are dedicated
for the sole purpose of collection of proceeds from such Accounts and such arrangements are reasonably satisfactory to the Administrative
Agent) or (f) to reflect any restrictions in the Term Loan Documents or in the documents governing any Permitted Term Refinancing
Debt on the incurrence of Indebtedness by the Loan Parties, but only to the extent that such restrictions reduce, or with the passage
of time could reduce, the amounts available to be borrowed hereunder in order for the Loan Parties to comply with the Term Loan
Documents, or the documents or the documents governing any Permitted Term Refinancing Debt. Without limiting the generality of
the foregoing, Availability Reserves may include (but are not limited to), in the Administrative Agent’s Permitted Discretion,
Reserves based on: (i) rent (not to exceed two months rent for each location plus any past due rent) for any locations leased by
a Loan Party unless, in each case, the applicable lessor has delivered to the Administrative Agent, as applicable, a Collateral
Access Agreement; (ii) customs duties, and other costs to release Inventory which is being imported into the United States; (iii) outstanding
Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims
of the PBGC and other Taxes which may have priority over the interests of the Administrative Agent in any Collateral; (iv) salaries,
wages, vacation pay and benefits due and owing to employees of any Loan Party; (v) customer deposits; (vi) Reserves for reasonably
anticipated changes in the Appraised Value of Eligible Inventory between appraisals; (vii) Reserves for dilution of Eligible Accounts
to the extent that the Dilution Percentage exceeds 5.0%; (viii) warehousemen’s, carrier’s or bailee’s charges
and other Permitted Encumbrances which may have priority over the interests of the Administrative Agent in any Collateral; (ix)
amounts due to vendors on account of consigned goods; and (x) at any time that Availability is less than 20.0% of the Line Cap,
Reserves to reflect the reasonably anticipated liabilities and obligations of the Loan Parties with respect to any Secured Hedge
Agreement or Secured Cash Management Agreement then provided or outstanding; provided that if any Secured Hedge Agreement
or Secured Cash Management Agreement is secured on a pari passu basis with the Revolving Credit Facility, Reserves may be
established regardless of Availability at such time. The amount of any Reserve established by the Administrative Agent hereunder
shall have a reasonable relationship to the event, condition or other matter which is the basis for such Reserve.

 

“Average
Daily Availability” means, at any time, the average daily Availability for the immediately preceding fiscal quarter.

 

    5

     

    

 

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

 

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

 

“Base Rate”
means the greatest of (a) the Federal Funds Rate plus 1⁄2%, (b) the Eurodollar Rate (which rate shall be calculated
based upon an Interest Period of one month and shall be determined on a daily basis), plus one percentage point,
and (c) the Prime Rate.

 

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

 

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected
by Administrative Agent and Lead Borrower giving due consideration to (i) any selection or recommendation of a replacement rate
or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a rate of interest as a replacement to the Eurodollar Rate for United States dollar-denominated syndicated credit
facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be
less than zero, the Benchmark Replacement shall be deemed to be zero for the purposes of this Agreement.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the Eurodollar Rate with an Unadjusted Benchmark
Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment,
(which may be a positive or negative value or zero) that has been selected by Administrative Agent and Lead Borrower giving due
consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of the Eurodollar Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental
Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or
determining such spread adjustment, for the replacement of the Eurodollar Rate with the applicable Unadjusted Benchmark Replacement
for United States dollar-denominated syndicated credit facilities at such time.

 

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

 

    6

     

    

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the Eurodollar Rate:

 

(a)           in
the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the
date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of
the Eurodollar Rate permanently or indefinitely ceases to provide the Eurodollar Rate; or

 

(b)           in
the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement
or publication of information referenced therein.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the Eurodollar Rate:

 

(a)           a
public statement or publication of information by or on behalf of the administrator of the Eurodollar Rate announcing that such
administrator has ceased or will cease to provide the Eurodollar Rate, permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide the Eurodollar Rate;

 

(b)           a
public statement or publication of information by the regulatory supervisor for the administrator of the Eurodollar Rate, the
Federal Reserve System of the United States (or any successor), an insolvency official with jurisdiction over the administrator
for the Eurodollar Rate, a resolution authority with jurisdiction over the administrator for the Eurodollar Rate or a court or
an entity with similar insolvency or resolution authority over the administrator for the Eurodollar Rate, which states that the
administrator of the Eurodollar Rate has ceased or will cease to provide the Eurodollar Rate permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Eurodollar
Rate; or

 

(c)           a
public statement or publication of information by the regulatory supervisor for the administrator of the Eurodollar Rate announcing
that the Eurodollar Rate is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the
expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or
publication) and (b) in the case of an Early Opt-in Election, the date specified by Administrative Agent or the Required Lenders,
as applicable, by notice to Lead Borrower, Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

 

    7

     

    

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the Eurodollar Rate and solely to the extent that the Eurodollar Rate has not been replaced with a Benchmark Replacement,
the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement
has replaced the Eurodollar Rate for all purposes hereunder in accordance with Section 3.08 and (y) ending at the time that
a Benchmark Replacement has replaced the Eurodollar Rate for all purposes hereunder pursuant to Section 3.08.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Securities and Exchange
Act of 1934, as amended, except that in calculating the beneficial ownership of any particular “person” (as that term
is used in Section 13(d)(3) of the Securities and Exchange Act of 1934, as amended), such “person” will be deemed to
have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of
other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially
Owns,” “Beneficially Owned” and “Beneficial Ownership” have a corresponding meaning.

 

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

 

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

 

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

 

“Blocked
Account Agreement” means, with respect to any deposit or securities account established by a Loan Party, an agreement,
in form and substance reasonably satisfactory to the Collateral Agent, establishing Control (as defined in the Uniform Commercial
Code) of such Blocked Account by the Collateral Agent (for the benefit of itself and the other Secured Parties) and whereby the
Person maintaining such account agrees, during a Cash Dominion Trigger Period, to comply only with the instructions originated
by the Collateral Agent without the further consent of any Loan Party.

 

“Blocked
Account Bank” means each bank or securities intermediary with whom deposit or securities accounts are maintained
in which any funds of any of the Loan Parties from one or more DDAs are held and with whom a Blocked Account Agreement has been,
or is required to be, executed in accordance with the terms of any Loan Document.

 

“Blocked
Accounts” has the meaning provided in Section 6.18(b).

 

“Board of
Directors” means: (a) with respect to Holdings, the Lead Borrower or any other corporation, the board of directors
(or analogous governing body) of the corporation or any committee thereof duly authorized to act on behalf of such board; (b) with
respect to a partnership, the board of directors of the general partner of the partnership; (c) with respect to a limited liability
company, the managing member or members (or analogous governing body) or any controlling committee of managing members thereof;
and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

 

    8

     

    

 

“Borrower”
and “Borrowers” have the meaning specified in the introductory paragraph to this Agreement.

 

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

 

“Borrowing”
means (a) a Revolving Credit Borrowing or (b) a borrowing consisting of a Swing Line Loan.

 

“Borrowing
Base” means at any time of calculation, the sum of:

 

(a)           85%
of the Eligible Accounts (other than Eligible Credit Card Receivables and Eligible Investment Grade Accounts) of the Loan Parties,
taken as a whole; plus

 

(b)           90% of the Eligible Credit Card Receivables of the Loan Parties, taken as a whole; plus

 

(c)           90%
of the Eligible Investment Grade Accounts of the Loan Parties, taken as a whole; plus

 

(d)          the
lesser of (i) (x) 75% of the Cost of the Eligible Inventory of the Loan Parties, taken as a whole, net of (y) Inventory Reserves
and (ii) (x) 85% of the Appraised Value of the Eligible Inventory of the Loan Parties, taken as a whole, net of (y) Inventory
Reserves; plus

 

(e)          100%
of the aggregate amount of Borrowing Base Eligible Cash of the Loan Parties, taken as a whole; minus

 

(f)           without
duplication, the then amount of all Availability Reserves;

 

provided, however, that the Borrowing Base shall
never exceed the “ABL Cap” (as such term is defined and used in the First Lien Credit Agreement as in effect on the
Restatement Effective Date) or any similar or corresponding provision, restriction, or limitation in any Permitted Refinancing
thereof.

 

“Borrowing
Base Certificate” means a certificate substantially in the form of Exhibit B hereto (with such changes therein
as may be required by the Administrative Agent to reflect the components of and reserves against the Borrowing Base as provided
for hereunder from time to time), executed and certified as accurate and complete by a Responsible Officer of the Lead Borrower
or of GMS, which shall include appropriate exhibits, schedules, supporting documentation, and additional reports as reasonably
requested by the Administrative Agent.

 

“Borrowing
Base Eligible Cash” means cash and Cash Equivalents (other than Cash Equivalents specified in clause (h) of
the definition of “Cash Equivalents”) of the Loan Parties that is (a) subject to a first priority Lien in favor of
the Collateral Agent for the benefit of the Secured Parties and is not otherwise Ineligible Cash and (b) held in deposit or securities
accounts subject to a Blocked Account Agreement and maintained in the name of any Loan Party.

 

    9

     

    

 

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

 

“Canadian
ABL Facility” means the Amended and Restated Credit Agreement dated as of June 28, 2017 (as amended on June 1, 2018,
to, among other things, permanently repay all outstanding term loans thereunder and as further amended, supplemented or otherwise
modified in accordance with its terms), among Master Titan Holdings Limited Partnership, Watson Limited Partnership, Slegg Limited
Partnership, BC Ceilings Limited Partnership, Core Acoustic Titan Limited Partnership and Shoemaker Limited Partnership, as the
borrowers, Canadian Imperial Bank of Commerce, as administrative agent, co-lead arranger and sole bookrunner, and the other financial
institutions from time to time party thereto.

 

“Canadian
ULCs” means GYP Canada Holdings I ULC, a British Columbia corporation, and GYP Canada Holdings II ULC, a British
Columbia corporation.

 

“Capital
Expenditures” means, as of any date for the applicable period then ended, all capital expenditures of the Lead Borrower
and its Restricted Subsidiaries on a consolidated basis for such period, as determined in accordance with GAAP.

 

“Capitalized
Lease” means any lease that has been or should be, in accordance with GAAP (subject to Section 1.03(c)), recorded
as a capitalized lease.

 

“Cash Collateral”
shall have a meaning correlative to “Cash Collateralize” and shall include the proceeds of such cash collateral and
other credit support.

 

“Cash Collateral
Account” means a blocked, non-interest bearing deposit account at Wells Fargo or a financial institution selected
by the Collateral Agent, in the name of the Lead Borrower and under the sole dominion and control of the Collateral Agent, and
otherwise established in a manner satisfactory to the Collateral Agent.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Collateral Agent, for the benefit of the Administrative Agent, each applicable
L/C Issuer, the Swing Line Lender or the Revolving Credit Lenders, as collateral or other credit support for L/C Obligations, ABL
Obligations in respect of Swing Line Loans or obligations of Revolving Credit Lenders to fund participations in respect of either
thereof (as the context may require), (a) cash or deposit account balances or (b) if the Swing Line Lender or the applicable L/C
Issuer benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation
in form and substance satisfactory to the Collateral Agent and the Swing Line Lender or the applicable L/C Issuer, as applicable.

 

“Cash Dominion
Recovery Event” means Availability is at least the greater of (a) $20,000,000 and (b) 10% of the Line Cap for
30 consecutive days and no Event of Default is outstanding during such 30 day period.

 

    10

     

    

 

“Cash Dominion
Trigger Event” means (a) the occurrence and continuance of any Specified Event of Default or (b) the failure of the
Borrowers to maintain Availability of at least the greater of (x) $20,000,000 and (y) 10% of the Line Cap for five consecutive
Business Days.

 

“Cash Dominion
Trigger Period” means the period commencing with a Cash Dominion Trigger Event and ending with a Cash Dominion Recovery
Event.

 

“Cash Equivalents”
means any of the following types of Investments, to the extent owned by the Lead Borrower or any of its Restricted Subsidiaries:

 

(a)           direct
obligations (or certificates representing an interest in such obligations) issued by, or unconditionally guaranteed by, the government
of the United States (including, in each case, any agency or instrumentality thereof), the payment of which is backed by the full
faith and credit of the United States, and which are not callable or redeemable at the issuer’s option;

 

(b)           overnight
bank deposits, time deposit accounts, certificates of deposit, banker’s acceptances and money market deposits with maturities
(and similar instruments) of 12 months or less from the date of acquisition issued by a bank or trust company which is organized
under, or authorized to operate as a bank or trust company under, the laws of the United States; provided that such bank
or trust company has capital, surplus and undivided profits aggregating in excess of $250,000,000 and whose long-term debt is
rated “A-1” or higher by Moody’s or A+ or higher by S&P or the equivalent rating category of another internationally
recognized rating agency;

 

(c)           commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year
after the date of acquisition;

 

(d)           marketable
short-term money market and similar funds (including such funds investing a portion of their assets in municipal securities) having
a rating of at least P-1 or A-1 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor
S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected
by the Lead Borrower);

 

(e)           repurchase
obligations with a term of not more than 30 days for underlying Investments of the types described in clauses ‎(a)
and ‎(b) above entered into with any financial institution meeting the qualifications specified in
clause (b) above;

 

(f)            Investments,
classified in accordance with GAAP as Current Assets of the Lead Borrower or any of its Restricted Subsidiaries, in money market
investment programs, which are administered by financial institutions having capital of at least $250,000,000, and the portfolios
of which are limited such that at least 95% of such investments are of the character, quality and maturity described in clauses (a),
through (e) of this definition;

 

(g)           investment
funds investing at least 95% of their assets in securities of the types (including as to credit quality and maturity) described
in clauses (a) through (f) above; and

 

    11

     

    

 

(h)           (x)
such local currencies in those countries in which the Lead Borrower or any of its Restricted Subsidiaries transacts business from
time to time in the ordinary course of business and (y) investments of comparable tenor and credit quality to those described
in the foregoing clauses (a) through (g) customarily utilized in countries in which Lead Borrower or any of
its Restricted Subsidiaries transacts business from time to time in the ordinary course of business.

 

“Cash Interest
Charges” means, as of any date for the applicable period ending on such date with respect to any Person and its Restricted
Subsidiaries on a consolidated basis, Consolidated Interest Charges that have been paid or are payable in cash during such period
net of cash interest income.

 

“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit
or debit card, electronic funds transfer and other cash management arrangements permitted under Article VII that is entered
into by and between the Lead Borrower or any of its Restricted Subsidiaries and any Cash Management Bank; provided that
the aggregate amount of Cash Management Agreements entered into by Restricted Subsidiaries that are not Loan Parties shall not
exceed $35,000,000 at any time outstanding.

 

“Cash Management
Bank” means any Person that (a) at the time it enters into a Cash Management Agreement, is an Agent, an Arranger,
a Lender or an Affiliate of an Agent, an Arranger, a Lender or a L/C Issuer or (b) is, as of the Restatement Effective Date, an
Agent, an Arranger, a Lender or a L/C Issuer or an Affiliate of an Agent, an Arranger, a Lender or a L/C Issuer and a party to
a Cash Management Agreement as of the Restatement Effective Date, in each case, in its capacity as a party to such Cash Management
Agreement. For the avoidance of doubt, such Person shall continue to be a Cash Management Bank with respect to the applicable Cash
Management Agreement even if it ceases to be an Agent, an Arranger, a Lender or a L/C Issuer or an Affiliate of an Agent, an Arranger,
a Lender or a L/C Issuer after the date on which it entered into such Cash Management Agreement.

 

“Casualty
Event” means any event that gives rise to the receipt by the Lead Borrower or any of its Restricted Subsidiaries
of any casualty insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including
any improvements thereon).

 

“CFC Holdco”
means (a) a Subsidiary that (i) has no material assets other than the equity of one or more Foreign Subsidiaries or (ii) is treated
as a disregarded entity for U.S. federal income tax purposes that holds equity of one or more Foreign Subsidiaries or (b) GYP IV.

 

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

 

    12

     

    

 

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

 

(a)           the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the properties or assets of Holdings and its Subsidiaries
taken as a whole or the Lead Borrower and its Subsidiaries taken as a whole to any Person (including any “person”
(as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended)) other than one or more Permitted
Holders; or

 

(b)           the
adoption of a plan relating to the liquidation or dissolution of Holdings or the Lead Borrower; or

 

(c)           the
consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any
Person (including any “person” as defined in clause (a) above) other than one or more Permitted Holders becomes
the Beneficial Owner, directly or indirectly, of more than 50% of the issued and outstanding Voting Stock of Holdings or the Lead
Borrower measured by voting power rather than number of shares; or

 

(d)           the
first day on which a majority of the members of the Board of Directors of Holdings or the Lead Borrower are not Continuing Directors;
or

 

(e)           Holdings
ceases to own, directly or indirectly, 100% of the Equity Interests of the Lead Borrower; or

 

(f)            a
“Change of Control” (as defined in the First Lien Credit Agreement or Second Lien Credit Agreement) shall occur.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended (unless otherwise provided herein).

 

“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and all of the other property and assets that
are or are required under the terms of the Collateral Documents to be subject to Liens in favor of the Collateral Agent for the
benefit of the Secured Parties; provided, that “Collateral” shall not include any real property owned in fee by any
Loan Party.

 

“Collateral
Access Agreement” means an agreement reasonably satisfactory in form and substance to the Collateral Agent executed
by (a) a bailee or other Person in possession of Collateral and (b) any landlord of real property leased by any Loan Party, pursuant
to which such Person (i) acknowledges the Collateral Agent’s Lien on the Collateral, (ii) releases or subordinates such Person’s
Liens in the Collateral held by such Person or located in or on such real property, (iii) provides the Collateral Agent with access
to the Collateral held by such bailee or other Person or located in or on such real property, (iv) as to any landlord, provides
the Collateral Agent with a reasonable time to sell and dispose of the Collateral from such real property and (v) makes such
other agreements with the Collateral Agent as the Collateral Agent may reasonably require.

 

    13

     

    

 

“Collateral
Agent” means Wells Fargo, in its capacity as collateral agent under the Loan Documents, and any successor collateral
agent.

 

“Collateral
Documents” means, collectively, the Security Agreement, the ABL/Term Intercreditor Agreement, the Intellectual Property
Security Agreement, collateral assignments, Security Agreement Supplements, Intellectual Property Security Agreement Supplements,
Blocked Account Agreements or other control agreements, Collateral Access Agreements, Credit Card Notifications, security agreements,
pledge agreements or other similar agreements delivered to the Administrative Agent, the Collateral Agent and the Lenders pursuant
to Section 6.12 or 6.14, and each of the other agreements, instruments or documents entered into by a Loan Party
that creates or purports to create a Lien over all or any part of its assets in respect of the ABL Obligations in favor of the
Collateral Agent for the benefit of the Secured Parties.

 

“Commitment
Fee” has the meaning specified in Section 2.09(a).

 

“Commitment
Fee Percentage” means 0.25% per annum.

 

“Committed
Loan Notice” means a notice of (a) a Revolving Credit Borrowing, (b) a conversion of Loans from one Type to
the other or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall be substantially
in the form of Exhibit A-1. A Committed Loan Notice shall also include any request for a borrowing delivered via the Administrative
Agent’s electronic platform or portal, to the extent delivered or made in accordance with the Administrative Agent’s
procedures relating to such platform or portal.

 

“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.

 

“Company
Plan” means a Plan other than a Multiemployer Plan.

 

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

 

“Concentration
Account” has the meaning specified in Section 6.18(c).

 

“Connection
Income Taxes” means (a) Taxes that are imposed on or measured by net income (however denominated) or (b) that are
franchise Taxes, in each case that are imposed as a result of a present or former connection between any Agent, Lender, L/C Issuer
or any other recipient of any payment to be made by or on account of any obligation of any Borrower or any other Loan Party hereunder
and the jurisdiction imposing such Tax (other than connections arising solely from such recipient having executed, delivered, become
a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Term Loan or Loan Document).

 

    14

     

    

 

“Consolidated
Cash Taxes” means, as of any date for the applicable period ending on such date with respect to the Lead Borrower
and its Restricted Subsidiaries on a consolidated basis, the aggregate of all income, franchise and similar taxes, as determined
in accordance with GAAP, to the extent the same are payable in cash with respect to such period.

 

“Consolidated
EBITDA” means, as of any date for the applicable period ending on such date with respect to any Person and its Restricted
Subsidiaries on a consolidated basis, the sum of (a) Consolidated Net Income, plus (b) an amount which, in the
determination of Consolidated Net Income for such period, has been deducted for (other than clause (xix)), without duplication,

 

		(i)	total interest expense determined in accordance with GAAP (including, to the extent deducted and
not added back in computing Consolidated Net Income, (a) amortization of original issue discount resulting from the issuance of
Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit
or bankers’ acceptances, (c) non-cash interest payments, (d) the interest component of Capitalized Leases, (e) net payments,
if any, made (less net payments, if any, received) pursuant to interest rate Swap Contracts with respect to Indebtedness, (f) amortization
of deferred financing fees, debt issuance costs, commissions, fees and expenses, and (g) any expensing of bridge, commitment and
other financing fees) and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other
derivative instruments entered into for the purpose of hedging interest rate or currency risk, net of interest income and gains
on such hedging obligations (collectively, “Consolidated Interest Charges”),

 

		(ii)	provision for taxes based on income, profits or capital of the Lead Borrower and its Restricted
Subsidiaries, including, without limitation, Federal, state, franchise and similar taxes and foreign withholding taxes paid or
accrued during such period including penalties and interest related to such taxes or arising from any tax examinations,

 

		(iii)	depreciation and amortization expense (including amortization of intangible assets),

 

		(iv)	non-cash expenses resulting from any employee benefit or management compensation plan or the grant
of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive programs to employees
of Holdings, the Lead Borrower or any Restricted Subsidiary pursuant to a written plan or agreement or the treatment of such options
under variable plan accounting,

 

    15

     

    

 

		(v)	any costs or expenses incurred pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such
costs or expenses are funded with cash proceeds contributed to the capital of Holdings or net cash proceeds of an issuance of Equity
Interests of Holdings (other than Disqualified Equity Interests),

 

		(vi)	all extraordinary, non-recurring or unusual losses and charges,

 

		(vii)	costs and expenses in connection with branch startups, provided that the aggregate amount
of add backs made pursuant to this clause (vii), when added to the aggregate amount of add backs pursuant to clauses
(ix) and (xix) below, shall not exceed an amount equal to 20% of Consolidated EBITDA for the period of four consecutive
fiscal quarters most recently ended prior to the determination date (without giving effect to any adjustments pursuant to this
clause (vii) or clauses (ix) or (xix) below),

 

		(viii)	[reserved],

 

		(ix)	cash restructuring charges or reserves and business optimization expense, including any restructuring
costs and integration costs incurred in connection with Permitted Acquisitions after the Original Closing Date, project start-up
costs, costs related to the closure and/or consolidation of facilities, retention charges, contract termination costs, recruiting,
retention, relocation, severance and signing bonuses and expenses, systems establishment costs, conversion costs and excess pension
charges, consulting fees and any one-time expense relating to enhanced accounting function, or costs associated with becoming a
public company or any other costs (including legal services costs) incurred in connection with any of the foregoing; provided
that the aggregate amount of add backs made pursuant to this clause (ix), when added to the aggregate amount of add
backs pursuant to clause (vii) above and clause (xix) below, shall not exceed an amount equal to 20% of Consolidated
EBITDA for the period of four consecutive fiscal quarters most recently ended prior to the determination date (without giving effect
to any adjustments pursuant to this clause (ix), clause (vii) above or clause (xix) below),

 

		(x)	transaction fees and expenses (including those in connection with, to the extent permitted hereunder,
any Investment, any Debt Issuance, any Equity Issuance, any Disposition, or any Casualty Event and any amendments or waivers of
the Loan Documents, the First Lien Loan Documents or the Second Lien Loan Documents, in each case, whether or not consummated),

 

		(xi)	any losses (or minus any gains) realized upon the disposition of property outside of the ordinary
course of business,

 

    16

     

    

 

		(xii)	any (x) expenses, charges or losses that are covered by indemnification or other reimbursement
provisions in connection with any permitted Investment, Permitted Acquisitions or any permitted sale, conveyance, transfer or other
disposition of assets or (y) expenses, charges or losses with respect to liability or casualty events or business interruption
covered by insurance, in each case to the extent actually reimbursed, or, so long as the Lead Borrower has made a determination
that reasonable evidence exists that such indemnification or reimbursement will be made, and only to the extent that such amount
is (A) not denied by the applicable indemnifying party, obligor or insurer in writing and (B) in fact indemnified or reimbursed
within 365 days after such determination (with a deduction in the applicable future period for any amount so added back to the
extent not so indemnified or reimbursed within such 365 day period),

 

		(xiii)	management fees (or special dividends in lieu thereof) permitted under Section 7.08(d),

 

		(xiv)	any non-cash purchase accounting adjustment and any step-ups with respect to re-valuing assets
and liabilities in connection with any Investment permitted under Section 7.02,

 

		(xv)	non-cash losses from Joint Ventures and non-cash minority interest reductions,

 

		(xvi)	fees and expenses in connection with debt exchanges or refinancings permitted under Section
7.14,

 

		(xvii)	other expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income
which do not represent a cash item in such period or any future period,

 

		(xviii)	losses recognized and expenses incurred in connection with the effect of currency and exchange
rate fluctuations on intercompany balances and other balance sheet items, and

 

    17

     

    

 

		(xix)	the amount of net cost savings, operating expense reductions, other operating improvements and
acquisition synergies projected by the Lead Borrower in good faith to be realized during such period (calculated on a Pro Forma
Basis as though such items had been realized on the first day of such period) as a result of actions taken or to be taken in
connection with any acquisition or disposition by the Lead Borrower or any Restricted Subsidiary, any operational changes (including,
without limitation, operational changes arising out of the modification of contractual arrangements (including, without limitation,
renegotiation of lease agreements, utilities and logistics contracts and insurance policies, as well as purchases of leased real
properties)) or headcount reductions, net of the amount of actual benefits realized during such period that are otherwise included
in the calculation of Consolidated EBITDA from such actions, provided that (A) a duly completed certificate signed by a
Responsible Officer of the Lead Borrower or of GMS shall be delivered to the Administrative Agent together with the Compliance
Certificate required to be delivered pursuant to Section 6.02, certifying that (x) such cost savings, operating expense
reductions and synergies are reasonably expected and factually supportable as determined in good faith by the Lead Borrower, and
(y) such actions are to be taken and the results with respect thereto are to be achieved within 18 months after the consummation
of the acquisition or disposition or any operational change, which is expected to result in such cost savings, expense reductions
or synergies, (B) no cost savings, operating expense reductions and synergies shall be added pursuant to this clause (xix)
to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma
adjustment or otherwise, for such period, (C) [reserved], (D) projected amounts (and not yet realized) may no longer be added in
calculating Consolidated EBITDA pursuant to this clause (xix) to the extent occurring more than four full fiscal quarters
after the specified action taken in order to realize such projected cost savings, operating expense reductions and synergies and
(E) the aggregate amount of add backs made pursuant to this clause (xix), when added to the aggregate amount of
add backs pursuant to clauses (vii) and (ix) above, shall not exceed an amount equal to 20% of Consolidated
EBITDA for the period of four consecutive fiscal quarters most recently ended prior to the determination date (without giving effect
to any adjustments pursuant to clauses (vii) and (ix) above or this clause (xix)), minus

 

(c)           an
amount which, in the determination of Consolidated Net Income, has been included for:

 

		(i)	Federal, state, local and foreign income tax credits and refunds (to the extent not netted from
tax expense),

 

		(ii)	non-recurring income or gains from discontinued operations

 

		(iii)	all extraordinary, non-recurring or unusual gains and non-cash income during such period,

 

		(iv)	any gains realized upon the disposition of property outside of the ordinary course of business,
and

 

		(v)	the amount of Restricted Payments permitted under Sections 7.06(e)(i), 7.06(e)(ii),
7.06(e)(iii), 7.06(e)(viii) and 7.06(i) (except to the extent that (x) the amount paid with such Restricted
Payments would not, if the respective expense or other item had been incurred directly by the Lead Borrower, have reduced Consolidated
EBITDA determined in accordance with this definition or (y) such Restricted Payment is paid by the Lead Borrower in respect of
an expense or other item that has resulted in, or will result in, a reduction of Consolidated EBITDA, as calculated pursuant to
this definition), plus or minus

 

    18

     

    

 

(d)          unrealized losses/gains in respect of Swap Contracts, all as determined in accordance with GAAP.

 

“Consolidated
Funded Indebtedness” means all Indebtedness of a Person and its Restricted Subsidiaries on a consolidated basis,
in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP
(but (x) excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting in connection
with any Permitted Acquisition and (y) any Indebtedness that is issued at a discount to its initial principal amount shall be calculated
based on the entire principal amount thereof), excluding (i) net obligations under any Swap Contract, (ii) any earn-out obligation
until such obligation becomes a liability on the balance sheet of the applicable Person, (iii) any deferred compensation arrangements,
(iv) any non-compete or consulting obligations incurred in connection with Permitted Acquisitions, or (v) obligations in respect
of letters of credit (including Letters of Credit), bankers’ acceptances, bank Guarantees, surety bonds, performance bonds,
advance payment guarantees or bonds, warranties, bid guarantees or bonds and similar instruments except to the extent of unreimbursed
amounts thereunder; provided that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated
Funded Indebtedness until one Business Day after such amount is drawn. The amount of Consolidated Funded Indebtedness for which
recourse is limited either to a specified amount or to an identified asset of such Person shall be deemed to be equal to such specified
amount or, if less, the fair market value of such identified asset.

 

“Consolidated
Interest Charges” has the meaning specified in clause (b)(i) of the definition of “Consolidated EBITDA.”

 

“Consolidated
Net Income” means, as of any date for the applicable period ending on such date with respect to any Person and its
Restricted Subsidiaries on a consolidated basis, net income (excluding, without duplication, (i) extraordinary items, (ii) any
amounts attributable to Investments in any Unrestricted Subsidiary or Joint Venture to the extent that either (x) such amounts
have not been distributed in cash to such Person and its Restricted Subsidiaries during the applicable period, (y) such amounts
were not earned by such Unrestricted Subsidiary or Joint Venture during the applicable period or (z) there exists in respect
of any future period any encumbrance or restriction on the ability of such Unrestricted Subsidiary or Joint Venture to pay dividends
or make any other distributions in cash on the Equity Interests of such Unrestricted Subsidiary or Joint Venture held by such Person
and its Restricted Subsidiaries, (iii) the cumulative effect of foreign currency translations during such period to the extent
included in Consolidated Net Income, (iv) the income (or loss) of any Person accrued prior to the date it becomes a Restricted
Subsidiary of the Lead Borrower or is merged into or consolidated with the Lead Borrower or any of its Restricted Subsidiaries
(except to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis), (v) net income of any Restricted
Subsidiary (other than a Loan Party) for any period to the extent that, during such period there exists any encumbrance or restriction
on the ability of such Restricted Subsidiary to pay dividends or make any other distributions in cash on the Equity Interests of
such Restricted Subsidiary held by such Person and its Restricted Subsidiaries, except to the extent such encumbrance or restriction
is contained in the Canadian ABL Facility or to the extent that such net income is distributed in cash during such period to such
Person or to a Restricted Subsidiary of such Person that is not itself subject to any such encumbrance or restriction, (vi) cancellation
of Indebtedness income arising out of prepayments made in accordance with Section 2.03(a)(iii) of the First Lien Credit Agreement
or the Second Lien Credit Agreement, and (vii) any income (loss) for such period attributable to the early extinguishment of (a)
Indebtedness, (b) obligations under any Swap Contracts or (c) other derivative instruments), as determined in accordance with GAAP.

 

    19

     

    

 

“Consolidated
Scheduled Funded Debt Payments” means, as of any date for the applicable period ending on such date with respect
to the Lead Borrower and its Restricted Subsidiaries on a consolidated basis, the sum of all scheduled payments of principal during
such period on Consolidated Funded Indebtedness that constitutes Funded Debt (including the implied principal component of payments
due on Capitalized Leases during such period), less the reduction in such scheduled payments resulting from voluntary prepayments
or mandatory prepayments of such Funded Debt (including as required pursuant to Section 2.05) as determined in accordance
with GAAP.

 

“Consolidated
Total Assets” means, as of any date, the total assets of the Lead Borrower and its consolidated Subsidiaries, determined
in accordance with GAAP, as set forth on the consolidated balance sheet of the Lead Borrower as of such date.

 

“Continuing
Directors” means the directors of each of Holdings and the Lead Borrower on the Restatement Effective Date, and each
other director, if, in each case, such other director’s nomination for election to the Board of Directors of Holdings or
the Lead Borrower is recommended by a majority of the then Continuing Directors or such other director receives the vote of the
Sponsor in his or her election by the stockholders of Holdings or of the Lead Borrower.

 

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

 

“Control”
has the meaning specified in the definition of “Affiliate.”

 

“Cost”
means the lower of cost or market value of Inventory, based upon the Borrowers’ accounting practices, known to the Administrative
Agent, which practices are in effect on the Restatement Effective Date as such calculated cost is determined from invoices received
by the Borrowers or Guarantors, the Borrowers’ or Guarantors’ purchase journals or the Borrowers’ or Guarantors’
stock ledger. “Cost” does not include Inventory capitalization costs or other non-purchase price charges used in the
Lead Borrower’s calculation of cost of goods sold; provided, however, that any freight charges may be included in
“Cost.”

 

“Covenant
Recovery Event” means Availability is at least the greater of (a) $20,000,000 and (b) 10% of the Line Cap for
30 consecutive days and no Event of Default is outstanding during such 30 day period.

 

    20

     

    

 

“Covenant
Trigger Event” means (a) the occurrence and continuance of any Event of Default or (b) the failure of the Borrowers
to maintain Availability of at least the greater of (i) $20,000,000 and (ii) 10% of the Line Cap.

 

“Covenant
Trigger Period” means the period commencing with a Covenant Trigger Event and ending with a Covenant Recovery Event.

 

“Credit Card
Notification” means notifications, substantially in the form attached hereto as Exhibit O, executed on behalf
of a Loan Party and delivered to such Loan Party’s credit card clearinghouses and processors.

 

“Credit Card
Receivables” means each Account, together with all income, payments and proceeds thereof, owed by any Acceptable
Credit Card Processor to any Borrower resulting from charges by a customer of such Borrower on credit or debit cards issued by
such Acceptable Credit Card Processor in connection with the sale of goods by such Borrower, or services performed by such Borrower,
in each case in the ordinary course of its business.

 

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

 

“Credit Suisse”
means Credit Suisse AG, acting through such of its affiliates or branches as it deems appropriate, and its successors.

 

“Cure Amount”
has the meaning specified in Section 8.03.

 

“Cure Right”
has the meaning specified in Section 8.03.

 

“Current
Assets” means, with respect to any Person, all assets of such Person that, in accordance with GAAP, would be classified
as current assets on the balance sheet of a company conducting a business the same as or similar to that of such Person, after
deducting appropriate and adequate reserves therefrom in each case in which a reserve is proper in accordance with GAAP.

 

“Customer
Credit Liabilities” means at any time, the aggregate remaining value at such time of outstanding merchandise credits
of any Borrower.

 

“DDA”
means each checking, savings or other demand deposit account or securities account (other than any Excluded DDA) maintained by
any of the Loan Parties. All funds in each DDA shall be conclusively presumed to be Collateral and proceeds of Collateral and the
Administrative Agent, the Collateral Agent, the Lenders and the L/C Issuers shall have no duty to inquire as to the source of the
amounts on deposit in any DDA.

 

“Debt Issuance”
means the issuance by any Person and its Restricted Subsidiaries of any Indebtedness for borrowed money.

 

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

 

    21

     

    

 

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

 

“Default
Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate applicable to Base Rate
Loans plus (c) 2.0% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the
Default Rate shall be an interest rate equal to the Eurodollar Rate plus the Applicable Rate applicable to such Eurodollar
Rate Loan plus 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

 

“Defaulting
Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund all or any portion of
its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the
Administrative Agent and the Lead Borrower in writing that such failure is the result of such Lender’s determination that
one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be
specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer, the Swing
Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation
in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified the Lead Borrower, the
Administrative Agent, the Swing Line Lender or any L/C Issuer in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lenders’
obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition
precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified
in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request
by the Administrative Agent, the Lead Borrower or an L/C Issuer, to confirm in writing to the Administrative Agent, the Lead Borrower
or such L/C Issuer that it will comply with its prospective funding obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent, the Lead Borrower or such L/C Issuer), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law or a Bail-In Action, or (ii) had appointed for it a receiver, custodian, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting
in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition
of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such
ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender; provided, further,
that the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official
by a supervisory authority or regulator with respect to a Lender of a Lender’s direct or indirect parent company under the
Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation) shall not result in
a Lender being deemed a Defaulting Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under
clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be
deemed to be a Defaulting Lender (subject to Section 2.16(b)) upon delivery of written notice of such determination to the
Lead Borrower, the Swing Line Lender, each L/C Issuer and each Lender.

 

    22

     

    

 

“Designated
Account” means the Deposit Account of the Lead Borrower identified on Schedule III to this Agreement (or such
other Deposit Account of Lead Borrower located at Designated Account Bank that has been designated as such, in writing, by Borrowers
to Administrative Agent).

 

“Designated
Account Bank” has the meaning specified therefor in Schedule III to this Agreement (or such other bank that
is located within the United States that has been designated as such, in writing, by Borrowers to Administrative Agent).

 

“Designated
Term Representative” means “Designated Term Representative” as defined in the ABL/Term Intercreditor
Agreement.

 

“Dilution
Percentage” means, as of any date of determination, with respect to a Borrower, a percentage, based upon the experience
of the immediately prior 12 months, that is the result of dividing the Dollar amount of (a) bad debt write-downs, discounts, advertising
allowances, credits, or other dilutive items with respect to Borrowers’ Accounts during such period, by (b) Borrowers’
billings with respect to Accounts during such period.

 

“Disposition”
or “Dispose” means the sale, assignment, transfer, license, lease or other disposition of any property
by any Person (including any sale and leaseback transaction and any issuance of Equity Interests by a Restricted Subsidiary of
such Person), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable
or any rights and claims associated therewith.

 

“Disqualified
Equity Interests” means any Equity Interest which, by its terms (or by the terms of any security or other Equity
Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures
or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligations or otherwise
(except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a
change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other ABL Obligations
that are accrued and payable and the termination of the Revolving Credit Commitments), (b) is redeemable at the option of the holder
thereof, in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into
or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case,
prior to the date that is ninety one (91) days after the Latest Maturity Date of all Revolving Credit Commitments and Loans then
in effect; provided that if such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings
(or any direct or indirect parent thereof) or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests
shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by Holdings, the Lead Borrower
or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

 

    23

     

    

 

“Documentation
Agent” means Royal Bank of Canada, as Documentation Agent under the Loan Documents.

 

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

 

“Domestic
Subsidiary” means any Subsidiary of Holdings (other than any CFC Holdco) that is organized under the laws of the
United States, any state thereof or the District of Columbia.

 

“Drawing
Document” means any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit,
including by electronic transmission such as SWIFT, electronic mail, facsimile or computer-generated communication.

 

“Early Opt-in
Election” means the occurrence of:

 

(a)           (i)
a determination by Administrative Agent or (ii) a notification by the Required Lenders to Administrative Agent (with a copy to
Lead Borrower) that the Required Lenders have determined that United States dollar-denominated syndicated credit facilities being
executed at such time, or that include language similar to that contained in Section 3.08 are being executed or amended,
as applicable, to incorporate or adopt a new benchmark interest rate to replace the Eurodollar Rate, and

 

(b)          (i) the election by Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election
has occurred and the provision, as applicable, by Administrative Agent of written notice of such election to Lead Borrower and
the Lenders or by the Required Lenders of written notice of such election to Administrative Agent.

 

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

 

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

 

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

 

    24

     

    

 

“Eligible
Accounts” means at the time of any determination thereof, each Account (other than any Credit Card Receivables) that
satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such
Account (a) has been earned by performance and represents the bona fide amounts due to any Loan Party from an Account Debtor, and
in each case originated in the ordinary course of business of any Loan Party and (b) is not ineligible for inclusion in the calculation
of the Borrowing Base pursuant to any of clauses (a) through (u) below. Without limiting the foregoing, to qualify
as an Eligible Account, an Account shall indicate no Person other than any Loan Party as payee or remittance party. In determining
the amount to be so included, the face amount of an Account shall be reduced by, without duplication, to the extent not reflected
in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program
allowances, price adjustments, finance and service charges or other allowances (including any amount that any Loan Party may be
obligated to rebate to a customer pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate
amount of all cash received in respect of such Account but not yet applied by any Loan Party to reduce the amount of such Eligible
Account. Except as otherwise agreed by the Administrative Agent in its Permitted Discretion, any Account included within any of
the following categories shall not constitute an Eligible Account:

 

(a)          Accounts
which either are 60 days or more past due or are unpaid more than 120 days after the original invoice date;

 

(b)          Accounts
(i) that are not subject to a perfected first priority Lien in favor of the Secured Parties or (ii) with respect to which the
Loan Parties do not have good, valid and marketable title thereto, free and clear of any Lien (other than Liens granted to the
Collateral Agent pursuant to the Collateral Documents and any Lien permitted under Section 7.01);

 

(c)          Accounts
which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback has been asserted
or is known to the Loan Parties or where the Account Debtor is a creditor of a Loan Party (to the extent of such claim, counterclaim,
offset or chargeback);

 

(d)          Accounts
due from an Account Debtor which (i) is the subject of any proceeding under any Debtor Relief Law unless (x) such Account is supported
by a letter of credit satisfactory to the Collateral Agent, in its Permitted Discretion (as to form, substance, and issuer or
domestic confirming bank) or (y) such Account Debtor has received debtor-in-possession financing sufficient as determined by the
Collateral Agent in its Permitted Discretion to finance its ongoing business activities or (ii) the Account Debtor obligated under
such Account, makes a general assignment for the benefit of any Loan Party or issues to any Loan Party notes receivables with
respect to amounts owed under any Account of such Account Debtor;

 

(e)          Accounts
which are not a valid, legally enforceable obligation of the applicable Account Debtor with respect thereto;

 

(f)           Accounts
which do not conform in all material respects to all representations, warranties or other provisions in the Loan Documents with
respect thereto;

 

    25

     

    

 

(g)          Accounts
owed by an Account Debtor where 50% or more of the total amount of all Accounts owed by that Account Debtor are deemed ineligible
under clause (a) of this definition;

 

(h)          Accounts
with respect to which an Account Debtor is an Affiliate, employee, officer, director or agent of any Borrower (other than another
portfolio company of the Sponsor that constitutes an Affiliate of a Borrower solely by virtue of being such a portfolio company);

 

(i)           Accounts
that are not payable in Dollars;

 

(j)           Accounts
with respect to which an Account Debtor maintains its chief executive office or is organized under the laws of a foreign jurisdiction
other than Canada or any province thereof, unless (i) the Account is supported by an irrevocable letter of credit satisfactory
to the Collateral Agent, in its Permitted Discretion (as to form, substance, and issuer or domestic confirming bank) or (ii) the
Account is covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to the Collateral Agent,
in its Permitted Discretion;

 

(k)          Accounts
with respect to which an Account Debtor is the Federal government of the United States or any department, agency or instrumentality
of the United States having an aggregate value at any time in excess of the lesser of (i) $5,000,000 and (ii) 5% of Eligible Accounts
(exclusive, however, of Accounts with respect to which any Borrower has complied, to the reasonable satisfaction of the Administrative
Agent, with the Assignment of Claims Act, 31 USC § 3727);

 

(l)           Accounts
with respect to which an Account Debtor is the Federal government of Canada or any department, agency or instrumentality of Canada
or the provincial government or any department, agency, or instrumentality thereof, in each case, which restricts the assignment
of Crown debts, unless the applicable Loan Party has obtained the consent of the requisite Governmental Authority to the assignment
of the Account to the Collateral Agent and otherwise complied to the reasonable satisfaction of the Collateral Agent with the
applicable Canadian provincial and territorial law relating to financial administration and assignment of Crown obligations;

 

(m)         Accounts
with respect to an Account Debtor and its Affiliates (other than any Investment Grade Account Debtor) whose total obligations
owing to any Borrower or any Subsidiary of the Lead Borrower exceed 15% of all Accounts owed to all Loan Parties, to the extent
of the obligations owing by such Account Debtor and its Affiliates in excess of such percentage;

 

(n)          Accounts
with respect to which any return, rejection or repossession of any of the merchandise giving rise to such Account has occurred,
but only to the extent of the value of the goods returned, rejected or repossessed;

 

(o)          Accounts
that are evidenced by an Instrument or a Chattel Paper;

 

    26

     

    

 

(p)          Accounts
that have not been invoiced and representing goods that have not been shipped and billed and have not been recognized as received
by the applicable Account Debtor;

 

(q)          (i) Accounts with respect to which the Account Debtor’s obligations to make a payment under, is not absolute or (ii)
Account representing a progress billing consisting of an invoice for goods sold or used or services rendered pursuant to a contract
under which the Account Debtor’s obligation to pay that invoice is subject to any Loan Party’s completion of a further
performance under such contract or is subject to the equitable lien of a surety bond issuer;

 

(r)           Accounts
that arise with respect to goods that are delivered on a bill-and-hold, cash-on-delivery basis or placed on consignment, guaranteed
sale or other terms by reason of which the payment by the Account Debtor is or may be conditional;

 

(s)          Accounts
in respect of which there has been, or should have been, established by any Borrower a contra account, whether in respect of contractual
allowances with respect to such Account, audit adjustment, anticipated discounts or otherwise (to the extent of such contra account);

 

(t)           Accounts
the collection of which the Administrative Agent determines in its Permitted Discretion to be doubtful by reason of the Account
Debtor’s financial condition; or

 

(u)          Accounts
acquired in Permitted Acquisitions having an aggregate face amount in excess of $20,000,000 with respect to which a field exam
from a field examiner satisfactory to the Administrative Agent was not previously received, unless and until the Administrative
Agent has completed or received (A) a field exam of such Accounts from a field examiner satisfactory to the Administrative Agent
and establishes Reserves (if applicable) therefor, and otherwise agrees that such Accounts shall be deemed Eligible Accounts,
and (B) such other due diligence as the Administrative Agent may require, all of the results of the foregoing to be reasonably
satisfactory to the Administrative Agent.

 

Notwithstanding the foregoing: (i) the
Administrative Agent may not change any eligibility criteria or establish any Reserve for Eligible Account unless the Borrowers
are given at least five Business Days prior written notice of the implementation of such change or the establishment of such Reserve
and, upon delivery of such notice, the Administrative Agent shall be available to discuss the proposed change or Reserve with the
Borrowers to afford the Borrowers an opportunity to take such action (in a manner and to the extent reasonably satisfactory to
the Administrative Agent in its Permitted Discretion) as may be required so that the event, condition or circumstance that is the
basis for such change or Reserve no longer exists; provided that such notice requirement is subject to the exceptions set
forth in the first proviso of Section 2.01(b); and (ii) no fact or circumstance known to the Administrative Agent to exist
on the Restatement Effective Date may give rise to any change in any eligibility criteria or the establishment of any Reserve for
Eligible Accounts.

 

    27

     

    

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 10.07(b)(iii)
and (v).

 

“Eligible
Credit Card Receivables” means at the time of any determination thereof, each Credit Card Receivable that satisfies
the following criteria at the time of creation and continues to meet the same at the time of such determination: such Credit Card
Receivable (a) has been earned by performance and represents the bona fide amounts due to any Loan Party from an Acceptable Credit
Card Processor, and in each case originated in the ordinary course of business of any Loan Party, and (b) is not ineligible for
inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (h) below. Without limiting
the foregoing, to qualify as an Eligible Credit Card Receivable, an Account shall indicate no Person other than any Loan Party
as payee or remittance party. In determining the amount to be so included, the face amount of an Account shall be reduced by, without
duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits
or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount
that any Loan Party may be obligated to rebate to a customer, a credit card payment processor, or Acceptable Credit Card Processor
pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in
respect of such Account but not yet applied by any Loan Party to reduce the amount of such Credit Card Receivable. Except as otherwise
agreed by the Administrative Agent in its Permitted Discretion, any Credit Card Receivable included within any of the following
categories shall not constitute an Eligible Credit Card Receivable:

 

(a)           Credit
Card Receivables which do not constitute an Account;

 

(b)          Credit
Card Receivables that have been outstanding for more than five Business Days from the date of sale;

 

(c)          Credit
Card Receivables (i) that are not subject to a perfected first priority Lien in favor of the Secured Parties, or (ii) with respect
to which the Loan Parties do not have good, valid and marketable title thereto, free and clear of any Lien (other than Liens granted
to the Collateral Agent pursuant to the Collateral Documents and any Lien permitted under Section 7.01);

 

(d)          Credit
Card Receivables which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback has
been asserted (to the extent of such claim, counterclaim, offset or chargeback);

 

(e)          Credit
Card Receivables with respect to which the Acceptable Credit Card Processor has recourse to the Borrowers or the Guarantors in
the event of non-payment by the holder of the applicable credit card;

 

(f)           Credit
Card Receivables due from an issuer or payment processor of the applicable Credit Card which is the subject of any proceeding
under any Debtor Relief Law;

 

(g)          Credit
Card Receivables which are not a valid, legally enforceable obligation of the applicable credit card issuer with respect thereto;
or

 

    28

     

    

 

(h)          Credit
Card Receivables which do not conform in all material respects to all representations, warranties or other provisions in the Loan
Documents relating to Credit Card Receivables.

 

Notwithstanding the foregoing: (i) the
Administrative Agent may not change any eligibility criteria or establish any Reserve for Eligible Credit Card Receivables unless
the Borrowers are given at least five Business Days prior written notice of the implementation of such change or the establishment
of such Reserve and, upon delivery of such notice, the Administrative Agent shall be available to discuss the proposed change or
Reserve with the Borrowers to afford the Borrowers an opportunity to take such action (in a manner and to the extent reasonably
satisfactory to the Administrative Agent in its Permitted Discretion) as may be required so that the event, condition or circumstance
that is the basis for such change or Reserve no longer exists; provided that such notice requirement is subject to the exceptions
set forth in the first proviso of Section 2.01(b); and (ii) no fact or circumstance known to the Administrative Agent to
exist on or prior to the Restatement Effective Date may give rise to any change in any eligibility criteria or the establishment
of any Reserve for Eligible Credit Card Receivables.

 

“Eligible
Inventory” means, as of the date of determination thereof, without duplication, items of Inventory of any Loan Party
that are finished goods, merchantable and readily saleable to the public in the ordinary course of business, in each case that,
(A) comply in all material respects with each of the representations and warranties respecting Inventory made by the Borrowers
in the Loan Documents, and (B) are not excluded as ineligible by virtue of one or more of the criteria set forth below. In determining
the amount to be so included, Inventory shall be reduced by, without duplication, the amount of all accrued and actual vendor rebates
and discounts. The following items of Inventory shall not be included in Eligible Inventory:

 

(a)           Inventory
that is not solely owned by any Loan Party or with respect to which any Loan Party does not have good, marketable and valid title
thereto;

 

(b)           Inventory
that is leased by or is on consignment to any Loan Party or which is consigned by any Loan Party to a Person which is not a Loan
Party;

 

(c)           Inventory that is in-transit, except for Inventory which has been shipped inside the United States and, unless such Inventory
is shipped by one Loan Party to another Loan Party, for which documents satisfactory to the Administrative Agent evidencing title
of the Loan Parties in such Inventory have been received by the Administrative Agent, either (i) between the locations owned or
leased by the Loan Parties or (ii) from a domestic location owned or leased by a Loan Party for receipt by any third party within
the United States or from a domestic location of a third party for receipt by a Loan Party at a location that is owned or leased
by a Loan Party, in each case of the foregoing clause (ii), which has not been in-transit for more than 15 days following
the date of shipment, which Inventory described in the foregoing clause (ii) is fully insured (as required by this Agreement)
for the Cost of such Inventory and with respect to which the title either remains in the name of a Loan Party or has passed to
a Loan Party, as applicable;

 

    29

     

    

 

(d)          Inventory
that is comprised of goods which (i) are damaged, defective, “seconds,” or otherwise unmerchantable, (ii) are to be
returned to the vendor, (iii) are obsolete or slow moving, or custom items, work-in-process, raw materials, or that constitute,
spare parts, promotional, marketing, packaging and shipping materials or supplies used or consumed in any Loan Party’s business,
(iv) are seasonal in nature and which have been packed away for sale in the subsequent season, (v) not in compliance with all
standards imposed by any Governmental Authority having regulatory authority over such Inventory, its use or sale, or (vi) are
bill and hold goods;

 

(e)          Inventory that is not subject to a perfected first priority Lien in favor of the Secured Parties;

 

(f)           Inventory that consists of samples, labels, bags, and other similar non-merchandise categories;

 

(g)          Inventory
that is not insured in compliance with the provisions of Section 6.07 hereof;

 

(h)          Inventory
that has been sold but not yet delivered;

 

(i)           Inventory
that is subject to any licensing, patent, royalty, trademark, trade name or copyright agreement with any third party which would
require the payment of fees or royalties to, or the consent of, the licensor under such agreement for any sale or other disposition
of such Inventory by the Administrative Agent, and the Administrative Agent shall have determined in its Permitted Discretion
that it cannot sell or otherwise dispose of such Inventory in accordance with Article 9 of the Uniform Commercial Code without
violating any such licensing, patent, royalty, trademark, trade name or copyright agreement;

 

(j)           Inventory
acquired in Permitted Acquisitions (x) having an aggregate value exceeding the lesser of (1) $15,000,000 or (2) 10% of the gross
value of Eligible Inventory, as reported on the most recent Borrowing Base Certificate delivered to the Administrative Agent,
in accordance with Section 6.02, prior to such date of determination or (y) which is not of the type usually sold in the
ordinary course of any Loan Party’s business, in each case, unless and until the Administrative Agent has completed or received
(A) an appraisal of such Inventory from an independent appraiser satisfactory to the Administrative Agent and establishes Inventory
Reserves (if applicable) therefor, and otherwise agrees that such Inventory shall be deemed Eligible Inventory, and (B) such other
due diligence as the Administrative Agent may require, all of the results of the foregoing to be reasonably satisfactory to the
Administrative Agent;

 

(k)          Inventory that is not located in the United States or Canada;

 

(l)           Inventory
located in any location leased by a Borrower or that is in the possession of any bailee, warehouseman or similar party unless
(i) the applicable lessor or party shall have executed and delivered to the Administrative Agent a Collateral Access Agreement
or (ii) the Administrative Agent has established a Availability Reserve; or

 

    30

     

    

 

 

(m)            
Inventory which the Administrative Agent determines in its Permitted Discretion does not meet such other reasonable eligibility
criteria for Inventory as the Administrative Agent may determine.

 

Notwithstanding the foregoing: (i) the
Administrative Agent may not change any eligibility criteria or establish any Reserve for Eligible Inventory unless the Borrowers
are given at least five Business Days prior written notice of the implementation of such change or the establishment of such Reserve
and, upon delivery of such notice, the Administrative Agent shall be available to discuss the proposed change or Reserve with the
Borrowers to afford the Borrowers an opportunity to take such action (in a manner and to the extent reasonably satisfactory to
the Administrative Agent in its Permitted Discretion) as may be required so that the event, condition or circumstance that is the
basis for such change or Reserve no longer exists; provided that such notice requirement is subject to the exceptions set
forth in the first proviso of Section 2.01(b); and (ii) no fact or circumstance known to the Administrative Agent to exist
on or prior to the Restatement Effective Date may give rise to any change in any eligibility criteria or the establishment of any
Reserve for Eligible Inventory.

 

“Eligible
Investment Grade Accounts” means any Eligible Account as to which the Account Debtor is an Investment Grade Account
Debtor.

 

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws (including common law), regulations, ordinances,
rules, judgments, orders, decrees or binding judicial or administrative decisions relating to pollution and the protection of the
environment (including air, water vapor, surface water, ground water, drinking water, drinking water supply, surface or subsurface
land, plant and animal life or any other natural resource), and public and worker health and safety as it relates to Hazardous
Materials, including those related to the generation, use, handling, storage, transportation, treatment, recycling, labeling or
Environmental Release of, or exposure to, any Hazardous Materials.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, natural resource damages,
costs of environmental remediation, investigation or monitoring, consulting costs and attorney fees, and fines or penalties) resulting
from or based upon (a) any Environmental Law, including any noncompliance therewith, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) an Environmental Release
or threatened Environmental Release of any Hazardous Materials or (e) any contract, agreement or other binding consensual arrangement
pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

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

 

“Environmental
Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, migrating,
leaching, dispersal, dumping or disposing into or through the indoor or outdoor environment.

 

    31

     

    

 

“Equity Interests”
means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated)
of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other
rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities).

 

“Equity Issuance”
means any issuance for cash by any Person to any other Person of (a) its Equity Interests, (b) any of its Equity Interests
pursuant to the exercise of options or warrants, (c) any of its Equity Interests pursuant to the conversion of any debt securities
to equity or (d) any options or warrants relating to its Equity Interests.

 

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

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated), that together with any Loan Party, is treated as a single employer within
the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions
relating to Section 302 of ERISA or Section 412 of the Code).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of any Loan Party or any ERISA Affiliate from
a Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability pursuant
to Section 4063 or 4064 of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) the withdrawal of any of the Loan Parties or any of their respective ERISA Affiliates in a complete or partial withdrawal
(within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefor,
or the receipt by any of the Loan Parties or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that
it is insolvent pursuant to Section 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A
or 4042 of ERISA; (d) the filing of a notice of intent to terminate or the treatment of a Pension Plan amendment as a termination
under Section 4041 of ERISA, (e) the institution by the PBGC of proceedings to terminate a Pension Plan or Multiemployer Plan;
(f) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment
of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) the determination that any Pension Plan is in at-risk status,
as defined in Section 430 of the Code or Section 303 of ERISA, or the determination that any Multiemployer Plan is in endangered
or critical status within the meaning of Section 432 of the Code or Section 305 of ERISA; (h) the imposition of any liability under
Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Loan Party or
any ERISA Affiliate; (i) the imposition of a lien under Section 430(k) of the Code or Section 303(k) of ERISA with respect
to any Pension Plan; or (j) the failure to meet the minimum funding standard of Section 412 or 430 of the Code or Section 302 or
303 of ERISA with respect to any Pension Plan (whether or not waived) or the failure to make by its due date a required installment
under Section 430(j) of the Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer
Plan.

 

    32

     

    

 

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

 

“Eurodollar
Rate” means, for any Interest Period with respect to a Eurodollar Rate Loan the rate per annum as published by ICE
Benchmark Administration Limited (or any successor page or other commercially available source as the Administrative Agent may
designate from time to time) as of 11:00 a.m., London Time, two Business Days prior to the commencement of the requested Interest
Period, for a term, and in an amount, comparable to the Interest Period and the amount of the Eurodollar Rate Loan requested (whether
as an initial Eurodollar Rate Loan or as a continuation of a Eurodollar Rate Loan or as a conversion of a Base Rate Loan to a Eurodollar
Rate Loan) by the Borrowers in accordance with this Agreement (and, if any such published rate is below zero, then the rate determined
pursuant to this definition shall be deemed to be zero). Each determination of the Eurodollar Rate shall be made by the Administrative
Agent and shall be conclusive in the absence of manifest error.

 

“Eurodollar
Rate Loan” means a Loan that bears interest at the Eurodollar Rate.

 

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

 

“Excluded
DDA” means (a) zero balance disbursement accounts, (b) to the extent used exclusively to hold funds in trust for
the benefit of third parties, (i) payroll, healthcare and other employee wage and benefit accounts, (ii) tax accounts, including,
without limitation, sales tax accounts, (iii) escrow, defeasance and redemption accounts and (iv) fiduciary or trust accounts,
(c) local cash accounts which are not a part of the cash management system described in Section 6.18 and which, in
the case of this clause (c), do not any time contain funds in excess of $500,000 individually or $4,000,000 in the aggregate
together with all other such local cash accounts, and (d) the Term Priority Collateral Accounts.

 

“Excluded
Subsidiary” means any Subsidiary of the Lead Borrower that is (i) a Foreign Subsidiary or a Foreign Subsidiary of
a Domestic Subsidiary or a CFC Holdco, (ii) an Immaterial Subsidiary, (iii) prohibited by applicable law, regulation or by any
Contractual Obligation existing on the Restatement Effective Date or on the date such Person becomes a Subsidiary (as long as such
Contractual Obligation was not entered into in contemplation of such Person becoming a Subsidiary) from providing a Subsidiary
Guaranty or that would require a governmental (including regulatory) or third party consent, approval, license or authorization
in order to grant such Subsidiary Guaranty (to the extent that the Lead Borrower has used commercially reasonable efforts (not
involving spending money in excess of de minimis amounts) to obtain such consent, approval, license or authorization), (iv) any
Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary, (v) captive insurance companies, (vi) a not-for-profit
Subsidiary, (vii) a Subsidiary not wholly-owned (other than any such Subsidiary described in the parenthetical in clause (ii)
of the definition of Guarantor) by the Lead Borrower and/or one or more of its wholly owned Restricted Subsidiaries, (viii) any
Unrestricted Subsidiary, (ix) a Subsidiary to the extent that the burden or cost of obtaining a Subsidiary Guaranty therefrom is
excessive in relation to the benefit afforded thereby (as reasonably determined by the Administrative Agent and the Lead Borrower)
and (x) GYP V.

 

    33

     

    

 

“Excluded
Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a
portion of the Guaranty of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation
(or any Guaranty 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 (determined after giving effect to Section 14 of the Subsidiary Guaranty and any other “keepwell,
support or other agreement” for the benefit of such Loan Party and any and all guarantees of such Loan Party’s Swap
Obligations by other Loan Parties) at the time the Guaranty of such Loan Party, or a grant by such Loan Party of a 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 Guaranty
or security interest is or becomes excluded in accordance with the first sentence of this definition.

 

“Excluded
Taxes” means, with respect to any Agent, Lender or any other recipient of any payment to be made by or on account
of any obligation of the Lead Borrower or any other Loan Party hereunder, (a) Taxes (i) imposed on (or measured by) its overall
net income or overall gross income (however denominated) 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 (excluding any L/C Issuer), in which its applicable Lending
Office is located, or (ii) that are imposed as a result of a present or former connection between such recipient and the jurisdiction
imposing such Tax (other than connections arising solely from such recipient having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document), (b) any branch profits
Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction described in clause (a)
above, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Lead Borrower under Section
3.07), any United States federal withholding Tax that is imposed on amounts payable to such Foreign Lender pursuant to a law
in effect at the time such Foreign Lender becomes a party to this Agreement (or designates a new Lending Office), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or
assignment), to receive additional amounts with respect to such withholding Tax pursuant to Section 3.01(a), (d) Taxes attributable
to such recipient’s failure to comply with Section 3.01(g) or Section 3.01(h) and (e) any withholding
Taxes imposed under FATCA.

 

“Existing
Credit Agreement” has the meaning specified in the “Preliminary Statements.”

 

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

 

    34

     

    

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period,
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published
on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which
is a Business Day, the average (rounded upward, if necessary, to a whole multiple of 1/100 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 it
(and, if any such rate is below zero, then the rate determined pursuant to this definition shall be deemed to be zero).

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Fee Letter”
means the Fee Letter, dated as of August 30, 2019, among the Lead Borrower, Holdings, and the Administrative Agent.

 

“First Lien
Administrative Agent” means the “Administrative Agent” as defined in the First Lien Credit Agreement.

 

“First Lien
Cap” means the sum of (i) $996,839,654.38 plus (ii) the aggregate principal amount of Incremental First Lien
Term Facilities available to be incurred under the First Lien Credit Agreement as in effect on June 1, 2018.

 

“First Lien
Collateral Agent” means the “Collateral Agent” as defined in the First Lien Credit Agreement.

 

“First Lien
Credit Agreement” means the First Lien Credit Agreement, dated as of the Original Closing Date (as amended, supplemented
or otherwise modified from time to time in accordance with its terms and with the ABL/Term Intercreditor Agreement), among Holdings,
the Lead Borrower, the First Lien Lenders, the First Lien Administrative Agent and the First Lien Collateral Agent, including any
replacement thereof entered into in connection with one or more refinancings thereof permitted hereunder (so long as the documents
governing such replacement constitute “Term Debt Documents” for purposes of the ABL/Term Intercreditor Agreement).

 

“First Lien
Lender” means any “Lender” as defined in the First Lien Credit Agreement.

 

“First Lien
Loan Documents” means the First Lien Credit Agreement and the other “Loan Documents” as defined in the
First Lien Credit Agreement.

 

    35

     

    

  

“First Lien
Loans” means the “Loans” as defined in the First Lien Credit Agreement and shall, for the avoidance of
doubt, include Incremental First Lien Term Loans (as defined in the First Lien Credit Agreement).

 

“Fixed Charge
Coverage Ratio” means, with respect to the Lead Borrower and its Restricted Subsidiaries on a consolidated basis
as of any date, the ratio of (a) (i) Consolidated EBITDA for such period, minus (ii) Unfinanced Capital Expenditures (excluding
any Capital Expenditures made with all or any portion of the proceeds, applied within 12 months after the receipt thereof, from
(x) any Casualty Event or (y) any Disposition (in the case of each of (x) and (y)), other than Inventory and Accounts) made during
such period to (b) the sum of (i) all Consolidated Scheduled Funded Debt Payments plus (ii) all Cash Interest Charges plus
(iii) all Consolidated Cash Taxes, in each case for the most recently ended four consecutive fiscal quarter period ending on or
prior to such date for which financial statements have been delivered to the Administrative Agent and the Lenders pursuant to Section
6.01(a) or (b), as applicable, all as determined on a consolidated basis in accordance with GAAP.

 

“Flood Laws”
means the National Flood Insurance Act of 1968, Flood Disaster Protection Act of 1973, and related laws, rules and regulations,
including any amendments or successor provisions.

 

“Foreign
Lender” means any Lender that is not a United States person, as such term is defined in Section 7701(a)(30) of the
Code.

 

“Foreign
Subsidiary” means any Subsidiary of the Lead Borrower which is not a Domestic Subsidiary.

 

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

 

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

 

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

 

“Funded Debt”
of any Person means Indebtedness of such Person that by its terms matures more than one year after the date of its creation or
matures within one year from any date of determination but is renewable or extendible, at the option of such Person, to a date
more than one year after such date or arises under a revolving credit or similar agreement that obligates the lender or lenders
to extend credit during a period of more than one year after such date.

 

    36

     

    

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“GMS”
means Gypsum Management and Supply, Inc., a Georgia corporation.

 

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

 

“Guarantee”
means, as to any Person, without duplication, any (a) obligation, contingent or otherwise, of such Person Guaranteeing or having
the economic effect of Guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the
“primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such
Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
or other monetary obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee
in respect of such Indebtedness or other monetary obligation of the payment or performance of such Indebtedness or other monetary
obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level
of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation,
or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary
obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part),
or (b) Lien on any assets of such Person securing any Indebtedness or other monetary obligation of any other Person, whether or
not such Indebtedness or other monetary obligation is assumed by such Person (or any right, contingent or otherwise, of any holder
of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements
for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations
in effect on the Restatement Effective Date or entered into in connection with any acquisition or Disposition of assets permitted
under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to
be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which
such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined
by the Guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

 

“Guarantors”
means, collectively, (i) Holdings, (ii) each wholly-owned Domestic Subsidiary (which term, for purposes of this definition, shall
include non-wholly-owned domestic Restricted Subsidiaries in which (x) the minority interests are held solely by management and
employees of such Restricted Subsidiary and (y) the Lead Borrower directly or indirectly owns at least 80% of the Equity Interests
of such Restricted Subsidiary) of the Lead Borrower that is a Restricted Subsidiary and is listed on Schedule I, and (iii)
each other wholly-owned Domestic Subsidiary of the Lead Borrower that is a Restricted Subsidiary that shall be required to execute
and deliver a Guaranty or Guaranty supplement pursuant to Section 6.12.

 

    37

     

    

 

“Guaranty”
means, collectively, the Holdings Guaranty and the Subsidiary Guaranty.

 

“GYP IV”
means GYP Holdings IV Corp., a Delaware corporation.

 

“GYP V”
means GYP Holdings V Corp., a Delaware corporation.

 

“Hazardous
Materials” means all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, flammable, explosive or radioactive substances,
and all other substances or wastes of any nature regulated as “hazardous” or “toxic,” or as a “pollutant”
or a “contaminant,” pursuant to any Environmental Law.

 

“Hedge Bank”
means (a) any Person that at the time it enters into a Secured Hedge Agreement, is an Agent, an Arranger, a Lender, a L/C Issuer
or an Affiliate of an Agent, an Arranger, a Lender or a L/C Issuer or (b) any Person that is, as of the Restatement Effective Date,
an Agent, an Arranger, a Lender, a L/C Issuer or an Affiliate of an Agent, an Arranger, a Lender or a L/C Issuer and a party to
a Secured Hedge Agreement as of the Restatement Effective Date, in each case, in its capacity as a party to such Secured Hedge
Agreement. For the avoidance of doubt, such Person shall continue to be a Hedge Bank with respect to the applicable Secured Hedge
Agreement even if it ceases to be an Agent, an Arranger, a Lender, a L/C Issuer or an Affiliate of an Agent, an Arranger, a Lender
or a L/C Issuer after the date on which it entered into such Secured Hedge Agreement.

 

“Holdings”
has the meaning specified in the introductory paragraph to this Agreement.

 

“Holdings
Guaranty” means the Amended and Restated Holdings Guaranty dated as of the Restatement Effective Date made by Holdings
in favor of the Collateral Agent on behalf of the Secured Parties.

 

    38

     

    

 

“Immaterial
Subsidiary” means each Restricted Subsidiary designated as such by the Lead Borrower to the Administrative Agent
and the Collateral Agent in writing that meets all of the following criteria calculated on the Pro Forma Basis by reference
to the most recently delivered set of the financial statements delivered pursuant to Section 6.01(a): (a) the aggregate
gross assets (excluding goodwill) of any Restricted Subsidiary designated as an Immaterial Subsidiary and its Restricted Subsidiaries
(on a consolidated basis) as of the date of such statements do not exceed an amount equal to 5% of the Consolidated Total Assets
of the Restricted Group as of such date; (b) the aggregate of the earnings before interest, tax, depreciation and amortization
(calculated on the same basis as Consolidated EBITDA) of any Restricted Subsidiary designated as an Immaterial Subsidiary and its
Restricted Subsidiaries (on a consolidated basis) for the four fiscal quarter period ending on such date do not exceed an amount
equal to 5% of the Consolidated EBITDA of the Restricted Group for such period; (c) the aggregate gross assets (excluding goodwill)
of all Restricted Subsidiaries designated as Immaterial Subsidiaries and their respective Restricted Subsidiaries (on a consolidated
basis) as of the date of such statements do not exceed an amount equal to 10% of the Consolidated Total Assets of the Restricted
Group as of such date; and (d) the aggregate of the earnings before interest, tax, depreciation and amortization (calculated on
the same basis as Consolidated EBITDA) of all Restricted Subsidiaries designated as Immaterial Subsidiaries and their respective
Restricted Subsidiaries (on a consolidated basis) for the four fiscal quarter period ending on such date do not exceed an amount
equal to 10% of the Consolidated EBITDA of the Restricted Group for such period; provided that if, at any time after the
delivery of such financial statements, (i) with respect to any Restricted Subsidiary designated as an Immaterial Subsidiary at
such time, the aggregate gross assets (excluding goodwill) of such Restricted Subsidiary and its Restricted Subsidiaries (on a
consolidated basis) shall exceed the threshold set forth in clause (a) or the aggregate of the earnings before interest,
tax, depreciation and amortization of such Restricted Subsidiary and its Restricted Subsidiaries (on a consolidated basis) exceed
the threshold set forth in clause (b) or (ii) with respect to all Restricted Subsidiaries designated as Immaterial Subsidiaries
at such time, the aggregate gross assets (excluding goodwill) of such Restricted Subsidiaries and their respective Restricted Subsidiaries
(on a consolidated basis) shall exceed the threshold set forth in clause (c) or the aggregate of the earnings before interest,
tax, depreciation and amortization of such Subsidiaries and their respective Restricted Subsidiaries (on a consolidated basis)
exceed the threshold set forth in clause (d), then the Lead Borrower shall, not later than 30 days after the date by which
financial statements for the fiscal quarter or the fiscal year, as applicable, in which such excess occurs must be delivered (or
such longer period as the Administrative Agent may agree in its reasonable discretion), (A) notify the Administrative Agent and
the Collateral Agent in writing that one or more of such Restricted Subsidiaries no longer constitutes an Immaterial Subsidiary
and (B) comply with the provisions of Section 6.12 applicable to such Subsidiary. All Immaterial Subsidiaries as of
the Restatement Effective Date are set forth on Schedule II.

 

“Increased
Inspection Trigger Event” has the meaning given such term in Section 6.10(b).

 

“Incremental
Amendment” has the meaning specified in Section 2.14(c).

 

“Incremental
Effective Date” has the meaning specified in Section ‎2.14(d).

 

“Incremental
Revolving Credit Lender” has the meaning specified in Section ‎2.14(b).

 

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

 

    39

     

    

 

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

 

(b)              
the maximum amount of all Letters of Credit and other letters of credit (including standby and commercial), bankers’
acceptances, bank Guarantees, surety bonds, performance bonds, advance payment guarantees or bonds, warranties, bid guarantees
or bonds and similar instruments issued or created by or for the account of such Person;

 

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

 

(d)              
all obligations of such Person to pay the deferred purchase price of property or services (other than (x) trade accounts
payable in the ordinary course of business, (y) any earn-out obligation until such obligation becomes a liability on the balance
sheet of such Person in accordance with GAAP and (z) expenses accrued in the ordinary course of business);

 

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

 

(f)               
all Attributable Indebtedness;

 

(g)              
all obligations of such Person in respect of Disqualified Equity Interests; and

 

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

 

For all purposes hereof, the Indebtedness
of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation
or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly
made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the
Swap Termination Value thereof as of such date. For purposes of clause (e), the amount of Indebtedness of any Person that
is non-recourse to such Person shall be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness
and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith.

 

“Indemnified
Liabilities” has the meaning set forth in Section 10.05.

 

“Indemnified
Taxes” means Taxes other than Excluded Taxes and Other Taxes.

 

“Indemnitees”
has the meaning set forth in Section 10.05.

 

“Ineligible
Assignee” has the meaning specified in Section 10.07(b).

 

“Ineligible
Cash” means, when referring to cash or Cash Equivalents of the Lead Borrower or any other Loan Party, that such cash
or Cash Equivalents (a) appear (or would be required to appear) as “restricted” on a consolidated balance sheet of
the Lead Borrower or such other Loan Party (unless such appearance is related to the Collateral Documents (or the Liens created
thereunder)) or (b) are subject to any Lien (other than nonconsensual Liens permitted by Section 7.01 and Liens permitted
by Sections 7.01(w) (but only to the extent the ABL Obligations are secured on a first priority basis by such cash and Cash
Equivalents) and 7.01(ee) (but only to the extent the ABL Obligations are secured on a first priority basis by such cash
and Cash Equivalents) and in favor of any Person other than the Collateral Agent or any Lender).

 

    40

     

    

 

“Information”
has the meaning specified in Section 10.08.

 

“Intellectual
Property Security Agreement” has the meaning specified in the Security Agreement.

 

“Intellectual
Property Security Agreement Supplement” has the meaning specified in the Security Agreement.

 

“Intercompany
Note” means a promissory note substantially in the form of Exhibit M evidencing Indebtedness owed among
the Loan Parties and their respective Subsidiaries.

 

“Interest
Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such
Loan and the Maturity Date of the applicable Loans under the Revolving Credit Facility; provided, however, that if
any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the
beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including any Swing Line
Loan), the first calendar day immediately following the last calendar day of each January, April, July and October and the Maturity
Date of the applicable Loans under the Revolving Credit Facility.

 

“Interest
Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed
or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, or to the
extent consented to by all Revolving Credit Lenders, 12 months thereafter, as selected by any Borrower in its Committed Loan Notice;
provided that:

 

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

 

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

 

(c)              
no Interest Period shall extend beyond the Maturity Date of the applicable Loans under the Revolving Credit Facility.

 

“Inventory”
has the meaning given that term in the Uniform Commercial Code, and shall also include, without limitation, all: (a) goods which
(i) are leased by a Person as lessor, (ii) are held by a Person for sale or lease or to be furnished under a contract of service,
(iii) are furnished by a Person under a contract of service or (iv) consist of raw materials, work in process, or materials used
or consumed in a business; (b) goods of said description in transit; (c) goods of said description which are returned, repossessed
or rejected; and (d) packaging, advertising, and shipping materials related to any of the foregoing.

 

    41

     

    

 

“Inventory
Reserves” means, without duplication of any other Reserves or items that are otherwise addressed or excluded through
eligibility criteria or in the determination of Appraised Value, such Reserves as may be established from time to time by the Administrative
Agent in its Permitted Discretion with respect to the determination of the saleability, at retail, of the Eligible Inventory, or
which reflect such other factors as affect the market value of the Eligible Inventory or which reflect claims and liabilities that
the Administrative Agent determines will need to be satisfied in connection with the realization upon the Inventory. Without limiting
the generality of the foregoing, Inventory Reserves may, in the Administrative Agent’s Permitted Discretion, include (but
are not limited to) Reserves based on:

 

(a)              
obsolescence;

 

(b)              
seasonality;

 

(c)              
shrink;

 

(d)              
imbalance;

 

(e)              
change in Inventory character;

 

(f)               
change in Inventory composition;

 

(g)              
change in Inventory mix;

 

(h)              
mark-downs (both permanent and point of sale);

 

(i)                
retail mark-ons and mark-ups inconsistent with prior period practice and performance, industry standards, current business
plans or advertising calendar and planned advertising events; and

 

(j)               
out-of-date and/or expired Inventory; and

 

(k)              
seller’s reclamation or repossession rights under any Debtor Relief Laws.

 

The amount of any Inventory
Reserve established by the Administrative Agent hereunder shall have a reasonable relationship to the event, condition or other
matter which is the basis for such Inventory Reserve. Furthermore the establishment of any Inventory Reserve hereunder shall be
subject to the last sentence of the definition of “Eligible Inventory.”

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution
to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest
in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which
the investor incurs debt of the type referred to in clause (h) of the definition of “Indebtedness” set
forth in this Section 1.01 in respect of such Person, (c) the purchase or other acquisition (in one transaction or
a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting
a business unit, line of business or division of such Person, or (d) the Disposition of any property for less than the fair market
value thereof (other than Dispositions under Sections 7.05(e), (i) and (k)). For purposes of covenant
compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or
decreases in the value of such Investment, less all returns representing a return of capital with respect to such Investment received
by the Lead Borrower or a Restricted Subsidiary.

 

    42

     

    

 

“Investment
Grade Account Debtor” means any Account Debtor with a corporate credit rating of BBB- or greater from S&P and
a corporate family rating of Baa3 or greater from Moody’s.

 

“IP Rights”
has the meaning set forth in Section 5.16.

 

“IRS”
means the United States Internal Revenue Service.

 

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

 

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

 

“Joint Venture”
means (a) any Person which would constitute an “equity method investee” of the Lead Borrower or any of its Subsidiaries,
and (b) any Person in whom the Lead Borrower or any of its Subsidiaries beneficially owns any Equity Interest that is not a Subsidiary.

 

“Junior Financing”
has the meaning specified in Section 7.14.

 

“Junior Financing
Documentation” means any documentation governing any Junior Financing.

 

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

 

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

 

“L/C Fee”
has the meaning specified therefor in Section 2.09(c) of this Agreement.

 

“L/C Issuer”
means the Administrative Agent, SunTrust and each other Lender designated in accordance with Section 2.03(t). Each L/C Issuer
may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the L/C Issuer, in which case the
term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

 

    43

     

    

 

“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which
have not been paid through a Revolving Credit Loan. For all purposes of this Agreement, if on any date of determination a Letter
of Credit has expired by its terms but (a) any amount may still be drawn thereunder by reason of the operation of Rule 3.13
or Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available
to be drawn, or (b) any drawing was made thereunder on or before the last day permitted thereunder and such drawing has not been
honored or refused by the applicable L/C Issuer, such Letter of Credit shall be deemed “outstanding” in the amount
of such drawing.

 

“Latest Maturity
Date” means, at any date of determination, the latest maturity date applicable to any Loans or Revolving Credit Commitments
at such time, in each case as extended from time to time in accordance with this Agreement (including pursuant to any Permitted
Amendment in accordance with Section 10.01).

 

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

 

“Lead Borrower”
has the meaning specified in the introductory paragraph to this Agreement.

 

“Lender”
has the meaning specified in the introductory paragraph to this Agreement and, as the context requires, includes the Swing Line
Lender and each L/C Issuer.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Lead Borrower and the Administrative
Agent.

 

“Letter of
Credit” means any standby, commercial or documentary letter of credit issued hereunder, in form and substance satisfactory
to the Administrative Agent and the applicable L/C Issuer.

 

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

 

    44

     

    

 

“Letter of
Credit Collateralization” means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory
to Administrative Agent (including that Administrative Agent has a first priority perfected Lien in such cash collateral) and the
applicable L/C Issuer, including provisions that specify that the L/C Fees and all commissions, fees, charges and expenses provided
for in Section 2.03(k) of this Agreement (including any fronting fees) will continue to accrue while the Letters of Credit
are outstanding) to be held by Administrative Agent for the benefit of the Revolving Credit Lenders in an amount equal to 103%
of the then existing L/C Obligations, (b) delivering to Administrative Agent documentation executed by all beneficiaries under
the Letters of Credit, in form and substance reasonably satisfactory to Administrative Agent and the applicable L/C Issuer, terminating
all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Administrative Agent with a standby letter
of credit, in form and substance reasonably satisfactory to Administrative Agent, from a commercial bank acceptable to Administrative
Agent and the L/C Issuer (in their sole discretion) in an amount equal to 103% of the then existing L/C Obligations (it being understood
that the L/C Fee and all fronting fees set forth in this Agreement will continue to accrue while the Letters of Credit are outstanding
and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

 

“Letter of
Credit Disbursement” means a payment made by an L/C Issuer pursuant to a Letter of Credit.

 

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

 

“Letter of
Credit Indemnified Costs” has the meaning specified therefor in Section 2.03(f) of this Agreement.

 

“Letter of
Credit Individual Sublimit” means, with respect to (a) the Administrative Agent, $25,000,000, (b) SunTrust, $25,000,000,
and (c) with respect to any additional L/C Issuer that becomes a party hereto after the Restatement Effective Date, such amount
as agreed between the Lead Borrower and such L/C Issuer and notified to the Administrative Agent in writing (or as any of the foregoing
amounts may be modified by written agreement of the Lead Borrower and the applicable L/C Issuer and notified to the Administrative
Agent in writing).

 

“Letter of
Credit Related Person” has the meaning specified therefor in Section 2.03(f) of this Agreement.

 

“Letter of
Credit Sublimit” means an amount equal to $50,000,000. The Letter of Credit Sublimit is part of, and not in addition
to, the Revolving Credit Facility.

 

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

 

“Line Cap”
means, at any time, the lesser of (a) the Aggregate Commitments and (b) the Borrowing Base at such time.

 

    45

     

    

 

“Liquidation”
means the exercise by the Administrative Agent or the Administrative Agent of those rights and remedies accorded to the Administrative
Agent under the Loan Documents and applicable Laws as a creditor of the Loan Parties with respect to the realization on the Collateral,
including (after the occurrence and during the continuation of an Event of Default) the conduct by the Loan Parties acting with
the consent of the Administrative Agent, of any public, private or “going out of business,” “store closing”
or other similar sale or any other disposition of the Collateral for the purpose of liquidating the Collateral. Derivations of
the word “Liquidation” (such as “Liquidate”) are used with like meaning in this Agreement.

 

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

 

“Loan Documents”
means, collectively, (a) for purposes of this Agreement and the Notes and any amendment, supplement or other modification hereof
or thereof and for all other purposes other than for purposes of the Guaranty and the Collateral Documents, (i) this Agreement,
(ii) the Notes, (iii) the Guaranty, (iv) the Collateral Documents, (v) the Fee Letter, (vi) each Letter of Credit Application,
(vii) any Incremental Amendment, (viii) any Loan Modification Agreement, (ix) the Borrowing Base Certificates and (x) any agreement
creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.15 of this Agreement and (b)
for purposes of the Guaranty and the Collateral Documents, (i) this Agreement, (ii) the Notes, (iii) the Guaranty, (iv) the
Collateral Documents, (v) the Fee Letter, (vi) each Letter of Credit Application, (vii) any Incremental Amendment, (viii) any Loan
Modification Agreement, (ix) each Secured Cash Management Agreement, (x) each Secured Hedge Agreement and (x) the Borrowing Base
Certificates.

 

“Loan Modification
Accepting Lender” has the meaning specified in Section 10.01‎.

 

“Loan Modification
Agreement” has the meaning specified in Section 10.01‎.

 

“Loan Modification
Offer” has the meaning specified in Section 10.01‎.

 

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

 

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

 

“London Time”
means Greenwich Mean Time or British Summer Time, as applicable.

 

“Margin Stock”
as defined in Regulation U of the FRB as in effect from time to time.

 

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

 

    46

     

    

 

“Material
Adverse Effect” means (a) a material adverse effect on the business, operations, assets, liabilities (actual or contingent)
or financial condition of Holdings and its Restricted Subsidiaries, taken as a whole, (b) a material adverse effect on the ability
of the Loan Parties (taken as a whole) to perform their respective payment obligations under any Loan Document to which the Lead
Borrower or any of the Loan Parties is a party or (c) a material adverse effect on the rights and remedies of the Agents or the
Lenders under any Loan Document.

 

“Maturity
Date” means the earlier of (a) September 30, 2024, and (b) the date of termination in whole of the Revolving Credit
Commitments, the Swing Line Commitments and the obligations to issue, amend or extend Letters of Credit pursuant to Sections
2.06(a) or 8.02.

 

“Maximum
Rate” has the meaning specified in Section 10.10.

 

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

 

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

 

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

 

“Narrative
Report” means, with respect to the financial statements for which such narrative report is required, a narrative
report describing the operations of the Lead Borrower and its Subsidiaries in the form prepared for presentation to senior management
of the Lead Borrower for the fiscal quarter or fiscal year and for the period from the beginning of the then current fiscal year
to the end of such period to which such financial statements relate.

 

“Net Cash
Proceeds” means, (a) with respect to the issuance of any Equity Interest by the Lead Borrower or any Restricted Subsidiary,
the excess of (i) the sum of the cash and Cash Equivalents received in connection with such issuance over (ii) the investment banking
fees, underwriting discounts and commissions, and other out-of-pocket expenses, incurred by the Lead Borrower or such Restricted
Subsidiary in connection with such issuance; and (b) with respect to the incurrence or issuance of any Indebtedness by the Lead
Borrower or any Restricted Subsidiary, the excess, if any, of (i) the sum of the cash received in connection with such incurrence
or issuance over (ii) the investment banking fees, underwriting discounts and commissions, taxes reasonably estimated to be actually
payable and other out-of-pocket expenses, incurred by the Lead Borrower or such Restricted Subsidiary in connection with such incurrence
or issuance.

 

“New York
Time” means Eastern Standard Time or Eastern Daylight Time, as applicable.

 

“Non-Consenting
Lender” has the meaning specified in Section ‎3.07(d).

 

“Note”
means a Revolving Credit Note or a Swing Line Note, as the context may require.

 

    47

     

    

 

“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

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

 

“Original
Closing Date” means April 1, 2014.

 

“Other Taxes”
means any and all present or future stamp, court or documentary, intangible, recording or filing Taxes or any other similar Taxes,
charges or levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise
with respect to, any Loan Document.

 

“Outstanding
Amount” means (a) with respect to the Revolving Credit Loans and Swing Line Loans on any date, the aggregate outstanding
principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Credit Loans (including
any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing)
and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the
amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other
changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding
unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or
L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters
of Credit taking effect on such date.

 

“Overadvance”
means a Credit Extension to the extent that, immediately after its having been made, Availability is less than zero.

 

“Overadvance
Loan” means a Revolving Credit Loan made when an Overadvance exists or the funding of which results in Overadvance.

 

“Parent”
means GMS Inc., a Delaware corporation and the indirect parent company of the Lead Borrower.

 

“Participant”
has the meaning specified in Section 10.07(d).

 

“Participant
Register” has the meaning set forth in Section 10.07(i).

 

“PATRIOT
Act” has the meaning specified in Section 10.21.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

    48

     

    

 

“Pension
Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment
payment thereof) to Pension Plans and set forth in Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304
and 305 of ERISA.

 

“Pension
Plan” means any “employee pension benefit plan” (including a Multiple Employer Plan or a Multiemployer
Plan) that is maintained or is contributed to by a Loan Party or any ERISA Affiliate and is either covered by Title IV of ERISA
or is subject to the minimum funding standards under Section 412 or 430 of the Code or Section 302 or 303 of ERISA.

 

“Permits”
has the meaning specified in Section 5.01.

 

“Permitted
Acquisition” has the meaning specified in Section 7.02(i).

 

“Permitted
Amendments” has the meaning specified in Section 10.01.

 

“Permitted
Discretion” means the commercially reasonable judgment of the Administrative Agent exercised in good faith in accordance
with customary business practices for comparable asset-based lending transactions. In exercising such judgment, the Administrative
Agent may consider any factors which it reasonably determines: (a) with respect to any Collateral issues, will or reasonably could
be expected to adversely affect in any material respect the value of the Collateral, the enforceability or priority of the Administrative
Agent’s Liens thereon or the amount which the Administrative Agent, the Lenders or any L/C Issuer would be likely to receive
(after giving consideration to delays in payment and costs of enforcement) in the liquidation of such Collateral, or (b) is evidence
that any collateral report or financial information delivered to the Administrative Agent by any Person on behalf of the applicable
Borrower is incomplete, inaccurate or misleading in any material respect, or (c) creates or reasonably could be expected to create
a Default or Event of Default. In exercising such judgment, the Administrative Agent may also consider, without duplication, such
factors already included in or tested by the definition of Eligible Inventory or Eligible Accounts, as well as any of the following:
(i) changes after the Restatement Effective Date in any material respect in demand for, pricing of, or product mix of Inventory;
(ii) changes after the Restatement Effective Date in any material respect in any concentration of risk with respect to Accounts;
(iii) any other factors or circumstances that will or would reasonably be expected to have a Material Adverse Effect and (iv) any
other factors arising after the Restatement Effective Date that change in any material respect the credit risk of lending to the
Borrowers on the security of the Collateral.

 

“Permitted
Encumbrances” means any Liens or other encumbrances on any real property permitted under the applicable mortgage
policy delivered by the Lead Borrower in connection with, and pursuant to, the First Lien Credit Agreement.

 

“Permitted
Equity Issuance” means (a) any sale or issuance of any Equity Interests (excluding Disqualified Equity Interests)
of Holdings the proceeds of which are contributed to the common equity of the Lead Borrower, (b) any sale or issuance of any Equity
Interests (excluding Disqualified Equity Interests) of the Lead Borrower to Holdings or (c) any capital contribution to the Lead
Borrower.

 

    49

     

    

 

“Permitted
Holders” means the Sponsor and the members of the management of Holdings and its Subsidiaries (the “Management
Shareholders”); provided that in no event shall the Management Shareholders be treated as Permitted Holders
with respect to more than 10% of the Voting Stock of Holdings.

 

“Permitted
Other First Lien Indebtedness” means any “Permitted Other First Lien Indebtedness” (as defined in the
First Lien Credit Agreement, as in effect on the Restatement Effective Date and as otherwise modified in a manner not adverse to
the Lenders).

 

“Permitted
Other Second Lien Indebtedness” means any Permitted Other Second Lien Indebtedness (as defined in the First Lien
Credit Agreement, as in effect on the Restatement Effective Date and as otherwise modified in a manner not adverse to the Lenders).

 

“Permitted
Other Term Indebtedness” means Permitted Other First Lien Indebtedness and Permitted Other Second Lien Indebtedness.

 

“Permitted
Refinancing” means with respect to any Indebtedness, any modification, refinancing, refunding, renewal, replacement
or extension of such Indebtedness; provided that: (i) the principal amount (or accreted value, if applicable) thereof does
not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed,
replaced or extended except by an amount equal to accrued and unpaid interest, unpaid reasonable premium thereon and reasonable
fees and expenses incurred, in connection with such modification, refinancing, refunding, renewal, replacement or extension and
by an amount equal to any existing commitments unutilized thereunder; (ii) such modification, refinancing, refunding, renewal,
replacement or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced,
refunded, renewed, replaced or extended; (iii) if the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended
is subordinated in right of payment to the ABL Obligations, such modification, refinancing, refunding, renewal or extension is
subordinated in right of payment to the ABL Obligations on terms as favorable in all material respects to the Lenders as those
contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended;
(iv) the terms and conditions (including, if applicable, as to collateral) of any such modified, refinanced, refunded, renewed,
replaced or extended Indebtedness are, (A) either (x) customary for similar debt in light of then-prevailing market conditions
(it being understood that such Indebtedness shall not include any financial maintenance covenants and that any negative covenants
shall be incurrence-based) or (y) not materially less favorable to the Loan Parties or the Lenders than the terms and conditions
of the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended, and (B) when taken as a whole (other than
interest rate and redemption premiums), are not more restrictive to the Lead Borrower and the Restricted Subsidiaries than those
set forth in the First Lien Credit Agreement (provided that a certificate of the Chief Financial Officer of the Lead Borrower
delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Indebtedness, together
with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation
relating thereto, stating that the Lead Borrower has determined in good faith that such terms and conditions satisfy the requirement
set forth in the foregoing clause (iv), shall be conclusive evidence that such terms and conditions satisfy such requirement
unless the Administrative Agent provides notice to the Lead Borrower of its objection during such five Business Day period); (v)
such modification, refinancing, refunding, renewal or extension is incurred by the Person who is the obligor on the Indebtedness
being modified, refinanced, refunded, renewed, replaced or extended; and (vi) at the time thereof, no Default or Event of Default
shall have occurred and be continuing.

 

    50

     

    

 

“Permitted
Term Indebtedness” means the First Liens Loans, the Second Lien Loans, any Permitted Term Refinancing Debt and any
Permitted Other Term Indebtedness; provided that: (a) immediately before and immediately after giving effect to the incurrence
of such Indebtedness, no Default or Event of Default shall have occurred and be continuing and (b) the agent, trustee or other
representative of the holders of such Indebtedness, acting on behalf of such holders, shall be party to the ABL/Term Intercreditor
Agreement or another customary intercreditor agreement that is reasonably satisfactory to the Administrative Agent.

 

“Permitted
Term Indebtedness Cap” means an amount equal to the sum of (a) the First Lien Cap plus (b) the Second Lien
Cap (as defined in the First Lien Credit Agreement as in effect on the Restatement Effective Date and as otherwise modified in
a manner not adverse to the Lenders).

 

“Permitted
Term Indebtedness Liens” means Liens on the Collateral securing Permitted Term Indebtedness; provided that
such Liens are (a) junior to the Lien on the ABL Priority Collateral securing ABL Obligations and (b) granted under Collateral
Documents to a collateral agent for the benefit of the holders of the Permitted Term Indebtedness and subject to the ABL/Term Intercreditor
Agreement or other customary intercreditor agreement that is reasonably satisfactory to the Administrative Agent, the First Lien
Administrative Agent, the Second Lien Administrative Agent, the Collateral Agent, the First Lien Collateral Agent and the Second
Lien Collateral Agent, and that is entered into among the Collateral Agent, the First Lien Collateral Agent, the Second Lien Collateral
Agent (or representatives of the applicable secured parties), such other collateral agent and the Loan Parties and which provides
for lien sharing and for the junior, senior or pari passu (subject to the foregoing clause (a)) treatment of such
Liens with the Liens securing the ABL Obligations.

 

“Permitted
Term Refinancing Debt” means any Specified Refinancing Debt (as defined in the First Lien Credit Agreement as in
effect on the Restatement Effective Date and as otherwise modified in a manner not adverse to the Lenders) and any Specified Refinancing
Debt (as defined in the Second Lien Credit Agreement as in effect on the Restatement Effective Date and as otherwise modified in
a manner not adverse to the Lenders).

 

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

 

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

 

“Platform”
has the meaning specified in Section 6.02.

 

    51

     

    

 

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

 

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

 

“Prime Rate”
means the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime
rate,” with the understanding that the “prime rate” is one of Wells Fargo’s base rates (not necessarily
the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making
reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo
may designate (and, if any such announced rate is below zero, then the rate determined pursuant to this definition shall be deemed
to be zero).

 

“Private
Lenders” has the meaning specified in Section 6.02.

 

“Pro Forma
Basis,” “Pro Forma Compliance” and “Pro Forma Effect” means,
in respect of a Specified Transaction, that such Specified Transaction and the following transactions in connection therewith (to
the extent applicable) shall be deemed to have occurred as of the first day of the applicable period of measurement in such covenant:
(a) income statement items (whether positive or negative) attributable to the property or Person, if any, subject to
such Specified Transaction, (i) in the case of a Disposition of all or substantially all Equity Interests in any Restricted Subsidiary
of the Lead Borrower or any division, product line, or facility used for operations of the Lead Borrower or any of its Restricted
Subsidiaries, shall be excluded, and (ii) in the case of a purchase or other acquisition of all or substantially all of the
property and assets or business of any Person, or of assets constituting a business unit, a line of business or division of such
Person, or of all or substantially all of the Equity Interests in a Person, shall be included, (b) any retirement of Indebtedness
and (c) any Indebtedness incurred or assumed by the Lead Borrower or any of its Restricted Subsidiaries in connection therewith
and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes
of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the
relevant date of determination.

 

“Pro Forma
Excess Availability” means, at any time, after giving Pro Forma Effect to the transaction then to be consummated
or payment to be made, Availability (a) as of the date of such transaction or payment and (b) projected as of each of
the following consecutive 60 days.

 

“Pro Rata
Share” means, with respect to each Lender at any time, a fraction (expressed as a percentage, carried out to the
ninth decimal place, and subject to adjustment as provided in Section 2.16), the numerator of which is the amount of
the Revolving Credit Commitments of such Lender under the Revolving Credit Facility at such time and the denominator of which is
the amount of the Aggregate Commitments under the Revolving Credit Facility at such time; provided, that if the commitment
of each Lender to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant
to Section 8.02, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender
immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.
The initial Pro Rata Share of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

    52

     

    

 

“Protective
Overadvance” means an Overadvance made by the Administrative Agent, in its discretion, which:

 

(a)              
is made to maintain, protect or preserve the Collateral and/or the Secured Parties’ rights under the Loan Documents
or which is otherwise for the benefit of the Secured Parties;

 

(b)              
is made to enhance the likelihood of, or to maximize the amount of, repayment of any ABL Obligation; or

 

(c)              
is made to pay any other amount chargeable to any Loan Party hereunder; and

 

(d)             
together with all other Overadvance Loans and Protective Overadvances then outstanding, shall not (i) exceed 10% of the
Borrowing Base at any time or (ii) unless a Liquidation is occurring, remain outstanding for more than 45 consecutive Business
Days, unless in each case, the Required Lenders otherwise agree;

 

provided that, the foregoing shall
not (i) modify or abrogate any of the provisions of Section 2.03 regarding the Lenders’ obligations with respect to
Letters of Credit or Section 2.04 regarding the Lenders’ obligations with respect to Swing Line Loans, or (ii) result
in any claim or liability against the Administrative Agent (regardless of the amount of any Overadvance) for Unintentional Overadvances,
and such Unintentional Overadvances shall not reduce the amount of Protective Overadvances allowed hereunder, and further provided
that in no event shall the Administrative Agent make an Overadvance, if after giving effect thereto, the principal amount of the
Total Outstandings would exceed the Aggregate Commitments (as in effect prior to any termination of the Aggregate Commitments pursuant
to Section 2.06 hereof).

 

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

 

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

 

“Qualified
ECP Borrower” means, in respect of any Swap Obligations, each Borrower that has total assets exceeding $10,000,000
at the time the 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.

 

“Qualifying
IPO” means the issuance by Holdings, or any direct or indirect parent thereof, of its common Equity Interests in
an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant
to an effective registration statement filed with the SEC in accordance with the Securities Act (whether alone or in connection
with a secondary public offering).

 

“Register”
has the meaning set forth in Section 10.07(c).

 

    53

     

    

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, attorneys-in-fact, trustees and advisors of such Person and of such Person’s Affiliates.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Report”
has the meaning set forth in Section 9.17.

 

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

 

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

 

“Required
Lenders” means, as of any date of determination, Revolving Credit Lenders holding more than 50% of the sum of the
(a) Total Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation
in L/C Obligations and Swing Line Loans, as applicable, being deemed “held” by such Revolving Credit Lender for purposes
of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment
of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Required Lenders.

 

“Required
Supermajority Lenders” means, as of any date of determination, Revolving Credit Lenders holding more than 662⁄3%
of the sum of the (a) Total Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation
and funded participation in L/C Obligations and Swing Line Loans, as applicable, being deemed “held” by such Revolving
Credit Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the
unused Revolving Credit Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender
shall be excluded for purposes of making a determination of Required Supermajority Lenders.

 

“Reserves”
means all (if any) Inventory Reserves and Availability Reserves.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer or assistant treasurer
of a Loan Party (including, with respect to the Administrative Agent’s electronic platform or portal, any person authorized
and authenticated through the electronic platform or portal in accordance with the Administrative Agent’s procedures for
such authentication) and, as to any document delivered on the Restatement Effective Date, any vice president, secretary or assistant
secretary. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed
to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible
Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

    54

     

    

 

“Restatement
Effective Date” means September 30, 2019.

 

“Restatement
Effective Date Term Loan Payment” means a prepayment of the First Lien Loans made by the Lead Borrower to the First
Lien Administrative Agent for the benefit of the First Lien Lenders in the amount of up to $50,000,000 on the Restatement Effective
Date.

 

“Restricted
Group” means the Lead Borrower and its Restricted Subsidiaries.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interest of any Person, or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any
such Equity Interest, or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent
Persons thereof).

 

“Restricted
Payment Conditions” means, at the time of determination with respect to any specified Restricted Payment, that (a)
no Default or Event of Default then exists or would arise as a result of the making of such Restricted Payment, and (b) either
(i) (A) the Lead Borrower shall be in compliance with the financial covenant set forth in Section 7.11 after giving effect
to such transaction or payment on a Pro Forma Basis (regardless of whether such covenant is otherwise required to be tested pursuant
to Section 7.11) and (B) after giving effect to such transaction or payment, Pro Forma Excess Availability shall be at least
the greater of (x) 15% of the Line Cap and (y) $25,000,000 or (ii) after giving effect to such transaction or payment, Pro Forma
Excess Availability shall be at least the greater of (x) 20% of the Line Cap and (y) $40,000,000. Prior to undertaking any
payment which is subject to the Restricted Payment Conditions, the Loan Parties shall deliver to the Agent a certificate from the
Chief Financial Officer of the Lead Borrower certifying satisfaction of the conditions contained in clause (a) above and
providing calculations evidencing satisfaction of the conditions contained in clause (b) above, on a basis (including, without
limitation, giving due consideration to results for prior periods) reasonably satisfactory to the Administrative Agent in good
faith (which approval shall not be unreasonably withheld or delayed).

 

“Restricted
Subsidiary” means each Borrower and any Subsidiary of the Lead Borrower that is not an Unrestricted Subsidiary.

 

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

 

“Revolving
Credit Commitment” means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Credit Loans to
any Borrower pursuant to Section 2.01(a), (b) purchase participations in L/C Obligations and (c) purchase participations
in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such
Lender’s name on Schedule 2.01 under the caption “Revolving Credit Commitment” or in the Assignment
and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to
time in accordance with this Agreement. The aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $445,000,000
on the Restatement Effective Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

 

    55

     

    

 

“Revolving
Credit Commitment Increase” has the meaning specified in Section ‎2.14(a).

 

“Revolving
Credit Commitment Increase Lender” has the meaning specified in Section ‎2.14(g).

 

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

 

“Revolving
Credit Lender” means, at any time, any Lender that has a Revolving Credit Commitment at such time.

 

“Revolving
Credit Loan” has the meaning specified in Section 2.01(a).

 

“Revolving
Credit Note” means a promissory note of the Borrowers payable to any Revolving Credit Lender or its registered assigns,
in substantially the form of Exhibit C-1 hereto, evidencing the aggregate indebtedness of the Borrowers to such Revolving
Credit Lender resulting from the Revolving Credit Loans made by such Revolving Credit Lender.

 

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

 

“Sanctioned
Entity” means (a) a country or territory or a government of a country or territory, (b) an agency of the government
of a country or territory, (c) an organization directly or indirectly controlled by a country or territory or its government, or
(d) a Person resident in or determined to be resident in a country or territory, in each case of clauses (a) through (d)
that is a target of Sanctions, including a target of any country sanctions program administered and enforced by OFAC.

 

“Sanctioned
Person” means, at any time (a) any Person named on the list of Specially Designated Nationals and Blocked Persons
maintained by OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any Governmental Authority,
(b) a Person or legal entity that is a target of Sanctions, (c) any Person operating, organized or resident in a Sanctioned
Entity, or (d) any Person directly or indirectly owned or controlled (individually or in the aggregate) by or acting on behalf
of any such Person or Persons described in clauses (a) through (c) above.

 

“Sanctions”
means individually and collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral
sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including
those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by
OFAC, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the
United Nations Security Council, (c) the European Union or any European Union member state, (d) Her Majesty’s Treasury of
the United Kingdom, or (e) any other Governmental Authority with jurisdiction over any member of Lender Group or any Loan Party
or any of their respective Subsidiaries or Affiliates.

 

    56

     

    

 

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

 

“Second Lien
Administrative Agent” means the “Administrative Agent” as defined in the Second Lien Credit Agreement.

 

“Second Lien
Collateral Agent” means the “Collateral Agent” as defined in the Second Lien Credit Agreement.

 

“Second Lien
Credit Agreement” means the Second Lien Credit Agreement, dated as of the Original Closing Date (as amended, supplemented
or otherwise modified from time to time in accordance with its terms and with the ABL/Term Intercreditor Agreement), among Holdings,
the Lead Borrower, the Second Lien Lenders, the Second Lien Administrative Agent and the Second Lien Collateral Agent, including
any replacement thereof entered into in connection with one or more refinancings thereof permitted hereunder (whether or not such
refinancing has previously been consummated) (so long as the documents governing such replacement constitute “Term Debt Documents”
for purposes of the ABL/Term Intercreditor Agreement).

 

“Second Lien
Lender” means any “Lender” as defined in the Second Lien Credit Agreement.

 

“Second Lien
Loan Documents” means the Second Lien Credit Agreement and the other “Loan Documents” as defined in the
Second Lien Credit Agreement.

 

“Second Lien
Loans” means the “Loans” as defined in the Second Lien Credit Agreement and shall, for the avoidance
of doubt, include Incremental Second Lien Loans.

 

“Secured
Cash Management Agreement” means any Cash Management Agreement that is entered into by and between any Loan Party
and any Cash Management Bank and for which (a) written notice substantially in the form of Exhibit L has been delivered
by such Loan Party or such Cash Management Bank to the Administrative Agent, which (i) specifies that such agreement is a Secured
Cash Management Agreement and (ii) acknowledges and accepts the Cash Management Bank’s appointment of the Administrative
Agent and the Collateral Agent pursuant to the terms of Article IX for itself and its Affiliates as if a “Lender”
party hereto and (b) such Loan Party and/or such Cash Management Bank provides to the Administrative Agent such supporting
documentation as the Administrative Agent may reasonably request.

 

“Secured
Hedge Agreement” means any Swap Contract permitted under Article VII that is entered into by and between
any Loan Party and any Hedge Bank and for which (a) written notice substantially in the form of Exhibit L has been delivered
by the Loan Party or the Hedge Bank to the Administrative Agent and the Collateral Agent, which (i) specifies that such Swap
Contract is intended to be secured on a pari passu basis with the other ABL Obligations and is a Secured Hedge Agreement, and (ii) acknowledges
and accepts Hedge Bank’s appointment of the Administrative Agent and the Collateral Agent pursuant to the terms of Article
IX for itself and its Affiliates as if a “Lender” party hereto, and (b) the Loan Party and/or Hedge Bank provides
to the Administrative Agent and the Collateral Agent such supporting documentation as the Administrative Agent or the Collateral
Agent may reasonably request.

 

    57

     

    

 

“Secured
Obligations” has the meaning specified in the Security Agreement.

 

“Secured
Parties” means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, the L/C Issuers, the Swing
Line Lender, the Hedge Banks, the Cash Management Banks, any Supplemental Administrative Agent and each co-agent or sub-agent appointed
by the Administrative Agent or the Collateral Agent from time to time pursuant to Section 9.01(c).

 

“Security
Agreement” means, collectively, the Amended and Restated ABL Security Agreement dated as of the Restatement Effective
Date executed by the Loan Parties, together with each other security agreement supplement executed and delivered pursuant to Section 6.12.

 

“Security
Agreement Supplement” has the meaning specified in the Security Agreement.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the
fair value of the property of such Person is greater than the total amount of debts and liabilities, including, without limitation,
contingent liabilities, subordinated or otherwise, of such Person, (b) the present fair salable value of the assets of such
Person is not less than the amount that will be required to pay the liability of such Person on its debts as they become absolute
and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such
Person’s ability to pay such debts and liabilities, subordinated, contingent or otherwise, as they become absolute and mature
and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at
any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents
the amount that can reasonably be expected to become an actual or matured liability.

 

“Specified
Affiliate Indebtedness” has the meaning specified in Section 7.03(r).

 

“Specified
Event of Default” means any Event of Default pursuant to Section 8.01(a), 8.01(b)(i) (solely related
to the financial covenant in Section 7.11), 8.01(b)(ii) (solely related to Section 6.02(b) and Section
6.18), 8.01(b)(iv) (solely related to Section 6.01(c)), 8.01(f), 8.01(g), or 8.01(l).

 

“Specified
Transaction” means any incurrence or repayment of Indebtedness (other than for working capital purposes) or Investment
that results in a Person becoming a Restricted Subsidiary, any Permitted Acquisition or any Disposition that results in a Restricted
Subsidiary ceasing to be a Subsidiary of the Lead Borrower, any Investment constituting an acquisition of assets constituting a
business unit, line of business or division of another Person or any Disposition of a business unit, line of business or division
of the Lead Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise or any
material restructuring of the Lead Borrower or implementation of initiative not in the ordinary course of business and described
in reasonable detail in the officer’s certificate of the Lead Borrower.

 

    58

     

    

 

“Specified
Transaction Conditions” means, at the time of determination with respect to any specified transaction or payment,
that (a) no Default or Event of Default then exists or would arise as a result of entering into such transaction or the making
of such payment and (b) either (i) (A) the Lead Borrower shall be in compliance with the financial covenant set forth in Section
7.11 after giving effect to such transaction or payment on a Pro Forma Basis (regardless of whether such covenant is otherwise
required to be tested pursuant to Section 7.11) and (B) after giving effect to such transaction or payment, Pro Forma Excess
Availability shall be at least the greater of (x) 12.5% of the Line Cap and (y) $20,000,000 or (ii) after giving effect to such
transaction or payment, Pro Forma Excess Availability shall be at least the greater of (x) 17.5% of the Line Cap and (y) $28,000,000.
Prior to undertaking any transaction or payment which is subject to the Specified Transaction Conditions, the Loan Parties shall
deliver to the Agent a certificate from the Chief Financial Officer of the Lead Borrower certifying satisfaction of the conditions
contained in clause (a) above and providing calculation evidencing satisfaction of the conditions contained in clause
(b) above, on a basis (including, without limitation, giving due consideration to results for prior periods) reasonably satisfactory
to the Administrative Agent in good faith (which approval shall not be unreasonably withheld or delayed).

 

“Sponsor”
means AEA.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of the Lead Borrower.

 

“Subsidiary
Guarantor” means, collectively, the Restricted Subsidiaries of the Lead Borrower that are Guarantors.

 

“Subsidiary
Guaranty” means, collectively, the Amended and Restated ABL Subsidiary Guaranty dated as of the Restatement Effective
Date made by the Subsidiary Guarantors in favor of the Collateral Agent on behalf of the Secured Parties, together with each other
Guaranty and Guaranty supplement delivered pursuant to Section 6.12.

 

“SunTrust”
means SunTrust Bank acting through such of its affiliates or branches as it deems appropriate, and its successors.

 

    59

     

    

 

“Supplemental
Administrative Agent” has the meaning specified in Section 9.14(a) and “Supplemental Administrative
Agents” shall have the corresponding meaning.

 

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

 

“Swap 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.

 

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

 

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

 

“Swing Line
Lender” means Wells Fargo, in its capacity as provider of Swing Line Loans, or any successor provider of Swing Line
Loans hereunder.

 

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

 

“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b).

 

“Swing Line
Note” means a promissory note of the Borrowers payable to the Swing Line Lender or its registered assigns, in substantially
the form of Exhibit C-2 hereto, evidencing the aggregate indebtedness of the Borrowers to the Swing Line Lender resulting
from the Swing Line Loans made by the Swing Line Lender.

  

    60

     

    

 

“Swing Line
Sublimit” means an amount equal to the lesser of (a) $44,500,000 and (b) the Revolving Credit Commitments. The Swing
Line Sublimit is part of, and not in addition to, the Revolving Credit Facility.

 

“Syndication
Agent” means SunTrust, as Syndication Agent under the Loan Documents.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term Intercreditor
Agreement” means the First Lien/Second Lien Intercreditor Agreement, dated as of the Original Closing Date (as amended,
supplemented or otherwise modified from time to time in accordance with the terms thereof), among the Loan Parties, the First Lien
Collateral Agent and the Second Lien Collateral Agent.

 

“Term Loan
Documents” means, collectively, the First Lien Loan Documents, the Second Lien Loan Documents and the documents governing
any Permitted Other Term Indebtedness.

 

“Term Priority
Collateral” has the meaning specified in the ABL/Term Intercreditor.

 

“Term Priority
Collateral Account” means any deposit account or securities account that is intended to solely contain identifiable
proceeds of the Term Priority Collateral (it being understood that any property in such account which does not constitute identifiable
proceeds of the Term Priority Collateral shall not constitute Term Priority Collateral solely by virtue of being on deposit in
any such account).

 

“Term Secured
Parties” means “Term Secured Parties” as defined in the ABL/Term Intercreditor Agreement.

 

“Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Threshold
Amount” means $20,000,000.

 

“Total Outstandings”
means the sum of the aggregate Outstanding Amount of all Revolving Credit Loans and the aggregate Outstanding Amount of all Swing
Line Loans and L/C Obligations.

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

“UBS”
means UBS AG, Stamford Branch acting through such of its affiliates or branches as it deems appropriate, and its successors.

 

    61

     

    

 

“UCP”
means, with respect to any Letter of Credit, the ‘Uniform Customs and Practice for Documentary Credits’, as most recently
published by the International Chamber of Commerce in its Publication No. 600 (or such later version thereof as may be acceptable
to the applicable L/C Issuer and in effect at the time of issuance of such Letter of Credit).

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“Unfinanced
Capital Expenditures” means Capital Expenditures other than those made through purchase money financing (other than
from Credit Extensions hereunder) or capital lease transactions, or equity contributions permitted hereunder.

 

“Uniform
Commercial Code” means the Uniform Commercial Code as the same may from time to time be in effect in the State of
New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required
to apply to any item or items of Collateral.

 

“Unintentional
Overadvance” means an Overadvance which, to the Administrative Agent’s actual knowledge, did not constitute
an Overadvance when made but which has become an Overadvance resulting from changed circumstances beyond the control of the Administrative
Agent, including, without limitation, a reduction in the Appraised Value of property or assets included in the Borrowing Base or
misrepresentation by the Loan Parties.

 

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

 

“Unrestricted
Subsidiary” means (1) any Subsidiary of the Lead Borrower designated by the Lead Borrower as an Unrestricted Subsidiary
hereunder by written notice to the Administrative Agent and the Collateral Agent; provided that the Lead Borrower shall
only be permitted to so designate a Subsidiary as an Unrestricted Subsidiary after the Restatement Effective Date and so long as
(a) no Default or Event of Default has occurred and is continuing or would result therefrom, (b) such Unrestricted Subsidiary shall
be capitalized (to the extent capitalized by the Lead Borrower or any of its Restricted Subsidiaries) through Investments as permitted
by, and in compliance with, Section 7.02 and the designation of such Subsidiary as an Unrestricted Subsidiary shall
constitute an Investment by the Lead Borrower therein at the date of designation in an amount equal to the fair market value as
determined by the Lead Borrower in good faith of the Lead Borrower’s (as applicable) Investment therein, (c) without duplication
of clause (b), any assets owned by such Unrestricted Subsidiary at the time of the initial designation thereof shall
be treated as Investments pursuant to Section 7.02, (d) such Subsidiary shall have been or will promptly be designated
an “unrestricted subsidiary” (or otherwise not be subject to the covenants) under any then outstanding any Permitted
Term Indebtedness, (e) no Subsidiary may be designated as an Unrestricted Subsidiary if such Subsidiary or any of its Subsidiaries
owns any Equity Interests of, or owns or holds any Lien on any property of, the Lead Borrower or any other Restricted Subsidiary
that is not a Subsidiary of the Subsidiary to be so designated and (f) the Lead Borrower shall have delivered to the Administrative
Agent and the Collateral Agent an officer’s certificate executed by a Responsible Officer of the Lead Borrower or of GMS,
certifying compliance with the requirements of preceding clauses (a) through (e), and (2) any subsidiary of
an Unrestricted Subsidiary. The Lead Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary for purposes
of this Agreement (each, a “Subsidiary Redesignation”); provided that (i) no Default or Event
of Default has occurred and is continuing or would result therefrom, (ii) any Indebtedness owed by such Unrestricted Subsidiary
shall be permitted to be incurred under Section 7.03 on the date of such Subsidiary Redesignation, (iii) any Liens
on the property or assets of such Unrestricted Subsidiary shall be permitted to be incurred under Section 7.01 on the
date of such Subsidiary Redesignation and (iv) the Lead Borrower shall have delivered to the Administrative Agent and the Collateral
Agent an officer’s certificate executed by a Responsible Officer of the Lead Borrower or of GMS, certifying compliance with
the requirements of preceding clauses (i) through (iii). Notwithstanding the foregoing, any Unrestricted Subsidiary
that has been re-designated a Restricted Subsidiary may not be subsequently re-designated as an Unrestricted Subsidiary. As of
the Restatement Effective Date, all Subsidiaries of the Lead Borrower are Restricted Subsidiaries.

 

    62

     

    

 

“Voting Stock”
of any specified Person as of any date means the Equity Interests of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:
(i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the
number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the
then outstanding principal amount of such Indebtedness.

 

“Wells Fargo”
means Wells Fargo Bank, N.A. acting through such of its affiliates or branches as it deems appropriate, and its successors.

 

“wholly owned”
means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other
than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law)
are owned by such Person and/or by one or more wholly owned Subsidiaries of such Person.

 

“Withholding
Agent” means the Lead Borrower, any Loan Party, or the Administrative Agent, as applicable.

 

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

 

1.02            
Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:

 

(a)               
The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

    63

     

    

 

(b)             
(i)           The words “herein,” “hereto,” “hereof,”
and “hereunder” and words of similar import when used in any Loan Document shall refer to such Loan Document
as a whole and not to any particular provision thereof.

 

(ii)          Article,
Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 

(iii)         The
term “including” is by way of example and not limitation.

 

(iv)         The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports,
financial statements and other writings, however evidenced, whether in physical or electronic form.

 

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

 

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

 

1.03            
Accounting Terms.

 

(a)              
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial
data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP, except as otherwise specifically prescribed herein.

 

(b)              
If at any time any change in GAAP or the application thereof would affect the computation of any financial ratio or requirement
set forth in any Loan Document, and either the Lead Borrower or the Required Lenders shall so request, the Administrative Agent
and the Lead Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof
in light of such change in GAAP or the application thereof (subject to the approval of the Required Lenders); provided that,
until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP or the application thereof
prior to such change therein and (ii) the Lead Borrower shall provide to the Administrative Agent and the Lenders a written
reconciliation in form and substance reasonably satisfactory to the Administrative Agent, between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP or the application thereof.

 

(c)              
Notwithstanding anything to the contrary in this Agreement, any obligation of a Person under a lease that is not (or would
not be) required to be classified and accounted for as a Capitalized Lease or Attributable Indebtedness on a balance sheet of such
Person under GAAP as in effect on the Original Closing Date shall not be treated as a Capitalized Lease or Attributable Indebtedness
as a result of the adoption of changes in GAAP or changes in the application of GAAP.

 

    64

     

    

 

1.04            
Rounding. Any financial ratios required to be maintained by the Lead Borrower pursuant to this Agreement shall be
calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number
of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up
if there is no nearest number).

 

1.05             References
to Agreements and Laws. Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including
the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions,
supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements
and other modifications are not prohibited by this Agreement and the ABL/Term Intercreditor Agreement; and (b) references to any
Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such
Law.

 

1.06            
Times of Day. Unless otherwise specified, all references herein to times of day shall be references to New York
Time.

 

1.07           
Timing of Payment or Performance. When the payment of any obligation or the performance of any covenant, duty or
obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than
as specifically provided in Section 2.12 or as described in the definition of Interest Period) or performance shall extend
to the immediately succeeding Business Day.

 

1.08            
Currency Equivalents Generally. Any amount specified in this Agreement or any of the other Loan Documents to be
in Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent amount to be determined
at the rate of exchange quoted by Wells Fargo at the close of business on the Business Day immediately preceding any date of determination
thereof, to prime banks in New York, New York for the spot purchase in the New York foreign exchange market of such amount in
Dollars with such other currency.

 

1.09           
Pro Forma Calculations. Notwithstanding anything to the contrary herein, the Fixed Charge Coverage Ratio (and each
component thereto) shall be calculated (including, but not limited to, for purposes of Section 2.14) on a Pro Forma Basis
with respect to each Specified Transaction occurring during the applicable four quarter period to which such calculation relates,
or subsequent to the end of such four-quarter period but not later than the date of such calculation; provided that notwithstanding
the foregoing, when calculating the Fixed Charge Coverage Ratio for purposes of determining compliance with the minimum Fixed
Charge Coverage Ratio pursuant to Section 7.11 during the Covenant Trigger Period, the events described in the definition
of Pro Forma Basis (and corresponding provisions of the definition of Consolidated EBITDA) that occurred subsequent to
the end of the applicable four quarter period shall not be given Pro Forma Effect.

 

    65

     

    

 

1.10            
Basket Calculations. If any of the baskets set forth in Article VII of this Agreement are exceeded solely
as a result of either (x) fluctuations to Consolidated Total Assets for the most recently completed fiscal quarter after the last
time such baskets were calculated for any purpose under Article VII or (y) fluctuations in applicable currency exchange rates
after the last time such baskets were calculated for any purpose under Article VII, such baskets will not be deemed to have been
exceeded solely as a result of such fluctuations; provided that, for the avoidance of doubt, the provisions of Section 1.09
shall otherwise apply to such baskets, including with respect to determining whether any Lien, Investment, Indebtedness, Disposition,
Restricted Payment or prepayment, redemption, purchase, defeasance or other satisfaction pursuant to Section 7.14 may be
incurred or made at any time under Article VII; provided, further, that, once incurred or made, the amount of such Lien, Investment,
Indebtedness, Disposition, Restricted Payment or prepayment, redemption, purchase, defeasance or other satisfaction pursuant to
Section 7.14 shall be always deemed to be at the Dollar amount on such date, regardless of later changes in currency exchange
rates.

 

1.11            
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 Letter of Credit Application 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 (as such amount may be reduced by (a) any permanent reduction of the maximum stated amount of such Letter of Credit
or (b) any amount which is drawn, reimbursed and no longer available under such Letter of Credit).

 

Article
II

the COMMITMENTS and Credit Extensions

 

2.01            
The Revolving Credit Loans.

 

(a)               
Subject to the terms and conditions set forth herein, each Revolving Credit Lender severally agrees to make loans (each
such loan, a “Revolving Credit Loan”) to the Borrowers, on a joint and several basis, denominated in
Dollars from time to time on or following the Restatement Effective Date, on any Business Day until the Maturity Date of, in an
aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Credit Commitment; provided,
however, that after giving effect to any Revolving Credit Borrowing, (a) the Total Outstandings shall not exceed the lesser
of (x) the Aggregate Commitments and (y) subject to Section 2.02(h) and (i), the Borrowing Base at such time
and (b) the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender, plus such Lender’s Pro Rata
Share of the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata Share of the Outstanding Amount
of all Swing Line Loans shall not exceed such Lender’s Revolving Credit Commitment. Within the limits of each Lender’s
Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section
2.01(a), prepay under Section 2.05, and reborrow under this Section 2.01(a).

 

(b)              
The Administrative Agent shall have the right, at any time and from time to time after the Restatement Effective Date, in
its Permitted Discretion to establish, modify or eliminate Reserves upon five Business Days prior notice to the Lead Borrower (during
which period the Administrative Agent shall be available to discuss any such proposed Reserve with the Borrowers to afford the
Borrowers an opportunity to take such action as may be required so that the event, condition or circumstance that is the basis
for such Reserve no longer exists in the manner and to the extent reasonably satisfactory to the Administrative Agent in its Permitted
Discretion); provided that no such prior notice shall be required for changes to any Reserves (1) resulting solely by virtue
of mathematical calculations of the amount of the Reserve in accordance with the methodology of calculation previously utilized
(such as, but not limited to, rent and Customer Credit Liabilities), (2) if it would be reasonably likely that a Material Adverse
Effect to the Lenders would occur were such Reserve not changed prior to the expiration of such notice period or (3) during the
continuance of any Event of Default; and provided, further, that the Administrative Agent may not implement Reserves
with respect to matters which are already specifically reflected as ineligible Accounts, ineligible Credit Card Receivables or
ineligible Inventory or criteria deducted in computing the Appraised Value of Eligible Inventory.

 

    66

     

    

 

2.02            
Borrowings, Conversions and Continuations of Loans.

 

(a)              
Each Borrowing of Revolving Credit Loans, each conversion of Revolving Credit Loans from one Type to the other, and each
continuation of Eurodollar Rate Loans shall be made upon the Lead Borrower’s irrevocable written notice to the Administrative
Agent (which may be delivered through the Administrative Agent’s electronic platform or portal), in each case prior to the
applicable time specified in the immediately succeeding sentence. Each such notice must be received by the Administrative Agent
not later than (A) with respect to Borrowings of Eurodollar Rate Loans, conversions of Eurodollar Rate Loans of any Type into a
Eurodollar Rate Loan of another Type and each continuation of Eurodollar Rate Loans, 2:00 p.m. (New York Time) three Business Days
prior to the requested date of such Borrowing, conversion or continuation, (B) with respect to Borrowings of Base Rate Loans, 12:00
noon (New York Time) on the date of the proposed Borrowing, or (C) with respect to conversions of Eurodollar Rate Loans to Base
Rate Loans, 2:00 p.m. (New York Time) one Business Day prior to the requested date of such conversion; provided, however,
that if the Lead Borrower wishes to request Eurodollar Rate Loans having an Interest Period other than one, two, three or six months
in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative
Agent not later than 12:00 noon (New York Time) four Business Days prior to the requested date of such Borrowing, conversion or
continuation, whereupon the Administrative Agent shall give prompt notice to the Revolving Credit Lenders of such request and determine
whether the requested Interest Period is acceptable to all of them. Not later than 12:00 noon (New York Time) three Business Days
prior to the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Lead Borrower
(which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Revolving Credit
Lenders. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $1,000,000
or a whole multiple of $500,000 in excess thereof. Each Borrowing of, or conversion to, Base Rate Loans shall be in a principal
amount of $500,000 or a whole multiple of $500,000 in excess thereof. Each Committed Loan Notice shall specify (I) the applicable
Borrower, (II) whether it is requesting a Borrowing of Revolving Credit Loans, a conversion of Revolving Credit Loans from one
Type to the other, or a continuation of Eurodollar Rate Loans, (III) the requested date of such Borrowing, conversion or continuation,
as the case may be (which shall be a Business Day), (IV) the principal amount of Revolving Credit Loans to be borrowed, converted
or continued, (V) the Type of Revolving Credit Loans to be borrowed or to which existing Revolving Credit Loans are to be
converted, and (VI) if applicable, the duration of the Interest Period with respect thereto. If the Lead Borrower fails to specify
the Type of Revolving Credit Loan in a Committed Loan Notice or if the Lead Borrower fails to give a timely notice requesting a
conversion or continuation, then the applicable Revolving Credit Loans shall be made as, or converted to, Base Rate Loans. Any
such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect
to the applicable Eurodollar Rate Loans. If the Lead Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar
Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest
Period of one month. For the avoidance of doubt, this Section 2.02(a) applies to Revolving Credit Loans other than Swing
Line Loans, with respect to which Section 2.04 applies. All Borrowing requests which are not made on-line via Administrative
Agent’s electronic platform or portal shall be subject to (and unless the Administrative Agent elects otherwise in the exercise
of its sole discretion, such Borrowings shall not be made until the completion of) Administrative Agent’s authentication
process (with results satisfactory to Administrative Agent) prior to the funding of any such requested Revolving Credit Loan.

 

    67

     

    

 

(b)              
Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of
its Pro Rata Share of the Revolving Credit Loans, and if no timely notice of a conversion or continuation is provided by the Lead
Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described
in Section 2.02(a). Each Lender shall make the amount of its Revolving Credit Loan available to the Administrative Agent
in immediately available funds to Administrative Agent’s Account not later than the earlier of (A) 2:00 p.m. (New York Time)
and (B) the time specified by the Administrative Agent (and, in the case of this clause (B), no later than 9:00 a.m. (New
York Time)) in the case of any Eurodollar Rate Revolving Credit Loan, in each case on the Business Day specified in the applicable
Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing
is the initial Credit Extension, Section 4.01‎), the Administrative Agent shall make all funds so received available
to the applicable Borrower in like funds as received by the Administrative Agent by wire transfer of such funds to the Designated
Account; provided, however, that if, on the date the Committed Loan Notice with respect to such Borrowing is given
by the Lead Borrower, there are Swing Line Loans or L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied,
first, to the payment in full of any such L/C Borrowing, second, to the payment in full of any such Swing Line Loans,
and third, to the applicable Borrower as provided above.

 

(c)              
Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest
Period for such Eurodollar Rate Loan unless the Borrowers pay the amount due under Section ‎3.05 in connection
therewith. During the existence of an Event of Default, no Loans may be converted to or continued as Eurodollar Rate Loans and
the Required Lenders or the Administrative Agent acting with the consent of the Required Lenders may demand that any or all of
the then outstanding Loans be prepaid and/or any or all of the then outstanding Eurodollar Rate Loans be converted into Base Rate
Loans, in each case on the last day of the then current Interest Period with respect thereto or on such other day as the Required
Lenders may demand.

 

    68

     

    

 

(d)              
The Administrative Agent shall promptly notify the Lead Borrower and the applicable Lenders of the interest rate applicable
to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. The determination of the Eurodollar-Rate
by the Administrative Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding,
the Administrative Agent shall notify the Lead Borrower and the Lenders of any change in the Prime Rate used in determining the
Base Rate promptly following the announcement of such change.

 

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

 

(f)               
The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender
of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the
failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

 

(g)              
The Administrative Agent, without the request of the Borrowers, may advance any interest, fee, service charge, expenses,
or other payment to which any Secured Party is entitled from the Loan Parties pursuant hereto or any other Loan Document and may
charge the same to the Loan Account, notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise
the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative
Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section
2.05(b)(ii). Any amount which is added to the principal balance of the account of the Borrowers as provided in this Section
2.02(g) shall bear interest at the interest rate then and thereafter applicable to Base Rate Loans.

 

(h)              
If an Overadvance exists at any time, the amount of such Overadvance in excess of the Borrowing Base shall be payable by
the Borrowers as provided in Section 2.05(b)(ii), but all such excess Revolving Credit Loans shall nevertheless constitute
ABL Obligations secured by the Collateral and entitled to all benefits of the Loan Documents. Unless its authority has been revoked
in writing by Required Lenders, the Administrative Agent may require Lenders to honor (pro rata in accordance with their Pro Rata
Shares) requests for Overadvance Loans and forbear from requiring the Borrowers to cure an Overadvance, when no other Event of
Default is known to the Administrative Agent, as long as (i) the Overadvance does not continue for more than 45 consecutive days
(and no Overadvance may exist for at least five consecutive days thereafter before further Overadvance Loans are required), and
(ii) the Overadvance is not known by the Administrative Agent to exceed, when taken together with all Protective Overadvances,
10% of the Borrowing Base. In no event shall Overadvance Loans be required that would cause the (A) the aggregate Outstanding Amount
of the Revolving Credit Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C
Obligations, plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans to exceed such Lender’s
Revolving Credit Commitment or (B) the Total Outstandings to exceed the Aggregate Commitments at such time. Any funding of an Overadvance
Loan or sufferance of an Overadvance shall not constitute a waiver by the Administrative Agent or the Revolving Credit Lenders
of the Event of Default caused thereby. In no event shall any Borrower or other Loan Party be deemed a beneficiary of this Section
2.02(h) or authorized to enforce any of its terms. At the Administrative Agent’s discretion, Overadvance Loans made under
this Section 2.02(h) may be made in the form of Swing Line Loans in accordance with Section 2.04.

 

    69

     

    

 

(i)                The
Administrative Agent may, in its discretion, make Protective Overadvances without the consent of the Borrowers, the Lenders, the
Swing Line Lender and the L/C Issuer and the Borrowers and each Lender shall be bound thereby. Any Protective Overadvance may
constitute a Swing Line Loan. A Protective Overadvance is for the account of the Borrowers and shall constitute a Base Rate Loan
and an ABL Obligation and shall be repaid by the Borrowers in accordance with the provisions of Section 2.05(b)(ii). The
making of any such Protective Overadvance on any one occasion shall not obligate the Administrative Agent or any Lender to make
or permit any Protective Overadvance on any other occasion or to permit such Protective Overadvances to remain outstanding. The
making by the Administrative Agent of a Protective Overadvance shall not modify or abrogate any of the provisions of Section
2.03 regarding the Lenders’ obligations to purchase participations with respect to Letter of Credits or of Section
2.04 regarding the Lenders’ obligations to purchase participations with respect to Swing Line Loans. The Administrative
Agent shall have no liability for, and no Loan Party or Secured Party shall have the right to, or shall, bring any claim of any
kind whatsoever against the Administrative Agent with respect to Unintentional Overadvances regardless of the amount of any such
Overadvance(s).

 

2.03            
Letters of Credit.

 

(a)              
Subject to the terms and conditions of this Agreement, upon the request of the Lead Borrower made in accordance herewith,
and prior to the Latest Maturity Date, each L/C Issuer agrees to issue a requested standby Letter of Credit or a sight commercial
Letter of Credit for the account of the Borrowers or as otherwise provided in Section 2.03(h); provided, however,
that no L/C Issuer shall be required to issue any commercial Letter of Credit. By submitting a request to an L/C Issuer for the
issuance of a Letter of Credit, the Lead Borrower shall be deemed to have requested that such L/C Issuer issue the requested Letter
of Credit. Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter
of Credit, shall be (i) irrevocable and made in writing by a Responsible Officer, (ii) delivered to the Administrative Agent and
such L/C Issuer via telefacsimile or other electronic method of transmission reasonably acceptable to the Administrative Agent
and such L/C Issuer and reasonably in advance of the requested date of issuance, amendment, renewal, or extension, and (iii) subject
to such L/C Issuer’s authentication procedures with results satisfactory to such L/C Issuer. Each such request shall be in
form and substance reasonably satisfactory to the Administrative Agent and the applicable L/C Issuer and (i) shall specify (A)
the amount of such Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such Letter of Credit, (C) the
proposed expiration date of such Letter of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E)
such other information (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification
of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such
Letter of Credit, and (ii) shall be accompanied by such Issuer Documents as the Administrative Agent or such L/C Issuer may
request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that such L/C Issuer
generally requests for Letters of Credit in similar circumstances. The applicable L/C Issuer’s records of the content of
any such request will be conclusive. Anything contained herein to the contrary notwithstanding, an L/C Issuer may, but shall not
be obligated to, issue a Letter of Credit that supports the obligations of a Loan Party or one of its Restricted Subsidiaries in
respect of (x) a lease of real property, or (y) an employment contract.

 

    70

     

    

 

(b)             
No L/C Issuer shall have any obligation to issue a Letter of Credit if any of the following would result after giving effect
to the requested issuance:

 

(i)              
the L/C Obligations would exceed the Letter of Credit Sublimit, or

 

(ii)             the
L/C Obligations would exceed the Aggregate Commitments less the outstanding amount of Revolving Credit Loans (including Swing
Line Loans),

 

(iii)             the
L/C Obligations would exceed the Borrowing Base at such time less the outstanding principal balance of the Revolving Credit Loans
(inclusive of Swing Line Loans) at such time, or

 

(iv)            
unless waived by the applicable L/C Issuer in its sole discretion, the L/C Obligations of any L/C Issuer would exceed its
Letter of Credit Individual Sublimit.

 

(c)             
In the event there is a Defaulting Lender as of the date of any request for the issuance of a Letter of Credit, no L/C Issuer
shall be required to issue or arrange for such Letter of Credit to the extent (i) the Defaulting Lender’s Fronting Exposure
with respect to such Letter of Credit may not be reallocated pursuant to Section 2.16(a)(iv), or (ii) L/C Issuer has
not otherwise entered into arrangements reasonably satisfactory to it and Borrowers to eliminate L/C Issuer’s risk with respect
to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include Borrowers cash collateralizing
such Defaulting Lender’s Fronting Exposure in accordance with Section 2.15(a). Additionally, no L/C Issuer shall
have any obligation to issue or extend a Letter of Credit if (A) any order, judgment, or decree of any Governmental Authority or
arbitrator shall, by its terms, purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any law applicable
to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction
over such L/C Issuer shall prohibit or request that such L/C Issuer refrain from the issuance of letters of credit generally or
such Letter of Credit in particular, (B) the issuance of such Letter of Credit would violate one or more policies of such L/C Issuer
applicable to letters of credit generally, or (C) if amounts demanded to be paid under any Letter of Credit will not or may not
be in United States Dollars.

 

    71

     

    

 

(d)              
Any L/C Issuer (other than Wells Fargo or any of its Affiliates) shall notify the Administrative Agent in writing no later
than the Business Day prior to the Business Day on which such L/C Issuer issues any Letter of Credit. In addition, each L/C Issuer
(other than Wells Fargo or any of its Affiliates) shall, on the first Business Day of each week, submit to the Administrative Agent
a report detailing the daily undrawn amount of each Letter of Credit issued by such L/C Issuer during the prior calendar week.
Each Letter of Credit shall be in form and substance reasonably acceptable to such L/C Issuer, including the requirement that the
amounts payable thereunder must be payable in Dollars. If any L/C Issuer makes a payment under a Letter of Credit, Borrowers shall
pay to the Administrative Agent an amount equal to the applicable Letter of Credit Disbursement on the Business Day such Letter
of Credit Disbursement is made; provided, that if the Lead Borrower is not notified of such payment by such L/C Issuer prior to
11:00 a.m. (New York Time) on such payment date, then the Borrowers shall pay such amounts on the next succeeding Business Day
and such extension of time shall be reflected in computing fees and interest (including interest accruing from and after the date
of drawing to but excluding the date of reimbursement (if not reimbursed on the date of drawing)). In the absence of such payment
in accordance with the foregoing sentence, the amount of the Letter of Credit Disbursement immediately and automatically shall
be deemed to be a Revolving Credit Loan hereunder (notwithstanding any failure to satisfy any condition precedent set forth in
Section 4) and, initially, shall bear interest at the rate then applicable to Revolving Credit Loans that are Base Rate
Loans. If a Letter of Credit Disbursement is deemed to be a Revolving Credit Loan hereunder, Borrowers’ obligation to pay
the amount of such Letter of Credit Disbursement to L/C Issuer shall be automatically converted into an obligation to pay the resulting
Revolving Credit Loan. Promptly following receipt by the Administrative Agent of any payment from Borrowers pursuant to this paragraph,
the Administrative Agent shall distribute such payment to L/C Issuer or, to the extent that Revolving Credit Lenders have made
payments pursuant to Section 2.03(e) to reimburse L/C Issuer, then to such Revolving Credit Lenders and L/C Issuer as their
interests may appear.

 

(e)               
Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant to Section 2.03(d), each Revolving
Credit Lender agrees to fund its Pro Rata Share of any Revolving Credit Loan deemed made pursuant to Section 2.03(d) on
the same terms and conditions as if Borrowers had requested the amount thereof as a Revolving Credit Loan and the Administrative
Agent shall promptly pay to L/C Issuer the amounts so received by it from the Revolving Credit Lenders. By the issuance of a Letter
of Credit (or an amendment, renewal, or extension of a Letter of Credit) and without any further action on the part of L/C Issuer
or the Revolving Credit Lenders, L/C Issuer shall be deemed to have granted to each Revolving Credit Lender, and each Revolving
Credit Lender shall be deemed to have purchased, a participation in each Letter of Credit issued by L/C Issuer, in an amount equal
to its Pro Rata Share of such Letter of Credit, and each such Revolving Credit Lender agrees to pay to the Administrative Agent,
for the account of L/C Issuer, such Revolving Credit Lender’s Pro Rata Share of any Letter of Credit Disbursement made by
L/C Issuer under the applicable Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Credit Lender
hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of L/C Issuer, such Revolving
Credit Lender’s Pro Rata Share of each Letter of Credit Disbursement made by L/C Issuer and not reimbursed by Borrowers on
the date due as provided in Section 2.03(d), or of any reimbursement payment that is required to be refunded (or that the
Administrative Agent or L/C Issuer elects, based upon the advice of counsel, to refund) to Borrowers for any reason. Each Revolving
Credit Lender acknowledges and agrees that its obligation to deliver to the Administrative Agent, for the account of L/C Issuer,
an amount equal to its respective Pro Rata Share of each Letter of Credit Disbursement pursuant to this Section 2.03(e)
shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of an Event
of Default or Default or the failure to satisfy any condition set forth in Article IV. If any such Revolving Credit Lender
fails to make available to the Administrative Agent the amount of such Revolving Credit Lender’s Pro Rata Share of a Letter
of Credit Disbursement as provided in this Section, such Revolving Credit Lender shall be deemed to be a Defaulting Lender and
the Administrative Agent (for the account of L/C Issuer) shall be entitled to recover such amount on demand from such Revolving
Credit Lender together with interest thereon at the rate then applicable to Base Rate Loans hereunder until paid in full.

 

    72

     

    

 

(f)               
Each Borrower agrees to indemnify, defend and hold harmless each member of the Lender Group (including L/C Issuer and its
branches, Affiliates, and correspondents) and each such Person’s respective directors, officers, employees, attorneys and
the Administrative Agent s (each, including L/C Issuer, a “Letter of Credit Related Person”) (to the
fullest extent permitted by law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities,
fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other
costs and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as
and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any Letter
of Credit Related Person (other than Taxes, which shall be governed by Article III) (the “Letter of Credit Indemnified
Costs”), and which arise out of or in connection with, or as a result of this Agreement, any Letter of Credit, any
Issuer Document, or any Drawing Document referred to in or related to any Letter of Credit, or any action or proceeding arising
out of any of the foregoing (whether administrative, judicial or in connection with arbitration); in each case, including that
resulting from the Letter of Credit Related Person’s own negligence; provided, that such indemnity shall not be available
to any Letter of Credit Related Person claiming indemnification to the extent that such Letter of Credit Indemnified Costs may
be finally determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted directly from the
gross negligence or willful misconduct of the Letter of Credit Related Person claiming indemnity. This indemnification provision
shall survive termination of this Agreement and all Letters of Credit.

 

(g)              
The liability of L/C Issuer (or any other Letter of Credit Related Person) under, in connection with or arising out of any
Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct
damages suffered by Borrowers that are caused directly by L/C Issuer’s gross negligence or willful misconduct (as finally
determined in a final, non-appealable order of a court of competent jurisdiction) in (i) honoring a presentation under a Letter
of Credit that on its face does not at least substantially comply with the terms and conditions of such Letter of Credit, (ii) failing
to honor a presentation under a Letter of Credit that strictly complies with the terms and conditions of such Letter of Credit,
or (iii) retaining Drawing Documents presented under a Letter of Credit. Borrowers’ aggregate remedies against L/C Issuer
and any Letter of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining
honored Drawing Documents shall in no event exceed the aggregate amount paid by Borrowers to L/C Issuer in respect of the honored
presentation in connection with such Letter of Credit under Section 2.03(d), plus interest at the rate then applicable to
Base Rate Loans hereunder. Borrowers shall take commercially reasonable action to avoid and mitigate the amount of any damages
claimed against L/C Issuer or any other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries
of the Letters of Credit. Any claim by Borrowers under or in connection with any Letter of Credit shall be reduced by an amount
equal to the sum of (x) the amount (if any) saved by Borrowers as a result of the breach or alleged wrongful conduct complained
of, and (y) the amount (if any) of the loss that would have been avoided had Borrowers taken all reasonable steps to mitigate
any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing L/C Issuer to effect a cure.

 

    73

     

    

 

(h)              
Borrowers are responsible for the final text of the Letter of Credit as issued by L/C Issuer, irrespective of any assistance
L/C Issuer may provide such as drafting or recommending text or by L/C Issuer’s use or refusal to use text submitted by Borrowers.
Borrowers understand that the final form of any Letter of Credit may be subject to such revisions and changes as are deemed necessary
or appropriate by L/C Issuer, and Borrowers hereby consent to such revisions and changes not materially different from the application
executed in connection therewith. Borrowers are solely responsible for the suitability of the Letter of Credit for Borrowers’
purposes. If Borrowers request L/C Issuer to issue a Letter of Credit for a Restricted Subsidiary which is not a Borrower (an “Account
Party”), (i) such Account Party shall have no rights against L/C Issuer; (ii) Borrowers shall be responsible for
the application and obligations under this Agreement; and (iii) communications (including notices) related to the respective
Letter of Credit shall be among L/C Issuer and Borrowers. Borrowers will examine the copy of the Letter of Credit and any other
documents sent by L/C Issuer in connection therewith and shall promptly notify L/C Issuer (not later than three Business Days following
Borrowers’ receipt of documents from L/C Issuer) of any non-compliance with Borrowers’ instructions and of any discrepancy
in any document under any presentment or other irregularity. Borrowers understand and agree that L/C Issuer is not required to
extend the expiration date of any Letter of Credit for any reason. With respect to any Letter of Credit containing an “automatic
amendment” to extend the expiration date of such Letter of Credit, L/C Issuer, in its sole and absolute discretion, may give
notice of non-extension of such Letter of Credit and, if Borrowers do not at any time want the then current expiration date of
such Letter of Credit to be extended, Borrowers will so notify the Administrative Agent and L/C Issuer at least 30 calendar days
before L/C Issuer is required to notify the beneficiary of such Letter of Credit or any advising bank of such non-extension pursuant
to the terms of such Letter of Credit.

 

    74

     

    

 

(i)                
Borrowers’ reimbursement and payment obligations under this Section 2.03 are absolute, unconditional and irrevocable
and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever; provided,
that subject to Section 2.03(g) above, the foregoing shall not release L/C Issuer from such liability to Borrowers as may
be finally determined in a final, non-appealable judgment of a court of competent jurisdiction against L/C Issuer following reimbursement
or payment of the obligations and liabilities, including reimbursement and other payment obligations, of Borrowers to L/C Issuer
arising under, or in connection with, this Section 2.03 or any Letter of Credit.

 

(j)                 Without limiting any other provision of this Agreement, L/C Issuer and each other Letter of Credit Related Person (if applicable)
shall not be responsible to Borrowers for, and L/C Issuer’s rights and remedies against Borrowers and the obligation of Borrowers
to reimburse L/C Issuer for each drawing under each Letter of Credit shall not be impaired by:

 

(i)              
honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions
of such Letter of Credit, even if the Letter of Credit requires strict compliance by the beneficiary;

 

(ii)             
honor of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued (A) by
any purported successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing Document
or (B) under a new name of the beneficiary;

 

(iii)           
acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable
or not in the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference
to the Letter of Credit;

 

(iv)            
the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal
effect of any Drawing Document (other than L/C Issuer’s determination that such Drawing Document appears on its face substantially
to comply with the terms and conditions of the Letter of Credit);

 

(v)              acting
upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that L/C Issuer in good faith believes
to have been given by a Person authorized to give such instruction or request;

 

(vi)            
any errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless
of how sent or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing
to give notice to any Borrower;

 

    75

     

    

 

(vii)           any
acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any other Person or any
breach of contract between any beneficiary and any Borrower or any of the parties to the underlying transaction to which the Letter
of Credit relates;

 

(viii)         
assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including
any requirement that any Drawing Document be presented to it at a particular hour or place;

 

(ix)            
payment to any presenting bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it
rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it;

 

(x)              acting or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where L/C Issuer
has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be;

 

(xi)            
honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior
to such expiration date and dishonored by L/C Issuer if subsequently L/C Issuer or any court or other finder of fact determines
such presentation should have been honored;

 

(xii)           dishonor
of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

 

(xiii)          honor
of a presentation that is subsequently determined by L/C Issuer to have been made in violation of international, federal, state
or local restrictions on the transaction of business with certain prohibited Persons.

 

(k)              
Borrowers shall pay promptly upon demand to the Administrative Agent for the account of L/C Issuer as non-refundable fees,
commissions, and charges (it being acknowledged and agreed that any charging of such fees, commissions, and charges to the Loan
Account pursuant to the provisions of Section 2.09 shall be deemed to constitute a demand for payment thereof for the purposes
of this Section 2.03(k)): (i) a fronting fee which shall be imposed by L/C Issuer equal to 0.125% per annum times the average
amount of the L/C Obligations during the immediately preceding quarter (or if an Event of Default has occurred, month) (or portion
thereof), plus (ii) any and all other customary commissions, fees and charges then in effect imposed by, and any and all expenses
incurred by, L/C Issuer, or by any adviser, confirming institution or entity or other nominated person, relating to Letters of
Credit, at the time of issuance of any Letter of Credit and upon the occurrence of any other activity with respect to any Letter
of Credit (including transfers, assignments of proceeds, amendments, drawings, renewals, extensions, or cancellations); provided
that, for the avoidance of doubt, the fronting fee shall be due and payable in full regardless of whether all or a portion of such
Letter of Credit outstanding has been Cash Collateralized. Such fronting fee shall be due and payable on each calendar day immediately
following the last calendar day of each January, April, July and October in respect of the most recently-ended quarterly period
(or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. In addition, the Borrowers shall pay directly
to the applicable L/C Issuer for its own account and to each of its correspondents in relation to any Letter of Credit or any drawing
thereunder the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of
such L/C Issuer or such correspondent relating to Letters of Credit as from time to time in effect. Such customary fees and standard
costs and charges are due and payable within five Business Days of demand and are nonrefundable.

 

    76

     

    

 

(l)                If
by reason of (x) any Change in Law, or (y) compliance by L/C Issuer or any other member of the Lender Group with any direction,
request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary authority
including, Regulation D of the FRB as from time to time in effect (and any successor thereto):

 

(i)            any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit issued
or caused to be issued hereunder or hereby, or any Loans or obligations to make Loans hereunder or hereby, or

 

(ii)           there
shall be imposed on L/C Issuer or any other member of the Lender Group any other condition regarding any Letter of Credit, Loans,
or obligations to make Loans hereunder,

 

and the result of the foregoing
is to increase, directly or indirectly, the cost to L/C Issuer or any other member of the Lender Group of issuing, making, participating
in, or maintaining any Letter of Credit or to reduce the amount receivable in respect thereof, then, and in any such case, the
Administrative Agent may, at any time within a reasonable period after the additional cost is incurred or the amount received is
reduced, notify Borrowers, and Borrowers shall pay within 30 days after demand therefor, such amounts as the Administrative Agent
may specify to be necessary to compensate L/C Issuer or any other member of the Lender Group for such additional cost or reduced
receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable
to Base Rate Loans hereunder; provided, that (A) Borrowers shall not be required to provide any compensation pursuant to this Section
2.03(l) for any such amounts incurred more than 180 days prior to the date on which the demand for payment of such amounts
is first made to Borrowers, and (B) if an event or circumstance giving rise to such amounts is retroactive, then the 180-day period
referred to above shall be extended to include the period of retroactive effect thereof. The determination by the Administrative
Agent of any amount due pursuant to this Section 2.03(l), as set forth in a certificate setting forth the calculation thereof
in reasonable detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of the
parties hereto.

 

(m)             Each standby Letter of Credit shall expire not later than the date that is 12 months after the date of the issuance
of such Letter of Credit; provided, that any standby Letter of Credit may provide for the automatic extension thereof for any number
of additional periods each of up to one year in duration; provided further, that with respect to any Letter of Credit which extends
beyond the Latest Maturity Date, Letter of Credit Collateralization shall be provided therefor on or before the date that is five
Business Days prior to the Maturity Date. Each commercial Letter of Credit shall expire on the earlier of (i) 120 days after the
date of the issuance of such commercial Letter of Credit and (ii) five Business Days prior to the Latest Maturity Date.

 

    77

     

    

 

(n)              
If (i) any Event of Default shall occur and be continuing, or (ii) Availability shall at any time be less than zero, then
on the Business Day following the date when the Lead Borrower receives notice from the Administrative Agent or the Required Lenders
(or, if the maturity of the ABL Obligations has been accelerated, Revolving Credit Lenders with Fronting Exposure representing
greater than 50% of the total L/C Obligations) demanding Letter of Credit Collateralization pursuant to this Section 2.03(n)
upon such demand, Borrowers shall provide Letter of Credit Collateralization with respect to the then existing L/C Obligations.
If Borrowers fail to provide Letter of Credit Collateralization as required by this Section 2.03(n), the Revolving Credit
Lenders may (and, upon direction of the Administrative Agent, shall) advance, as Revolving Credit Loans the amount of the cash
collateral required pursuant to the Letter of Credit Collateralization provision so that the then existing L/C Obligations are
cash collateralized in accordance with the Letter of Credit Collateralization provision (whether or not the Revolving Credit Commitments
have terminated, an Overadvance exists or the conditions in Article 4 are satisfied).

 

(o)              
Unless otherwise expressly agreed by L/C Issuer and Borrowers when a Letter of Credit is issued, (i) the rules of the ISP
shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit.

 

(p)              
L/C Issuer shall be deemed to have acted with due diligence and reasonable care if L/C Issuer’s conduct is in accordance
with Standard Letter of Credit Practice or in accordance with this Agreement.

 

(q)              
In the event of a direct conflict between the provisions of this Section 2.03 and any provision contained in any
Issuer Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest
extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved
as aforesaid, the terms and provisions of this Section 2.03 shall control and govern.

 

(r)                The
provisions of this Section 2.03 shall survive the termination of this Agreement and the repayment in full of the Obligations
with respect to any Letters of Credit that remain outstanding.

 

(s)               At
Borrowers’ costs and expense, Borrowers shall execute and deliver to L/C Issuer such additional certificates, instruments
and/or documents and take such additional action as may be reasonably requested by L/C Issuer to enable L/C Issuer to issue any
Letter of Credit pursuant to this Agreement and related Issuer Document, to protect, exercise and/or enforce L/C Issuer’s
rights and interests under this Agreement or to give effect to the terms and provisions of this Agreement or any Issuer Document.
Each Borrower irrevocably appoints L/C Issuer as its attorney-in-fact and authorizes L/C Issuer, without notice to Borrowers,
to execute and deliver ancillary documents and letters customary in the letter of credit business that may include but are not
limited to advisements, indemnities, checks, bills of exchange and issuance documents. The power of attorney granted by the Borrowers
is limited solely to such actions related to the issuance, confirmation or amendment of any Letter of Credit and to ancillary
documents or letters customary in the letter of credit business. This appointment is coupled with an interest.

 

    78

     

    

 

(t)                
The Borrowers may, at any time and from time to time, designate as additional L/C Issuers one or more Revolving Credit Lenders
that agree to serve in such capacity as provided below. The acceptance by a Revolving Credit Lender of an appointment as an L/C
Issuer hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative
Agent and the Lead Borrower, executed by the Borrowers, the Administrative Agent, and such designated Revolving Credit Lender and,
from and after the effective date of such agreement, (i) such Revolving Credit Lender shall have all the rights and obligations
of an L/C Issuer under this Agreement and (ii) references herein to the term “L/C Issuers” shall be deemed to include
such Revolving Credit Lender in its capacity as an issuer of Letters of Credit hereunder.

 

(u)              
The Borrowers may terminate the appointment of any L/C Issuer as an “L/C Issuer” hereunder by providing a written
notice thereof to such L/C Issuer, with a copy to the Administrative Agent. Any such termination shall become effective upon the
earlier of (i) such L/C Issuer’s acknowledging receipt of such notice and (ii) the fifth Business Day following the date
of the delivery thereof; provided that no such termination shall become effective with respect to any Letter of Credit issued
by such L/C Issuer (or its Affiliates) until and unless the L/C Obligations attributable to such Letter of Credit shall have been
reduced to zero or Cash Collateralized in an amount equal to the 103% of the aggregate L/C Obligations in respect thereof. At the
time any such termination shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the terminated
L/C Issuer in accordance with the terms of this Agreement with respect to any Letters of Credit to the extent the L/C Obligations
attributable thereto have been reduced to zero or Cash Collateralized as described above. Notwithstanding the effectiveness of
any such termination, the terminated L/C Issuer shall remain a party hereto and shall continue to have all the rights, obligations
and duties of an L/C Issuer under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it (or
its Affiliates) prior to and outstanding as of the effectiveness of such termination, but shall not issue any additional Letters
of Credit.

 

(v)              
Any L/C Issuer may resign as an L/C Issuer at any time upon 30 days’ prior written notice to the Administrative Agent,
the Lead Borrower and the Revolving Credit Lenders; provided that (i) it shall have assigned all of its Revolving Credit
Commitment and Revolving Credit Loans hereunder pursuant to Section 10.07 at or before the time of such resignation or (ii)
another Revolving Credit Lender acceptable to the Lead Borrower shall have assumed the commitments of such resigning L/C Issuer
to issue Letters of Credit (and, to the extent such assuming Lender was not an L/C Issuer hereunder, such assuming Lender shall
have become an L/C Issuer hereunder). Notwithstanding the effectiveness of any such resignation, any resigning L/C Issuer shall
remain a party hereto and shall continue to have all the rights, obligations and duties of an L/C Issuer under this Agreement and
the other Loan Documents with respect to Letters of Credit issued by it before and outstanding as of the effectiveness of such
resignation, but shall not issue any additional Letters of Credit. Upon the appointment of a successor L/C Issuer, (A) such successor
shall succeed to and become vested with all of the rights, powers, privileges, and duties of the resigning L/C Issuer other than
in respect of Letters of Credit issued by such resigning L/C Issuer before its resignation as set forth above, as the case may
be, and (B) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
on behalf such resigning L/C Issuer at the time of such succession or make other arrangements satisfactory to the resigning L/C
Issuer to effectively assume the obligations of such L/C Issuer with respect to such Letters of Credit.

 

    79

     

    

 

2.04            
Swing Line Loans.

 

(a)              
The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the
agreements of the other Lenders set forth in this Section 2.04, shall make loans (each such loan, a “Swing
Line Loan”) in Dollars to the Borrowers from time to time on any Business Day on or after the Restatement Effective
Date until the Maturity Date of the Revolving Credit Facility in an aggregate amount not to exceed at any time outstanding the
amount of the Swing Line Sublimit by transferring immediately available funds in the amount of such Borrowing to the Designated
Account, notwithstanding the fact that such Swing Line Loans, when aggregated with the Pro Rata Share of the Outstanding Amount
of Loans and L/C Obligations of the Revolving Credit Lender acting as the Swing Line Lender, may exceed the amount of such Lender’s
Revolving Credit Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings
shall not exceed the lesser of the Aggregate Commitments and, subject to Section 2.02(h) and (i), the Borrowing
Base at such time and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit Lender, plus
such Revolving Credit Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations at such time, plus
such Revolving Credit Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans at such time shall not exceed
such Revolving Credit Lender’s Revolving Credit Commitment; provided, further, that the Borrowers shall not
use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject
to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.04, prepay under Section 2.05
and reborrow under this Section 2.04. Each Swing Line Loan shall bear interest at a rate based on the Base Rate. Immediately
upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of
such Revolving Credit Lender’s Pro Rata Share times the amount of such Swing Line Loan.

 

(b)              
Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Lead Borrower’s irrevocable written
notice to the Swing Line Lender and the Administrative Agent (which may be delivered through Agent’s electronic platform
or portal) prior to the time specified in the immediately succeeding sentence. Each such notice must be received by the Swing Line
Lender and the Administrative Agent not later than 1:00 p.m. (New York Time) on the requested borrowing date, and shall specify
(A) the amount to be borrowed, which shall be a minimum of $100,000 and (B) the requested borrowing date, which shall be a
Business Day. Promptly after receipt by the Swing Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm
with the Administrative Agent that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing
Line Lender will notify the Administrative Agent of the contents thereof. Unless the Swing Line Lender has received notice from
the Administrative Agent (including at the request of any Revolving Credit Lender) prior to 2:00 p.m. (New York Time) on the date
of the proposed Swing Line Borrowing (1) directing the Swing Line Lender not to make such Swing Line Loan as a result of the
limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (2) that one or more of the
applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the
Swing Line Lender will, not later than 1:00 p.m. (New York Time) on the borrowing date specified in such Swing Line Loan Notice,
make the amount of its Swing Line Loan available to the applicable Borrower. All Borrowing requests which are not made on-line
via the Administrative Agent’s electronic platform or portal shall be subject to (and unless the Administrative Agent elects
otherwise in the exercise of its sole discretion, such Borrowings shall not be made until the completion of) the Administrative
Agent’s authentication process (with results satisfactory to the Administrative Agent) prior to the funding of any such requested
Revolving Credit Loan.

 

    80

     

    

 

(c)              
Refinancing of Swing Line Loans.

 

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

 

    81

     

    

 

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

 

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

 

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

 

    82

     

    

 

(d)            
Repayment of Participations.

 

(i)           At
any time after any Revolving Credit Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line
Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Pro Rata
Share of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such
Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender.

 

(ii)          If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required
to be returned by the Swing Line Lender under any of the circumstances described in Section 10.06 (including pursuant
to any settlement entered into by the Swing Line Lender in its discretion), each Revolving Credit Lender shall pay to the Swing
Line Lender its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand
to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate or a rate reasonably determined
by the Swing Line Lender in accordance with banking industry rules on interbank compensation. The Administrative Agent will make
such demand upon the request of the Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment
in full of the ABL Obligations and the termination of this Agreement.

 

(e)            
Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrowers
for interest on the Swing Line Loans. Until each Revolving Credit Lender funds its Base Rate Loan or risk participation pursuant
to this Section 2.04 to refinance such Lender’s Pro Rata Share of any Swing Line Loan, interest in respect of
such Pro Rata Share shall be solely for the account of the Swing Line Lender.

 

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

 

2.05          
Prepayments.

 

(a)            
Optional.

 

(i)           The
Borrowers may, upon notice by the Lead Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay
any Loans in whole or in part without premium or penalty; provided that (A) (x) with respect to any prepayment of Eurodollar
Rate Loans, a notice of such prepayment of Eurodollar Rate Loans must be received by the Administrative Agent not later than 2:00
p.m. (New York Time) three Business Days prior to the date of such prepayment of Eurodollar Rate Loans and (y) with respect to
any prepayment of Base Rate Loans, a notice of such prepayment of Base Rate Loans must be received by the Administrative Agent
not later than 12:00 p.m. (New York Time) on the date of such prepayment of Base Rate Loans; provided that, in each case,
if the proceeds of such prepayment of any Loans are not received by the Administrative Agent prior to 3:00 p.m. (New York Time),
such prepayment of Loans shall be deemed to have occurred on the immediately succeeding Business Day; (B) any prepayment of Eurodollar
Rate Loans shall be in a principal amount of $2,000,000 or a whole multiple of $1,000,000 in excess thereof; and (C) any prepayment
of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $500,000 in excess thereof or, in each case,
if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment
and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans.
The Administrative Agent will promptly notify each applicable Lender of its receipt of each such notice, and of the amount of
such Lender’s ratable portion of such prepayment (based on such Lender’s Pro Rata Share of the Revolving Credit Facility).
If such notice is given by the Lead Borrower, such Borrower shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by
all accrued interest thereon, together with any additional amounts required pursuant to Section 3.05.

 

    83

     

    

 

(ii)          The
Borrowers may, upon notice by the Lead Borrower to the Swing Line Lender (with a copy to the Administrative Agent), at any time
or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that
(A) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. (New York Time)
on the date of the prepayment and (B) any such prepayment shall be in a minimum principal amount of $25,000 or, if less, the entire
principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment. If such notice
is given by the Lead Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein. Any accrued and unpaid interest on prepaid Swing Line Loans shall be paid on
the next succeeding Interest Payment Date in accordance with Section 2.08(c).

 

(iii)         Notwithstanding
anything to the contrary contained in this Agreement, the Lead Borrower may rescind any notice of prepayment under Section
2.05(a)(i) if such prepayment would have resulted from a refinancing of all of the Revolving Credit Facility, which refinancing
shall not be consummated or shall otherwise be delayed.

 

(iv)         In
connection with any voluntary prepayment of any Loans pursuant to this Section 2.05(a), such voluntary prepayment shall
be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a
manner that minimizes the amount of any payments required to be made by the Borrowers pursuant to Section 3.05.

 

    84

     

    

 

(b)             
Mandatory.

 

(i)           Upon
the incurrence or issuance by the Lead Borrower or any of its Restricted Subsidiaries of any Indebtedness not expressly permitted
to be incurred or issued pursuant to Section 7.03, the Borrowers shall prepay an aggregate principal amount of Loans in
an amount equal to 100% of all Net Cash Proceeds received therefrom immediately upon receipt thereof by the Lead Borrower or such
Restricted Subsidiary.

 

(ii)          If
for any reason the Total Outstandings at any time exceed the lesser of (x) the Aggregate Commitments at such time and (y) subject
to Section 2.02(h) and (i), the Borrowing Base at such time, the Lead Borrower shall immediately prepay Revolving
Credit Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however,
that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(ii)
unless, after the prepayment in full of the Revolving Credit Loans and Swing Line Loans, the Total Outstandings exceed the
lesser of (x) the Aggregate Commitments at such time and (y) subject to Section 2.02(h) and (i), the Borrowing Base
at such time.

 

(iii)         During
a Cash Dominion Trigger Period, the Borrowers shall prepay the Loans and Cash Collateralize the L/C Obligations in accordance
with the provisions of Section 6.18.

 

(iv)         Funding Losses, Etc. All prepayments under this Section 2.05 shall be made together with, in the case of any
such prepayment of a Eurodollar Rate Loan on a date other than the last day of an Interest Period therefor, any amounts owing in
respect of such Eurodollar Rate Loan pursuant to Section 3.05. Notwithstanding any of the other provisions of Section
2.05(b), so long as no Event of Default shall have occurred and be continuing, if any prepayment of Eurodollar Rate Loans is
required to be made under this Section 2.05(b), other than on the last day of the Interest Period therefor, the Borrowers
may, in their sole discretion, deposit the amount of any such prepayment otherwise required to be made thereunder into a Cash Collateral
Account until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further
action by or notice to or from the Borrowers or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance
with this Section 2.05(b). Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent
shall also be authorized (without any further action by or notice to or from the Borrowers or any other Loan Party) to apply such
amount to the prepayment of the outstanding Loans in accordance with this Section 2.05(b).

 

2.06           
Termination or Reduction of Revolving Credit Commitments.

 

(a)             
Optional. The Borrowers may, upon written notice to the Administrative Agent, terminate the unused portions of the
Letter of Credit Sublimit, the Swing Line Sublimit or the Revolving Credit Commitments, or from time to time permanently reduce
the unused portions of the Letter of Credit Sublimit, the Swing Line Sublimit or the Revolving Credit Commitments; provided
that (i) any such notice shall be received by the Administrative Agent five Business Days prior to the date of termination or reduction,
(ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000 in excess
thereof and (iii) the Borrowers shall not terminate or reduce (A) the Revolving Credit Commitments if, after giving effect thereto
and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, (B) the Letter of Credit
Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would
exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments
hereunder, the Outstanding Amount of Swing Line Loans would exceed the Swing Line Sublimit. Each reduction in the Revolving Credit
Commitments hereunder shall be made ratably among the Lenders in accordance with their Pro Rata Shares. The Borrowers shall pay
to the Administrative Agent, in each case, for the account of the applicable Lenders, on the date of each termination or reduction,
any fees on the amount of the Revolving Credit Commitments so terminated or reduced accrued to but excluding the date of such termination
or reduction.

 

    85

     

    

 

(b)             
Mandatory.

 

(i)           The
Letter of Credit Sublimit and the Swing Line Sublimit shall automatically be reduced proportionately to any reduction or termination
of unused Revolving Credit Commitments under this Section 2.06, unless otherwise requested by the Borrowers and consented
to by (A) in the case of the Letter of Credit Sublimit, the Administrative Agent and each L/C Issuer or (B) in the case of the
Swing Line Sublimit, the Administrative Agent and the Swing Line Lender.

 

(ii)          The Aggregate Commitments shall be automatically and permanently reduced to zero on the Maturity Date.

 

(c)             
Application of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Lenders
of any termination or reduction of unused portions of the Letter of Credit Sublimit or the Swing Line Sublimit or the unused Revolving
Credit Commitments under this Section 2.06. Upon any reduction of unused Revolving Credit Commitments, the Revolving Credit
Commitment of each Lender shall be reduced by such Lender’s Pro Rata Share of the amount by which the Revolving Credit Facility
is reduced (other than the termination of the Revolving Credit Commitment of any Lender as provided in Section ‎3.07).
All unused line fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective
date of such termination.

 

(d)             
In connection with any reduction in the Revolving Credit Commitments prior to the Latest Maturity Date, if any Loan Party
or any of its Subsidiaries owns any Margin Stock, Borrowers shall deliver to the Administrative Agent an updated Form U-1 (with
sufficient additional originals thereof for each Lender), duly executed and delivered by the Borrowers, together with such other
documentation as Agent shall reasonably request, in order to enable the Administrative Agent and the Lenders to comply with any
of the requirements under Regulations T, U or X of the FRB.

 

    86

     

    

 

2.07            
Repayment of Loans. The Borrowers shall repay (a) to the Revolving Credit Lenders on the Maturity Date the aggregate
principal amount of all Revolving Credit Loans outstanding on such date and (b) each Swing Line Loan on the earlier to occur of
(i) the date ten Business Days after such Swing Line Loan is made and (ii) the Maturity Date for the Revolving Credit Facility.

 

2.08            
Interest.

 

(a)              
Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the sum of (A) the Eurodollar
Rate for such Interest Period, plus (B) the Applicable Rate for Eurodollar Rate Loans and (ii) each Base Rate Loan
(including each Swing Line Loan) shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the sum of (A) the Base Rate, plus (B) the Applicable Rate for
Base Rate Loans.

 

(b)             
The Borrowers shall pay interest on the principal amount of all overdue ABL Obligations hereunder (including, for the avoidance
of doubt, following the occurrence of an Event of Default pursuant to Section 8.01(f)) at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest
on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)              
Interest on each Loan shall be due and payable in arrears on each calendar day immediately following the last calendar day
of each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding
under any Debtor Relief Law.

 

2.09            
Fees. In addition to certain fees with respect to Letters of Credit described in Section 2.03(k):

  

(a)              
Commitment Fee. The Borrowers shall pay to the Administrative Agent for the account of each Revolving Credit Lender
in accordance with its Pro Rata Share, a commitment fee (the “Commitment Fee”) in Dollars in an amount
equal to the Commitment Fee Percentage times the actual daily amount by which the Aggregate Commitments exceed the average
Total Outstandings (excluding the Outstanding Amount of Swing Line Loans) for the immediately preceding quarter, subject to adjustment
as provided in Section 2.16. The Commitment Fee shall accrue at all times from the Restatement Effective Date until the
Latest Maturity Date, including at any time during which one or more of the conditions in Article IV is not met, and shall
be due and payable quarterly in arrears on each calendar day immediately following the last calendar day of each January, April,
July, and October, commencing with the first such date to occur after the Restatement Effective Date, and on the Maturity Date.
The Commitment Fee shall be calculated quarterly in arrears.

 

    87

     

    

 

(b)             
Other Fees.

 

(i)                
The Borrowers shall pay to the Arrangers, the Administrative Agent and the Collateral Agent for their own respective accounts
fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

 

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

 

(c)              
Letter of Credit Fee. Borrowers shall pay Administrative Agent (for the ratable benefit of the Revolving Credit Lenders),
a Letter of Credit fee (the “L/C Fee”) (which fee shall be in addition to the fronting fees and commissions,
other fees, charges and expenses set forth in Section 2.03(k)) that shall accrue at a per annum rate equal to the Applicable
Rate then in effect for Eurodollar Rate Loans with respect to the Revolving Credit Facility times the daily maximum amount
then available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter
of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit); provided, however,
that (i) any L/C Fee otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which
such Defaulting Lender has not provided Cash Collateral satisfactory to the applicable L/C Issuer pursuant to this Section 2.03
and as to which the Fronting Exposure of such Defaulting Lender has been reallocated to the other Lenders in accordance with the
upward adjustments in their respective Pro Rata Shares allocable to such Letter of Credit pursuant to Section 2.16(a)(iv)
shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments
in their respective Pro Rata Shares allocable to such Letter of Credit pursuant to Section 2.16(a)(iv), with the balance
of such L/C Fee, if any, payable to the applicable L/C Issuer for its own account and (ii) for the avoidance of doubt, the L/C
Fee shall be due and payable in full regardless of whether all or a portion of the Letters of Credit outstanding have been Cash
Collateralized. Such L/C Fee shall be computed on a quarterly basis in arrears. Such L/C Fee shall be due and payable in Dollars
on each calendar day immediately following the last calendar day of each January, April, July and October, commencing with the
first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on
demand. If there is any change in the Applicable Rate during any quarter, the daily maximum amount of each Letter of Credit shall
be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was
in effect.

 

    88

     

    

 

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

 

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

 

(b)              
If, as a result of any restatement or other revision to any Borrowing Base Certificate or for any other reason, the Borrowers
or the Lenders determine that (i) the Average Daily Availability as calculated by the Borrowers as of any applicable date was inaccurate
and (ii) a proper calculation of the Average Daily Availability would have resulted in higher pricing for such period, (A) the
Borrowers shall immediately deliver to the Administrative Agent a corrected Borrowing Base Certificate for the applicable period,
(B) the Applicable Rate shall be recalculated with the Average Daily Availability at the corrected level and (C) the Borrowers
shall immediately and retroactively pay to the Administrative Agent for the account of the Revolving Credit Lenders, the Swing
Line Lender or the applicable L/C Issuer, as the case may be, an amount equal to the excess of the amount of interest and fees
that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall
not limit the rights of the Administrative Agent, any Revolving Credit Lender or the applicable L/C Issuer, as the case may be,
under Section 2.03(d), ‎2.09(c) or 2.03(k), or 2.08(b) or under Article VIII. The Borrowers’
obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other ABL
Obligations hereunder.

 

2.11            
Evidence of Indebtedness.

 

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

 

    89

     

    

 

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

 

(c)              
Entries made in good faith by each Lender in its account or accounts pursuant to Section 2.11(a) and ‎(b),
shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from
the Borrowers to such Lender under this Agreement and the other Loan Documents, absent manifest error; provided, that the
failure of such Lender to make an entry, or any finding that an entry is incorrect, in such account or accounts shall not limit
the obligations of the Borrowers under this Agreement and the other Loan Documents.

 

2.12            
Payments Generally; Administrative Agent’s Clawback.

 

(a)              
General. Subject to Section 3.01, all payments to be made by the Borrowers shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by
the Borrowers hereunder shall be made to the Administrative Agent, in each case, for the account of the respective Lenders to which
such payment is owed to the Administrative Agent’s Account in immediately available funds not later than 2:00 p.m. (New York
Time) on the date specified herein. The receipt of any payment item by the Administrative Agent shall not be required to be considered
a payment on account unless such payment item is a wire transfer of immediately available funds made to the Administrative Agent’s
Account or unless and until such payment item is honored when presented for payment. Should any payment item not be honored when
presented for payment, then Borrowers shall be deemed not to have made such payment. The Administrative Agent will promptly distribute
to each Lender its Pro Rata Share in respect of the Revolving Credit Facility (or other applicable share as provided herein) of
such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received after 2:00
p.m. (New York Time) shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue
to accrue. If any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made
on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may
be; provided, however, that, if such extension would cause payment of interest on or principal of Eurodollar Rate
Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

 

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

 

    90

     

    

 

(ii)          Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders
or an L/C Issuer hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers
have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable
Lenders or L/C Issuer, as the case may be, the amount due. In such event, if the Borrowers have not in fact made such payment,
then each of the applicable Lenders or L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or such L/C Issuer, in immediately available funds with interest thereon to
the Administrative Agent’s Account, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate reasonably determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation.

 

A notice of the Administrative
Agent to any Lender or the Borrowers with respect to any amount owing under this Section ‎2.12(b) shall be conclusive,
absent manifest error.

 

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

 

    91

     

    

 

 

(d)                 Obligations
of the Lenders Several. The obligations of the Lenders hereunder to make Revolving Credit Loans, to fund participations in
Letters of Credit and Swing Line Loans and to make payments pursuant to Section 9.07 are several and not joint. The
failure of any Lender to make any Loan or to fund any such participation or to make any payment under Section 9.07
on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no
Lender shall be responsible for the failure of any other Lender to so make its Loan or, to purchase its participation or to make
its payment under Section 9.07.

 

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

 

(f)                
Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to
pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first,
toward 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, and (ii) second, toward payment of principal and L/C Borrowings then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and L/C Borrowings then due
to such parties.

 

(g)               
Unallocated Funds. If the Administrative Agent receives funds for application to the ABL Obligations of the Loan
Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in
which such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to distribute such funds
to each of the Lenders in accordance with such Lender’s Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans
(including Swing Line Loans) outstanding at such time and (b) the Outstanding Amount of all L/C Obligations outstanding at such
time, in repayment or prepayment of such of the outstanding Loans or other ABL Obligations then owing to such Lender.

 

2.13              Sharing
of Payments. If, other than as expressly provided elsewhere herein (including the application of funds arising from the
existence of a Defaulting Lender), any Lender shall obtain on account of the Loans made by it, or the participations in L/C
Obligations or in Swing Line Loans held by it, any payment (whether voluntary, involuntary, through the exercise of any right
of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender
shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such
participations in the Loans made by them and/or such subparticipations in the participations in L/C Obligations or Swing Line
Loans held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in
respect of such Loans or such participations, as the case may be, pro rata with each of them; provided, however,
that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the
circumstances described in Section 10.06 (including pursuant to any settlement entered into by the purchasing
Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the
purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s ratable share
(according to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total
amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in
respect of the total amount so recovered, without further interest thereon. The Borrowers agree that any Lender so purchasing
a participation from another Lender may, to the fullest extent permitted by law, exercise all its rights of payment
(including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if
such Lender were the direct creditor of the Borrowers in the amount of such participation. The Administrative Agent will keep
records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section 2.13
and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a
participation pursuant to this Section 2.13 shall from and after such purchase have the right to give all
notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the ABL
Obligations purchased to the same extent as though the purchasing Lender were the original owner of the ABL Obligations
purchased. For the avoidance of doubt, the provisions of this Section shall not be construed to apply to the implementation
of the Incremental Amendment, the application of Cash Collateral provided for in Section 2.15 or to the
assignments and participations described in Section 10.07.

 

    92

     

    

 

2.14              
Revolving Credit Commitment Increases.

 

(a)               
Upon written notice to the Administrative Agent (which shall promptly notify the Lenders), at any time after the Restatement
Effective Date, the Borrowers may request increases in the aggregate amount of the Revolving Credit Commitments, the Swing Line
Sublimit and the Letter of Credit Sublimit (each such increase, a “Revolving Credit Commitment Increase”
and all of them, collectively, the “Revolving Credit Commitment Increases”); provided that no
Lender or L/C Issuer shall be required to participate in any such increase; and provided, further, that (x) the aggregate
amount of all such increases in the Revolving Credit Commitments effected on or after the Restatement Effective Date shall not
exceed $100,000,000 and (y) any such increase in the Revolving Credit Commitments shall be in an aggregate amount of not less than
$20,000,000 or any whole multiple of $1,000,000 in excess thereof. Any loans made in respect of any Revolving Credit Commitment
Increase shall be made by increasing the aggregate Revolving Credit Commitments with the same terms (including pricing) as the
existing Revolving Credit Loans. The proceeds of any Revolving Credit Commitment Increase shall be used (i) to finance the working
capital and capital expenditures needs of the Lead Borrower and its Restricted Subsidiaries and (ii) for general corporate purposes
(including any actions permitted by Article VII) of the Borrowers and their Restricted Subsidiaries.

 

(b)               
Each notice from the Borrowers pursuant to this Section 2.14 shall set forth the requested amount and proposed terms
of the Revolving Credit Commitment Increase. At the time of the sending of such notice, the Borrowers (in consultation with the
Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be
less than ten Business Days from the date of delivery of such notice to the Lenders). Revolving Commitment Increases may be provided
by any existing Lender or by any other bank or investing entity (but in no case (i) by any Loan Party or any Affiliate of any Loan
Party, (ii) by any Defaulting Lender or any of its Subsidiaries, (iii) by any Person who, upon becoming a Lender hereunder, would
constitute any of the foregoing Persons described in clauses (i) and (ii), or (iv) by any natural person) (each,
except to the extent excluded pursuant to the foregoing parenthetical, an “Incremental Revolving Credit Lender”),
in each case on terms permitted in this Section and otherwise on terms reasonably acceptable to the Administrative Agent, provided
that the Administrative Agent, the Swing Line Lender and L/C Issuer, as applicable, shall have consented (not to be unreasonably
withheld) to such Lender’s or Incremental Revolving Credit Lender’s, as the case may be, providing such Revolving Credit
Commitment Increase if such consent would be required under Section 10.07 for an assignment of Loans or Revolving Credit
Commitments, as applicable, to such Lender or Incremental Revolving Credit Lender, as the case may be. No Lender shall be obligated
to provide any Revolving Credit Commitment Increases unless it so agrees. Each Lender shall notify the Administrative Agent within
such time period whether or not it agrees to increase its Revolving Credit Commitment and, if so, whether by an amount equal to,
greater than, or less than its Pro Rata Share of such requested increase (which shall be calculated on the basis of the amount
of the funded and unfunded exposure under the Revolving Credit Facility held by each Lender). Any Lender not responding within
such time period shall be deemed to have declined to increase its Revolving Credit Commitment. The Administrative Agent shall notify
the Borrowers and each Lender of the Lenders’ responses to each request made hereunder.

 

    93

     

    

 

(c)                 Revolving
Credit Commitments in respect of any Revolving Credit Commitment Increase shall become Revolving Credit Commitments (or in the
case of any Revolving Credit Commitment Increase to be provided by an existing Revolving Credit Lender, an increase in such Revolving
Credit Lender’s Revolving Credit Commitment) under this Agreement pursuant to an amendment (an “Incremental
Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by Holdings, the Borrowers,
each Lender, as the case may be agreeing to provide such Revolving Credit Commitment, if any, each Incremental Revolving Credit
Lender, if any, and the Administrative Agent. An Incremental Amendment may, without the consent of any other Lenders, effect such
amendments to any Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the
provisions of this Section.

 

(d)               
If any Revolving Credit Commitment Increase occurs in accordance with this Section 2.14, the Administrative Agent
and the Borrowers shall determine the effective date (the “Incremental Effective Date”) and the final
allocation of such addition. The Administrative Agent shall promptly notify the Borrowers and the Lenders of the final allocation
of such addition and the Incremental Effective Date.

 

(e)                
The effectiveness of any Incremental Amendment shall be subject to the satisfaction on the date thereof of each of the following
conditions:

 

(i)                
the Administrative Agent shall have received on or prior to the Incremental Effective Date each of the following, each dated
the applicable Incremental Effective Date unless otherwise indicated or agreed to by the Administrative Agent and each in form
and substance reasonably satisfactory to the Administrative Agent: (A) the applicable Incremental Amendment; (B) certified copies
of resolutions of each Loan Party approving the execution, delivery and performance of the Incremental Amendment and either certified
copies of the Organization Documents of each Loan Party or a certification by a Responsible Officer of each Loan Party that there
have been no changes to the Organization Documents of such Loan Party since the Restatement Effective Date; (C) [reserved];
and (D) a favorable opinion of counsel for the Loan Parties dated the Incremental Effective Date, to the extent requested by the
Administrative Agent, addressed to the Administrative Agent, the Collateral Agent and the Lenders and in form and substance reasonably
satisfactory to the Administrative Agent and the Collateral Agent;

 

    94

     

    

 

(ii)               
(A) the conditions precedent set forth in Section 4.02 shall have been satisfied both before and after giving effect
to such Incremental Amendment and the additional credit extensions provided thereby, (B) such increase shall be made on the terms
and conditions provided for above, and (C) both at the time of any request for any Revolving Credit Commitment Increase and upon
the effectiveness of any Incremental Amendment, no Default or Event of Default shall exist;

 

(iii)               after
giving effect on a Pro Forma Basis to any Revolving Credit Commitment Increase (assuming for such purposes that the entire
amount of such Revolving Credit Commitment Increase is fully funded and the Lead Borrower shall be in compliance with
the financial covenant set forth in Section 7.11 (regardless of whether such covenant is otherwise required to be
tested pursuant to Section 7.11));

 

(iv)              
there shall have been paid to the Administrative Agent, for the account of the Administrative Agent and the Lenders (including
any Person becoming a Lender as part of such Incremental Amendment on the related Incremental Effective Date), as applicable, all
fees and, to the extent required by Section 10.04, expenses (including reasonable out-of-pocket fees, charges and disbursements
of counsel) that are due and payable on or before the Incremental Effective Date;

 

(v)               
[reserved]; and

 

(vi)              
in connection with any Revolving Credit Commitment Increase, if any Loan Party or any of its Subsidiaries owns or will acquire
any Margin Stock, Borrowers shall deliver to the Administrative Agent an updated Form U-1 (with sufficient additional originals
thereof for each Lender), duly executed and delivered by the Borrowers, together with such other documentation as the Administrative
Agent shall reasonably request, in order to enable Agent and the Lenders to comply with any of the requirements under Regulations
T, U or X of the FRB.

 

(f)                
On each Incremental Effective Date, each Lender or Eligible Assignee which is providing an Incremental First Lien Commitment
(i) shall become a “Lender” for all purposes of this Agreement and the other Loan Documents and (ii) shall have a “Revolving
Credit Commitment” hereunder.

 

    95

     

    

 

(g)                
Upon each Revolving Credit Commitment Increase pursuant to this Section, (i) each Revolving Credit Lender immediately prior
to such increase will automatically and without further act be deemed to have assigned to each existing Lender, if any, and each
Incremental Revolving Credit Lender, if any, in each case providing a portion of such Revolving Credit Commitment Increase (each
a “Revolving Credit Commitment Increase Lender”), and each such Revolving Commitment Increase Lender
will automatically and without further act be deemed to have assumed, a portion of such Revolving Credit Lender’s participation
interests hereunder in outstanding Letters of Credit and Swing Line Loans such that, after giving effect to such Revolving Commitment
Increase and each such deemed assignment and assumption of participation interests, the percentage of the aggregate outstanding
(A) participation interests hereunder in Letters of Credit and (B) participation interests hereunder in Swing Line Loans,
in each case, held by each Revolving Credit Lender (including each such Revolving Credit Commitment Increase Lender) will equal
such Revolving Credit Lender’s Pro Rata Share and (ii) if, on the date of such Revolving Credit Commitment Increase, there
are any Revolving Credit Loans outstanding, the Administrative Agent shall take those steps which it deems, in its sole discretion
and in consultation with the Borrowers, necessary and appropriate to result in each Revolving Credit Lender (including each Revolving
Credit Commitment Increase Lender) having a pro-rata share of the outstanding Revolving Credit Loans based on each such Revolving
Credit Lender’s Revolving Commitment Percentage immediately after giving effect to such Revolving Credit Commitment Increase,
provided that any prepayment made in connection with the taking of any such steps shall be accompanied by accrued interest
on the Revolving Credit Loans being prepaid and any costs incurred by any Lender in accordance with Section 3.05. The Administrative
Agent and the Lenders hereby agree that the minimum borrowing, pro-rata borrowing and pro-rata payment requirements contained elsewhere
in this Agreement shall not apply to any transaction that may be effected pursuant to the immediately preceding sentence.

 

(h)                
This Section 2.14 shall supersede any provision of Section 2.13 or Section 10.01 to the contrary.

 

2.15              
Cash Collateral.

 

(a)                
Upon the request of the Administrative Agent or the applicable L/C Issuer (i) if the applicable L/C Issuer has honored
any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if,
as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrowers shall, in each
case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. At any time that there shall exist a Defaulting
Lender, immediately upon the request of the Administrative Agent or the applicable L/C Issuer or the Swing Line Lender, the Borrowers
shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving
effect to Section 2.16(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

 

    96

     

    

 

(b)              
All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked,
non-interest bearing deposit accounts at the Administrative Agent or a financial institution selected by the Administrative Agent.
The Borrowers, and to the extent provided by any Lender, such Lender, hereby grant to (and subject to the control of) the Administrative
Agent, for the benefit of the Administrative Agent, each applicable L/C Issuer and the Lenders (including the Swing Line Lender),
and agree to maintain, a first priority Lien in all such Cash Collateral (including cash, deposit accounts and all balances therein,
and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing) as security for the obligations
to which such Cash Collateral may be applied pursuant to Section ‎2.15(c). If at any time the Administrative Agent
determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided,
or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby,
the Borrowers or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative
Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

 

(c)              
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section ‎2.15
or Sections ‎2.05, ‎2.06, ‎2.16 or ‎8.02 in respect of Letters of Credit or Swing
Line Loans shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund
participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation)
and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be
provided for herein.

 

(d)              
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be
released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following
compliance with Section ‎10.07(b)(viii))) or (ii) the Administrative Agent’s good faith determination
that there exists excess Cash Collateral; provided, however, that (x) Cash Collateral furnished by or on behalf
of the Borrowers shall not be released during the continuance of a Default or Event of Default (and following application as provided
in this Section 2.15 may be otherwise applied in accordance with Section 8.04), and (y) subject to
Section 2.16, the Person providing Cash Collateral and the applicable L/C Issuer or the Swing Line Lender, as applicable,
may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other
obligations.

 

2.16         
Defaulting Lenders. (a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes
a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable
Law:

 

(i)               
that Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement
shall be restricted as set forth in the definitions of “Required Lenders” and “Required Supermajority Lenders”
in Section 1.01 and in Section 10.01;

 

    97

     

    

 

(ii)               
any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 10.09 shall be applied at such time or times as may be determined
by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative
Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Swing
Line Lender or any L/C Issuer hereunder; third, to Cash Collateralize the Swing Line Lender’s and the L/C Issuers’
Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.15; fourth, as the Borrowers
may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order
to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and
(y) Cash Collateralize the Swing Line Lender’s and L/C Issuers’ future Fronting Exposure with respect to such Defaulting
Lender with respect to future Letters of Credit and Swing Line Loans issued under this Agreement, in accordance with Section
2.15; sixth, to the payment of any amounts owing to the Lenders, the Swing Line Lender or the L/C Issuers as a result
of any judgment of a court of competent jurisdiction obtained by any Lender, the Swing Line Lender or any L/C Issuer against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh,
so long as no Default or Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment
of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court
of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings
in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans or L/C Borrowings were
made or issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied
solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to
the payment of any Loans of, or L/C Borrowings owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in L/C Borrowings and Swing Line Loans are held by the Lenders pro rata in accordance with the Revolving Credit
Commitments under the Revolving Credit Facility without giving effect to Section 2.16(a)(iv). Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or
to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto;

 

    98

     

    

 

(iii)               
that Defaulting Lender (x) shall not be entitled to receive any Commitment Fee pursuant to Section 2.09(a)
for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that
otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its right to receive
L/C Fees as provided in Section 2.09(c); and

 

(iv)              
during any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each
non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03,
the “Pro Rata Share” of each non-Defaulting Lender shall be computed without giving effect to the Revolving Credit
Commitment of that Defaulting Lender; provided that, (i) each such reallocation shall be given effect only if, at the
date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation
of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not
exceed the positive difference, if any, of (1) the Revolving Credit Commitment of that non-Defaulting Lender minus (2) the
aggregate Outstanding Amount of the Loans of that Lender.

 

(b)                
If the Borrowers, the Administrative Agent, the Swing Line Lender and the L/C Issuers agree in writing in their sole discretion
that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties
hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may
include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of
outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may reasonably determine to be necessary
to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis
by the Lenders in accordance with their Pro Rata Shares (without giving effect to Section 2.16(a)(iv)), whereupon that
Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further,
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender.

 

(c)                
So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans
unless it is satisfied that the participations therein will be fully allocated among Non-Defaulting Lenders in a manner consistent
with clause (a)(iv) above and the Defaulting Lender shall not participate therein except to the extent such Defaulting Lender’s
participation has been or will be fully Cash Collateralized in accordance with Section 2.15 and (ii) no L/C Issuer shall
be required to issue, extend or increase any Letter of Credit unless it is satisfied that the participations in the L/C Borrowings
related to any existing Letters of Credit as well as the new, extended or increased Letter of Credit has been or will be fully
allocated among the Non-Defaulting Lenders in a manner consistent with clause (a)(iv) above and such Defaulting Lender shall
not participate therein except to the extent such Defaulting Lender’s participation has been or will be fully Cash Collateralized
in accordance with Section 2.15.

 

    99

     

    

 

2.17              
Designation of Lead Borrower as Agent.

 

(a)               
Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent to obtain Credit
Extensions, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement. As the
disclosed principal for its agent, each Borrower shall be obligated to each Secured Party on account of Credit Extensions so made
as if made directly by the applicable Secured Party to such Borrower, notwithstanding the manner by which such Credit Extensions
are recorded on the books and records of the Borrower. In addition, each Loan Party other than the Borrowers hereby irrevocably
designates and appoints the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all respects under this
Agreement and the other Loan Documents.

 

(b)                
Each Borrower recognizes that credit available to it hereunder is in excess of and on better terms than it otherwise could
obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein
with all other Borrowers. Consequently, each Borrower hereby assumes and agrees to discharge all ABL Obligations of each of the
other Borrowers.

 

(c)                
The Lead Borrower shall act as a conduit for each Borrower (including itself, as a “Borrower”) on whose behalf
the Lead Borrower has requested a Credit Extension. Neither the Agent nor any other Secured Party shall have any obligation to
see to the application of such proceeds therefrom.

 

(d)               
Any and all notices, requests, consents or other communications given to the Borrower (or, as applicable, from the Borrower)
pursuant to this Agreement and the other Loan Documents shall be effective if given to (or, as applicable, from) the Lead Borrower
for itself and on behalf of each other Borrower.

 

2.18              
Designated Account. The Administrative Agent is authorized to make the Revolving Credit Loans, and L/C Issuer is
authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone
purporting to be an Responsible Officer or, without instructions, if pursuant to Sections 2.07 and 2.08. The Borrowers
agree to establish and maintain the Designated Account with the Designated Account Bank for the purpose of receiving the proceeds
of the Revolving Credit Loans requested by the Borrowers and made by the Administrative Agent or the Lenders hereunder. Unless
otherwise agreed by the Administrative Agent and the Borrowers, any Revolving Credit Loan or Swing Line Loan requested by the
Borrowers and made by the Administrative Agent or the Lenders hereunder shall be made to the Designated Account.

 

2.19              
Maintenance of Loan Account; Statement of Obligations. The Administrative Agent shall maintain an account on its
books in the name of the Borrowers (the “Loan Account”) on which the Borrowers will be charged with
all Revolving Credit Loans (including Overadvances, Protective Overadvances, and Swing Line Loans) made by the Administrative
Agent, Swing Line Lender, or the Lenders to the Borrowers or for the Borrowers’ account, the Letters of Credit issued or
arranged by L/C Issuer for the Borrowers’ account, and with all other ABL Obligations hereunder or under the other Loan
Documents, including, accrued interest, fees and expenses, amounts due under Section 10.04 and 10.05 hereof, and
other amounts due hereunder. In accordance with Section 2.12(a), the Loan Account will be credited with all payments received
by the Administrative Agent from the Borrowers or for the Borrowers’ account. The Administrative Agent shall make available
to the Borrowers monthly statements regarding the Loan Account, including the principal amount of the Revolving Credit Loans,
interest accrued hereunder, fees accrued or charged hereunder or under the other Loan Documents, and a summary itemization of
all charges and expenses accrued hereunder or under the other Loan Documents, and each such statement, absent manifest error,
shall be conclusively presumed to be correct and accurate and constitute an account stated between the Borrowers and the Lender
Group unless, within 30 days after the Administrative Agent first makes such a statement available to the Borrowers, the Borrowers
shall deliver to the Administrative Agent written objection thereto describing the error or errors contained in such statement.

 

    100

     

    

 

Article
III

TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

 

3.01              
Taxes. 

 

(a)                
Any and all payments by or on account of any obligation of the Borrowers or any other Loan Party hereunder or under any
other Loan Document shall be made free and clear of and without deduction for any Taxes; provided that, if any Indemnified
Taxes or Other Taxes are required by applicable law (as determined in the good faith discretion of an applicable Withholding Agent)
to be deducted from such payments, then (i) the sum payable by the Borrowers or such Loan Party shall be increased as necessary
so that after all required deductions of Indemnified Taxes or Other Taxes (including any such deductions applicable to additional
sums payable under this Section 3.01) each Agent and Lender (as the case may be) receives an amount equal to the sum it
would have received had no such deductions been made, (ii) the applicable Withholding Agent shall make such deductions and
(iii) the applicable Withholding Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance
with applicable law. For purposes of this Section 3.01, the term “Lender” shall include the Swing Line Lender
and each L/C Issuer.

 

(b)                
In addition, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law, except for Other Taxes resulting from an assignment by any Lender pursuant to Section 10.07, which assignment is not
at the request of the Borrowers pursuant to Section 3.07.

 

(c)                
The Loan Parties shall, jointly and severally, indemnify each Agent and Lender, within 10 days after written demand therefor,
for the full amount of any Indemnified Taxes paid or payable by such Agent or Lender, as the case may be, on or with respect to
any payment by or on account of any obligation of the Borrowers or any other Loan Party hereunder or under any other Loan Document
and any Other Taxes paid or payable by such Agent or Lender (including Indemnified Taxes and Other Taxes imposed or asserted on
or attributable to amounts payable under this Section 3.01) and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate setting forth in reasonable detail the basis and the calculation of the amount
of such liability delivered to the Borrowers by a Lender or Agent, or by the Administrative Agent on behalf of itself or a Lender
or Agent, shall be conclusive absent manifest error.

 

    101

     

    

 

(d)              
As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrowers or any other Loan Party to
a Governmental Authority, the Borrowers 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)              
If any Lender or Agent determines, in its sole discretion exercised in good faith, that it has received a refund of any
Indemnified Taxes or Other Taxes as to which indemnification or additional amounts have been paid to it by the Borrowers pursuant
to this Section 3.01, it shall promptly remit such refund (without interest, other than any interest paid by the relevant
taxation authority with respect to such refund) to the Borrowers (but only to the extent of indemnity payments made or additional
amounts paid under this Section 3.01 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net
of all out-of-pocket expenses of the Lender or Agent, as the case may be; provided, however, that the Borrowers,
upon the request of the Lender or Agent, as the case may be, agree promptly to return such refund to such party (plus any penalties,
interest or other charges imposed by the relevant taxation authority) in the event such party is required to repay such refund
to the relevant taxing authority. Such Lender or Agent, as the case may be, shall, at any Borrowers’ request, provide such
Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant
taxing authority (provided, that such Lender or Agent may delete any information therein that such Lender or Agent deems
confidential). Notwithstanding anything to the contrary in this Section 3.01(e), in no event will any Lender or Agent be
required to pay any amount to any Borrower pursuant to this Section 3.01(e) the payment of which would place such Lender
or Agent in a less favorable net after-tax position than it would have been in if the Indemnified Tax or Other Tax giving rise
to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with
respect thereto had never been paid. Nothing herein contained shall interfere with the right of a Lender or Agent to arrange its
tax affairs in whatever manner it thinks fit or oblige any Lender or Agent to claim any tax refund or to disclose any information
relating to its tax affairs or any computations in respect thereof or require any Lender or Agent to do anything that would prejudice
its ability to benefit from any other refunds, credits, reliefs, remissions or repayments to which it may be entitled.

 

(f)               
Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 3.01(a) or
(c) with respect to such Lender it will, if requested by any Borrower, use commercially reasonable efforts (subject to such
Lender’s overall internal policies of general application and legal and regulatory restrictions) to avoid or reduce to the
greatest extent possible any indemnification or additional amounts due under this Section 3.01, which may include the
designation of another Lending Office for any Loan or Letter of Credit affected by such event; provided, that such efforts
are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material
economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section 3.01(f)
shall affect or postpone any of the ABL Obligations of the Borrowers or the rights of such Lender pursuant to Sections 3.01(a)
and (c).

 

    102

     

    

 

(g)              
(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under
any Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by any
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by such Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In
addition, any Lender, if reasonably requested by any Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by such Borrower or the Administrative Agent as will enable the Borrowers
or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 3.01(g)(ii) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender.

 

(ii)             
Each Foreign Lender shall, to the extent it is legally able to do so, furnish to the Borrowers and the Administrative Agent,
on or prior to the date it becomes a party to this Agreement, two accurate and complete originally executed copies of (i) IRS Form
W-8BEN or W-8BEN-E (or the applicable successor form) certifying exemption from or a reduction in the rate of United States federal
withholding tax under an applicable treaty to which the United States is a party, (ii) IRS Form W-8ECI (or successor form)
certifying that the income receivable pursuant to the Loan Documents is effectively connected with the conduct of a trade or business
in the United States, (iii) IRS Form W-8EXP or W-8IMY (or successor form), together with required attachments, certifying exemption
from or reduction in the rate of United States federal withholding tax, or (iv) in the case of a Foreign Lender claiming exemption
from United States federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio
interest,” IRS Form W-8BEN or W-8BEN-E (or the applicable successor form) together with a statement substantially in the
form of Exhibit K. Each Foreign Lender shall, to the extent it is legally able to do so, deliver such forms promptly upon
the obsolescence or invalidity of any form previously delivered by such Foreign Lender. In addition, each Foreign Lender shall
promptly notify the Borrowers and the Administrative Agent at any time it determines that it is no longer in a position to provide
any previously delivered form (or any other form of certification adopted by the United States taxing authorities for such purpose).
Solely for purposes of this Section ‎3.01(g), the term “Foreign Lender” shall include any Agent that
is not a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

    103

     

    

 

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

 

(h)              
Each Lender and Agent that is a “United States person” within the meaning of Section 7701(a)(30) of the Code
shall, to the extent it is legally able to do so, furnish to the Borrowers and the Administrative Agent, on or prior to the date
it becomes a party to this Agreement, two accurate and complete originally executed copies of IRS Form W-9 (or successor form)
establishing that such Lender or Agent is not subject to United States backup withholding tax.

 

(i)                
If a payment made to a Lender under any Loan Document would be subject to United States federal withholding tax imposed
by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by any Borrower or the Administrative Agent
such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by such Borrower or the Administrative Agent as may be necessary for the Borrowers
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 Section 3.01(i), “FATCA” shall include any amendments made to FATCA after the Restatement Effective
Date.

 

(j)                
Each party’s obligations under this Section 3.01 shall survive the termination of the Aggregate Commitments,
repayment of all other ABL Obligations hereunder and the resignation of the Administrative Agent. For purposes of this Section 3.01
and Section 9.01, the term “applicable law” includes FATCA.

 

    104

     

    

 

3.02         
Illegality. Subject to the provisions set forth in Section 3.08 below, if any Lender determines that any
Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable
Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine
or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the
authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice
thereof by such Lender to the Borrowers through the Administrative Agent, (i) any obligation of such Lender to make or continue
Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice
asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference
to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary
to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the
Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise
to such determination no longer exist. Upon receipt of such notice, (x) the Borrowers shall, upon demand from such Lender (with
a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans
(the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the
Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest
Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such
Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period
of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof
until the Administrative is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge
interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest
on the amount so prepaid or converted. Each Lender agrees to designate a different Lending Office if such designation will avoid
the need for such notice and will not, in the good faith judgment of such Lender, otherwise be disadvantageous to such Lender.

 

3.03         
Inability to Determine Rates. Subject to the provisions set forth in Section 3.08 below, if the Required
Lenders determine that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation
of any of the foregoing that (a) deposits are not being offered to banks in the European interbank market, the London interbank
Eurodollar market or other offshore interbank market for Dollars for the applicable amount and Interest Period of such Eurodollar
Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or (c) the Eurodollar
Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect
the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrowers and each Lender.
Thereafter, in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component
of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case
until the Administrative Agent (upon the instruction of the Required Lenders) revoke such notice. Upon receipt of such notice,
the Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified
therein.

 

    105

     

    

 

3.04         
Increased Cost and Reduced Return; Capital Adequacy.

 

(a)              
If any Lender determines that as a result of the introduction of or any Change in Law, in each case after the Restatement
Effective Date, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing
to make or making, funding or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or,
in the case of any Change in Law with respect to Taxes, any Loan) or issuing or participating in Letters of Credit, or a reduction
in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this Section 3.04(a)
any such increased costs or reduction in amount resulting from (i) Indemnified Taxes imposed on or with respect to any payment
made by or on account of any Loan Party under any Loan Document and Other Taxes (as to which Section 3.01 shall govern),
(ii) Excluded Taxes (other than clause (a)(ii) of the definition of Excluded Taxes), (iii) Connection Income Taxes,
and (iv) reserve requirements reflected in the Eurodollar Rate), then from time to time upon demand of such Lender
setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent given in accordance
with Section 3.06), the Borrowers shall pay to such Lender such additional amounts as will compensate such Lender for
such increased cost or reduction.

 

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

 

(c)              
The Borrowers shall not be required to compensate a Lender pursuant to Section 3.04(a) or (b) for any
such increased cost or reduction incurred more than 180 days prior to the date that such Lender demands, or notifies the Borrowers
of its intention to demand, compensation therefor; provided, that, if the circumstance giving rise to such increased cost
or reduction is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive
effect thereof.

 

3.05         
Funding Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers
shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result
of:

 

    106

     

    

 

(a)              
any assignment pursuant to Section 3.07, continuation, conversion, payment or prepayment of any Loan other than a
Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic,
by reason of acceleration, or otherwise); or

 

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

 

including any loss or expense arising from
the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from
which such funds were obtained.

 

For purposes of calculating
amounts payable by the Borrowers to the Lenders under this Section ‎3.05, each Lender shall be deemed to have funded
each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London
interbank market for Dollars in a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in
fact so funded. For the avoidance of doubt, this Section 3.05 shall not apply to the repayment of Swing Line Loans pursuant
to clause (b) of Section 2.07.

 

3.06         
Matters Applicable to All Requests for Compensation

 

(a)              
A certificate of any Agent or any Lender claiming compensation under this Article III and setting forth the additional
amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such amount,
such Agent or such Lender may use any reasonable averaging and attribution methods.

 

(b)              
With respect to any Lender’s claim for compensation under Section 3.02, 3.03 or 3.04, the
Borrowers shall not be required to compensate such Lender for any amount incurred more than 180 days prior to the date that
such Lender notifies the Borrowers of the event that gives rise to such claim; provided, that, if the circumstance giving
rise to such increased cost or reduction is retroactive, then such 180-day period referred to above shall be extended to include
the period of retroactive effect thereof. If any Lender requests compensation by the Borrowers under Section 3.04,
the Borrowers may, by notice to such Lender (with a copy to the Administrative Agent), suspend the obligation of such Lender to
make or continue from one Interest Period to another Eurodollar Rate Loans, or to convert Base Rate Loans into Eurodollar Rate
Loans, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of Section 3.06(c)
shall be applicable); provided, that such suspension shall not affect the right of such Lender to receive the compensation
so requested.

 

(c)              
If the obligation of any Lender to make or continue from one Interest Period to another any Eurodollar Rate Loan, or to
convert Base Rate Loans into Eurodollar Rate Loans shall be suspended pursuant to Section 3.06(b) hereof, such Lender’s
Eurodollar Rate Loans shall be automatically converted into Base Rate Loans on the last day(s) of the then current Interest Period(s)
for such Eurodollar Rate Loans (or, in the case of an immediate conversion required by Section 3.02, on such earlier
date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section
3.02, 3.03 or 3.04 hereof that gave rise to such conversion no longer exist:

 

    107

     

    

 

(i)              
to the extent that such Lender’s Eurodollar Rate Loans have been so converted, all payments and prepayments of principal
that would otherwise be applied to such Lender’s Eurodollar Rate Loans shall be applied instead to its Base Rate Loans; and

 

(ii)             
all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurodollar Rate
Loans shall be made or continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be converted
into Eurodollar Rate Loans shall remain as Base Rate Loans.

 

(d)              
If any Lender gives notice to the Borrowers (with a copy to the Agent) that the circumstances specified in Section 3.02,
3.03 or 3.04 hereof that gave rise to the conversion of such Lender’s Eurodollar Rate Loans pursuant to this
Section 3.06 no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at
a time when Eurodollar Rate Loans made by other Lenders are outstanding, such Lender’s Base Rate Loans shall be automatically
converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Eurodollar Rate Loans, to the extent
necessary so that, after giving effect thereto, all Loans held by the Lenders holding Eurodollar Rate Loans and by such Lender
are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective
Revolving Credit Commitments.

 

3.07          
Replacement of Lenders under Certain Circumstances

 

(a)              
If at any time (i) any Borrower becomes obligated to pay additional amounts or indemnity payments described in Section 3.01
or 3.04 as a result of any condition described in such Sections or any Lender ceases to make Eurodollar Rate Loans as a
result of any condition described in Section 3.02 or 3.03, (ii) any Lender becomes a Defaulting Lender or (iii)
any Lender becomes a “Non-Consenting Lender” (as defined below in this Section 3.07), then the Borrowers
may, at their sole expense and effort, on five Business Days’ prior written notice to the Administrative Agent and such Lender
(or such lesser time as may be agreed by the Administrative Agent), replace such Lender by causing such Lender to (and such Lender
shall be obligated to) assign pursuant to Section 10.07(b) (with the assignment fee to be paid by the Borrowers in
such instance) all of its rights and obligations under this Agreement to one or more Eligible Assignees; provided that (A) neither
the Administrative Agent nor any Lender shall have any obligation to the Borrowers to find a replacement Lender or other such Person,
(B) such replaced Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations
in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other
Loan Documents (including any amounts under Sections 2.05 (if applicable) and 3.05) in accordance with the Assignment
and Assumption with respect to such assignment, (C) such assignment does not conflict with applicable Law and (D) in the case of
any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable
amendment, waiver or consent.

 

    108

     

    

 

(b)              
Any Lender being replaced pursuant to Section 3.07(a) above shall (i) execute and deliver an Assignment
and Assumption with respect to such Lender’s Revolving Credit Commitment and outstanding Loans and participations in L/C
Obligations and Swing Line Loans, and (ii) deliver any Notes evidencing such Loans to the Borrowers or the Administrative
Agent. If such replaced Lender fails to execute and deliver such Assignment and Assumption within three Business Days after the
receipt of notice referred to in the foregoing clause (a), the Administrative Agent is hereby authorized to execute such
Assignment and Assumption instead of such replaced Lender (and each Lender, by its becoming a Lender hereunder is deemed to have
granted to the Administrative Agent an irrevocable proxy, which proxy shall be deemed to be coupled with interest, to execute and
deliver the Assignment and Assumption, as provided in this Section). Pursuant to such Assignment and Assumption, (A) the assignee
Lender shall acquire all or a portion, as the case may be, of the assigning Lender’s Revolving Credit Commitment and outstanding
Loans and participations in L/C Obligations and Swing Line Loans, (B) all obligations of the Borrowers owing to the assigning Lender
relating to the Loans and participations so assigned shall be paid in full to such assigning Lender in accordance with such Assignment
and Assumption concurrently with such assignment and assumption and (C) upon such payment and, if so requested by the assignee
Lender, delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become
a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Revolving
Credit Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive
as to such assigning Lender.

 

(c)              
Notwithstanding anything to the contrary contained above, (i) any Lender that acts as an L/C Issuer may not be replaced
hereunder at any time that it has any Letter of Credit outstanding hereunder unless arrangements satisfactory to such L/C Issuer
(including the furnishing of a back-up standby letter of credit in form and substance, and issued by an issuer reasonably satisfactory
to such L/C Issuer or the depositing of cash collateral into a cash collateral account in amounts and pursuant to arrangements
reasonably satisfactory to such L/C Issuer) have been made with respect to such outstanding Letter of Credit and (ii) the
Lender that acts as (or whose Affiliate acts as) the Administrative Agent may not be replaced hereunder except in accordance with
the terms of Section 9.09.

 

(d)              
In the event that (i) any Borrower has requested the Lenders to consent to a departure or waiver of any provisions
of the Loan Documents or to agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires the
agreement of all affected Lenders in accordance with the terms of Section 10.01 or all the Lenders with respect to
a certain class of the Loans and (iii) the Required Lenders have agreed to such consent, waiver or amendment, then any Lender
who does not agree to such consent, waiver or amendment shall be deemed a “Non-Consenting Lender.”

 

    109

     

    

 

3.08         
Effect of Benchmark Transition Event.

 

(a)               
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Lead Borrower may
amend this Agreement to replace the Eurodollar Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark
Transition Event will become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent has posted such proposed
amendment to all Lenders and the Lead Borrower so long as the Administrative Agent has not received, by such time, written notice
of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in
Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent
written notice that such Required Lenders accept such amendment. No replacement of the Eurodollar Rate with a Benchmark Replacement
pursuant to this Section 3.08 will occur prior to the applicable Benchmark Transition Start Date.

 

(b)              
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative
Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the
contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Agreement.

 

(c)               
Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Lead Borrower
and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the
effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability
Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section
3.08 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest
error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as
expressly required pursuant to this Section 3.08.

 

(d)               
Benchmark Unavailability Period. Upon the Lead Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period, the Lead Borrower may revoke any request for a Eurodollar Rate Borrowing of, conversion to or continuation
of Eurodollar Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Lead
Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans.
During any Benchmark Unavailability Period, the component of Base Rate based upon the Eurodollar Rate will not be used in any determination
of the Base Rate.

 

    110

     

    

 

3.09          Survival.
All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments
and repayment of all other ABL Obligations hereunder and resignation of the Administrative Agent.

 

Article
IV

CONDITIONS PRECEDENT TO Credit Extensions

 

4.01         
Conditions to Initial Credit Extension. The obligation of each Lender and L/C Issuer to make its initial Credit
Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a)              
The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated
as of the Restatement Effective Date (or, in the case of certificates of governmental officials, a recent date before the Restatement
Effective Date) and each in form and substance reasonably satisfactory to the Administrative Agent and its counsel:

 

(i)              
executed counterparts of this Agreement, a Guaranty from each Guarantor;

 

(ii)             
a Note executed by the Borrowers in favor of each Lender requesting a Note;

 

(iii)            
the Security Agreement, duly executed by each Loan Party, together with:

 

(A)            
certificates (including original share certificates and/or original certificates of title) representing the Pledged Interests
referred to therein accompanied by undated stock powers executed in blank and instruments evidencing the Pledged Debt indorsed
in blank,

 

(B)             
copies of financing statements, filed or duly prepared for filing under, the Uniform Commercial Code in all jurisdictions
necessary in order to perfect and protect the Liens created under the Security Agreement, covering the Collateral described in
the Security Agreement, and

 

(C)             
evidence that all other actions, recordings and filings of or with respect to the Security Agreement that the Collateral
Agent may deem reasonably necessary or desirable in order to perfect and protect the Liens created thereby shall have been taken,
completed or otherwise provided for in a manner reasonably satisfactory to the Collateral Agent (including, without limitation,
receipt of duly executed payoff letters and Uniform Commercial Code termination statements);

 

(iv)            
the Intellectual Property Security Agreement, duly executed by each Loan Party, together with evidence that all action that
the Collateral Agent in its reasonable judgment may deem reasonably necessary or desirable in order to perfect and protect the
Liens created under the Intellectual Property Security Agreement has been taken;

 

    111

     

    

 

(v)              
[reserved];

 

(vi)            
such customary certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible
Officers of each Loan Party as the Administrative Agent or the Collateral Agent may require evidencing the identity, authority
and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and
the other Loan Documents to which such Loan Party is a party or is to be a party and authorizing the execution, delivery and performance
of the Loan Documents to which such Loan Party is a party and, in the case of the Borrowers, the borrowings hereunder, and that
such resolutions have not been modified, rescinded or amended and are in full force and effect;

 

(vii)           
such documents and certifications (including, without limitation, Organization Documents and good standing certificates)
as the Administrative Agent or the Collateral Agent may reasonably require to evidence that each Loan Party is duly organized or
formed, and that each of the Loans Parties is validly existing, in good standing (where such concept is applicable) and qualified
to engage in business (as applicable) in each jurisdiction where its ownership, lease or operation of properties or the conduct
of its business requires such qualification, except to the extent that failure to be so qualified could not reasonably be expected
to have a Material Adverse Effect;

 

(viii)         
an opinion of Alston & Bird, LLP, counsel to the Loan Parties, and Eversheds Sutherland (US) LLP, special Georgia counsel
to the Loan Parties, each addressed to each Agent, each L/C Issuer and each Lender;

 

(ix)            
a customary certificate, substantially in the form of Exhibit J, from the chief financial officer of Holdings, certifying
that Holdings and its Subsidiaries, on a consolidated basis after giving effect to the initial extensions of credit under this
Agreement and the payment of all fees and expenses required to by paid by Borrowers on the Restatement Effective Date, are Solvent;

 

(x)             
(a) consolidated audited financial statements (consisting of consolidated balance sheets, consolidated statements of operations,
consolidated cash flow statements and consolidated statements of stockholders’ equity) of Holdings and its Subsidiaries as
of April 30, 2019, (b) consolidated unaudited financial statements (consisting of consolidated balance sheets, consolidated statements
of operations and consolidated statements of stockholders’ equity) of Holdings and its Subsidiaries as of and for each fiscal
quarter (and the corresponding portion of the fiscal year and the preceding fiscal year) ending after April 30, 2019, and at least
45 days prior to the Restatement Effective Date, and (c) a pro forma consolidated balance sheet and related pro forma consolidated
statement of operations of Holdings and its Subsidiaries, which shall be quarterly through the end of fiscal year 2020 and annually
thereafter through the end of fiscal year 2022, in each case of the foregoing clauses (a), (b), and (c) prepared
in accordance with GAAP;

 

    112

     

    

 

(xi)             
a Committed Loan Notice and/or Letter of Credit Application, as applicable, relating to the initial Credit Extensions;

 

(xii)            
a Borrowing Base Certificate, dated as of the Restatement Effective Date, relating to the month ended on August 31, 2019,
executed by a Responsible Officer of the Lead Borrower or of GMS;

 

(xiii)           
a certificate, dated as of the Restatement Effective Date, duly executed by of a Responsible Officer of Holdings certifying
that the conditions precedent set forth in Section 4.01 and 4.02 have been satisfied as of the Restatement Effective
Date;

 

(b)              
[Reserved].

 

(c)              
[Reserved].

 

(d)              
On the Restatement Effective Date, after giving effect to the initial extensions of credit under this Agreement and the
payment of the Restatement Effective Date Term Loan Payment and all fees and expenses required to by paid by Borrowers on the Restatement
Effective Date, Availability shall not be less than $250,000,000.

 

(e)              
[Reserved].

 

(f)               
Since April 30, 2019, no fact, event or circumstance shall have occurred or arisen that, individually or in combination
with any other fact, event or circumstance, has had or could reasonably be expected to have a Material Adverse Effect.

 

(g)              
The Administrative Agent shall have received all documentation and other information required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, as
is reasonably requested in writing by the Administrative Agent at least five Business Days prior to the Restatement Effective Date.

 

(h)              
All fees and expenses required to be paid on the Restatement Effective Date shall have been paid in full in cash (or shall
be paid contemporaneously with the initial fundings under this Agreement) including fees pursuant to the Fee Letter, to the extent,
in the case of reimbursement of expenses, invoiced to the Borrowers at least two Business Days prior to the Restatement Effective
Date.

 

(i)              
All actions necessary to establish that the Collateral Agent will have a perfected (with the priority required by the ABL/Term
Intercreditor Agreement) security interest (subject to liens permitted by Section 7.01) in the Collateral shall have been
taken.

 

    113

     

    

 

(i)                
[Reserved].

 

(j)                
[Reserved].

 

(k)               
The Administrative Agent shall have received the results of a recent Lien and judgment search in each relevant jurisdiction
with respect to the Loan Parties, and such search shall reveal no Liens on any of the assets of the Loan Parties except, in the
case of assets other than Pledged Interests, for Liens permitted under Section 7.01.

 

(l)                
At least five Business Days prior to the Restatement Effective Date, any Loan Party that qualifies as a “legal entity
customer” under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such
Loan Party, which such Beneficial Ownership Certificate shall be complete and accurate in all respects.

 

Without limiting the generality of the
provisions of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted, or to be satisfied with,
each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender, unless
the Administrative Agent shall have received notice from such Lender prior to the proposed Restatement Effective Date specifying
its objection thereto.

 

4.02         
Conditions to All Credit Extensions. The obligation of each Lender and L/C Issuer to honor any Request for Credit
Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar
Rate Loans) is subject to the following conditions precedent:

 

(a)               
The representations and warranties of the Lead Borrower and each other Loan Party contained in Article V or any other
Loan Document shall be true and correct in all material respects (and in all respects if any such representation or warranty is
already qualified by materiality) on and as of the date of such Credit Extension, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and
in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date, and except
that for purposes of this Section 4.02, the representations and warranties contained in Section 5.05(a)
and Sections 5.05(b) and (c) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a)
and (b), respectively.

 

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

 

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

 

(d)               
After giving effect to such proposed Credit Extension, Availability shall be not less than $1.00.

 

    114

     

    

 

(e)              
The report and opinion of the independent certified public accountants with respect to the most recently delivered set of
the financial statements delivered pursuant to Section 6.01(a) shall not contain a qualification, exception or explanatory
note of the type described in clause (B) of Section 6.01(a).

 

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

 

Article
V

REPRESENTATIONS AND WARRANTIES

 

Each of Holdings and
the Lead Borrower represents and warrants to the Agents and the Lenders that:

 

5.01         
Existence, Qualification and Power; Compliance with Laws. Each Loan Party and each of its Subsidiaries (a) is
a Person duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation
or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business
and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified
and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct
of its business requires such qualification and (d) has all requisite valid and subsisting governmental licenses, authorizations,
consents and approvals (“Permits”) to operate its business as currently conducted; except in each case
referred to in clause ‎(b)‎(i) (other than with respect to the Lead Borrower), (c) or (d),
to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. There are no actions,
claims or proceedings pending or to the best of the Lead Borrower’s or any Guarantor’s knowledge, threatened in writing
that seek the revocation, cancellation, suspension or modification of any of the Permits where any of the same could reasonably
be expected to have a Material Adverse Effect.

 

5.02         
Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document
to which such Person is a party are within such Loan Party’s corporate or other powers, have been duly authorized by all
necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s
Organization Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien under
(other than any Lien to secure the Secured Obligations pursuant to the Collateral Documents), or require any payment to be made
under (i) any Permitted Term Indebtedness, (ii) any other Contractual Obligation to which such Person is a party or affecting
such Person or the properties of such Person or any of its Subsidiaries or (iii) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law; except
with respect to any breach or contravention or payment referred to in clause (b)(ii) and (b)(iii), to the extent
that such conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect.

 

    115

     

    

 

5.03         
Governmental Authorization; Other Consents. No material approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the
execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, (b) the
grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance
of the Liens created under the Collateral Documents (including the priority thereof) or (d) the exercise by an Agent, an
L/C issuer, any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral
Documents, except for the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained,
taken, given or made and are in full force and effect and those approvals, consents, exemptions, authorizations or other actions,
notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect.

 

5.04         
Binding Effect. This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party
that is party thereto. This Agreement and each other Loan Document constitutes a legal, valid and binding obligation of such Loan
Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as such enforceability may
be limited by bankruptcy insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights
generally and by general principles of equity.

 

5.05         
Financial Statements; No Material Adverse Effect.

 

(a)               
The audited consolidated financial statements of Holdings as of April 30, 2019, consisting of the consolidated balance sheets,
consolidated statements of operations, consolidated cash flow statements and consolidated statements of stockholders’ equity,
for the year then ended have been prepared in accordance with GAAP on a consistent basis throughout the indicated period (except
as may be indicated in the footnotes thereto). The financial statements delivered pursuant to Section 4.01(a)(x) fairly
present in all material respects the consolidated financial condition and results of operation of the Lead Borrower and its Subsidiaries,
taken as a whole, at the dates and for the relevant periods indicated.

 

(b)               
The unaudited consolidated financial statements described in clause (b) of Section 4.01(a)(x) were prepared
in accordance with GAAP on a consistent basis throughout the indicated period, subject to normal and recurring year-end adjustments
and the absence of footnotes, and fairly present in all material respects the consolidated financial condition and results of operations
of the Restricted Group, taken as a whole, at the dates and for the relevant periods indicated.

 

(c)               
Since April 30, 2019, there has been no change, event, occurrence, event or circumstance, either individually or in the
aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

(d)              
The forecasted financial information of the Restricted Group delivered to the Lenders pursuant to Section 4.01
or 6.01 was prepared in good faith using assumptions based on information sourced from the financial records of the Restricted
Group for the periods stated therein, which assumptions were reasonable in light of the conditions existing at the time of delivery
and at the time of preparation of such forecasts; it being understood that actual results may vary from such forecasts and that
such variations may be material.

 

    116

     

    

 

5.06         
Litigation. There are no actions, suits, proceedings, investigations, claims or disputes pending or, to the knowledge
of Holdings or any of its Restricted Subsidiaries, threatened or contemplated, at law, in equity, in arbitration or before any
Governmental Authority, by or against Holdings or any of its Restricted Subsidiaries or against any of their properties or revenues
that (a) purport to affect or pertain to this Agreement, any other Loan Document or (b) either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

 

5.07         
No Default. Neither Holdings nor any Restricted Subsidiary of Holdings is in default under or with respect to, or
a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

5.08         
Ownership of Property; Liens. Each Loan Party and each of its Restricted Subsidiaries has good record and indefeasible
title in fee simple to (or legal and beneficial title to, as applicable in the relevant jurisdiction), or valid leasehold interests
in, all real property (including leased real property) necessary in the ordinary conduct of its business, free and clear of all
Liens except for defects in title that do not materially interfere with its ability to conduct its business or to utilize such
assets for their intended purposes and for Permitted Encumbrances and, in the case of leased real property, encumbrances which
encumber the fee estate and do not result from a violation by the Loan Party or Restricted Subsidiary in question of the terms
of its lease.

 

5.09         
Environmental Matters.

 

Except as disclosed in
Schedule 5.09 or as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect:

 

(a)               
There are no pending or, to the knowledge of the Lead Borrower, threatened claims against Holdings or any of its Subsidiaries
alleging either potential liability under, or responsibility for violation of, any Environmental Law or alleging potential liability
with respect to any Hazardous Material, and to the knowledge of the Lead Borrower, (i) there are no pending investigations by any
Governmental Authority regarding any such potential claims and (ii) no facts or circumstances exist that would likely be the basis
for any such claim.

 

(b)               
(i) Neither Holdings nor any of its Subsidiaries has generated, used, stored, treated, transported, or caused any Environmental
Release of, Hazardous Materials at or to any location and (ii) none of the real properties currently owned, leased or operated
by Holdings or any of its Subsidiaries or, to the knowledge of the Lead Borrower, the real properties formerly owned, leased or
operated by Holdings or any of its Subsidiaries, contain any Hazardous Materials that, in the case of either ‎(i) or ‎(ii)
above, are in amounts or concentrations or in a manner which (x) constitute a violation by Holdings or any of its Subsidiaries
of, (y) require any investigation, remediation or response action under, or (z) are reasonably likely to give rise to
liability against Holdings or any of its Subsidiaries under, Environmental Laws.

 

    117

     

    

 

(c)               
Neither Holdings nor any of its Subsidiaries is undertaking or, to the knowledge of the Lead Borrower, is obliged to undertake,
either individually or together with other potentially responsible parties, any investigation, remediation, or response action
relating to any actual or threatened Environmental Release of Hazardous Materials at any site.

 

5.10         
Taxes. Holdings and its Subsidiaries have filed all Federal and state and other tax returns and reports required
to be filed, and have paid all Federal and state and other taxes, assessments, fees and other governmental charges levied or imposed
upon them or their properties, income or assets otherwise due and payable, except those (a) which are not overdue by more than
30 days or (b) which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate
reserves have been provided in accordance with GAAP or (c) with respect to which the failure to make such filing or payment
could not individually or in the aggregate reasonably be expected to have a Material Adverse Effect.

 

5.11         
ERISA Compliance.

 

(a)               
Each Company Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other
applicable Laws. Each Company Plan that is intended to be a qualified plan under Section 401(a) of the Code has received,
or is entitled to rely upon, a favorable determination letter from the Internal Revenue Service or an opinion of counsel to the
effect that the form of such Company Plan is qualified under Section 401(a) of the Code and the trust related thereto has
been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or
an application for such a letter is currently being processed by the Internal Revenue Service. To the knowledge of the Lead Borrower
and Holdings, nothing has occurred that would prevent, or cause the loss of, such tax-qualified status.

 

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

 

(c)               
(i) No ERISA Event has occurred and neither any Loan Party nor any ERISA Affiliate is aware of any fact, event or circumstance
that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) each Loan
Party and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan,
and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as
of the most recent valuation date for any Pension Plan (other than a Multiemployer Plan), the funding target attainment percentage
(as defined in Section 430(d)(2) of the Code) is 60% or higher; (iv) neither any Loan Party nor any ERISA Affiliate has incurred
any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that
are unpaid; (v) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069
or 4212(c) of ERISA and (vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC and no event
or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title
IV of ERISA to terminate such Pension Plan, except with respect to each of the foregoing clauses of this Section 5.11(c),
as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

 

    118

     

    

 

(d)               
Neither any Loan Party nor, to the knowledge of the Lead Borrower, any ERISA Affiliate maintains or contributes to, or has
any unsatisfied obligation to contribute to, or liability under, any active or terminated Pension Plan other than on the Restatement
Effective Date, those listed on Schedule 5.11(d) hereto.

 

5.12         
Subsidiaries; Equity Interests. As of the Restatement Effective Date, each Loan Party has no Subsidiaries and is
not engaged in any Joint Venture or partnership other than those specifically disclosed in Schedule 5.12, and all
of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and are owned
by a Loan Party free and clear of all Liens except (i) those created under the Collateral Documents and (ii) any nonconsensual
Lien that is permitted under Section 7.01, any Lien permitted under Section 7.01(bb) and Permitted Term
Indebtedness Liens.

 

5.13         
Margin Regulations; Investment Company Act.

 

(a)               
Neither any Loan Party 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 any Margin Stock. No part of the proceeds of the Loans made
by the Lender Group to the Borrowers will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose
of purchasing or carrying any Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board
of Governors.

 

(b)               
None of Holdings, the Lead Borrower, any Person Controlling Holdings, or any other Subsidiary of Holdings is or is required
to be registered as an “investment company” under the Investment Company Act of 1940. Neither the making of any Loan,
nor the issuance of any Letters of Credit, nor the application of the proceeds or repayment thereof by the Lead Borrower, nor the
consummation of the other transactions contemplated by the Loan Documents, will violate any provision of any such Act or any rule,
regulation or order of the SEC thereunder.

 

5.14         
Disclosure. Holdings has disclosed to the Agents and the Lenders all agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries or any other Loan Party is subject, and all other matters known to it, that,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. No report, financial statement,
certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party (other than projected
financial information, pro forma financial information and information of a general economic or industry nature) to any Agent
or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or any other Loan Document (as modified or supplemented by other information so furnished), when taken as a whole, contains any
material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not materially misleading; provided that, with respect to projected and pro forma
financial information, Holdings represents only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time of delivery of such information to any Agent or Lender; it being understood that such projections
may vary from actual results and that such variances may be material. The information provided in any Beneficial Ownership Certificate
delivered under this Agreement is true and correct in all material respects on the date on which such Beneficial Ownership Certificate
is delivered.

 

    119

     

    

 

5.15         
Compliance with Laws. Each Loan Party and its Subsidiaries is in compliance in all respects with the requirements
of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect.

 

5.16         
Intellectual Property. Except as could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, each Loan Party and each of their Subsidiaries owns, or possesses the right to use, all of the trademarks, service
marks, trade names, trade dress, domain names, copyrights, patents, patent applications, franchises, licenses, trade secrets,
know-how and other intellectual property rights (collectively, “IP Rights”) that are used in the operation
of their respective businesses. Set forth on Schedule 5.16 is a complete and accurate list of all registrations or
applications for registration of any IP Rights owned or exclusively licensed by a Loan Party or any of its Subsidiaries as of
the Restatement Effective Date. To the knowledge of Holdings and the Lead Borrower, (i) the conduct of the business of the Loan
Parties and their Subsidiaries does not infringe, misappropriate, dilute or otherwise violate any rights held by any other Person,
and (ii) no slogan or other advertising device, product, process, method, substance, part or other material now employed or sold,
or now contemplated to be employed or sold, by any Loan Party or any Subsidiary infringes upon, misappropriates, dilutes or otherwise
violates any rights held by any other Person except in each case for such infringements, individually or in the aggregate, which
could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the foregoing is pending
or, to the knowledge of Holdings, threatened, which, either individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect. To the knowledge of Holdings, no Person is infringing, misappropriating, diluting or otherwise
violating any IP Rights that are material to the operation of the business of the Loan Parties or any of their Subsidiaries.

 

5.17         
Solvency. Holdings and its Subsidiaries, on a consolidated basis, are Solvent.

 

5.18         
Labor Matters. Other than mandatory national, provincial or industry-wide collective bargaining arrangements, there
are no collective bargaining agreements or Multiemployer Plans, other than those listed on Schedule 5.18, covering
the employees of Holdings or any of its Subsidiaries as of the Restatement Effective Date and neither Holdings nor any Subsidiary
has suffered any strikes, walkouts, slowdowns, lockouts, work stoppages or other material labor difficulty within the last five
years. Except as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, there
is (a) no unfair labor practice complaint pending against Holdings or any of its Subsidiaries or, to the knowledge of Holdings
and the Lead Borrower, threatened against any of them before the National Labor Relations Board (or any foreign equivalent thereof)
and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is so pending against
Holdings or any of its Subsidiaries or, to the knowledge of Holdings and the Lead Borrower, threatened against any of them and
(b) to the knowledge of Holdings and the Lead Borrower, no union representation question existing with respect to the employees
of Holdings or any of its Subsidiaries and, to the knowledge of Holdings and the Lead Borrower, no union organization activity
that is taking place.

 

    120

     

    

 

5.19         
Perfection, Etc. Subject to the last paragraph of Section 4.01, all filings and other actions necessary or
desirable to create, perfect and protect the Lien in the Collateral of the Collateral Agent, for the benefit of the Secured Parties,
securing the Secured Obligations created under the Collateral Documents have been duly made or taken and are in full force and
effect, and the Collateral Documents create in favor of the Collateral Agent, for the benefit of the Secured Parties, a valid
and, together with such filings and other actions, perfected Lien in the Collateral with the priority specified in the ABL/Term
Intercreditor Agreement, securing the payment of the Secured Obligations, subject to Liens permitted by Section 7.01.
The Loan Parties are the legal and beneficial owners of the Collateral free and clear of any Lien, except for the Liens created
or permitted under the Loan Documents.

 

5.20         
OFAC and PATRIOT Act Compliance. To the extent applicable, Holdings, each member of the Restricted Group and each
Unrestricted Subsidiary is in compliance, in all respects, with (i) the Trading with the Enemy Act, the International Emergency
Economic Powers Act, each 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
PATRIOT Act.

 

5.21         
Anti-Corruption Compliance. Each Loan Party is in compliance in all material respects with all applicable anti-corruption
Laws, including the United States Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), and maintains
policies and procedures designed to ensure that each Loan Party will continue to be in compliance in all material respects with
all applicable anti-corruption Laws. No part of the proceeds of the Loans or Letters of Credit has been or will be used, directly
or indirectly, by any Loan Party for any payments to any Person, 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 FCPA or any other applicable anti-corruption Law.

 

5.22         
OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. No Loan Party (a) is a Sanctioned Person or a
Sanctioned Entity, (b) has its assets located in Sanctioned Entities or (c) derives revenue from investments in, or transactions
with, Sanctioned Persons or Sanctioned Entities. The proceeds of any Loan will not be used to fund any operations in, finance
any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity.

 

    121

     

    

 

5.23         
Designation as Senior Debt. The ABL Obligations constitute “Designated Senior Debt,” or any similar
term under and as defined in the agreements relating to any Indebtedness of the Lead Borrower or any Guarantor, including any
subordinated Indebtedness, which contains such designation.

 

5.24         
Tax Reporting Compliance. The Borrowers do not intend to treat the Loans and/or Letters of Credit and related transactions
as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). In the event that
any Borrower determines to take any action inconsistent with such intention, it will promptly notify the Administrative Agent
thereof. If any Borrower so notifies the Administrative Agent, the Borrowers acknowledge that one or more of the Lenders may treat
its Loans and/or its interest in Swing Line Loans and/or Letters of Credit as part of a transaction that is subject to Treasury
Regulation Section 301.6112 1, and such Lender or Lenders, as applicable, will maintain the lists and other records required by
such Treasury Regulation.

 

Article
VI

AFFIRMATIVE COVENANTS

 

So long as any Lender
shall have any Revolving Credit Commitment hereunder, any Loan or other ABL Obligation hereunder (other than ABL Obligations arising
under Secured Cash Management Agreements and Secured Hedge Agreements) which is accrued and payable shall remain unpaid or unsatisfied,
or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been
Cash Collateralized or a backstop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), the Lead
Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02 and 6.03)
cause each Restricted Subsidiary to:

 

6.01         
Financial Statements. Deliver to the Administrative Agent for further distribution to each Lender, in form and detail
reasonably satisfactory to the Administrative Agent:

 

(a)              
as soon as available, but in any event within 90 days after the end of each fiscal year of the Lead Borrower, a consolidated
balance sheet of the Lead Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements
of operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by
a report and opinion of Pricewaterhouse Coopers LLP or any other independent certified public accountant of nationally recognized
standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be
subject to any “going concern” or like qualification, exception or explanatory paragraph or any qualification, exception
or explanatory paragraph as to the scope of such audit (other than any such exception or explanatory paragraph that is expressly
solely with respect to, or expressly resulting solely from, (A) an upcoming maturity date under the credit facilities provided
for herein that is scheduled to occur within one year from the time such opinion is delivered or (B) any potential inability to
satisfy any financial covenants set forth in any agreement, document or instrument governing or evidencing Indebtedness on a future
date or in a future period), together with a Narrative Report with respect thereto;

 

    122

     

    

 

(b)              
as soon as available, but in any event, within 45 days, in each case, after the end of each of the first three fiscal
quarters of each fiscal year of the Lead Borrower, a consolidated balance sheet of the Lead Borrower and its Subsidiaries as at
the end of such fiscal quarter, and the related consolidated statements of operations, stockholders’ equity and cash flows
for such fiscal quarter and for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures
for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all
in reasonable detail and certified by a Responsible Officer of the Lead Borrower or of GMS as fairly presenting in all material
respects the financial condition, results of operations, stockholders’ equity and cash flows of the Lead Borrower and its
Subsidiaries in accordance with GAAP subject only to normal year-end audit adjustments and the absence of footnotes, together with
a Narrative Report with respect thereto;

 

(c)              
(i) within one Business Day after the occurrence of the initial Cash Dominion Trigger Event with respect to any Cash Dominion
Trigger Period, a consolidated balance sheet of the Lead Borrower and its Subsidiaries as at the end of the most recently ended
month (other than the last month in any fiscal quarter) for which financial statements are available, but in any event for a month
ending no more than 75 days prior to the occurrence of such initial Cash Dominion Event, together with the related consolidated
statements of operations, stockholders’ equity and cash flows for such fiscal month and for the portion of the fiscal year
then ended, and (ii) so long as a Cash Dominion Period continues to exist, as soon as available, but in any event within 45 days
after the end of the first two fiscal months of each fiscal quarter of the Lead Borrower thereafter, a consolidated balance sheet
of the Lead Borrower and its Subsidiaries as at the end of such fiscal month, and the related consolidated statements of operations,
stockholders’ equity and cash flows for such fiscal month and for the portion of the fiscal year then ended, setting forth
in each case under clauses (i) and (ii) in comparative form the figures for the corresponding fiscal month of the
previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible
Officer of the Lead Borrower as fairly presenting in all material respects the financial condition, results of operations, stockholders’
equity and cash flows of the Lead Borrower and its Subsidiaries in accordance with GAAP subject only to normal year-end audit adjustments
and the absence of footnotes; and

 

(d)              
as soon as available, but in any event no later than 45 days after the end of each fiscal year, forecasts prepared by management
of the Lead Borrower, in form reasonably satisfactory to the Administrative Agent, of consolidated balance sheets, statements of
operations and statements of cash flows of the Lead Borrower and its Subsidiaries on a quarterly basis for the fiscal year following
such fiscal year then ended.

 

To the extent the Lead Borrower designates
any of its Subsidiaries as an Unrestricted Subsidiary, the financial statements referred to in this Section 6.01 shall be
accompanied by reconciliation statements eliminating the financial information pertaining to such Unrestricted Subsidiary or Unrestricted
Subsidiaries.

 

    123

     

    

 

6.02         
Certificates; Other Information. Deliver to the Administrative Agent for further distribution to each Lender, in
form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)              
concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly
completed Compliance Certificate signed by a Responsible Officer of the Lead Borrower or of GMS (which delivery may, unless the
Administrative Agent or a Lender requests executed originals, be by electronic communication including fax or email and shall be
deemed to be an original authentic counterpart thereof for all purposes and which Compliance Certificate need not include financial
covenant calculations unless compliance with the Fixed Charge Coverage Ratio is required under Section 7.11);

 

(b)              
within 20 days after the end of (x) the fiscal month ending September 30, 2019, and (y) each fiscal quarter ending thereafter
(or, if such day is not a Business Day, on the next succeeding Business Day), a Borrowing Base Certificate showing the Borrowing
Base as of the close of business as of the last day of the immediately preceding fiscal quarter, each Borrowing Base Certificate
to be certified as complete and correct by a Responsible Officer of the Lead Borrower or of GMS; provided, that (i) at any
time that the Total Outstandings is greater than 10% of the Line Cap, such Borrowing Base Certificate shall be delivered within
20 days after the end of each fiscal month (or, if such day is not a Business Day, on the next succeeding Business Day), as of
the close of business as of the last day of the immediately preceding fiscal month and (ii) during a Cash Dominion Trigger
Period, such Borrowing Base Certificate shall be delivered on Tuesday of each week (or, if Tuesday is not a Business Day, on the
next succeeding Business Day), as of the close of business on the immediately preceding Saturday; provided, further,
that the Lead Borrower may elect to deliver Borrowing Base Certificates on a monthly or weekly basis, as applicable, but if (A)
if such election is exercised or (B) if monthly or weekly Borrowing Base Certificates are required pursuant to the foregoing clauses
(i) or (ii), such monthly or weekly delivery, as applicable, shall continue until the end of the first full (1) fiscal
month (in the case of weekly Borrowing Base Certificates) or (2) fiscal quarter (in the case of monthly Borrowing Base Certificates)
following such request;

 

(c)              
within one Business Day after the occurrence of a Covenant Trigger Event, a certificate of a Financial Officer of the Lead
Borrower setting forth reasonably detailed calculations of the Fixed Charge Coverage Ratio, calculated as set forth in Section 7.11,
for the fiscal quarter for which financial statements have been prepared or were required to have been prepared ended immediately
preceding the first date that such ratio is required to be tested;

 

(d)              
within two Business Day after a Disposition permitted pursuant to Section 7.05(k)(D), (o) or (p) of any
property, having an aggregate value in excess of $2,500,000, included in the Borrowing Base, a Borrowing Base Certificate showing
the Borrowing Base as of the close of business as of the date on which such Disposition was consummated, each Borrowing Base Certificate
to be certified as complete and correct by a Responsible Officer of the Lead Borrower or of GMS;

 

    124

     

    

 

(e)              
the financial and collateral reports described on Schedule 6.02(e), at the times set forth therein;

 

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

 

(g)              
promptly after the furnishing thereof, copies of any requests or notices received by any Loan Party (other than in the ordinary
course of business), statement or report furnished to any holder of any Indebtedness of any Loan Party or of any of its Subsidiaries
in a principal amount greater than the Threshold Amount and not otherwise required to be furnished to the Lenders pursuant to any
other clause of this Section 6.02;

 

(h)              
promptly after the receipt thereof by any Loan Party or any of its Subsidiaries, copies of each notice or other correspondence
received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any material investigation or other
material inquiry by such agency regarding financial or other operational results of any Loan Party or any of its Subsidiaries;

 

(i)                
reasonably promptly after the assertion or occurrence thereof, notice of any action arising under any Environmental Law
or otherwise relating to any Hazardous Material against any Loan Party or any of its Subsidiaries that could reasonably be expected
to have a Material Adverse Effect;

 

(j)                
together with the delivery of each Compliance Certificate pursuant to Section 6.02(a), (i) a report supplementing
Schedule 5.16 (in connection with the delivery of the annual financial statements only) and (ii) a description of each
event, condition or circumstance during the last fiscal quarter covered by such Compliance Certificate requiring a mandatory prepayment
under Section 2.05(b);

 

(k)              
copies of any notice of default under, and any material amendment, supplement, waiver or other modification of, the First
Lien Credit Agreement or the Second Lien Credit Agreement;

 

(l)                
promptly upon receipt thereof, copies of any detailed audit reports, management letters or recommendations submitted to
the board of directors (or the audit committee of the board of directors) of the Lead Borrower by independent accountants
in connection with the accounts or books of the Lead Borrower or any Subsidiary, or any audit of any of them; and

 

    125

     

    

 

(m)            
promptly, such additional information regarding the business, legal, financial or corporate affairs or operations of any
Loan Party or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent, the Collateral Agent
or any Lender (through the Administrative Agent) may from time to time reasonably request.

 

Documents required to
be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(g) (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to
have been delivered on the date (i) on which the Lead Borrower posts such documents, or provides a link thereto on the Lead Borrower’s
website on the Internet at the website address listed on Schedule 10.02(a); or (ii) on which such documents are
posted on the Lead Borrower’s behalf on IntraLinks/IntraAgency or another relevant Internet or intranet website, if any,
to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by
the Administrative Agent); provided, that: (i) the Lead Borrower shall deliver paper copies of such documents to the Administrative
Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative
Agent or such Lender and (ii) the Lead Borrower shall notify (which may be by facsimile or electronic mail) the Administrative
Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e.,
soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper
copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Lead Borrower
with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining
its copies of such documents.

 

The Lead Borrower hereby
acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders, the L/C Issuers and the
Collateral Agent materials and/or information provided by or on behalf of the Lead Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”)
and (b) certain of the Lenders (each, a “Public Lender”; all other Lenders, “Private Lenders”)
may have personnel who do not wish to receive material non-public information with respect to the Lead Borrower and its Affiliates,
or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities
with respect to such Persons’ securities. The Lead Borrower hereby agrees that it will identify that portion of the Borrower
Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Lead Borrower shall be deemed to have authorized
the Administrative Agent, the Collateral Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials
as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Lead Borrower,
its Subsidiaries and their respective securities for purposes of United States federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.08);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information”; and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated
“Public Side Information.” Each of Holdings and the Lead Borrower hereby (i) acknowledges and agrees that no Borrower
Material delivered pursuant to Section 6.01(a), 6.01(b) or 6.02(a) shall contain any material non-public information
with respect to Holdings, the Lead Borrower, its Subsidiaries and their respective securities for purposes of United States federal
and state securities laws and (ii) authorizes the Administrative Agent, the Collateral Agent, the Arrangers, the L/C Issuers and
the Lenders to treat all Borrower Materials delivered pursuant to Section 6.01(a), 6.01(b) or 6.02(a) as not
containing any material non-public information with respect to Holdings, the Lead Borrower, its Subsidiaries and their respective
securities for purposes of United States federal and state securities laws and as suitable for distribution to Public Lenders.

 

    126

     

    

 

6.03         
Notices. Promptly notify the Administrative Agent and each Lender:

 

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

 

(b)              
of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including arising
out of or resulting from (i) breach or non-performance of, or any default under, a Contractual Obligation of any Loan Party or
any Subsidiary, (ii) any dispute, litigation, investigation, proceeding or suspension between any Loan Party or any Subsidiary
and any Governmental Authority, (iii) the commencement of, or any development in, any litigation or proceeding affecting any Loan
Party or any Subsidiary, including pursuant to any applicable Environmental Laws or otherwise relating to any Hazardous Material
and or in respect of IP Rights, or (iv) the occurrence of any ERISA Event;

 

(c)              
of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof;

 

(d)              
of the incurrence or issuance of any Indebtedness for which the Lead Borrower is required to make a mandatory prepayment
pursuant to Section 2.05(b)(i);

 

(e)              
of any failure by any Loan Party to pay rent (other than as explicitly permitted by the applicable lease) at (i) any of
the Loan Parties’ distribution centers or warehouses; (ii) 25% or more of such Loan Party’s store locations or (iii)
any of such Loan Party’s locations if such failure continues for more than ten days following the date on which such rent
first came due and such failure would be reasonably likely to result in a Material Adverse Effect; and

 

(f)               
of the filing of any Lien for unpaid Taxes against any Loan Party in excess of $3,000,000.

 

Each notice pursuant to this Section shall
be accompanied by a statement of a Responsible Officer of the Lead Borrower or of GMS setting forth details of the occurrence referred
to therein and stating what action the Lead Borrower has taken and proposes to take with respect thereto. Each notice pursuant
to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document
that have been breached.

 

    127

     

    

 

6.04         
Payment of Obligations. Pay, discharge or otherwise satisfy as the same shall become due and payable, all its obligations
and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or
assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves
in accordance with GAAP are being maintained by the Lead Borrower or such Restricted Subsidiary; (b) all lawful claims which,
if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to
any subordination provisions contained in any instrument or agreement evidencing such Indebtedness except, in each case, to the
extent the failure to pay or discharge the same could not reasonably be expected to have a Material Adverse Effect.

 

6.05         
Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence under
the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05,
(b) take all reasonable action to maintain all rights, privileges (including its good standing in each jurisdiction in which
such qualification is required), permits, licenses and franchises necessary or desirable in the normal conduct of its business,
except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect, and (c) preserve
or renew all of its registered or issued IP Rights to the extent appropriate consistent with its reasonable business judgment.

 

6.06         
Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary
in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and casualty or
condemnation excepted, and (b) make all necessary renewals, replacements, modifications, improvements, upgrades, extensions and
additions thereof or thereto in accordance with prudent industry practice.

 

6.07         
Maintenance of Insurance. Maintain with financially sound and reputable insurance companies, insurance with respect
to its properties and business against loss or damage of the kinds customarily insured against by Persons of established reputation
engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable
and customary for similarly situated Persons of established reputation engaged in the same or similar businesses as the Lead Borrower
and its Subsidiaries) as are customarily carried under similar circumstances by such other Persons and providing for not less
than 30 days’ (ten days’ in the case of cancellation for non-payment) prior written notice to the Administrative Agent
of termination, lapse or cancellation of any such insurance. Each Loan Party shall maintain flood insurance on all real property
constituting Collateral, if any, from such providers, in amounts and on terms in accordance with the Flood Laws or as otherwise
satisfactory to all Lenders.

 

6.08         
Compliance with Laws. Comply in all respects with the requirements of all Laws and all orders, writs, injunctions,
decrees and Permits and duly observe all requirements of any foreign, Federal, state or local Governmental Authority, in each
case, applicable to it or to its business or property, except if the failure to comply therewith could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

6.09         
Books and Records. Maintain proper books of record and account, in which full, true and correct entries in conformity
with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the
Lead Borrower or such Restricted Subsidiary, as the case may be.

 

    128

     

    

 

6.10         
Inspection Rights.

 

(a)              
Permit representatives and independent contractors of the Administrative Agent, the Collateral Agent and each L/C Issuer
and Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies
thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent
public accountants, all at the expense of the Lead Borrower and at such reasonable times during normal business hours and as often
as may be reasonably desired, upon reasonable advance notice to the Lead Borrower; provided, that, excluding any such visits
and inspections during the continuation of an Event of Default, only the Collateral Agent on behalf of the Administrative Agent
and the Lenders may exercise rights under this Section 6.10 and, without limiting Section 6.10(b) or 6.10(c),
the Collateral Agent shall not exercise such rights more often than two times during any calendar year absent the existence of
an Event of Default and only one such time shall be at the Lead Borrower’s expense; provided, further,
that when an Event of Default exists the Administrative Agent, the Collateral Agent or any Lender (or any of their respective representatives
or independent contractors) may do any of the foregoing at the expense of the Lead Borrower at any time during normal business
hours and without advance notice. The Administrative Agent, the Collateral Agent, the L/C Issuers and the Lenders shall give the
Lead Borrower the opportunity to participate in any discussions with the Lead Borrower’s accountants.

 

(b)              
Upon the request of the Administrative Agent after reasonable prior notice, permit the Administrative Agent or professionals
(including investment bankers, consultants, accountants, and lawyers) retained by the Administrative Agent to conduct commercial
finance examinations and other evaluations, including, without limitation, of (i) the Lead Borrower’s practices in the computation
of the Borrowing Base (ii) the assets included in the Borrowing Base and related financial information such as, but not limited
to, sales, gross margins, payables, accruals and reserves and (iii) the Loan Parties’ business plan, forecasts and cash flows.
Except as otherwise provided below, all such costs, fees and expenses of such professionals shall be at the expense of the Loan
Parties. The Loan Parties acknowledge that at any time following the Restatement Effective Date and without regard to any finance
examinations provided to the Administrative Agent prior to the Restatement Effective Date, the Administrative Agent shall undertake
one commercial finance examination in each 12 month period at the Loan Parties’ expense; provided that if Availability
is less than 17.5% of the Line Cap at any time (the “Increased Inspection Trigger Event”), the Administrative
Agent may, in its discretion, undertake up to two commercial finance examinations in the 12 month period after the occurrence of
any Increased Inspection Trigger Event, at the Loan Parties’ expense. Notwithstanding the foregoing, the Administrative Agent
may cause additional commercial finance examinations to be undertaken (i) as it, in its discretion, deems necessary or appropriate,
but not more than one additional time during any 12 month period, and at its own expense, or (ii) if an Event of Default shall
have occurred and be continuing, at the expense of the Loan Parties.

 

    129

     

    

 

(c)              
Upon the request of the Administrative Agent after reasonable prior notice, permit the Administrative Agent or professionals
(including appraisers) retained by the Administrative Agent to conduct appraisals of the Collateral, including, without limitation,
the assets included in the Borrowing Base. Except as otherwise provided below, all such costs, fees and expenses of such professionals
shall be at the expense of the Loan Parties. The Loan Parties acknowledge that the Administrative Agent shall undertake one Inventory
appraisal in each 12 month period at the Loan Parties’ expense; provided that if an Increased Inspection Trigger Event
has occurred, the Administrative Agent may, in its discretion, undertake up to two Inventory appraisals in the 12 month period
after the occurrence of any Increased Inspection Trigger Event, at the Loan Parties’ expense; provided, further, that after
the occurrence and during the continuance of a Default or an Event of Default, the Administrative Agent may, in its discretion,
undertake one additional Inventory appraisal, at the Loan Parties’ expense. Notwithstanding the foregoing, the Administrative
Agent may cause additional appraisals to be undertaken as it in its discretion deems necessary or appropriate, but not more than
one additional time during any 12 month period, and at its own expense.

 

6.11         
Use of Proceeds. Use the proceeds of the Revolving Credit Borrowings (a)  for the Restatement Effective Date Term Loan
Payment, (b) to issue Letters of Credit in the ordinary course of business, (c) to pay the fees, costs, and expenses incurred in
connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, (d) to finance
or refinance the working capital and capital expenditures needs of the Lead Borrower and its Restricted Subsidiaries and (e) for
general corporate purposes (including any actions permitted by Article VII) of the Restricted Group.

 

6.12         
Covenant to Guarantee Obligations and Give Security.

 

(a)              
Upon the formation or acquisition of any new direct or indirect Restricted Subsidiary other than an Excluded Subsidiary by any
Loan Party (provided that each of (i) any Subsidiary Redesignation resulting in an Unrestricted Subsidiary becoming
a Restricted Subsidiary and (ii) any Excluded Subsidiary ceasing to be an Excluded Subsidiary but remaining a Restricted Subsidiary
shall be deemed to constitute the acquisition of a Restricted Subsidiary for all purposes of this Section 6.12), or
upon the acquisition of any personal property (other than “Excluded Property,” as defined in the Security Agreement)
by any Loan Party, which personal property, in the reasonable judgment of the Administrative Agent, is not already subject to a
perfected Lien in favor of the Collateral Agent for the benefit of the Secured Parties, then the Lead Borrower shall, in each case
at the Lead Borrower’s expense:

 

(i)                
in connection with the formation or acquisition of a Restricted Subsidiary, within ten days after such formation or acquisition
or such longer period, not to exceed an additional 45 days, as the Administrative Agent may agree in its sole discretion, (A)
cause each such Restricted Subsidiary that is not an Excluded Subsidiary, to duly execute and deliver to the Administrative Agent
and the Collateral Agent a Guaranty or Guaranty supplement, in form and substance reasonably satisfactory to the Administrative
Agent and the Collateral Agent, Guaranteeing the other Loan Parties’ obligations under the Loan Documents, and (B) (if not
already so delivered) deliver certificates representing the Equity Interests of such Restricted Subsidiary accompanied by undated
stock powers or other appropriate instruments of transfer executed in blank and instruments evidencing the Pledged Debt of such
Subsidiary indorsed in blank to the Collateral Agent, together with supplements to the Security Agreement (and, if applicable,
supplements to the other Collateral Documents) with respect to the pledge of any Equity Interests or Indebtedness and any additional
assets of such Restricted Subsidiary in accordance with the Security Agreement, Intellectual Property Security Agreement and other
Collateral Documents, as specified by and in form and substance reasonably satisfactory to the Administrative Agent and the Collateral
Agent (consistent with the Security Agreement, Intellectual Property Security Agreement and the other Collateral Documents), securing
payment of all the ABL Obligations of the applicable Loan Party or such Subsidiary, as the case may be, under the Loan Documents
and constituting Liens on all such properties;

 

    130

     

    

 

(ii)             
within ten days after such formation or acquisition, or such longer period, not to exceed an additional 45 days, as the Administrative
Agent may agree in its sole discretion, furnish to the Administrative Agent and the Collateral Agent a description of the real
and personal properties of the Loan Parties and their respective Subsidiaries (other than Excluded Subsidiaries) in detail reasonably
satisfactory to the Administrative Agent and the Collateral Agent;

 

(iii)           
within 30 days after such formation or acquisition, or such longer period, not to exceed an additional 60 days, as the Administrative
Agent may agree in its sole discretion, duly execute and deliver, and cause each such Subsidiary that is not an Excluded Subsidiary
to duly execute and deliver, to the Administrative Agent and the Collateral Agent other agreements, documents and instruments as
specified by and in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent (consistent
with the Security Agreement), securing payment of all the ABL Obligations of the applicable Loan Party or such Subsidiary, as the
case may be, under the Loan Documents and constituting Liens on all such properties;

 

(iv)            
within 30 days after such formation or acquisition, or such longer period, not to exceed an additional 60 days, as the Administrative
Agent may agree in its sole discretion, take, and cause such Restricted Subsidiary that is not an Excluded Subsidiary to take,
whatever additional action (including, without limitation, the filing of Uniform Commercial Code financing statements, the giving
of notices and the endorsement of notices on title documents and delivery of stock and membership interest certificates) as may
be necessary or advisable in the reasonable opinion of the Administrative Agent to vest in the Collateral Agent (or in any representative
of the Collateral Agent designated by it) valid and subsisting Liens (to the extent required by the Collateral Documents) on the
properties purported to be subject to the Security Agreement Supplements, Intellectual Property Security Agreement Supplements
and other Collateral Documents delivered pursuant to this Section 6.12, enforceable against all third parties in accordance
with their terms;

 

    131

     

    

 

(v)              
[reserved]; and

 

(vi)            
at any time and from time to time, promptly execute and deliver any and all further instruments and documents and take all such
other action as the Administrative Agent or the Collateral Agent in its or their reasonable judgment may deem necessary or desirable
in obtaining the full benefits of, or in perfecting and preserving the Liens of, such Guaranties, Security Agreement Supplements,
Intellectual Property Security Agreement Supplements and other Collateral Documents.

 

(b)              
Notwithstanding the foregoing, the Collateral Agent shall not take a security interest in those assets as to which the Administrative
Agent shall determine, in its reasonable discretion, that the cost of obtaining such Lien (including any mortgage, stamp, intangibles
or other tax) are excessive in relation to the benefit to the Lenders of the security afforded thereby.

 

(c)              
For the avoidance of doubt, changes in organization of a Loan Party or any of its Restricted Subsidiaries (such as conversion of
a corporation into a limited liability company) shall not constitute a formation or acquisition of a Restricted Subsidiary; provided
that within ten days (or such longer period as may be agreed to by the Administrative Agent in its sole discretion) such converted
entity shall deliver such instruments and documents (including Uniform Commercial Code financing statements and affirmation of
its obligations under the Loan Documents) and take all such other action as the Administrative Agent or the Collateral Agent may
deem necessary or desirable in preserving the continuing validity and perfection of the Collateral Agent’s Lien on the Collateral
owned by (or, in the case of Equity Interests of such Person included in the Collateral, issued by) such Person.

 

(d)              
Notwithstanding anything to the contrary contained herein (including Section 6.14 hereof and this Section 6.12) or
in any other Loan Document, the Administrative Agent shall not accept delivery of any supplement or joinder to any Loan Document
with respect to any Subsidiary of any Loan Party that is not a Loan Party, if such Subsidiary that qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation unless such Subsidiary has delivered a Beneficial Ownership Certification
in relation to such Subsidiary and the Administrative Agent has completed its Patriot Act searches, OFAC/PEP searches and customary
individual background checks for such Subsidiary, the results of which shall be satisfactory to the Administrative Agent.

 

6.13         
Compliance with Environmental Laws. Except, in each case, to the extent that the failure to do so could not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect: (a) comply, and make all reasonable efforts to cause
all lessees operating or occupying its owned, leased or operated properties to comply, with all applicable Environmental Laws and
Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its operations and owned, leased or operated
properties; and (c) conduct any investigation, remediation or other response action necessary to address any Environmental Release
of Hazardous Materials at any of its owned, leased or operated properties, to the extent required by, and in accordance with, applicable
Environmental Laws.

 

    132

     

    

 

6.14         
Further Assurances, Post Closing Obligations.

 

(a)              
Promptly upon request by the Administrative Agent, the Collateral Agent, any L/C Issuer or any Lender through the Administrative
Agent, (i) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation
of any Loan Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver,
record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other
instruments as the Administrative Agent, the Collateral Agent, any L/C Issuer or any Lender through the Administrative Agent, may
reasonably require from time to time in order to carry out more effectively the purposes of the Loan Documents.

 

(b)              
Within 45 days after the Restatement Effective Date (or such longer period as determined by the Collateral Agent in its sole discretion),
Holdings shall deliver to the Collateral Agent insurance policy endorsements reasonably satisfactory to the Collateral Agent, naming
the Collateral Agent as additional insured or lender loss payee, as applicable.

 

6.15         
OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. Each Loan Party will, and will cause each of its Subsidiaries
to comply (a) with all applicable Sanctions and (b) in all material respects, with Anti-Corruption Laws and Anti-Money Laundering
Laws. Each of the Loan Parties and its Subsidiaries shall implement and maintain in effect policies and procedures designed to
ensure compliance by the Loan Parties and their Subsidiaries and their respective directors, officers, employees, agents and Affiliates
with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.

 

6.16         
Conference Calls. With respect to each full fiscal year for which financial statements have been delivered pursuant to Section ‎6.01(a),
not later than 20 days after the delivery of the financial statements with respect to such fiscal year pursuant to Section 6.01(a),
hold, at the request of the Administrative Agent (a) a telephonic conference call with all Lenders who choose to attend such conference
call, on which conference call shall be reviewed the financial results and the financial condition of the Lead Borrower and its
Restricted Subsidiaries for, and as of the last day of, such fiscal year, and (b) a telephonic conference call with all Private
Lenders who choose to attend such conference call, on which conference call shall be reviewed the projections presented for the
then-current fiscal year of the Lead Borrower; it being understood that only one such call pursuant to each of clauses ‎(a)
and ‎(b) shall be held per calendar year.

 

6.17         
ERISA.

 

(a)              
Provide to the Administrative Agent promptly following receipt thereof, copies of any documents described in Section 101(k) or
101(l) of ERISA that any Loan Party or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided that if
the Loan Parties or any of their respective ERISA Affiliates have not requested such documents or notices from the administrator
or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Loan Parties and/or
their ERISA Affiliates shall promptly make a request for such documents or notices from such administrator or sponsor and the
Lead Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof.

 

    133

     

    

 

(b)              
Provide to the Administrative Agent, copies of (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series)
filed by any Loan Party or any ERISA Affiliate with the IRS with respect to each Plan; (ii) the most recent actuarial valuation
report for each Plan and (iii) such other documents or governmental reports, filings or findings relating to any Plan (or employee
benefit plan sponsored or contributed to by any Loan Party), as the Administrative Agent shall reasonably request.

 

6.18         
Cash Management.

 

(a)              
[Reserved].

 

(b)              
Within 90 days after the Original Closing Date (or such longer period as the Collateral Agent may agree in writing), enter into
a Blocked Account Agreement satisfactory in form and substance to the Collateral Agent with each Blocked Account Bank with respect
to each DDA maintained with such Blocked Account Bank (collectively, the “Blocked Accounts”).

 

(c)              
During a Cash Dominion Trigger Period, cause the ACH or wire transfer to the concentration account maintained by the Collateral
Agent at Wells Fargo or any other bank that the Collateral Agent may reasonably agree (the “Concentration Account”),
no less frequently than daily or, in the case of clauses (iv) and (v) below, the morning of the Business Day following
the Business Day on which the balance in any DDA referred to therein exceeds $50,000 (and whether or not there are then any outstanding
ABL Obligations), all cash receipts and collections received by each Loan Party from all sources, including, without limitation,
the following:

 

(i)                
all available cash receipts from the sale of Inventory (including without limitation, proceeds of credit card charges) and other
assets (whether or not constituting Collateral);

 

(ii)             
all proceeds of collections of Accounts;

 

(iii)           
all net cash proceeds, and all other cash payments received by a Loan Party from any Person or from any source or on account of
any Disposition or other transaction or event; and

 

(iv)            
the then contents and entire ledger balance of each DDA (net of any minimum balance, not to exceed $50,000, as the Borrower may
be required to be kept in the subject DDA by the depository institution or securities intermediate at which such DDA is maintained).

 

(d)              
The Concentration Account shall at all times during a Cash Dominion Trigger Period be under the sole dominion and control of
the Collateral Agent. The Loan Parties hereby acknowledge and agree that (i) the Loan Parties have no right of withdrawal
from the Concentration Account, without the consent of the Collateral Agent, (ii) the funds on deposit in the Concentration
Account shall at all times be collateral security for all of the ABL Obligations, (iii) the funds on deposit in the
Concentration Account shall be applied to the ABL Obligations as provided in this Agreement and (iv) any funds remaining on
deposit in the Concentration Account after payment in full of the ABL Obligations that are then due and payable shall be
promptly (and in any event not later than the next Business Day after the receipt thereof) remitted to the Loan Parties to be
used for any purpose not inconsistent with this Agreement. In the event that, notwithstanding the provisions of this Section
6.18, any Loan Party receives or otherwise has dominion and control of any such cash receipts or collections, such
receipts and collections shall be held in trust by such Loan Party for the Collateral Agent, shall not be commingled with any
of such Loan Party’s other funds or deposited in any account of such Loan Party and shall, not later than the Business
Day following the receipt thereof, be deposited into the Concentration Account or dealt with in such other fashion as such
Loan Party may be instructed by the Collateral Agent.

 

    134

     

    

 

(e)              
Upon the request of the Collateral Agent, cause bank statements and/or other reports to be delivered to the Collateral Agent not
less often than monthly, accurately setting forth all amounts deposited in each Blocked Account to ensure the proper transfer of
funds as set forth above.

 

6.19         
Physical Inventories.

 

(a)              
Cause not less than one physical inventory count to be undertaken, at the expense of the Loan Parties, in each fiscal year and
periodic cycle counts, in each case consistent with past practices, conducted by such inventory takers as are satisfactory to the
Administrative Agent and following such methodology as is consistent with the methodology used in the immediately preceding inventory
count or as otherwise may be satisfactory to the Administrative Agent. The Administrative Agent, at the expense of the Loan Parties,
may participate in and/or observe each scheduled physical count of Inventory which is undertaken on behalf of any Loan Party. The
Lead Borrower, within 30 days following the completion of such inventory count, shall provide the Administrative Agent with a reconciliation
of the results of such inventory count (as well as of any other physical inventory or cycle counts undertaken by a Loan Party)
and shall post such results to the Loan Parties’ stock ledgers and general ledgers, as applicable.

 

(b)              
Permit the Administrative Agent, in its discretion, if any Event of Default exists, to cause additional such inventory counts to
be taken as the Administrative Agent determines (each, at the expense of the Loan Parties).

 

(c)              
Cause any property that is subject to any Lien permitted under Section 7.01(p) or (dd) to be easily identifiable
and segregated from any other property of the Loan Parties.

 

    135

     

    

 

Article
VII

NEGATIVE
COVENANTS

 

So long as any Lender
shall have any Revolving Credit Commitment hereunder, any Loan or other ABL Obligation hereunder (other than ABL Obligations arising
under Secured Cash Management Agreements and Secured Hedge Agreements) which is accrued and payable shall remain unpaid or unsatisfied,
or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been
Cash Collateralized or a backstop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), (A) (except
with respect to Section 7.15) the Lead Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to,
directly or indirectly and (B) (with respect to Section 7.15) Holdings shall not:

 

7.01         
Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned
or hereafter acquired, other than the following:

 

(a)              
Liens pursuant to any Loan Document;

 

(b)              
Liens existing on the Restatement Effective Date and listed on Schedule 7.01(b) and any modifications, replacements,
renewals or extensions thereof; provided, that (i) the Lien does not extend to any additional property other than (A) after-acquired
property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 7.03,
and (B) proceeds and products thereof and (ii) the renewal, extension or refinancing of the obligations secured or benefited by
such Liens is permitted by Section 7.03;

 

(c)              
Liens for taxes, assessments or governmental charges which are either (x) immaterial to the Restricted Group taken as a whole
or (y) not overdue for a period of more than 30 days and which are being contested in good faith and by appropriate proceedings
diligently conducted, and adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance
with GAAP;

 

(d)              
statutory or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction contractors
or other like Liens arising in the ordinary course of business which secure amounts not overdue for a period of more than 30 days
and which are being contested in good faith and by appropriate proceedings diligently conducted and adequate reserves with respect
thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(e)              
pledges or deposits in the ordinary course of business (i) in connection with workers’ compensation, unemployment insurance
and other social security legislation and (ii) securing liability for reimbursement or indemnification obligations of (including
obligations in respect of bank Guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance
to Holdings or any of its Restricted Subsidiaries;

 

(f)               
deposits to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for
borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a
like nature (including (i) those to secure health, safety and environmental obligations and (ii) those required or
requested by any Governmental Authority other than letters of credit) incurred in the ordinary course of business;

 

    136

     

    

 

(g)              
easements, rights-of-way, sewers, electric lines, telegraph and telephone lines, restrictions (including zoning restrictions),
encroachments, protrusions and other similar encumbrances and minor title defects affecting real property which, individually and
in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the applicable Person;

 

(h)              
Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h);

 

(i)                
Liens securing Indebtedness permitted under Section 7.03(e); provided, that (i) such Liens attach concurrently
with or within 270 days after the acquisition, repair, replacement or improvement (as applicable) of the property subject to such
Liens, (ii) such Liens do not at any time encumber any property (except for replacements, additions and accessions to such property)
other than the property financed by such Indebtedness and the proceeds and the products thereof and (iii) with respect to Capitalized
Leases, such Liens do not at any time extend to or cover any assets other than the assets subject to such Capitalized Leases and
the proceeds and products thereof and customary security deposits; provided that individual financings of equipment provided by
one lender may be cross collateralized to other financings of equipment provided by such lender;

 

(j)                
Liens on cash, Cash Equivalents or other property arising in connection with any defeasance, discharge or redemption of Indebtedness;

 

(k)              
leases, licenses, subleases or sublicenses granted to others in the ordinary course of business and not interfering in any material
respect with the business of the Lead Borrower or any of its Restricted Subsidiaries (other than Immaterial Subsidiaries);

 

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

 

(m)            
Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection;
(ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business;
(iii) in favor of a banking or other financial institution arising as a matter of law or under customary general terms and conditions
encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry;
and (iv) incurred in connection with a cash management program established in the ordinary course of business;

 

(n)              
Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to Section 7.02(i) or (o)
to be applied against the purchase price for such Investment, or (ii) consisting of an agreement to Dispose of any
property in a Disposition permitted under Section 7.05, 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;

 

    137

     

    

 

(o)              
Liens on property of any Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted under Section 7.03(f);

 

(p)              
Liens existing on property at the time of its acquisition or existing on the property of any Person that becomes a Restricted Subsidiary
(excluding Liens existing on property of any Person designated as a Restricted Subsidiary in accordance with the second sentence
of the definition of “Unrestricted Subsidiary,” provided, however, the foregoing exclusion shall not
apply to Liens existing on property that would have otherwise been permitted by this Section 7.01(p) had such Unrestricted
Subsidiary been a Restricted Subsidiary at the time such property was acquired by such Unrestricted Subsidiary) after Restatement
Effective Date (other than Liens on the Equity Interests of any Person that becomes a Subsidiary); provided that (i) such
Lien was not created in contemplation of such acquisition or such Person becoming a Subsidiary, (ii) such Lien does not extend
to or cover any other assets or property (other than the proceeds or products thereof), and (iii) the Indebtedness secured
thereby is permitted under Section 7.03(k)(B);

 

(q)              
Liens arising from precautionary Uniform Commercial Code financing statement filings regarding leases entered into by the Lead
Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

 

(r)               
any interest or title of a lessor, sublessor, licensee, sublicensee, licensor or sublicensor under any lease or license agreement
in the ordinary course of business permitted by this Agreement;

 

(s)               
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the
Lead Borrower or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

 

(t)                
Liens deemed to exist in connection with Investments in repurchase agreements under Section 7.02;

 

(u)              
Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(v)              
[Reserved];

 

(w)            
Permitted Term Indebtedness Liens;

 

(x)              
Liens that are customary contractual rights of setoff (i) relating to the establishment of depository relations with banks
or other financial institutions not given in connection with the incurrence of Indebtedness, (ii) relating to pooled deposit
or sweep accounts of the Lead Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business of the Lead Borrower or any of its Restricted Subsidiaries, or (iii)
relating to purchase orders and other agreements entered into with customers of the Lead Borrower or any of its Restricted
Subsidiaries in the ordinary course of business;

 

    138

     

    

 

(y)              
(i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of
the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control
or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Lead
Borrower or any of its Restricted Subsidiaries (other than Immaterial Subsidiaries);

 

(z)              
Liens solely on any cash earnest money deposits or other similar escrow arrangements made by the Lead Borrower or any of its Restricted
Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

 

(aa)           
Liens on property or assets under construction (and related rights) in favor of a contractor or developer or arising from progress
or partial payments by a third party relating to such property or assets;

 

(bb)          
Liens (including put and call arrangements) on Equity Interests or other securities of any Unrestricted Subsidiary that secure
Indebtedness of such Unrestricted Subsidiary;

 

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

 

(dd)          
other Liens securing Indebtedness and other obligations outstanding in an aggregate principal amount not to exceed the greater
of $30,000,000 and 2% of Consolidated Total Assets;

 

(ee)           
Liens on the Collateral securing Indebtedness permitted to be incurred pursuant to Section 7.03(t); provided, that
(A) the Specified Transaction Conditions are satisfied and (B) such Liens are (i) junior to the Liens on the ABL Priority Collateral
securing ABL Obligations pursuant to the ABL/Term Intercreditor Agreement or other customary intercreditor agreement that is reasonably
satisfactory to the Administrative Agent and that is entered into among the Collateral Agent, the First Lien Collateral Agent,
the Second Lien Collateral Agent, such other collateral agent and the Loan Parties and which provides for lien sharing and for
the junior or pari passu (subject to the foregoing clause (i)) treatment of such Liens relative to the Liens securing
the ABL Obligations and (ii) granted under collateral documents (which are substantially similar to the Collateral Documents or
otherwise reasonably satisfactory to the Administrative Agent) to a collateral agent for the benefit of the holders of such Indebtedness;
and

 

(ff)             
Liens on assets of non-Loan Parties securing obligations under the Canadian ABL Facility.

 

7.02         
Investments. Make or hold any Investments, except:

 

    139

     

    

 

(a)              
Investments held by the Lead Borrower or such Restricted Subsidiary in the form of Cash Equivalents;

 

(b)              
loans or advances to officers, directors and employees of Holdings and its Restricted Subsidiaries (i) in an aggregate amount
not to exceed $5,000,000 at any one time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes
(including payroll payments in the ordinary course of business), and (ii) in connection with such Person’s purchase
of Equity Interests of Holdings or any direct or indirect parent thereof in an aggregate amount not to exceed $3,000,000;

 

(c)              
Investments (i) by any Loan Party in the Lead Borrower or any Subsidiary Guarantor (including any new Restricted Subsidiary which
becomes a Subsidiary Guarantor), (ii) by any Restricted Subsidiary of the Lead Borrower that is not a Loan Party in any Loan
Party (other than Holdings) or in any other such Restricted Subsidiary that is also not a Loan Party and (iii) by any Loan Party
in any Restricted Subsidiary of the Lead Borrower that is not a Loan Party; provided that the aggregate amount of Investments
made pursuant to this clause (c)(iii) (other than any such Investments made for the purpose of consummating a substantially
simultaneous Permitted Acquisition by the applicable Restricted Subsidiary pursuant to Section 7.02(i)) following the Restatement
Effective Date, together with the aggregate amount of Investments made pursuant to Section 7.02(i)(B), shall not exceed
$40,000,000 at any one time outstanding;

 

(d)              
Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant
of trade credit in the ordinary course of business (including advances made to distributors consistent with past practice), Investments
received in satisfaction or partial satisfaction thereof from financially troubled account debtors, and Investments consisting
of prepayments to suppliers in the ordinary course of business and consistent with past practice;

 

(e)              
Investments arising out of transactions permitted under Sections 7.01, 7.03 (other than Section 7.03(d)(B)(2)),
7.04 (other than Sections 7.04(a)(ii)(B), 7.04(c)(ii) and 7.04(d)), 7.05 (other than Section
7.05(f)(C)), 7.06 (other than Section 7.06(d) with respect to Investments under Section 7.02) and 7.14;

 

(f)               
Investments existing on the Restatement Effective Date and set forth on Schedule 7.02(f) and any modification, replacement,
renewal or extension thereof; provided, that the amount of the original Investment is not increased except by the terms
of such Investment or as otherwise permitted by this Section 7.02;

 

(g)              
Investments in Swap Contracts permitted under Section ‎7.03(g);

 

(h)              
promissory notes and other non-cash consideration received in connection with Dispositions permitted by Section 7.05
(other than Section 7.05(f));

 

(i)                
the purchase or other acquisition of all or substantially all of the property and assets or business of, any Person or of
assets constituting a business unit, a line of business or division of such Person, or of all of the Equity Interests in a
Person (such assets or Person being referred to herein as the “Acquired Business”) that, upon the
consummation thereof, will be a Restricted Subsidiary (including, without limitation, as a result of a merger or
consolidation); provided that, with respect to each purchase or other acquisition made pursuant to this Section 7.02(i)
(each, a “Permitted Acquisition”):

 

    140

     

    

 

(A)            
each applicable Loan Party and any such newly created or acquired Restricted Subsidiary shall have complied with the requirements
of Section 6.12;

 

(B)             
the total cash and noncash consideration (including, without limitation, the fair market value of all Equity Interests issued or
transferred to the sellers thereof, earnouts and other contingent payment obligations to such sellers and all assumptions of Indebtedness
in connection therewith) paid by or on behalf of the Lead Borrower and its Restricted Subsidiaries for any such purchase or other
acquisition of an entity that does not become a Guarantor or of assets that do not become Collateral because such assets are owned
by an entity that is not required to become a Guarantor, when aggregated with the total cash and noncash consideration paid by
or on behalf of the Borrower and its Restricted Subsidiaries for all other purchases and other acquisitions made by the Borrower
and its Restricted Subsidiaries of entities that do not become Guarantors or of assets that do not become Collateral, pursuant
to this Section 7.02(i)(B), together with the aggregate amount of Investments made pursuant to Section 7.02(c)(iii),
shall not exceed $40,000,000;

 

(C)             
immediately before and immediately after giving effect to any such purchase or other acquisition, no Default or Event of Default
shall have occurred and be continuing;

 

(D)            
the Acquired Business shall be an operating company or division or line of business that engages in a line of business substantially
similar, reasonably related or incidental to the business that the Lead Borrower and its Subsidiaries are engaged in on the Restatement
Effective Date;

 

(E)             
in the case of the acquisition of the Equity Interests of another Person, the Board of Directors of such other Person to be acquired
shall have duly approved such acquisition and such Person shall not have announced that it will oppose such acquisition and shall
not have commenced any action which alleges that such acquisition will violate applicable Law; and

 

(F)             
The Lead Borrower shall have delivered to the Administrative Agent, on behalf of the Lenders, at least one Business Day
prior to the date on which any such purchase or other acquisition is to be consummated, a certificate of a Responsible
Officer of the Lead Borrower or of GMS, in form and substance reasonably satisfactory to the Administrative Agent, certifying
that all of the requirements set forth in this clause ‎(i) have been satisfied or will be satisfied on or
prior to the consummation of such purchase or other acquisition;

 

    141

     

    

 

(j)                
Investments in Joint Ventures, such Investments not to exceed $20,000,000 at any one time outstanding; provided that prior
to making any Investments under this Section 7.02(j), the Lead Borrower shall have delivered a statement in reasonable
detail from the Lead Borrower setting out the business rationale for such Investment;

 

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

 

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

 

(m)            
the licensing, sublicensing or contribution of IP Rights pursuant to joint research development or marketing arrangements with
Persons other than the Lead Borrower and its Restricted Subsidiaries consistent with past practices;

 

(n)              
loans and advances to Holdings in lieu of, and not in excess of the amount of (after giving effect to any other loans, advances
or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made to Holdings in accordance with
Sections 7.06(e), 7.06(f) or 7.06(i) (so long as such amounts are counted as Restricted Payments for
purposes of such sections);

 

(o)              
so long as immediately after giving effect to any such Investment, no Default or Event of Default has occurred and is continuing,
other Investments (including for greater certainty Investments in non-Loan Parties and Permitted Acquisitions thereof in excess
of limitations set forth in the foregoing clauses (c)(iii) and ‎(i)(B), respectively) not exceeding the greater
of $40,000,000 and 2.5% of Consolidated Total Assets at any one time outstanding; provided, however, that, such amount
may be increased by the Net Cash Proceeds of Permitted Equity Issuances (other than Net Cash Proceeds constituting any Cure Amount),
except to the extent such Net Cash Proceeds have been applied to make Restricted Payments pursuant to Section 7.06(c) or
prepayments, redemptions, repurchases, defeasances or other satisfactions prior to maturity of any Junior Financing pursuant to
Section 7.14 or to make previous Investments pursuant to this Section 7.02(o);

 

(p)              
pledges or deposits (x) with respect to leases or utilities provided to third parties in the ordinary course of business or (y)
otherwise made in connection with Liens permitted under Section 7.01;

 

(q)              
loans or advances made to distributors in the ordinary course of business and consistent with past practice;

 

    142

     

    

 

(r)               
Investments to the extent that payment for such Investments is made solely by the issuance of Equity Interests (other than Disqualified
Equity Interests) of Holdings (or any direct or indirect parent of Holdings) to the seller of such Investments;

 

(s)               
Investments of a Restricted Subsidiary that is acquired after the Restatement Effective Date or of a company merged or amalgamated
or consolidated into the Lead Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary, in each case in accordance
with Section 7.04 after the Restatement Effective Date to the extent that such Investments were not made in contemplation
of or in connection with such acquisition, merger, amalgamation or consolidation, do not constitute a material portion of the aggregate
assets acquired by the Lead Borrower and its Restricted Subsidiaries in such transaction and were in existence on the date of such
acquisition, merger or consolidation; and

 

(t)                
Investments not otherwise permitted under this Section 7.02 (including for greater certainty Investments in non-Loan Parties
and Permitted Acquisitions thereof in excess of limitations set forth in the foregoing clauses (c)(iii) and (i)(B),
respectively); provided that, the Specified Transaction Conditions are satisfied.

 

7.03         
Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)              
Indebtedness of the Loan Parties in respect of the ABL Obligations;

 

(b)              
Indebtedness outstanding or committed to be incurred on the Restatement Effective Date and listed on Schedule 7.03(b)
and any Permitted Refinancing thereof;

 

(c)              
Guarantees of any Loan Party (other than Holdings) in respect of Indebtedness of the Lead Borrower or a Restricted Subsidiary otherwise
permitted hereunder;

 

(d)              
Indebtedness of (A) any Loan Party owing to any other Loan Party, (B) any Restricted Subsidiary that is not a Loan Party owed to
(1) any other Restricted Subsidiary that is not a Loan Party or (2) any Loan Party constituting an Investment permitted under Section 7.02(c),
7.02(i), 7.02(o) or ‎7.02(t), and (C) any Loan Party to any Restricted Subsidiary which is not a Loan
Party; provided that all such Indebtedness pursuant to this clause (d) shall be (1) unsecured, (2) evidenced by the
Intercompany Note, (3) if owed to a Loan Party, subject to the Collateral Agent’s perfected security interest pursuant to
the Collateral Documents with the priority specified in the ABL/Term Intercreditor Agreement and (4) if owed by a Loan Party, expressly
subordinated in right of payment to the payment in full of the ABL Obligations on terms reasonably satisfactory to the Administrative
Agent;

 

(e)              
Attributable Indebtedness and purchase money obligations (including obligations in respect of mortgage, industrial revenue
bond, industrial development bond and similar financings) to finance the purchase, lease, repair or improvement of any assets
(whether through the direct purchase of assets or the Equity Interests of any Person owning such assets) used in the business
of the Borrowers or any Restricted Subsidiary, in each case within the limitations set forth in Section 7.01(i); provided, however,
that the aggregate amount of all Indebtedness incurred pursuant to this Section 7.03(e) at any one time outstanding,
including all Permitted Refinancing thereof incurred to renew, refund, refinance, replace, defease or discharge any
Indebtedness incurred pursuant to this Section 7.03(e), shall not exceed $275,000,000;

 

    143

     

    

 

(f)               
Indebtedness of the Restricted Subsidiaries that are not Subsidiary Guarantors in an aggregate amount at any one time outstanding
not to exceed $15,000,000;

 

(g)              
Indebtedness in respect of Swap Contracts designed to hedge against fluctuations in interest rates, foreign exchange rates or commodities
pricing risks incurred in the ordinary course of business and not for speculative purposes;

 

(h)              
guarantees incurred by the Lead Borrower or a Restricted Subsidiary in the ordinary course of business in respect of obligations
(not for money borrowed) of a Restricted Subsidiary to a supplier, customer, franchisee, lessor or licensee that in each case is
not an Affiliate;

 

(i)                
Indebtedness representing deferred compensation to employees of the Lead Borrower and its Restricted Subsidiaries;

 

(j)                
Indebtedness consisting of promissory notes issued by any Loan Party to current or former officers, directors and employees, their
respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of Holdings or its direct
or indirect parent permitted by Section 7.06;

 

(k)              
(A) Indebtedness incurred by the Lead Borrower or its Restricted Subsidiaries in a Permitted Acquisition or a Disposition permitted
under Section 7.05 under agreements providing for the adjustment of the purchase price or similar adjustments and (B) Indebtedness
of any Person acquired pursuant to a Permitted Acquisition that is secured, if at all, only by Liens permitted by Section 7.01(p);
provided that (x) such Indebtedness was not incurred in contemplation of such Permitted Acquisition, (y) immediately
before and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and (z)
the aggregate principal amount of all such Indebtedness shall not exceed $10,000,000;

 

(l)                
Indebtedness arising from agreements of the Lead Borrower or a Restricted Subsidiary providing for customary indemnification, deferred
purchase price, obligations in respect of earnouts or other adjustments of purchase price or, in each case, similar obligations,
in each case, incurred or assumed in connection with the Permitted Acquisition, or other acquisition or Disposition of any business
or assets or Person or any Equity Interests of a Subsidiary otherwise permitted hereunder, provided that, with respect to
Dispositions, the maximum liability of the Lead Borrower and the Restricted Subsidiaries in respect of all such Indebtedness shall
at no time exceed the gross proceeds, including the fair market value of non-cash proceeds (measured at the time received and without
giving effect to any subsequent changes in value), actually received by the Lead Borrower and the Restricted Subsidiaries in connection
with such Disposition;

 

    144

     

    

 

(m)            
Indebtedness in respect of netting services, overdraft protections and similar arrangements in each case in connection with deposit
accounts;

 

(n)              
Indebtedness in an aggregate principal amount not to exceed the greater of $40,000,000 and 2.5% of Consolidated Total Assets at
any time outstanding;

 

(o)              
Indebtedness in respect of (A) workers’ compensation claims, self-insurance obligations, bankers’ acceptances, customs,
Taxes and other similar tax guarantees, in each case incurred in the ordinary course of business and not in connection with the
borrowing of money and (B) any customary cash management, cash pooling or netting or setting-off arrangements incurred in the ordinary
course of business;

 

(p)              
(A) Indebtedness consisting of (a) the financing of insurance premiums or (b) take-or-pay obligations contained in supply arrangements,
in the case of the foregoing clauses (a) and (b) in the ordinary course of business and (B) Indebtedness incurred
by the Lead Borrower or any of its Restricted Subsidiaries in respect of bank Guarantees, warehouse receipts or similar instruments
issued or created in the ordinary course of business, including in respect of workers compensation claims, health, disability or
other employee benefits or property, casualty or liability insurance or self insurance, or other Indebtedness with respect to reimbursement
type obligations regarding workers compensation claims; provided that any reimbursement obligations in respect thereof are reimbursed
within 30 days following the due date thereof;

 

(q)              
obligations in respect of performance, bid, appeal and surety bonds and performance and completion Guarantees and similar obligations
provided by the Lead Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

 

(r)               
Indebtedness (“Specified Affiliate Indebtedness”) in an aggregate principal amount not to exceed
$20,000,000 at any time outstanding; provided that (A) the borrower with respect to such Indebtedness shall be the
Lead Borrower; (B) the lender with respect to such Indebtedness shall be the Sponsor or any of its Affiliates other than
Holdings, the Lead Borrower and its Restricted Subsidiaries or any other portfolio company of the Sponsor; (C) the all-in
interest rate per annum with respect to such Indebtedness shall not exceed a market interest rate as determined by the
Lead Borrower, and in any event shall not exceed the Eurodollar Rate for Dollars for a one-month interest period plus
4.50% per annum; (D) the fees with respect to such Indebtedness shall not exceed the fees payable by the Lead Borrower
with respect to the Revolving Credit Facility; (E) no premiums shall be payable with respect to such Indebtedness; (F) such
Indebtedness shall be unsecured; (G) if guaranteed, such Indebtedness shall be guaranteed by one or more of the
Guarantors only and there shall be no additional guarantors with respect to such Indebtedness other than the Sponsor or any
of its Affiliates other than Holdings, the Lead Borrower, or its Restricted Subsidiaries or other portfolio companies of the
Sponsor; (H) such Indebtedness shall not be subject to any amortization or scheduled prepayments of principal; (I) the
covenants, events of default, Guarantees and other terms of such Indebtedness, when taken as a whole, are not more
restrictive to Holdings, the Lead Borrower and its Restricted Subsidiaries than those set forth in this Agreement
(provided that a certificate of the Chief Financial Officer of the Lead Borrower delivered to the Administrative Agent
in good faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably
detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating
thereto, stating that the Lead Borrower has determined in good faith that such terms and conditions satisfy the requirement
set forth in this clause (I), shall be conclusive evidence that such terms and conditions satisfy such requirement
unless the Administrative Agent provides notice to the Lead Borrower of its objection during such five Business Day period);
(J) such Indebtedness shall not have any financial covenants; (K) the proceeds of such Indebtedness shall be used solely to
fund working capital needs of the Restricted Group; (L) any repayment or prepayment of such Indebtedness shall be subject to
(i) Holdings, the Lead Borrower and its Restricted Subsidiaries being in compliance with the financial covenant set forth in Section
7.11 as of the most recently completed period of four consecutive fiscal quarters ending prior to the date of any
repayment or prepayment of such Indebtedness for which financial statements have been delivered pursuant to Section 6.01(a)
or 6.01(b) (whether or not such covenant was in fact required to be tested at the end of such period pursuant to Section
7.11) and (ii) the absence of a Default or Event of Default, in each case immediately prior to and after giving effect to
such repayment or prepayment; (M) such Indebtedness shall be subordinated on terms reasonably satisfactory to the
Administrative Agent; and (N) such Indebtedness shall be disregarded for purposes of determining the availability or amount
of any covenant baskets or carve-outs;

 

    145

     

    

 

(s)               
Indebtedness constituting Permitted Term Indebtedness in an aggregate amount at any one time outstanding not to exceed the Permitted
Term Indebtedness Cap;

 

(t)                
Indebtedness not otherwise permitted under this Section 7.03; provided that, (i) the Specified Transaction Conditions
are satisfied and (ii) such Indebtedness shall not have a maturity date that is earlier than the Latest Maturity Date of all Revolving
Credit Loans in effect at the time of such incurrence; and

 

(u)              
Indebtedness under the Canadian ABL Facility in an aggregate amount not to exceed $60,000,000, at any one time outstanding.

 

7.04         
Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one
transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to
or in favor of any Person, except that, so long as no Event of Default exists or would result therefrom:

 

(a)              
any Restricted Subsidiary may merge with (i) the Lead Borrower (including a merger, the purpose of which is to reorganize
the Lead Borrower into a new jurisdiction), provided, that the Lead Borrower shall be the continuing or surviving
Person or the surviving Person shall be a Person organized and existing under the laws of the United States or any state
thereof and shall expressly assume the obligations of the Lead Borrower pursuant to documents reasonably acceptable to the
Administrative Agent or (ii) any one or more other Restricted Subsidiaries, provided, that when any Guarantor is
merging with another Restricted Subsidiary, (A) the Guarantor shall be the continuing or surviving Person or (B) to the
extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Restricted
Subsidiary which is not a Loan Party in accordance with Sections 7.02 and 7.03;

 

    146

     

    

 

(b)              
(i) any Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Subsidiary that is not
a Loan Party and (ii) any Subsidiary may liquidate or dissolve, or the Lead Borrower or any Subsidiary may (if the perfection and
priority of the Liens securing the ABL Obligations is not adversely affected thereby) change its legal form if the Lead Borrower
determines in good faith that such action is in the best interest of the Lead Borrower and its Subsidiaries and is not disadvantageous
to the Lenders (it being understood that in the case of any dissolution of a Subsidiary that is a Guarantor, such Subsidiary shall
at or before the time of such dissolution transfer its assets to another Subsidiary that is a Guarantor; and in the case of any
change in legal form, a Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to
cease being a Guarantor hereunder);

 

(c)              
any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the
Lead Borrower or to another Restricted Subsidiary; provided that if the transferor in such a transaction is a Guarantor,
then (i) the transferee must either be the Lead Borrower or a Guarantor or (ii) to the extent constituting an Investment, such
Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in accordance
with Sections 7.02 and 7.03, respectively;

 

(d)              
any Restricted Subsidiary may merge with any other Person in order to effect an Investment permitted pursuant to Section 7.02;
provided, that (i) the continuing or surviving Person shall be a Restricted Subsidiary, which together with each of its
Subsidiaries, shall have complied with the requirements of Section 6.12 or (ii) to the extent constituting an Investment,
such Investment must be a permitted Investment in accordance with Section 7.02; and

 

(e)              
a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant
to Section 7.05 (other than Section 7.05(f)(A)).

 

7.05         
Dispositions. Make any Disposition, except:

 

(a)              
Dispositions of obsolete, surplus or worn out property, whether now owned or hereafter acquired, in the ordinary course of business
and Dispositions of tangible property no longer used or useful in the conduct of the business of the Lead Borrower and its Restricted
Subsidiaries;

 

(b)              
the abandonment or other Disposition of IP Rights (including allowing any registrations or any applications for registration of
any IP Rights to lapse or go abandoned) to the extent Lead Borrower determines in its reasonable business judgment that (i) such
IP Rights are not commercially reasonable to maintain under the circumstances and (ii) such Disposition could not reasonably
be expected to materially and adversely affect the business of the Lead Borrower or any of its Restricted Subsidiaries;

 

    147

     

    

 

(c)              
Dispositions of inventory and goods held for sale in the ordinary course of business;

 

(d)              
Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement
property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

 

(e)              
any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims in
the ordinary course of business;

 

(f)               
(A) Dispositions permitted by Section 7.04, (B) Liens permitted by Section 7.01 (other than Section
7.01(n)(ii)), (C) Investments permitted by Section 7.02 (other than Section 7.02(e) with respect to Dispositions
under this Section 7.05 and Section 7.02(h)) and (D) Restricted Payments permitted by Section 7.06;

 

(g)              
Dispositions by the Lead Borrower and its Restricted Subsidiaries of property pursuant to sale-leaseback transactions; provided
that (i) not less than 75% of the purchase price for such property shall be in the form of cash or Cash Equivalents (with any senior
secured debt secured by such property assumed by the purchaser of such property and any consideration received in the form of Indebtedness
that is converted into cash within 90 days after the Disposition of such property deemed to be cash for purposes of this provision)
and (ii) any lease entered into in connection therewith shall not contravene Section 7.03;

 

(h)              
Dispositions of Cash Equivalents;

 

(i)                
Dispositions of accounts receivable in connection with the collection or compromise thereof;

 

(j)                
licensing or sublicensing of IP Rights in the ordinary course of business on customary terms and which does not materially interfere
with the business of the Lead Borrower and its Restricted Subsidiaries;

 

(k)              
sales of property and issuances and sales of Equity Interests (A) among or between Loan Parties (other than Holdings); provided
that the sale or issuance by the Lead Borrower of its Equity Interests to Holdings shall be permitted, (B) among or between Restricted
Subsidiaries that are not Loan Parties, (C) by Restricted Subsidiaries that are not Loan Parties to the Loan Parties (other than
Holdings) or (D) by Loan Parties to Restricted Subsidiaries that are not Loan Parties; provided that the fair market value
of all property so Disposed of pursuant to this sub-clause (D) following the Restatement Effective Date shall not exceed
$25,000,000 in the aggregate;

 

(l)                
leases, subleases, licenses or sublicenses of property in the ordinary course of business and which do not materially interfere
with the business of the Lead Borrower and its Restricted Subsidiaries;

 

(m)            
transfers of property subject to Casualty Events upon receipt of the net cash proceeds of such Casualty Event;

 

    148

     

    

 

(n)              
[reserved];

 

(o)              
Dispositions by the Lead Borrower and its Restricted Subsidiaries not otherwise permitted under this Section 7.05;
provided, that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment
entered into at a time when no Event of Default exists), no Event of Default shall exist or would result from such Disposition,
(ii) the aggregate book value of all property Disposed of in reliance on this clause (o) following the Restatement
Effective Date shall not exceed $25,000,000 and (iii) not less than 75% of the purchase price for asset or property sold in
such Disposition shall be in the form of cash or Cash Equivalents (with any senior secured debt secured by such property assumed
by the purchaser of such property and any consideration received in the form of Indebtedness that is converted into cash within
90 days after the Disposition of such property deemed to be cash for purposes of this provision); and

 

(p)              
Dispositions by the Lead Borrower and its Restricted Subsidiaries not otherwise permitted under this Section 7.05; provided
that, the Specified Transaction Conditions are satisfied;

 

provided, however, that any
Disposition of any property pursuant to this Section 7.05 (except pursuant to Sections 7.05(e), (h)
and (j)), shall be for no less than the fair market value of such property at the time of such Disposition. To the extent
any Collateral is Disposed to any Person that is not a Loan Party of as expressly permitted by this Section 7.05, such
Collateral shall be sold free and clear of the Liens created by the Loan Documents, and the Administrative Agent and the Collateral
Agent shall be authorized to take any actions deemed appropriate in order to effect the foregoing.

 

7.06         
Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, except:

 

(a)              
each Restricted Subsidiary may make Restricted Payments to the Lead Borrower and to Restricted Subsidiaries (and, in the case of
a Restricted Payment by a non-wholly-owned Restricted Subsidiary, to the Lead Borrower and any Restricted Subsidiary and to each
other owner of Equity Interests of such Restricted Subsidiary based on their relative ownership interests);

 

(b)              
the Lead Borrower and each Restricted Subsidiary may declare and make dividend payments or other distributions payable solely in
the Equity Interests (other than Disqualified Equity Interests) of such Person;

 

(c)              
the Lead Borrower may make Restricted Payments with the cash proceeds contributed to its common equity from the Net Cash Proceeds
of any Permitted Equity Issuance (other than Net Cash Proceeds constituting any Cure Amount), except to the extent such Net Cash
Proceeds have been applied to make Investments pursuant to Section 7.02(o) or prepayments, redemptions, repurchases,
defeasances or other satisfactions prior to maturity of any Junior Financing pursuant to Section 7.14 or to make previous
Restricted Payments pursuant to this Section 7.06(c);

 

    149

     

    

 

(d)              
to the extent constituting Restricted Payments, the Lead Borrower and its Restricted Subsidiaries may enter into transactions expressly
permitted by Section 7.02, ‎7.04, ‎7.08 or ‎7.14;

 

(e)              
the Lead Borrower or any Restricted Subsidiary may make Restricted Payments to Holdings (or, in the case of sub-clause (iv),
to the shareholders of a Restricted Subsidiary), so long as, with respect to any such Restricted Payments made pursuant to sub-clause
(iv), sub-clause (vii) or sub-clause (viii) below, no Event of Default under Section 8.01(a), (f)
or (g) shall have occurred and be continuing or would result therefrom:

 

(i)                
so long as the Lead Borrower is a member of a consolidated, combined or unitary group of which Holdings (or any direct or indirect
parent entity of Holdings) is the parent for foreign, Federal, state or provincial or local income tax purposes, the proceeds of
which will be used to pay the tax liability to each foreign, Federal, state, provincial or local jurisdiction in respect of which
a consolidated, combined, unitary or affiliated return is filed by Holdings (or any direct or indirect parent entity of Holdings)
that includes the Lead Borrower and its Subsidiaries, to the extent such tax liability does not exceed the lesser of (x) the taxes
that would have been payable by the Lead Borrower and its Subsidiaries as a stand-alone group and (y) the actual tax liability
of Holdings’ (or any direct or indirect parent entity of Holdings’) consolidated, combined, unitary or affiliated group,
reduced by any such payments paid or to be paid directly by the Lead Borrower or its Subsidiaries;

 

(ii)             
the proceeds of which shall be used by Holdings to pay (or to make a Restricted Payment to its direct or indirect parent to enable
it to pay) (a) its operating expenses incurred in the ordinary course of business and other corporate overhead costs and expenses
(including, without limitation, administrative, legal, accounting and similar expenses provided by third parties), which are reasonable
and customary and incurred in the ordinary course of business, in an aggregate amount not to exceed $1,500,000 in any 12-month
period plus any reasonable and customary indemnification claims made by directors or officers of Holdings attributable to
the ownership or operations of the Lead Borrower and its Restricted Subsidiaries or (b) the fees and other amounts described in
Section 7.08(d) to the extent that the Lead Borrower would be then permitted under such Section 7.08(d)
to pay such fees and other amounts directly;

 

(iii)           
the proceeds of which shall be used by Holdings to pay its (or to make a Restricted Payment to its direct or indirect parent to
enable it to pay) franchise taxes and similar taxes and other expenses necessary to maintain its corporate existence;

 

(iv)            
the proceeds of which will be used to repurchase the Equity Interests or phantom Equity Interests (including stock
appreciation rights and similar incentive or deferred compensation instruments) of Holdings or any of its Restricted
Subsidiaries (or to make a Restricted Payment to its direct or indirect parent to enable it to repurchase its Equity
Interests or phantom Equity Interests) from directors, employees or members of management of Holdings or any Restricted
Subsidiary (or their estate, family members, spouse and/or former spouse), in an aggregate amount not in excess of
$20,000,000 in any calendar year; provided, that the Lead Borrower may carry over and make in any subsequent calendar
year or years, in addition to the amount for such subsequent calendar year, the amount not utilized in the prior calendar
year or years up to a maximum of $20,000,000 with respect to such subsequent calendar year; provided, further,
that the amounts set forth in this clause (e)(iv) may be further increased by (A) the proceeds of any key-man life
insurance maintained by Holdings (or its direct or indirect parent), the Lead Borrower or a Restricted Subsidiary, to the
extent such proceeds are received by the Lead Borrower or a Restricted Subsidiary, plus (B) to the extent contributed in cash
to the common equity of the Lead Borrower, the Net Cash Proceeds from the sale of Equity Interests of any of the Lead
Borrower’s direct or indirect parent companies, in each case to members of management, managers, directors or
consultants of Holdings, the Lead Borrower, any of its Subsidiaries or any of its direct or indirect parent companies
that occurs after the Restatement Effective Date;

 

    150

     

    

 

(v)              
the proceeds of which are applied to the purchase or other acquisition by Holdings of all or substantially all of the property
and assets or business of any Person, or of assets constituting a business unit, a line of business or division of such Person,
or of all of the Equity Interests in a Person that, provided that if such purchase or other acquisition had been made by the Lead
Borrower, it would have constituted a “Permitted Acquisition” permitted to be made pursuant to Section 7.02;
provided, that (A) such Restricted Payment shall be made concurrently with the closing of such purchase or other acquisition and
(B) Holdings shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests)
to be contributed to the Lead Borrower or its Restricted Subsidiaries or (2) the merger (to the extent permitted in Section 7.04)
of the Person formed or acquired into the Lead Borrower or its Restricted Subsidiaries in order to consummate such purchase or
other acquisition;

 

(vi)            
repurchases of Equity Interests of Holdings deemed to occur upon the non-cash exercise of stock options and warrants;

 

(vii)         
the proceeds of which shall be used by Holdings to pay, or to make Restricted Payments to allow any direct or indirect parent thereof
to pay, management fees permitted by Section 7.08(d); and

 

(viii)       
the proceeds of which shall be used by Holdings to pay, or to make Restricted Payments to allow any direct or indirect parent thereof
to pay, other than to Affiliates of Holdings (other than Affiliates that are bona fide investment banks), a portion of any customary
fees and expenses related to any unsuccessful equity offering by Holdings (or any direct or indirect parent thereof), or any unsuccessful
debt offering by any direct or indirect parent of Holdings, in each case directly attributable to the operations of the Lead Borrower
and its Restricted Subsidiaries;

 

    151

     

    

 

 

(f)               
in addition to the foregoing Restricted Payments, additional Restricted Payments following the Restatement Effective Date
in an aggregate amount not to exceed the greater of $20,000,000 and 1.5% of Consolidated Total Assets;

 

(g)              
after a Qualifying IPO, Restricted Payments of up to 6% per annum of the Net Cash Proceeds contributed to the common equity
of the Lead Borrower from such Qualifying IPO; provided that immediately before and immediately after giving effect to any
such Restricted Payment, no Default or Event of Default shall have occurred and be continuing;

 

(h)              
[reserved];

 

(i)                
repurchases of Equity Interests of Parent, Holdings, the Lead Borrower or any Restricted Subsidiary to fund the payment
of withholding or similar Taxes that are payable by any future, present or former employee, director, manager or consultant (or
any spouse, former spouse, successor, executor, administrator, heir, legatee or distributee of any of the foregoing) in connection
with the exercise of stock options; and

 

(j)                
in addition to the foregoing Restricted Payments, additional Restricted Payments, so long as, the Restricted Payment Conditions
are satisfied.

 

7.07         
Change in Nature of Business. Engage in any material line of business substantially different from those lines of
business conducted by the Lead Borrower and its Restricted Subsidiaries on the Restatement Effective Date or any business reasonably
related or ancillary thereto.

 

7.08          Transactions
with Affiliates. Enter into any transaction of any kind with any Affiliate of the Lead Borrower, whether or not in the
ordinary course of business, other than (a) transactions among Loan Parties and their Restricted Subsidiaries,
(b) on fair and reasonable terms substantially as favorable to the Lead Borrower or such Restricted Subsidiary as would
be obtainable by the Lead Borrower or such Restricted Subsidiary at the time in a comparable arm’s length transaction
with a Person other than an Affiliate, (c) [reserved], (d) [reserved] and (ii) the payment of related indemnities
and reasonable expenses, (e) customary fees and indemnities may be paid to any directors of Holdings (or any direct or
indirect parent thereof), the Lead Borrower and its Restricted Subsidiaries and reasonable out-of-pocket costs of such
Persons may be reimbursed, in each case, to the extent directly attributable to the operations of the Lead Borrower and its
Restricted Subsidiaries, (f) the Lead Borrower and its Restricted Subsidiaries may enter into employment, severance or
collective bargaining arrangements or consultant or employee benefit with officers, employees and directors in the ordinary
course of business and transactions pursuant to stock option, stock appreciation rights, stock incentive or other equity
compensation plans and employee benefit plans and arrangements in the ordinary course of business, (g) the Lead Borrower
and its Restricted Subsidiaries may make payments pursuant to the tax sharing agreements among the Lead Borrower and its
Restricted Subsidiaries, (h) Restricted Payments permitted under Section 7.06, (i) Investments in the
Lead Borrower’s Subsidiaries and Joint Ventures (to the extent any such Subsidiary that is not a Restricted Subsidiary
or any such Joint Venture is only an Affiliate as a result of Investments by the Lead Borrower and its Restricted
Subsidiaries in such Subsidiary or Joint Venture) to the extent otherwise permitted under Section 7.02, (j)
[reserved], (k) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services or
providers of employees or other labor, in each case in the ordinary course of business and otherwise in compliance with the
terms of this Agreement that are fair to the Lead Borrower or the Restricted Subsidiaries, in the reasonable determination of
the members of the Board of Directors of the Lead Borrower or the senior management thereof, or are on terms at least as
favorable as might reasonably have been obtained at such time from an unaffiliated Person; (l) [reserved]; (m) pledges of
Equity Interests of the Unrestricted Subsidiary to secured Indebtedness of such Unrestricted Subsidiary; (n) the provision of
cash collateral permitted under Section 7.01 and payments and distributions of amounts therefrom; and (o) transactions
pursuant to agreements in existence on the Restatement Effective Date and set forth on Schedule 7.08(o) or any
amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect.

 

    152

     

    

 

7.09         
Burdensome Agreements. Enter into or permit to exist any Contractual Obligation (other than this Agreement or any
other Loan Document, any First Lien Loan Document or any Second Lien Loan Document) that limits the ability:

 

(a)              
of any Restricted Subsidiary of the Lead Borrower to make Restricted Payments to the Lead Borrower or any Guarantor which
is a Restricted Subsidiary of the Lead Borrower or to otherwise transfer property to or invest in the Lead Borrower or any Guarantor,
except for (i) any agreement in effect on the Restatement Effective Date and any amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole (as determined
by the Lead Borrower in good faith), with respect to such restrictions than those contained in those agreements on the Restatement
Effective Date, (ii) any agreement in effect at the time any Restricted Subsidiary becomes a Restricted Subsidiary of the Lead
Borrower, so long as such agreement was not entered into solely in contemplation of such Person becoming a Restricted Subsidiary
of the Lead Borrower, provided that (x) any such agreement expressly permits such Restricted Payments, transfers of property
and investments to pay the ABL Obligations and (y) the exception in this clause (ii) shall not apply to agreements that
are binding on a Person that becomes a Restricted Subsidiary pursuant to the second sentence of the definition of “Unrestricted
Subsidiary” unless any such agreement would have otherwise been permitted under this Section 7.09(a) had such Person
been a Restricted Subsidiary at the time of entering into such agreement, (iii) any agreement included in any agreement governing
Indebtedness of a Restricted Subsidiary of the Lead Borrower which is not a Loan Party which is permitted by Section 7.03;
(iv) (x) any agreement in connection with a Disposition permitted by Section 7.05 and (y) customary provisions limiting
the disposition or distribution of assets or property in asset sale agreements, sale-leaseback agreements, stock sale agreements
and other similar agreements in the ordinary course of business (including agreements entered into in connection with any Investment
permitted under Section 7.02), which limitation is applicable only to the assets that are the subject of such agreements,
(v) customary provisions in joint venture agreements or other similar agreements applicable to Joint Ventures permitted under Section 7.02
and applicable solely to such Joint Venture entered into in the ordinary course of business, (vi) customary provisions restricting
assignment of any agreement entered into in the ordinary course of business, (vii) customary restrictions contained in Permitted
Term Indebtedness and Indebtedness incurred pursuant to Section 7.03(f), ‎(n) or (t) (provided
that the provisions of any such Indebtedness are not, taken as a whole, materially more restrictive (as determined by the Lead
Borrower in good faith) than similar restrictions contained in the First Lien Credit Agreement), (viii) applicable Law, rule, regulation
or order or the terms of any license, authorization, concession or permit, (ix) restrictions contained in the Canadian ABL Facility
in effect on the Restatement Effective Date and any amendments, restatements, modifications, renewals, supplements, refundings,
replacements or refinancings of such agreement; provided that the amendments, restatements, modifications, renewals, supplements,
refundings, replacements or refinancings are not materially more restrictive, taken as a whole (as determined by the Lead Borrower
in good faith), with respect to such restrictions than those contained in such agreement on the Restatement Effective Date, or
(x) restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords or required by insurance,
surety or bonding companies, in each case, under contracts entered into in the ordinary course of business; or

 

    153

     

    

 

(b)              
of Holdings or any other Loan Party to create, incur, assume or suffer to exist Liens on property of such Person to secure
the ABL Obligations except for (i) negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted
under Section 7.03(e) or 7.03(k)(B) but solely to the extent any negative pledge relates to the property financed
by or the subject of such Indebtedness, (ii) customary restrictions on leases, subleases, licenses or asset sale agreements otherwise
permitted hereby so long as such restrictions may relate to the assets subject thereto, (iii) customary restrictions contained
in Permitted Term Indebtedness and Indebtedness incurred pursuant to Section 7.03(f), (n) or (t) (provided
that such restrictions do not restrict the Liens securing the ABL Obligations or the priority thereof required by the ABL/Term
Intercreditor Agreement), (iv) restrictions arising in connection with cash or other deposits permitted under Sections 7.01
or 7.02 and limited to such cash or deposit, (v) customary provisions restricting assignment of any agreement entered into
in the ordinary course of business, (vi) restrictions arising by reason of applicable Law, rule, regulation or order or the terms
of any license, authorization, concession or permit, and (vii) restrictions on cash or other deposits or net worth imposed by customers,
suppliers or landlords or required by insurance, surety or bonding companies, in each case, under contracts entered into in the
ordinary course of business.

 

7.10         
Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, (a) to purchase or carry
Margin Stock, (b) to extend credit to others for the purpose of purchasing or carrying Margin Stock or for any purpose that violates
the provisions of Regulation T, U or X of the FRB, (c) other than pursuant to and in accordance with Section 6.11, (d) to make
any payments to a Sanctioned Entity or a Sanctioned Person, to fund any investments, loans or contributions in, or otherwise make
such proceeds available to, a Sanctioned Entity or a Sanctioned Person, to fund any operations, activities or business of a Sanctioned
Entity or a Sanctioned Person, or in any other manner that would result in a violation of Sanctions by any Person, or (e) in furtherance
of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person
in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws.

 

    154

     

    

 

7.11         
Fixed Charge Coverage Ratio. During any Covenant Trigger Period, permit the Fixed Charge Coverage Ratio as of the
last day, as calculated on a Pro Forma Basis, of the most recently completed period of four consecutive fiscal quarters
ending prior to the commencement of such Covenant Trigger Period for which financial statements have been delivered pursuant to
Section 6.01(a) or 6.01(b), to be less than 1.00 to 1.00.

 

7.12         
Amendments of Organization Documents. Amend any of its Organization Documents in a manner materially adverse to
the Administrative Agent, the Collateral Agent or the Lenders; it being understood and agreed that changes in organization of
the Lead Borrower or any of its Restricted Subsidiaries (such as conversion of a corporation into a limited liability company)
shall not be deemed materially adverse to the Administrative Agent, the Collateral Agent or the Lenders; provided that
the Lead Borrower and its Restricted Subsidiaries shall comply with the provisions of Sections 6.12 and 6.14 with
respect to such changes in organization.

 

7.13         
Accounting Changes. Make any change in (a) accounting policies or reporting practices, except as required or permitted
by GAAP, or (b) in the case of the Lead Borrower only, fiscal year.

 

7.14         
Prepayments, Etc. of Indebtedness and Modifications of Certain Debt Instruments. (a) Prepay, redeem, purchase, defease
or otherwise satisfy prior to the scheduled maturity thereof in any manner (1) any Indebtedness incurred pursuant to Section
7.03(t) that, in each case, is either unsecured or subordinated in right of payment to the ABL Obligations or (2) any
Specified Affiliate Indebtedness (collectively, together with any Permitted Refinancing of any of the foregoing, “Junior
Financing”), or make any payment in violation of any subordination terms of any Junior Financing Documentation,
except: (i) any prepayment of Junior Financing so long as, the Specified Transaction Conditions are satisfied; (ii) (A) the
repayment, prepayment or refinancing of any Junior Financing (other than Specified Affiliate Indebtedness) with the Net Cash Proceeds
of any Permitted Equity Issuance (other than Net Cash Proceeds constituting any Cure Amount) (except to the extent the Net Cash
Proceeds of any such Permitted Equity Issuance have been applied to make Investments pursuant to Section 7.02(o) or Restricted
Payments pursuant to Section 7.06(c) or previously applied to make prepayments, redemptions, repurchases, defeasances or
other satisfactions prior to maturity of any Junior Financing pursuant to this Section 7.14) and (B) the refinancing
of any Indebtedness described in the preceding clause (a)(1) with the proceeds of any Permitted Term Indebtedness that is unsecured
or subordinated in right of payment to the ABL Obligations, in each case, to the extent not required to prepay any Revolving Credit
Loans pursuant to Section 2.05(b); (iii) the conversion of any Junior Financing to Equity Interests (other than
Disqualified Equity Interests); (iv) the prepayment of any Junior Financing or Permitted Refinancing thereof, in an aggregate
amount following the Restatement Effective Date not to exceed an amount (which shall not be less than zero) equal to the greater
of $20,000,000 and 1.5% of Consolidated Total Assets; (v) (A) any repayment or prepayment of Specified Affiliate Indebtedness
that is permitted by clause (L) of Section 7.03(r) and (B) the refinancing of Specified Affiliate Indebtedness with
the Net Cash Proceeds of any Permitted Equity Issuance (other than Net Cash Proceeds constituting any Cure Amount) (except to
the extent the Net Cash Proceeds of any such Permitted Equity Issuance have been applied to make Investments pursuant to Section
7.02(o) or Restricted Payments pursuant to Section 7.06(c) or previously applied to make prepayments, redemptions,
repurchases, defeasances or other satisfactions prior to maturity of any Junior Financing pursuant to this Section 7.14)
or (b) amend, modify or change in any manner materially adverse to the interests of the Administrative Agent, the Collateral
Agent or the Lenders any term or condition of any Junior Financing Documentation (provided that a certificate of the Chief
Financial Officer of the Lead Borrower delivered to the Administrative Agent in good faith at least five Business Days prior to
any such modification or change, together with a reasonably detailed description of the material terms and conditions of such
modification or change or drafts of the documentation relating thereto, stating that the Lead Borrower has determined in good
faith that such terms and conditions satisfy the requirement set forth in this clause (b), shall be conclusive evidence
that such terms and conditions satisfy such requirement unless the Administrative Agent provides notice to the Lead Borrower of
its objection during such five Business Day period).

 

    155

     

    

 

7.15         
Holding Companies.

 

(a)              
In the case of Holdings, (i) conduct, transact or otherwise engage in any business or operations other than those incidental
to its ownership of the Equity Interests of the Lead Borrower and the performance of its obligations under the Loan Documents or
any Permitted Term Indebtedness, (ii) incur any Indebtedness (other than (x) the ABL Obligations and any Permitted Term Indebtedness,
(y) intercompany Indebtedness incurred in lieu of Restricted Payments permitted under Section 7.06 and Indebtedness of the
type described in Sections 7.03(i) through (m) (other than Section 7.03(k)(B)), 7.03(o) and 7.03(p)
and (z) Guarantees of Indebtedness permitted by Section 7.03(n) or (t)), (iii) create, incur, assume or suffer
to exist any Lien on any Equity Interests of the Lead Borrower (other than Liens pursuant to any Loan Document, any Permitted Term
Indebtedness Liens and non-consensual Liens arising solely by operation of law); or (iv) make any Investments (other than (x) Investments
in the Lead Borrower or its Restricted Subsidiaries (including any temporary Investments to facilitate Permitted Acquisitions and
other Investments permitted by Section 7.02) or (y) Investments of the type permitted by Section 7.02(a), ‎(b),
(h), (k), or (m).

 

(b)              
In the case of GYP IV or GYP V, (i) conduct, transact or otherwise engage in any business or operations other than
those incidental to their ownership of the Equity Interests of GYP V or the Canadian ULCs, as applicable, (ii) incur any Indebtedness
(other than (y) intercompany Indebtedness incurred in lieu of Restricted Payments permitted under Section 7.06 and Indebtedness
of the type described in Sections 7.03(i) through (m) (other than Section 7.03(k)(B)), 7.03(o) and
7.03(p) and (z) Guarantees of Indebtedness permitted by Section 7.03(f) (to the extent incurred by a Foreign
Subsidiary), (n) (to the extent incurred by a Foreign Subsidiary) and (u)), or (iii) make any Investments (other
than (x) Investments in GYP V, the Canadian ULCs or their Subsidiaries (including any temporary Investments to facilitate
Permitted Acquisitions and other Investments permitted by Section 7.02), (y) Investments of the type permitted by Section
7.02(a), (b), (c), (h), (i), (k) or (m) or (z) in the case of GYP IV, that certain
$390,000,000 promissory note, dated as of June 1, 2018, between GYP IV, as lender, and GYP Canada Holdings LP, as borrower).

 

(c)              
Nothing in this Section 7.15 shall prevent Holdings, GYP IV or GYP V from (i) the maintenance of its legal existence
(including the ability to incur fees, costs and expenses relating to such maintenance), (ii) [reserved], (iii) any public offering
of its common stock or any other issuance or sale of its Equity Interests (other than Disqualified Equity Interests), (iv) making
Restricted Payments or Dispositions (other than Dispositions of the Equity Interests of the Lead Borrower), (v) participating in
tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Lead Borrower, (vi)
holding any cash and Cash Equivalents (but not operating any property), (vii) providing indemnification to officers, managers and
directors, (viii) any activities incidental to compliance with the provisions of the Securities Act of 1933, as amended and the
Exchange Act of 1934, as amended, any rules and regulations promulgated thereunder, and the rules of national securities exchanges,
in each case, as applicable to companies with listed equity or debt securities, as well as activities incidental to investor relations,
shareholder meetings and reports to shareholders or debtholders and (ix) any activities incidental to the foregoing.

 

    156

     

    

 

7.16         
Deposit Accounts; Credit Card Processors. Open any new DDA (other than any Excluded DDA) unless the Loan Parties shall have
delivered to the Collateral Agent appropriate Blocked Account Agreements consistent with the provisions of Section 6.18
and otherwise satisfactory to the Collateral Agent within 90 days (or such longer period as the Collateral Agent may agree in writing)
of opening such new DDA. No Loan Party shall maintain any bank accounts or enter into any agreements with credit card processors
or credit card issuers other than the ones expressly permitted hereby or contemplated in Section 6.18.

 

Article
VIII

EVENTS OF DEFAULT AND REMEDIES

 

8.01         
Events of Default. Any of the following shall constitute an Event of Default (each, an “Event of Default”):

 

(a)              
Non-Payment. The Borrowers or any other Loan Party fails to pay (i) when and as required to be paid herein,
any amount of principal of any Loan or any L/C Obligation, or (ii) within five Business Days after the same becomes due, any
interest on any Loan any L/C Obligation or any fee due hereunder, or any other amount payable hereunder or with respect to any
other Loan Document; or

 

(b)              
Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in (i) clause
(y) of the final paragraph of Section 4.01, Section 6.02(d), Section 6.03(a), Section 6.05 (solely
with respect to the Lead Borrower), Section 6.11, Section 6.18(c) (subject to clause (b)(ii) below) or Article
VII (subject to, in the case of the financial covenant contained in Section 7.11, the cure rights contained in
Section 8.03), (ii) Section 6.02(b), Section 6.02(e), Section 6.18(a), Section 6.18(b),
and Section 6.18(c) (solely with respect to the initial Covenant Trigger Event with respect to any Covenant Trigger Period)
and such failure described in this clause (b)(ii) continue for one Business Day, (iii) Section 6.02(c) and such failure
described in this clause (b)(iii) continues for three days, or (iv) Section 6.01(c) and Section 6.02(a) and
such failure described in this clause (b)(iv) continues for five days; or

 

(c)              
Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a)
or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days
after notice thereof by the Administrative Agent or the Collateral Agent to the Lead Borrower; or

 

    157

     

    

 

(d)              
Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made
by or on behalf of the Borrowers or any other Loan Party herein, in any other Loan Document, or in any document required to be
delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made;
or

 

(e)              
Cross-Default. (i) Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable
grace period with respect thereto, if any (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise)
in respect of any (x) Indebtedness under the First Lien Credit Agreement, (y) Indebtedness under the Second Lien Credit Agreement
or (z) any other Indebtedness (other than Indebtedness hereunder) having (in the case of this clause (z)) an aggregate principal
amount of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such
Indebtedness, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders
of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with
the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity;
provided that this clause (e)(B) shall not apply to secured Indebtedness that becomes due as a result of the voluntary
sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under
the documents providing for such Indebtedness and such Indebtedness is repaid when required under the documents providing for such
Indebtedness; provided, further, that such failure is unremedied and is not validly waived by the holders of such
Indebtedness in accordance with the terms of the documents governing such Indebtedness prior to any termination of the Revolving
Credit Commitments or acceleration of the Loans pursuant to Section 8.02; or

 

(f)               
Insolvency Proceedings, Etc. Any Loan Party or any of its Restricted Subsidiaries that is not an Immaterial Subsidiary
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit
of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged
or unstayed for 60 calendar days or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material
part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days
or an order for relief is entered in any such proceeding; or

 

(g)              
Inability to Pay Debts; Attachment. (i) Any Loan Party or any Restricted Subsidiary that is not an Immaterial Subsidiary
thereof becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ
or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of
any such Person and is not released, vacated or fully bonded within 60 calendar days after its issue or levy; or

 

    158

     

    

 

(h)              
Judgments. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the
payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not
covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and does not deny
coverage) and there is a period of 60 consecutive days during which a stay of enforcement of such judgment, by reason of a pending
appeal or otherwise, is not in effect; or

 

(i)                
ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could
reasonably be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer
Plan or the PBGC in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) any
Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment
with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount which
could reasonably be expected to result in a Material Adverse Effect; or

 

(j)                
Invalidity of Loan Documents. Any provision of any Loan Document, at any time after its execution and delivery and
for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under
Section 7.04 or ‎7.05) or satisfaction in full of all the ABL Obligations, ceases to be in full force and effect;
or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document; or any Loan Party denies
that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the
ABL Obligations and termination of the Aggregate Commitments), or purports to revoke or rescind any Loan Document; or

 

(k)              
Change of Control. There occurs any Change of Control; or

 

(l)                
Collateral Documents. Any Collateral Document after delivery thereof shall for any reason (other than pursuant to
the terms thereof including as a result of a transaction permitted under Section ‎7.04 or ‎7.05) cease to
create a valid and perfected lien on and security interest in the Collateral covered thereby with the priority required by the
ABL/Term Intercreditor Agreement, subject to Liens permitted under Section 7.01, except to the extent that any such
perfection or priority is not required pursuant to Section 4.01, Section 6.12 or Section 6.14
or results from the failure of the Collateral Agent (or a bailee on its behalf in accordance with the ABL/Term Intercreditor Agreement)
to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents.

 

    159

     

    

 

Solely for the purpose of determining whether
a Default or Event of Default has occurred under clause (f) or (g) of Section 8.01, any reference
in any such clause to any Restricted Subsidiary shall be deemed to exclude any Immaterial Subsidiary (provided however that all
Restricted Subsidiaries affected by any event or circumstance referred to in any such clause shall be considered together, as a
single consolidated Restricted Subsidiary, for purposes of determining whether the condition specified above is satisfied).

 

8.02         
Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)              
declare the commitment of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions
to be terminated, whereupon such commitments and obligation shall be terminated;

 

(b)              
declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts
owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrowers;

 

(c)              
require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof);
and

 

(d)              
exercise on behalf of itself, the L/C Issuers and the Lenders all rights and remedies available to it, the L/C Issuers and
the Lenders under the Loan Documents, under any document evidencing Indebtedness in respect of which the Revolving Credit Facility
have been designated as “Designated Senior Debt,” and/or under applicable Law;

 

provided, however, that upon
the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the
United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions
shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid
shall automatically become due and payable, and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid
shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

 

8.03         
Right to Cure. Notwithstanding anything to the contrary contained in Section 8.01 or 8.02, in the event
that the Lead Borrower fails to comply with the requirements of the financial covenant set forth in Section 7.11, then
(a) after the beginning of the applicable fiscal quarter, until the expiration of the 10th day subsequent to the date the relevant
financial statements are required to be delivered with respect to such fiscal quarter pursuant to Section 6.01(a) or
6.01(b), Holdings shall have the right to issue common equity for cash and to contribute such cash as common equity to the
capital of the Lead Borrower (the “Cure Right”), and upon the receipt by the Lead Borrower of such cash
(the “Cure Amount”) pursuant to the exercise by the Holdings of such Cure Right, the calculation of Consolidated
EBITDA as used in the financial covenant set forth in Section 7.11 shall be recalculated giving effect to the following
pro forma adjustments:

 

    160

     

    

 

(i)                
Consolidated EBITDA shall be increased, solely for the purpose of measuring the financial covenant set forth in Section 7.11
and not for the purpose of determining satisfaction of the Specified Transaction Conditions, the Restricted Payment Conditions
or the availability or amount of any covenant baskets or carve-outs, by an amount equal to the Cure Amount; provided that
the receipt by the Lead Borrower of the Cure Amount pursuant to the Cure Right shall be deemed to have no other effect whatsoever
under this Agreement, including for purposes of determining the availability or amount of any covenant baskets or carve-outs, the
applicability of the Specified Transaction Conditions or the Restricted Payment Conditions; and

 

(ii)             
If, after giving effect to the foregoing recalculations, the Lead Borrower shall then be in compliance with the requirements
of the financial covenant set forth in Section 7.11, the Lead Borrower shall be deemed to have satisfied the requirements
of the financial covenant set forth in Section 7.11 as of the relevant date of determination with the same effect as
though there had been no failure to comply therewith at such date, and the applicable breach or default of the financial covenant
set forth in Section 7.11 that had occurred shall be deemed cured for the purposes of this Agreement; and

 

(b)              
upon receipt by the Administrative Agent of written notice, prior to the expiration of the 10th day subsequent
to the date the relevant financial statements are required to be delivered pursuant to Section 6.01 (the “Anticipated
Cure Deadline”), that the Lead Borrower intends to exercise the Cure Right in respect of a fiscal quarter, the Lenders
shall not be permitted to accelerate Loans held by them or to exercise remedies against the Collateral on the basis of a failure
to comply with the requirements of the financial covenant set forth in Section 7.11 until such failure is not cured
pursuant to the exercise of the Cure Right on or prior to the Anticipated Cure Deadline; provided that, for the avoidance
of doubt, no Credit Extension under the Revolving Credit Facility shall be made for so long as the Lead Borrower is not in compliance
with the financial covenant set forth in Section 7.11 and such non-compliance has not been cured in accordance with
the provisions of this Section 8.03.

 

Notwithstanding anything herein to the
contrary, (i) in each four-fiscal-quarter period there shall be at least two fiscal quarters in respect of which the Cure Right
is not exercised, (ii) there can be no more than five fiscal quarters in respect of which the Cure Right is exercised during the
term of the Revolving Credit Facility, and (iii) for purposes of this Section 8.03, the Cure Amount utilized shall be no
greater than the amount required for purposes of complying with the financial covenant set forth in Section 7.11.

 

8.04         
Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically
become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth
in the proviso to Section 8.02), any amounts received on account of the ABL Obligations shall, subject to the provisions
of Sections 2.15 and 2.16 and the prior payment and distribution of the proceeds of the Term Priority Collateral
to the Designated Term Representative (for distribution in accordance with the Term Loan Documents), in accordance with the ABL/Term
Intercreditor Agreement, be applied by the Collateral Agent in the following order:

 

    161

     

    

 

First,
to payment of that portion of the ABL Obligations constituting fees, indemnities, expenses and other amounts (including fees, disbursements
and other charges of counsel payable under Section ‎10.04 and amounts payable under Article III) payable
to the Administrative Agent or the Collateral Agent, each in its capacity as such;

 

Second,
to payment of that portion of the ABL Obligations constituting fees, indemnities and other amounts (other than principal, interest
and L/C Fees) payable to the Lenders and the L/C Issuers (including fees, disbursements and other charges of counsel payable under
Sections 10.04 and 10.05) arising under the Loan Documents and amounts payable under Article III, ratably
among them in proportion to the respective amounts described in this clause Second payable to them;

 

Third,
to the extent not previously reimbursed by the Lenders, to payment to the Administrative Agent of that portion of the ABL Obligations
constituting principal and accrued and unpaid interest on any Protective Overadvances;

 

Fourth,
to the extent that Swing Line Loans have not been refinanced by a Revolving Credit Loan, to payment to the Swing Line Lender of
that portion of the ABL Obligations constituting accrued and unpaid interest on the Swing Line Loans;

 

Fifth,
the extent that Swing Line Loans have not been refinanced by a Revolving Credit Loan, to payment to the Swing Line Lender of that
portion of the ABL Obligations constituting unpaid principal of the Swing Line Loans;

 

Sixth,
to payment of that portion of the ABL Obligations constituting accrued and unpaid L/C Fees and interest on the Loans and L/C Borrowings,
ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Sixth payable
to them;

 

Seventh,
(i) to payment of that portion of the ABL Obligations constituting (x) unpaid principal of the Loans, the L/C Borrowings and
(y) principal or any other payments then owing under Secured Hedge Agreements and the Secured Cash Management Agreements, for which,
in the case of this clause (y), Reserves have been established by the Administrative Agent and (ii) to Cash Collateralize
that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash
Collateralized by the Borrowers pursuant to Section 2.03 and 2.15, ratably among the Lenders, the L/C Issuers,
the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Seventh payable
to them;

 

Eight,
to the payment of all other ABL Obligations of the Loan Parties that are due and payable to the Administrative Agent, the Collateral
Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such ABL Obligations
owing to the Administrative Agent, the Collateral Agent and the other Secured Parties on such date;

 

    162

     

    

 

Ninth,
in respect of the proceeds of the ABL Priority Collateral only, to the Designated Term Representative, to be applied in accordance
with the Term Loan Documents or as otherwise provided in the ABL/Term Intercreditor Agreement; and

 

Last,
the balance, if any, after all of the ABL Obligations and all obligations under the Term Loan Documents have been indefeasibly
paid in full, to the Borrowers (to be wired to the Designated Account) or as otherwise required by Law.

 

Subject to Sections 2.03(n)
and 2.15, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Seventh
above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash
Collateral after all Letters of Credit have either been fully drawn or expired without any pending drawing thereon, such remaining
amount shall be applied to the other ABL Obligations, if any, in the order set forth above.

 

Notwithstanding anything herein to the
contrary, the Excluded Swap Obligations with respect to any Loan Party shall not be paid with amounts received from such Loan Party
or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation
to the ABL Obligations otherwise set forth above in this Section 8.04.

 

Article
IX

ADMINISTRATIVE AGENT AND OTHER AGENTS

 

9.01         
Appointment and Authorization of Agents.

 

(a)              
Each Lender and each L/C Issuer hereby irrevocably appoints, designates and authorizes the Administrative Agent and the
Collateral Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise
such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document,
together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere
herein or in any other Loan Document, no Agent shall have any duties or responsibilities, except those expressly set forth herein,
nor shall any Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against any Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market
custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

 

(b)              
Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and such L/C Issuer shall have all of the benefits and immunities (i) provided to the Agents in this
Article IX with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit
issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters
of Credit as fully as if the term “Agent” as used in this Article IX and in the definition of “Agent-Related
Person” included such L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with
respect to such L/C Issuer.

 

    163

     

    

 

(c)              
The Administrative Agent shall also act as the Collateral Agent under the Loan Documents, and each of the Lenders (including
in its capacities as a potential Cash Management Bank and a potential Hedge Bank) hereby irrevocably appoints and authorizes the
Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral
granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably
incidental thereto. In this connection, the Collateral Agent (and any co-agents, sub-agents and attorneys-in-fact appointed by
the Collateral Agent pursuant to Section 9.02 for purposes of holding or enforcing any Lien on the Collateral (or any
portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction
of the Collateral Agent) shall be entitled to the benefits of all provisions of this Article IX (including, without limitation,
Section 9.07, as though such co-agents, sub-agents and attorneys-in-fact were the Collateral Agent under the Loan Documents)
as if set forth in full herein with respect thereto.

 

9.02         
Delegation of Duties. The Administrative Agent or the Collateral Agent may execute any of its duties under this Agreement
or any other Loan Document (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)
granted under the Collateral Documents or of exercising any rights and remedies thereunder) by or through agents, employees or
attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining
to such duties. None of the Administrative Agent or the Collateral Agent shall be responsible for the negligence or misconduct
of any agent or attorney-in-fact that it selects in the absence of its own gross negligence or willful misconduct to the extent
determined in a final, nonappealable judgment by a court of competent jurisdiction.

 

9.03         
Liability of Agents. No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any of them
under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own
gross negligence or willful misconduct in connection with its duties expressly set forth herein, to the extent determined in a
final, nonappealable judgment by a court of competent jurisdiction), or (b) be responsible in any manner to any Lender or
participant for any recital, statement, representation or warranty made by any Loan Party or any officer thereof, contained herein
or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received
by the Administrative Agent or the Collateral Agent under or in connection with, this Agreement or any other Loan Document, or
the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or the perfection
or priority of any Lien or security interest created or purported to be created under the Collateral Documents, or for any failure
of any Loan Party or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related
Person shall be under any obligation to any Lender or participant to ascertain or to inquire as to the observance or performance
of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties,
books or records of any Loan Party or any Affiliate thereof.

 

    164

     

    

 

9.04         
Reliance by Agents.

 

(a)              
Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature,
resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic
mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent
or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party),
independent accountants and other experts selected by such Agent. Each Agent shall be fully justified in failing or refusing to
take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it
deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders and L/C Issuers against
any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Each Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document
in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required
hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the
Lenders and L/C Issuers.

 

(b)              
For purposes of determining compliance with the conditions specified in Section 4.01, each Lender and L/C Issuer
that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender and L/C Issuer
unless the Administrative Agent shall have received notice from such Lender prior to the proposed Restatement Effective Date specifying
its objection thereto.

 

9.05         
Notice of Default. None of the Administrative Agent or the Collateral Agent shall be deemed to have knowledge or notice
of the occurrence of any Default, except with respect to defaults in the payment of principal, interest and fees required to be
paid to the Administrative Agent for the account of the applicable Lenders and L/C Issuers, unless it shall have received written
notice from a Lender or the Lead Borrower referring to this Agreement, describing such Default and stating that such notice is
a “notice of default.” Each of the Administrative Agent and the Collateral Agent will notify the Lenders and L/C Issuers
of its receipt of any such notice. The Administrative Agent shall take such action with respect to any Event of Default as may
be directed by the Required Lenders in accordance with Article VIII; provided, however, that unless and until
the Administrative Agent has received any such direction, the Administrative Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or in the best interest
of the Lenders and L/C Issuers.

 

9.06         
Credit Decision; Disclosure of Information by Agents. Each Lender and L/C Issuer acknowledges that no Agent-Related Person
has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance
of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation
or warranty by any Agent-Related Person to any Lender and L/C Issuer as to any matter, including whether Agent-Related Persons
have disclosed material information in their possession. Each Lender and L/C Issuer represents to each Agent that it has, independently
and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions
contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrowers and the other
Loan Parties hereunder. Each Lender and L/C Issuer also represents that it will, independently and without reliance upon any Agent-Related
Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness
of the Borrowers and the other Loan Parties. Except for notices, reports and other documents expressly required to be furnished
to the Lenders and L/C Issuers by any Agent herein, such Agent shall not have any duty or responsibility to provide any Lender
and L/C Issuer with any credit or other information concerning the business, prospects, operations, property, financial and other
condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession
of any Agent-Related Person.

 

    165

     

    

 

9.07         
Indemnification of Agents. Whether or not the transactions contemplated hereby are consummated, the Lenders and L/C Issuers
shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without
limiting the obligation of any Loan Party to do so), pro rata, and hold harmless each Agent-Related Person from and against
any and all Indemnified Liabilities incurred by it; provided, however, that no Lender and L/C Issuer shall be liable
for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a final,
nonappealable judgment by a court of competent jurisdiction to have resulted from such Agent-Related Person’s own gross negligence
or willful misconduct; provided, however, that no action taken in accordance with the directions of the Required
Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07. In
the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section 9.07
applies whether any such investigation, litigation or proceeding is brought by any Lender and L/C Issuer or any other Person. Without
limitation of the foregoing, each Lender and L/C Issuer shall reimburse the Administrative Agent and the Collateral Agent upon
demand for its ratable share of any costs or out-of-pocket expenses (including the fees, disbursements and other charges of counsel)
incurred by the Administrative Agent or the Collateral Agent in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect
of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein,
to the extent that the Administrative Agent or the Collateral Agent is not reimbursed for such expenses by or on behalf of the
Borrowers. The undertaking in this Section 9.07 shall survive termination of the Aggregate Commitments, the payment
of all other ABL Obligations and the resignation of the Administrative Agent or the Collateral Agent.

 

    166

     

    

 

9.08         
Agents in their Individual Capacities. Any Agent and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting
or other business with each of the Loan Parties and their respective Affiliates as though it were not an Agent or an L/C Issuer
hereunder and without notice to or consent of the Lenders. The Lenders and L/C Issuers acknowledge that, pursuant to such activities,
an Agent or its Affiliates may receive information regarding any Loan Party or its Affiliates (including information that may be
subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge that such Agent shall be
under no obligation to provide such information to them. With respect to its Loans, such Agent shall have the same rights and powers
under this Agreement as any other Lender and L/C Issuer and may exercise such rights and powers as though it were not an Agent
or an L/C Issuer, and the terms “Lender” and “Lenders” include such Agent in its individual capacity.

 

9.09          Successor
Agents. (a) The Administrative Agent may resign as the Administrative Agent and the Collateral Agent upon 30 days’ notice
to the Lenders. If an Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from among the Lenders
a successor agent for the Lenders, which successor agent shall be consented to by the Borrowers at all times other than during
the existence of a Specified Event of Default (which consent of the Borrowers shall not be unreasonably withheld or delayed and
shall be deemed given if the Borrowers fail to respond within ten Business Days). If no successor agent is appointed prior to
the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with
the Lenders and the Borrowers, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent
hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and duties of the retiring Administrative
Agent and the term “Administrative Agent” and “Collateral Agent” shall mean such successor administrative
agent and/or supplemental administrative agent, as the case may be, and the retiring Administrative Agent’s appointment,
powers and duties as the Administrative Agent and the Collateral Agent shall be terminated. After the retiring Administrative
Agent’s resignation hereunder as the Administrative Agent and the Collateral Agent, the provisions of this Article IX
and Sections 10.04 and 10.05 shall inure to its benefit as to any actions taken or omitted to be taken
by it while it was the Administrative Agent or the Collateral Agent under this Agreement. If no successor agent has accepted appointment
as the Administrative Agent by the date which is 30 days following the retiring Administrative Agent’s notice of resignation,
the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective on such date and the retiring
Administrative Agent may (but shall not be obligated to) with the consent of the Lead Borrower at all times other than during
the existence of a Specified Event of Default (which consent shall not be unreasonably withheld or delayed and shall be deemed
given if the Borrowers fail to respond within ten Business Days), on behalf of the Lenders and the L/C Issuers, appoint a successor
Administrative Agent from among the Lenders. If a successor Administrative Agent has not so been appointed, the Lenders shall
perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor
agent as provided for above. With effect from the date which is 30 days following the retiring Administrative Agent’s notice
of resignation (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Loan Documents (except that in the case of any collateral security held by the Administrative Agent or the Collateral Agent
on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the retiring Administrative Agent shall continue
to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications
and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and
each L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided
for above. Upon the acceptance of any appointment as the Collateral Agent, as applicable, hereunder by a successor and upon the
execution and filing or recording of such financing statements, or amendments thereto, and such other instruments or notices,
as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted
or purported to be granted by the Collateral Documents, the Collateral Agent shall thereupon succeed to and become vested with
all the rights, powers, discretion, privileges, and duties of the retiring Collateral Agent, and the retiring Collateral Agent
shall be discharged from its duties and obligations under the Loan Documents. After the retiring Administrative Agent’s
resignation hereunder as the Administrative Agent and the Collateral Agent, the provisions of this Article IX and Sections
10.04 and 10.05 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as the Administrative Agent and the Collateral Agent.

 

    167

     

    

 

(b)              
Any resignation by the Administrative Agent pursuant to this Section 9.09 shall also constitute its resignation
as the Swing Line Lender, an L/C Issuer and the Collateral Agent. Upon the acceptance of a successor’s appointment as Administrative
Agent, hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring L/C Issuer, the retiring Swing Line Lender and the retiring Collateral Agent, (ii) the retiring L/C Issuer, the retiring
Swing Line Lender and the retiring Collateral Agent shall be discharged from all of their respective duties and obligations hereunder
or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters
of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer
to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

 

9.10         
Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative
Agent or the Collateral Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent or the Collateral Agent
shall have made any demand on any of the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)              
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Obligations and all other ABL Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the L/C Issuers, the Administrative Agent or the Collateral Agent (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers, the Administrative Agent
or the Collateral Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers, the Administrative
Agent or the Collateral Agent under Sections 2.03(k), 2.09 and 10.04) allowed in such judicial proceeding;
and

 

    168

     

    

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent or the Collateral Agent and, in the event that the Administrative Agent or the
Collateral Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent or the
Collateral Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective
agents and counsel, and any other amounts due the Administrative Agent or the Collateral Agent under Sections 2.09
and 10.04.

 

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

 

9.11         
Collateral and Guaranty Matters. Each of the Lenders (including in their capacities as potential or actual Hedge Banks and
potential or actual Cash Management Banks) and each L/C Issuer irrevocably authorizes the Collateral Agent, at its option and in
its discretion,

 

(a)              
to release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination
of the Aggregate Commitments and payment in full of all ABL Obligations (other than (A) contingent indemnification obligations
not yet accrued and payable and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements
as to which arrangements satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made) and the expiration
or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative
Agent and the applicable L/C Issuer shall have been made), (ii) that is sold or to be sold as part of or in connection with any
sale permitted hereunder or under any other Loan Document, or (iii) subject to Section 10.01, if approved, authorized
or ratified in writing by the Required Lenders;

 

(b)              
to subordinate or release any Lien on any property granted to or held by the Collateral Agent under any Loan Document to
the holder of any Lien on such property that is permitted by Section 7.01(i) or, in the case of subordination only,
7.01(p); and

 

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

 

Upon request by the Collateral Agent at
any time, the Required Lenders will confirm in writing the Collateral Agent’s authority to release its interest in particular
types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.11.
In each case as specified in this Section 9.11, the Collateral Agent will, at the Borrowers’ expense, execute
and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such
item of Collateral from the assignment and security interest granted under the Collateral Documents, or to release such Guarantor
from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.11.

 

    169

     

    

 

9.12         
Secured Cash Management Agreements and Secured Hedge Agreements. No Cash Management Bank or Hedge Bank that obtains the
benefits of Section 8.04, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any
Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or
under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral)
other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding
any other provision of this Article IX to the contrary, none of the Administrative Agent or the Collateral Agent shall be
required to verify the payment of, or that other satisfactory arrangements have been made with respect to, ABL Obligations arising
under Secured Cash Management Agreements and Secured Hedge Agreements unless the Administrative Agent and the Collateral Agent
have received written notice of such ABL Obligations, together with such supporting documentation as the Administrative Agent or
the Collateral may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.

 

9.13         
Other Agents; Arranger and Managers. None of the Lenders or other Persons identified on the facing page or signature pages
of this Agreement as a “syndication agent,” “joint lead arranger,” or “bookrunner” shall have
any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders
as such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any
fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders
or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

 

9.14         
Appointment of Supplemental Administrative Agents.

 

(a)              
Each of the Administrative Agent and the Collateral Agent is hereby authorized to appoint additional Persons selected by
it in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or
administrative co-agent (any such additional individual or institution being referred to herein individually as a “Supplemental
Administrative Agent” and collectively as “Supplemental Administrative Agents”).

 

(b)              
In the event that the Collateral Agent appoints a Supplemental Administrative Agent with respect to any Collateral, (i)
each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be
exercised by or vested in or conveyed to the Collateral Agent with respect to such Collateral shall be exercisable by and vest
in such Supplemental Administrative Agent to the extent, and only to the extent, necessary to enable such Supplemental Administrative
Agent to exercise such rights, powers, privileges and duties with respect to such Collateral and to perform such duties with respect
to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance
thereof by such Supplemental Administrative Agent shall run to and be enforceable by either the Collateral Agent or such Supplemental
Administrative Agent, and (ii) the provisions of this Article IX and of Section 9.07 (obligating the Borrowers
to pay the Collateral Agent’s expenses and to indemnify the Collateral Agent) that refer to the Collateral Agent shall inure
to the benefit of such Supplemental Administrative Agent and all references therein to the Collateral Agent shall be deemed to
be references to the Collateral Agent and/or such Supplemental Administrative Agent, as the context may require.

 

    170

     

    

 

(c)              
Should any instrument in writing from any Borrower, Holdings or any other Loan Party be required by any Supplemental Administrative
Agent so appointed by the Administrative Agent or the Collateral Agent for more fully and certainly vesting in and confirming to
him or it such rights, powers, privileges and duties, such Borrower or Holdings, as applicable, shall, or shall cause such Loan
Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent or the
Collateral Agent. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting,
resign or be removed, all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the extent permitted
by Law, shall vest in and be exercised by the Administrative Agent or the Collateral Agent, as applicable, until the appointment
of a new Supplemental Administrative Agent.

 

9.15         
Withholding. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any
Lender an amount equivalent to any withholding tax applicable to such payment. If the IRS or any other Governmental Authority asserts
a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender for any
reason, or the Administrative Agent has paid over to the IRS applicable withholding tax relating to a payment to a Lender but no
deduction has been made from such payment, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly
or indirectly, by the Administrative Agent as tax or otherwise, including any penalties or interest and together with any and all
expenses incurred, unless such amounts have been indemnified by any Loan Party or the relevant Lender.

 

9.16         
Certain ERISA Matters.

 

(a)              
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true.

 

(i)                
such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by
Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Revolving Credit Commitments;

 

    171

     

    

 

(ii)             
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Revolving Credit Commitments and this Agreement;

 

(iii)           
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender
to enter into, participate in, administer and perform the Loans, the Revolving Credit Commitments and this Agreement, (C) the entrance
into, participation in, administration of and performance of the Loans, the Revolving Credit Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Revolving Credit Commitments and this Agreement, or

 

(iv)            
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender.

 

(b)              
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender
or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party
hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Administrative Agent and the Arrangers, and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that:

 

(i)                
none of the Administrative Agent or the Arrangers or any of their respective Affiliates is a fiduciary with respect to the
assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under
this Agreement, any Loan Document or any documents related to hereto or thereto);

 

(ii)             
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Revolving Credit Commitments and this Agreement is independent (within the
meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person
that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E);

 

    172

     

    

 

(iii)           
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Revolving Credit Commitments and this Agreement is capable of evaluating investment
risks independently, both in general and with regard to particular transactions and investment strategies (including in respect
of any obligation under the Loan Documents);

 

(iv)            
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Revolving Credit Commitments and this Agreement is a fiduciary under ERISA
or the Code, or both, with respect to the Loans, the Revolving Credit Commitments and this Agreement and is responsible for exercising
independent judgment in evaluating the transactions hereunder, and

 

(v)              
no fee or other compensation is being paid directly to the Administrative Agent or the Arrangers, or any of their respective
Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Revolving Credit Commitments
or this Agreement.

 

(c)              
The Administrative Agent and the Arrangers hereby inform the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby,
and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Loans, the Revolving Credit Commitments and this Agreement, (ii)
may recognize a gain if it extended the Loans, the Revolving Credit Commitments for an amount less than the amount being paid for
an interest in the Loans, the Revolving Credit Commitments by such Lender or (iii) may receive fees or other payments in connection
with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement
fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees,
utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment
fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar
to the foregoing.

 

9.17         
Field Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information.

 

By becoming a party to
this Agreement, each Lender:

 

(a)              
is deemed to have requested that the Administrative Agent furnish such Lender, promptly after it becomes available, a copy
of each field examination report respecting any Loan Party or its Subsidiaries (each, a “Report”) prepared
by or at the request of the Administrative Agent, and the Administrative Agent shall so furnish each Lender with such Reports,

 

    173

     

    

 

(b)              
expressly agrees and acknowledges that the Administrative Agent does not (i) make any representation or warranty as
to the accuracy of any Report, and (ii) shall not be liable for any information contained in any Report,

 

(c)              
expressly agrees and acknowledges that the Reports are not comprehensive audits or examinations, that the Administrative
Agent or other party performing any field examination will inspect only specific information regarding the Loan Parties and their
Subsidiaries and will rely significantly upon Holdings’ and its Subsidiaries’ books and records, as well as on representations
of Borrowers’ personnel,

 

(d)              
agrees to keep all Reports and other material, non-public information regarding the Loan Parties and their Subsidiaries
and their operations, assets, and existing and contemplated business plans in a confidential manner in accordance with Section 10.08,
and

 

(e)              
without limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold
the Administrative Agent and any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail
to take or any conclusion the indemnifying Lender may reach or draw from any Report in connection with any loans or other credit
accommodations that the indemnifying Lender has made or may make to Borrowers, or the indemnifying Lender’s participation
in, or the indemnifying Lender’s purchase of, a loan or loans of Borrowers, and (ii) to pay and protect, and indemnify, defend
and hold the Administrative Agent, and any such other Lender preparing a Report harmless from and against, the claims, actions,
proceedings, damages, costs, expenses, and other amounts (including, attorneys’ fees and costs) incurred by the Administrative
Agent and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or
part of any Report through the indemnifying Lender.

 

In addition to the foregoing, (x) any Lender
may from time to time request of the Administrative Agent in writing that the Administrative Agent provide to such Lender a copy
of any report or document provided by any Loan Party or its Subsidiaries to the Administrative Agent that has not been contemporaneously
provided by such Loan Party or such Subsidiary to such Lender, and, upon receipt of such request, the Administrative Agent promptly
shall provide a copy of same to such Lender, (y) to the extent that the Administrative Agent is entitled, under any provision of
the Loan Documents, to request additional reports or information from any Loan Party or its Subsidiaries, any Lender may, from
time to time, reasonably request the Administrative Agent to exercise such right as specified in such Lender’s notice to
the Administrative Agent, whereupon the Administrative Agent promptly shall request of Borrowers the additional reports or information
reasonably specified by such Lender, and, upon receipt thereof from such Loan Party or such Subsidiary, the Administrative Agent
promptly shall provide a copy of same to such Lender, and (z) any time that the Administrative Agent renders to Borrowers a statement
regarding the Loan Account, the Administrative Agent shall send a copy of such statement to each Lender.

 

    174

     

    

 

Article
X

MISCELLANEOUS

 

10.01     
Amendments, Etc. Except as expressly provided in Section 3.08, no amendment or waiver of any provision of this Agreement
or any other Loan Document, and no consent to any departure by the Borrowers or any other Loan Party therefrom, shall be effective
unless in writing signed by the Required Lenders and the Borrowers or the applicable Loan Party, as the case may be, and acknowledged
by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that (x) the Administrative Agent and the Lead Borrower may, with the
consent of the other (and no other Person), amend, modify or supplement this Agreement and any other Loan Document to cure any
ambiguity, omission, typographical error, mistake, defect or inconsistency if such amendment, modification or supplement does not
adversely affect the rights of any Agent, any L/C Issuer or any Lender or to cause one or more Loan Documents to be consistent
with other Loan Documents and (y) no such amendment, waiver or consent shall:

 

(a)              
extend or increase the Revolving Credit Commitment of any Lender without the written consent of each Lender directly affected
thereby (it being understood that a waiver of any condition precedent set forth in Section 4.02 or the waiver of any
Event of Default, mandatory prepayment or mandatory reduction of the Revolving Credit Commitments (other than any such reduction
pursuant to Section 2.06(b)(ii)) shall not constitute an extension or increase of any Revolving Credit Commitment of any
Lender);

 

(b)              
postpone any date scheduled for any payment of principal of, or interest on, any Loan or L/C Borrowing, or any fees or other
amounts payable hereunder, without the written consent of each Lender directly affected thereby;

 

(c)              
reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause
(v) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan
Document without the written consent of each Lender directly affected thereby, it being understood that any change to the definitions
of Availability or Average Daily Availability or in the component definitions thereof shall not constitute a reduction in the rate;
provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default
Rate” or to waive any obligation of the Borrowers to pay interest at the Default Rate;

 

(d)              
change any provision of this Section 10.01, Section 2.06(c) or the definition of “Required
Lenders,” “Required Supermajority Lenders” or any other provision hereof specifying the number or percentage
of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender;

 

(e)              
release all or substantially all of the Collateral in any transaction or series of related transactions or place a Lien
on any real property of a Loan Party as security for any Secured Obligations, without the written consent of each Lender;

 

    175

     

    

 

(f)               
release all or substantially all of the value of the guarantees made by the Guarantors, without the written consent of each
Lender;

 

(g)              
change (A) Section 2.06(c) in a manner that would alter the term of pro rata sharing of reductions in the Revolving
Credit Facility required thereby without the written consent of each Lender and (B) Section 2.13 or Section 8.04
in a manner that would alter the order or pro rata sharing of payments required thereby without the written consent of each Lender;

 

(h)              
modify the definition of Protective Overadvance or Section 2.02(h) so as to increase the amount of the Protective
Overadvances and Overadvance Loans or, except as otherwise provided in the definition of Protective Overadvances, the time period
for which a Protective Overadvance or Overadvance Loan may remain outstanding, without the written consent of each Lender; or

 

(i)                
(x) increase any advance rate percentage or eligibility criteria set forth in the definition of Borrowing Base or (y) otherwise
change the definition of the Borrowing Base or any component definition thereof if, as a result thereof, the amounts available
to be borrowed by the Borrowers would be increased, in each case, without the written consent of the Required Supermajority Lenders,
provided that the foregoing shall not limit the discretion of the Administrative Agent to change, establish or eliminate
any Reserves;

 

and provided, further that
(i) no amendment, waiver or consent shall, unless in writing and signed by the applicable L/C Issuer in addition to the Lenders
required above, affect the rights or duties of such L/C Issuer under this Agreement or any Letter of Credit Application relating
to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed
by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of Swing Line Lender under this
Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or the Collateral
Agent in addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, the Administrative
Agent or the Collateral Agent, as applicable, under this Agreement or any other Loan Document; (iv) the Fee Letter may be amended,
or rights or privileges thereunder waived, in a writing executed only by the parties thereto; (v) this Agreement may be amended
(or amended and restated) to the extent required to give effect of the provisions of Section‎ 2.14; and (vi) any
amendment contemplated by Section 3.08 of this Agreement in connection with a Benchmark Transition Event or an Early Opt-in
Election shall be effective as contemplated by such Section 3.08 hereof. Notwithstanding anything to the contrary herein,
no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent
of the applicable Lenders other than Defaulting Lenders), except that (x) the Revolving Credit Commitment of any Defaulting Lender
may not be increased or extended, the maturity of any of its Loans may not be extended and the principal amount of any of its Loans
may not be forgiven, in each case without the consent of such Defaulting Lender and (y) any waiver, amendment or modification requiring
the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected
Lenders shall require the consent of such Defaulting Lender.

 

    176

     

    

 

Further, notwithstanding
any provision herein to the contrary, the Borrowers 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 (as defined below) pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable
to the Borrowers. 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 ten Business Days nor more than
30 Business Days after the date of such notice, or such shorter periods as are acceptable to the Administrative Agent). Permitted
Amendments shall become effective only with respect to the Lenders that accept the applicable Loan Modification Offer (such Lenders,
the “Loan Modification Accepting Lenders”). The Borrowers and each Loan Modification Accepting Lender
shall execute and deliver to the Administrative Agent an agreement in form and substance satisfactory to the Administrative Agent
giving effect to the Permitted Amendment (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 Credit Commitments of the Loan Modification Accepting Lenders
under the Revolving Credit Facility. Notwithstanding the foregoing, no Permitted Amendment that effects an increase in the Revolving
Credit Commitments or extends the Maturity Date hereunder shall become effective under this paragraph unless the Administrative
Agent shall have received all corporate documents, officers’ certificates or legal opinions consistent with those delivered
on the Restatement Effective Date under Section 4.01 reasonably requested by the Administrative Agent. As used in this paragraph,
“Permitted Amendments” shall be limited to (i) an extension of the final maturity date of the applicable
Revolving Credit Commitments and Loans of the Loan Modification Accepting Lenders (provided that such extension may not
result in having more than two additional final maturity dates in any year, or more than three additional final maturity dates
at any time, under this Agreement without the consent of the Administrative Agent), (ii) a change in rate of interest (including
a change to the Applicable Rate and any provision establishing a minimum rate), with respect to the applicable Loans and Revolving
Credit Commitments of the Loan Modification Accepting Lenders and/or a change in the payment of fees to the Loan Modification Accepting
Lenders (such change and/or payments to be in the form of cash, Equity Interests or other property to the extent not prohibited
by this Agreement); and (iii) any other amendment to a Loan Document required to give effect to the Permitted Amendments described
in clauses (i) through (ii) of this sentence.

 

10.02     
Notices; Effectiveness; Electronic Communications.

 

(a)              
General. Unless otherwise expressly provide herein, all notices and other communications provided for herein shall
be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail, electronic mail
(at such email addresses as a party may designate in accordance herewith), or telefacsimile, and all notices and other communications
expressly permitted hereunder to be given by telefacsimile shall be made to the applicable number, as follows:

 

    177

     

    

 

(i)                
if to Holdings, any Borrower, the Administrative Agent, the Collateral Agent, the Swing Line Lender or an L/C Issuer, to
the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02(a);
and

 

(ii)             
if to any other Lender, to the address, telecopier number, electronic mail address, electronic mail address, or telephone
number specified in its Administrative Questionnaire.

 

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

 

(b)              
Electronic Communications. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered
or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by
the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant
to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable
of receiving, or is unwilling to receive, notices under such Article II by electronic communication. The Administrative
Agent or the Borrowers may, in their discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular
notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described
in the foregoing clause ‎(i) of notification that such notice or communication is available and identifying the
website address therefor.

 

(c)              
The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENTS DO NOT WARRANT
THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS
IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT-RELATED PERSON IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent-Related
Person have any liability to Holdings, the Borrowers, any Lender, any L/C Issuer or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative
Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages,
liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted
from the gross negligence or willful misconduct of such Agent-Related Person; provided, however, that in no event
shall any Agent-Related Person have any liability to Holdings, the Borrowers, any Lender, any L/C Issuer or any other Person for
indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

    178

     

    

 

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

 

(e)              
Reliance by Administrative Agent, Collateral Agent, L/C Issuers and Lenders. The Administrative Agent, the Collateral
Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of
the Borrowers (or any of them) even if (i) such notices were not made in a manner specified herein, were incomplete or were not
preceded or followed by any other form of notice specified herein or (ii) the terms thereof, as understood by the recipient, varied
from any confirmation thereof. The Borrowers shall indemnify the Administrative Agent, the Collateral Agent, each L/C Issuer, each
Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by
such Person on each notice purportedly given by or on behalf of the Borrowers. All telephonic communications with the Administrative
Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

    179

     

    

 

10.03     
No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C Issuer, the Administrative Agent or the Collateral
Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any
other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by applicable Law.

 

Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.02 for the benefit of all the Lenders and the L/C Issuers; provided, however, that the
foregoing shall not prohibit (a) the Administrative Agent or the Collateral Agent from exercising on its own behalf the rights
and remedies that inure to its benefit (solely in its capacity as the Administrative Agent or the Collateral Agent) hereunder and
under the other Loan Documents, (b) the Swing Line Lender and each L/C Issuer from exercising the rights and remedies that inure
to its benefit (solely in its capacity as the Swing Line Lender or an L/C Issuer, as the case may be) hereunder and under the other
Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.09 (subject to the terms
of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf
during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further,
that if at any time there is no Person acting as the Administrative Agent hereunder and under the other Loan Documents, then (i)
the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02
and (ii) in addition to the matters set forth in clauses ‎(b), ‎(c) and ‎(d) of the preceding
proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and
remedies available to it and as authorized by the Required Lenders.

 

    180

     

    

 

10.04     
Expenses and Taxes. The Lead Borrower agrees (a) to pay or reimburse the Administrative Agent, the Collateral Agent, the
Syndication Agent and the Arrangers for all reasonable costs and expenses incurred in connection with the preparation, negotiation,
syndication and execution of this Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification
of the provisions hereof and thereof (whether or not the transactions contemplated thereby are consummated), and the consummation
and administration of the transactions contemplated hereby and thereby, including the reasonable fees, disbursements and other
charges of counsel (limited to the reasonable fees, disbursements and other charges of one counsel to the Administrative Agent,
the Collateral Agent, the Syndication Agent and the Arrangers and, if necessary, of one local counsel in each relevant jurisdiction
and of special and conflicts counsel), and (b) to pay or reimburse the Administrative Agent, the Collateral Agent, the Syndication
Agent, each Arranger, each L/C Issuer and each Lender for all out-of-pocket costs and expenses (including reasonable and documented
attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including attorneys,
accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,” a “restructuring,”
or any proceeding under any Debtor Relief Law concerning any Loan Party or any of its Subsidiaries or in exercising rights or remedies
under the Loan Documents), or defending the Loan Documents, irrespective of whether a lawsuit or other adverse proceeding is brought,
or in taking any enforcement action with respect to the Collateral, including the fees, disbursements and other charges of counsel
(limited to the fees, disbursements and other charges of one counsel to the Administrative Agent, the Collateral Agent, the Syndication
Agent, the Arrangers, the L/C Issuers and the Lenders taken as a whole, and, if necessary, of one local counsel in each relevant
jurisdiction and of special counsel and, in the event of any conflict of interest, one additional counsel for the Administrative
Agent, the Collateral Agent, the Syndication Agent, each Arranger, each L/C Issuer and each Lender subject to such conflict), in
each case without duplication for any amounts paid (or indemnified) under Section 3.01. The foregoing costs and expenses
shall include (i) all photocopying, notarization, couriers and messengers, telecommunication, search, filing, recording, insurance
and appraisal charges and fees and taxes related thereto, (ii) the Administrative Agent’s customary fees and charges imposed
or incurred in connection with any background checks or OFAC/PEP searches related to any Loan Party or its Subsidiaries, (iii)
the Administrative Agent’s customary fees and charges (as adjusted from time to time) with respect to the disbursement of
funds (or the receipt of funds) to or for the account of any Borrower (whether by wire transfer or otherwise), together with any
out-of-pocket costs and expenses incurred in connection therewith (iv) customary charges imposed or incurred by the Administrative
Agent resulting from the dishonor of checks payable by or to any Loan Party, (v) reasonable, documented out-of-pocket costs and
expenses paid or incurred by the Lender Group to correct any default or enforce any provision of the Loan Documents, or during
the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling,
preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated,
(vi) field examination, appraisal, and valuation fees and expenses of Agent related to any field examinations, appraisals, or valuation
to the extent of the fees and charges (and up to the amount of any limitation) provided in Section 6.10 of this Agreement,
(vii) the Administrative Agent’s and Lenders’ reasonable, documented costs and expenses (including reasonable and documented
attorneys’ fees and expenses) relative to third party claims or any other lawsuit or adverse proceeding paid or incurred,
whether in enforcing or defending the Loan Documents or otherwise in connection with the transactions contemplated by the Loan
Documents, the Administrative Agent’s Liens in and to the Collateral, or the Lender Group’s relationship with any Loan
Party or any of its Subsidiaries, and (viii) the Administrative Agent’s reasonable and documented costs and expenses (including
reasonable and documented attorneys’ fees and due diligence expenses) incurred in advising, structuring, drafting, reviewing,
administering (including travel, meals, and lodging), syndicating (including reasonable costs and expenses relative to CUSIP, DXSyndicateTM,
SyndTrak or other communication costs incurred in connection with a syndication of the loan facilities), or amending, waiving,
or modifying the Loan Documents. All amounts due under this Section 10.04 shall be paid within five Business Days after
invoiced or demand therefor. The agreements in this Section 10.04 shall survive the termination of the Aggregate Commitments
and repayment of all other ABL Obligations. If any Loan Party fails to pay when due any costs, expenses or other amounts payable
by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by the Administrative Agent, the
Collateral Agent, the Syndication Agent, any Arranger, any L/C Issuer or any Lender, in its sole discretion.

 

    181

     

    

 

 

10.05     
Indemnification by the Lead Borrower. The Lead Borrower shall indemnify and hold harmless the Administrative Agent,
the Syndication Agent, each Arranger, each Agent-Related Person, each Lender, each L/C Issuer and their respective Affiliates,
partners, directors, officers, employees, counsel, agents and, in the case of any funds, trustees, advisors, and other representatives
and attorneys-in-fact (collectively the “Indemnitees”) from and against (and will reimburse each Indemnitee
as the same are incurred for) any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments,
suits, costs (including settlement costs), expenses and disbursements (including the fees, disbursements and other charges of
(i) one counsel to the Indemnitees taken as a whole, (ii) in the case of any conflict of interest, additional counsel to the affected
Lender or group of Lenders, limited to one such additional counsel so long as representation of each such party by a single counsel
is consistent with and permitted by professional responsibility rules, and (iii) if necessary, one local counsel in each relevant
jurisdiction and special counsel) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted
or awarded against any such Indemnitee in any way relating to or arising out of or in connection with or by reason of (a) the
execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument
delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby,
(b) any Revolving Credit Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including
any refusal by any L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (c) any Environmental Release of Hazardous
Materials on or from any property currently owned, leased or operated by the Lead Borrower, any Subsidiary or any other Loan Party
or its Subsidiaries, or any Environmental Liability related in any way to the Lead Borrower, any Subsidiary or any other Loan
Party (other than any Environmental Release or Environmental Liability resulting solely from acts or omissions by Persons other
than the Lead Borrower, its Subsidiaries or any other Loan Party, with respect to the applicable property after the Collateral
Agent sells the respective property pursuant to a foreclosure or has accepted a deed in lieu of foreclosure), (d) the Fee Letter
or (e) any actual or prospective claim, litigation, investigation or proceeding in any way relating to, arising out of, in connection
with or by reason of any of the foregoing, whether based on contract, tort or any other theory (including any investigation of,
preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether
any Indemnitee is a party thereto and whether or not such proceeding is brought by the Lead Borrower or any other Person (all
the foregoing, collectively, the “Indemnified Liabilities”), in all cases, whether or not caused by
or arising, in whole or in part, out of the negligence of the Indemnitee; provided, that such indemnity shall not, as to
any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions,
judgments, suits, costs, expenses or disbursements (x) arise from a dispute that does not involve any action or omission of the
Lead Borrower or any of its Affiliates and is solely among the Indemnitees (other than in connection with any such party acting
in its capacity as an Arranger or an Agent) or (y) are found in a final, non-appealable judgment by a court of competent jurisdiction
to have resulted from such Indemnitee’s or any of its controlled Affiliates’ bad faith, gross negligence, willful
misconduct or breach of its funding obligations under the Loan Documents. No Indemnitee shall be liable for any damages arising
from the use by others of any information or other materials obtained through IntraLinks or other information transmission systems
(including electronic telecommunications) in connection with this Agreement, except to the extent of direct, as opposed to special,
indirect, consequential or punitive, damages determined in a final, non-appealable judgment by a court of competent jurisdiction
to have resulted from such Indemnitee’s or any of its controlled Affiliate’s bad faith, gross negligence, willful
misconduct or breach of its funding obligations under the Loan Documents. No Indemnitee or Loan Party have any liability for any
special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its
activities in connection herewith or therewith (whether before or after the Restatement Effective Date); provided that
the foregoing shall not affect the Loan Parties’ indemnification obligations pursuant to this Section 10.05. In the
case of an investigation, litigation or other proceeding to which the indemnity in this Section 10.05 applies, such indemnity
shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, its directors, shareholders
or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not
any of the transactions contemplated hereunder or under any of the other Loan Documents is consummated.

 

    182

     

    

 

No
Loan Party shall be liable for any settlement of any claim, investigation, litigation or proceeding effected without the Lead
Borrower’s consent (which consent shall not be unreasonably withheld or delayed), but if settled with the Lead Borrower’s
consent, or if there is a judgment against an Indemnitee in any such claim, investigation, litigation or proceeding, the Lead
Borrower agrees to indemnify and hold harmless each Indemnitee in the manner set forth above. Notwithstanding the immediately
preceding sentence, if at any time an Indemnitee shall have requested in accordance with this Section 10.05 that the Lead
Borrower reimburses such Indemnitee for legal or other expenses in connection with investigating, responding to or defending any
claim, investigation, litigation or proceeding, which legal or other expenses are reimbursable pursuant to this Section 10.05,
the Lead Borrower shall be liable for any settlement of any claim, investigation, litigation or proceeding effected without the
Lead Borrower’s written consent if (a) such settlement is entered into more than 45 days after such request for reimbursement
is sent to the Lead Borrower and (b) the Lead Borrower shall not have reimbursed such Indemnitee in accordance with such request
prior to the date of such settlement (unless such reimbursement request is subject to a good faith dispute). The agreements in
this Section 10.05 shall survive the resignation of the Administrative Agent or the Collateral Agent, the replacement of
any L/C Issuer or any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all
the other ABL Obligations. For the avoidance of doubt, any indemnification relating to Taxes, other than Taxes arising from a
non-Tax claim, shall be covered by Section 3.01 and shall not be covered by this Section 10.05.

 

10.06     
Payments Set Aside. To the extent that any payment by or on behalf of the Borrowers (or any of them) is made to
any Agent, to any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such
payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by such Agent, such L/C Issuer or such Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief
Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred and
(b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent or the Collateral Agent upon demand its
applicable share (without duplication) of any amount so recovered from or repaid by any Agent, plus interest thereon from the
date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time
in effect. The obligations of the Lenders and the L/C Issuers under clause ‎(b) of the preceding sentence shall
survive the payment in full of the ABL Obligations and the termination of this Agreement.

 

    183

     

    

 

10.07      
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 none of the Borrowers may assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of the Administrative Agent, each Lender and each L/C Issuer (except
as permitted by Section 7.04), and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an Eligible Assignee in accordance with the provisions of Section 10.07(b), (ii) by way of participation
in accordance with the provisions of Section 10.07(d) or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of Section 10.07(f). 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 Section 10.07(d) and, to the extent expressly contemplated hereby, the Indemnitees) 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 Revolving Credit Commitment(s) and the Loans (including for purposes of this Section 10.07(b),
participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided, that (i) (A) in the case
of an assignment of the entire remaining amount of the assigning Lender’s Revolving Credit Commitment(s) under the Revolving
Credit Facility and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender
or an Approved Fund with respect to a Lender, no minimum amount shall need to be assigned, and (B) in any case not described in
clause (b)(i)(A) of this Section, the aggregate amount of the Revolving Credit Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Revolving Credit Commitment is not then in effect, the outstanding
principal balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment
and Assumption with respect to such assignment is delivered to the Administrative Agent or, if a “Trade Date” is specified
in the Assignment and Assumption, as of such Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the Lead Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee
Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and
members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount
has been met; (ii) 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 or the Revolving Credit Commitment assigned, except that
this clause (ii) shall not apply to a Swing Line Lender’s rights and obligations in respect of Swing Line Loans;
(iii) no consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section
and, in addition (A) the consent of the Lead Borrower (such consent not to be unreasonably withheld or delayed) shall be required
unless (1) a Specified Event of Default has occurred and is continuing at the time of such assignment, (2) such assignment is
made to a Revolving Credit Lender or an Affiliate of a Revolving Credit Lender, or (3) in connection with the primary syndication
of the Revolving Credit Facility, such assignment is made to a Lender that has been identified to and consented to by the Lead
Borrower prior to the Restatement Effective Date, provided that the Lead Borrower shall be deemed to have consented to
any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten 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; and (C) the consent of each L/C Issuer and each Swing Line Lender (each such consent not to be unreasonably
withheld or delayed) shall be required; (iv) the parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Assumption, together with a processing and recordation fee of $3,500 (except, (x) in the case of contemporaneous
assignments by any Lender to one or more Approved Funds, only a single processing and recording fee shall be payable for such
assignments and (y) the Administrative Agent, in its sole discretion, may elect to waive such processing and recording fee in
the case of any assignment); (v) no such assignment shall be made to (A) to any Defaulting Lender or any of its Subsidiaries,
or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (A),
(B) a natural person, (C) Holdings, the Lead Borrower, any of their Subsidiaries or any of their Affiliates or (D) absent the
consent of the Lead Borrower (which consent may be withheld in the sole discretion of the Lead Borrower), to a Person (an “Ineligible
Assignee”) disclosed on a list posted on the Platform prior to the Restatement Effective Date, as updated from time
to time (but no more often than quarterly) by the Lead Borrower to include competitors of the Lead Borrower (but not other Persons)
by posting a new such list of Ineligible Assignees on the Platform; provided that, notwithstanding anything to the contrary,
the Administrative Agent shall not have any obligation to determine whether any potential assignee is an Ineligible Assignee or
any liability with respect to any assignment made to an Ineligible Assignee; (vi) the assigning Lender shall deliver any Notes
evidencing such Loans to the Lead Borrower or the Administrative Agent; and (vii) in connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the
other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative
Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by
the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Lead Borrower and the Administrative Agent, the applicable Pro Rata Share of Loans previously requested but not funded by such
Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy
in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest
accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters
of Credit and Swing Line Loans in accordance with its Pro Rata Share; provided that notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs. Subject to acceptance and recording thereof by the Administrative
Agent pursuant to Section 10.07(c), from and after the effective date specified in each Assignment and Assumption,
the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to
the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, ‎3.04,
‎3.05, ‎10.04, and ‎10.05 with respect to facts and circumstances occurring prior to the effective
date of such assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrowers (at their expense)
shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this clause (b) 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 Section 10.07(d).

 

    184

     

    

 

(c)               The
Administrative Agent, acting solely for this purpose as an agent of the Borrowers (and such agency being solely for tax
purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it
and a register for the recordation of the names and addresses of the Lenders, and the Revolving Credit Commitments of,
and principal amounts (and related interest amounts) of the Loans, L/C Obligations, L/C Borrowings and amounts due under Sections 2.03
and 2.09, owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, absent manifest error, and the
Borrowers, the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the
Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of
any Lender as Defaulting Lender. The Register shall be available for inspection by any Borrower, any Agent and any Lender
with respect to such Lender’s entry, 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 Borrowers or the Administrative Agent, sell
participations to any Person (other than a natural person, an Ineligible Assignee or a Defaulting Lender) (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 Revolving Credit Commitment and the Loans (including for purposes of this Section
10.07(d), participations in L/C Obligations and in Swing Line Loans) at the time 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 Borrowers, the
Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement; provided, further that the Administrative Agent
shall not have any obligation to determine whether any potential Participant is an Ineligible Assignee or any liability with
respect to any participation sold to an Ineligible Assignee. Any agreement or instrument pursuant to which a Lender sells
such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided, that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other
modification described in the first proviso to Section 10.01 that directly affects such Participant. Subject to Section 10.07(e),
the Borrowers agree that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to Section 10.07(b). To the extent permitted by applicable Law, each Participant also shall be entitled to the
benefits of Section 10.09 as though it were a Lender, provided that such Participant agrees to be subject
to Section 2.13 as though it were a Lender.

 

    185

     

    

 

(e)              
A Participant shall not be entitled to receive any greater payment under Section 3.01, 3.04 or 3.05
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 Lead Borrower’s prior written consent, except
to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired
the applicable participation. A Participant shall not be entitled to the benefits of Section 3.01 and Section 3.04
unless such Participant agrees, for the benefit of the Lead Borrower, to comply with obligations, restrictions and limitations
under such Sections and Section 3.07 as though it were a Lender. Each Lender that sells a participation agrees to
cooperate with the Lead Borrower to effectuate the provisions of Section 3.07 with respect to any Participant.

 

(f)               
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank or any central bank having jurisdiction over such Lender; 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.

 

(g)              
Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may create a security interest in
all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee for holders of obligations owed, or
securities issued, by such Fund as security for such obligations or securities; provided that unless and until such trustee
actually becomes a Lender in compliance with the other provisions of this Section 10.07, (i) no such pledge shall
release the pledging Lender from any of its obligations under the Loan Documents, and (ii) such trustee shall not be entitled
to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights
with respect to the pledged interest through foreclosure or otherwise.

 

(h)              
Notwithstanding anything to the contrary contained herein, if at any time the Administrative Agent assigns all of its Revolving
Credit Commitments and Loans pursuant to Section 10.07(b), the Administrative Agent may, (i) upon 30 days’ notice
to the Borrowers and the Lenders, resign as an L/C Issuer and/or (ii) upon 30 days’ notice to the Borrowers, resign as the
Swing Line Lender. In the event of any such resignation as L/C Issuer or the Swing Line Lender, the Borrowers shall be entitled
to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that
no failure by the Borrowers to appoint any such successor shall affect the resignation of the Administrative Agent as an L/C Issuer
or the Swing Line Lender, as the case may be. If the Administrative Agent resigns as an L/C Issuer or the Swing Line Lender, it
shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of
the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require
the Lenders to make Base Rate Loans or fund risk participations in unreimbursed amounts pursuant to Section 2.03(e)).
If the Administrative Agent resigns as the Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided
for hereunder with respect to all Swing Line Loans made by it and outstanding as of the effective date of such resignation as
the Swing Line Lender, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding
Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer or Swing Line Lender,
(A) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C
Issuer or Swing Line Lender, as the case may be, and (B) the successor L/C Issuer shall issue letters of credit in substitution
for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the Administrative
Agent to effectively assume the obligations of the Administrative Agent with respect to such Letters of Credit.

 

    186

     

    

 

(i)                
Each Lender that sells a participation, acting solely for this purpose as a non-fiduciary agent of the Borrowers (solely
for tax purposes), shall maintain a register on which it enters the name and address of each Participant, and the amount of each
such Participant’s interest in such Lender’s rights and/or obligations under this Agreement (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in such Lender’s
rights and/or obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such rights and/or obligations are in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose
name is recorded in the Participant Register as the owner of the applicable participation interest.

 

10.08     
Confidentiality. Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information, except
that Information may be disclosed (a) to its Affiliates, to its and its Affiliates’ directors, officers, employees
and agents, including accountants, auditors, legal counsel and other advisors and to the Persons approving or administering a
Loan on behalf of an Agent or a Lender (it being understood that all Persons pursuant to clause (a) to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential in
accordance with customary practices); (b) to the extent requested or required by any regulatory authority having or purporting
to have jurisdiction over such Agent, Lender or its respective Affiliates or in connection with any pledge or assignment permitted
under Section 10.07(f); (c) in any legal, judicial, administrative proceeding or other compulsory process or otherwise
as required by applicable Laws or regulations or by any subpoena or similar legal process; (d) to any other party to this Agreement;
(e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions at least as restrictive as those of this Section 10.08 (or as may otherwise be reasonably acceptable
to the Lead Borrower), to any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in,
any of its rights or obligations under this Agreement or to any prospective counterparty to any Cash Management Agreement or Swap
Contract; (g) with the consent of the Lead Borrower; (h) to the extent such Information (A) becomes publicly available
other than as a result of a breach of this Section 10.08 or (B) is independently developed by such Agent, Lender or
any of their respective Affiliates; (i) to any state, Federal or foreign authority or examiner (including the National Association
of Insurance Commissioners or any other similar organization) regulating such Agent or Lender; or (j) to any rating agency when
required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality
of any Information relating to the Loan Parties received by it from such Lender). In addition, the Agents and the Lenders may
disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers
to the lending industry, and service providers to the Agents and the Lenders in connection with the administration and management
of this Agreement, the other Loan Documents, the Revolving Credit Commitments, and the Credit Extensions. For the purposes of
this Section 10.08, “Information” means all information received from any Loan Party or
any Subsidiary thereof relating to any Loan Party or any Subsidiary thereof relating to any Loan Party or its business, other
than any such information that is publicly available to any Agent or any Lender prior to disclosure by any Loan Party other than
as a result of a breach of this Section 10.08; provided, that, in the case of information received from a Loan
Party after the Restatement Effective Date, such information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section 10.08 shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.

 

    187

     

    

 

Each
of the Agents, the Lenders and each L/C Issuer acknowledges that (i) the Information may include material non-public information
concerning the Lead Borrower, Holdings or a Subsidiary of either, as the case may be, (ii) it has developed compliance procedures
regarding the use of material non-public information and (iii) it will handle such material non-public information in accordance
with applicable Law, including United States federal and state securities Laws.

 

10.09      Setoff.
In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any
Event of Default, each Agent, Lender and L/C Issuer is authorized at any time and from time to time, without prior notice to
the Borrowers or any other Loan Party, any such notice being waived by the Borrowers (on their own behalf and on behalf of
each Loan Party) to the fullest extent permitted by Law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, such Lender to or for the
credit or the account of the respective Loan Parties against any and all ABL Obligations owing to such Agent, Lender or
L/C Issuer hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Agent,
such Lender or such L/C Issuer shall have made demand under this Agreement or any other Loan Document and although such ABL
Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or
Indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff,
(x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such Defaulting
Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and
(y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail
the ABL Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees
promptly to notify the Borrowers and the Administrative Agent after any such set-off and application made by such Lender; provided, however,
that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Agent,
each Lender and L/C Issuer under this Section 10.09 are in addition to other rights and remedies (including,
without limitation, other rights of setoff) that such Agent, such Lender and L/C Issuer may have. Notwithstanding anything
herein or in any other Loan Document to the contrary, in no event shall the assets of any Foreign Subsidiary of the Lead
Borrower or a Domestic Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code
constitute security, or shall the proceeds of such assets be available for, payment of the ABL Obligations of the Lead
Borrower or any Domestic Subsidiary, it being understood that the Equity Interests of any Foreign Subsidiary that is directly
owned by the Lead Borrower or a Domestic Subsidiary do not constitute such an asset (and may be pledged to the extent set
forth in Section 6.12).

 

    188

     

    

 

10.10     
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable
Law (the “Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that exceeds
the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,
refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds
the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the ABL
Obligations hereunder.

 

10.11     
Counterparts. This Agreement and each other Loan Document may be executed in one or more counterparts (and
by different parties hereto in different counterparts), each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of
a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart
of this Agreement and such other Loan Document. The Administrative Agent may also require that any such documents and signatures
delivered by telecopier or other electronic transmission be confirmed by a manually-signed original thereof; provided,
that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier
or other electronic transmission.

 

    189

     

    

 

10.12     
Integration; Effectiveness. This Agreement and the other Loan Documents constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. In the event of any conflict between the provisions of this Agreement and those of any
other Loan Document, the provisions of this Agreement shall control; provided that the inclusion of supplemental rights
or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement.
Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against
nor in favor of any party, but rather in accordance with the fair meaning thereof.

 

10.13     
Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan
Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution
and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent, each L/C
Issuer and each Lender, regardless of any investigation made by any Agent, any L/C Issuer or any Lender or on their behalf and
notwithstanding that any Agent, any L/C Issuer or any Lender may have had notice or knowledge of any Default at the time of any
Credit Extension, and shall continue in full force and effect as long as any Loan or any other ABL Obligation hereunder shall
remain unpaid or unsatisfied or any Revolving Credit Commitment or Letter of Credit shall remain outstanding.

 

10.14     
Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable,
the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not
be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.14, if and
to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor
Relief Laws, as determined in good faith by the Administrative Agent, the Swing Line Lender or the applicable L/C Issuer, then
such provisions shall be deemed to be in effect only to the extent not so limited.

 

10.15     
Governing Law; Jurisdiction; Etc.

 

(a)              
GOVERNING LAW. THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED THEREIN) SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)              
SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY,
TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE COUNTY OF NEW YORK AND OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, 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 FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF
THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH
OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER
LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE
HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE LEAD BORROWER OR ANY
OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

    190

     

    

 

(c)              
WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM
TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)              
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW.

 

10.16     
WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND
THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.16 WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

    191

     

    

 

10.17     
Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrowers, the Administrative
Agent and the Collateral Agent and the Administrative Agent shall have been notified by each Lender, the Swing Line Lender and
each L/C Issuer that each such Lender, Swing Line Lender and L/C Issuer has executed it, and thereafter shall be binding upon
and inure to the benefit of the Borrowers, each Agent, each Lender and each L/C Issuer and their respective successors and assigns,
except that no Borrower shall have the right to assign its rights hereunder or any interest herein without the prior written consent
of the Lenders and the L/C Issuers except as permitted by Section 7.04.

 

10.18     
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrowers
and Holdings acknowledges and agrees, and acknowledges and agrees that it has informed its other Affiliates, that: (i) (A) no
fiduciary, advisory or agency relationship between any of the Borrowers, Holdings and their respective Subsidiaries and any Agent,
any Arranger, any L/C Issuer or any Lender is intended to be or has been created in respect of any of the transactions contemplated
hereby and by the other Loan Documents, irrespective of whether any Agent, any Arranger, any L/C Issuer or any Lender has advised
or is advising any of the Borrowers, Holdings and their respective Subsidiaries on other matters, (B) the arranging and other
services regarding this Agreement provided by the Agents, the Arrangers, the L/C Issuers and the Lenders are arm’s-length
commercial transactions between the Borrowers, Holdings and their respective Subsidiaries, on the one hand, and the Agents, the
Arrangers, the L/C Issuers and the Lenders, on the other hand, (C) each of the Borrowers and Holdings has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate and (D) each of the Borrowers and Holdings is
capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and
by the other Loan Documents; (ii) (A) the Agents, the Arrangers, the L/C Issuers and the Lenders each is and has been acting solely
as a principal and, except as may otherwise be expressly agreed in writing by the relevant parties, has not been, is not, and
will not be acting as an advisor, agent or fiduciary for the Borrowers, Holdings or any of their respective Affiliates, or any
other Person and (B) none of the Agents, the Arrangers, the L/C Issuers and the Lenders has any obligation to the Borrowers, Holdings
or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein and in the other Loan Documents; and (iii) the Agents, the Arrangers, the L/C Issuers, the Lenders and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers,
Holdings and their respective Affiliates, and none of the Agents, the Arrangers, the L/C Issuers, the Lenders or any of their
respective Affiliates has any obligation to disclose any of such interests and transactions to the Borrowers, Holdings or any
of their respective Affiliates. To the fullest extent permitted by law, each of the Borrowers and Holdings hereby waives and releases
any claims that it may have against the Agents, the Arrangers, the L/C Issuers and the Lenders with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

    192

     

    

 

10.19     
Affiliate Activities. Each of the Borrowers and Holdings acknowledges that each Agent and each Arranger (and their
respective Affiliates) is a full service securities firm engaged, either directly or through affiliates, in various activities,
including securities trading, investment banking and financial advisory, investment management, principal investment, hedging,
financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary
course of these activities, it may make or hold a broad array of investments and actively trade debt and equity securities (or
related derivative securities) and/or financial instruments (including bank loans) for its own account and for the accounts of
its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other
activities may involve securities and instruments of the Borrowers, Holdings and their respective affiliates, as well as of other
entities and persons and their Affiliates which may (i) be involved in transactions arising from or relating to the engagement
contemplated hereby and by the other Loan Documents (ii) be customers or competitors of the Borrowers, Holdings and their respective
Affiliates or (iii) have other relationships with the Borrowers, Holdings and their respective Affiliates. In addition, it may
provide investment banking, underwriting and financial advisory services to such other entities and persons. It may also co-invest
with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed
by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Borrowers, Holdings
and their respective Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may
have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.

 

10.20     
Electronic Execution of Assignments and Certain Other Documents. The words “execution,” “signed,”
“signature” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof
(including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act.

 

10.21     
USA PATRIOT ACT; “Know Your Customer” Checks.

 

(a)              
Each L/C Issuer and each Lender that is subject to the PATRIOT Act (as hereinafter defined) or other applicable “know
your customer” and anti-money laundering rules and regulations and the Administrative Agent (for itself and not on behalf
of any Lender) hereby notifies the Borrowers 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”) or other applicable “know your customer”
and anti-money laundering rules and regulations, it is required to obtain, verify and record information that identifies each
Loan Party, which information includes the name and address of each Loan Party and other information that will allow such L/C
Issuer, such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the PATRIOT Act.
The Borrowers shall, promptly following a request by the Administrative Agent, any L/C Issuer or any Lender, provide all documentation
and other information that the Administrative Agent, such L/C Issuer or such Lender requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT
Act.

 

    193

     

    

 

(b)              
If in connection with (i) the introduction of or any Change in Law, (ii) any change in the status of a Loan Party after
the Restatement Effective Date, (iii) the addition of any Guarantor pursuant to Section 6.12, (iv) any proposed assignment
or transfer by a Lender of any of its rights and obligations under this Agreement to a party that was not previously a Lender
hereunder, (v) the appointment of an L/C Issuer pursuant to Section 2.03 or (vi) any L/C Credit Extension, the Administrative
Agent, any Lender (or, in the case of clause (iv) above, any prospective Lender) or any L/C Issuer requires additional
information in order to comply with “know your customer” or similar identification procedures, each of Holdings and
the Borrowers shall, and shall cause each other Loan Party and Restricted Subsidiary to, promptly upon the request of the Administrative
Agent, such Lender or such L/C Issuer, provide such documentation and other evidence as is reasonably requested by the Administrative
Agent (for itself or on behalf of any Lender), such Lender (for itself or, in the case of the event described in clause (iv)
above, on behalf of any prospective Lender) or such L/C Issuer in order for the Administrative Agent, such Lender, such prospective
Lender or such L/C Issuer to carry out and be satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Loan Documents.
The applicable L/C Issuer shall not be required to make such L/C Credit Extension unless it is satisfied that it has complied
with all necessary “know your customer” or other similar checks under all applicable Laws and regulations with respect
to such L/C Credit Extension.

 

10.22     
Keepwell. Each Qualified ECP Borrower 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 Borrower to honor all of its obligations
under this Agreement in respect of Swap Obligations (provided, however, that each Qualified ECP Borrower shall only
be liable under this Section 10.22 for the maximum amount of such liability that can be hereby incurred without rendering
its obligations under this Section 10.22, or otherwise under this Agreement, as it relates to such Borrower, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each
Qualified ECP Borrower under this Section 10.22 shall remain in full force and effect so long as any Lender shall have
any Revolving Credit Commitment hereunder, any Loan or other ABL Obligation hereunder (other than ABL Obligations arising under
Secured Cash Management Agreements and Secured Hedge Agreements as to which other arrangements satisfactory to the Administrative
Agent and the applicable Secured Party have been made) which is accrued and payable shall remain unpaid or unsatisfied, or any
Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash
Collateralized or a backstop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place). Each Qualified
ECP Borrower intends that this Section 10.22 constitute, and this Section 10.22 shall be deemed to constitute, a
“keepwell, support, or other agreement” for the benefit of each other Borrower for all purposes of Section 1a(18)(A)(v)(II)
of the Commodity Exchange Act.

 

10.23     
ABL/Term Intercreditor Agreement.

 

Each
of the Lenders and L/C Issuers hereby acknowledges that it has received and reviewed the ABL/Term Intercreditor Agreement and
agrees to be bound by the terms thereof. Each Lender and L/C Issuers (and each Person that becomes a Lender or L/C Issuer under
this Agreement) hereby authorizes and directs Wells Fargo, as representative for the Secured Parties, to enter into the ABL/Term
Intercreditor Agreement on behalf of such Lender and agrees such representative may take such actions on its behalf as is contemplated
by the terms of the ABL/Term Intercreditor Agreement. In addition, each Lender and Agent acknowledge and agree that (a) the rights
and remedies of the Agents, Lenders and L/C Issuers hereunder and under the other Loan Documents are subject to the ABL/Term Intercreditor
Agreement and (b) in the event of a conflict, the provisions of the ABL/Term Intercreditor Agreement shall control. Each Lender
further understands, acknowledges and agrees that the provisions setting forth the priorities as between the Secured Parties and
the Term Secured Parties are set forth in the ABL/Term Intercreditor Agreement.

 

    194

     

    

 

10.24     
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any of the parties hereto, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

(a)              
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)              
the effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)                
a reduction in full or in part or cancellation of any such liability;

 

(ii)             
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or

 

(iii)           
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
any EEA Resolution Authority.

 

10.25     
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Swap Contracts or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of
New York and/or of the United States or any other state of the United States):

 

    195

     

    

 

(a)              
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in
property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United
States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit
Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default
Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by
the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed
that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)              
As used in this Section 10.25, the following terms have the following meanings:

 

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

 

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

 

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

 

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

 

    196

     

    

 

10.26     
Amendment and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing
Credit Agreement, as amended, effective from and after the Restatement Effective Date. The execution and delivery of this Agreement
shall not constitute a novation of any indebtedness or other obligations owing to the Lenders or the Administrative Agent under
the Existing Credit Agreement based on facts or events occurring or existing before the execution and delivery of this Agreement.
On the Restatement Effective Date, the credit facilities described in the Existing Credit Agreement, as amended, shall be amended,
supplemented, modified and restated in their entirety by the corresponding credit facilities described herein, and all loans and
other obligations of the Borrowers and the obligations of the other Loan Parties outstanding or existing as of such date under
the Existing Credit Agreement are and shall be deemed to be loans and obligations outstanding under the corresponding facilities
described herein, without any further action by any Person, except that the Administrative Agent shall make such transfers of
funds as are necessary for the outstanding balance of such Loans, together with any Loans funded on the Restatement Effective
Date, to comport with the respective Revolving Credit Commitments of the Revolving Credit Lenders hereunder (and each Revolving
Credit Lender party hereto agrees to cooperate with the Administrative Agent in determining and making such transfers and in accepting
such transfers). In furtherance of (but not limited to) the foregoing, (a) all interest and fees of the Loan Parties under the
Existing Credit Agreement shall accrue at the rates therefor under the Existing Credit Agreement and shall, on and after the Restatement
Effective Date, accrue at the rates set forth in this Agreement and be payable on the dates set forth in this Agreement and (b)
all Letters of Credit issued pursuant to the Existing Credit Agreement and outstanding on the Restatement Effective Date are and
shall be deemed to be Letters of Credit under this Agreement.

 

[Continued
on following page.]

 

    197

     

    

 

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

 

	 	GYP HOLDINGS II CORP.
	 	GYP HOLDINGS III CORP.
	 	GYPSUM MANAGEMENT AND SUPPLY, INC.
	 	 
	 	By:	/s/ A. Lynn Ross
	 	Name: 	A. Lynn Ross
	 	Title: 	Chief Financial Officer
	 	 
	 	PIONEER MATERIALS WEST, INC.
	 	GATOR GYPSUM, INC.
	 	CAPITOL MATERIALS COASTAL, INC.
	 	CAPITOL MATERIALS, INCORPORATED
	 	GMS STRATEGIC SOLUTIONS, INC.
	 	ROCKET INSTALLATION, INC.
	 	SUN VALLEY INTERIOR SUPPLY, INC.
	 	TOOL SOURCE WAREHOUSE, INC.
	 	TUCKER ACOUSTICAL PRODUCTS, INC.
	 	TUCKER MATERIALS, INC.
	 	TAMARACK MATERIALS, INC.
	 	MISSOURI DRYWALL SUPPLY, INC.
	 	WILDCAT MATERIALS, INC.
	 	COLONIAL MATERIALS, INC.
	 	CHAPARRAL MATERIALS, INC.
	 	CHEROKEE BUILDING MATERIALS, INC.
	 	CARTER HARDWARE COMPANY
	 	COWTOWN MATERIALS, INC.
	 	LONE STAR MATERIALS, INC.
	 	TEJAS MATERIALS, INC.
	 	CAPITOL BUILDING SUPPLY, INC.
	 	COMMONWEALTH BUILDING MATERIALS, INC.
	 	GTS DRYWALL SUPPLY COMPANY
	 	 
	 	By:	/s/ A. Lynn Ross
	 	Name:	A. Lynn Ross
	 	Title:	Assistant Treasurer

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]

 

     

     

    

 

 

 

	 	WELLS FARGO BANK, N.A., as Administrative Agent, Collateral Agent, Revolving Credit Lender, Swing Line Lender and L/C Issuer
	 	 	 
	 	By:         	/s/ Laura A. Nelson
	 	Name:	Laura A. Nelson
	 	Title:	Vice President

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]

 

     

     

    

 

	 	SUNTRUST BANK, as Revolving Credit Lender and L/C Issuer
	 	 	 
	 	By:         	/s/ Roger Dober
	 	Name: 	Roger Dober
	 	Title: 	Vice-President

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]

 

     

     

    

 

	 	ROYAL BANK OF CANADA, as Revolving Credit Lender
	 	 	 
	 	By:         	/s/ Anna Bernat
	 	Name:	Anna Bernat
	 	Title: 	Attorney in Fact

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Revolving Credit Lender
	 	 	 
	 	By:         	/s/ William Patton
	 	Name:	William Patton
	 	Title:	Vice President

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as Revolving Credit Lender
	 	 	 
	 	By:         	/s/ Todd Tarrance
	 	Name: 	Todd Tarrance
	 	Title: 	Vice President

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]

 

     

     

    

 

	 	CITIZENS BANK NA, as Revolving Credit Lender
	 	 	 
	 	By:         	/s/ Peter Yelle
	 	Name: 	Peter Yelle
	 	Title: 	Vice President

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]

 

     

     

    

 

	 	PNC Bank, National Association, as Revolving Credit Lender
	 	 	 
	 	By:         	/s/ Brandon K. Fiddler
	 	Name:	Brandon K. Fiddler
	 	Title: 	Senior Vice President

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]

 

     

     

    

 

	 	CIBC Bank USA, as Revolving Credit Lender
	 	 	 
	 	By:         	/s/ Daniel Costello
	 	Name:	Daniel Costello
	 	Title:	Managing Director

 

[GMS—AMENDED AND RESTATED ABL CREDIT AGREEMENT]Exhibit 4.3

 

FORM OF SENIOR INDENTURE

 

AIR INDUSTRIES GROUP

And

 

as Trustee

 

SENIOR INDENTURE

 

Dated as of __________, _____

 

Providing for the Issuance of Senior
Debt Securities

 

     

     

    

   

CROSS-REFERENCE TABLE*

 

	Trust Indenture Act Section	Indenture Section
	310(a)(1)	6.09
	(a)(2)	6.09
	(a)(3)	N.A.
	(a)(4)	N.A.
	(a)(5)	6.08
	(b)	6.08
	311(a)	6.13
	(b)	6.13
	312(a)	7.01; 7.02
	(b)	7.02
	(c)	7.02
	313(a)	7.03
	(b)(2)	7.03
	(c)	7.03
	(d)	7.03
	314(a)	7.04; 1.02
	(c)(1)	1.02
	(c)(2)	1.02
	(c)(3)	N.A.
	(e)	1.02
	(f)	N.A.
	315(a)	6.01
	(b)	6.02; 1.06
	(c)	6.01
	(d)	6.01
	(e)	5.14
	316(a)(last sentence)	1.01
	(a)(1)(A)	5.12
	(a)(1)(B)	5.02; 5.13
	(a)(2)	N.A.
	(b)	5.08
	(c)	3.07; 3.08; 1.04
	317(a)(1)	5.03
	(a)(2)	5.04
	(b)	4.06; 10.03
	318(a)	1.07
	(b)	N.A.
	(c)	1.07

 

N.A means not applicable.

* This Cross Reference Table is not part
of the Indenture.

 

     

     

    

  

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01	Definitions	1
	Section 1.02	Officers’ Certificates and Opinions	6
	Section 1.03	Forms and Documents Delivered to Trustee	6
	Section 1.04	Acts of Securityholders	7
	Section 1.05	Notices, etc., to Trustee and Company	8
	Section 1.06	Notice to Securityholders; Waiver	8
	Section 1.07	Conflict with Trust Indenture Act	8
	Section 1.08	Effect of Headings and Table of Contents	8
	Section 1.09	Successors and Assigns	9
	Section 1.10	Separability Clause	9
	Section 1.11	Benefits of Indenture	9
	Section 1.12	Governing Law	9
	Section 1.13	Counterparts	9
	Section 1.14	Judgment Currency	9
	Section 1.15	Legal Holidays	9
	 	 	 
	ARTICLE II SECURITY FORMS	10
	Section 2.01	Forms Generally	10
	Section 2.02	Forms of Securities	10
	Section 2.03	Securities in Global Form	10
	Section 2.04	Form of Trustee’s Certificate of Authentication	10
	 	 	 
	ARTICLE III THE SECURITIES	11
	Section 3.01	General Title; General Limitations; Issuable in Series; Terms of Particular Series	11
	Section 3.02	Denominations and Currency	14
	Section 3.03	Execution, Authentication and Delivery, and Dating	14
	Section 3.04	Temporary Securities	15
	Section 3.05	Registration, Transfer and Exchange	16
	Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities	18
	Section 3.07	Payment of Interest; Interest Rights Preserved	18
	Section 3.08	Persons Deemed Owners	19
	Section 3.09	Cancellation	20
	Section 3.10	Computation of Interest	20
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	20
	Section 4.01	Satisfaction and Discharge of Indenture	20
	Section 4.02	Discharge and Defeasance	21
	Section 4.03	Covenant Defeasance	22
	Section 4.04	Conditions To Defeasance Or Covenant Defeasance	22
	Section 4.05	Application of Trust Money; Excess Funds	23
	Section 4.06	Paying Agent to Repay Moneys Held	24
	Section 4.07	Return of Unclaimed Amounts	24
	 	 	 
	ARTICLE V REMEDIES	24
	Section 5.01	Events of Default	24
	Section 5.02	Acceleration of Maturity; Rescission, and Annulment	26
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee	26
	Section 5.04	Trustee May File Proofs of Claim	27
	Section 5.05	Trustee May Enforce Claims Without Possession of Securities	27
	Section 5.06	Application of Money Collected	28
	Section 5.07	Limitation on Suits	28
	Section 5.08	Unconditional Right of Securityholders to Receive Principal, Premium, and Interest	28
	Section 5.09	Restoration of Rights and Remedies	29
	Section 5.10	Rights and Remedies Cumulative	29
	Section 5.11	Delay or Omission Not Waiver	29
	Section 5.12	Control by Securityholders	29
	Section 5.13	Waiver of Past Defaults	29

 

     

     

    

  

	Section 5.14	Undertaking for Costs	30
	Section 5.15	Waiver of Stay or Extension Laws	30
	 	 	 
	ARTICLE VI THE TRUSTEE	30
	Section 6.01	Certain Duties and Responsibilities of Trustee	30
	Section 6.02	Notice of Defaults	31
	Section 6.03	Certain Rights of Trustee	31
	Section 6.04	Not Responsible for Recitals or Issuance of Securities	32
	Section 6.05	May Hold Securities	32
	Section 6.06	Money Held in Trust	32
	Section 6.07	Compensation and Reimbursement	32
	Section 6.08	Disqualification; Conflicting Interests	33
	Section 6.09	Corporate Trustee Required; Eligibility	33
	Section 6.10	Resignation and Removal; Appointment of Successor	33
	Section 6.11	Acceptance of Appointment by Successor	34
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business	35
	Section 6.13	Preferential Collection of Claims Against Company	36
	Section 6.14	Appointment of Authenticating Agent	36
	 	 	 
	ARTICLE VII SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	37
	Section 7.01	Company to Furnish Trustee Names and Addresses of Securityholders	37
	Section 7.02	Preservation of Information; Communications to Securityholders	37
	Section 7.03	Reports by Trustee	38
	Section 7.04	Reports by Company	38
	 	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	39
	Section 8.01	Company May Consolidate, etc., Only on Certain Terms	39
	Section 8.02	Successor Corporation Substituted	39
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	40
	Section 9.01	Supplemental Indentures Without Consent of Securityholders	40
	Section 9.02	Supplemental Indentures With Consent of Securityholders	41
	Section 9.03	Execution of Supplemental Indentures	42
	Section 9.04	Effect of Supplemental Indentures	42
	Section 9.05	Conformity With Trust Indenture Act	42
	Section 9.06	Reference in Securities to Supplemental Indentures	42
	 	 	 
	ARTICLE X COVENANTS	42
	Section 10.01	Payment of Principal, Premium and Interest	42
	Section 10.02	Maintenance of Office or Agency	43
	Section 10.03	Money or Security Payments to Be Held in Trust	43
	Section 10.04	Certificate to Trustee	43
	Section 10.05	Corporate Existence	44
	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	44
	Section 11.01	Applicability of Article	44
	Section 11.02	Election to Redeem; Notice to Trustee	44
	Section 11.03	Selection by Trustee of Securities to be Redeemed	44
	Section 11.04	Notice of Redemption	45
	Section 11.05	Deposit of Redemption Price	45
	Section 11.06	Securities Payable on Redemption Date	45
	Section 11.07	Securities Redeemed in Part	46
	Section 11.08	Provisions with Respect to any Sinking Funds	46
	 	 	 
	ARTICLE XII REPAYMENT AT OPTION OF HOLDERS	47
	Section 12.01	Applicability of Article	47
	Section 12.02	Repayment of Securities	47
	Section 12.03	Exercise of Option	47
	Section 12.04	When Securities Presented for Repayment Become Due and Payable	48
	Section 12.05	Securities Repaid in Part	48

 

     

     

    

  

THIS SENIOR INDENTURE,
between Air Industries Group, a Nevada corporation (hereinafter called the “Company”), having its principal
office at 1460 Fifth Avenue, Bay Shore, New York 11706 and ______________, a _______________________, as trustee (hereinafter called
the “Trustee”), is made and entered into as of this _____ day of ____________, ______.

 

Recitals of the Company

 

The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance of its unsecured debentures, notes, bonds,
and other evidences of indebtedness, to be issued in one or more fully registered series.

 

All things necessary
to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

Agreements of the Parties

 

To set forth or to provide
for the establishment of the terms and conditions upon which the Securities (as hereinafter defined) are and are to be authenticated,
issued, and delivered, and in consideration of the premises thereof, and the purchase of Securities by the Holders (as hereinafter
defined) thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders from
time to time of the Securities or of any series thereof, as the case may be:

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01 Definitions.

 

For all purposes of
this Indenture and of any indenture supplemental hereto, except as otherwise expressly provided or unless the context otherwise
requires:

 

(a) the terms defined
in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 

(b) all other terms
used herein which are defined in the Trust Indenture Act (as hereinafter defined), either directly or by reference therein, have
the meanings assigned to them therein;

 

(c) all accounting terms
not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and,
except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to
any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States
of America at the date of such computation; and

 

(d) all references in
this instrument to designated “Articles”, “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this instrument as originally executed. The words “herein”, “hereof”,
and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section, or other subdivision.

 

(e) the following terms
will have the meanings set forth below:

 

“Act”,
when used with respect to any Securityholder (as hereinafter defined), has the meaning specified in Section 1.04.

 

“Affiliate”
of any specified Person (as hereinafter defined) means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

    1 

     

    

  

“Authenticating
Agent” means any Person authorized by the Trustee to authenticate Securities of one or more series under Section 6.14.

 

“Authentication
Order” has the meaning specified in Section 3.03.

 

“Board of Directors”
means (i) the board of directors of the Company, (ii) any duly authorized committee of that board, or (iii) any officer, director,
or authorized representative of the Company, in each case duly authorized by such Board to act hereunder.

 

“Board Resolution”
means a copy of a resolution certified by the secretary or an assistant secretary of the Company to have been duly adopted by the
Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day”
means (except, with respect to any particular series of Securities, as may be otherwise provided in the form of such Securities)
any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized
or required by law, regulation, or executive order to be closed in the applicable Place of Payment (if there is no applicable Place
of Payment, then the City of New York in the State of New York shall be applicable for purposes of this definition).

 

“Capital Stock”
means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership
interests (however designated) of such Person and any rights (other than debt securities convertible or exchangeable for corporate
stock), warrants or options to purchase any thereof.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934,
or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties on such date.

 

“Company”
means Air Industries Group, unless and until a successor corporation shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Company Request”,
“Company Order”, and “Company Consent” mean, respectively, a written request, order, or consent
signed in the name of the Company by the chairman of the Board of Directors, the chief executive officer, the chief financial officer,
the treasurer or the controller of the Company, or by any other officer or officers of the Company pursuant to an applicable Board
Resolution, and delivered to the Trustee.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date hereof is located at ______________.

 

“Corporation”
means a corporation, association, company, joint-stock company, limited liability company or business trust.

 

“Covenant Defeasance”
has the meaning specified in Section 4.03.

 

“Defaulted
Interest” has the meaning specified in Section 3.07.

 

“Defeasance”
has the meaning specified in Section 4.02.

 

“Depositary”
means with respect to the Securities of any series issuable or issued in whole or in part in global form, the Person designated
as Depositary by the Company pursuant to Section 3.01, unless and until a successor Depositary shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person
who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used
with respect to the Securities of any such series shall mean the “Depositary” with respect to the Securities
of that series.

 

    2 

     

    

  

“Equivalent
Government Securities” means, in relation to Securities denominated in a currency other than U.S. dollars, securities
of the government that issued the currency in which such Securities are denominated or securities of government agencies backed
by the full faith and credit of such government.

 

“Event of Default”
has the meaning specified in Article 5.

 

“Holder”,
“Securityholder” and “Holder of Securities” means a Person in whose name a Security is registered
in the Security Register (as hereinafter defined).

 

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness
or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered
into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof
or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” when used as
a verb has a corresponding meaning.

 

“Indebtedness”
with respect to any Person means (1) any liability of such Person (a) for borrowed money, or (b) evidenced by a bond, note, debenture
or similar instrument (including purchase money obligations but excluding Trade Payables), or (c) for the payment of money relating
to a lease that is required to be classified as a capitalized lease obligation in accordance with generally accepted accounting
principles; (2) mandatorily redeemable preferred or preference stock of a Subsidiary held by Persons other than the Company or
a Subsidiary; (3) any liability of others described in the preceding clause (1) that such Person has Guaranteed, that is recourse
to such Person or that is otherwise such Person’s legal liability; and (4) any amendment, supplement, modification, deferral,
renewal, extension or refunding of any liability of the types referred to in clauses (1), (2) and (3) above.

 

“Indenture”
or “this Indenture” means this instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include
the terms of any particular series of Securities established as contemplated by Section 3.01.

 

“Interest Payment
Date”, when used with respect to any series of Securities, means any date on which an installment of interest on those
Securities is scheduled to be paid.

 

“Maturity”,
when used with respect to any Security, means the date on which the principal amount outstanding under such Security or an installment
of principal amount outstanding under such Security becomes due and payable, as therein or herein provided, whether on the Scheduled
Maturity Date (as hereinafter defined), by declaration of acceleration, call for redemption, or otherwise.

 

“Officers’
Certificate” means a certificate signed by any two of the chairman of the Board of Directors, the chief executive officer,
the president, any vice president or the treasurer of the Company or by any other officer or officers of the Company pursuant to
an applicable Board Resolution, and delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion of counsel to the Company, which counsel may be an employee of the Company or other
counsel who shall be reasonably acceptable to the Trustee.

 

“Option to
Elect Repayment” has the meaning specified in Section 12.03.

 

    3 

     

    

  

“Original Issue
Discount Security” means any Security which is initially sold at a discount from the principal amount thereof and the
terms of which provide that upon redemption or acceleration of the Maturity thereof, an amount less than the principal amount thereof
would become due and payable.

 

“Outstanding”,
when used with respect to any particular Securities or to the Securities of any particular series means, as of the date of determination,
all such Securities theretofore authenticated and delivered under this Indenture, except:

 

(i) such Securities
theretofore canceled by the Trustee or delivered by the Company to the Trustee for cancellation;

 

(ii) such Securities,
or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited in trust with
the Trustee or with any Paying Agent (as hereinafter defined) other than the Company, or, if the Company shall act as its own Paying
Agent, has been set aside and segregated in trust by the Company; provided, in any case, that if such Securities are to be redeemed
prior to their Scheduled Maturity Date, notice of such redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; and

 

(iii) such Securities
in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, or which
shall have been paid, in each case, pursuant to the terms of Section 3.06 (except with respect to any such Security as to which
proof satisfactory to the Trustee is presented that such Security is held by a Person in whose hands such Security is a legal,
valid, and binding obligation of the Company).

 

In determining whether
the Holders of the requisite principal amount of such Securities Outstanding have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of any Original Issue Discount Security that shall be deemed to be Outstanding
shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration
of acceleration of the Maturity thereof. In determining whether the Holders of the requisite principal amount of such Securities
Outstanding have given a direction concerning the time, method, and place of conducting any proceeding for any remedy available
to the Trustee, or concerning the exercise of any trust or power conferred upon the Trustee under this Indenture, or concerning
a consent on behalf of the Holders of any series of Securities to the waiver of any past default and its consequences, Securities
owned by the Company, any other obligor upon the Securities, or any Affiliate of the Company or such other obligor shall be disregarded
and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, or waiver, only Securities which a Responsible Officer assigned to the corporate trust
department of the Trustee knows to be owned by the Company or any other obligor upon the Securities or any Affiliate of the Company
or such other obligor shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act as owner with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other
obligor.

 

“Paying Agent”
means, with respect to any Securities, any Person appointed by the Company to distribute amounts payable by the Company on such
Securities. If at any time there shall be more than one such Person, “Paying Agent” as used with respect to the Securities
of any particular series shall mean the Paying Agent with respect to Securities of that series. As of the date of this Indenture,
the Company has appointed _________ as Paying Agent with respect to all Securities issuable hereunder.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization, or government, or any agency or political subdivision thereof.

 

    4 

     

    

  

“Place of Payment”
means with respect to any series of Securities issued hereunder the city or political subdivision so designated with respect to
the series of Securities in question in accordance with the provisions of Section 3.01.

 

“Predecessor
Securities” of any particular Security means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 3.06 in lieu of a lost, destroyed, mutilated, or stolen Security shall be deemed to evidence the same debt as the
lost, destroyed, mutilated, or stolen Security.

 

“Record Date”
means any date as of which the Holder of a Security will be determined for any purpose described herein, such determination to
be made as of the close of business on such date by reference to the Security Register.

 

“Redemption
Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant
to this Indenture.

 

“Redemption
Price”, when used with respect to any Security to be redeemed, means the price specified in the Security at which it
is to be redeemed pursuant to this Indenture.

 

“Repayment
Date”, when used with respect to any Security to be repaid, means the date fixed for such repayment pursuant to such
Security.

 

“Repayment
Price”, when used with respect to any Security to be repaid, means the price at which it is to be repaid pursuant to
such Security.

 

“Responsible
Officer”, when used with respect to the Trustee, shall mean an officer or assistant officer of the Trustee in the Corporate
Trust Office, having direct responsibility for the administration of this Indenture, and also, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
the particular subject.

 

“Scheduled
Maturity Date”, when used with respect to any Security, means the date specified in such Security as the date on which
all outstanding principal and interest will be due and payable.

 

“Security”
or “Securities” means any senior note or notes, bond or bonds, debenture or debentures, or any other evidences
of indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture.

 

 “Security
Register” shall have the meaning specified in Section 3.05.

 

“Security Registrar”
means the Person who maintains the Security Register, which Person shall be the Trustee unless and until a successor Security Registrar
is appointed by the Company.

 

“Significant
Subsidiary” means each Subsidiary which is a “significant subsidiary” as defined in Rule 1-02(w) of Regulation
S-X, as amended or modified and in effect from time to time.

 

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.     

 

“Specified
Currency” has the meaning specified in Section 3.01.

 

“Subsidiary”
means any corporation, partnership or other entity of which at the time of determination the Company owns or controls directly
or indirectly more than 50% of the shares of Voting Stock or equivalent interest.

 

“Trade Payables”
means accounts payable or any other Indebtedness or monetary obligations to trade creditors created or assumed in the ordinary
course of business in connection with the obtaining of materials, finished products, inventory or services.

 

“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939, as in force as of the date hereof, except as
provided in Section 9.05.

 

“Trustee”
means the party named as such above until a successor becomes such pursuant to this Indenture and thereafter means or includes
each party who is then a trustee hereunder, and if at any time there is more than one such party, “Trustee” as used
with respect to the Securities of any series means the Trustee with respect to Securities of that series. If Trustees with respect
to different series of Securities are trustees under this Indenture, nothing herein shall constitute the Trustees co-trustees of
the same trust, and each Trustee shall be the trustee of a trust separate and apart from any trust administered by any other Trustee
with respect to a different series of Securities.

 

    5 

     

    

  

“U.S. Government
Obligations” means (i) securities that are direct obligations of the United States of America, the payment of which is
unconditionally Guaranteed by the full faith and credit of the United States of America and (ii) securities that are obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment
of which is unconditionally Guaranteed by the full faith and credit of the United States of America, and also includes depository
receipts issued by a bank or trust company as custodian with respect to any of the securities described in the preceding clauses
(i) and (ii), and any payment of interest or principal payable under any of the securities described in the preceding clauses (i)
and (ii) that is held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository
receipt, or from any amount received by the custodian in respect of such securities, or from any specific payment of interest or
principal payable under the securities evidenced by such depository receipt.

 

“Voting Stock”,
as applied to the stock of any corporation, means stock of any class or classes (however designated), the outstanding shares of
which have, by the terms thereof, ordinary voting power to elect a majority of the members of the board of directors (or other
governing body) of such corporation, other than stock having such power only by reason of the happening of a contingency.

 

Section 1.02 Officers’
Certificates and Opinions.

 

Every Officers’
Certificate, Opinion of Counsel, and other certificate or opinion to be delivered to the Trustee under this Indenture with respect
to any action to be taken by the Trustee (except for the Officers’ Certificate required by Section 10.04) shall include the
following:

 

(a) a statement that
each individual signing such certificate or opinion has read all covenants and conditions of this Indenture relating to such proposed
action, including the definitions herein relating thereto;

 

(b) a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate
or opinion are based;

 

(c) a statement that,
in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her
to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d) a statement as to
whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 1.03 Form
of Documents Delivered to Trustee.

 

In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other
matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion
of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, legal counsel, unless such officer knows that any such certificate, opinion, or representation is erroneous. Any opinion of
counsel for the Company may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Company, unless such counsel knows that any such certificate, opinion, or representation is erroneous.

 

    6 

     

    

  

Where any Person is
required to make, give, or execute two or more applications, requests, consents, certificates, statements, opinions, or other instruments
under this Indenture, such instruments may, but need not, be consolidated and form a single instrument.

 

Section 1.04 Acts
of Securityholders.

 

(a) Any request, demand,
authorization, direction, notice, consent, waiver, or other action provided by this Indenture to be given or taken by Securityholders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders in person
or by an agent of such Securityholders duly appointed in writing; and, except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Trustee and (if expressly required by the applicable
terms of this Indenture) to the Company. If any Securities are denominated in coin or currency other than that of the United States,
then for the purposes of determining whether the Holders of the requisite principal amount of Securities have taken any action
as herein described, the principal amount of such Securities shall be deemed to be that amount of United States dollars that could
be obtained for such principal amount on the basis of the spot rate of exchange into United States dollars for the currency in
which such Securities are denominated (as evidenced to the Trustee by a certificate provided by a financial institution, selected
by the Company, that maintains an active trade in the currency in question, acting as conversion agent) as of the date the taking
of such action by the Holders of such requisite principal amount is evidenced to the Trustee as provided in the immediately preceding
sentence. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Securityholders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section
6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

 

(b) The fact and date
of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such execution
or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that
the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by
an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit
shall also constitute sufficient proof of his or her authority. The fact and date of the execution of any such instrument or writing,
or the authority of the person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

 

(c) The ownership of
Securities shall for all purposes be determined by reference to the Security Register, as such register shall exist as of the applicable
date.

 

(d) If the Company shall
solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may,
at its option, by Board Resolution, fix in advance a Record Date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If
such Record Date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given
before or after such Record Date, but only the Holders of record at the close of business on such Record Date shall be deemed to
be Holders for the purpose of determining whether Holders of the requisite proportion of Securities Outstanding have authorized
or

 

agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that purpose the Securities Outstanding shall be computed
as of such Record Date; provided that no such authorization, agreement or consent by the Holders on such Record Date shall
be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after
such Record Date.

 

    7 

     

    

  

(e) Any request, demand,
authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind each subsequent Holder
of such Security, and each Holder of any Security issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, with respect to anything done or suffered to be done by the Trustee or the Company in reliance upon such action,
whether or not notation of such action is made upon such Security.

 

Section 1.05 Notices,
etc., to Trustee and Company.

 

Any request, order,
authorization, direction, consent, waiver, or other action to be taken by the Trustee, the Company, or the Securityholders hereunder
(including any Authentication Order), and any notice to be given to the Trustee or the Company with respect to any action taken
or to be taken by the Trustee, the Company, or the Securityholders hereunder, shall be sufficient if made in writing and

 

(a)(if to be furnished
or delivered to or filed with the Trustee by the Company or any Securityholder) delivered to the Trustee at its Corporate Trust
Office, Attention:                  
; or

 

(b)(if to be furnished
or delivered to the Company by the Trustee or any Securityholder, and except as otherwise provided in Section 5.01(d) and, in the
case of a request for repayment, except as specified in the Security carrying the right to repayment) mailed to the Company, first-class
postage prepaid, at its principal office (as specified in the first paragraph of this instrument), Attention: Chief Financial Officer,
or at any other address hereafter furnished in writing by the Company to the Trustee.

 

Section 1.06 Notice
To Securityholders; Waiver.

 

Where this Indenture
or any Security provides for notice to Securityholders of any event, such notice shall be sufficiently given (unless otherwise
expressly provided herein or in such Security) if in writing and mailed, first-class postage prepaid, to each Securityholder affected
by such event, at his or her address as it appears in the Security Register as of the applicable Record Date, not later than the
latest date or earlier than the earliest date prescribed by this Indenture or such Security for the giving of such notice. In any
case where notice to Securityholders is given by mail, neither the failure to mail such notice nor any defect in any notice so
mailed to any particular Securityholder shall affect the sufficiency of such notice with respect to other Securityholders. Where
this Indenture or any Security provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Securityholders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

 

In case, by reason of
the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it shall be impractical to mail notice
of any event to any Securityholder when such notice is required to be given pursuant to any provision of this Indenture or the
applicable Security, then any method of notification as shall be satisfactory to the Trustee and the Company shall be deemed to
be sufficient for the giving of such notice.

 

Section 1.07 Conflict
with Trust Indenture Act.

 

If any provision hereof
limits, qualifies or conflicts with another provision hereof which is required to be included in this Indenture by any of the provisions
of the TIA, such provision required by the TIA shall control.

 

Section 1.08 Effect
of Headings and Table of Contents.

 

The Article and Section
headings herein and the Table of Contents hereof are for convenience only and shall not affect the construction of any provision
of this Indenture.

 

    8 

     

    

  

Section 1.09 Successors
and Assigns.

 

All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10 Separability
Clause.

 

In case any provision
in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 1.11 Benefits
Of Indenture.

 

Nothing in this Indenture
or in any Securities, express or implied, shall give to any Person, other than the parties hereto, their successors hereunder,
the Authenticating Agent, the Security Registrar, any Paying Agent, and the Holders of Securities (or such of them as may be affected
thereby), any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 1.12 Governing
Law.

 

This Indenture shall
be governed by and construed in accordance with the laws of the State of __________.

 

Section 1.13 Counterparts.

 

This instrument may
be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of which shall
together constitute but one and the same instrument.

 

Section 1.14 Judgment
Currency.

 

The Company agrees,
to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in
any court with respect to the Securities of any series it is necessary to convert the sum due in respect of the principal, premium,
if any, or interest, if any, payable with respect to such Securities into a currency in which a judgment can be rendered (the “Judgment
Currency”), the rate of exchange from the currency in which payments under such Securities is payable (the “Required
Currency”) into the Judgment Currency shall be the highest bid quotation (assuming European-style quotation - i.e.,
Required Currency per Judgment Currency) received by the Company from three recognized foreign exchange dealers in the City of
________ for the purchase of the aggregate amount of the judgment (as denominated in the Judgment Currency) on the Business Day
preceding the date on which a final unappealable judgment is rendered, for settlement on such payment date, and at which the applicable
dealer timely commits to execute a contract, and (b) the Company’s obligations under this Indenture to make payments in the
Required Currency (i) shall not be discharged or satisfied by any tender, or by any recovery pursuant to any judgment (whether
or not entered in accordance with the preceding clause (a)), in any currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt by the judgment creditor of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the
full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for
any other sum due under this Indenture.

 

    9 

     

    

  

Section 1.15 Legal
Holidays.

 

In any case where any
Interest Payment Date, Redemption Date, Repayment Date or Maturity of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and
premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at
such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or Repayment Date
or at Maturity, provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption
Date, Repayment Date or Maturity, as the case may be.

 

ARTICLE II 

SECURITY FORMS

 

Section 2.01 Forms
Generally.

 

The Securities of each
series shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon,
as may be required to comply with the rules of any securities exchange, or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution of the Securities. Any portion of the text of any Security
may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security.

 

The definitive Securities,
if any, shall be printed, lithographed or engraved or produced by any combination of these methods on steel engraved borders or
may be produced in any other manner permitted by the rules of any securities exchange, all as determined by the officers executing
such Securities, as evidenced by their execution of such Securities.

 

Section 2.02 Forms
of Securities.

 

Each Security shall
be in one of the forms approved from time to time by or pursuant to any Board Resolution, or established in one or more indentures
supplemental hereto. Prior to the delivery to the Trustee for authentication of any Security in any form approved by or pursuant
to a Board Resolution, the Company shall deliver to the Trustee a copy of such Board Resolution, together with a true and correct
copy of the form of Security which has been approved thereby, or, if a Board Resolution authorizes a specific officer or officers
to approve a form of Security, together with a certificate of such officer or officers approving the form of Security attached
thereto, provided, however, that with respect to all Securities issued pursuant to the same Board Resolution, the required
copy of such Board Resolution, together with the appropriate attachment, need be delivered only once. Any form of Security approved
by or pursuant to a Board Resolution must be acceptable as to form to the Trustee, such acceptance to be evidenced by the Trustee’s
authentication of Securities in that form or by a certificate signed by a Responsible Officer of the Trustee and delivered to the
Company.

 

Section 2.03 Securities
in Global Form.

 

If Securities of a series
are issuable in whole or in part in global form, the global security representing such Securities may provide that it shall represent
the aggregate amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount
of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges or increased to reflect the
issuance of additional Securities. Any endorsement of a Security in global form to reflect the amount (or any increase or decrease
in the amount) of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall
be specified therein or in the Authentication Order delivered to the Trustee pursuant to Section 3.03 hereof.

 

    10 

     

    

  

Section 2.04 Form
of Trustee’s Certificate of Authentication.

 

The form of Trustee’s
Certificate of Authentication for any Security issued pursuant to this Indenture shall be substantially as follows:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.

 

________________________, as Trustee

 

By: ______________________

Authorized Officer:

 

ARTICLE III 

THE SECURITIES

 

Section 3.01 General
Title; General Limitations; Issuable in Series; Terms of Particular Series.

 

(a) The aggregate principal
amount of Securities that may be authenticated, delivered, and Outstanding at any time under this Indenture is not limited.

 

(b) The Securities may
be issued in one or more series in such aggregate principal amount as may from time to time be authorized by the Board of Directors.
All Securities of a series issued under this Indenture shall in all respects be equally and ratably entitled to the benefits hereof,
without preference, priority, or distinction on account of the actual time of the authentication and delivery or Scheduled Maturity
Date thereof.

 

(c) Each series of Securities
shall be created either by or pursuant to one or more Board Resolutions, by an Officers’ Certificate or by one or more indentures
supplemental hereto. Any such Board Resolution or supplemental indenture (or, in the case of a series of Securities created pursuant
to a Board Resolution, any officer or officers authorized by such Board Resolution) shall establish the terms of any such series
of Securities, including the following (as and to such extent as may be applicable):

 

(1) the title of such
series;

 

(2) the limit, if any,
upon the aggregate principal amount or issue price of the Securities of such series;

 

(3) the issue date or
issue dates of the Securities of such series;

 

(4) the Scheduled Maturity
Date of the Securities of such series;

 

(5) the place or places
where the principal, premium, if any, interest, if any, and additional amounts, if any, payable with respect to the Securities
of such series shall be payable;

 

(6) whether the Securities
of such series will be issued at par or at a premium over or a discount from their face amount;

 

(7) the rate or rates
(which may be fixed or variable) at which the Securities of such series shall bear interest, if any, and, if applicable, the method
by which such rate or rates may be determined;

 

    11 

     

    

  

(8) the date or dates
(or the method by which such date or dates may be determined) from which interest, if any, shall accrue, and the Interest Payment
Dates on which such interest shall be payable;

 

(9) the rights, if any,
to defer payments of interest on the Securities by extending the interest payment periods and the duration of such extension;

 

(10) the period or periods
within which, the Redemption Price(s) or Repayment Price(s) at which, and any other terms and conditions upon which the Securities
of such series may be redeemed or repaid, in whole or in part, by the Company;

 

(11) the obligation,
if any, of the Company to redeem, repay, or purchase any of the Securities of such series pursuant to any sinking fund, mandatory
redemption, purchase obligation, or analogous provision at the option of a Holder thereof, and the period or periods within which,
the Redemption Price(s) or Repayment Price(s) or other price or prices at which, and any other terms and conditions upon which
the Securities of such series shall be redeemed, repaid, or purchased, in whole or in part, pursuant to such obligation;

 

(12) the issuance of
the Securities of such series in whole or in part in global form and, if so, the identity of the Depositary for such global security
and the terms and conditions, if any, upon which interests in the Securities represented by such global security may be exchanged,
in whole or in part, for the individual Securities represented thereby (if other than as provided in Section 3.05);

 

(13) the denominations
in which the Securities of such series will be issued (which may be any denomination as set forth in the terms of such Securities)
if other than U.S. $1,000 or an integral multiple thereof;

 

(14) whether and under
what circumstances additional amounts on the Securities of such series shall be payable in respect of any taxes, assessments, or
other governmental charges withheld or deducted and, if so, whether the Company will have the option to redeem such Securities
rather than pay such additional amounts;

 

(15) the basis upon which interest shall
be calculated;

 

(16) if the Securities
of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security for
a definitive Security of such series) only upon receipt of certain certificates or other documents or upon satisfaction of other
conditions, then the form and terms of such certificates, documents, and/or conditions;

 

(17) the exchange or
conversion of the Securities of that series, whether or not at the option of the Holders thereof, for or into new Securities of
a different series or for or into any other securities which may include shares of Capital Stock of the Company or any Subsidiary
of the Company or securities directly or indirectly convertible into or exchangeable for any such shares or securities of entities
unaffiliated with the Company or any Subsidiary of the Company;

 

(18) if other than U.S.
dollars, the foreign or composite currency or currencies (each such currency a “Specified Currency”) in which
the Securities of such series shall be denominated and in which payments of principal, premium, if any, interest, if any, or additional
amounts, if any, payable with respect to such Securities shall or may be payable;

 

(19) if the principal,
premium, if any, interest, if any, or additional amounts, if any, payable with respect to the Securities of such series are to
be payable in any currency other than that in which the Securities are stated to be payable, whether at the election of the Company
or of a Holder thereof, the period or periods within which, and the terms and conditions upon which, such election may be made;

 

(20) if the amount of
any payment of principal, premium, if any, interest, if any, or other sum payable with respect to the Securities of such series
may be determined by reference to the relative value of one or more Specified Currencies, commodities, securities, or instruments,
the level of one or more financial or non-financial indices, or any other designated factors or formulas, the manner in which such
amounts shall be determined;

 

    12 

     

    

  

(21) the exchange of
Securities of such series, at the option of the Holders thereof, for other Securities of the same series of the same aggregate
principal amount of a different authorized kind or different authorized denomination or denominations, or both;

 

(22) the appointment
by the Trustee of an Authenticating Agent in one or more places other than the Corporate Trust Office of the Trustee, with power
to act on behalf of the Trustee, and subject to its direction, in the authentication and delivery of the Securities of such series;

 

(23) any trustees, depositaries,
paying agents, transfer agents, exchange agents, conversion agents, registrars, or other agents with respect to the Securities
of such series if other than the Trustee, Paying Agent and Security Registrar named herein;

 

(24) the portion of the
principal amount of Securities of such series, if other than the principal amount thereof, that shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section 5.04;

 

(25) any Event of Default
with respect to the Securities of such series, if not set forth herein, or any modification of any Event of Default set forth herein
with respect to such series;

 

(26) any covenant solely
for the benefit of the Securities of such series;

 

(27) the inapplicability
of Section 4.02 and Section 4.03 of this Indenture to the Securities of such series and if Section 4.03 is applicable, the covenants
subject to Covenant Defeasance under Section 4.03; and

 

(28) any other terms
of the securities of such series (which terms shall not be inconsistent with the provisions of this Indenture, but which may modify
or delete any provision of this Indenture insofar as it applies to such series).

 

If all of the Securities
issuable by or pursuant to any Board Resolution are not to be issued at one time, it shall not be necessary to deliver the Officers’
Certificate and Opinion of Counsel required by Section 3.03 hereof at the time of issuance of each such Security, but such Officers’
Certificate and Opinion of Counsel shall be delivered at or before the time of issuance of the first such Security.

 

If any series of Securities
shall be established by action taken pursuant to any Board Resolution, the execution by the officer or officers authorized by such
Board Resolution of an Authentication Order (as defined in Section 3.03 below) with respect to the first Security of such series
to be issued, and the delivery of such Authentication Order to the Trustee at or before the time of issuance of the first Security
of such series, shall constitute a sufficient record of such action. Except as otherwise permitted by Section 3.03, if all of the
Securities of any such series are not to be issued at one time, the Company shall deliver an Authentication Order with respect
to each subsequent issuance of Securities of such series, but such Authentication Orders may be executed by any authorized officer
or officers of the Company, whether or not such officer or officers would have been authorized to establish such series pursuant
to the aforementioned Board Resolution.

 

Unless otherwise provided
by or pursuant to the Board Resolution or supplemental indenture creating such series (i) a series may be reopened for issuances
of additional Securities of such series, and (ii) all Securities of the same series shall be substantially identical, except for
the initial Interest Payment Date, issue price, initial interest accrual date and the amount of the first interest payment.

 

The form of the Securities
of each series shall be established in a supplemental indenture or by or pursuant to the Board Resolution creating such series.
The Securities of each series shall be distinguished from the Securities of each other series in such manner as the Board of Directors
or its authorized representative or representatives may determine.

 

Unless otherwise provided
with respect to Securities of a particular series, the Securities of any series may only be issuable in registered form, without
coupons.

 

    13 

     

    

  

Section 3.02 Denominations
and Currency.

 

The Securities of each
series shall be issuable in such denominations and currency as shall be provided in the provisions of this Indenture or by or pursuant
to the Board Resolution or supplemental indenture creating such series. In the absence of any such provisions with respect to the
Securities of any series, the Securities of that series shall be issuable only in fully registered form in denominations of U.S.
$1,000 and any integral multiple thereof.

 

Section 3.03 Execution,
Authentication and Delivery, and Dating.

 

The Securities shall
be executed on behalf of the Company by the president, the chief executive officer, the chief financial officer, any vice president,
the treasurer or any assistant treasurer and attested by the secretary or any one of its assistant secretaries, under its corporate
seal. The signature of any of these officers on the Securities may be manual or facsimile. The seal of the Company, if set forth
thereon, may be in the form of a facsimile thereof and may be impressed, affixed, imprinted, or otherwise reproduced on the Securities.
Typographical and other minor errors or defects in any such reproduction of the seal or any such signature shall not affect the
validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee.

 

Unless otherwise provided
in the form of Security for any series, all Securities shall be dated the date of their authentication.

 

Securities bearing the
manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities
or did not hold such offices at the date of such Securities.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities to the Trustee for authentication,
together with a Company Order for authentication and delivery (such Order an “Authentication Order”) with respect
to such Securities, and the Trustee shall, upon receipt of such Authentication Order, in accordance with procedures acceptable
to the Trustee set forth in the Authentication Order, and subject to the provisions hereof, authenticate and deliver such Securities
to such recipients as may be specified from time to time pursuant to such Authentication Order. The material terms of such Securities
shall be determinable by reference to such Authentication Order and procedures. If provided for in such procedures, such Authentication
Order may authorize authentication and delivery of such Securities pursuant to oral instructions from the Company or its duly authorized
agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
the provisions of Section 6.01 hereof) shall be fully protected in relying upon:

 

(1) an executed supplemental
indenture, if any;

 

(2) an Officers’
Certificate, certifying as to the authorized form or forms and terms of such Securities; and

 

(3) an Opinion of Counsel,
stating that:

 

(a) the form or forms
and terms of such Securities have been established by and in conformity with the provisions of this Indenture; provided that
if all such Securities are not to be issued at the same time, such Opinion of Counsel may state that such terms will be established
in conformity with the provisions of this Indenture, subject to any conditions specified in such Opinion of Counsel; and

 

    14 

     

    

  

(b) such Securities,
when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified
in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with
their terms, subject to bankruptcy, insolvency, moratorium, reorganization, and other laws of general applicability relating to
or affecting the enforcement of creditors’ rights and to general principles of equity;

 

provided, however, that if all Securities
issuable by or pursuant to a Board Resolution or supplemental indenture are not to be originally issued at one time, it shall not
be necessary to deliver the Officers’ Certificate or Opinion of Counsel otherwise required pursuant to this paragraph at
or prior to the time of authentication of each such Security if such documents are delivered at or prior to the time of authentication
upon original issuance of the first such Security to be issued. After the original issuance of the first such Security to be issued,
any separate request by the Company that the Trustee authenticate such Securities for original issuance will be deemed to be a
certification by the Company that it is in compliance with all conditions precedent provided for in this Indenture relating to
the authentication and delivery of such Securities.

 

The Trustee shall not
be required to authenticate such Securities if the issue thereof will adversely affect the Trustee’s own rights, duties,
or immunities under the Securities and this Indenture.

 

If the Company shall
establish pursuant to Section 3.01 that Securities of a series may be issued in whole or in part in global form, then the Company
shall execute, and the Trustee shall (in accordance with this Section 3.03 and the Authentication Order with respect to such series)
authenticate and deliver, one or more Securities in global form that (i) shall represent and shall be denominated in an aggregate
amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented by such one or more
Securities in global form, (ii) shall be registered, in the name of the Depositary for such Security or Securities in global form,
or in the name of a nominee of such Depositary, (iii) shall be delivered to such Depositary or pursuant to such Depositary’s
instruction, and (iv) shall bear a legend substantially as follows: “Unless and until it is exchanged in whole or in part
for Securities in certificated form, this Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary.” Each Depositary designated pursuant to
Section 3.01 for a Security in global form must, at the time of its designation and at all times while it serves as Depositary,
be a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation.

 

No Security shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized
officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder.

 

Section 3.04 Temporary
Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute, and, upon receipt of the documents required by Sections 2.02,
3.01 and 3.03 hereof, together with an Authentication Order, the Trustee shall authenticate and deliver, temporary Securities of
such series that are printed, lithographed, typewritten, mimeographed, or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued in registered form, without coupons, and with such appropriate
insertions, omissions, substitutions, and other variations as the officers executing such Securities may determine, as evidenced
by their execution of such Securities. In the case of Securities of any series for which a temporary Security may be issued in
global form, such temporary global security shall represent all of the Outstanding Securities of such series and tenor.

 

    15 

     

    

  

Except in the case of
temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities
of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities, the temporary Securities of such series shall be exchangeable, at the Corporate
Trust Office of the Trustee, or at such other office or agency as may be maintained by the Company in a Place of Payment pursuant
to Section 10.02 hereof, for definitive Securities of such series having identical terms and provisions, upon surrender of the
temporary Securities of such series, at the Company’s own expense and without charge to the Holder; and upon surrender for
cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive Securities of such series in authorized denominations containing
identical terms and provisions. Unless otherwise specified as contemplated by Section 3.01 with respect to a temporary Security
in global form, until so exchanged, the temporary Securities of such series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

 

Section 3.05 Registration,
Transfer and Exchange.

 

With respect to the
Securities of each series, the Trustee shall keep a register (herein sometimes referred to as the “Security Register”)
which shall provide for the registration of Securities of such series, and for transfers of Securities of such series, in accordance
with information to be provided to the Trustee by the Company, subject to such reasonable regulations as the Trustee may prescribe.
Such register shall be in written form or in any other form capable of being converted into written form within a reasonable time.
At all reasonable times the information contained in such register or registers shall be available for inspection at the Corporate
Trust Office of the Trustee or at such other office or agency to be maintained by the Company pursuant to Section 10.02 hereof.

 

Upon due presentation
for registration of transfer of any Security of any series at the Corporate Trust Office of the Trustee or at any other office
or agency maintained by the Company with respect to that series pursuant to Section 10.02 hereof, the Company shall execute, and
the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of such series of any authorized denominations, of like aggregate principal amount, tenor, terms and Scheduled Maturity Date.

 

Any other provision
of this Section 3.05 notwithstanding, unless and until it is exchanged in whole or in part for the individual Securities represented
thereby, in definitive form, a Security in global form representing all or a portion of the Securities of a series may not be transferred
except as a whole by the Depositary for such series to a nominee of such Depositary, or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary for such
series or a nominee of such successor Depositary.

 

At the option of the
Holder, Securities of any series may be exchanged for other Securities of such series of any authorized denominations, of like
aggregate principal amount, tenor, terms and Scheduled Maturity Date, upon surrender of the Securities to be exchanged at such
office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities which the Securityholder making the exchange is entitled to receive.

 

    16 

     

    

  

If at any time the Depositary
for the Securities of a series represented by one or more Securities in global form notifies the Company that it is unwilling or
unable to continue as Depositary for the Securities of such series, or if at any time the Depositary for the Securities of such
series shall no longer be eligible under Section 3.03 hereof, the Company, by Company Order, shall appoint a successor Depositary
with respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election
pursuant to Section 3.01 that such Securities be represented by one or more Securities in global form shall no longer be effective
with respect to the Securities of such series and the Company will execute, and the Trustee, upon receipt of an Authentication
Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver Securities of
such series in definitive form, in authorized denominations, in an aggregate principal amount, and of like terms and tenor, equal
to the principal amount of the Security or Securities in global form representing such series, in exchange for such Security or
Securities in global form.

 

The Company may at any
time and in its sole discretion and subject to the procedures of the Depositary determine that individual Securities of any series
issued in global form shall no longer be represented by such Security or Securities in global form. In such event the Company will
execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of definitive Securities
of such series and of the same terms and tenor, will authenticate and deliver Securities of such series in definitive form, in
authorized denominations, and in aggregate principal amount equal to the principal amount of the Security or Securities in global
form representing such series in exchange for such Security or Securities in global form.

 

If specified by the
Company pursuant to Section 3.01 with respect to a series of Securities issued in global form, the Depositary for such series of
Securities may surrender a Security in global form for such series of Securities in exchange in whole or in part for Securities
of such series in definitive form and of like terms and tenor on such terms as are acceptable to the Company and such Depositary.
Thereupon, the Company shall execute, and the Trustee upon receipt of an Authentication Order for the authentication and delivery
of definitive Securities of such series, shall authenticate and deliver, without service charge:

 

(a) to each Person specified
by such Depositary, a new definitive Security or Securities of the same series and of the same tenor and terms, in authorized denominations,
in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Security in global form;
and

 

(b) to such Depositary,
a new Security in global form in a denomination equal to the difference, if any, between the principal amount of the surrendered
Security in global form and the aggregate principal amount of the definitive Securities delivered to Holders pursuant to clause
(a) above.

 

Upon the exchange of
a Security in global form for Securities in definitive form, such Security in global form shall be canceled by the Trustee or an
agent of the Company or the Trustee. Securities issued in definitive form in exchange for a Security in global form pursuant to
this Section 3.05 shall be registered in such names and in such authorized denominations as the Depositary for such Security in
global form, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an agent
of the Company or the Trustee in writing. The Trustee or such agent shall deliver such Securities to or as directed by the Persons
in whose names such Securities are so registered or to the Depositary.

 

Whenever any securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.

 

All Securities issued
upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.

 

    17 

     

    

  

Every Security presented
or surrendered for registration of transfer, exchange, redemption or payment shall (if so required by the Company or the Trustee)
be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by the Holder thereof or his or her attorney duly authorized in writing.

 

Unless otherwise provided
in the Security to be transferred or exchanged, no service charge shall be imposed for any registration of transfer or exchange
of Securities, but the Company may (unless otherwise provided in such Security) require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities, other than exchanges
pursuant to Section 3.04, 3.06, 9.06 and 11.07 hereof not involving any transfer.

 

The Company shall not
be required to (i) issue, register the transfer of, or exchange any Security of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of Securities of such series selected for redemption
under Section 11.03 and ending at the close of business on the date of such mailing, or (ii) register the transfer of or exchange
any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion
thereof not to be redeemed.

 

Section 3.06 Mutilated,
Destroyed, Lost and Stolen Securities.

 

If (i) any mutilated
Security is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction,
loss or theft of any Security, and (ii) there is delivered to the Company and the Trustee such security or indemnity as may be
required by them to save each of them harmless, then, in the absence of notice to the Company or the Trustee that such Security
has been acquired by a bona fide purchaser, the Company may in its discretion execute and upon request of the Company the Trustee
shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security
of like tenor, terms, series, Scheduled Maturity Date, and principal amount, bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

 

Upon the issuance of
any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

Every new Security issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same
series duly issued hereunder.

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

 

Section 3.07 Payment
of Interest; Interest Rights Preserved.

 

Interest on any Security
which is payable and is punctually paid or duly provided for on any Interest Payment Date shall, if so provided in such Security,
be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business
on the applicable Record Date, notwithstanding any transfer or exchange of such Security subsequent to such Record Date and prior
to such Interest Payment Date (unless such Interest Payment Date is also the date of Maturity of such Security).

 

    18 

     

    

  

Any interest on any
Security which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered Holder on the applicable Record Date by virtue of having
been such Holder; and, except as hereinafter provided, such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (a) or clause (b) below:

 

(a) The Company may
elect to make payment of any Defaulted Interest to the Persons in whose names any such Securities (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which
shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited
to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the
Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 nor less than
10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be
mailed, first-class postage prepaid, to the Holder of each such Security at his or her address as it appears in the Security Register,
not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such
Securities (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following clause (b).

 

(b) The Company may
make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange
on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the
Trustee.

 

Interest on Securities
of any series that bear interest may be paid by mailing a check to the address of the Person entitled thereto at such address as
shall appear in the Securities Register for such series or by such other means as may be specified in the form of such Security.

 

Subject to the foregoing
provisions of this Section 3.07 and the provisions of Section 3.05 hereof, each Security delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security.

 

Section 3.08 Persons
Deemed Owners.

 

Prior to due presentment
of a Security for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the
Person in whose name any Security is registered on the applicable Record Date(s) as the owner of such Security for the purpose
of receiving payment of principal, premium, if any, interest, if any (subject to Sections 3.05 and 3.07 hereof), and any additional
amounts payable with respect to such Security, and for all other purposes whatsoever, whether or not such Security be overdue,
and neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

    19 

     

    

  

None of the Company,
the Trustee, any Authenticating Agent, any Paying Agent, the Security Registrar, or any co-Security Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security
in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests and each
of them may act or refrain from acting without liability on any information relating to such records provided by the Depositary.

 

Section 3.09 Cancellation.

 

All Securities surrendered
for payment, redemption, registration of transfer, exchange, or credit against a sinking or analogous fund shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and, if not already canceled, shall be promptly canceled by it.
The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly canceled by the
Trustee. Acquisition of such Securities by the Company shall not operate as a redemption or satisfaction of the indebtedness represented
by such Securities unless and until the same are delivered to the Trustee for cancellation. No Security shall be authenticated
in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture.
The Trustee shall dispose of all canceled Securities in accordance with its customary procedures and deliver a certificate of such
disposition to the Company.

 

Section 3.10 Computation
of Interest.

 

Unless otherwise provided
as contemplated in Section 3.01, interest on the Securities shall be calculated on the basis of a 360-day year of twelve 30-day
months.

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 4.01 Satisfaction
and Discharge of Indenture.

 

This Indenture shall
cease to be of further effect with respect to any series of Securities (except as to any surviving rights of conversion or transfer
or exchange of Securities of such series expressly provided for herein or in the form of Security for such series and obligations
described as surviving below), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture as to such series, when

 

(a) either

 

(i) all Securities of
that series theretofore authenticated and delivered (other than (A) Securities of such series which have been destroyed, lost,
or stolen and which have been replaced or paid as provided in Section 3.06, and (B) Securities of such series for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 4.07) have been delivered to the Trustee canceled or for cancellation; or

 

(ii) all such Securities
of that series not theretofore delivered to the Trustee canceled or for cancellation

 

(A) have become due
and payable, or

 

(B) will, in accordance
with their Scheduled Maturity Date, become due and payable within one year, or

 

    20 

     

    

  

(C) are to be called
for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee
in the name, and at the expense, of the Company, and, in any of the cases described in subparagraphs (A), (B), or (C) above, the
Company has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, (x) an amount
in money sufficient, (y) U.S. Government Obligations or Equivalent Government Securities which through the payment of interest
and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any
payment, money sufficient, or (z) a combination of (x) and (y) sufficient, in the opinion with respect to (y) and (z) of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay
and discharge the entire indebtedness on such Securities with respect to principal, premium, if any, and interest, if any, to the
date of such deposit (in the case of Securities which have become due and payable), or to the Scheduled Maturity Date or Redemption
Date, as the case may be; provided, however, that if such U.S. Government Obligations or Equivalent Government Securities
are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations, and Equivalent
Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness referred to above
if such issuer elects to exercise such call or redemption provisions at any time prior to the Scheduled Maturity Date or Redemption
Date, as the case may be, and the Company, but not the Trustee, shall be responsible for monitoring any such call or redemption
provision; and

 

(b) the Company has
paid or caused to be paid all other sums payable hereunder by the Company with respect to the Securities of such series; and

 

(c) the Company has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been
complied with.

 

Notwithstanding the
satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company under paragraph
(a) of this Section 4.01 and its obligations to the Trustee with respect to that series under Section 6.07 shall survive, and the
obligations of the Trustee under Sections 4.05, 4.07 and 10.03 shall survive.

 

Section 4.02 Discharge
and Defeasance.

 

The provisions of this
Section and Section 4.04 (insofar as relating to this Section) shall apply to the Securities of each series unless specifically
otherwise provided in a Board Resolution or indenture supplemental hereto provided pursuant to Section 3.01. In addition to discharge
of this Indenture pursuant to Section 4.01, in the case of any series of Securities with respect to which the exact amount described
in subparagraph (a) of Section 4.04 can be determined at the time of making the deposit referred to in such subparagraph (a), the
Company shall be deemed to have paid and discharged the entire indebtedness on all the Securities of such a series as provided
in this Section on and after the date the conditions set forth in Section 4.04 are satisfied, and the provisions of this Indenture
with respect to the Securities of such series shall no longer be in effect (except as to (i) rights of registration of transfer
and exchange of Securities of such series, (ii) substitution of mutilated, destroyed, lost or stolen Securities of such series,
(iii) rights of Holders of Securities of such series to receive, solely from the trust fund described in subparagraph (a) of Section
4.04, payments of principal thereof, premium, if any, and interest, if any, thereon upon the original stated due dates or upon
the Redemption Dates therefor (but not upon acceleration), and remaining rights of the Holders of Securities of such series to
receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the Trustee hereunder,
(v) this Section 4.02, Section 4.07, Section 10.02 and Section 10.03 and (vi) the rights of the Holders of Securities of such series
as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them) (hereinafter
called “Defeasance”), and the Trustee at the cost and expense of the Company, shall execute proper instruments
acknowledging the same.

 

    21 

     

    

  

Section 4.03 Covenant
Defeasance.

 

The provisions of this
Section and Section 4.04 (insofar as relating to this Section) shall apply to the Securities of each series unless specifically
otherwise provided in a Board Resolution or indenture supplemental hereto provided pursuant to Section 3.01. In the case of any
series of Securities with respect to which the exact amount described in subparagraph (a) of Section 4.04 can be determined at
the time of making the deposit referred to in such subparagraph (a), (i) the Company shall be released from its obligations under
any covenants specified in or pursuant to Section 3.01 as being subject to Covenant Defeasance with respect to such series (except
as to (a) rights of registration of transfer and exchange of Securities of such series and rights under Section 4.07, Section 10.02
and Section 10.03, (b) substitution of mutilated, destroyed, lost or stolen Securities of such series, (c) rights of Holders of
Securities of such series to receive, from the Company pursuant to Section 10.01, payments of principal thereof and interest, if
any, thereon upon the original stated due dates or upon the Redemption Dates therefor (but not upon acceleration), and remaining
rights of the Holders of Securities of such series to receive  mandatory sinking fund payments, if any, (d) the rights,
obligations, duties and immunities of the Trustee hereunder and (e) the rights of the Holders of Securities of such series as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to all or any of them), and (ii) the occurrence of any
event specified in Section 5.01(d) (with respect to any of the covenants specified in or pursuant to Section 3.01 as being subject
to Covenant Defeasance with respect to such series) shall be deemed not to be or result in a default or an Event of Default, in
each case with respect to the Outstanding Securities of such series as provided in this Section on and after the date the conditions
set forth in Section 4.04 are satisfied (hereinafter called “Covenant Defeasance”), and the Trustee at the cost
and expense of the Company, shall execute proper instruments acknowledging the same. For this purpose, such Covenant Defeasance
means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant (to the extent so specified in the case of Section 5.01(d)), whether directly or indirectly by reason
of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision
herein or in any other document, but the remainder of this Indenture and the Securities of such series shall be unaffected thereby.

 

Section 4.04 Conditions
To Defeasance Or Covenant Defeasance.

 

The following shall
be the conditions to application of either Section 4.02 or Section 4.03 to the Outstanding Securities:

 

(a) with reference to
Section 4.02 or Section 4.03, the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee as funds
in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of Securities of such series
(i) money in an amount, or (ii) U.S. Government Obligations or Equivalent Government Securities which through the payment of interest
and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any
payment, money in an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect to (ii) and (iii))
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal (including mandatory sinking fund payments) of, premium, if any, and
interest on, the Outstanding Securities of such series on the dates such installments of interest, premium or principal are due,
including upon redemption; provided, however, that if such U.S. Government Obligations and Equivalent Government Securities
are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations, and/or Equivalent
Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness referred to above
if the issuer of any such U.S. Government Obligations or Equivalent Government Securities elects to exercise such call or redemption
provisions at any time prior to the Scheduled Maturity Date or Redemption Date of such Securities, as the case may be. The Company,
but not the Trustee, shall be responsible for monitoring any such call or redemption provision.

 

    22 

     

    

  

(b) in the case of Defeasance
under Section 4.02, the Company has delivered to the Trustee an Opinion of Counsel based on the fact that (x) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or (y) since the date hereof, there has been a change
in the applicable United States federal income tax law, in either case to the effect that, and such opinion shall confirm that,
the Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result
of such deposit, defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and
at the same times, as would have been the case if such deposit, Defeasance and discharge had not occurred;

 

(c) in the case of Covenant
Defeasance under Section 4.03, the Company has delivered to the Trustee an Opinion of Counsel to the effect that, and such opinion
shall confirm that, the Holders of the Securities of such series will not recognize income, gain or loss for federal income tax
purposes as a result of such deposit and Covenant Defeasance and will be subject to federal income tax on the same amount and in
the same manner and at the same times, as would have been the case if such deposit and Covenant Defeasance had not occurred;

 

(d) no Event of Default
or event which, with notice or lapse of time or both, would become an Event of Default with respect to the Securities of such series
shall have occurred and be continuing on the date of such deposit, after giving effect to such deposit or, in the case of a Defeasance
under Section 4.02, no Event of Default specified in Section 5.01(e) or Section 5.01(f) shall have occurred, at any time during
the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following the expiration of the
longest preference period applicable to the Company in respect of such deposit (it being understood that this condition shall not
be deemed satisfied until the expiration of such period);

 

 (e) such Defeasance
or Covenant Defeasance will not cause the Trustee to have a conflicting interest within the meaning of the TIA assuming all Securities
of a series were in default within the meaning of the TIA;

 

(f) such Defeasance
or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any agreement or instrument
to which the Company is a party or by which it is bound;

 

(g) such Defeasance
or Covenant Defeasance will not result in the trust arising from such deposit constituting an investment company within the meaning
of the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration;

 

(h) if the Securities
of such series are to be redeemed prior to their Stated Maturity Date (other than from mandatory sinking fund payments or analogous
payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to
the Trustee shall have been made; and

 

(i) the Company shall
have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for herein relating to such Defeasance or Covenant Defeasance, as the case may be, have been complied with.

 

Section 4.05 Application
of Trust Money; Excess Funds.

 

All money and U.S. Government
Obligations or Equivalent Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section
4.01 or Section 4.04 hereof shall be held in trust and applied by it, in accordance with the provisions of this Indenture and of
the series of Securities in respect of which it was deposited, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent), as the Trustee may determine, to the Persons entitled thereto, of the principal, premium,
if any, and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated
from other funds except to the extent required by law.

 

    23 

     

    

  

The Company will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations
or Equivalent Government Securities deposited pursuant to Section 4.01 or Section 4.04 hereof or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding
Securities.

 

Anything in this Article
4 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money
or U.S. Governmental Obligations or Equivalent Government Securities held by it as provided in Section 4.01 or Section 4.04 which,
in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, expressed
in a written certification thereof delivered to the Trustee, (which may be the opinion delivered under Section 4.01 or Section
4.04, as applicable), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent satisfaction
and discharge, Covenant Defeasance or Defeasance of the applicable series.

 

Section 4.06 Paying
Agent to Repay Moneys Held.

 

Upon the satisfaction
and discharge of this Indenture, all moneys then held by any Paying Agent of the Securities (other than the Trustee) shall, upon
demand of the Company, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys.

 

Section 4.07 Return
of Unclaimed Amounts.

 

Any amounts deposited
with or paid to the Trustee or any Paying Agent or then held by the Company, in trust for payment of the principal of, premium,
if any, or interest, if any, on the Securities and not applied but remaining unclaimed by the Holders of such Securities for two
years after the date upon which the principal of, premium, if any, or interest, if any, on such Securities, as the case may be,
shall have become due and payable, shall be repaid to the Company by the Trustee on Company Request or (if then held by the Company)
shall be discharged from such trust; and the Holder of any of such Securities shall thereafter look only to the Company for any
payment which such Holder may be entitled to collect (until such time as such unclaimed amounts shall escheat, if at all, to the
State of _________) and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of
the Company as trustee thereof, shall thereupon cease. Notwithstanding the foregoing, the Trustee or Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once a week for two successive weeks
(in each case on any day of the week) in a newspaper printed in the English language and customarily published at least once a
day at least five days in each calendar week and of general circulation in the City of _______ and State of ________, a notice
that said amounts have not been so applied and that after a date named therein any unclaimed balance of said amounts then remaining
will be promptly returned to the Company.

 

ARTICLE V

REMEDIES

 

Section 5.01 Events
of Default.

 

“Event of Default”,
wherever used herein, means with respect to any series of Securities any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is
either inapplicable to a particular series or it is specifically deleted or modified in the manner contemplated by Section 3.01:

 

(a) default in the payment
of any interest on any Security of such series when it becomes due and payable, and continuance of such default for a period of
30 days; or

 

    24 

     

    

  

(b) default in the payment
of the principal amount of (or premium, if any, on) any Security of such series as and when the same shall become due, either at
Maturity, upon redemption, by declaration, or otherwise; or

 

(c) default in the payment
of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities of such series
and continuance of such default for a period of 30 days; or

 

(d) default in the performance
or breach of any covenant or warranty of the Company in this Indenture in respect of the Securities of such series (other than
a covenant or warranty in respect of the Securities of such series a default in the performance of which or the breach of which
is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days after
there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders
of at least 25% in the principal amount of the Outstanding Securities of such series, a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(e) the entry of an
order for relief against the Company under the Federal Bankruptcy Act by a court having jurisdiction in the premises or a decree
or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent under any other applicable
Federal or State law, or the entry of a decree or order approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under the Federal Bankruptcy Code or any other applicable Federal or
State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or
of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(f) the consent by the
Company to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent
by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit
of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of
corporate action by the Company in furtherance of any such action; or

 

(g) any other Event
of Default provided for with respect to the Securities of such series in accordance with Section 3.01.

 

A default under any
indebtedness of the Company other than the Securities will not constitute an Event of Default under this Indenture, and a default
under one series of Securities will not constitute a default under any other series of Securities. The Trustee shall not be charged
with knowledge of an Event of Default unless a Responsible Officer at the Corporate Trust Office has actual knowledge thereof.

 

    25 

     

    

  

Section 5.02 Acceleration
of Maturity; Rescission, and Annulment.

 

If any Event of Default
described in Section 5.01 above (other than Event of Default described in Section 5.01(e) and Section 5.01(f)) shall have occurred
and be continuing with respect to any series, then and in each and every such case, unless the principal of all the Securities
of such series shall have already become due and payable, either the Trustee or the Holders of not less than 51% in aggregate principal
amount of the Securities of such series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if
given by Holders), may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of that series) of all the Securities of such series and
any and all accrued interest thereon to be due and payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, any provision of this Indenture or the Securities of such series to the contrary notwithstanding.
If an Event of Default specified in Section 5.01(e) or Section 5.01(f) occurs, the principal amount of the Securities of such series
and any and all accrued interest thereon shall immediately become and be due and payable without any declaration or other act on
the part of the Trustee or any Holder. No declaration of acceleration by the Trustee with respect to any series of Securities shall
constitute a declaration of acceleration by the Trustee with respect to any other series of Securities, and no declaration of acceleration
by the Holders of at least 51% in aggregate principal amount of the Outstanding Securities of any series shall constitute a declaration
of acceleration or other action by any of the Holders of any other series of Securities, in each case whether or not the Event
of Default on which such declaration is based shall have occurred and be continuing with respect to more than one series of Securities,
and whether or not any Holders of the Securities of any such affected series shall also be Holders of Securities of any other such
affected series.

 

At any time after such
a declaration of acceleration has been made with respect to the Securities of any series and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority
of the aggregate principal amount of the Outstanding Securities of such series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if all Events of Default with respect to such series of Securities,
other than the nonpayment of the principal of the Securities of such series which have become due solely by such acceleration,
have been cured or waived as provided in Section 5.13, if such cure or waiver does not conflict with any judgment or decree set
forth in Section 5.01(e) and Section 5.01(f) and if all sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel have been paid.

 

No such rescission shall
affect any subsequent default or impair any right consequent thereon.

 

Section 5.03 Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants
that if:

 

(a) default is made
in the payment of any installment of interest on any Security of any series when such interest becomes due and payable, or

 

(b) default is made
in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, or

 

(c) default is made
in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities
of any series, and

 

(d) any such default
continues for any period of grace provided in relation to such default pursuant to Section 5.01, then, with respect to the Securities
of such series, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holder of any such Security (or
the Holders of any such series in the case of clause (c) above), the whole amount then due and payable on any such Security (or
on the Securities of any such series in the case of clause (c) above) for principal (and premium, if any) and interest, if any,
with interest (to the extent that payment of such interest shall be legally enforceable) upon the overdue principal (and premium,
if any) and upon overdue installments of interest, if any, at such rate or rates as may be prescribed therefor by the terms of
any such Security (or of Securities of any such series in the case of clause (c) above); and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.07.

 

    26 

     

    

  

If the Company fails
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final
decree, and may enforce the same against the Company or any other obligor upon the Securities of such series and collect the money
adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such
Securities, wherever situated.

 

If an Event of Default
with respect to any series of Securities occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 5.04 Trustee
May File Proofs of Claim.

 

In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition, or other judicial
proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor
or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for
the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceedings or otherwise,

 

(a) to file and prove
a claim for the whole amount of principal (or, with respect to Original Discount Securities, such portion of the principal amount
as may be specified in the terms of such Securities), premium, if any, and interest, if any, owing and unpaid in respect of the
Securities, and to file such other papers or documents as may be necessary and advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and counsel,
and all other amounts due the Trustee under Section 6.07) and of the Securityholders allowed in such judicial proceedings, and

 

(b) to collect and receive
any moneys or other property payable or deliverable on any such claims and to distribute the same; and any receiver, assignee,
trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Securityholder
to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to
the Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee and its agent and counsel, and any other amounts due the Trustee under Section 6.07 hereof.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

Section 5.05 Trustee
May Enforce Claims Without Possession of Securities.

 

All rights of action
and claims under this Indenture or the Securities of any series may be prosecuted and enforced by the Trustee without the possession
of any of the Securities of such series or the production thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel,
be for the ratable benefit of the Holders of the Securities, of the series in respect of which such judgment has been recovered.

 

    27 

     

    

  

Section 5.06 Application
of Money Collected.

 

Any money collected
by the Trustee with respect to a series of Securities pursuant to this Article shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, premium, if any, or
interest, if any, upon presentation of the Securities of such series and the notation thereon of the payment, if only partially
paid, and upon surrender thereof, if fully paid:

 

First: To the
payment of all amounts due the Trustee under Section 6.07 hereof.

 

Second: To the
payment of the amounts then due and unpaid upon the Securities of that series for principal, premium, if any, interest, if any,
and additional amounts, if any, in respect of which or for the benefit of which such money has been collected, ratably, without
preference or priority of any kind.

 

Section 5.07 Limitation
on Suits.

 

No Holder of any Security
of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

(a) such Holder has
previously given written notice to the Trustee of a continuing Event of Default with respect to Securities of such series;

 

(b) the Holders of not
less than 51% in principal amount of the Outstanding Securities of such series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c) such Holder or Holders
have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with
such request;

 

(d) the Trustee for
60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding; and

 

(e) no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount
of the Outstanding Securities of such series; it being understood and intended that no one or more Holders of Securities of such
series shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Holders of Securities of such series, or to obtain or to seek to obtain priority or
preference over any other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for
the equal and proportionate benefit of all the Holders of all Securities of such series.

 

Section 5.08 Unconditional
Right of Securityholders to Receive Principal, Premium, and Interest.

 

Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal, premium, if any, and (subject to Section 3.07) interest, if any, (and additional amounts, if any) on
such Security on or after the respective payment dates expressed in such Security (or, in the case of redemption or repayment,
on the Redemption Date or Repayment Date, as the case may be) and to institute suit for the enforcement of any such payment on
or after such respective date, and such right shall not be impaired or affected without the consent of such Holder.

 

    28 

     

    

  

Section 5.09 Restoration
of Rights and Remedies.

 

If the Trustee or any
Securityholder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, then and in every such case the Company, the Trustee and the Securityholders shall, subject to any
determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all
rights and remedies of the Trustee and the Securityholders shall continue as though no such proceeding had been instituted.

 

Section 5.10 Rights
and Remedies Cumulative.

 

No right or remedy herein
conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and
every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 5.11 Delay
or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee or by the Securityholders, as the case may be.

 

Section 5.12 Control
by Securityholders.

 

The Holders of a majority
in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to
the Securities of such series, provided that

 

(a) the Trustee shall
have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that the action so
directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a Responsible
Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders
not taking part in such direction, and

 

(b) the Trustee may
take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 

Section 5.13 Waiver
of Past Defaults.

 

The Holders of not less
than a majority in principal amount of the Outstanding Securities of any series may, on behalf of the Holders of all the Securities
of such series, waive any past default hereunder with respect to such series and its consequences, except a default not theretofore
cured:

 

(a) in the payment of
principal of, premium, if any, on or interest, if any, on any Security of such series, or in the payment of any sinking or purchase
fund or analogous obligation with respect to the Securities of such series, or

 

(b) in respect of a
covenant or provision in this Indenture which, under Article Nine hereof, cannot be modified or amended without the consent of
the Holder of each Outstanding Security of such series.

 

    29 

     

    

  

Upon any such waiver,
such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 5.14 Undertaking
for Costs.

 

All parties to this
Indenture agree, and each Holder of any Security by such Holder’s acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Securityholder or group of Securityholders holding in the aggregate more than 10% in principal amount
of the Outstanding Securities of any series to which the suit relates, or to any suit instituted by any Securityholder for the
enforcement of the payment of principal of, premium, if any, on or interest, if any, on any Security on or after the respective
payment dates expressed in such Security (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment
Date).

 

Section 5.15 Waiver
of Stay or Extension Laws.

 

The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law (other than any bankruptcy law) wherever enacted, now or at any
time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

 

ARTICLE VI

THE TRUSTEE

 

Section 6.01 Certain
Duties and Responsibilities of Trustee.

 

(a) Except during the
continuance of an Event of Default with respect to any series of Securities,

 

(i) the Trustee undertakes
to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Securities of such
series, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii) in the absence
of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or
investigate the accuracy of calculations or other facts stated therein).

 

(b) If an Event of Default
with respect to any series of Securities actually known to a Responsible Officer of the Trustee has occurred and is continuing,
the Trustee shall exercise, with respect to the Securities of such series, such of the rights and powers vested in it by this Indenture,
and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of his or her own affairs.

 

    30 

     

    

  

(c) No provision of
this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that

 

(i) this Subsection
shall not be construed to limit the effect of Subsection (a) of this Section;

 

(ii) the Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee
was negligent in ascertaining the pertinent facts;

 

(iii) the Trustee shall
not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the
Holders of not less than a majority in principal amount of the Outstanding Securities of any series relating to the time, method,
and place of conducting any proceeding for any remedy available to the Trustee with respect to the Securities of such series, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and

 

(iv) no provision of
this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(d) Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section.

 

Section 6.02 Notice
of Defaults.

 

Within 90 days after
receipt of notice of the occurrence of any default hereunder with respect to Securities of any series, the Trustee shall transmit
by mail to all Securityholders of such series, as their names and addresses appear in the Security Register, notice of such default
hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in
the case of a default in the payment of the principal of, premium, if any, on or interest, if any, on any Security of such series
or in the payment of any sinking or purchase fund installment or analogous obligation with respect to Securities of such series,
the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or
a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the Securityholders of such series and; provided, further, that, in the case of any default
of the character specified in Section 5.01(d) with respect to Securities of such series, no such notice to Securityholders of such
series shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default”,
with respect to Securities of any series, means any event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to Securities of such series.

 

Section 6.03 Certain
Rights of Trustee.

 

Except as otherwise
provided in Section 6.01 above:

 

(a) the Trustee may
rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and
to have been signed or presented by the proper party or parties;

 

(b) any request, direction
or order of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution
of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(c) whenever in the
administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of
bad faith on its part, rely upon an Officers’ Certificate or Opinion of Counsel or both, and shall not be liable for any
action it takes or omits to take in good faith reliance on such certificate or opinion;

 

    31 

     

    

  

(d) the Trustee may
consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete
authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and
in reliance thereon;

 

(e) the Trustee shall
be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any
of the Securityholders pursuant to this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity
reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction;

 

(f) the Trustee shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company, personally or by agent or attorney; and

 

(g) the Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due
care by it hereunder.

 

Section 6.04 Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained
herein and in the Securities, except the certificates of authentication, shall be taken as the statements of the Company, and the
Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company of Securities
or the proceeds thereof.

 

Section 6.05 May
Hold Securities.

 

The Trustee or any Paying
Agent, Security Registrar, or other agent of the Company, in its individual or any other capacity, may become the owner or pledgee
of Securities and, subject to Sections 6.08 and 6.13 hereof, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Paying Agent, Security Registrar, or such other agent.

 

Section 6.06 Money
Held in Trust.

 

Money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.07 Compensation
and Reimbursement.

 

The Company covenants
and agrees:

 

(a) to pay the Trustee
from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

 (b) except as
otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may
be attributable to its negligence or bad faith; and

 

    32 

     

    

  

(c) to indemnify the
Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part,
arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses
of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties
hereunder.

 

Without prejudice to
any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.01(e) and Section 5.01(f) above, such expenses (including the reasonable charges
and expenses of its counsel) and compensation for such services are intended to constitute expenses of administration under any
applicable Federal or State bankruptcy, insolvency, reorganization, or other similar law.

 

The Trustee shall have
a lien prior to the Securities upon all property and funds held or collected by it as such for any amount owing to it or any predecessor
Trustee pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular
Securities.

 

The provisions of this Section shall survive
the satisfaction and discharge of this Indenture.

 

Section 6.08 Disqualification;
Conflicting Interests.

 

If the Trustee has or
shall acquire any conflicting interest within the meaning of the Trust Indenture Act, it shall either eliminate such interest or
resign as Trustee with respect to one or more series of Securities, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee
shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities
of more than one series.

 

Section 6.09 Corporate
Trustee Required; Eligibility.

 

There shall at all times
be a Trustee hereunder with respect to each series of Securities that shall be a corporation organized and doing business under
the laws of the United States of America or of any State or Territory thereof or of the District of Columbia, authorized under
such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, and subject to supervision
or examination by Federal or State authority and having its principal office and place of business in the _______, if there be
such a corporation having its principal office and place of business in said _____ and willing to act as Trustee on customary and
usual terms. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time the Trustee with respect to any series of Securities shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 6.10 Resignation
and Removal; Appointment of Successor.

 

(a) No resignation or
removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance
of appointment by the successor Trustee under Section 6.11.

 

(b) The Trustee may
resign with respect to any one or more series of Securities at any time by giving at least 60 days’ written notice thereof
to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

 

    33 

     

    

  

(c) The Trustee may
be removed with respect to any series of Securities at any time by Act of the Holders of 66 2/3% in principal amount of the Outstanding
Securities of that series, delivered to the Trustee and to the Company.

 

 (d) If at any
time:

 

(i) the Trustee shall
fail to comply with Section 6.08 above with respect to any series of Securities after written request therefor by the Company or
by any Securityholder who has been a bona fide Holder of a Security of that series for at least six months, or

 

(ii) the Trustee shall
cease to be eligible under Section 6.09 above with respect to any series of Securities and shall fail to resign after written request
therefor by the Company or by any such Securityholder, or

 

(iii) the Trustee shall
become incapable of acting with respect to any series of Securities, or

 

(iv) the Trustee shall
be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall
take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case (A) the Company may remove the Trustee, with respect to the series or, in the case of clause (iv), with
respect to all series, or (B) subject to Section 5.14, any Securityholder who has been a bona fide Holder of a Security of such
series for at least 6 months may, on behalf of himself or herself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the series or, in the case
of clause (iv), with respect to all series.

 

(e) If the Trustee shall
resign, be removed or become incapable of acting with respect to any series of Securities, or if a vacancy shall occur in the office
of Trustee with respect to any series of Securities for any cause, the Company shall promptly appoint a successor Trustee for that
series of Securities. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor
Trustee with respect to such series of Securities shall be appointed by Act of the Holders of 66 2/3% in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment, become the successor Trustee with respect to such series and supersede the successor
Trustee appointed by the Company with respect to such series. If no successor Trustee with respect to such series shall have been
so appointed by the Company or the Securityholders of such series and accepted appointment in the manner hereinafter provided,
any Securityholder who has been a bona fide Holder of a Security of that series for at least six months may, on behalf of himself
or herself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to such series.

 

(f) The Company shall
give notice of each resignation and each removal of the Trustee with respect to any series and each appointment of a successor
Trustee with respect to any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders
of Securities of that series as their names and addresses appear in the Security Register. Each notice shall include the name of
the successor Trustee and the address of its principal Corporate Trust Office.

 

Section 6.11 Acceptance
of Appointment by Successor.

 

Every successor Trustee
appointed hereunder with respect to all series of Securities shall execute, acknowledge and deliver to the Company and to the predecessor
Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the predecessor Trustee shall become
effective, and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the predecessor Trustee with respect to any such series; but, on request of the Company or the successor Trustee,
such predecessor Trustee shall, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the predecessor Trustee, and shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such predecessor Trustee hereunder.

 

    34 

     

    

  

In case of the appointment
hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the predecessor
Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture
supplemental hereto which (1) shall contain such provisions as shall be deemed necessary or desirable to transfer and to conform
to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the predecessor Trustee with respect to
the Securities of any series as to which the appointment of such successor Trustee relates and (2) if the predecessor Trustee is
not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which
the predecessor Trustee is not being succeeded shall continue to be vested in the predecessor

 

Trustee, and (3) shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; and, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates.

 

Upon request of any
such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case
may be.

 

No successor Trustee
with respect to any series of Securities shall accept its appointment unless at the time of such acceptance such successor Trustee
shall be qualified and eligible with respect to that series under this Article.

 

Notwithstanding replacement
of the Trustee pursuant to this Section, the Company’s obligations under Section 6.07 hereof shall continue for the benefit
of the retiring Trustee.

 

Section 6.12 Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor Trustee by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

    35 

     

    

  

Section 6.13 Preferential
Collection of Claims Against Company.

 

If and when the Trustee
shall be or shall become a creditor, of the Company (or of any other obligor upon the Securities), the Trustee shall be subject
to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or against any such other
obligor, as the case may be).

 

Section 6.14 Appointment
of Authenticating Agent.

 

At any time when any
of the Securities remain Outstanding the Trustee, with the approval of the Company, may appoint an Authenticating Agent or Agents
with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery
on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized
and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under
such laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to
supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section.

 

Any corporation into
which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act
on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and, if other than the Company, to the Company. The Trustee
may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and,
if other than the Company, to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at
any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee, with
the approval of the Company, may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

    36 

     

    

  

The Company agrees to
pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section.

 

If an appointment with
respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition
to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form:

 

This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.

 

______________________,
as Trustee

 

By: _________________________        

As Authenticating Agent:

 

By: _________________________

Authorized Officer:

 

ARTICLE VII

SECURITYHOLDERS’ LISTS AND REPORTS
BY TRUSTEE AND COMPANY

 

Section 7.01 Company
to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will furnish
or cause to be furnished to the Trustee:

 

(a) semiannually, not
more than 15 days after January 1 and July 1 in each year, in such form as the Trustee may reasonably require, a list of the names
and addresses of the Holders of Securities of each series as of such date, and

 

(b) at such other times
as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is furnished, provided that if the Trustee shall
be the Security Registrar for such series, such list shall not be required to be furnished.

 

Section 7.02 Preservation
of Information; Communications to Securityholders.

 

(a) The Trustee shall
preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities contained in the
most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders of Securities received
by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01
upon receipt of a new list so furnished.

 

(b) If three or more
Holders of Securities of any series (hereinafter referred to as “applicants”) apply in writing to the Trustee,
and furnish to the Trustee reasonable proof that each such applicant has owned a Security of such series for a period of at least
six months preceding the date of such application, and such application states that the applicants desire to communicate with other
Holders of Securities of such series or with the Holders of all Securities with respect to their rights under this Indenture or
under such Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either:

 

(i) afford such applicants
access to the information preserved at the time by the Trustee in accordance with Section 7.02(a), or

 

    37 

     

    

  

(ii) inform such applicants
as to the approximate number of Holders of Securities of such series or all Securities, as the case may be, whose names and addresses
appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as to the approximate cost
of mailing to such Securityholders the form of proxy or other communication, if any, specified in such application.

 

If the Trustee shall
elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants,
mail to each Holder of a Security of such series or to all Securityholders, as the case may be, whose names and addresses appear
in the information preserved at the time by the Trustee in accordance with Section 7.02(a), a copy of the form of proxy or other
communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such
tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed,
a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of
the Holders of Securities of such series or all Securityholders, as the case may be, or would be in violation of applicable law.
Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections
specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry
of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that
all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material
to all Securityholders of such series or all Securityholders, as the case may be, with reasonable promptness after the entry of
such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants
respecting their application.

 

(c) Every Holder of
Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities
in accordance with Section 7.02(b), regardless of the source from which such information was derived, and that the Trustee shall
not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b).

 

Section 7.03 Reports
by Trustee.

 

(a) The Trustee shall
transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture
Act, the Trustee shall, within 60 days after each June 1 following the date of this Indenture, deliver to each Holder, as provided
in Trust Indenture Act Section 313(c), a brief report dated as of such June 1, which complies with the provisions of such Section
313(a).

 

(b) A copy of each such
report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities
are listed, with the Commission and with the Company as required by Trust Indenture Act Section 313(d). The Company will promptly
notify the Trustee when any Securities are listed on any stock exchange.

 

Section 7.04 Reports
by Company.

 

The Company will:

 

(a) file with the Trustee,
within 30 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to
either of said Sections, then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required
pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules and regulations;

 

    38 

     

    

  

(b) file with the Trustee
and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required
from time to time by such rules and regulations; and

 

(c) transmit by mail
to all Securityholders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof with
the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs
(a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

ARTICLE VIII

CONSOLIDATION, MERGER, CONVEYANCE OR
TRANSFER

 

Section 8.01 Company
May Consolidate, etc., Only on Certain Terms.

 

The Company shall not
consolidate with or merge into any other corporation or convey or transfer all or substantially all of its properties and assets
and the properties and assets of the Subsidiaries, taken as a whole, to any Person, unless:

 

(a) either the Company
shall be the continuing corporation, or the corporation formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer all or substantially all of the properties and assets of the Company and the Subsidiaries,
taken as a whole, shall be a corporation organized and existing under the laws of the United States of America or any State or
the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee,
in form satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, on and interest, if any,
on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed;

 

(b) immediately after
giving effect to such transaction, no Event of Default, or event which, after notice or lapse of time, or both, would become an
Event of Default, shall have happened and be continuing; and

 

(c) the Company has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that any such consolidation, merger,
conveyance or transfer and any assumption permitted or required by this Article complies with the provisions of this Article.

 

Section 8.02 Successor
Corporation Substituted.

 

Upon any consolidation
or merger, or any conveyance or transfer of all or substantially all of the properties and assets of the Company in accordance
with Section 8.01, the successor corporation formed by such consolidation or into which the Company is merged or the Person to
which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein and
the Company shall thereupon be released from all obligations hereunder and under the Securities. Such successor corporation thereupon
may cause to be signed and may issue any or all of the Securities issuable hereunder which theretofore shall not have been signed
by the Company and delivered to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject
to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication,
and any Securities which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose.
All of the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued
at the date of the execution hereof.

 

In case of any such
consolidation, merger, sale or conveyance such changes in phraseology and form (but not in substance) may be made in the Securities
thereafter to be issued as may be appropriate.

 

    39 

     

    

  

ARTICLE IX

SUPPLEMENTAL INDENTURES

 

Section 9.01 Supplemental
Indentures Without Consent of Securityholders.

 

Without the consent
of the Holders of any Securities, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof),
in form satisfactory to the Trustee, for any of the following purposes:

 

(a) to evidence the
succession of another corporation to the Company, or successive successions, and the assumption by any such successor of the covenants,
agreements and obligations of the Company pursuant to Article 8 hereof; or

 

(b) to add to the covenants
of the Company such further covenants, restrictions or conditions for the protection of the Holders of the Securities of any or
all series as the Company and the Trustee shall consider to be for the protection of the Holders of the Securities of any or all
series or to surrender any right or power herein conferred upon the Company (and if such covenants or the surrender of such right
or power are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included
or such surrenders are expressly being made solely for the benefit of one or more specified series); or

 

(c) to cure any ambiguity,
to correct or supplement any provision herein which may be inconsistent with any other provision herein or in any supplemental
indenture, or to make any other provisions with respect to matters or questions arising under this Indenture that do not adversely
affect the interests of the Holders of Securities of any series in any material respect; or

 

(d) to add to this Indenture
such provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in Section
316(a)(2) of the Trust Indenture Act as in effect at the date as of which this instrument is executed or any corresponding provision
in any similar federal statute hereafter enacted; or

 

(e) to secure any series
of Securities; or

 

(f) to establish any
form of Security, as provided in Article 2 hereof, and to provide for the issuance of any series of Securities, as provided in
Article 3 hereof, and to set forth the terms thereof, and/or to add to the rights of the Holders of the Securities of any series;
or

 

(g) to evidence and
provide for the acceptance of appointment by another corporation as a successor Trustee hereunder with respect to one or more series
of Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to Section 6.11 hereof; or

 

    40 

     

    

  

(h) to add any additional
Events of Default in respect of the Securities of any or all series (and if such additional Events of Default are to be in respect
of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit
of one or more specified series); or

 

(i) to comply with the
requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture

 

Act; or

 

(j) to make any change
in any series of Securities that does not adversely affect in any material respect the interests of the Holders of such Securities.

 

Section 9.02 Supplemental
Indentures With Consent of Securityholders.

 

With the consent of
the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental
indenture or indentures, by Act of said Holders delivered to the Company and the Trustee, the Company and the Trustee may from
time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying
in any manner the rights of the Holders of the Securities of each such series under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

 

(a) change the Scheduled
Maturity Date or the stated payment date of any payment of premium or interest payable on any Security, or reduce the principal
amount thereof, or any amount of interest or premium payable thereon, or

 

(b) change the method
of computing the amount of principal of any Security or any interest payable thereon on any date, or change any Place of Payment
where, or the coin or currency in which, any Security or any payment of premium or interest thereon is payable, or

 

(c) impair the right
to institute suit for the enforcement of any payment described in clauses (a) or (b) on or after the same shall become due and
payable, whether at Maturity or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment Date,
as the case may be; or

 

(d) change or waive
the redemption or repayment provisions of any series;

 

(e) reduce the percentage
in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or
certain defaults hereunder and their consequences, provided for in this Indenture; or

 

(f) modify any of the
provisions of this Section or Section 5.13, except to increase any such percentage or to provide that certain other provisions
of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby;
provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in
the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance
with the requirements of Sections 6.11 and

 

9.01(g); or

 

(g) adversely affect
the ranking or priority of any series; or

 

(h) waive any Event
of Default pursuant to Section 5.01(a), Section 5.01(b) or Section 5.01(c) hereof with respect to such Security.

 

A supplemental indenture
that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely for the benefit
of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect
to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities
of any other series.

 

    41 

     

    

  

It shall not be necessary
for any Act of Securityholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof.

 

Section 9.03 Execution
of Supplemental Indentures.

 

Upon request of the
Company and upon filing with the Trustee of evidence of an Act of Securityholders as aforementioned, the Trustee shall join with
the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own
rights, powers, trusts, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion,
but shall not be obligated to, enter into such supplemental indenture. In executing, or accepting the additional trusts created
by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.

 

Section 9.04 Effect
of Supplemental Indentures.

 

Upon the execution of
any supplemental indenture under this Article, this Indenture shall be and be deemed to be modified and amended in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all purposes; and the respective rights, limitation of
rights, duties, powers, trusts and immunities under this Indenture of the Trustee, the Company, and every Holder of Securities
theretofore or thereafter authenticated and delivered hereunder shall be determined, exercised and enforced thereunder to the extent
provided therein.

 

Section 9.05 Conformity
With Trust Indenture Act.

 

Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

Section 9.06 Reference
in Securities to Supplemental Indentures.

 

Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required
by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If
the Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Company, to any
modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company and authenticated
and delivered by the Trustee in exchange for Outstanding Securities.

 

ARTICLE X

COVENANTS

 

Section 10.01 Payment
of Principal, Premium and Interest.

 

With respect to each
series of Securities, the Company will duly and punctually pay or cause to be paid the principal of, premium, if any, on and interest,
if any, on such Securities in accordance with their terms and this Indenture, and will duly comply with all the other terms, agreements
and conditions contained in the Indenture for the benefit of the Securities of such series.

 

    42 

     

    

  

Section 10.02 Maintenance
of Office or Agency.

 

So long as any of the
Securities remain outstanding, the Company will maintain an office or agency in each Place of Payment where Securities may be presented
or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and of any change in the location, of such office or agency. If at any time the Company
shall fail to maintain such office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee its agent to receive all such presentations, surrenders, notices and demands.

 

Section 10.03 Money
or Security Payments to Be Held in Trust.

 

If the Company shall
at any time act as its own Paying Agent for any series of Securities, it will, on or before each due date of the principal of,
premium, if any, on or interest, if any, on any of the Securities of such series, segregate and hold in trust for the benefit of
the Holders of the Securities of such series a sum sufficient to pay such principal, premium, or interest so becoming due until
such sums shall be paid to such Holders of such Securities or otherwise disposed of as herein provided, and will promptly notify
the Trustee of its action or failure so to act.

 

Whenever the Company
shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of, premium,
if any, on or interest, if any, on any Securities of such series, deposit with a Paying Agent a sum sufficient to pay such principal,
premium, or interest so becoming due, such sum to be held in trust for the benefit of the Holders of the Securities entitled to
the same and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so
to act.

 

The Company will cause
each Paying Agent other than the Trustee for any series of Securities to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will

 

(a) hold all sums held
by it for the payment of principal of, premium, if any, on or interest, if any, on Securities of such series in trust for the benefit
of the Holders of the Securities entitled thereto until such sums shall be paid to such Holders of such Securities or otherwise
disposed of as herein provided;

 

(b) give the Trustee
notice of any default by the Company (or any other obligor upon the Securities of such series) in the making of any such payment
of principal of, premium, if any, on or interest, if any, on the Securities of such series; and

 

(c) at any time during
the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in
trust by such Paying Agent.

 

The Company may, at
any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series of Securities
or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent in respect of each and every series of Securities as to which it seeks to discharge this Indenture
or, if for any other purpose, all sums so held in trust by the Company in respect of all Securities, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment
by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

Section 10.04 Certificate
to Trustee.

 

The Company will deliver
to the Trustee within 120 days after the end of each fiscal year, an Officers’ Certificate, one of whose signatories shall
be the Company’s principal executive, accounting or financial officer, stating that in the course of the performance by the
signers of their duties as officers of the Company they would normally have knowledge of any default by the Company in the performance
of any of its covenants, conditions or agreements contained herein (without regard to any period of grace or requirement of notice
provided hereunder), stating whether or not they have knowledge of any such default and, if so, specifying each such default of
which the signers have knowledge and the nature thereof.

 

    43 

     

    

  

Section 10.05 Corporate
Existence.

 

Subject to Article 8,
the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

ARTICLE XI

REDEMPTION OF SECURITIES

 

Section 11.01 Applicability
of Article.

 

The Company may reserve
the right to redeem and pay before the Scheduled Maturity Date all or any part of the Securities of any series, either by optional
redemption, sinking or purchase fund or analogous obligation or otherwise, by provision therefor in the form of Security for such
series established and approved pursuant to Section 2.02 and 2.03 or as otherwise provided in Section 3.01, and on such terms as
are specified in such form or in the indenture supplemental hereto with respect to Securities of such series as provided in Section
3.01. Redemption of Securities of any series shall be made in accordance with the terms of such Securities and, to the extent that
this Article does not conflict with such terms, the succeeding Sections of this Article.

 

Section 11.02 Election
to Redeem; Notice to Trustee.

 

In case of any redemption
at the election of the Company, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee) notify the Trustee in writing of such Redemption Date and of the principal
amount of Securities of such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of
any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to
an election of the Company which is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture,
the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition.

 

Section 11.03 Selection
by Trustee of Securities to be Redeemed.

 

If fewer than all the
Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior
to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by
such method as the Trustee shall deem fair and appropriate, which may include provision for the selection for redemption of portions
of the principal of Securities of such series of a denomination larger than the minimum authorized denomination for Securities
of that series. Unless otherwise provided in the terms of a particular series of Securities, the portions of the principal of Securities
so selected for partial redemption shall be equal to the minimum authorized denomination of the Securities of such series, or an
integral multiple thereof, and the principal amount which remains outstanding shall not be less than the minimum authorized denomination
for Securities of such series.

 

The Trustee shall promptly
notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption,
the principal amount thereof to be redeemed.

 

    44 

     

    

  

For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in
the case of any Security redeemed or to be redeemed only in part, to the portion of the principal of such Security which has been
or is to be redeemed.

 

Section 11.04 Notice
of Redemption.

 

Notice of redemption
shall be given by first-class mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date,
to each Holder of Securities to be redeemed, at such Holder’s address appearing in the Security Register on the applicable
Record Date.

 

All notices of redemption
shall state:

 

(1) the Redemption Date;

 

(2) the Redemption Price,
or if not then ascertainable, the manner of calculation thereof;

 

(3) if fewer than all
Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the respective
principal amounts) of the Securities to be redeemed, from the Holder to whom the notice is given and that on and after the date
fixed for redemption, upon surrender of such Security, a new Security or Securities of the same series in the aggregate principal
amount equal to the unredeemed portion thereof will be issued in accordance with Section 11.07;

 

(4) that on the Redemption
Date the Redemption Price will become due and payable upon each such Security, and that interest, if any, thereon shall cease to
accrue from and after said date;

 

(5) the place where
such Securities are to be surrendered for payment of the Redemption Price, which shall be the office or agency maintained by the
Company in the Place of Payment pursuant to Section 10.02 hereof; and

 

(6) that the redemption
is on account of a sinking or purchase fund, or other analogous obligation, if that be the case.

 

Notice of redemption
of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, made
at least five Business Days prior to the date on which notice is to be given, by the Trustee in the name and at the expense of
the Company.

 

Section 11.05 Deposit
of Redemption Price.

 

On or prior to any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 10.03) an amount of money, in immediately available funds, sufficient to pay
the Redemption Price of all the Securities which are to be redeemed on that date.

 

Section 11.06 Securities
Payable on Redemption Date.

 

Notice of Redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price therein specified and from and after such date (unless the Company shall default in the payment of the Redemption Price)
such Securities shall cease to bear interest. Upon surrender of such Securities for redemption in accordance with the notice, such
Securities shall be paid by the Company at the Redemption Price. Any installment of interest due and payable on or prior to the
Redemption Date shall be payable to the Holders of such Securities registered as such on the relevant Record Date according to
the terms and the provisions of Section 3.07 above; unless, with respect to an Interest Payment Date that falls on a Redemption
Date, such Securities provide that interest due on such date is to be paid to the Person to whom principal is payable.

 

If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from
the Redemption Date at the rate borne by the Security, or as otherwise provided in such Security.

 

    45 

     

    

  

Section 11.07 Securities
Redeemed in Part.

 

Any Security that is
to be redeemed only in part shall be surrendered at the office or agency maintained by the Company in the Place of Payment pursuant
to Section 10.02 hereof with respect to that series (with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his
or her attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge and at the expense of the Company, a new Security or Securities of the same series,
tenor, terms and Scheduled Maturity Date, of any authorized denomination as requested by such Holders in aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

Section 11.08 Provisions
with Respect to any Sinking Funds.

 

Unless the form or terms
of any series of Securities shall provide otherwise, in lieu of making all or any part of any mandatory sinking fund payment with
respect to such series of Securities in cash, the Company may at its option (a) deliver to the Trustee for cancellation any Securities
of such series theretofore acquired by the Company, or (b) receive credit for any Securities of such series (not previously so
credited) acquired or redeemed by the Company (other than through operation of a mandatory sinking fund) and theretofore delivered
to the Trustee for cancellation, and if it does so then (i) Securities so delivered or credited shall be credited at the applicable
sinking fund Redemption Price with respect to Securities of such series, and (ii) on or before the 60th day next preceding each
sinking fund Redemption Date with respect to such series of Securities, the Company will deliver to the Trustee (A) an Officers’
Certificate specifying the portions of such sinking fund payment to be satisfied by payment of cash and by the delivery or credit
of Securities of such series acquired or redeemed by the Company, and (B) such Securities, to the extent not previously surrendered.
Such Officers’ Certificate shall also state the basis for any such credit and that the Securities for which the Company elects
to receive credit have not been previously so credited and were not acquired by the Company through operation of the mandatory
sinking fund, if any, provided with respect to such Securities and shall also state that no Event of Default with respect to Securities
of such series has occurred and is continuing. All Securities so delivered to the Trustee shall be canceled by the Trustee and
no Securities shall be authenticated in lieu thereof.

 

If the sinking fund
payment or payments (mandatory or optional) with respect to any series of Securities made in cash plus any unused balance of any
preceding sinking fund payments with respect to Securities of such series made in cash shall exceed $50,000 (or a lesser sum if
the Company shall so request), unless otherwise provided by the terms of such series of Securities, that cash shall be applied
by the Trustee on the sinking fund Redemption Date with respect to Securities of such series next following the date of such payment
to the redemption of Securities of such series at the applicable sinking fund Redemption Price with respect to Securities of such
series, together with accrued interest, if any, to the date fixed for redemption, with the effect provided in Section 11.06. The
Trustee shall select, in the manner provided in Section 11.03, for redemption on such sinking fund Redemption Date a sufficient
principal amount of Securities of such series to utilize that cash and shall thereupon cause notice of redemption of the Securities
of such series for the sinking fund to be given in the manner provided in Section 11.04 (and with the effect provided in Section
11.06) for the redemption of Securities in part at the option of the Company. Any sinking fund moneys not so applied or allocated
by the Trustee to the redemption of Securities of such series shall be added to the next cash sinking fund payment with respect
to Securities of such series received by the Trustee and, together with such payment, shall be applied in accordance with the provisions
of this Section 11.08. Any and all sinking fund moneys with respect to Securities of any series held by the Trustee at the Maturity
of Securities of such series, and not held for the payment or redemption of particular Securities of such series, shall be applied
by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal
of the Securities of such series at Maturity.

 

    46 

     

    

  

On or before each sinking
fund Redemption Date provided with respect to Securities of any series, the Company shall pay to the Trustee in cash a sum equal
to all accrued interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption
Date pursuant to this Section 11.08.

 

The Trustee shall not
redeem any Securities with sinking fund moneys or give any notice of redemption of Securities by operation of the applicable sinking
fund during the continuance of a default in payment of interest on Securities of such series or of any Event of Default with respect
to such series, except that if the notice of redemption of any Securities shall theretofore have been mailed in accordance with
the provisions hereof, the Trustee shall redeem such Securities if cash sufficient for that purpose shall be deposited with the
Trustee for that purpose in accordance with the terms of this Article 11. Except as aforesaid, any moneys in the sinking fund with
respect to Securities of any series at the time when any such default or Event of Default with respect to such series shall occur,
and any moneys thereafter paid into such sinking fund shall, during the continuance of such default or Event of Default with respect
to such series, be held as security for the payment of all Securities of such series; provided, however, that in case such
default or Event of Default with respect to such series shall have been cured or waived as provided herein, such moneys shall thereafter
be applied on the next sinking fund payment date on which such moneys may be applied pursuant to the provisions of this Section
11.08.

 

ARTICLE XII

REPAYMENT AT OPTION OF HOLDERS

 

Section 12.01 Applicability
of Article.

 

Repayment of Securities
of any series before their Scheduled Maturity Date at the option of Holders thereof shall be made in accordance with the terms
of such Securities and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance
with this Article.

 

Section 12.02 Repayment
of Securities.

 

Securities of any series
subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such
Securities, be repaid at a price equal to the principal amount thereof, together with interest thereon accrued to the Repayment
Date specified in the terms of such Securities. On or before the Repayment Date, the Company will deposit with the Trustee or with
a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03)
an amount of money, in immediately available funds, sufficient to pay the Repayment Price of all the Securities which are to be
repaid on such date.

 

Section 12.03 Exercise
of Option.

 

Securities of any series
subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment” form on
the reverse of such Securities. To be repaid at the option of the Holder, any Security so providing for such repayment, with the
“Option to Elect Repayment” form on the reverse of such Security duly completed by the Holder, must be received
by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which
the Company shall from time to time notify the Holders of such Securities) not earlier than 30 days nor later than 15 days prior
to the Repayment Date. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of
such Security, the principal amount of such Security to be repaid, in increments of $1,000 unless otherwise specified in the terms
of such Security, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion
of the principal amount of such Security surrendered that is not to be repaid must be specified. The principal amount of any Security
providing for repayment at the option of the Holder thereof may not be repaid in part, if, following such repayment, the unpaid
principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such
Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the
option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.

 

    47 

     

    

  

Section 12.04 When
Securities Presented for Repayment Become Due and Payable.

 

If Securities of any
series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and
as provided by the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become
due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date
(unless the Company shall default in the payment of such Securities on such Repayment Date) interest on such Securities or the
portions thereof, as the case may be, shall cease to accrue.

 

Section 12.05 Securities
Repaid in Part.

 

Upon surrender of any
Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder
of such Security, without service charge and at the expense of the Company, a new Security or Securities of the same series, tenor,
terms and Scheduled Maturity Date, of any authorized denomination specified by the Holder, in an aggregate principal amount equal
to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid.

 

(signature page follows)

 

    48 

     

    

  

IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed
and attested; all as of the day and year first above written.

 

	 	 	 	AIR INDUSTRIES GROUP	 
	 	 	 	By:	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 
	ATTEST:	 	 	 	 	 
	By:	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	, TRUSTEE
	 	 	 	By:	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	ATTEST:	 	 	 	 	 
	By:	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 

 

     

     

    

  

 

State of

 

County of                                            

 

On the _____ day of __________, _____ before
me personally came ____________, to me known, who, being by me duly sworn, did depose and say that he or she resides at ________________;
that he or she is the ________ of ___________, one of the parties described in and which executed the above instrument; that he
or she knows the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that it was
affixed by authority of the board of directors of said corporation; and that he or she signed his or her name thereto by like authority.

 

Name

 

Notary Public

 

     

     

    

  

State of

 

County of                                            

 

On the _____ day of ______, _____ before
me personally came ___________, to me known, who, being by me duly sworn, did depose and say that he or she resides at ______________;
that he or she is the ____________ of Air Industries Group, one of the parties described in and which executed the above instrument;
that he or she knows the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that
it was affixed by authority of the board of directors of said corporation; and that he or she signed his or her name thereto by
like authority.

 

Name 

 

Notary Public

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]