Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

 

 

 

 

 

 

 

 

 

 

FIRST LIEN
CREDIT AGREEMENT

 

dated as of June 3, 2019

 

among

 

RANGER PACKAGING LLC,

as the Initial U.S. Borrower,

 

RANPAK B.V.,

as the Initial Dutch Borrower,

 

RANGER PLEDGOR LLC,

as Initial Holdings,

 

THE FINANCIAL INSTITUTIONS PARTY HERETO,

as Lenders,

 

and

 

GOLDMAN SACHS LENDING PARTNERS LLC,

as Administrative Agent and an Issuing Bank

 

GOLDMAN SACHS LENDING PARTNERS LLC,

as Sole Lead Arranger and Sole Bookrunner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article 1         DEFINITIONS	1
	 	 	 
	Section 1.01.	Defined Terms	1
	 	 	 
	Section 1.02.	Classification of Loans and Borrowings	77
	 	 	 
	Section 1.03.	Terms Generally	77
	 	 	 
	Section 1.04.	Accounting Terms; GAAP	78
	 	 	 
	Section 1.05.	Effectuation of Transactions	82
	 	 	 
	Section 1.06.	Timing of Payment and Performance	82
	 	 	 
	Section 1.07.	Times of Day	82
	 	 	 
	Section 1.08.	Currency Equivalents Generally	83
	 	 	 
	Section 1.09.	Cashless Rollovers	83
	 	 	 
	Section 1.10.	Additional Alternate Currencies	84
	 	 	 
	Section 1.11.	Additional Borrowers; Borrower Agent and Representative	84
	 	 	 
	Section 1.12.	Dutch Terms	86
	 	 	 
	Article 2            THE CREDITS	87
	 	 	 
	Section 2.01.	Commitments	87
	 	 	 
	Section 2.02.	Loans and Borrowings	87
	 	 	 
	Section 2.03.	Requests for Borrowings	88
	 	 	 
	Section 2.04.	[Reserved]	89
	 	 	 
	Section 2.05.	Letters of Credit	89
	 	 	 
	Section 2.06.	[Reserved]	94
	 	 	 
	Section 2.07.	Funding of Borrowings	94
	 	 	 
	Section 2.08.	Type; Interest Elections	95
	 	 	 
	Section 2.09.	Termination and Reduction of Commitments	96
	 	 	 
	Section 2.10.	Repayment of Loans; Evidence of Debt	97
	 	 	 
	Section 2.11.	Prepayment of Loans	99
	 	 	 
	Section 2.12.	Fees	105
	 	 	 
	Section 2.13.	Interest	107
	 	 	 
	Section 2.14.	Alternate Rate of Interest	108
	 	 	 
	Section 2.15.	Increased Costs	108
	 	 	 
	Section 2.16.	Break Funding Payments	110
	 	 	 
	Section 2.17.	Taxes	110
	 	 	 
	Section 2.18.	Payments Generally; Allocation of Proceeds; Sharing of Payments	114

 

    i

     

    

 

	Section 2.19.	Mitigation Obligations; Replacement of Lenders	117
	 	 	 
	Section 2.20.	Illegality	118
	 	 	 
	Section 2.21.	Defaulting Lenders	119
	 	 	 
	Section 2.22.	Incremental Credit Extensions	121
	 	 	 
	Section 2.23.	Extensions of Loans and Revolving Credit Commitments	126
	 	 	 
	Article 3            REPRESENTATIONS AND WARRANTIES	129
	 	 	 
	Section 3.01.	Organization; Powers	129
	 	 	 
	Section 3.02.	Authorization; Enforceability	129
	 	 	 
	Section 3.03.	Governmental Approvals; No Conflicts	129
	 	 	 
	Section 3.04.	Financial Condition; No Material Adverse Effect	130
	 	 	 
	Section 3.05.	Properties	130
	 	 	 
	Section 3.06.	Litigation and Environmental Matters	131
	 	 	 
	Section 3.07.	Compliance with Laws	131
	 	 	 
	Section 3.08.	Investment Company Status	131
	 	 	 
	Section 3.09.	Taxes	131
	 	 	 
	Section 3.10.	ERISA	131
	 	 	 
	Section 3.11.	Disclosure	132
	 	 	 
	Section 3.12.	Solvency	132
	 	 	 
	Section 3.13.	Capitalization and Subsidiaries	132
	 	 	 
	Section 3.14.	Security Interest in Collateral	133
	 	 	 
	Section 3.15.	Labor Disputes	133
	 	 	 
	Section 3.16.	Federal Reserve Regulations	133
	 	 	 
	Section 3.17.	Sanctions and Anti-Corruption Laws	133
	 	 	 
	Section 3.18.	Centre of Main Interest	134
	 	 	 
	Article 4            CONDITIONS	134
	 	 	 
	Section 4.01.	Closing Date	134
	 	 	 
	Section 4.02.	Each Credit Extension	138
	 	 	 
	Article 5            AFFIRMATIVE COVENANTS	139
	 	 	 
	Section 5.01.	Financial Statements and Other Reports	139
	 	 	 
	Section 5.02.	Existence	142
	 	 	 
	Section 5.03.	Payment of Taxes	142
	 	 	 
	Section 5.04.	Maintenance of Properties	142
	 	 	 
	Section 5.05.	Insurance	143
	 	 	 
	Section 5.06.	Inspections	143

 

    ii

     

    

 

	Section 5.07.	Maintenance of Book and Records	144
	 	 	 
	Section 5.08.	Compliance with Laws	144
	 	 	 
	Section 5.09.	Hazardous Materials Activity	144
	 	 	 
	Section 5.10.	Designation of Subsidiaries	145
	 	 	 
	Section 5.11.	Use of Proceeds	145
	 	 	 
	Section 5.12.	Covenant to Guarantee Obligations and Give Security	146
	 	 	 
	Section 5.13.	Sanctions Policies and Procedures	148
	 	 	 
	Section 5.14.	Maintenance of Fiscal Year	148
	 	 	 
	Section 5.15.	Further Assurances	148
	 	 	 
	Section 5.16.	Conduct of Business	148
	 	 	 
	Section 5.17.	Post-Closing Actions	149
	 	 	 
	Section 5.18.	Fiscal Unity Termination	149
	 	 	 
	Section 5.19.	Centre of Main Interests	149
	 	 	 
	Article 6            NEGATIVE COVENANTS	149
	 	 	 
	Section 6.01.	Indebtedness	149
	 	 	 
	Section 6.02.	Liens	155
	 	 	 
	Section 6.03.	No Further Negative Pledges	161
	 	 	 
	Section 6.04.	Restricted Payments; Restricted Debt Payments	163
	 	 	 
	Section 6.05.	[Reserved]	168
	 	 	 
	Section 6.06.	Investments	168
	 	 	 
	Section 6.07.	Fundamental Changes; Disposition of Assets	173
	 	 	 
	Section 6.08.	Sale and Lease-Back Transactions	178
	 	 	 
	Section 6.09.	Transactions with Affiliates	178
	 	 	 
	Section 6.10.	[Reserved]	181
	 	 	 
	Section 6.11.	[Reserved]	181
	 	 	 
	Section 6.12.	Amendments of or Waivers with Respect to Restricted Debt	181
	 	 	 
	Section 6.13.	Modifications of Organizational Documents	181
	 	 	 
	Section 6.14.	Permitted Activities of Holdings	181
	 	 	 
	Section 6.15.	Financial Covenant	183
	 	 	 
	Article 7            EVENTS OF DEFAULT	184
	 	 	 
	Section 7.01.	Events of Default	184
	 	 	 
	Article 8            THE ADMINISTRATIVE AGENT	188
	 	 	 
	Article 9            MISCELLANEOUS	195
	 	 	 
	Section 9.01.	Notices	195

 

    iii

     

    

 

	Section 9.02.	Waivers; Amendments	197
	 	 	 
	Section 9.03.	Expenses; Indemnity	205
	 	 	 
	Section 9.04.	Waiver of Claim	206
	 	 	 
	Section 9.05.	Successors and Assigns	207
	 	 	 
	Section 9.06.	Survival	215
	 	 	 
	Section 9.07.	Counterparts; Integration; Effectiveness	215
	 	 	 
	Section 9.08.	Severability	216
	 	 	 
	Section 9.09.	Right of Setoff	216
	 	 	 
	Section 9.10.	Governing Law; Jurisdiction; Consent to Service of Process	216
	 	 	 
	Section 9.11.	Waiver of Jury Trial	217
	 	 	 
	Section 9.12.	Headings	217
	 	 	 
	Section 9.13.	Confidentiality	218
	 	 	 
	Section 9.14.	No Fiduciary Duty	219
	 	 	 
	Section 9.15.	Several Obligations	219
	 	 	 
	Section 9.16.	USA PATRIOT Act; Beneficial Ownership Regulation	219
	 	 	 
	Section 9.17.	Disclosure	219
	 	 	 
	Section 9.18.	Appointment for Perfection	219
	 	 	 
	Section 9.19.	Interest Rate Limitation	220
	 	 	 
	Section 9.20.	[Reserved]	220
	 	 	 
	Section 9.21.	Conflicts	220
	 	 	 
	Section 9.22.	Release of Guarantors	220
	 	 	 
	Section 9.23.	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	220
	 	 	 
	Section 9.24.	Principal Investor Representative	221
	 	 	 
	Section 9.25.	[Reserved]	221
	 	 	 
	Section 9.26.	Judgment Currency	221
	 	 	 
	Section 9.27.	ERISA	222

 

    iv

     

    

 

	SCHEDULES:
	 	 	 
	Schedule ‎1.01(a)	–	Commitment Schedule
	Schedule ‎1.01(b)	–	[Reserved]
	Schedule ‎1.01(c)	–	Local Counsel
	Schedule 3.05	–	Material Real Estate Assets
	Schedule ‎3.06	–	Litigation and Environmental Matters
	Schedule ‎3.13	–	Subsidiaries
	Schedule ‎5.10	–	Unrestricted Subsidiaries
	Schedule ‎5.17	–	Post-Closing Actions
	Schedule ‎6.01	–	Existing Indebtedness
	Schedule ‎6.02	–	Existing Liens
	Schedule ‎6.03	–	Negative Pledges
	Schedule ‎6.06	–	Existing Investments
	Schedule ‎6.07	–	Certain Dispositions
	Schedule ‎9.01	–	Borrower’s Website Address for Electronic Delivery
	 	 	 
	EXHIBITS:
	 	 	 
	Exhibit A-1	–	Form of Assignment and Assumption
	Exhibit A-2	–	Form of Affiliated Lender Assignment and Assumption
	Exhibit B	–	Form of Borrowing Request
	Exhibit C	–	Form of Compliance Certificate
	Exhibit D	–	Form of Interest Election Request
	Exhibit E	–	Form of Perfection Certificate
	Exhibit F	–	Form of Intercompany Note
	Exhibit G	–	Form of Promissory Note
	Exhibit H-1	–	Form of Trademark Security Agreement
	Exhibit H-2	–	Form of Patent Security Agreement
	Exhibit H-3	–	Form of Copyright Security Agreement
	Exhibit I	–	Form of Guaranty Agreement
	Exhibit J	–	Form of U.S. First Lien Security Agreement
	Exhibit K	–	Form of Letter of Credit Request
	Exhibit L-1	–	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships
	 	 	For U.S. Federal Income Tax Purposes)
	Exhibit L-2	–	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit L-3	–	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit L-4	–	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit M	–	Form of Solvency Certificate
	Exhibit N	–	[Reserved]
	Exhibit O	–	Form of Permitted Exit Payment Amendment
	Exhibit P	–	Form of Substitute Affiliate Lender Nomination

 

    v

     

    

 

FIRST LIEN CREDIT AGREEMENT

 

FIRST LIEN CREDIT AGREEMENT,
dated as of June 3, 2019 (this “Agreement”), by and among RANGER PLEDGOR LLC, a Delaware limited liability company
(“Initial Holdings”), RANGER PACKAGING LLC, a Delaware limited liability company (the “Initial U.S.
Borrower”), Ranpak B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)
under the laws of the Netherlands whose registered office is at Sourethweg 4-6 De Beitel, 6422 PC Heerlen and its statutory seat
(statutaire zetel) in Heerlen, the Netherlands, registered with the Netherlands Chamber of Commerce under number 14044192
(the “Initial Dutch Borrower”), the Lenders and Issuing Banks from time to time party hereto, and Goldman Sachs
Lending Partners LLC (“GSLP”), in its capacities as administrative agent and collateral agent for the Lenders
(in such capacities, the “Administrative Agent”).

 

RECITALS

 

A. Pursuant to the
terms of the Acquisition Agreement, Parent will directly or indirectly purchase all of the issued and outstanding equity interests
of Rack Holdings Inc., a Delaware corporation (the “Target”).

 

B. To consummate the
Transactions, the Investors will directly or indirectly make equity contributions to Parent in cash which will be directly or indirectly
contributed to Holdings, and by Holdings to the Initial U.S. Borrower (with all such contributions (x) to Holdings to be in the
form of (i) common equity or (ii) Preferred Capital Stock or other instruments having terms reasonably acceptable to the Initial
Lenders and (y) to the Initial U.S. Borrower to be in the form of common equity) (all such contributions being referred to collectively
as the “Equity Contribution”), which Equity Contribution, when combined with the funds remaining on deposit
in the Trust Account (as defined in the Acquisition Agreement) after giving effect to the Buyer Class A Redemption (as defined
in the Acquisition Agreement) that are paid or payable from the Trust Account as described in the Acquisition Agreement (the “Trust
Account Equity”) will on a pro forma basis constitute an aggregate amount not less than 30% (the “Minimum Equity
Percentage”) of the sum of (i) the aggregate principal amount of the Credit Facilities funded on the Closing Date
(excluding (A) amounts drawn under the Revolving Facility on the Closing Date for working capital purposes and/or purchase price
adjustments, to fund Transaction Costs or to replace, backstop or Cash collateralize existing letters of credit, bank guarantees,
bankers’ acceptances and similar documents and instruments to the extent undrawn and (B) any letters of credit, bank guarantees,
bankers’ acceptances and similar documents and instruments outstanding on the Closing Date to the extent undrawn) plus
(ii) the Equity Contribution plus (iii) the Trust Account Equity.

 

C. To consummate the
Transactions, the Borrowers have requested that the Lenders extend credit in the form of (a) (i) Initial Dollar Term Loans in an
original aggregate principal amount equal to $378,175,000 and (ii) Initial Euro Term Loans in an original aggregate principal amount
equal to €140,000,000 and (b) a Revolving Facility with an available amount of $45,000,000, and the Lenders are willing to
extend such credit on the terms and subject to the conditions set forth herein.

 

Accordingly, the parties
hereto agree as follows:

 

Article
1 DEFINITIONS

 

Section 1.01. Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest
at a rate determined by reference to the Alternate Base Rate.

 

    1

     

    

 

“Acceptable
Intercreditor Agreement” means a Market Intercreditor Agreement, or another intercreditor agreement that is reasonably
satisfactory to the Administrative Consent Party (which may, if applicable, consist of a payment “waterfall”).

 

“Acceptable
Management Agreement” means any management agreement entered into between Sponsor or a Parent Company (other than Holdings),
on the one hand, and Holdings or any of its subsidiaries, on the other hand, in each case on or after the Closing Date, which such
management agreement shall be in substance reasonably satisfactory to the Administrative Consent Party.

 

“ACH”
means automated clearing house transfers.

 

“Acquisition”
means the purchase of all of the issued and outstanding equity interests of the Target pursuant to the Acquisition Agreement and
the other transactions contemplated by the Acquisition Agreement.

 

“Acquisition
Agreement” means that certain Stock Purchase Agreement, dated as of December 12, 2018, and amended pursuant to the Amendment
to Stock Purchase Agreement, dated as of January 24, 2019, by and among Parent, Rack Holdings L.P., a Delaware limited partnership,
and the Target.

 

“Additional
Agreement” has the meaning assigned to such term in ‎Article 8.

 

“Additional
Borrower” has the meaning assigned to such term in ‎Section 1.11(a).

 

“Additional
Commitment” means any commitment hereunder added pursuant to Sections ‎2.22, ‎2.23 or ‎9.02(c).

 

“Additional
Lender” has the meaning assigned to such term in ‎Section 2.22(b).

 

“Additional
Letter of Credit Facility” means any facility established by any Borrower and/or any Restricted Subsidiary to obtain
letters of credit, bank guarantees, bankers acceptances or other similar instruments required by customers, suppliers or landlords
or otherwise required in the ordinary course of business.

 

“Additional
Loans” means any Additional Revolving Loans and any Additional Term Loans.

 

“Additional
Revolving Credit Commitment” means any revolving credit commitment added pursuant to Sections ‎2.22, ‎2.23
or ‎9.02(c)(ii).

 

“Additional
Revolving Credit Exposure” means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time
of all Additional Revolving Loans of such Lender, plus the aggregate amount at such time of such Lender’s LC Exposure,
in each case, attributable to its Additional Revolving Credit Commitment.

 

“Additional
Revolving Facility” means any revolving credit facility added pursuant to Sections ‎2.22, ‎2.23
or ‎9.02(c)(ii).

 

    2

     

    

 

“Additional
Revolving Lender” means any Lender with an Additional Revolving Credit Commitment or any Additional Revolving Credit
Exposure.

 

“Additional
Revolving Loans” means any revolving loan added pursuant to Sections ‎2.22, ‎2.23 or ‎9.02(c)(ii).

 

“Additional
Term Loan Commitment” means any term loan commitment added pursuant to Sections ‎2.22, ‎2.23 or
‎9.02(c)(i).

 

“Additional
Term Loans” means any term loan added pursuant to Sections ‎2.22, ‎2.23 or ‎9.02(c)(i).

 

“Adjustment
Date” means the date of delivery of financial statements required to be delivered pursuant to ‎Section 5.01(a)
or ‎Section 5.01(b), as applicable.

 

“Administrative
Agent” has the meaning assigned to such term in the preamble to this Agreement.

 

“Administrative
Consent Party” means, prior to the Disposition Date, the Principal Investor Representative and, thereafter, the Administrative
Agent.

 

“Administrative
Questionnaire” has the meaning assigned to such term in ‎Section 2.22(d).

 

“Adverse Proceeding”
means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether
or not purportedly on behalf of Holdings, the Borrower or any of its Restricted Subsidiaries) at law or in equity, or before or
by any Governmental Authority, domestic or foreign, whether pending or, to the knowledge of Holdings, the Borrower or any of its
Restricted Subsidiaries, threatened in writing, against or affecting Holdings, the Borrower or any of its Restricted Subsidiaries
or any property of Holdings, the Borrower or any of its Restricted Subsidiaries.

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with,
that Person. No Person shall be an “Affiliate” of Holdings or any subsidiary thereof solely because it is an unrelated
portfolio company of Parent and none of the Administrative Agent, the Arranger, any Lender (other than any Affiliated Lender or
any Debt Fund Affiliate) or any of their respective Affiliates shall be considered an Affiliate of Holdings or any subsidiary thereof.

 

“Affiliated
Lender” means any Non-Debt Fund Affiliate, Holdings, the Borrower and/or any of its Subsidiaries.

 

“Affiliated
Lender Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Affiliated Lender
(with the consent of any party whose consent is required by ‎Section 9.05) and accepted by the Administrative Agent
in the form of Exhibit A-2 or any other form approved by the Administrative Agent and the Borrower.

 

“Affiliated
Lender Cap” has the meaning assigned to such term in ‎Section 9.05(g)(iv).

 

“Agreement”
has the meaning assigned to such term in the preamble to this First Lien Credit Agreement.

 

    3

     

    

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the highest of (a) the Federal Funds Effective Rate in effect
on such day plus 0.50%, (b) to the extent ascertainable, the Published LIBO Rate (which rate shall be calculated based upon
an Interest Period of one month and shall be determined on a daily basis based on the rate determined on such day for such Interest
Period at 11:00 a.m. (London time)) plus 1.00%, (c) the Prime Rate and (d) solely with respect to Initial Term Loans and
Initial Revolving Loans, 1.00%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective
Rate or the Published LIBO Rate, as the case may be, shall be effective from and including the effective date of such change in
the Prime Rate, the Federal Funds Effective Rate or the Published LIBO Rate, as the case may be.

 

“Alternate
Currency” means in the case of Revolving Loans and Letters of Credit, Euros and each other currency that is approved
in accordance with ‎Section 1.10.

 

“Applicable
Charges” has the meaning assigned to such term in ‎Section 9.19.

 

“Applicable
Percentage” means (a) with respect to any Term Lender of any Class, a percentage equal to a fraction the numerator of
which is the aggregate outstanding principal amount of the Term Loans and unused Additional Term Loan Commitments of such Term
Lender under such Class and the denominator of which is the aggregate outstanding principal amount of the Term Loans and unused
Additional Term Loan Commitments of all Term Lenders under such Class and (b) with respect to any Revolving Lender of any Class,
the percentage of the aggregate amount of the Revolving Credit Commitments of such Class represented by such Lender’s Revolving
Credit Commitment of such Class; provided that for purposes of ‎Section 2.21 and otherwise herein, when there is a Defaulting
Lender, such Defaulting Lender’s Revolving Credit Commitment shall be disregarded for any relevant calculation. In the case
of clause (b), in the event that the Revolving Credit Commitments of any Class have expired or been terminated, the Applicable
Percentage of any Revolving Lender of such Class shall be determined on the basis of the Revolving Credit Exposure of such Revolving
Lender with respect to such Class, giving effect to any assignments and to any Revolving Lender’s status as a Defaulting
Lender at the time of determination.

 

“Applicable
Price” has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Applicable
Rate” means, for any day, in the case of the Initial Term Loans and the Initial Revolving Loans, the applicable rate
per annum set forth below under the caption “ABR Spread” or “Eurocurrency Rate Spread” for the applicable
facility, based upon the First Lien Leverage Ratio as of the last day of the most recently ended Test Period; provided that
until the first Adjustment Date following the completion of at least one full Fiscal Quarter ended after the Closing Date, the
“Applicable Rate” for any Initial Revolving Loans and Initial Term Loans shall be the applicable rate per annum set
forth below in Category 1.

 

	First Lien Leverage Ratio	 	ABR Spread for Revolving Loans	 	 	Eurocurrency Rate Spread for Revolving Loans	 	 	ABR Spread for Initial Term Loans	 	 	Eurocurrency Rate Spread for Initial Term Loans	 
	Category 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Greater than or equal to 5.00 to 1.00	 	 	3.00	%	 	 	4.00	%	 	 	3.00	%	 	 	4.00	%
	Category 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Less than 5.00 to 1.00	 	 	2.75	%	 	 	3.75	%	 	 	2.75	%	 	 	3.75	%

 

    4

     

    

 

The Applicable Rate for Initial Revolving
Loans and Initial Term Loans shall be adjusted quarterly on a prospective basis on each Adjustment Date based upon the First Lien
Leverage Ratio in accordance with the table above; provided that if financial statements are not delivered when required
pursuant to ‎Section 5.01(a) or ‎(b), as applicable, the “Applicable Rate” for Initial Revolving
Loans and Initial Term Loans shall be the rate per annum set forth above in Category 1 until such financial statements are
delivered in compliance with ‎Section 5.01(a) or ‎(b), as applicable.

 

The Applicable Rate for any Class of Additional
Revolving Loans or Additional Term Loans shall be as set forth in the applicable Refinancing Amendment, Incremental Facility Amendment
or Extension Amendment.

 

“Approved
Fund” means, with respect to any Lender, any Person (other than a natural person) that is engaged in making, purchasing,
holding or otherwise investing in commercial loans, bonds and similar extensions of credit or debt Securities in the ordinary course
of its activities and is administered, advised or managed by (a) such Lender, (b) any Affiliate of such Lender or (c) any entity
or any Affiliate of any entity that administers, advises or manages such Lender.

 

“Approved
Jurisdiction” means each of (i) the Netherlands, (ii) the United States, any state thereof and the District of Columbia
and (iii) any other jurisdiction agreed to by the Borrower and each Revolving Lender.

 

“Arranger”
means GSLP in its capacity as sole lead arranger and sole bookrunner with respect to the Initial Term Loans and the Initial Revolving
Facility.

 

“Assignment
Agreement” means, collectively, each Assignment and Assumption and each Affiliated Lender Assignment and Assumption.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by ‎Section 9.05), and accepted by the Administrative Agent in the form of Exhibit
A-1 or any other form approved by the Administrative Agent and the Borrower.

 

“Auction”
has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Auction Agent”
means (a) the Administrative Agent or any of its Affiliates or (b) any other financial institution or advisor engaged by the Borrower
(whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Auction pursuant to the
definition of “Dutch Auction”; provided that the Borrower shall not designate the Administrative Agent or any
of its Affiliates as the Auction Agent without the prior written consent of the Administrative Agent or such Affiliate, as applicable
(it being understood that none of the Administrative Agent nor any of its Affiliates shall be under any obligation to agree to
act as the Auction Agent).

 

“Auction Amount”
has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Auction Notice”
has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Auction Party”
has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Auction Response
Date” has the meaning assigned to such term in the definition of “Dutch Auction”.

 

    5

     

    

 

“Available
Amount” means, at any time, an amount equal to, without duplication:

 

(a) the sum
of:

 

(i) $30,000,000;
plus

 

(ii) the Retained
Excess Cash Flow Amount; provided that such amount shall not be available for (A) any Restricted Payment pursuant to ‎Section
6.04(a)(iii)(A) or any Restricted Debt Payment pursuant to ‎Section 6.04(b)(vi)(A) if (x) any Event of Default shall
then exist or would result therefrom or (y) on a Pro Forma Basis, the Interest Coverage Ratio is less than 2.00:1.00 or (B) any
Investment pursuant to ‎Section 6.06(r)(i) if any Specified Event of Default shall then exist or would result therefrom,
in each case of clauses (A) and (B) above, at the time of determination pursuant to ‎Section 1.04(e); plus

 

(iii) the amount
of any capital contributions or other proceeds of any issuance of Capital Stock (other than any amounts (x) constituting a Cure
Amount, an Available Excluded Contribution Amount or proceeds of an issuance of Disqualified Capital Stock, (y) received from the
Borrower or any Restricted Subsidiary or (z) consisting of the proceeds of any loan or advance made pursuant to ‎Section
6.06(h)(ii)) received as Cash equity by the Borrower or any of its Restricted Subsidiaries, plus the fair market value, as
determined by the Borrower in good faith, of Cash Equivalents, marketable securities or other property received by the Borrower
or any Restricted Subsidiary as a capital contribution or in return for any issuance of Capital Stock (other than any amounts (x)
constituting a Cure Amount, an Available Excluded Contribution Amount or proceeds of any issuance of Disqualified Capital Stock
or (y) received from the Borrower or any Restricted Subsidiary), in each case, during the period from and including the day
immediately following the Closing Date through and including such time; plus

 

(iv) the Net
Proceeds received by the Borrower or any Restricted Subsidiary from any Indebtedness or Disqualified Capital Stock, in each case
of the Borrower or any Restricted Subsidiary, issued after the Closing Date (other than Indebtedness or Disqualified Capital Stock
issued to the Borrower or any Restricted Subsidiary), which has been converted into or exchanged for Capital Stock of the Borrower,
any Restricted Subsidiary or any Parent Company that does not constitute Disqualified Capital Stock, together with the fair market
value of any Cash or Cash Equivalents (as determined by the Borrower in good faith) and the fair market value (as determined by
the Borrower in good faith) of any property or assets (other than Indebtedness or Disqualified Capital Stock issued to the Borrower
or any Restricted Subsidiary) received by the Borrower or such Restricted Subsidiary upon such exchange or conversion, in each
case, during the period from and including the day immediately following the Closing Date through and including such time; plus

 

(v) the net
proceeds received by the Borrower or any Restricted Subsidiary during the period from and including the day immediately following
the Closing Date through and including such time in connection with the Disposition to any Person (other than the Borrower or any
Restricted Subsidiary) of any Investment made pursuant to ‎Section 6.06(r)(i); plus

 

    6

     

    

 

(vi) to the
extent not already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such
Investment, the proceeds received by the Borrower or any Restricted Subsidiary during the period from and including the day immediately
following the Closing Date through and including such time in connection with cash returns, cash profits, cash distributions and
similar cash amounts, including cash principal repayments of loans and cash interest payments on loans, in each case received in
respect of any Investment made after the Closing Date pursuant to ‎Section 6.06(r)(i) or, without duplication, otherwise
received by the Borrower or any Restricted Subsidiary from an Unrestricted Subsidiary (including any proceeds received on account
of any issuance of Capital Stock by any Unrestricted Subsidiary (other than solely on account of the issuance of Capital Stock
to the Borrower or any Restricted Subsidiary)); plus

 

(vii) an amount
equal to the sum of (A) the amount of any Investments by the Borrower or any Restricted Subsidiary pursuant to ‎Section
6.06(r)(i) in any Unrestricted Subsidiary that has been re-designated as a Restricted Subsidiary, (B) the amount of any Investments
by the Borrower or any Restricted Subsidiary pursuant to ‎Section 6.06(r)(i) in any Unrestricted Subsidiary or any Joint
Venture that is not a Restricted Subsidiary that has been merged, consolidated or amalgamated with or into, or is liquidated, wound
up or dissolved into, the Borrower or any Restricted Subsidiary and (C) the fair market value (as determined by the Borrower in
good faith) of the property or assets of any Unrestricted Subsidiary or any Joint Venture that is not a Restricted Subsidiary that
have been transferred, conveyed or otherwise distributed to the Borrower or any Restricted Subsidiary, in each case, during the
period from and including the day immediately following the Closing Date through and including such time; plus

 

(viii) the
amount of any Declined Proceeds; minus

 

(b) an amount
equal to the sum of (i) Restricted Payments made pursuant to ‎Section 6.04(a)(iii)(A), plus (ii) Restricted Debt Payments
made pursuant to ‎Section 6.04(b)(vi)(A), plus (iii) Investments made pursuant to ‎Section 6.06(r)(i), in
each case, after the Closing Date and prior to such time or contemporaneously therewith.

 

“Available
Excluded Contribution Amount” means the aggregate amount of Cash or Cash Equivalents or the fair market value of other
assets or property (as determined by the Borrower in good faith, but excluding any Cure Amount) received by the Borrower or any
of its Restricted Subsidiaries after the Closing Date from:

 

(1) contributions in respect of
Qualified Capital Stock (other than any amounts or other assets received from the Borrower or any of its Restricted Subsidiaries),
and

 

(2) the sale of Qualified Capital
Stock of the Borrower or any of its Restricted Subsidiaries (other than (x) to the Borrower or any Restricted Subsidiary, (y) pursuant
to any management equity plan or stock option plan or any other management or employee benefit plan or (z) with the proceeds of
any loan or advance made pursuant to ‎Section 6.06(h)(ii)),

 

in each case, designated as an Available
Excluded Contribution Amount pursuant to a certificate of a Responsible Officer on or promptly after the date the relevant capital
contribution is made or the relevant proceeds are received, as the case may be, and which are excluded from the calculation of
the Available Amount.

 

    7

     

    

 

“Available
Maturity Exception Amount” means, at the time of any incurrence of Indebtedness, (x) the Maturity Exception Amount at
such time minus (y) the aggregate amount of Indebtedness outstanding at such time in reliance on the Maturity Exception
Amount.

 

“Available
RDP Capacity Amount” means the amount of Restricted Debt Payments that may be made at the time of determination pursuant
to Section 6.04(b)(iv)(A) minus the amount of the Available RDP Capacity Amount utilized by the Borrower or any Restricted
Subsidiary to make Investments pursuant to ‎Section 6.06(q)(ii).

 

“Available
RP Capacity Amount” means the amount of Restricted Payments that may be made at the time of determination pursuant to
Sections ‎6.04(a)(vii) and (a)‎(x)(A) minus the aggregate amount of the Available RP Capacity Amount utilized
by the Borrower or any Restricted Subsidiary to (a) make Investments pursuant to ‎Section 6.06(q)(ii) and (b) make Restricted
Debt Payments pursuant to Section 6.04(b)(iv)(B).

 

“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.

 

“Banking Services”
means each and any of the following bank services: commercial credit cards, stored value cards, debit cards, purchasing cards,
treasury management services, netting services, overdraft protections, check drawing services, automated payment services (including
depository, overdraft, controlled disbursement, ACH transactions, return items and interstate depository network services), employee
credit card programs, cash pooling services, foreign exchange and currency management services and any arrangements or services
similar to any of the foregoing and/or otherwise in connection with Cash management and Deposit Accounts.

 

“Banking Services
Obligations” means any and all obligations of any Loan Party, whether absolute or contingent and however and whenever
created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor)
(a) under any arrangement that is in effect on the Closing Date between any Loan Party and a counterparty that is (or is an Affiliate
of) the Administrative Agent, the Arranger or any Lender as of the Closing Date or (b) under any arrangement that is entered into
after the Closing Date by any Loan Party with any counterparty that is (or is an Affiliate of) the Administrative Agent, the Arranger
or any Lender at the time such arrangement is entered into, in each case, in connection with Banking Services, in each case, that
has been designated to the Administrative Agent in writing by the Borrower as being Banking Services Obligations for purposes of
the Loan Documents, it being understood that each counterparty thereto shall be deemed (A) to appoint the Administrative Agent
as its agent under the applicable Loan Documents and (B) to agree to be bound by the provisions of ‎Article 8, ‎Section
9.03 and ‎Section 9.10 and each Acceptable Intercreditor Agreement, in each case as if it were a Lender.

 

“Bankruptcy
Code” means Title 11 of the United States Code (11 U.S.C. § 101 et seq.).

 

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

 

    8

     

    

 

“Board”
means the Board of Governors of the Federal Reserve System of the U.S.

 

“Bona Fide
Debt Fund” means any debt fund, investment vehicle, regulated bank entity or unregulated lending entity engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business
for financial investment purposes and which is managed, sponsored or advised by any Person controlling, controlled by or under
common control with (a) any competitor of the Borrower and/or any of its subsidiaries or (b) any Affiliate of such competitor,
but, in each case, with respect to which no personnel involved with any investment in such Person or the management, control or
operation of such Person (i) makes, has the right to make or participates with others in making any investment decisions, or otherwise
causing the direction of the investment policies, with respect to such debt fund, investment vehicle, regulated bank entity or
unregulated lending entity or (ii) has access to any information (other than information that is publicly available) relating to
Holdings, the Borrower or its subsidiaries or any entity that forms a part of any of their respective businesses; it being understood
and agreed that the term “Bona Fide Debt Fund” shall not include any Person that is separately identified to the Initial
Lenders or the Administrative Agent in accordance with clause (a)(i) or (a)(ii) of the definition of “Disqualified Institution”
or any reasonably identifiable Affiliate of any such Person on the basis of such Affiliate’s name.

 

“Borrower”
means, as the context may require, the U.S. Borrower, the Dutch Borrower and/or any Additional Borrower. Unless the context may
otherwise require, as used in this Agreement and each other Loan Document, “the Borrower” shall refer to the U.S. Borrower.
Notwithstanding anything herein or in any other Loan Document to the contrary, no Foreign Borrower shall be jointly and severally
liable with, or otherwise be responsible for any Obligation of, any Domestic Borrower with respect to the Obligations of such Domestic
Borrower.

 

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

 

“Borrowing
Request” means a request by a Borrower for a Borrowing in accordance with ‎Section 2.03 and substantially
in the form attached hereto as Exhibit B or such other form that is reasonably acceptable to the Administrative Agent and
the Borrower.

 

“Business
Day” means (a) any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed and (b) when used in connection with a Eurocurrency Rate Loan (i) denominated in Dollars, the
term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London
interbank market; and (ii) denominated in an Alternate Currency, the term “Business Day” shall also exclude any day
(x) on which banks are not open for dealings in deposits in such Alternate Currency in the London or other applicable offshore
interbank market, (y) on which commercial banks and foreign exchange markets are not open for business in London, the Netherlands
or the principal financial center for such Alternate Currency and (z) with respect to any Loan denominated in Euros, on which the
Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) System payment system launched on November 19, 2007
or any successor settlement system is not open.

 

“Capital Expenditures”
means, as applied to any Person for any period, the aggregate amount, without duplication, of all expenditures (whether paid in
cash or accrued as liabilities and including in all events all amounts expended or capitalized under Financing Leases) that in
accordance with GAAP, are, or are required to be, included as capital expenditures on the consolidated statement of cash flows
for such Person for such period.

 

    9

     

    

 

“Capital Stock”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership
interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing,
but excluding for the avoidance of doubt any Indebtedness convertible into or exchangeable for any of the foregoing.

 

“Captive Insurance
Subsidiary” means any Restricted Subsidiary of the Borrower that is subject to regulation as an insurance company (or
any Restricted Subsidiary thereof).

 

“Cash”
or “cash” means money, currency or a credit balance in any Deposit Account, in each case determined in accordance
with GAAP.

 

“Cash Equivalents”
means, as at any date of determination, (a) readily marketable securities (i) issued or directly and unconditionally guaranteed
or insured as to interest and principal by the U.S., U.K., Canada or a member state of the European Union or any political subdivision
thereof or (ii) issued by any agency or instrumentality of the U.S., U.K., Canada or a member state of the European Union or any
political subdivision thereof, the obligations of which are backed by the full faith and credit of the U.S., U.K., Canada or a
member state of the European Union or any political subdivision thereof, in each case maturing within two years after such date
and, in each case, including repurchase agreements and reverse repurchase agreements relating thereto; (b) readily marketable direct
obligations issued by any state of the U.S. or any political subdivision of any such state or any public instrumentality thereof
or by any foreign government, in each case maturing within two years after such date and having, at the time of the acquisition
thereof, a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time neither S&P nor Moody’s
shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) and, in each
case, repurchase agreements and reverse repurchase agreements relating thereto; (c) commercial paper maturing no more than one
year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P
or at least P-2 from Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent
rating from another nationally recognized statistical rating agency); (d) deposits, money market deposits, time deposit accounts,
certificates of deposit or bankers’ acceptances (or similar instruments) maturing within one year after such date and issued
or accepted by any Lender or by any bank organized under, or authorized to operate as a bank under, the laws of the U.S., any state
thereof or the District of Columbia or any political subdivision thereof or any foreign bank or its branches or agencies and that
has capital and surplus of not less than $75,000,000 and, in each case, repurchase agreements and reverse repurchase agreements
relating thereto; (e) securities with maturities of six months or less from the date of acquisition backed by standby letters of
credit issued by any commercial bank having capital and surplus of not less than $75,000,000; (f) Indebtedness or Preferred Capital
Stock issued by Persons with a rating of at least BBB- from S&P or at least Baa3 from Moody’s (or, if at the time, neither
is issuing comparable ratings, then a comparable rating of another nationally recognized statistical rating agency) with maturities
of 12 months or less from the date of acquisition; (g) bills of exchange issued in the U.S., U.K., Canada, a member state of the
European Union or Japan eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent);
(h) shares of any money market mutual fund that has (i) substantially all of its assets invested in the types of investments referred
to in clauses (a) through (g) above, (ii) net assets of not less than $250,000,000 and (iii) a rating of at least A-2 from S&P
or at least P-2 from Moody’s (or, if at any time either S&P or Moody’s are not rating such fund, an equivalent
rating from another nationally recognized statistical rating agency); (i) solely with respect to any Captive Insurance Subsidiary,
any investment that such Captive Insurance Subsidiary is not prohibited to make in accordance with applicable law; (j) any cash
equivalents (as determined in accordance with GAAP); and (k) shares or other interests of any investment company, money market
mutual fund or other money market or enhanced high yield fund that invests 95% or more of its assets in instruments of the types
specified in clauses (a) through (j) above (which investment company or fund may also hold Cash pending investment
or distribution).

 

    10

     

    

 

The term “Cash
Equivalents” shall also include (x) Investments of the type and maturity described in the definition of “Cash Equivalents”
of foreign obligors, which Investments or obligors (or the parent companies thereof) have the ratings (if any) described in such
clauses or equivalent ratings from comparable foreign rating agencies and (y) other short-term Investments utilized by Foreign
Subsidiaries in accordance with normal investment practices for cash management in Investments analogous to the Investments described
in the definition of “Cash Equivalents” and in this paragraph.

 

“Change in
Law” means (a) the adoption of any law, rule or regulation after the Closing Date, (b) any change in any law, rule or
regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance
by any Lender or any Issuing Bank (or, for purposes of ‎Section 2.15(b), by any lending office of such Lender or such
Issuing Bank or by such Lender’s or such Issuing Bank’s holding company, if any) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date (other than any such
request, guideline or directive to comply with any law, rule or regulation that was in effect on the Closing Date). For purposes
of this definition and ‎Section 2.15, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof and (y)
all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or U.S. regulatory authorities, in each case pursuant to Basel III,
shall in each case described in clauses (a), (b) and (c) above, be deemed to be a Change in Law, regardless
of the date enacted, adopted, issued or implemented.

 

“Change of
Control” means the earliest to occur of:

 

(a) the acquisition
by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act as in effect on the Closing
Date), including any group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule
13d-5(b)(1) under the Exchange Act as in effect on the Closing Date), but excluding (i) any Employee Benefit Plan and/or Person
acting as the trustee, agent or other fiduciary or administrator therefor and (ii) one or more Permitted Holders, of Capital Stock
representing more than the greater of (x) 35% of the total voting power of all of the outstanding voting Capital Stock of Holdings
and (y) the percentage of the total voting power of all of the outstanding voting Capital Stock of Holdings collectively owned,
directly or indirectly, beneficially by the Permitted Holders; and

 

(b) the U.S.
Borrower ceasing to be a direct Wholly-Owned Subsidiary of Holdings or (until the date on which the principal of and interest on
each Loan and all fees, expenses and other amounts, in each case payable by the Dutch Borrower under any Loan Document (other than
contingent indemnification obligations for which no claim or demand has been made) have been paid in full in Cash and all commitments
in respect of the Dutch Borrower under this Agreement have been terminated) the Dutch Borrower ceasing to be an indirect Wholly-Owned
Subsidiary of Holdings, in each case other than during the pendency of any Holdings Reorganization Transaction or Permitted Reorganization
(provided that the U.S. Borrower is a direct Wholly-Owned Subsidiary and (until the date on which the principal of and interest
on each Loan and all fees, expenses and other amounts, in each case payable by the Dutch Borrower under any Loan Document (other
than contingent indemnification obligations for which no claim or demand has been made) have been paid in full in Cash and all
commitments in respect of the Dutch Borrower under this Agreement have been terminated) the Dutch Borrower is an indirect Wholly-Owned
Subsidiary of the Person that succeeds to the rights and obligations of Holdings under the Loan Documents upon the consummation
of such Holdings Reorganization Transaction or Permitted Reorganization); it being understood and agreed for the avoidance of doubt
that the Acquisition shall not trigger a “Change of Control” for any purpose under this Agreement or any other Loan
Document.

 

    11

     

    

 

Notwithstanding the
preceding clauses or any provision of Section 13d-3 of the Exchange Act as in effect on the Closing Date, (i) a Person or group
shall be deemed not to beneficially own Capital Stock subject to a stock or asset purchase agreement, merger agreement, option
agreement, warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation
of the acquisition of the Capital Stock in connection with the transactions contemplated by such agreement and (ii) if any group
includes one or more Permitted Holders, the issued and outstanding Capital Stock of Holdings owned, directly or indirectly, by
any Permitted Holders that are part of such group shall not be treated as being beneficially owned by such group or any other member
of such group for purposes of determining whether a Change of Control has occurred so long as one or more Permitted Holders hold
in excess of 50% of the issued and outstanding Capital Stock owned, directly or indirectly, by such group.

 

“Charge”
means any fee, loss, charge, expense, cost, accrual or reserve of any kind.

 

“Class”,
when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Initial
Dollar Term Loans, Initial Euro Term Loans of the U.S. Borrower or Dutch Borrower, Additional Term Loans of any series established
as a separate “Class” pursuant to Sections ‎2.22, ‎2.23 or ‎9.02(c)(i), or Initial
Revolving Loans or Additional Revolving Loans of any series established as a separate “Class” pursuant to Sections
‎2.22, ‎2.23 or ‎9.02(c)(ii), (b) any Commitment, refers to whether such Commitment is an Initial
Dollar Term Loan Commitment, Initial Euro Term Loan Commitment of the U.S. Borrower or Dutch Borrower, an Additional Term Loan
Commitment of any series established as a separate “Class” pursuant to Sections ‎2.22, ‎2.23
or ‎9.02(c)(i), or an Initial Revolving Credit Commitment or an Additional Revolving Credit Commitment of any series
established as a separate “Class” pursuant to Sections ‎2.22, ‎2.23 or ‎9.02(c)(ii),
(c) any Lender, refers to whether such Lender has a Loan or Commitment of a particular Class and (d) any Revolving Credit Exposure,
refers to whether such Revolving Credit Exposure is attributable to a Revolving Credit Commitment of a particular Class (or Revolving
Loans incurred or Letters of Credit issued under a Revolving Credit Commitment of a particular Class).

 

“Closing Date”
means the date on which the conditions specified in ‎Section 4.01 are satisfied (or waived in accordance with ‎Section
9.02).

 

“Closing Date
Material Adverse Effect” shall have the meaning assigned to the term “Material Adverse Effect” in the Acquisition
Agreement as in effect on the Closing Date (it being understood that capitalized terms used in such definition and defined in the
Acquisition Agreement shall have the meanings ascribed to such terms in the Acquisition Agreement as in effect on the Closing Date).

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
means, collectively, the U.S. Collateral and the Dutch Collateral. For the avoidance of doubt, in no event shall “Collateral”
include any Excluded Asset.

 

    12

     

    

 

“Collateral
and Guarantee Requirement” means, at any time, subject to (x) the applicable limitations set forth in this Agreement
and/or any other Loan Document (including any Acceptable Intercreditor Agreement) and (y) the time periods (and extensions thereof)
set forth in ‎Section 5.12, the requirement that:

 

(a) the Administrative
Agent shall have received from each Restricted Subsidiary required to comply with the requirements set forth in this definition
pursuant to Section 5.12(a) (A) a joinder to the Loan Guaranty in substantially the form attached as an exhibit thereto,
(B) (x) with respect to any such Restricted Subsidiary that is a Domestic Subsidiary, a supplement to the U.S. Security Agreement
in substantially the form attached as an exhibit thereto and (y) with respect to any such Restricted Subsidiary that is a Dutch
Subsidiary, supplements to the applicable Dutch Collateral Documents (or, at the option of such Dutch Subsidiary, new Dutch Collateral
Documents in substantially similar form or such other form reasonably satisfactory to the Administrative Consent Party), if applicable,
in the form attached thereto or otherwise reasonably acceptable to the Administrative Consent Party, (C) if the respective Restricted
Subsidiary required to comply with the requirements set forth in this definition pursuant to ‎Section 5.12 owns registrations
of or applications for U.S. Patents, U.S. Trademarks and/or U.S. Copyrights that constitute Collateral, an Intellectual Property
Security Agreement in substantially the form attached as an exhibit hereto, (D) with respect to any Domestic Loan Party, a completed
Perfection Certificate, (E) Uniform Commercial Code financing statements in appropriate form for filing in such jurisdictions as
the Administrative Consent Party may reasonably request and (F) an executed joinder to any Acceptable Intercreditor Agreement that
is then applicable in substantially the form attached as an exhibit thereto; and

 

(b) the Administrative
Agent shall have received with respect to any Material Real Estate Asset (other than an Excluded Asset) owned by any Domestic Loan
Party, a Mortgage and any necessary UCC fixture filing in respect thereof, in each case together with, to the extent customary
and appropriate (as reasonably determined by the Administrative Consent Party and the Borrower):

 

(i) evidence
that (A) counterparts of such Mortgage have been duly executed, acknowledged and delivered and such Mortgage and any corresponding
UCC or equivalent fixture filing are in form suitable for filing or recording in all filing or recording offices that the Administrative
Consent Party may deem reasonably necessary in order to create a valid and subsisting Lien on such Material Real Estate Asset in
favor of the Administrative Agent for the benefit of the Secured Parties, (B) such Mortgage and any corresponding UCC or equivalent
fixture filings have been duly recorded or filed, as applicable and (C) all filing and recording taxes and fees have been paid
or otherwise provided for in a manner reasonably satisfactory to the Administrative Consent Party;

 

(ii) a fully
paid policy of lender’s title insurance (a “Mortgage Policy”) in an amount reasonably acceptable to the
Administrative Consent Party (not to exceed the fair market value of the Material Real Estate Asset covered thereby (as determined
by the Borrower in good faith)) issued by a nationally recognized title insurance company in the applicable jurisdiction that is
reasonably acceptable to the Administrative Consent Party, insuring the relevant Mortgage as having created a valid subsisting
Lien on the real property described therein with the ranking or the priority which it is expressed to have in such Mortgage, subject
only to Permitted Liens and other Liens acceptable to the Administrative Consent Party, together with such endorsements, coinsurance
and reinsurance as the Administrative Consent Party may reasonably request to the extent the same are available in the applicable
jurisdiction at commercially reasonable rates; provided, however, that in lieu of a zoning endorsement the
Administrative Consent Party shall accept a zoning report from a nationally recognized zoning report provider;

 

    13

     

    

 

(iii) a customary
legal opinion of local counsel for the relevant Loan Party in the jurisdiction in which such Material Real Estate Asset is located,
as the Administrative Consent Party may reasonably request; and

 

(iv) (A) surveys
(provided an existing survey shall be acceptable if sufficient for the applicable title insurance company to remove the standard
survey exception and issue survey-related endorsements and the title insurance company does so), (B) appraisals (if required under
the Financial Institutions Reform Recovery and Enforcement Act of 1989, as amended), and (C) a completed “Life-of-Loan”
Federal Emergency Management Agency Standard Flood Hazard Determination (together with evidence of federal flood insurance for
any such Flood Hazard Property); provided that the Administrative Consent Party may in its reasonable discretion (I) accept
any existing appraisal so long as such existing appraisal satisfies any applicable local law requirements and (II) waive the requirements
for any survey.

 

Notwithstanding any
provision of any Loan Document to the contrary, if any mortgage tax or similar tax or charge is owed on the entire amount of the
Obligations evidenced hereby in connection with the delivery of a mortgage or UCC fixture filing pursuant to clause (b) above,
then, to the extent permitted by, and in accordance with, applicable Requirements of Law, the amount of such mortgage tax or similar
tax or charge shall be calculated based on the lesser of (x) the amount of the Obligations allocated to the applicable Material
Real Estate Asset and (y) the fair market value of the applicable Material Real Estate Asset at the time the Mortgage is entered
into and determined in a manner reasonably acceptable to the Administrative Consent Party and the Borrower. Notwithstanding anything
herein to the contrary, no Mortgage will be executed and delivered with respect to any Material Real Estate Asset pursuant to the
foregoing until the Administrative Agent has received written notice of such Mortgage at least 30 days prior to such execution
and delivery and has confirmed receipt of satisfactory flood due diligence and evidence of compliance with the applicable Flood
Insurance Laws.

 

Notwithstanding any
provision of any Loan Document to the contrary, (1) all Guarantees by Dutch Loan Parties shall be subject to any applicable general
mandatory statutory limitations, fraudulent preference, “thin capitalization” rules, exchange control restrictions,
corporate benefit and financial assistance and (2) Dutch Subsidiaries may be excluded from the Guarantee requirements in circumstances
where such requirements would contravene any legal prohibition or result in a material risk of personal or criminal liability on
the part of any officer, director, member or manager of such Dutch Subsidiary; provided that, Holdings and its Subsidiaries will
use all commercially reasonable efforts to remedy, mitigate and overcome any such restrictions referred to in the foregoing clauses
(1) and (2), including, without limitation, assisting in demonstrating that adequate corporate benefit accrues and undertaking
any “whitewash” or similar procedures in the case of financial assistance.

 

“Collateral
Documents” means, collectively, (i) the U.S. Security Agreement, (ii) each Mortgage (if any), (iii) each Intellectual
Property Security Agreement, (iv) the Dutch Collateral Documents, (v) any supplement to any of the foregoing delivered to the Administrative
Agent pursuant to the definition of “Collateral and Guarantee Requirement”, (vi) the Perfection Certificate and (vii)
each of the other instruments and documents pursuant to which any Loan Party grants a Lien on any Collateral as security for payment
of all or any portion of the Secured Obligations.

 

“Commercial
Letter of Credit” means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection
with the purchase of any materials, goods or services by the Borrower or any of its subsidiaries in the ordinary course of business
of such Person.

 

“Commercial
Tort Claim” has the meaning set forth in ‎Article 9 of the UCC.

 

    14

     

    

 

“Commitment”
means, with respect to each Lender, such Lender’s Initial Term Loan Commitment, Initial Revolving Credit Commitment and Additional
Commitment, as applicable, in effect as of such time.

 

“Commitment
Fee Rate” means, on any date (a) with respect to the Initial Revolving Credit Commitment, subject to the provisions of
the last paragraph hereof, the applicable rate per annum set forth below based upon the First Lien Leverage Ratio as of the last
day of the most recently ended Test Period and (b) with respect to Additional Revolving Credit Commitments of any Class, the rate
or rates per annum specified in the applicable Refinancing Amendment, Incremental Facility Amendment or Extension Amendment.

 

	First Lien Leverage Ratio	 	Commitment Fee Rate	 
	Category 1	 	 	 	 
	Greater than 5.40 to 1.00	 	 	0.500	%
	Category 2	 	 	 	 
	Equal to or less than 5.40 to 1.00	 	 	0.250	%

 

The Commitment Fee
Rate with respect to the Initial Revolving Credit Commitment shall be adjusted quarterly on a prospective basis on each Adjustment
Date based upon the First Lien Leverage Ratio in accordance with the table set forth above; provided that (a) until the
first Adjustment Date following the completion of at least one full Fiscal Quarter after the Closing Date, the Commitment Fee Rate
shall be the applicable rate per annum set forth above in Category 1 and (b) if financial statements are not delivered when required
pursuant to ‎Section 5.01(a) or ‎(b), as applicable, the Commitment Fee Rate shall be the rate per annum
set forth above in Category 1 until such financial statements are delivered in compliance with ‎Section 5.01(a) or ‎(b),
as applicable.

 

“Commitment
Letter” means that certain Commitment Letter, dated as of December 12, 2018, by and among the Initial Lenders, the Administrative
Agent and Parent.

 

“Commitment
Schedule” means the Schedule attached hereto as Schedule 1.01(a).

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Company Competitor”
means any competitor of Holdings, the Borrower, the Target and/or any of their respective subsidiaries.

 

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

 

“Confidential
Information” has the meaning assigned to such term in ‎Section 9.13.

 

    15

     

    

 

“Consolidated
Adjusted EBITDA” means, as to any Person for any period, an amount determined for such Person and its Restricted Subsidiaries
on a consolidated basis equal to the total of (a) Consolidated Net Income for such period plus (b) the sum, without duplication,
of (to the extent deducted in calculating Consolidated Net Income, other than in respect of clauses (x), (xiv), (xix)
and (xx) below) the amounts of:

 

(i) Consolidated
Interest Expense (including (A) fees and expenses paid to the Administrative Agent in connection with its services hereunder, (B)
other bank, administrative agency (or trustee) and financing fees (including rating agency fees), (C) costs of surety bonds in
connection with financing activities (whether amortized or immediately expensed) and (D) commissions, discounts and other fees
and charges owed with respect to revolving commitments, letters of credit, bank guarantees, bankers’ acceptances or any similar
facilities or financing and hedging agreements);

 

(ii) (A) Taxes
paid and any provision for Taxes, including income, profits, capital, foreign, federal, state, local, franchise and similar Taxes,
property Taxes, foreign withholding Taxes and foreign unreimbursed value added Taxes (including penalties and interest related
to any such Tax or arising from any Tax examination, and including pursuant to any Tax sharing arrangement or as a result of any
Tax distribution) of such Person paid or accrued during the relevant period and (B) any payments to a Parent Company in respect
of Taxes permitted to be made hereunder;

 

(iii) (A) depreciation,
(B) amortization (including amortization of goodwill, software and other intangible assets), (C) any impairment Charge (including
any bad debt expense) and (D) any asset write-off and/or write-down;

 

(iv) any non-cash
Charge, including the excess of rent expense over actual Cash rent paid, including the benefit of lease incentives (in the case
of a charge) during such period due to the use of straight line rent for GAAP purposes (provided that if any such non-Cash
Charge represents an accrual or reserve for potential Cash items in any future period, such Person may determine not to add back
such non-Cash Charge in the then-current period);

 

(v) [reserved];

 

(vi) Receivables
Fees and the amount of loss or discount on the sale of Receivables Facility Assets and related assets to a Receivables Subsidiary
in connection with a Receivables Facility;

 

(vii) the amount
of management, monitoring, consulting, transaction, advisory, termination and similar fees and related indemnities and expenses
(including reimbursements) paid or accrued, and payments made to Sponsor or any Parent Company (other than Holdings) pursuant to
an Acceptable Management Agreement, and payments to outside directors of the Borrower or a Parent Company actually paid by or on
behalf of, or accrued by, such Person or any of its subsidiaries; provided that such payment is permitted under this Agreement;

 

(viii) [reserved];

 

(ix) the amount
of earn-out and other contingent consideration obligations (including to the extent accounted for as bonuses, compensation or otherwise)
incurred in connection with (A) the Transactions, (B) acquisitions and Investments completed prior to the Closing Date and (C)
any acquisition or other Investment permitted by this Agreement, in each case, which is paid or accrued during the applicable period;

 

    16

     

    

 

(x) pro forma
adjustments, including pro forma “run rate” cost savings, operating expense reductions, operational improvements and
other synergies (collectively, “Expected Cost Savings”) (net of actual amounts realized) related to (A) the
Transactions that are (1) reasonably identifiable and projected by the Borrower in good faith to result from actions that have
been taken or with respect to which steps have been taken or are expected to be taken within 24 months after the Closing Date (in
the good faith determination of such Person) or (2) contemplated by the Acquisition Agreement or have been identified to the Initial
Lenders (including by inclusion in the Model, any management presentation or quality of earnings or similar report or analysis)
prior to the Closing Date (including in respect of any action taken on or prior to the Closing Date) and (B) any acquisition (including
the commencement of activities constituting a business line), combination, Investment, Disposition (including the termination or
discontinuance of activities constituting a business line), operating improvement, restructuring, cost savings initiative, any
similar initiative and/or specified transaction (other than the Transactions), in each case prior to, on or after the Closing Date
that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with
respect to which steps have been taken or are expected to be taken within 24 months after such operating improvement, restructuring,
cost savings initiative or similar initiative or specified transaction (in the good faith determination of such Person) (any such
operating improvement, restructuring, cost savings initiative or similar initiative or specified transaction, a “Cost
Saving Initiative”) (in each case, calculated on a Pro Forma Basis as though such Expected Cost Savings and/or Cost Saving
Initiative had been realized in full on the first day of such period);

 

(xi) [reserved];

 

(xii) any Charge
with respect to any liability or casualty event, business interruption or any product recall, (i) so long as such Person has submitted
in good faith, and reasonably expects to receive payment in connection with, a claim for reimbursement of such amounts under its
relevant insurance policy within the next four Fiscal Quarters or (ii) without duplication of amounts included in a prior
period under the preceding clause (i), to the extent such Charge is covered by insurance, indemnification or otherwise reimbursable
by a third party (whether or not then realized so long as the Borrower in good faith expects to receive proceeds arising out of
such insurance, indemnification or reimbursement obligation within the next four Fiscal Quarters) (it being understood that if
the amount received in cash under any such agreement in any period exceeds the amount of expense paid during such period, any excess
amount received may be carried forward and applied against any expense in any future period) (in each case of (i) and (ii), with
a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within the next four Fiscal
Quarters);

 

(xiii) unrealized
net losses in the fair market value of any arrangements under Hedge Agreements;

 

(xiv) the amount
of any Cash actually received by such Person (or the amount of the benefit of any netting arrangement resulting in reduced Cash
expenditures) during such period, and not included in Consolidated Net Income in any period, to the extent that any non-Cash gain
relating to such Cash receipt or netting arrangement was deducted in the calculation of Consolidated Adjusted EBITDA pursuant to
clause (c)(i) below for any previous period and not added back;

 

(xv) the amount
of any “bad debt” expense related to revenue earned prior to the Closing Date;

 

    17

     

    

 

(xvi) any net
Charge included in the U.S. Borrower’s consolidated financial statements due to the application of Accounting Standards Codification
Topic 810 (“ASC 810”);

 

(xvii) the
amount of any non-controlling interest or minority interest Charge consisting of income attributable to minority equity interests
of third parties in any non-Wholly-Owned Subsidiary;

 

(xviii) [reserved];

 

(xix) the amount
of any revenue that is attributable to services performed during such period but is not included in Consolidated Net Income for
such period; it being understood that if such revenue is added back in calculating Consolidated Adjusted EBITDA for such period,
such revenue shall not be included in Consolidated Net Income in the period in which it is actually recognized; and

 

(xx) any other
adjustments, exclusions and add-backs (x) reflected in the Model and quality of earnings summaries delivered to the Initial Lenders
on November 7, 2018 or (y) that are consistent with Regulation S-X;

 

minus (c) without duplication, to the extent
such amounts increase Consolidated Net Income:

 

(i) non-Cash
gains or income; provided that if any non-Cash gain or income represents an accrual or deferred income in respect of potential
Cash items in any future period, such Person may determine not to deduct such non-Cash gain or income in the current period;

 

(ii) unrealized
net gains in the fair market value of any arrangements under Hedge Agreements;

 

(iii) [reserved];

 

(iv) the amount
added back to Consolidated Adjusted EBITDA pursuant to clause (b)(xii) above (as described in such clause) to the extent
the relevant business interruption insurance proceeds were not received within the time period required by such clause;

 

(v) to the
extent that such Person adds back the amount of any non-Cash charge to Consolidated Adjusted EBITDA pursuant to clause (b)(iv)
above, the cash payment in respect thereof in the relevant future period;

 

(vi) the excess
of actual Cash rent paid over rent expense during such period due to the use of straight line rent for GAAP purposes; and

 

(vii) any Consolidated
Net Income included in the U.S. Borrower’s consolidated financial statements due to the application of ASC 810; and

 

(d) increased
or decreased (without duplication) by, as applicable, any adjustments resulting from the application of Accounting Standards Codification
Topic 460 or any comparable regulation.

 

    18

     

    

 

Notwithstanding anything
to the contrary herein, it is agreed that for the purpose of calculating the Total Leverage Ratio, the First Lien Leverage Ratio,
the Interest Coverage Ratio and the Secured Leverage Ratio and/or the amount of any basket based on a percentage of Consolidated
Adjusted EBITDA for any period that includes the Fiscal Quarters ended June 30, 2018, September 30, 2018, December 31, 2018 and
March 31, 2019, Consolidated Adjusted EBITDA for such Fiscal Quarters shall be deemed to be $22,472,959, $21,947,022, $26,216,613
and $20,809,866, respectively, in each case, as adjusted (i) on a Pro Forma Basis, as applicable and (ii) pursuant to clause (b)(x)
above, as applicable for each Test Period.

 

“Consolidated
First Lien Debt” means, as to any Person at any date of determination, the aggregate principal amount of Consolidated
Total Debt outstanding on such date that is secured by a First Priority Lien on any asset or property of such Person or its Restricted
Subsidiaries that constitutes Collateral.

 

“Consolidated
Interest Expense” means, with respect to any Person for any period, the sum of (a) consolidated total interest expense
of such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including
(without duplication), amortization of any debt issuance cost and/or original issue discount, any premium paid to obtain payment,
financial assurance or similar bonds, any interest capitalized during construction, any non-cash interest payment, the interest
component of any deferred payment obligation, commissions, discounts, yield and other fees and charges (including any interest
expense) related to any Qualified Receivables Facility, the interest component of any payment under any Financing Lease (regardless
of whether accounted for as interest expense under GAAP), any commission, discount and/or other fee or charge owed with respect
to any letter of credit, bank guarantee and/or bankers’ acceptance or any similar facilities, any fee and/or expense paid
to the Administrative Agent in connection with its services hereunder, any other bank, administrative agency (or trustee) and/or
financing fee and any cost associated with any surety bond in connection with financing activities (whether amortized or immediately
expensed)), plus (b) any cash dividend or distribution paid or payable in respect of Disqualified Capital Stock during such
period other than to such Person or any Loan Party, plus (c) any net losses, obligations or payments arising from or under any
Hedge Agreement and/or other derivative financial instrument issued by such Person for the benefit of such Person or its subsidiaries,
in each case determined on a consolidated basis for such period. For purposes of this definition, interest in respect of any Financing
Lease shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in
such Financing Lease in accordance with GAAP (or, if not implicit, as otherwise determined in accordance with GAAP).

 

“Consolidated
Net Income” means, as to any Person (the “Subject Person”) for any period, the net income (or loss)
of the Subject Person and its Restricted Subsidiaries on a consolidated basis for such period taken as a single accounting period
determined in conformity with GAAP; provided that there shall be excluded, without duplication,

 

(a) (i) any
net income (loss) of any Person if such Person is not a Borrower or a Restricted Subsidiary, except that Consolidated Net Income
will be increased by the amount of dividends, distributions or other payments made in Cash or Cash Equivalents (or converted into
Cash or Cash Equivalents) during such period by such Person to the Borrower or any other Restricted Subsidiary (subject, in the
case of any such Restricted Subsidiary that is not a Loan Party, to the limitations contained in clause (ii) below) and (ii) solely
for the purpose of determining the amount available for Restricted Payments under ‎Section 6.04(a)(iii)(A) or the amount
of Excess Cash Flow, any net income (loss) of any Restricted Subsidiary (other than a Loan Party) if such Subsidiary is subject
to restrictions on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly,
to the Borrower or any other Loan Party by operation of its organizational documents or any agreement, instrument, judgment, decree,
order, statute or governmental rule or regulation applicable thereto (other than (x) any restriction that has been waived or otherwise
released and (y) any restriction set forth in the Loan Documents, the documents related to any Incremental Facilities and/or Incremental
Equivalent Debt and the documents relating to any Replacement Debt or Refinancing Indebtedness in respect of any of the foregoing,
except that Consolidated Net Income will be increased by the amount of dividends, distributions or other payments made in Cash
or Cash Equivalents (or converted into Cash or Cash Equivalents) during such period by the Restricted Subsidiary (subject, in the
case of a dividend, distribution or other payment to another Restricted Subsidiary, to the limitations in this clause (ii));

 

    19

     

    

 

(b) any gain
or Charge attributable to any Disposition (including asset retirement costs or sales or issuances of Capital Stock) or of returned
or surplus assets outside the ordinary course of business (as determined in good faith by such Person);

 

(c) any gain
or Charge from (A) any extraordinary or exceptional item (as determined in good faith by such Person) and/or (B) any non-recurring,
special or unusual item (as determined in good faith by such Person);

 

(d) (i) any
unrealized or realized net foreign currency translation or transaction gains or Charges impacting net income (including currency
re-measurements of Indebtedness, any net gains or Charges resulting from Hedge Agreements for currency exchange risk associated
with the above or any other currency related risk, any gains or Charges relating to translation of assets and liabilities denominated
in a foreign currency and those resulting from intercompany Indebtedness), (ii) any realized or unrealized gain or Charge in respect
of (x) any obligation under any Hedge Agreement as determined in accordance with GAAP and/or (y) any other derivative instrument
pursuant to, in the case of this clause (y), the Financial Accounting Standards Board’s Accounting Standards Codification
No. 815-Derivatives and Hedging and (iii) unrealized gains or losses in respect of any Hedge Agreement and any ineffectiveness
recognized in earnings related to qualifying hedge transactions or the fair value of changes therein recognized in earnings for
derivatives that do not qualify as hedge transactions, in respect of Hedge Agreements;

 

(e) any net
gain or Charge with respect to (i) any disposed, abandoned, divested and/or discontinued asset, property or operation (other than,
at the option of the Borrower, any asset, property or operation pending the disposal, abandonment, divestiture and/or termination
thereof), (ii) any disposal, abandonment, divestiture and/or discontinuation of any asset, property or operation (other than, at
the option of the Borrower, relating to assets or properties held for sale or pending the divestiture or discontinuation thereof)
and/or (iii) any facility that has been closed during such period;

 

(f) any net
income or Charge (less all fees and expenses related thereto) attributable to (i) the early extinguishment or cancellation
of Indebtedness or (ii) any Derivative Transaction;

 

(g) (i) any
Charge incurred as a result of, in connection with or pursuant to (or incurred by a Parent Company to the extent permitted to be
paid by a Borrower hereunder) any management equity plan, profits interest or stock option plan or any other management or employee
benefit plan or agreement, any pension plan (including any post-employment benefit scheme which has been agreed with the relevant
pension trustee), any stock subscription or shareholders agreement, any distributor equity plan or any similar equity plan or agreement
(including any deferred compensation arrangement), (ii) any Charge incurred in connection with the rollover, acceleration or payout
of Capital Stock held by management of any Parent Company, the Borrower and/or any of its subsidiaries, in each case under this
clause (ii), to the extent that any such cash Charge is funded with net Cash proceeds contributed to the Subject Person
as a capital contribution or as a result of the sale or issuance of Qualified Capital Stock of the Subject Person and (iii) the
amount of payments made to optionholders of such Person or any Parent Company in connection with, or as a result of, any distribution
being made to equityholders of such Person or its Parent Companies, which payments are being made to compensate such optionholders
as though they were equityholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted
hereunder;

 

    20

     

    

 

(h) any Charge
that is established, adjusted and/or incurred, as applicable, (i) within 24 months after the Closing Date that is required to be
established, adjusted or incurred, as applicable, as a result of the Transactions in accordance with GAAP, (ii) within 24 months
after the closing of any other acquisition that is required to be established, adjusted or incurred, as applicable, as a result
of such acquisition in accordance with GAAP or (iii) as a result of any change in, or the adoption or modification of, accounting
principles or policies;

 

(i) any (A)
write-off or amortization made in such period of deferred financing costs and premiums paid or other expenses incurred directly
in connection with any early extinguishment of Indebtedness, (B) goodwill or other asset impairment charges, write-offs or write-downs
and (C) other amortization (including amortization of goodwill, software, deferred or capitalized financing fees, debt issuance
costs, commissions and expenses and other intangible assets);

 

(j) (A) the
effects of adjustments (including the effects of such adjustments pushed down to the Subject Person and its subsidiaries) in component
amounts required or permitted by GAAP (including, without limitation, in the inventory (including any impact of changes to inventory
valuation policy methods, including changes in capitalization of variances), property and equipment, lease, rights fee arrangements,
software, goodwill, intangible asset (including customer molds), in-process research and development, deferred revenue, advanced
billing and debt line items thereof), resulting from the application of recapitalization accounting or acquisition or purchase
accounting, as the case may be, in relation to the Transactions or any consummated acquisition or similar Investment or the amortization
or write-off of any amounts thereof (including any write-off of in process research and development) and/or (B) the cumulative
effect of any change in accounting principles or policies (effected by way of either a cumulative effect adjustment or as a retroactive
application, in each case, in accordance with GAAP) (except that, if the Borrower determines in good faith that the cumulative
effects thereof are not material to the interests of the Lenders, the effects of any change in any such principles or policies
may be included in any subsequent period after the Fiscal Quarter in which such change, adoption or modification was made);

 

(k) the income
or loss of any Person accrued prior to the date on which such Person became a Restricted Subsidiary of such Subject Person or is
merged into or consolidated with such Subject Person or any Restricted Subsidiary of such Subject Person or the date that such
other Person’s assets are acquired by such Subject Person or any Restricted Subsidiary of such Subject Person (except to
the extent required for any calculation of Consolidated Adjusted EBITDA on a Pro Forma Basis in accordance with ‎Section
1.04);

 

(l) any deferred
Tax expense associated with any tax deduction or net operating loss arising as a result of the Transactions, or the release of
any valuation allowance related to any such item;

 

    21

     

    

 

(m) (i) any
non-cash deemed finance Charges in respect of any pension liabilities or other provisions and (ii) income (loss) attributable to
deferred compensation plans or trusts;

 

(n) earn-out,
non-compete and contingent consideration obligations (including to the extent accounted for as bonuses, compensation or otherwise)
and adjustments thereof and purchase price adjustments, including in connection with the Transactions, any acquisition or Investment
permitted hereunder or in respect of any acquisition consummated prior to the Closing Date;

 

(o) Charges
(including facility operating losses) related to any de novo facility or any facility renovation (including in each case with respect
to any manufacturing facility), including any construction, pre-opening/re-opening and start-up period prior to opening (or re-opening,
as applicable), until such facility has been open (or renovated) and operating for a period of 12 consecutive months;

 

(p) (A) Transaction
Costs, (B) any Charges incurred in connection with any transaction (in each case, regardless of whether consummated), whether or
not permitted under this Agreement, including any issuance and/or incurrence of Indebtedness and/or any issuance and/or offering
of Capital Stock (including, in each case, by any Parent Company), any Investment, any acquisition, any Disposition, any recapitalization,
any merger, consolidation or amalgamation, becoming a standalone company, any option buyout or any repayment, redemption, refinancing,
amendment or modification of Indebtedness (including any amortization or write-off of debt issuance or deferred financing costs,
premiums and prepayment penalties) or any similar transaction, (C) the amount of any Charges that are actually reimbursed or reimbursable
by third parties pursuant to indemnification or reimbursement provisions or similar agreements or insurance (it being understood
that if the amount received in cash under any such agreement in any period exceeds the amount of expense paid during such period,
any excess amount received may be carried forward and applied against any expense in any future period); provided that in
respect of any reimbursable Charge that is added back in reliance on clause (C) above, such relevant Person in good faith
expects to receive reimbursement for such Charge within the next four Fiscal Quarters (with a deduction in the applicable future
period for any amount so added back to the extent not so reimbursed within the next four Fiscal Quarters) and/or (D) Public Company
Costs;

 

(q) Charges
incurred or accrued in connection with any single or one-time event (as determined in good faith by such Person), including in
connection with (A) the Transactions and/or any acquisition consummated after the Closing Date (including legal, accounting and
other professional fees and expenses incurred in connection with acquisitions and other Investments made prior to the Closing Date),
(B) the closing, consolidation or reconfiguration of any facility during such period or (C) one-time consulting costs;

 

    22

     

    

 

(r) Charges
attributable to the undertaking and/or implementation of new initiatives, business optimization activities, cost savings initiatives
(including Cost Saving Initiatives), cost rationalization programs, operating expense reductions and/or synergies and/or similar
initiatives and/or programs (including in connection with any integration, restructuring or transition, any reconstruction, decommissioning,
recommissioning or reconfiguration of fixed assets for alternative uses, any office or facility opening and/or pre-opening), including
the following: any inventory optimization program and/or any curtailment, any business optimization Charge, any restructuring Charge
(including any Charge relating to any tax restructuring), any Charge relating to the closure or consolidation of any office or
facility (including but not limited to rent termination costs, moving costs and legal costs), any systems implementation Charge,
any severance Charge, any one time compensation Charge, any Charge relating to entry into a new market, any Charge relating to
rights fee arrangements (including any early terminations thereof), any Charge relating to any strategic initiative or contract,
any signing Charge, any Charge relating to any entry into new markets and contracts (including, without limitation, any renewals,
extensions or other modifications thereof) or new product introductions or exiting a market, contract or product, any retention
or completion Charge or bonus, any recruiting Charge, any lease run-off Charge, any expansion and/or relocation Charge, any Charge
associated with any modification or curtailment to any pension and post-retirement employee benefit plan (including any settlement
of pension liabilities), any software or other intellectual property development Charge, any Charge associated with new systems
design, any implementation Charge, any transition Charge, any Charge associated with improvements to IT or accounting functions,
losses related to temporary decreases in work volume and expenses related to maintaining underutilized personnel, any project startup
Charge, any Charge in connection with new operations, any Charge in connection with unused warehouse space, any Charge relating
to a new contract, any consulting Charge and/or any corporate development Charge;

 

(s) non-cash
compensation Charges and/or any other non-cash Charges arising from the granting of any stock, stock option or similar arrangement
(including any profits interest), the granting of any restricted stock, stock appreciation right and/or similar arrangement (including
any repricing, amendment, modification, substitution or change of any such stock option, restricted stock, stock appreciation right,
profits interest or similar arrangement or the vesting of any warrant); and

 

(t) to the
extent such amount would otherwise increase Consolidated Net Income, Taxes paid (including pursuant to any Tax sharing arrangement)
in cash (including, to the extent paid in cash, Taxes arising out of any tax examination) and (B) Tax distributions made in cash
during such period.

 

In addition, to the
extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, Consolidated Net Income
will include the proceeds of business interruption insurance in an amount representing the earnings for the applicable period that
such proceeds are intended to replace (whether or not received so long as the Borrower in good faith expects to receive such proceeds
within the next four Fiscal Quarters (with a deduction in the applicable future period for any amount so added back to the extent
not so received within the next four Fiscal Quarters)).

 

“Consolidated
Secured Debt” means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total
Debt outstanding on such date that is secured by a Lien on any asset or property of such Person or its Restricted Subsidiaries
that constitutes Collateral.

 

“Consolidated
Total Assets” means, as to any Person, at any date, all amounts that would, in conformity with GAAP, be set forth opposite
the caption “total assets” (or any like caption) on a consolidated balance sheet of the applicable Person at such date.

 

    23

     

    

 

“Consolidated
Total Debt” means, as to any Person at any date of determination, the aggregate principal amount of all debt for borrowed
money (including LC Disbursements that have not been reimbursed within three Business Days and the outstanding principal balance
of all Indebtedness of such Person represented by notes, bonds and similar instruments), Financing Leases and purchase money Indebtedness
(but excluding in each case, for the avoidance of doubt, undrawn letters of credit), in each case as reflected on a balance sheet
of such Person prepared in accordance with GAAP; provided that “Consolidated Total Debt”, “Consolidated
First Lien Debt” and “Consolidated Secured Debt” shall in each case (but without duplication) be calculated (for
all purposes hereunder, including as a component of the definitions of First Lien Leverage Ratio, Secured Leverage Ratio and Total
Leverage Ratio, and any applications of such definitions) (i) net of the Unrestricted Cash Amount, (ii) to exclude any
obligation, liability or indebtedness of such Person if, upon or prior to the maturity thereof, such Person has irrevocably deposited
with the proper Person in trust or escrow the necessary funds (or evidences of indebtedness) for the payment, redemption or satisfaction
of such obligation, liability or indebtedness, and thereafter such funds and evidences of such obligation, liability or indebtedness
or other security so deposited are not included in the calculation of the Unrestricted Cash Amount, (iii) to exclude obligations
under any Derivative Transaction, any Qualified Receivables Facility, or under any Indebtedness that is non-recourse to the Borrower
and its Restricted Subsidiaries and (iv) to exclude obligations under any Non-Financing Lease Obligation.

 

“Consolidated
Working Capital” means, as at any date of determination, the excess of Current Assets over Current Liabilities.

 

“Consolidated
Working Capital Adjustment” means, for any period on a consolidated basis, the amount (which may be a negative number)
by which Consolidated Working Capital as of the beginning of such period exceeds (or is less than) Consolidated Working Capital
as of the end of such period; provided that there shall be excluded (a) the effect of reclassification during such period
between current assets and long term assets and current liabilities and long term liabilities (with a corresponding restatement
of the prior period to give effect to such reclassification), (b) the effect of any Disposition of any Person, facility or line
of business or acquisition of any Person, facility or line of business during such period, (c) the effect of any fluctuations in
the amount of accrued and contingent obligations under any Hedge Agreement and (d) the application of purchase or recapitalization
accounting.

 

“Contractual
Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any indenture,
mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or
any of its properties is bound or to which it or any of its properties is subject.

 

“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.

 

“Copyright”
means the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright whether published or
unpublished, copyright registrations and copyright applications; (b) all renewals of the foregoing; (c) all income, royalties,
damages and payments now or hereafter due or payable under any of the foregoing, including, without limitation, damages or payments
for past and future infringements thereof; (d) the right to sue for past, present and future infringements thereof; and (e) all
domestic rights corresponding to any of the foregoing.

 

“Cost Saving
Initiative” has the meaning assigned to such term in the definition of “Consolidated Adjusted EBITDA”.

 

“Credit Extension”
means each of (i) the making of a Revolving Loan or (ii) the issuance, amendment, modification, renewal or extension of any Letter
of Credit (other than any such amendment, modification, renewal or extension that does not increase the Stated Amount, or extend
the expiration date, of the relevant Letter of Credit).

 

“Credit Facilities”
means the Revolving Facility and the Term Facility.

 

“Cure Amount”
has the meaning assigned to such term in ‎Section 6.15(b).

 

    24

     

    

 

“Cure Right”
has the meaning assigned to such term in ‎Section 6.15(b).

 

“Current Assets”
means, at any date, all assets of the Borrower and its Restricted Subsidiaries which under GAAP would be classified as current
assets (excluding any (i) Cash or Cash Equivalents (including Cash and Cash Equivalents held on deposit for third parties by the
Borrower and/or any Restricted Subsidiary), (ii) permitted loans to third parties, (iii) deferred bank fees and derivative financial
instruments related to Indebtedness, (iv) the current portion of current and deferred Tax assets and (v) assets held for sale
or pension assets).

 

“Current Liabilities”
means, at any date, all liabilities of the Borrower and its Restricted Subsidiaries which under GAAP would be classified as current
liabilities, other than (i) current maturities of long term debt, (ii) outstanding revolving loans and letter of credit
exposure, (iii) accruals of Consolidated Interest Expense (excluding Consolidated Interest Expense that is due and unpaid),
(iv) obligations in respect of derivative financial instruments related to Indebtedness, (v) the current portion of current
and deferred Tax liabilities, (vi) liabilities in respect of unpaid earnouts, (vii) accruals relating to restructuring reserves,
(viii) liabilities in respect of funds of third parties on deposit with the Borrower and/or any Restricted Subsidiary, (ix) the
current portion of any Financing Lease, (x) any liabilities recorded in connection with stock based awards, partnership interest
based awards, awards of profits interests, deferred compensation awards and similar initiative based compensation awards or arrangements
and (xi) the current portion of any other long term liability for borrowed money.

 

“Debt Fund
Affiliate” means any Affiliate (other than a natural person) of Parent that is a bona fide debt fund or investment vehicle
that is engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise
investing in commercial loans, bonds and similar extensions of credit or Securities in the ordinary course of business and for
which no personnel making investment decisions in respect of any equity investor which has a direct or indirect equity investment
in Parent or the Borrower or its Restricted Subsidiaries has the right to make any investment decision.

 

“Debtor Relief
Laws” means the Bankruptcy Code of the U.S., and all other liquidation, conservatorship, bankruptcy, general assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws
of the U.S. or the Netherlands or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally and including any suspension of payments (surseance verleend), emergency regulations (noodregeling) as
provided for in the Dutch Financial Supervision Act (Wet of het financieel toezicht), bankruptcy (failliet verklaard),
filing by a Dutch entity of a notice under Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990)
or Section 60 of the Social Insurance Financing Act of the Netherlands (Wet Financiering Sociale Verzekeringen) in conjunction
with Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990), or any other insolvency proceedings
listed in Annex A or winding up proceedings listed in Annex B of the EU Insolvency Regulation.

 

“Declined
Proceeds” has the meaning assigned to such term in ‎Section 2.11(b)(v).

 

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

 

    25

     

    

 

“Defaulting
Lender” means any Lender that has (a) defaulted in its obligations under this Agreement, including without limitation,
to make a Loan within one Business Day of the date required to be made by it hereunder or to fund its participation in a Letter
of Credit required to be funded by it hereunder within two Business Days of the date such obligation arose or such Loan or Letter
of Credit was required to be made or funded, (b) notified the Administrative Agent, any Issuing Bank or any Loan Party in writing
that it does not intend to satisfy any such obligation or has made a public statement to the effect that it does not intend to
comply with its funding obligations under this Agreement or under agreements in which it commits to extend credit generally, (c)
failed, within two Business Days after the request of the Administrative Agent or the Borrower, to confirm in writing that it will
comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding
Letters of Credit; 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, (d) become (or any parent company thereof has become) insolvent
or been determined by any Governmental Authority having regulatory authority over such Person or its assets, to be insolvent, or
the assets or management of which has been taken over by any Governmental Authority, (e) become (or any parent company thereof
has become) the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee
for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed
for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in, any such proceeding
or appointment, unless in the case of any Lender subject to this clause (e), the Borrower and the Administrative Agent shall
each have determined that such Lender intends, and has all approvals required to enable it (in form and substance satisfactory
to the Borrower and the Administrative Agent) to continue to perform its obligations as a Lender hereunder or (f) become (or any
parent company thereof has become) the subject of a Bail-In Action; provided that no Lender shall be deemed to be a Defaulting
Lender solely by virtue of the ownership or acquisition of any Capital Stock in such Lender or its parent by any Governmental Authority;
provided that such action does not result in or provide such Lender with immunity from the jurisdiction of courts within
the U.S. or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contract or agreement to which such Lender is a party.

 

“Defaulting
Revolving Lender” means a Revolving Lender that is a Defaulting Lender.

 

“Delaware
Divided LLC” means any Delaware LLC formed upon the consummation of a Delaware LLC Division.

 

“Delaware
LLC” means any limited liability company organized or formed under the laws of the State of Delaware.

 

“Delaware
LLC Division” means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217
of the Delaware Limited Liability Company Act.

 

“Deleveraging
Event” means the first date on which (x) the First Lien Leverage Ratio is less than 4.25:1.00 or (y) the Borrower incurs
any Junior Indebtedness or unsecured Indebtedness for borrowed money (other than Indebtedness incurred pursuant to Section 6.01(b),
(i) and (p) (to the extent extending, refinancing, refunding or replacing such Indebtedness permitted under Section
6.01(b) and (i)).

 

“Deposit Account”
means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization,
excluding, for the avoidance of doubt, any investment property (within the meaning of the UCC) or any account evidenced by an instrument
or negotiable certificate of deposit (within the meaning of the UCC).

 

    26

     

    

 

“Derivative
Transaction” means (a) any interest-rate transaction, including any interest-rate swap, basis swap, forward rate agreement,
interest rate option (including a cap, collar or floor), and any other instrument linked to interest rates that gives rise to similar
credit risks (including when-issued securities and forward deposits accepted), (b) any exchange-rate transaction, including any
cross-currency interest-rate swap, any forward foreign-exchange contract, any currency option, and any other instrument linked
to exchange rates that gives rise to similar credit risks, (c) any equity derivative transaction, including any equity-linked swap,
any equity-linked option, any forward equity-linked contract, and any other instrument linked to equities that gives rise to similar
credit risk and (d) any commodity (including precious metal) derivative transaction, including any commodity-linked swap, any commodity-linked
option, any forward commodity-linked contract, and any other instrument linked to commodities that gives rise to similar credit
risks; provided, that, no phantom stock or similar plan providing for payments only on account of services provided by current
or former directors, officers, employees, members of management, managers or consultants of the Borrower or its subsidiaries shall
constitute a Derivative Transaction.

 

“Designated
Loans” has the meaning assigned to such term in ‎Section 1.11(e).

 

“Designated
Non-Cash Consideration” means the fair market value (as determined by the Borrower in good faith) of non-Cash consideration
received by the Borrower or any Restricted Subsidiary in connection with any Disposition pursuant to ‎Section 6.07(h)
and/or a Sale and Lease-Back Transaction pursuant to ‎Section 6.08 that is designated as Designated Non-Cash Consideration
pursuant to a certificate of a Responsible Officer of the Borrower, setting forth the basis of such valuation (which amount will
be reduced by the amount of Cash or Cash Equivalents received in connection with a subsequent sale or conversion of such Designated
Non-Cash Consideration to Cash or Cash Equivalents).

 

“Designating
Lender” has the meaning assigned to such term in ‎Section 1.11(e).

 

“Discount
Range” has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Disposition”
or “Dispose” means the sale, lease, sublease or other disposition of any property of any Person, including any
disposition of property to a Delaware Divided LLC pursuant to a Delaware LLC Division. The fair market value of any assets or other
property Disposed of shall be determined by the Borrower in good faith and shall be measured at the time provided for in ‎Section
1.04(e).

 

“Disposition
Date” means the first day after the Closing Date on which the Principal Investors (in the aggregate) both (a) cease to
hold more than 50% of the aggregate principal amount of the then-outstanding Loans and undrawn Revolving Credit Commitments and
(b) cease to hold more than 50% of the aggregate principal amount of the Loans and undrawn Revolving Credit Commitments held by
the Initial Lenders (in the aggregate) on the Closing Date.

 

“Disqualified
Capital Stock” means any Capital Stock which, by its terms (or by the terms of any Security into which it is convertible
or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional
redemption by the issuer thereof) or is mandatorily redeemable (other than for Qualified Capital Stock), pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than for Qualified Capital Stock), in
whole or in part, prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued (it being understood
that if any such redemption is in part, only such part coming into effect prior to 91 days following the Latest Maturity Date at
the time such Capital Stock is issued shall constitute Disqualified Capital Stock), (b) is or becomes convertible into or exchangeable
(unless at the sole option of the issuer thereof) for (i) debt Securities or (ii) any Capital Stock that would constitute Disqualified
Capital Stock, in each case at any time prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued,
(c) contains any mandatory repurchase obligation or any other repurchase obligation at the option of the holder thereof (other
than for Qualified Capital Stock), in whole or in part, which may come into effect prior to 91 days following the Latest Maturity
Date at the time such Capital Stock is issued (it being understood that if any such repurchase obligation is in part, only such
part coming into effect prior to 91 days following such Latest Maturity Date at the time such Capital Stock is issued shall constitute
Disqualified Capital Stock) or (d) provides for the scheduled payments of dividends in Cash prior to 91 days following the Latest
Maturity Date at the time such Capital Stock is issued; provided that any Capital Stock that would not constitute Disqualified
Capital Stock but for provisions thereof giving holders thereof (or the holders of any Security into or for which such Capital
Stock is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Capital Stock upon the
occurrence of any change of control or any Disposition occurring prior to 91 days following the Latest Maturity Date at the time
such Capital Stock is issued shall not constitute Disqualified Capital Stock if such Capital Stock provides that the issuer thereof
will not redeem any such Capital Stock pursuant to such provisions prior to the Termination Date.

 

    27

     

    

 

Notwithstanding the
preceding sentence, (A) if such Capital Stock is issued pursuant to any plan for the benefit of directors, officers, employees,
members of management, managers or consultants or by any such plan to such directors, officers, employees, members of management,
managers or consultants, in each case in the ordinary course of business of Holdings, the Borrower or any Restricted Subsidiary,
such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by the issuer
thereof in order to satisfy applicable statutory or regulatory obligations and (B) no Capital Stock held by any Permitted Payee
shall be considered Disqualified Capital Stock because such stock is redeemable or subject to repurchase pursuant to any management
equity subscription agreement, stock option, stock appreciation right or other stock award agreement, stock ownership plan, put
agreement, stockholder agreement or similar agreement that may be in effect from time to time.

 

“Disqualified
Institution” means:

 

(a)
(i) any Person identified by the Borrower or the Parent (or their attorneys) as such in writing to the Initial Lenders and
the Administrative Agent on or prior to December 12, 2018 (including by way of email), (ii) any Person identified by the Borrower
or the Parent (or their attorneys) as such in writing (and reasonably satisfactory) to the Administrative
Consent Party and the Administrative Agent after the Closing Date (including by way of email), (iii) any Affiliate of any
Person described in clauses (i) or (ii) above that is reasonably identifiable as an Affiliate of such Person on the
basis of such Affiliate’s name (other than Bona Fide Debt Funds other than such Bona Fide Debt Funds excluded pursuant to
clause (a)(i) or (a)(ii) of this paragraph) and (iv) any other Affiliate of any Person described in clauses (i) or (ii)
above that is identified by the Borrower or the Parent (or their attorneys) in a written notice (including by way of email) to
the Initial Lenders and the Administrative Agent (if prior to the Closing Date) or the Administrative
Consent Party (if on or after the Closing Date); and

 

(b)
(i) any Person that is or becomes a Company Competitor and is identified by the Borrower or the Parent (or their attorneys)
as such in writing (including by way of email) to the Initial Lenders and the Administrative Agent (if prior to the Closing Date)
or the Administrative Agent and the Administrative Consent Party (if on or after the Closing
Date), (ii) any Affiliate of any Person described in clause (i) above that is reasonably identifiable as an Affiliate of
such Person on the basis of such Affiliate’s name (other than Bona Fide Debt Funds other than such Bona Fide Debt Funds excluded
pursuant to clause (b)(i) of this paragraph) and (iii) any other Affiliate of any Person described in clause (i) above that
is identified by the Borrower or the Parent (or their attorneys) in a written notice (including by way of email) to the Initial
Lenders and the Administrative Agent (if prior to the Closing Date) or the Administrative Agent and the Administrative
Consent Party (if on or after the Closing Date);

 

it being understood and agreed that no
written notice delivered pursuant to clauses (a)(ii), (a)(iv), (b)(i) and/or (b)(iii) above shall apply
retroactively to disqualify any Person that has previously acquired an assignment or participation interest in any Loans or Commitments
if such Person was not a Disqualified Institution at the time of acquisition of such assignment or participation interest.

 

    28

     

    

 

“Disregarded
Subsidiary” means any Subsidiary that has no material assets other than the Capital Stock and/or Indebtedness of one
or more Foreign Subsidiaries that are “controlled foreign corporations” (as defined in Section 957(a) of the Code)
or one or more Disregarded Subsidiaries, IP Rights related to such Foreign Subsidiaries or Disregarded Subsidiaries, Cash or Cash
Equivalents and other incidental assets related thereto.

 

“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in Dollars, such amount and (b) with respect to any amount denominated
in any currency other than Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such
time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date or other relevant date of determination)
for the purchase of Dollars with such other currency.

 

“Dollars”
or “$” refers to lawful money of the U.S.

 

“Domestic
Borrower” means the U.S. Borrower and each Additional Borrower that is incorporated or organized under the laws of the
U.S., any state thereof or the District of Columbia.

 

“Domestic
Loan Party” means the U.S. Borrower and each other Loan Party that is incorporated or organized under the laws of the
U.S., any state thereof or the District of Columbia.

 

“Domestic
Subsidiary” means any Restricted Subsidiary incorporated or organized under the laws of the U.S., any state thereof or
the District of Columbia.

 

“Dutch Auction”
means an auction (an “Auction”) conducted by any Affiliated Lender or any Debt Fund Affiliate (any such Person,
the “Auction Party”) in order to purchase Initial Term Loans (or any Additional Term Loans), in accordance with
the following procedures (as may be modified by such Affiliated Lender or Debt Fund Affiliate (as applicable) and the applicable
Auction Agent in connection with a particular Auction transaction); provided that no Auction Party shall initiate any Auction
unless (I) at least five Business Days have passed since the consummation of the most recent purchase of Term Loans pursuant to
an Auction conducted hereunder; or (II) at least three Business Days have passed since the date of the last Failed Auction (or
equivalent) which was withdrawn:

 

(a) Notice
Procedures. In connection with any Auction, the Auction Party will provide notification to the Auction Agent (for distribution
to the relevant Lenders) of the Term Loans that will be the subject of the Auction (an “Auction Notice”). Each
Auction Notice shall be in a form reasonably acceptable to the Auction Agent and shall (i) specify the maximum aggregate principal
amount of the Term Loans subject to the Auction, in a minimum amount of $10,000,000 and whole increments of $1,000,000 in excess
thereof (or, in the case of any such Term Loans denominated in Euros, in a minimum amount of €10,000,000 and whole increments
of €1,000,000 in excess thereof) (or, in any case, such lesser amount of such Term Loans then outstanding or which is otherwise
reasonably acceptable to the Auction Agent and the Administrative Agent (if different from the Auction Agent)) (the “Auction
Amount”), (ii) specify the discount to par (which may be a range (the “Discount Range”) of percentages
of the par principal amount of the Term Loans subject to such Auction), that represents the range of purchase prices that the Auction
Party would be willing to accept in the Auction, (iii) be extended, at the sole discretion of the Auction Party, to (x) each Lender
and/or (y) each Lender with respect to any Term Loan on an individual Class basis and (iv) remain outstanding through the Auction
Response Date. The Auction Agent will promptly provide each appropriate Lender with a copy of the Auction Notice and a form of
the Return Bid to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the
date specified in the Auction Notice (or such later date as the Auction Party may agree with the reasonable consent of the Auction
Agent) (the “Auction Response Date”).

 

    29

     

    

 

(b) Reply
Procedures. In connection with any Auction, each Lender holding the relevant Term Loans subject to such Auction may, in its
sole discretion, participate in such Auction and may provide the Auction Agent with a notice of participation (the “Return
Bid”) which shall be in a form reasonably acceptable to the Auction Agent, and shall specify (i) a discount to par (that
must be expressed as a price at which it is willing to sell all or any portion of such Term Loans) (the “Reply Price”),
which (when expressed as a percentage of the par principal amount of such Term Loans) must be within the Discount Range and (ii)
a principal amount of such Term Loans, which must be in whole increments of $1,000,000 (or, in the case of any such Term Loans
denominated in Euros, whole increments of €1,000,000) (or, in any case, such lesser amount of such Term Loans of such Lender
then outstanding or which is otherwise reasonably acceptable to the Auction Agent) (the “Reply Amount”). Lenders
may only submit one Return Bid per Auction, but each Return Bid may contain up to three bids only one of which may result in a
Qualifying Bid. In addition to the Return Bid, the participating Lender must execute and deliver, to be held in escrow by the Auction
Agent, an Assignment Agreement with the principal amount of the Term Loans to be assigned to be left in blank, which amount shall
be completed by the Auction Agent in accordance with the final determination of such Lender’s Qualifying Bid pursuant to
clause (c) below. Any Lender whose Return Bid is not received by the Auction Agent by the Auction Response Date shall be
deemed to have declined to participate in the relevant Auction with respect to all of its Term Loans.

 

(c) Acceptance
Procedures. Based on the Reply Prices and Reply Amounts received by the Auction Agent prior to the applicable Auction Response
Date, the Auction Agent, in consultation with the Auction Party, will determine the applicable price (the “Applicable
Price”) for the Auction, which will be the lowest Reply Price for which the Auction Party can complete the Auction at
the Auction Amount; provided that, in the event that the Reply Amounts are insufficient to allow the Auction Party to complete
a purchase of the entire Auction Amount (any such Auction, a “Failed Auction”), the Auction Party shall either,
at its election, (i) withdraw the Auction or (ii) complete the Auction at an Applicable Price equal to the highest Reply Price.
The Auction Party shall purchase the relevant Term Loans (or the respective portions thereof) from each Lender with a Reply Price
that is equal to or lower than the Applicable Price (“Qualifying Bids”) at the Applicable Price; provided
that if the aggregate proceeds required to purchase all Term Loans subject to Qualifying Bids would exceed the Auction Amount for
such Auction, the Auction Party shall purchase such Term Loans at the Applicable Price ratably based on the principal amounts of
such Qualifying Bids (subject to rounding requirements specified by the Auction Agent in its discretion). If a Lender has submitted
a Return Bid containing multiple bids at different Reply Prices, only the bid with the lowest Reply Price that is equal to or less
than the Applicable Price will be deemed to be the Qualifying Bid of such Lender (e.g., a Reply Price of $100 with a discount to
par of 1%, when compared to an Applicable Price of $100 with a 2% discount to par, will not be deemed to be a Qualifying Bid, while,
however, a Reply Price of $100 with a discount to par of 2.50% would be deemed to be a Qualifying Bid). The Auction Agent shall
promptly, and in any case within five Business Days following the Auction Response Date with respect to an Auction, notify (I)
the Borrower of the respective Lenders’ responses to such solicitation, the effective date of the purchase of Term Loans
pursuant to such Auction, the Applicable Price, and the aggregate principal amount of the Term Loans and the tranches thereof to
be purchased pursuant to such Auction, (II) each participating Lender of the effective date of the purchase of Term Loans pursuant
to such Auction, the Applicable Price, and the aggregate principal amount and the tranches of Term Loans to be purchased at the
Applicable Price on such date, (III) each participating Lender of the aggregate principal amount and the tranches of the Term Loans
of such Lender to be purchased at the Applicable Price on such date and (IV) if applicable, each participating Lender of any rounding
and/or proration pursuant to the second preceding sentence. Each determination by the Auction Agent of the amounts stated in the
foregoing notices to the Borrower and Lenders shall be conclusive and binding for all purposes absent manifest error.

 

    30

     

    

 

(d) Additional
Procedures.

 

(i) Once initiated
by an Auction Notice, the Auction Party may not withdraw an Auction other than a Failed Auction. Furthermore, in connection with
any Auction, upon submission by a Lender of a Qualifying Bid, such Lender (each, a “Qualifying Lender”) will
be obligated to sell the entirety or its allocable portion of the Reply Amount, as the case may be, at the Applicable Price.

 

(ii) To the
extent not expressly provided for herein, each purchase of Term Loans pursuant to an Auction shall be consummated pursuant to procedures
consistent with the provisions in this definition, established by the Auction Agent acting in its reasonable discretion and as
reasonably agreed by the Borrower.

 

(iii) In connection
with any Auction, the Borrower and the Lenders acknowledge and agree that the Auction Agent may require as a condition to any Auction,
the payment of customary fees and expenses by the Auction Party in connection therewith as agreed between the Auction Party and
the Auction Agent.

 

(iv) Notwithstanding
anything in any Loan Document to the contrary, for purposes of this definition, each notice or other communication required to
be delivered or otherwise provided to the Auction Agent (or its delegate) shall be deemed to have been given upon the Auction Agent’s
(or its delegate’s) actual receipt during normal business hours of such notice or communication; provided that any
notice or communication actually received outside of normal business hours shall be deemed to have been given as of the opening
of business on the next Business Day.

 

(v) The Borrower
and the Lenders acknowledge and agree that the Auction Agent may perform any and all of its duties under this definition by itself
or through any Affiliate of the Auction Agent and expressly consent to any such delegation of duties by the Auction Agent to such
Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement
shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any purchase of Term Loans
provided for in this definition as well as activities of the Auction Agent.

 

“Dutch Borrower”
means (a) prior to the consummation of a transaction described in clause (b), the Initial Dutch Borrower and (b) following the
consummation of a transaction permitted hereunder that results in a Successor Borrower, such Successor Borrower.

 

“Dutch Collateral”
means any and all property of any Dutch Loan Party subject to a Lien under any Collateral Document to secure all or any portion
of the Secured Obligations of the Dutch Loan Parties.

 

    31

     

    

 

“Dutch Collateral
Documents” means:

 

(i) a Dutch law governed
deed of pledge over (A) 65% of all registered shares in the capital of Kapnar Holdings B.V., to be entered into by Ranpak Corp.
as pledgor, the Administrative Agent as pledgee and Kapnar Holdings B.V. as the company whose shares will be pledged and (B) 35%
of all registered shares in the capital of Kapnar Holdings B.V., to be entered into by Ranpak Corp. as pledgor, the Administrative
Agent as pledgee and Kapnar Holdings B.V. as the company whose shares will be pledged; provided that the deed of pledge
described in clause (B) shall only be pledged as Collateral in respect of the Obligations of the Dutch Loan Parties;

 

(ii) a Dutch law governed
deed of pledge over 100% of all registered shares in the capital of the Dutch Borrower, to be entered into by Kapnar Holdings B.V.
as pledgor, the Administrative Agent as pledgee and the Dutch Borrower as the company whose shares will be pledged;

 

(iii) a Dutch law governed
deed of pledge over 100% of all registered shares in the capital of Ranpak CZ B.V., to be entered into by the Dutch Borrower as
pledgor, the Administrative Agent as pledgee and Ranpak CZ B.V. as the company whose shares will be pledged; and

 

(iv) a Dutch law governed
omnibus deed of disclosed pledge over bank accounts and intercompany receivables and an undisclosed pledge over movable assets,
IP Rights and trade receivables to be entered into by the Dutch Borrower, Kapnar Holdings B.V., Ranpak CZ B.V. as pledgors and
the Administrative Agent as pledgee.

 

“Dutch Loan
Party” means the Dutch Borrower and each other Loan Party that is organized under the laws of the Netherlands.

 

“Dutch Parallel
Debt” has the meaning assigned to such term in the Loan Guaranty.

 

“Dutch Subsidiary”
means any Restricted Subsidiary that is organized under the laws of the Netherlands.

 

“ECF Prepayment
Amount” has the meaning assigned to such term in ‎Section 2.11(b)(i).

 

“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.

 

    32

     

    

 

“Effective
Yield” means, as to any Indebtedness, the effective yield applicable thereto calculated by the Administrative Agent in
consultation with the Borrower in a manner consistent with generally accepted financial practices, taking into account (a) interest
rate margins, (b) interest rate floors (subject to the proviso set forth below), (c) any amendment to the relevant interest rate
margins and interest rate floors prior to the applicable date of determination and (d) original issue discount and upfront or similar
fees (based on an assumed four-year average life to maturity or lesser remaining average life to maturity), but excluding (i) any
structuring, advisory, success, underwriting, commitment, arrangement, ticking, amendment, consent and similar fees payable in
connection therewith (regardless of whether any such fees are paid to or shared in whole or in part with any lender) and (ii) any
other fee that is not paid directly by a Borrower generally to all relevant lenders ratably (or, if only one lender (or affiliated
group of lenders) is providing such Indebtedness, are fees of the type not customarily shared with lenders generally); provided,
that with respect to any Indebtedness that includes a “EURIBOR floor,” “LIBOR floor” or “Base Rate
floor” or any other interest rate floor, that (A) to the extent that the Eurocurrency Rate (for an Interest Period of three
months) or Alternate Base Rate (in each case without giving effect to any floor specified in the definitions thereof on the date
on which the Effective Yield is being calculated) is less than such floor, the amount of such difference will be deemed added to
the interest rate margin applicable to such Indebtedness for purposes of calculating the Effective Yield and (B) to the extent
that the Eurocurrency Rate (for an Interest Period of three months) or Alternate Base Rate (in each case, without giving effect
to any floor specified in the definitions thereof) is greater than such floor, the floor will be disregarded in calculating the
Effective Yield.

 

“Eligible
Assignee” means (a) any Lender, (b) any commercial bank, insurance company, finance company, financial institution, any
fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act), (c)
any Affiliate of any Lender, (d) any Approved Fund of any Lender or (e) to the extent permitted under ‎Section 9.05(g),
any Affiliated Lender or any Debt Fund Affiliate; provided that in any event, (i) any assignment of Loans or Commitments
of a Dutch Loan Party shall only be permitted if such assignee is a Non-Public Lender and (ii) “Eligible Assignee”
shall not include (x) any natural person or any investment vehicle established primarily for the benefit of a natural person, (y)
any Disqualified Institution or Defaulting Lender or (z) except as permitted under ‎Section 9.05(g), the Borrower or
any of its Affiliates.

 

“Employee
Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA (regardless of whether
such plan is subject to ERISA) which is sponsored, maintained or contributed to by, or required to be contributed to by, Holdings
or any of its Subsidiaries.

 

“Environmental
Claim” means any written investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement
order or other order, decree or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising
(a) pursuant to or in connection with any actual or alleged violation of any Environmental Law or (b) in connection with any actual
or alleged Hazardous Materials Activity.

 

“Environmental
Laws” means any and all applicable foreign or domestic, federal, state or local (or any subdivision thereof), statutes,
laws, codes, treaties, standards, guidelines, writs, injunctions, ordinances, orders, decrees, rules, regulations, judgments, Governmental
Authorizations, or any other applicable binding requirements of Governmental Authorities or the common law relating to (a) pollution
or the protection of the environment or natural resources, human health and safety (to the extent relating to the exposure to any
Hazardous Material) or other environmental matters; or (b) any Hazardous Materials Activity or any exposure of any Person to any
Hazardous Material.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower or any Restricted Subsidiary directly or indirectly resulting from
or based upon (a) any actual or alleged violation of any Environmental Law, (b) any Hazardous Materials Activity, (c) exposure
to any Hazardous Material, (d) the Release or threatened Release of any Hazardous Material into the environment or (e) any contract,
agreement or other legally binding arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

    33

     

    

 

“Equity Contribution”
has the meaning assigned to such term in the Recitals to this Agreement.

 

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

 

“ERISA Affiliate”
means, as applied to any Person, (a) any corporation which is a member of a controlled group of corporations within the meaning
of Section 414(b) of the Code of which that Person is a member; and (b) any trade or business (whether or not incorporated) which
is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Code of which that
Person is a member.

 

“ERISA Event”
means (a) a Reportable Event; (b) the failure to meet the minimum funding standard of Section 412 of the Code with respect to any
Pension Plan, or the filing of any request for or receipt of a minimum funding waiver under Section 412 of the Code with respect
to any Pension Plan; (c) engaging in a non-exempt prohibited transaction within the meaning of Section 4975 of the Code or Section
406 of ERISA with respect to a Pension Plan (but only with respect to the Borrower or any of its Restricted Subsidiaries); (d)
the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) or Section 302 of ERISA of a notice of intent
to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (e) the withdrawal by the Borrower, any
of its Restricted Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing
sponsors or the termination of any such Pension Plan resulting in liability to the Borrower, any of its Restricted Subsidiaries
or any of their respective ERISA Affiliates pursuant to Section 4063 or 4064 of ERISA; (f) the institution by the PBGC of proceedings
to terminate any Pension Plan; (g) the imposition of liability on the Borrower, any of its Restricted Subsidiaries or any of their
respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of
ERISA; (h) a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) of the Borrower, any of its
Restricted Subsidiaries or any of their respective ERISA Affiliates from any Multiemployer Plan if there is any potential liability
therefor under Title IV of ERISA, or the receipt by the Borrower, any of its Restricted Subsidiaries or any of their respective
ERISA Affiliates of notice from any Multiemployer Plan that it is in insolvency pursuant to Section 4245 of ERISA, or that it intends
to terminate or has terminated under Section 4041A or 4042 of ERISA; or (i) the incurrence of liability or the imposition of a
Lien pursuant to Section 436 or 430(k) of the Code or pursuant to ERISA with respect to any Pension Plan.

 

“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.

 

“EU Insolvency
Regulation” means the Council Regulation (EU) No 2015/848 of 20 May 2015 on insolvency proceedings (OJ 2015, L 141/19).

 

“EURIBOR Rate”
means the Published EURIBOR Rate, as adjusted to reflect applicable reserves prescribed by governmental authorities.

 

“Euro”
and “€” means the single currency of the European Union as constituted by the Treaty on European Union.

 

“Eurocurrency
Rate” means:

 

(a) in the case of
Loans denominated in Dollars, the LIBO Rate;

 

    34

     

    

 

(b) in the case of
Loans denominated in Euros, the EURIBOR Rate; and

 

(c) in the case of
Loans denominated in an Alternate Currency (other than Euros), the rate of interest with respect to such Alternate Currency as
agreed among the Borrower, the Administrative Agent and the Revolving Lenders of the applicable Class that will provide such Loans
at the time such Alternate Currency is approved by the Administrative Agent and such Revolving Lenders pursuant to Section 1.10;

 

provided that if any
Eurocurrency Rate is less than 0.00% per annum, then such Eurocurrency Rate shall be deemed to be 0.00% per annum.

 

“Event of
Default” has the meaning assigned to such term in ‎Article 7.

 

“Excess Cash
Flow” means, for any Excess Cash Flow Period, an amount (if positive) equal to:

 

(a) the sum,
without duplication, of the amounts for such period of the following:

 

(i) Consolidated
Adjusted EBITDA for such period without giving effect to clause (b)(x) of the definition thereof, plus

 

(ii) the Consolidated
Working Capital Adjustment for such period, plus

 

(iii) cash
gains of the type described in clauses (b), (c), (d), (e) and (f) of the definition of “Consolidated
Net Income”, to the extent not otherwise included in calculating Consolidated Adjusted EBITDA (except to the extent such
gains consist of proceeds utilized in calculating Net Proceeds falling under paragraph (a) of the definition thereof or
Net Insurance/Condemnation Proceeds subject to ‎Section 2.11(b)(ii)), plus

 

(iv) to the
extent not otherwise included in the calculation of Consolidated Adjusted EBITDA for such period, cash payments received by the
Borrower or any of its Restricted Subsidiaries with respect to amounts deducted from Excess Cash Flow in a prior period pursuant
to clause (b)(iv) below, minus

 

(b) the sum,
without duplication, of the amounts for such period (or, in the case of clauses (b)(i), (b)(ii), (b)(iv), (b)(vi), (b)(vii), (b)(viii),
(b)(ix) and (b)(x), at the option of the Borrower, amounts after such period to the extent paid prior to the date of the applicable
Excess Cash Flow payment) of the following:

 

(i) the aggregate
principal amount of (A) all optional prepayments of Indebtedness (other than any (1) optional prepayment of Indebtedness that is
deducted in calculating the amount of any Excess Cash Flow payment in accordance with ‎Section 2.11(b)(i) or (2) revolving
Indebtedness except to the extent any related commitment is permanently reduced in connection with such repayment), (B) all mandatory
prepayments and scheduled repayments of Indebtedness and (C) the aggregate amount of any premiums, make-whole or penalty payments
actually paid in Cash by the Borrower and/or any Restricted Subsidiary that are or were required to be made in connection with
any prepayment of Indebtedness, in each case, except to the extent financed with long-term funded Indebtedness (other than revolving
Indebtedness), plus

 

(ii) amounts
added back under (A) clauses (b)(i) and (b)(ii) of the definition of “Consolidated Adjusted EBITDA” to the extent paid
or payable in Cash or (B) clause (xvii) of the definition of “Consolidated Adjusted EBITDA”, plus

 

    35

     

    

 

(iii) any foreign
translation losses paid or payable in Cash (including any currency re-measurement of Indebtedness, any net gain or loss resulting
from Hedge Agreements for currency exchange risk resulting from any intercompany Indebtedness, any foreign currency translation
or transaction or any other currency-related risk) to the extent included in calculating Consolidated Adjusted EBITDA, plus

 

(iv) amounts
added back under (A) clauses (b)(x), (b)(xii), (b)(xiv), (b)(xix) or (b)(xx) of the definition of “Consolidated
Adjusted EBITDA” or (B) the last paragraph of the definition of Consolidated Net Income with respect to business interruption
insurance, in each case to the extent such amounts have not yet been received by the Borrower or its Restricted Subsidiaries, plus

 

(v) an amount
equal to (A) all Charges either (1) excluded in calculating Consolidated Net Income or (2) added back in calculating Consolidated
Adjusted EBITDA, in each case, to the extent paid or payable in Cash and (B) all non-Cash credits included in calculating Consolidated
Net Income or Consolidated Adjusted EBITDA, plus

 

(vi) to the
extent not expensed (or exceeding the amount expensed) during such period or not deducted (or exceeding the amount deducted) in
calculating Consolidated Net Income, the aggregate amount of Charges paid or payable in Cash by the Borrower and its Restricted
Subsidiaries during such period, other than to the extent financed with long-term funded Indebtedness (other than revolving Indebtedness),
plus

 

(vii) Cash
payments (other than in respect of Taxes, which are governed by clause (ii) above) made during such period for any liability the
accrual of which in a prior period did not reduce Consolidated Adjusted EBITDA and therefore increased Excess Cash Flow in such
prior period (provided there was no other deduction to Consolidated Adjusted EBITDA or Excess Cash Flow related to such
payment), except to the extent financed with long term funded Indebtedness (other than revolving Indebtedness), plus

 

(viii) amounts
paid in Cash (except to the extent financed with long term funded Indebtedness (other than revolving Indebtedness)) during such
period on account of (A) items that were accounted for as non-Cash reductions of Consolidated Net Income or Consolidated Adjusted
EBITDA in a prior period and (B) reserves or amounts established in purchase accounting to the extent such reserves or amounts
are added back to, or not deducted from, Consolidated Net Income, plus

 

(ix) the amount
of any payment of Cash to be amortized or expensed over a future period and recorded as a long-term asset, plus

 

(x) the amount
of any Tax obligation of the Borrower and/or any Restricted Subsidiary that is estimated in good faith by the Borrower as due and
payable (but is not currently due and payable) by the Borrower and/or any Restricted Subsidiary as a result of the repatriation
of any dividend or similar distribution of net income of any Foreign Subsidiary to the Borrower and/or any Restricted Subsidiary,
plus

 

(xi) to the
extent included in the calculation of Consolidated Adjusted EBITDA for such period, the amount of any insurance proceeds received
by the Borrower or any Restricted Subsidiary during such period under the Representation and Warranty Insurance Policy, plus

 

    36

     

    

 

(xii) the amount
of any Cash payments in respect of any Restricted Payment made pursuant to Section 6.04(a), in each case, except to the
extent financed with long-term funded Indebtedness (other than revolving Indebtedness), plus

 

(xiii) the
aggregate amount of any extraordinary, unusual, special or non-recurring cash Charges paid or payable during such period (whether
or not incurred in such Excess Cash Flow Period) that were excluded in calculating Consolidated Adjusted EBITDA (including any
component definition used therein) for such period.

 

“Excess Cash
Flow Period” means each full Fiscal Year of the U.S. Borrower ending after the Closing Date (commencing, for the avoidance
of doubt, with the Fiscal Year ending on December 31, 2020).

 

“Exchange
Act” means the Securities Exchange Act of 1934 and the rules and regulations of the SEC promulgated thereunder.

 

“Excluded
Assets” means each of the following:

 

(a) any asset
(including any General Intangibles and any contract, instrument, lease, license, permit, agreement or other document, or any property
or other right subject thereto (including pursuant to a purchase money security interest, capital lease, Financing Lease or similar
arrangement or, in the case of after-acquired property, pre-existing secured Indebtedness not incurred in anticipation of the acquisition
by the Loan Party of such property)) the grant or perfection of a security interest in which would (i) constitute a violation of
a restriction in favor of a third party (other than a Loan Party or Restricted Subsidiary) or result in the abandonment, invalidation
or unenforceability of any right or assets of the relevant Loan Party or Restricted Subsidiary, (ii) result in a breach, termination
(or a right of termination) or default under any such contract, instrument, lease, license, permit, agreement or other document
(including pursuant to any “change of control” or similar provision) unless and until any relevant consent has been
obtained (there being no requirement pursuant to any Loan Document to obtain any consent in respect thereof from any Person that
is not also a Loan Party or Restricted Subsidiary) or (iii) permit any Person (other than any Loan Party or Restricted Subsidiary)
to amend any rights, benefits and/or obligations of the relevant Loan Party or Restricted Subsidiary in respect of such relevant
asset or permit such Person to require any Loan Party or any subsidiary of the Borrower to take any action materially adverse to
the interests of such subsidiary or Loan Party; provided, however, that any such asset will only constitute an Excluded
Asset under clause (i) or clause (ii) above to the extent such violation or breach, termination (or right of termination)
or default would not be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision
or provisions) of any relevant jurisdiction or any other applicable Requirement of Law; provided, further, that any
such asset shall cease to constitute an Excluded Asset at such time as the condition causing such violation, breach, termination
(or right of termination) or default or right to amend or require other actions no longer exists and to the extent severable, the
security interest granted under the applicable Collateral Document shall attach immediately to any portion of such General Intangible
or other right that does not result in any of the consequences specified in clauses (i) through (iii) above,

 

(b) the Capital
Stock of any (i) Captive Insurance Subsidiary, (ii) Unrestricted Subsidiary, (iii) broker-dealer subsidiary, (iv) not-for-profit
subsidiary and/or (v) special purpose entity used for any securitization facility or any Receivables Subsidiary,

 

    37

     

    

 

(c) any intent-to-use
(or similar) Trademark application prior to the filing of a “Statement of Use”, “Amendment to Allege Use”
or similar filing with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant
of a security interest therein may impair the validity or enforceability, or result in the voiding of, such intent-to-use Trademark
application or any registration issuing therefrom under applicable law,

 

(d) any asset
or property (including Capital Stock), the grant or perfection of a security interest in which would (A) require any governmental
or regulatory consent, approval, license or authorization that has not been obtained (there being no requirement under any Loan
Document to obtain the consent, approval, license or authorization of any Governmental Authority or other Person (other than any
Loan Party), including, without limitation, no requirement to comply with the Federal Assignment of Claims Act or any similar statute),
(B) be prohibited or restricted by applicable Requirements of Law (including enforceable anti-assignment provisions of applicable
Requirements of Law), except, in the case of this clause (B), to the extent such prohibition would be rendered ineffective
under applicable anti-assignment provisions of the UCC of any relevant jurisdiction or any other applicable Requirement of Law
notwithstanding such prohibition, (C) trigger termination of any contract pursuant to a “change of control” or similar
provision or (D) result in adverse tax or regulatory consequences to any Loan Party or any of its subsidiaries or Parent Companies
as determined by the Borrower in good faith,

 

(e) (i) except
to the extent a security interest therein can be perfected by the filing of an “all-assets” UCC-1 financing statement,
any leasehold interest and (ii) any real property or real property interest that is not a Material Real Estate Asset,

 

(f) any Capital
Stock of any Person that is not a Wholly-Owned Subsidiary or that is an Immaterial Subsidiary,

 

(g) any Margin
Stock,

 

(h) the Capital
Stock of (i) any Disregarded Subsidiary or (ii) any Foreign Subsidiary that is a “controlled foreign corporation” (as
defined in Section 957(a) of the Code), in each case, other than (x) 65% of the issued and outstanding voting Capital Stock and
100% of the issued and outstanding non-voting Capital Stock of a Subsidiary described in clause (h)(i) or clause (h)(ii) hereof
and (y) solely for purposes of securing the Secured Obligations of the Dutch Loan Parties, 100% of the Capital Stock of the Dutch
Loan Parties,

 

(i) (i) any
Letter-of-Credit-Right (other than to the extent a security interest in such Letter-of-Credit-Right can be perfected solely through
the filing of an “all assets” UCC financing statement) and (ii) any Commercial Tort Claim involving a claim of less
than $2,500,000 (as determined in good faith by the Borrower),

 

(j) any Cash
or Cash Equivalents (other than Cash and Cash Equivalents representing identifiable proceeds of other Collateral, a security interest
in which (A) can be perfected solely through the filing of an “all assets” UCC financing statement or (B) is effective
pursuant to the Dutch Collateral Documents),

 

(k) any Deposit
Account or commodity or securities account (including any securities entitlement and any related asset) (except to the extent a
security interest therein (A) can be perfected solely through the filing of an “all assets” UCC financing statement
or (B) is effective pursuant to the Dutch Collateral Documents; it being understood that this exception does not apply to Cash
or Cash Equivalents other than Cash and Cash Equivalents representing identifiable proceeds of other Collateral as referred to
in the preceding clause (j)),

 

    38

     

    

 

(l) any motor
vehicle, airplane or other asset subject to a certificate of title (other than to the extent a security interest therein (A) can
be perfected solely by filing an “all assets” UCC financing statement or (B) is effective pursuant to the Dutch Collateral
Documents and without the requirement to list any VIN, serial or similar number),

 

(m) any governmental
or regulatory license or state or local franchise, charter, consent, permit or authorization to the extent the granting of a security
interest therein is prohibited or restricted thereby or by applicable Requirements of Law; provided, however, that
any such asset will only constitute an Excluded Asset under this clause (m) to the extent such prohibition or restriction
would not be rendered ineffective pursuant to applicable anti-assignment provisions of the UCC of any relevant jurisdiction or
any other applicable Requirement of Law,

 

(n) Receivables
Facility Assets (or interests therein) sold or otherwise transferred to a Receivables Subsidiary or otherwise pledged, transferred
or sold in connection with a Receivables Facility, factoring transaction or any similar arrangement permitted hereunder, and

 

(o) any asset
with respect to which the Administrative Consent Party and the relevant Loan Party have determined in good faith that the cost,
burden, difficulty or consequence (including any effect on the ability of the relevant Loan Party to conduct its operations and
business in the ordinary course of business) of obtaining or perfecting a security interest therein outweighs, or is excessive
in light of, the benefit of a security interest to the relevant Secured Parties afforded thereby.

 

“Excluded
Subsidiary” means:

 

(a) any Restricted
Subsidiary that is not a Wholly-Owned Subsidiary,

 

(b) any Immaterial
Subsidiary,

 

(c) any Restricted
Subsidiary that is prohibited or restricted by law, rule or regulation or contractual obligation (in the case of any such contractual
obligation, where such contractual obligation exists on the Closing Date or on the date such entity becomes a Restricted Subsidiary,
as long as such contractual obligation was not entered into solely in contemplation of such person becoming a Restricted Subsidiary)
from providing a Loan Guaranty or that would require a governmental (including regulatory) or third party consent, approval, license
or authorization to provide a Loan Guaranty (including under any financial assistance, corporate benefit, thin capitalization,
capital maintenance, liquidity maintenance or similar legal principles) for so long as the applicable prohibition or restriction
is in effect and unless and until such consent has been received, it being understood that Holdings and its subsidiaries shall
have no obligation to obtain any such consent, approval, license or authorization,

 

(d) any not-for-profit
subsidiary,

 

(e) any Captive
Insurance Subsidiary or subsidiary that is a broker-dealer,

 

(f) any special
purpose entity (including a special purpose entity used for any permitted securitization or receivables facility or financing)
and any Receivables Subsidiary,

 

    39

     

    

 

(g) any Foreign
Subsidiary other than (solely for purposes of Guaranteeing the Secured Obligations of the Dutch Loan Parties) any Dutch Subsidiary,

 

(h) (i) any
Disregarded Subsidiary or (ii) any Domestic Subsidiary that is a direct or indirect subsidiary of any Foreign Subsidiary or any
Disregarded Subsidiary,

 

(i) any Unrestricted
Subsidiary,

 

(j) any subsidiary
acquired pursuant to a Permitted Acquisition or other Investment permitted by this Agreement that has assumed secured Indebtedness
not incurred in contemplation of such Permitted Acquisition or other Investment and any Restricted Subsidiary thereof that guarantees
such secured Indebtedness, in each case to the extent the terms of such secured Indebtedness prohibit such subsidiary from becoming
a Guarantor,

 

(k) any Restricted
Subsidiary if the provision of a Loan Guaranty could reasonably be expected to result in adverse tax or regulatory consequences
to any Loan Party or any of its subsidiaries or Parent Companies as determined by the Borrower in good faith, and

 

(l) any other
Restricted Subsidiary with respect to which, in the good faith judgment of the Administrative Consent Party and the Borrower, the
burden or cost of providing a Loan Guaranty outweighs, or is excessive in light of, the benefits afforded thereby.

 

“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 Loan Guaranty of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation
(or any Loan 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 3.22 of the Loan Guaranty and any other “keepwell”,
support or other agreement for the benefit of such Loan Party) at the time the Loan Guaranty of such Loan Party or the grant of
such security interest becomes effective with respect to such Swap Obligation. If any 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 Loan Guaranty or security interest is or becomes illegal.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment
to be made by or on account of any obligation of any Loan Party hereunder, (a) Taxes imposed on (or measured by) its net income
or franchise Taxes (i) by the jurisdiction under the laws of which such recipient is organized or in which its principal office
is located or, in the case of any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes,
(b) any branch profits taxes or any similar tax imposed by any other jurisdiction described in clause (a), (c) in the case
of a Lender, any U.S. withholding tax (or, in the case of the Dutch Borrower, any Netherlands withholding tax) that is imposed
on amounts payable to such Lender at the time such Lender becomes a party to this Agreement (or designates a new lending office),
except (i) pursuant to an assignment or designation of a new lending office under ‎Section 2.19 and (ii) to the extent
that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to
receive additional amounts from any Loan Party with respect to such withholding tax pursuant to Section 2.17, (d) any tax
imposed as a result of a failure by the Administrative Agent, any Lender or any Issuing Bank to comply with ‎Section 2.17(f),
(e) any withholding tax under FATCA and (f) any Tax assessed on a recipient under the laws of the Netherlands, if and to the extent
such Tax become payable as a result of such recipient having a substantial interest (aanmerkelijk belang) as defined in
the Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001) in a Loan Party.

 

    40

     

    

 

“Existing
Credit Facilities” has the meaning assigned to such term in ‎Section 4.01(h).

 

“Exit Payment”
means the “First Lien Exit Payments” (as defined in the Fee Letter).

 

“Exit Payment
Date” means the earliest date on which any of the following occur: (i) the Deleveraging Event, (ii) a Repricing Transaction,
(iii) the incurrence of any Replacement Debt in respect of the Initial Term Loans or any Replacement Term Loans, (iv) [reserved],
(v) an Event of Default, (vi) the repayment of any Obligations owing to any Initial Term Lender or the replacement of any Initial
Term Lender, in each case in connection with an event specified in Section 2.19(b)(i) through (iv) or (vii) the voluntary
payment of the Exit Payment, in each case of clauses (i) through (vii) above, occurring at least one day prior to the Initial Term
Loan Maturity Date. The rights of each Lender to its pro rata share of the Exit Payment shall be assignable in connection with
any permitted assignment of the Initial Term Loans held by such Lender.

 

“Expected
Cost Savings” has the meaning assigned to such term in the definition of “Consolidated Adjusted EBITDA”.

 

“Extended
Revolving Credit Commitment” has the meaning assigned to such term in ‎Section 2.23(a)(i).

 

“Extended
Revolving Loans” has the meaning assigned to such term in ‎Section 2.23(a)(i).

 

“Extended
Term Loans” has the meaning assigned to such term in ‎Section 2.23(a)(ii).

 

“Extension”
has the meaning assigned to such term in ‎Section 2.23(a).

 

“Extension
Amendment” means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent (to the extent
required by ‎Section 2.23) and the Borrower, executed by each of (a) the applicable Borrower, (b) the Administrative
Agent and (c) each Lender that has accepted the applicable Extension Offer pursuant hereto and in accordance with ‎Section
2.23.

 

“Extension
Offer” has the meaning assigned to such term in ‎Section 2.23(a).

 

“Facility”
means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or, except with
respect to Articles 5 and 6, heretofore owned, leased, operated or used by the Borrower or any of its Restricted
Subsidiaries or any of their respective predecessors or Affiliates.

 

“Failed Auction”
has the meaning assigned to such term in the definition of “Dutch Auction”.

 

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

 

“FCPA”
means the U.S. Foreign Corrupt Practices Act of 1977.

 

    41

     

    

 

“Federal Assignment
of Claims Act” means the Federal Assignment of Claims Act (41 U.S.C. § 15).

 

“Federal Funds
Effective Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s
federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York sets
forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of
New York as the federal funds effective rate; provided that if such rate as determined above is at any time negative, the
Federal Funds Effective Rate at such time shall instead be zero.

 

“Fee Letter”
means that certain Fee and Closing Payment Letter, dated as of December 12, 2018, by and among the Initial Lenders, the Administrative
Agent and Parent.

 

“Financial
Covenant” means the covenant in ‎Section 6.15(a).

 

“Financing
Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by such Person as
lessee that has been or is required to be, in accordance with GAAP (but subject to ‎Section 1.04(c)), accounted for
as a financing or capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet
and income statement of such Person for financial reporting purposes in accordance with GAAP as in effect on January 1, 2015; provided
that for all purposes hereunder the amount of obligations under any Financing Lease shall be the amount thereof accounted for as
a liability on a balance sheet (excluding the footnotes thereto) of such Person in accordance with GAAP as in effect on January
1, 2015.

 

“First Lien
Leverage Ratio” means the ratio, as of any date of determination, of (a) Consolidated First Lien Debt as of such date
to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended or the Test Period otherwise specified where the
term “First Lien Leverage Ratio” is used in this Agreement, in each case of the Borrower and its Restricted Subsidiaries
on a consolidated basis.

 

“First Priority”
means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that, subject to
any Acceptable Intercreditor Agreement, such Lien is senior in priority to any other Lien to which such Collateral is subject,
other than any Permitted Lien.

 

“Fiscal Quarter”
means a fiscal quarter of any Fiscal Year.

 

“Fiscal Year”
means the fiscal year of the U.S. Borrower ending December 31 of each calendar year, as such fiscal year end may be adjusted in
accordance with the terms of this Agreement.

 

“Fixed Amount”
has the meaning assigned to such term in ‎Section 1.04(g).

 

“Flood Hazard
Property” means any Material Real Estate Asset subject to a Mortgage if any building included in such Material Real Estate
Asset is located in an area designated by the Federal Emergency Management Agency as having special flood hazards.

 

“Flood Insurance
Laws” means, collectively, (i) the National Flood Insurance Act of 1968, (ii) the Flood Disaster Protection Act of 1973,
(iii) the National Flood Insurance Reform Act of 1994, (iv) the Flood Insurance Reform Act of 2004 and (v) the Biggert–Waters
Flood Insurance Reform Act of 2012, each as now or hereafter in effect or any successor statute thereto, and in each case, together
with all statutory and regulatory provisions consolidating, amending, replacing, supplementing, implementing or interpreting any
of the foregoing, as amended or modified from time to time.

 

    42

     

    

 

“Foreign Borrower”
means each Borrower that is not a Domestic Borrower.

 

“Foreign Lender”
means any Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

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

 

“Funding Account”
has the meaning assigned to such term in ‎Section 2.03(h).

 

“GAAP”
means generally accepted accounting principles in the U.S. in effect and applicable to the accounting period in respect of which
reference to GAAP is made.

 

“General Intangibles”
has the meaning set forth in ‎Article 9 of the UCC.

 

“Governmental
Authority” means any federal, state, municipal, national or other government, governmental department, commission, board,
bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative,
judicial, taxing, regulatory or administrative functions of or pertaining to any government or any court, in each case whether
associated with the U.S., any foreign government or any political subdivision of either thereof.

 

“Governmental
Authorization” means any permit, license, authorization, plan, directive, consent order or consent decree of or from
any Governmental Authority.

 

“Granting
Lender” has the meaning assigned to such term in ‎Section 9.05(e).

 

“GSLP”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Guarantee”
of or by any Person (the “Guarantor”) means any obligation, contingent or otherwise, of the Guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the “Primary
Obligor”) in any manner and including any obligation of the Guarantor (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to advance or supply funds for
the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose
of assuring the owner of such Indebtedness or other monetary obligation of the payment thereof, (c) to maintain working capital,
equity capital or any other financial statement condition or liquidity of the Primary Obligor so as to enable the Primary Obligor
to pay such Indebtedness or other monetary obligation, (d) as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or monetary obligation, (e) 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 (f) secured by any Lien on any assets of such Guarantor securing
any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or monetary other obligation
is assumed by such Guarantor (or any right, contingent or otherwise, of any holder of such Indebtedness or other monetary obligation
to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or
deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or
entered into in connection with any acquisition, Disposition or other transaction 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.

 

    43

     

    

 

“Hazardous
Materials” means any chemical, material, substance or waste, or any constituent thereof, which is prohibited, limited
or regulated by any Environmental Law due to its hazardous, toxic or similar characteristics, including any chemical, material,
substance or waste defined or listed as “hazardous” or “toxic” in any Environmental Law.

 

“Hazardous
Materials Activity” means the use, manufacture, storage, possession, holding, placement, Release, threatened Release,
discharge, generation, transportation, processing, treatment, abatement, removal, investigation, remediation, disposal, disposition
or handling of any Hazardous Material, and any corrective action or response action with respect to any of the foregoing.

 

“Hedge Agreement”
means any agreement with respect to any Derivative Transaction between any Loan Party or any Restricted Subsidiary and any other
Person.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any Hedge Agreement.

 

“Holdings”
means (a) prior to the consummation of a transaction described in clause (b) of this definition, Initial Holdings and (b)
following the consummation of a Holdings Reorganization Transaction that results in a New Holdings, New Holdings.

 

“Holdings
Reorganization Transaction” means (a) the contribution by Holdings of 100% of the Capital Stock of the U.S. Borrower
to a newly formed domestic “shell” company owned or controlled by the Permitted Holders, (b) the merger or other consolidation
of Holdings with another Person in connection with a “push-down” of debt permitted hereunder or (c) in the case of
a debt “push-down” permitted hereunder and consummated by assignment, the Person that after giving effect thereto shall
hold 100% of the Capital Stock of the U.S. Borrower, in each case, so long as, contemporaneously therewith (as applicable) (i)
New Holdings delivers to the Administrative Agent any new certificate issued (if any) to evidence the contributed Capital Stock
of the U.S. Borrower and grants a security interest in such Capital Stock in favor of the Administrative Agent pursuant to the
U.S. Security Agreement or a joinder thereto in a form reasonably satisfactory to the Administrative Agent and (ii) New Holdings
assumes the Loan Guaranty provided by Holdings and all other obligations of Holdings under this Agreement and each of the other
Loan Documents to which Holdings is a party pursuant to a supplement hereto or thereto that is reasonably acceptable to the Administrative
Agent.

 

“IFRS”
means international accounting standards within the meaning of the IAS Regulation 1606/2002, as in effect from time to time (subject
to the provisions of ‎Section 1.04), to the extent applicable to the relevant financial statements.

 

“Immaterial
Subsidiary” means, as of any date, any Restricted Subsidiary of the Borrower (a) that does not have assets in excess
of 2.5% of Consolidated Total Assets of the Borrower and its Restricted Subsidiaries and (b) that does not contribute Consolidated
Adjusted EBITDA in excess of 2.5% of the Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries, in each
case, as of the last day of the most recently ended Test Period; provided that, the Consolidated Total Assets and Consolidated
Adjusted EBITDA (as so determined) of all Immaterial Subsidiaries shall not exceed 5.0% of Consolidated Total Assets or 5.0% of
Consolidated Adjusted EBITDA, in each case, of the Borrower and its Restricted Subsidiaries as of the last day of the most recently
ended Test Period; provided further that, at all times prior to the first delivery of financial statements pursuant to ‎Section
5.01(a) or ‎(b), this definition shall be applied based on the pro forma consolidated financial statements of the
U.S. Borrower delivered pursuant to Section 4.01(c). As of the Closing Date, the Immaterial Subsidiaries of the Borrower
were (i) Auburn Properties Corp. and (ii) Ranpak CZ B.V.

 

    44

     

    

 

“Immediate
Family Member” means, with respect to any individual, such individual’s child, stepchild, grandchild or more remote
descendant, parent, stepparent, grandparent, spouse, former spouse, domestic partner, former domestic partner, sibling or step-sibling
(and any linear descendant thereof), mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships),
any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals,
any of the foregoing individual’s (including the initial individual’s) estate (or an executor or administrator acting
on its behalf), heirs or legatees or any private foundation or fund that is controlled by any of the foregoing individuals or any
donor-advised fund of which any such individual is the donor.

 

“Incremental
Cap” means:

 

(a) the Shared
Incremental Amount, plus

 

(b) in the
case of any Incremental Facility or Incremental Equivalent Debt that effectively extends the Maturity Date with respect to any
Class of Loans and/or Commitments hereunder, an amount equal to the portion of the relevant Class of Loans or Commitments that
will be replaced by such Incremental Facility or Incremental Equivalent Debt, plus

 

(c) in the
case of any Incremental Facility or Incremental Equivalent Debt that effectively replaces any Revolving Credit Commitment terminated
in accordance with ‎Section 2.19 hereof, an amount equal to the relevant terminated Revolving Credit Commitment, plus

 

(d) (i) the
amount of any optional prepayment of any Loan (including any Incremental Loan) in accordance with ‎Section 2.11(a) and/or
the amount of any permanent reduction of any Revolving Credit Commitment, (ii) the amount of any optional prepayment, redemption,
repurchase or retirement of Incremental Equivalent Debt incurred pursuant to the Shared Incremental Amount, (iii) the amount of
any optional prepayment, redemption, repurchase or retirement of any Replacement Term Loans or Loans under any Replacement Revolving
Facility (to the extent accompanied by a permanent reduction in commitments) or any borrowing or issuance of Replacement Debt previously
applied to the permanent prepayment of any Loan hereunder or of any Incremental Equivalent Debt, (iv) [reserved] and (v) the aggregate
amount of any Indebtedness referred to in clauses (i) through (iv) repaid or retired resulting from any assignment of such Indebtedness
to (and/or assignment and/or purchase of such Indebtedness by) Holdings, the Borrower and/or any Restricted Subsidiary; provided
that for each of clauses (i) through (v), the relevant prepayment, redemption, repurchase, retirement or assignment
and/or purchase was not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness), plus

 

(e) an unlimited
amount so long as, in the case of this clause (e), on a Pro Forma Basis after giving effect to the incurrence of the Incremental
Facility or the Incremental Equivalent Debt, as applicable, and the application of the proceeds thereof (other than any Cash funded
to the consolidated balance sheet of the Borrower or any of its Restricted Subsidiaries, except that pro forma effect may be given
to such Cash to the extent such Cash is not applied promptly to the Subject Transaction in connection with such incurrence) and
to any relevant Subject Transaction (and, in the case of any Incremental Revolving Facility or delayed draw Incremental Term Facility
then being established, assuming a full drawing thereunder), (i) if such Indebtedness is secured by a First Priority Lien on the
Collateral, the First Lien Leverage Ratio does not exceed 5.90:1.00, (ii) if such Indebtedness is secured by a Lien on the Collateral
that is junior to the Lien securing the Secured Obligations, the Secured Leverage Ratio does not exceed the greater of (x) 6.50:1.00
and (y) if such Indebtedness is incurred to finance a Permitted Acquisition or other Investment permitted hereunder, the Secured
Leverage Ratio immediately prior to the incurrence of such Indebtedness and (iii) if such Indebtedness is secured by a Lien on
assets of Restricted Subsidiaries that are not Loan Parties (to the extent securing Indebtedness incurred by a Restricted Subsidiary
that is not a Loan Party) or is unsecured, the Total Leverage Ratio does not exceed the greater of (x) 6.75:1.00 and (y) if such
Indebtedness is incurred to finance a Permitted Acquisition or other Investment permitted hereunder, the Total Leverage Ratio immediately
prior to the incurrence of such Indebtedness;

 

    45

     

    

 

provided
that:

 

(1) any Incremental
Facility and/or Incremental Equivalent Debt may be incurred under one or more of clauses (a) through (e) of this
definition as selected by the Borrower in its sole discretion (provided that, in the case of clause (e), an Incremental
Facility may be incurred only under clause (i) thereof),

 

(2) except
as specified in the final paragraph of this definition, if any Incremental Facility or Incremental Equivalent Debt is intended
to be incurred or implemented under clause (e) of this definition and any other clause of this definition in a single transaction
or series of related transactions, (A) the incurrence of the portion of such Incremental Facility or Incremental Equivalent Debt
to be incurred or implemented under clause (e) of this definition shall be calculated first without giving effect to any Incremental
Facilities or Incremental Equivalent Debt to be incurred or implemented under any other clause of this definition, but giving full
pro forma effect to the use of proceeds of the entire amount of such Incremental Facility or Incremental Equivalent Debt and the
related transactions and (B) the incurrence of the portion of such Incremental Facility or Incremental Equivalent Debt to be incurred
or implemented under the other applicable clauses of this definition shall be calculated thereafter, and

 

(3) any portion
of any Incremental Facility or Incremental Equivalent Debt that is incurred or implemented under clauses (a) through (d) of this
definition, unless otherwise elected by the Borrower, shall automatically and without need for action by any Person, be reclassified
as having been incurred under clause (e) of this definition if, at any time after the incurrence or implementation thereof, when
financial statements required pursuant to ‎Section 5.01(a) or ‎(b) are delivered, such portion of such Incremental
Facility or Incremental Equivalent Debt would, using the figures reflected in such financial statements, be (or have been) permitted
under the First Lien Leverage Ratio, Secured Leverage Ratio, or Total Leverage Ratio, as applicable, set forth in clause (e) of
this definition;

 

provided further that
(I) Incremental Facilities and Incremental Equivalent Debt incurred by Dutch Loan Parties under clauses (b), (c)
and (d) of this definition shall be available in an aggregate principal amount not in excess of the underlying amount of
Loans and/or Commitments being extended (in the case of clause (b)), being replaced (in the case of clause (c)) or
that was previously prepaid, redeemed, repurchased or retired (in the case of clause (d)), as applicable, for which a Dutch
Loan Party is the obligor and (II) the aggregate outstanding principal amount of Incremental Facilities and Incremental Equivalent
Debt incurred by Dutch Loan Parties under clauses (a) and (e) of this definition shall not exceed the greater of
$47,500,000 and 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period.

 

Notwithstanding
the foregoing, any Incremental Facility and/or Incremental Equivalent Debt must utilize any capacity, if then available, under
clause (d) of this definition prior to utilizing any capacity, if then available, under clause (e) of this definition.

 

    46

     

    

 

“Incremental
Commitment” means any commitment made by a lender to provide all or any portion of any Incremental Facility or Incremental
Loans.

 

“Incremental Equivalent
Debt” means any Indebtedness that satisfies the following conditions:

 

(a) the aggregate
outstanding principal amount thereof does not exceed the Incremental Cap as in effect at the time of determination (after giving
effect to any reclassification on or prior to such date of determination),

 

(b) the Weighted
Average Life to Maturity of such Indebtedness is no shorter than the then-remaining greatest Weighted Average Life to Maturity
of the Initial Term Loans and the final maturity date of such Indebtedness is no earlier than the Initial Term Loan Maturity Date,
in each case as determined on the date of the issuance or incurrence, as applicable, thereof; provided, that the foregoing limitations
shall not apply to (i) customary bridge loans with a maturity date not longer than one year; provided, that either (x) the
terms of such bridge loans provide for automatic extension of the maturity date thereof to a date that is not earlier than the
Initial Term Loan Maturity Date or (y) any loans, notes, securities or other Indebtedness (other than revolving loans) which are
exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this clause (b) and (ii) Indebtedness
(as selected by the Borrower) in an aggregate principal amount not exceeding the Available Maturity Exception Amount at the time
of incurrence of such Incremental Equivalent Debt,

 

(c) subject to
clause (b), such Indebtedness may otherwise have an amortization schedule as determined by the Borrower and the lenders
providing such Indebtedness,

 

(d) if such Indebtedness
is in the form of Dollar-denominated or Euro-denominated term loans that are pari passu with the Initial Term Loans in right of
payment and with respect to security (other than customary bridge loans with a maturity date not longer than one year that are
convertible or exchangeable into, or are intended to be refinanced with, any Indebtedness other than term loans that are pari passu
with the Initial Term Loans in right of payment and with respect to security), the MFN Provision of ‎‎Section 2.22(a)(v)
as it relates to the Initial Dollar Term Loans (in the case of any such Dollar-denominated Indebtedness) or the Initial Euro Term
Loans (in the case of any such Euro-denominated Indebtedness), as applicable, shall apply to such Indebtedness (as if, but only
to the extent, including after giving effect to applicable exclusions, such Indebtedness was an Incremental Term Facility of the
type subject to the provisions of ‎Section 2.22(a)(v), mutatis mutandis),

 

(e) if such Indebtedness
is secured by assets that constitute Collateral, the holders of such Indebtedness (or a representative therefor) shall be party
to an Acceptable Intercreditor Agreement,

 

(f) with respect
to any Incremental Equivalent Debt incurred by the Borrower or a Restricted Subsidiary that is a Loan Party, such Indebtedness
may provide for the ability to participate (A) on a pro rata basis or less than pro rata basis (but not on a greater than pro rata
basis other than in the case of a prepayment with proceeds of Indebtedness refinancing such Incremental Equivalent Debt) in any
voluntary prepayment of Term Loans made pursuant to ‎Section 2.11(a) and (B) to the extent secured on a pari passu basis
with the Initial Term Loans, on a pro rata basis (but not on a greater than pro rata basis other than in the case of a prepayment
with proceeds of Indebtedness refinancing such Incremental Equivalent Debt) in any mandatory prepayment of Term Loans required
pursuant to ‎Section 2.11(b) or less than a pro rata basis with the then-outstanding Term Facility,

 

    47

     

    

 

(g) with respect
to any Incremental Equivalent Debt incurred by the Borrower or a Restricted Subsidiary that is a Loan Party, such Indebtedness
shall rank pari passu with, or junior to, the Secured Obligations in right of payment and security and no such Incremental Equivalent
Debt may be (x) Guaranteed by any Person which is not a Loan Party or (y) secured by Liens on any assets other than the Collateral,
and

 

(h) no Specified
Event of Default shall exist immediately prior to or after giving effect to the effectiveness of such Incremental Equivalent Debt
(except in connection with any Permitted Acquisition or other Investment or irrevocable repayment or redemption of Indebtedness,
where no such Specified Event of Default shall exist at the time as elected by the Borrower pursuant to ‎Section 1.04(e)).

 

“Incremental
Facilities” has the meaning assigned to such term in ‎Section 2.22(a).

 

“Incremental
Facility Amendment” means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent
(solely for purposes of giving effect to ‎Section 2.22) and the Borrower executed by each of (a) Holdings and the applicable
Borrower, (b) the Administrative Agent and (c) each Lender that agrees to provide all or any portion of the Incremental Facility
being incurred pursuant thereto and in accordance with ‎Section 2.22.

 

“Incremental
Loans” has the meaning assigned to such term in ‎Section 2.22(a).

 

“Incremental
Revolving Facility” has the meaning assigned to such term in ‎Section 2.22(a).

 

“Incremental
Revolving Facility Lender” means, with respect to any Incremental Revolving Facility, each Revolving Lender providing
any portion of such Incremental Revolving Facility.

 

“Incremental
Revolving Loans” has the meaning assigned to such term in ‎Section 2.22(a).

 

“Incremental
Term Facility” has the meaning assigned to such term in ‎Section 2.22(a).

 

“Incremental
Term Loans” has the meaning assigned to such term in ‎Section 2.22(a).

 

“Incurrence-Based
Amount” has the meaning assigned to such term in ‎Section 1.04(g).

 

“Indebtedness”
as applied to any Person means, without duplication, (a) all indebtedness of such Person for borrowed money; (b) that portion of
obligations with respect to Financing Leases of such Person to the extent recorded as a liability on a balance sheet (excluding
the footnotes thereto) of such Person prepared in accordance with GAAP; (c) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments to the extent the same would appear as a liability on a balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP; (d) any obligation of such Person owed for all or any part of the deferred
purchase price of property or services (excluding (w) any earn out obligation or purchase price adjustment until such obligation
(A) becomes a liability on the balance sheet of such Person (excluding the footnotes thereto) in accordance with GAAP and (B) has
not been paid within 30 days after becoming due and payable following expiration of any dispute resolution mechanics set forth
in the applicable agreement governing the applicable transaction, (x) any such obligations incurred under ERISA or under any employee
consulting agreements, (y) accrued expenses, trade accounts payable and accruals for payroll in the ordinary course of business
(including on an intercompany basis) and (z) liabilities associated with customer prepayments and deposits), which purchase price
is (i) due more than six months from the date of incurrence of the obligation in respect thereof or (ii) evidenced by a note or
similar written instrument; (e) all Indebtedness (excluding prepaid interest thereon) of others secured by any Lien on any property
or asset owned or held by such Person regardless of whether the Indebtedness secured thereby has been assumed by such Person or
is non-recourse to the credit of such Person; (f) the face amount of any letter of credit issued for the account of such Person
or as to which such Person is otherwise liable for reimbursement of drawings; (g) the Guarantee by such Person of the Indebtedness
of another; (h) all obligations of such Person in respect of any Disqualified Capital Stock; and (i) all net obligations of such
Person in respect of any Derivative Transaction, including any Hedge Agreement, whether or not entered into for hedging or speculative
purposes; provided that (i) in no event shall obligations under or in respect of any Derivative Transaction or Non-Financing
Lease Obligation be deemed “Indebtedness” for any calculation of the Total Leverage Ratio, the First Lien Leverage
Ratio, the Secured Leverage Ratio, the Interest Coverage Ratio or any other financial ratio under this Agreement and (ii) the amount
of Indebtedness of any Person for purposes of clause (e) shall be deemed to be equal to the lesser of (A) the aggregate
unpaid amount of such Indebtedness (or such lower amount of maximum liability as is expressly provided for under the documentation
pursuant to which the respective Lien is granted) and (B) the fair market value of the property encumbered thereby as determined
by such Person in good faith.

 

    48

     

    

 

For all purposes hereof,
the Indebtedness of any Person shall include the Indebtedness of any partnership or any Joint Venture (other than any Joint Venture
that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer to the
extent such Person would be liable therefor under applicable Requirements of Law or any agreement or instrument, except to the
extent such Person’s liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would
otherwise be included in the calculation of Consolidated Total Debt; provided that notwithstanding anything herein to the
contrary, the term “Indebtedness” shall not include, and shall be calculated without giving effect to, (x) the effects
of Accounting Standards Codification Topic 815 and related interpretations to the extent such effects would otherwise increase
or decrease an amount of Indebtedness for any purpose hereunder as a result of accounting for any embedded derivatives created
by the terms of such Indebtedness (it being understood that any such amounts that would have constituted Indebtedness hereunder
but for the application of this proviso shall not be deemed an incurrence of Indebtedness hereunder), (y) the effects of Statement
of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease
an amount of Indebtedness for any purpose hereunder as a result of accounting for any embedded derivative created by the terms
of such Indebtedness (it being understood that any such amounts that would have constituted Indebtedness hereunder but for the
application of this proviso shall not be deemed to be an incurrence of Indebtedness hereunder) and (z) Indebtedness of any Parent
Company appearing on the balance sheet of the Borrower or any of its Subsidiaries solely by reason of push-down accounting under
GAAP.

 

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

 

“Indemnitee”
has the meaning assigned to such term in ‎Section 9.03(b).

 

“Indemnitee
Related Parties” means, with respect to any Indemnitee, such Indemnitee’s controlled Affiliates or controlling
Persons or any of the respective directors, officers, employees, members, agents, advisors and other representatives of such Indemnitee
and such Indemnitee’s controlled Affiliates or controlling Persons.

 

“Information”
has the meaning assigned to such term in ‎Section 3.11(a).

 

    49

     

    

 

“Initial Dollar
Term Loan Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make Initial Term
Loans denominated in Dollars hereunder in an aggregate amount not to exceed the amount set forth opposite such Term Lender’s
name on the Commitment Schedule, as the same may be (a) reduced from time to time pursuant to ‎Section 2.09 or ‎Section
2.19 and (b) reduced or increased from time to time pursuant to (x) assignments by or to such Term Lender pursuant to ‎Section
9.05 or (y) an Additional Term Loan Commitment. The aggregate amount of the Term Lenders’ Initial Dollar Term Loan Commitments
on the Closing Date is $378,175,000.

 

“Initial Dollar
Term Loans” means the term loans denominated in Dollars made by the Initial Term Lenders to the U.S. Borrower pursuant
to ‎Section 2.01(a)(i).

 

“Initial Dutch
Borrower” has the meaning assigned to such term in the preamble to this Agreement.

 

“Initial Euro
Term Loan Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make Initial Term
Loans denominated in Euros hereunder in an aggregate amount not to exceed the amount set forth opposite such Term Lender’s
name on the Commitment Schedule, as the same may be (a) reduced from time to time pursuant to ‎Section 2.09 or ‎Section
2.19 and (b) reduced or increased from time to time pursuant to (x) assignments by or to such Term Lender pursuant to ‎Section
9.05 or (y) an Additional Term Loan Commitment. The aggregate amount of the Term Lenders’ Initial Euro Term Loan Commitments
on the Closing Date is €140,000,000.

 

“Initial Euro
Term Loans” means the term loans denominated in Euros made by the Initial Term Lenders to the U.S. Borrower and the Dutch
Borrower pursuant to ‎Section 2.01(a)(i).

 

“Initial Holdings”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Initial Lenders”
means the financial institutions who are party to this Agreement as Lenders on the Closing Date.

 

“Initial Revolving
Credit Commitment” means, with respect to each Initial Revolving Lender, the commitment of such Lender to make Initial
Revolving Loans (and acquire participations in Letters of Credit) hereunder as set forth on the Commitment Schedule, or in the
Assignment Agreement pursuant to which such Lender assumed its Initial Revolving Credit Commitment, as applicable, as the same
may be (a) reduced from time to time pursuant to ‎Section 2.09 or ‎2.19, (b) reduced or increased from time
to time pursuant to assignments by or to such Revolving Lender pursuant to ‎Section 9.05 or (c) increased pursuant to
‎Section 2.22. The aggregate amount of the Initial Revolving Credit Commitments as of the Closing Date is $45,000,000.

 

“Initial Revolving
Credit Exposure” means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of all
Initial Revolving Loans of such Lender, plus the aggregate amount at such time of such Lender’s LC Exposure, in each
case, attributable to its Initial Revolving Credit Commitment.

 

“Initial Revolving
Credit Maturity Date” means the date that is five years after the Closing Date.

 

“Initial Revolving
Facility” means the Initial Revolving Credit Commitments and the Initial Revolving Loans and other extensions of credit
thereunder.

 

“Initial Revolving
Lender” means any Lender with an Initial Revolving Credit Commitment or any Initial Revolving Credit Exposure.

 

    50

     

    

 

“Initial Revolving
Loan” means any revolving loan made by the Initial Revolving Lenders to any Borrower pursuant to ‎Section 2.01(a)(ii).

 

“Initial Term
Lender” means any Lender with an Initial Term Loan Commitment or an outstanding Initial Term Loan.

 

“Initial Term
Loan Commitment” means the Initial Dollar Term Loan Commitment and/or the Initial Euro Term Loan Commitment, as the context
may require.

 

“Initial Term
Loan Maturity Date” means the date that is seven years after the Closing Date.

 

“Initial Term
Loans” means the Initial Dollar Term Loans and/or the Initial Euro Term Loans, as the context may require.

 

“Initial U.S.
Borrower” has the meaning assigned to such term in the preamble to this Agreement.

 

“Intellectual
Property Security Agreement” means any agreement executed on or after the Closing Date confirming or effecting the grant
of any Lien on IP Rights owned by any Loan Party to the Administrative Agent, for the benefit of the Secured Parties, in accordance
with this Agreement, including any of the following: (a) a Trademark Security Agreement substantially in the form of Exhibit H-1
hereto, (b) a Patent Security Agreement substantially in the form of Exhibit H-2 hereto or (c) a Copyright Security Agreement
substantially in the form of Exhibit H-3 hereto.

 

“Intercompany
Note” means a promissory note substantially in the form of Exhibit F or any other form approved by the Administrative
Consent Party and the Borrower.

 

“Interest
Coverage Ratio” means, as of any date of determination, the ratio for the most recently ended Test Period of (a) Consolidated
Adjusted EBITDA for such Test Period to (b) Ratio Interest Expense for such Test Period; provided that, for purposes of
calculating the Interest Coverage Ratio for any period ending prior to the first anniversary of the Closing Date, Ratio Interest
Expense shall be an amount equal to actual Ratio Interest Expense from the Closing Date through the date of determination multiplied
by a fraction the numerator of which is 365 and the denominator of which is the number of days from the Closing Date through the
date of determination.

 

“Interest
Election Request” means a request by a Borrower in the form of Exhibit D hereto or another form reasonably acceptable
to the Administrative Agent to convert or continue a Borrowing in accordance with ‎Section 2.08.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December
(commencing with the last Business Day of June 2019) or the maturity date applicable to such Loan and (b) with respect to any Eurocurrency
Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency
Rate Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment
Date had successive Interest Periods of three months’ duration been applicable to such Borrowing.

 

    51

     

    

 

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

 

“Investment”
means (a) any purchase or other acquisition by the Borrower or any of its Restricted Subsidiaries of any of the Securities of any
other Person, (b) the acquisition by purchase or otherwise (other than any purchase or other acquisition of inventory, materials,
supplies and/or equipment in the ordinary course of business) of all or a substantial portion of the business, property or fixed
assets of any other Person or any division or line of business or other business unit of any other Person and (c) any loan, advance
(other than any advance to any current or former employee, officer, director, member of management, manager, consultant or independent
contractor of the Borrower, any Restricted Subsidiary, any Joint Venture or any Parent Company for moving, entertainment and travel
expenses, drawing accounts and similar expenditures or payroll expenses or similar advances in the ordinary course of business)
or capital contribution by the Borrower or any of its Restricted Subsidiaries to any other Person. Subject to ‎Section 5.10,
the amount of any Investment shall be the original cost of such Investment, plus the cost of any addition thereto that otherwise
constitutes an Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs
with respect thereto, but giving effect to any repayments of principal in the case of any Investment in the form of a loan and
any return of capital or return on Investment in the case of any equity Investment (whether as a distribution, dividend, redemption
or sale).

 

“Investors”
means (a) the Parent and (b) other investors identified to the Initial Lenders in writing that, directly or indirectly, beneficially
own Capital Stock in Holdings on the Closing Date.

 

“IP Rights”
has the meaning assigned to such term in ‎Section 3.05(c).

 

“IRS”
means the U.S. Internal Revenue Service.

 

“Issuing Bank”
means, as the context may require, (a) GSLP and (b) any Revolving Lender that is appointed as an Issuing Bank in accordance with
‎Section 2.05(i). Subject to the reasonable consent of the Borrower (subject to the standards set forth in ‎Section
9.05(b)), each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by any Affiliate
of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters
of Credit issued by such Affiliate.

 

“Joint Venture”
means, with respect to any Person, any other Person in which such Person owns Capital Stock (other than any Wholly-Owned Subsidiary),
and including, for the avoidance of doubt, any other Person in which such Person owns less than a 100% interest. Unless otherwise
specified, “Joint Venture” shall refer to any Person in which the Borrower or any Restricted Subsidiary owns Capital
Stock (other than any Wholly-Owned Subsidiary).

 

“Judgment
Currency” has the meaning assigned to such term in ‎Section 9.26.

 

    52

     

    

 

“Junior Indebtedness”
means any Indebtedness for borrowed money of the Borrower or any of its Restricted Subsidiaries (other than Indebtedness among
Holdings, the Borrower and/or its subsidiaries) that is expressly subordinated in right of payment to the Obligations or secured
by a Lien on the Collateral that is expressly subordinated to the Lien on the Collateral securing the Secured Obligations.

 

“Latest Maturity
Date” means, as of any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment
hereunder at such time.

 

“Latest Revolving
Credit Maturity Date” means, as of any date of determination, the latest maturity or expiration date applicable to any
Revolving Loan or Revolving Credit Commitment hereunder at such time.

 

“Latest Term
Loan Maturity Date” means, as of any date of determination, the latest maturity or expiration date applicable to any
Term Loan hereunder at such time.

 

“LC Collateral
Account” has the meaning assigned to such term in ‎Section 2.05(j).

 

“LC Disbursement”
means any payment or disbursement made by any Issuing Bank pursuant to any Letter of Credit.

 

“LC Exposure”
means, at any time, the Dollar Equivalent of the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time and (b) the aggregate principal amount of all LC Disbursements that have not yet been reimbursed at such time. The LC
Exposure of any Revolving Lender at any time shall equal its Applicable Percentage of the aggregate LC Exposure at such time.

 

“Legal Reservations”
means the application of relevant Debtor Relief Laws, general principles of equity and/or principles of good faith and fair dealing.

 

“Lenders”
means the Term Lenders, the Revolving Lenders, any lender with an Additional Commitment or an outstanding Additional Loan and any
other Person that becomes a party hereto pursuant to an Assignment Agreement, other than any such Person that ceases to be a party
hereto pursuant to an Assignment Agreement or as a result of the application of Section 9.05(g).

 

“Letter of
Credit” means any Standby Letter of Credit or Commercial Letter of Credit, in each case issued pursuant to this Agreement.

 

“Letter-of-Credit
Right” has the meaning set forth in ‎Article 9 of the UCC.

 

“Letter of
Credit Sublimit” means $5,000,000, as adjusted from time to time in accordance with ‎Section 2.10(c) or ‎Section
2.22 hereof.

 

“LIBO Rate”
means the Published LIBO Rate, as adjusted to reflect applicable reserves prescribed by governmental authorities.

 

“Lien”
means any mortgage, 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 Financing
Lease having substantially the same economic effect as any of the foregoing), in each case, in the nature of security; provided
that in no event shall a Non-Financing Lease Obligation in and of itself be deemed to constitute a Lien.

 

    53

     

    

 

“Loan Documents”
means this Agreement, any Promissory Note, each Loan Guaranty, the Collateral Documents, any Acceptable Intercreditor Agreement
and any other document or instrument designated by the Borrower and the Administrative Agent as a “Loan Document”,
including any Incremental Facility Amendment, Refinancing Amendment or Extension Amendment or any other amendment hereto or thereto.
Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules
thereto.

 

“Loan Guaranty”
means (a) the Guaranty Agreement, substantially in the form of Exhibit I hereto, executed by each Loan Party party thereto
and the Administrative Agent for the benefit of the Secured Parties and (b) each other guaranty agreement executed by any Person
pursuant to ‎Section 5.12 in substantially the form attached as Exhibit I hereto or another form that is otherwise
reasonably satisfactory to the Administrative Agent and the Borrower.

 

“Loan Installment
Date” has the meaning assigned to such term in ‎Section 2.10(a).

 

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

 

“Loans”
means any Initial Term Loan, any Additional Term Loan, any Revolving Loan and/or any Additional Revolving Loan.

 

“Margin Stock”
has the meaning assigned to such term in Regulation U.

 

“Market Capitalization”
means, at any date of determination pursuant to Section 1.04(e), the amount equal to (a) the total number of then issued
and outstanding shares of common Capital Stock of the U.S. Borrower or any Parent Company multiplied by (b) the arithmetic mean
of the closing prices per share of such common Capital Stock on the principal securities exchange on which such common Capital
Stock are traded for the 30 consecutive trading days immediately preceding such date.

 

“Market Intercreditor
Agreement” means an intercreditor or subordination agreement or arrangement (which may take the form of a “waterfall”
or similar provision) the terms of which are either (a) consistent with market terms governing intercreditor arrangements for the
sharing or subordination of liens or arrangements relating to the distribution of payments, as applicable, at the time the applicable
agreement or arrangement is proposed to be established in light of the type of Indebtedness subject thereto or (b) in the event
a “Market Intercreditor Agreement” has been entered into after the Closing Date meeting the requirement of preceding
clause (a), the terms of which are, taken as a whole, not materially less favorable to the Lenders than the terms of such Market
Intercreditor Agreement to the extent such agreement governs similar priorities, in each case of clause (a) or (b) subject to the
reasonable satisfaction of the Administrative Consent Party.

 

“Material
Adverse Effect” means (a) on the Closing Date, a Closing Date Material Adverse Effect and (b) after the Closing Date,
a material adverse effect on (i) the business, financial condition or results of operations, in each case, of the Borrower and
its Restricted Subsidiaries, taken as a whole or (ii) the material rights and remedies (taken as a whole) of the Administrative
Agent under the applicable Loan Documents.

 

“Material
Debt Instrument” means any physical instrument evidencing any Indebtedness for borrowed money which is required to be
pledged and delivered to the Administrative Agent (or its bailee) pursuant to the Collateral Documents.

 

    54

     

    

 

“Material
Real Estate Asset” means (i) the Specified Real Estate Asset and (ii) any fee-owned Real Estate Asset acquired by any
Domestic Loan Party after the Closing Date and located in the United States of America having a fair market value (as determined
by the Borrower in good faith after taking into account any liabilities with respect thereto that impact such fair market value)
in excess of $7,500,000 as of the date of acquisition thereof.

 

“Maturity
Date” means (a) with respect to the Initial Revolving Facility, the Initial Revolving Credit Maturity Date, (b) with
respect to the Initial Term Loans, the Initial Term Loan Maturity Date, (c) with respect to any Replacement Term Loans or Replacement
Revolving Facility, the final maturity date for such Replacement Term Loans or Replacement Revolving Facility, as the case may
be, as set forth in the applicable Refinancing Amendment, (d) with respect to any Incremental Facility, the final maturity date
set forth in the applicable Incremental Facility Amendment and (e) with respect to any Extended Revolving Credit Commitment or
Extended Term Loans, the final maturity date set forth in the applicable Extension Amendment.

 

“Maturity
Exception Amount” means the greater of (x) $45,000,000 and (y) 47% of Consolidated Adjusted EBITDA for the most recently
ended Test Period.

 

“Maximum Rate”
has the meaning assigned to such term in ‎Section 9.19.

 

“MFN Provision”
has the meaning assigned to such term in Section 2.22(a)(v).

 

“Minimum Equity
Percentage” has the meaning assigned to such term in the Recitals to this Agreement.

 

“Minimum Extension
Condition” has the meaning assigned to such term in ‎Section 2.23(b).

 

“Model”
means the model delivered by the Parent to the Initial Lenders on November 7, 2018.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Mortgage”
means any mortgage, deed of trust, deed to secure debt or other agreement that conveys or evidences a Lien in favor of the Administrative
Agent, for the benefit of the Administrative Agent and the relevant Secured Parties, on any Material Real Estate Asset constituting
Collateral, which shall be in form and substance reasonably satisfactory to the Administrative Consent Party.

 

“Mortgage
Policy” has the meaning assigned to such term in the definition of “Collateral and Guarantee Requirement”.

 

“Multiemployer
Plan” means any employee benefit plan which is a “multiemployer plan” as defined in Section 3(37) of ERISA,
that is subject to the provisions of Title IV of ERISA, and in respect of which the Borrower or any of its Restricted Subsidiaries,
or any of their respective ERISA Affiliates, makes or is obligated to make contributions or with respect to which any of them has
any ongoing obligation or liability, contingent or otherwise.

 

    55

     

    

 

“Net Insurance/Condemnation
Proceeds” means an amount equal to: (a) any Cash payments or proceeds (including Cash Equivalents) received by the Borrower
or any of its Restricted Subsidiaries (i) under any casualty insurance policy in respect of a covered loss thereunder of any assets
of the Borrower or any of its Restricted Subsidiaries or (ii) as a result of the taking of any assets of the Borrower or any of
its Restricted Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a
sale of any such assets to a purchaser with such power under threat of such a taking, minus (b) in respect of the Loan Parties
or any of their respective subsidiaries, Affiliates or direct or indirect equityholders (i) any actual out-of-pocket costs and
expenses incurred in connection with the adjustment, settlement or collection of any claims in respect thereof, (ii) payment of
the outstanding principal amount of, premium or penalty, if any, and interest and other amounts on any Indebtedness (other than
the Loans and any Indebtedness secured by a Lien on the Collateral that is pari passu with or expressly subordinated to the Lien
on the Collateral securing the Secured Obligations) that is secured by a Lien on the assets in question and that is required to
be repaid or otherwise comes due or would be in default under the terms thereof as a result of such loss, taking or sale, (iii)
in the case of a taking, the reasonable out-of-pocket costs of putting any affected property in a safe and secure position, (iv)
any selling costs and out-of-pocket expenses (including reasonable broker’s fees or commissions, legal fees, accountants’
fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, deed or mortgage
recording taxes, other expenses and brokerage, consultant and other customary fees actually incurred in connection therewith and
transfer and similar Taxes and the Borrower’s good faith estimate of income Taxes paid or payable (including pursuant to
Tax sharing arrangements or that are or would be imposed on intercompany distributions with such proceeds)) in connection with
any sale or taking of such assets as described in clause (a) of this definition, (v) any amounts provided as a reserve in
accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustments associated with
any sale or taking of such assets as referred to in clause (a) of this definition (provided that to the extent and
at the time any such amounts are released from such reserve, other than to make a payment for which such amount was reserved, such
amounts shall constitute Net Insurance/Condemnation Proceeds) and (vi) in the case of any covered loss or taking from any non-Wholly-Owned
Subsidiary, the pro rata portion thereof (calculated without regard to this clause (vi)) attributable to minority interests
and not available for distribution to or for the account of the Borrower or a Wholly-Owned Subsidiary as a result thereof.

 

“Net Proceeds”
means (a) with respect to any Disposition (including any Prepayment Asset Sale), the Cash proceeds (including Cash Equivalents
and Cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received), net of
(with respect to any Loan Party or its subsidiaries, Affiliates or direct or indirect equity owners) (i) selling costs and out-of-pocket
expenses (including broker’s fees or commissions, legal fees, accountants’ fees, investment banking fees, survey costs,
title insurance premiums, and related search and recording charges, deed or mortgage recording taxes, other customary expenses
and brokerage, consultant and other customary fees actually incurred in connection therewith and transfer and similar Taxes and
the Borrower’s good faith estimate of income Taxes paid or payable (including pursuant to Tax sharing arrangements or that
are or would be imposed on intercompany distributions with such proceeds) in connection with such Disposition), (ii) amounts provided
as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustment
associated with such Disposition (provided that to the extent and at the time any such amounts are released from such reserve,
other than to make a payment for which such amount was reserved, such amounts shall constitute Net Proceeds), (iii) the principal
amount, premium or penalty, if any, interest and other amounts on any Indebtedness (other than the Loans and any other Indebtedness
secured by a Lien on the Collateral that is pari passu with or expressly subordinated to the Lien on the Collateral securing the
Secured Obligations) which is secured by the asset sold in such Disposition and which is required to be repaid or otherwise comes
due or would be in default and is repaid (other than any such Indebtedness that is assumed by the purchaser of such asset), (iv) Cash
escrows (until released from escrow to the Borrower or any of its Restricted Subsidiaries) from the sale price for such Disposition
and (v) in the case of any Disposition by any non-Wholly-Owned Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated
without regard to this clause (v)) attributable to any minority interest and not available for distribution to or for the
account of the Borrower or a Wholly-Owned Subsidiary as a result thereof; and (b) with respect to any issuance or incurrence of
Indebtedness or Capital Stock, the Cash proceeds thereof, net of all Taxes and customary fees, commissions, costs, underwriting
discounts and other fees and expenses incurred in connection therewith.

 

    56

     

    

 

“New Holdings”
means the Person that shall, immediately following the consummation of a Holdings Reorganization Transaction in accordance with
the provisions of the definition thereof, hold 100% of the Capital Stock of the U.S. Borrower.

 

“Non-Consenting
Lender” has the meaning assigned to such term in ‎Section 2.19(b).

 

“Non-Debt
Fund Affiliate” means the Parent and any Affiliate of the Parent, other than any Debt Fund Affiliate.

 

“Non-Financing
Lease Obligation” of any Person means a lease obligation of such Person that is not a Financing Lease. A straight-line
or operating lease shall be considered a Non-Financing Lease Obligation.

 

“Non-Public
Lender” means any person who does not form part of the public (within the meaning of the Capital Requirements Regulation
(EU/575/2013).

 

“Notice of
Intent to Cure” has the meaning assigned to such term in ‎Section 6.15(b).

 

“Obligation
Currency” has the meaning assigned to such term in ‎Section 9.26(a).

 

“Obligations”
means all unpaid principal of and accrued and unpaid interest (including interest accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans,
all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and all other advances to, debts, liabilities
and obligations of the Loan Parties to the Lenders or to any Lender, the Administrative Agent, any Issuing Bank or any indemnified
party arising under the Loan Documents in respect of any Loan or Letter of Credit, whether direct or indirect (including those
acquired by assumption), absolute, contingent, due or to become due, now existing or hereafter arising.

 

“OFAC”
has the meaning assigned to such term in the definition of “Sanctioned Person”.

 

“Organizational
Documents” means (a) with respect to any corporation, its certificate or articles of incorporation or organization and
its by-laws, (b) with respect to any limited partnership, its certificate of limited partnership and its partnership agreement,
(c) with respect to any general partnership, its partnership agreement, (d) with respect to any limited liability company, its
articles of organization or certificate of formation, and its operating agreement or limited liability company agreement and (e)
with respect to any other form of entity, such other organizational documents required by local Requirements of Law or customary
under the jurisdiction in which such entity is organized to document the formation and governance principles of such type of entity.
In the event that any term or condition of this Agreement or any other Loan Document requires any Organizational Document to be
certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document”
shall only be to a document of a type customarily certified by such governmental official.

 

“Other Applicable
Indebtedness” has the meaning assigned to such term in ‎Section 2.11(b)(i).

 

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

 

    57

     

    

 

“Other Taxes”
means any and all present or future stamp, court or documentary taxes or any intangible, recording, filing or other excise or property
taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or
otherwise with respect to, this Agreement, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment
(other than an assignment made pursuant to ‎Section 2.19). For the avoidance of doubt, Other Taxes do not include any
Excluded Taxes.

 

“Outstanding
Amount” means the Dollar Equivalent of (a) with respect to any Loans on any date, the aggregate outstanding principal
amount thereof after giving effect to any borrowings and prepayments or repayments of such Loans occurring on such date, (b) with
respect to any Letter of Credit, the aggregate amount available to be drawn under such Letter of Credit after giving effect to
any changes in the aggregate amount available to be drawn under such Letter of Credit or the issuance or expiry of such Letter
of Credit, including as a result of any LC Disbursement and (c) with respect to any LC Disbursement on any date, the aggregate
outstanding amount of such LC Disbursement on such date after giving effect to any disbursements with respect to any Letter of
Credit occurring on such date and any other changes in the aggregate amount of such LC Disbursement as of such date, including
as a result of any reimbursements by the applicable Borrower of such unreimbursed LC Disbursement.

 

“Parallel
Debt” means the U.S. Parallel Debt or the Dutch Parallel Debt, as applicable.

 

“Parent”
means One Madison Corporation and its Subsidiaries that directly or indirectly own Capital Stock of Holdings.

 

“Parent Company”
means (a) Holdings and (b) any other Person or group of Persons that are Affiliates of the Parent (but in any event not any portfolio
company of the Parent), of which the U.S. Borrower is an indirect Wholly-Owned Subsidiary.

 

“Participant”
has the meaning assigned to such term in ‎Section 9.05(c).

 

“Participant
Register” has the meaning assigned to such term in ‎Section 9.05(c).

 

“Patent”
means the following: (a) all patents and patent applications; (b) all inventions described and claimed therein; (c) all reissues,
divisions, continuations, renewals, extensions and continuations in part thereof; (d) all income, royalties, damages and payments
now or hereafter due or payable under any of the foregoing, including, without limitation, damages or payments for past and future
infringements thereof; (e) the right to sue for past, present and future infringements thereof; and (f) all domestic rights corresponding
to any of the foregoing.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Plan”
means any employee pension benefit plan, as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), that is subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, in which the Borrower or any of its
Restricted Subsidiaries, or any of their respective ERISA Affiliates, maintains or contributes to or has an obligation to contribute
to, or otherwise has any liability, contingent or otherwise.

 

“Perfection
Certificate” means a certificate substantially in the form of Exhibit E.

 

    58

     

    

 

“Perfection
Requirements” means (a) the filing of appropriate financing statements with the office of the Secretary of State
or other appropriate office in the state of organization of each Loan Party, (b) the filing of Intellectual Property Security Agreements
or other appropriate assignments or notices with the U.S. Patent and Trademark Office and/or the U.S. Copyright Office, as applicable,
(c) the proper recording or filing, as applicable, of Mortgages and fixture filings with respect to any Material Real Estate
Asset constituting Collateral, in each case in favor of the Administrative Agent for the benefit of the Secured Parties, (d) the
delivery to the Administrative Agent of any stock certificate or promissory note to the extent required to be delivered by the
applicable Loan Documents, (e) in respect of the Dutch Collateral (as applicable), (i) the registration of the omnibus deed of
disclosed pledge over bank accounts and intercompany receivables and undisclosed pledge over movable assets, IP Rights and trade
receivables, with the Dutch tax authorities, (ii) the sending of duly executed notices of pledge to the relevant debtors of pledged
bank and intercompany receivables, (iii) the registration of the rights of pledge over the shares in the capital of Ranpak CZ B.V.,
the Dutch Borrower and Kapnar Holdings B.V. in the relevant shareholder’s registers and (iv) the registration of a pledge
over IP rights with the relevant IP register and (f) other filings, recordings and registrations necessary to perfect the Liens
on the Collateral granted by the Loan Parties (including the Dutch Loan Parties) in favor of the Administrative Agent or to enforce
the rights of the Administrative Agent and the Secured Parties under the Loan Documents (including the taking of any actions required
under applicable foreign Requirements of Law to validly create or perfect the Liens on the Collateral granted by such Loan Party
in favor of the Administrative Agent).

 

“Permitted
Acquisition” means any acquisition by the Borrower or any of its Restricted Subsidiaries, whether by purchase, merger,
amalgamation or otherwise, of all or a substantial portion of the assets of, or any business line, unit or division or product
line (including research and development and related assets in respect of any product or facility) of, any Person or of a majority
of the outstanding Capital Stock of any Person (and, in any event, including any Investment in (x) any Restricted Subsidiary
which serves to increase the Borrower’s or any Restricted Subsidiary’s respective equity ownership in such Restricted
Subsidiary or (y) any Joint Venture for the purpose of increasing the Borrower’s or its relevant Restricted Subsidiary’s
ownership interest in such Joint Venture), in each case if (1) such Person is or becomes a Restricted Subsidiary or (2) such Person,
in one transaction or a series of related transactions, is amalgamated, merged or consolidated with or into, or transfers or conveys
all or a substantial portion of its assets (or such division, business line, unit or product line or facility) to, or is liquidated
into, the Borrower and/or any Restricted Subsidiary as a result of such transaction; provided that (i) the target Person,
assets, business or division in respect of such acquisition is a business permitted under ‎Section 5.16, (ii) at the
applicable time elected by the Borrower in accordance with ‎Section 1.04(e), with respect to such acquisition, no Specified
Event of Default shall be continuing and (iii) the total consideration paid by Persons that are Loan Parties (a) for the Capital
Stock of any Person that does not become a Loan Party or is not a Loan Party, (b) with respect to Investments of the type referred
to in clauses (x) and (y) above after giving effect to which the relevant Joint Venture is not, or does not become, a Loan Party
or (c) in the case of an asset acquisition, for assets that are not acquired by any Loan Party, when taken together with the total
consideration for all such Persons and assets so acquired after the Closing Date, shall not exceed an aggregate amount outstanding
equal to the sum of (1) the greater of $30,000,000 and 32% of Consolidated Adjusted EBITDA as of the last day of the most recently
ended Test Period and (2) amounts otherwise available under Section 6.06; provided that the limitation described in this
clause (iii) shall not apply to any acquisition to the extent (A) any such consideration is financed with the proceeds of sales
of the Qualified Capital Stock of, or capital contributions in respect of Qualified Capital Stock to, the Borrower or any Restricted
Subsidiary, other than Cure Amounts or Available Excluded Contribution Amounts or (B) of any consideration provided by Restricted
Subsidiaries that are not Loan Parties, including through cash flow, asset sale proceeds and Indebtedness proceeds of such Restricted
Subsidiaries, that is directly in connection with such Permitted Acquisition and that is used substantially simultaneously for
such purpose (including any distribution made by a Restricted Subsidiary to a Loan Party and designated by the Borrower to the
Administrative Agent for such purpose, it being understood that if such Permitted Acquisition is not consummated, the Borrower
may elect to have such distribution be returned to such Restricted Subsidiary); provided further that in the event the amount available
under this clause is reduced as a result of any acquisition of any Restricted Subsidiary that does not become a Loan Party (or
any assets that are not transferred to a Loan Party) and such Restricted Subsidiary subsequently becomes a Loan Party (or such
assets are subsequently transferred to a Loan Party), the amount available under such limit shall be proportionately increased
as a result thereof.

 

    59

     

    

 

“Permitted
Asset Swap” means the concurrent purchase and sale or exchange of Related Business Assets or any combination of Related
Business Assets between the Borrower and/or any Restricted Subsidiary and any other Person.

 

“Permitted
Equity” means, with respect to Holdings or U.S. Borrower, (i) common equity or (ii) Preferred Capital Stock or other
instruments having terms reasonably acceptable to the Administrative Consent Party.

 

“Permitted
Exit Payment Amendment” means an amendment to this Agreement in substantially the form of Exhibit O hereto.

 

“Permitted
Holders” means (a) the Investors and their respective Affiliates (excluding any operating portfolio companies of the
Investors or other operating companies in which the Investors own equity) and, with respect to any such Investor that is a natural
person, their respective Immediate Family Members and (b) any Person with which one or more Investors form a “group”
(within the meaning of Section 14(d) of the Exchange Act as in effect on the date hereof) so long as, in the case of this clause
(b), the relevant Investors directly or indirectly collectively beneficially own more than 50% of the relevant voting stock beneficially
owned by the group.

 

“Permitted
Liens” means Liens permitted pursuant to ‎Section 6.02.

 

“Permitted
Payee” means any future, current or former director, officer, member of management, manager, employee, independent contractor
or consultant (or any Immediate Family Member or transferee of any of the foregoing) of the Borrower (or any Parent Company or
any subsidiary).

 

“Permitted
Reorganization” means any transaction or undertaking, including Investments, in connection with internal reorganizations
and or restructurings (including in connection with tax planning and corporate reorganizations), so long as, after giving effect
thereto, (a) the Loan Parties shall comply with the Collateral and Guarantee Requirements and ‎Section 5.12 and (b)
the security interest of the Secured Parties in the Collateral, taken as a whole, is not materially impaired (including by a material
portion of the assets that constitute Collateral immediately prior to such Permitted Reorganization no longer constituting Collateral)
as a result of such Permitted Reorganization.

 

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

 

“Pre-Approved
Additional Revolving Lender” means each of Citibank, N.A., Credit Suisse AG, Cayman Island Branch and/or Bank of America,
N.A. or, in each case, any of their Affiliates.

 

“Pre-Approved
Incremental Revolving Increase” means an Incremental Revolving Facility in an aggregate outstanding principal amount
not to exceed $30,000,000 that is provided by one or more Pre-Approved Additional Revolving Lenders.

 

    60

     

    

 

“Preferred
Capital Stock” means any Capital Stock with preferential rights of payment of dividends or upon liquidation, dissolution
or winding up.

 

“Prepayment
Asset Sale” means any Disposition by the Borrower or its Restricted Subsidiaries made pursuant to ‎Section 6.07(h),
(j) and (q) and any Sale and Lease-Back Transaction pursuant to clause (A) of the proviso to ‎Section 6.08.

 

“Primary Obligor”
has the meaning assigned to such term in the definition of “Guarantee”.

 

“Prime Rate”
means the rate of interest last quoted by The Wall Street Journal (or another national publication selected by the Administrative
Agent and acceptable to the Borrower) as the “Prime Rate” in the U.S.

 

“Principal
Investor Representative” means Goldman Sachs & Co. LLC.

 

“Principal
Investors” means, collectively, the Initial Lenders and the Related Investors.

 

“Pro Forma
Basis” or “pro forma effect” means, with respect to any determination of the Total Leverage Ratio,
the First Lien Leverage Ratio, the Secured Leverage Ratio, the Interest Coverage Ratio, Consolidated Adjusted EBITDA, Consolidated
Net Income or Consolidated Total Assets (including component definitions thereof), that each Subject Transaction shall be deemed
to have occurred as of the first day of the applicable Test Period (or, in the case of Consolidated Total Assets (or with respect
to any determination pertaining to the balance sheet, including the acquisition of Cash and Cash Equivalents in connection with
an acquisition of a Person, business line, unit, division or product line), as of the last day of such Test Period) with respect
to any test or covenant for which such calculation is being made and that:

 

(a) (i) in
the case of (A) any Disposition of all or substantially all of the Capital Stock of any Restricted Subsidiary or any division and/or
product line of the Borrower or any Restricted Subsidiary or (B) any designation of a Restricted Subsidiary as an Unrestricted
Subsidiary, income statement items (whether positive or negative) attributable to the property or Person subject to such Subject
Transaction, shall be excluded as of the first day of the applicable Test Period with respect to any test or covenant for which
the relevant determination is being made and (ii) in the case of any Permitted Acquisition, Investment and/or designation of an
Unrestricted Subsidiary as a Restricted Subsidiary described in the definition of the term “Subject Transaction”, income
statement items (whether positive or negative) attributable to the property or Person subject to such Subject Transaction shall
be included as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination
is being made; provided that any pro forma adjustment may be applied to any such test or covenant solely to the extent that
such adjustment is consistent with the definition of “Consolidated Adjusted EBITDA”,

 

(b) any Expected
Cost Savings as a result of any Cost Saving Initiative shall be calculated on a pro forma basis as though such Expected Cost Savings
had been realized on the first day of the applicable Test Period and as if such Expected Cost Savings were realized in full during
the entirety of such period,

 

(c) any retirement
or repayment of Indebtedness (other than normal fluctuations in revolving Indebtedness incurred for working capital purposes) shall
be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the
relevant determination is being made,

 

    61

     

    

 

(d) any Indebtedness
incurred by the Borrower or any of its Restricted Subsidiaries in connection therewith shall be deemed to have occurred as of the
first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made;
provided that (x) if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest
for the applicable Test Period for purposes of this definition determined by utilizing the rate that is or would be in effect with
respect to such Indebtedness at the relevant date of determination (taking into account any interest hedging arrangements applicable
to such Indebtedness), (y) interest on any obligation with respect to any Financing Lease shall be deemed to accrue at an interest
rate determined as set forth in the definition of “Consolidated Interest Expense” and (z) interest on any Indebtedness
that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank
offered rate or other rate shall be determined to have been based upon the rate actually chosen, or if none, then based upon such
optional rate chosen by the Borrower, and

 

(e) the acquisition
of any assets (including Cash and Cash Equivalents) included in calculating Consolidated Total Assets, whether pursuant to any
Subject Transaction or any Person becoming a subsidiary or merging, amalgamating or consolidating with or into the Borrower or
any of its subsidiaries, or the Disposition of any assets (including Cash and Cash Equivalents) included in calculating Consolidated
Total Assets described in the definition of “Subject Transaction” shall be deemed to have occurred as of the last day
of the applicable Test Period with respect to any test or covenant for which such calculation is being made.

 

In the case of any
calculation of the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage Ratio, the Interest Coverage Ratio
or Consolidated Total Assets for any event described above that occurs prior to the date on which financial statements have been
(or are required to be) delivered pursuant to ‎Section 5.01 for the Fiscal Quarter ended June 30, 2019, any such calculation
required to be made on a “Pro Forma Basis” shall use the consolidated financial statements of the U.S. Borrower delivered
to the Initial Lenders for the Fiscal Quarter ended March 31, 2019. Notwithstanding anything to the contrary set forth in the immediately
preceding paragraph, for the avoidance of doubt, when calculating the First Lien Leverage Ratio for purposes of the definitions
of “Applicable Rate” and “Commitment Fee Rate” and for purposes of ‎Section 6.15 (other than
for the purpose of determining pro forma compliance with ‎Section 6.15 as a condition to taking any action under this
Agreement), the events described in the immediately preceding paragraph that occurred subsequent to the end of the applicable Test
Period shall not be given pro forma effect.

 

“Projections”
means the projections of the Borrower and its Subsidiaries included in the Model.

 

“Promissory
Note” means a promissory note of the applicable Borrower payable to any Lender or its registered assigns, in substantially
the form of Exhibit G hereto, evidencing the aggregate outstanding principal amount of Loans of such Borrower owed to such
Lender resulting from the Loans made by such Lender.

 

“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 Company
Costs” means Charges associated with, or in anticipation of, or preparation for, compliance with the requirements of
the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith and Charges relating to compliance
with the provisions of the Securities Act and the Exchange Act (and, in each case, any similar Requirement of Law under any other
applicable jurisdiction), as applicable to companies with equity or debt securities held by the public, the rules of national securities
exchange companies with listed equity or debt securities, directors’ or managers’ compensation, fees and expense reimbursement,
Charges relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors’ and officers’
insurance, listing fees and all executive, legal and professional fees and costs related to the foregoing.

 

    62

     

    

 

“Published
EURIBOR Rate” means, with respect to any Interest Period when used in reference to any Loan or Borrowing denominated
in Euros, (a) the rate of interest (rounded upwards, if necessary, to the nearest 1/100th) appearing on Reuters Screen
EURIBOR01 Page (or on any successor or substitute page of such service, or any successor to such service as determined by Administrative
Agent ) as the Euro interbank offered rate for deposits in Euros for a term comparable to such Interest Period, at approximately
11:00 a.m. (London time) on the date which is two Business Days prior to the commencement of such Interest Period (but if more
than one rate is specified on such page, the rate will be an arithmetic average of all such rates) and (b) if such rate is not
available at such time for any reason, then the “Published EURIBOR Rate” for such Interest Period shall be the interest
rate per annum reasonably determined by the Administrative Agent in good faith to be the rate per annum at which deposits in Euros
for delivery on the first day of such Interest Period in immediately available funds in the approximate amount of the EURIBOR Rate
Loan being made, continued or converted by the Administrative Agent and with a term equivalent to such Interest Period would be
offered to the Administrative Agent by major banks in the applicable offshore interbank market for Euros at their request at approximately
11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period; provided that if such rate
as determined above is at any time negative, the Published EURIBOR Rate at such time shall instead be zero. Notwithstanding the
foregoing or anything in ‎Section 9.02 to the contrary, if at any time the Administrative Agent determines (which determination
shall be conclusive absent manifest error) in consultation with the Borrower that (i) the circumstances set forth in ‎Section
2.14 have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in ‎Section
2.14 have not arisen but the supervisor for the administrator of the EURIBOR Rate or a Governmental Authority having jurisdiction
over the Administrative Agent has made a public statement identifying a specific date after which the EURIBOR Rate shall no longer
be used for determining interest rates for loans, then the “Published EURIBOR Rate” for such Interest Period shall
be (x) a comparable successor or alternative interbank rate for deposits in Euros that is, at such time, broadly accepted by the
syndicated loan market in lieu of the “Published EURIBOR Rate” and is reasonably acceptable to the Borrower and the
Administrative Agent or (y) solely if no such broadly accepted comparable successor or alternative interbank rate exists at such
time, a successor or alternative index rate as the Administrative Agent and the Borrower may determine, and, in the case of clause
(x) and/or (y), the Borrower and the Administrative Agent (prior to the Disposition Date, at the direction of the Principal
Investor Representative) shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other
related changes to this Agreement as may be applicable (it being understood and agreed that any such amendment shall not require
the consent of any Lender).

 

    63

     

    

 

“Published
LIBO Rate” means, with respect to any Interest Period when used in reference to any Loan or Borrowing denominated in
Dollars, (a) the rate of interest (rounded upwards, if necessary, to the nearest 1/100th) appearing on Reuters Screen
LIBOR01 Page (or on any successor or substitute page of such service, or any successor to such service as determined by Administrative
Agent) as the London interbank offered rate for deposits in Dollars for a term comparable to such Interest Period, at approximately
11:00 a.m. (London time) on the date which is two Business Days prior to the commencement of such Interest Period (but if more
than one rate is specified on such page, the rate will be an arithmetic average of all such rates) and (b) if such rate is not
available at such time for any reason, then the “Published LIBO Rate” for such Interest Period shall be the interest
rate per annum reasonably determined by the Administrative Agent in good faith to be the rate per annum at which deposits in Dollars
for delivery on the first day of such Interest Period in immediately available funds in the approximate amount of the LIBO Rate
Loan being made, continued or converted by the Administrative Agent and with a term equivalent to such Interest Period would be
offered to the Administrative Agent by major banks in the London or other offshore interbank market for Dollars at their request
at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period; provided
that if such rate as determined above is at any time negative, the Published LIBO Rate at such time shall instead be zero. Notwithstanding
the foregoing or anything in ‎Section 9.02 to the contrary, if at any time the Administrative Agent determines (which
determination shall be conclusive absent manifest error) in consultation with the Borrower that (i) the circumstances set forth
in ‎Section 2.14 have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth
in ‎Section 2.14 have not arisen but the supervisor for the administrator of the LIBO Rate or a Governmental Authority
having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO
Rate shall no longer be used for determining interest rates for loans, then the “Published LIBO Rate” for such Interest
Period shall be (x) a comparable successor or alternative interbank rate for deposits in Dollars that is, at such time, broadly
accepted by the syndicated loan market in lieu of the “Published LIBO Rate” and is reasonably acceptable to the Borrower
and the Administrative Agent or (y) solely if no such broadly accepted comparable successor or alternative interbank rate exists
at such time, a successor or alternative index rate as the Administrative Agent and the Borrower may determine, and, in the case
of clause (x) and/or (y), the Borrower and the Administrative Agent (prior to the Disposition Date, at the direction
of the Principal Investor Representative) shall enter into an amendment to this Agreement to reflect such alternate rate of interest
and such other related changes to this Agreement as may be applicable (it being understood and agreed that any such amendment shall
not require the consent of any Lender).

 

“Qualified
Capital Stock” of any Person means any Capital Stock of such Person that is not Disqualified Capital Stock.

 

“Qualified
Receivables Facility” means any Receivables Facility that meets the following conditions: (a) the Borrower shall have
determined in good faith that such Receivables Facility (including financing terms, covenants, termination events and other provisions)
is in the aggregate economically fair and reasonable to the Borrower and its Restricted Subsidiaries; (b) all sales of Receivables
Facility Assets and related assets by the Borrower or any Restricted Subsidiary to the Receivables Subsidiary or any other Person
are made at fair market value (as determined in good faith by the Borrower); (c) the financing terms, covenants, termination events
and other provisions thereof shall be on market terms (as determined in good faith by the Borrower) and may include Standard Securitization
Undertakings; and (d) the obligations under such Receivables Facility are non-recourse (except for customary representations, warranties,
covenants and indemnities made in connection with such facilities) to the Borrower or any of its Restricted Subsidiaries (other
than a Receivables Subsidiary).

 

“Qualifying
Bid” has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Qualifying
Lender” has the meaning assigned to such term in the definition of “Dutch Auction”.

 

    64

     

    

 

“Ratio Interest
Expense” means, with respect to any Person for any period, (a) consolidated total cash interest expense of such Person
and its Restricted Subsidiaries for such period, (i) including the interest component of any payment under any Financing Lease
(regardless of whether accounted for as interest expense under GAAP) and (ii) excluding (A) amortization, accretion or accrual
of deferred financing fees, original issue discount, debt issuance costs, discounted liabilities, commissions, fees and expenses,
(B) any expense arising from any bridge, commitment, structuring and/or other financing fee (including fees and expenses associated
with the Transactions and agency and trustee fees), (C) any expense resulting from the discounting of Indebtedness in connection
with the application of recapitalization accounting or, if applicable, acquisition accounting, (D) fees and expenses associated
with any Dispositions, acquisitions, Investments, issuances of Capital Stock or Indebtedness (in each case, whether or not consummated),
(E) costs associated with obtaining, or breakage costs in respect of, any Hedge Agreement or any other derivative instrument other
than any interest rate Hedge Agreement or interest rate derivative instrument with respect to Indebtedness, (F) penalties and interest
relating to Taxes, (G) any “additional interest” or “liquidated damages” for failure to timely comply with
registration rights obligations, (H) interest expense with respect to Indebtedness of any Parent Company of such Person appearing
on the balance sheet of such Person solely by reason of push-down accounting under GAAP, (I) any payments with respect to make-whole,
prepayment or repayment premiums or other breakage costs of any Indebtedness, (J) any interest expense attributable to the exercise
of appraisal rights or other rights of dissenting shareholders and the settlement of any claims or actions (whether actual, contingent
or potential) with respect thereto in connection with the Transactions or any acquisition or Investment permitted hereunder, (K)
any lease, rental or other expense in connection with a Non-Financing Lease Obligation and (L) for the avoidance of doubt, any
non-cash interest expense attributable to any movement in the mark to market valuation of any obligation under any Hedge Agreement
or any other derivative instrument and/or any payment obligation arising under any Hedge Agreement or derivative instrument other
than any interest rate Hedge Agreement or interest rate derivative instrument with respect to Indebtedness minus (b) cash interest
income for such period. For purposes of this definition, (x) interest in respect of any Financing Lease shall be deemed to accrue
at an interest rate determined as set forth in the definition of Consolidated Interest Expense and (y) interest expense shall be
calculated after giving effect to any payments made or received under any Hedge Agreement or any other derivative instrument with
respect to Indebtedness.

 

“Real Estate
Asset” means, at any time of determination, all right, title and interest of any Loan Party in and to all real property
owned by such Loan Party and all real property leased or subleased by such Loan Party (in each case including, but not limited
to, land, improvements and fixtures thereon).

 

“Receivables
Facility” means any of one or more receivables financing facilities or securitization financing facilities as amended,
supplemented, modified, extended, renewed, restated or refunded from time to time, pursuant to which the Borrower or any of the
Restricted Subsidiaries sells or grants a security interest in its Receivables Facility Assets to either (a) a Person that is not
a Restricted Subsidiary or (b) a Restricted Subsidiary or Receivables Subsidiary that in turn funds such purchase by selling or
granting a security interest in its Receivables Facility Assets to a Person that is not a Restricted Subsidiary or by borrowing
from such a Person or from another Receivables Subsidiary that in turn funds itself by borrowing from such a Person, in each case,
that constitutes a Qualified Receivables Facility.

 

“Receivables
Facility Asset” means (a) any accounts receivable, revenue stream or other right of payment, real estate asset, mortgage
receivable or related asset and (b) contract rights, lockbox accounts and records with respect to such assets customarily transferred
therewith, in each case subject to a Receivables Facility.

 

“Receivables
Fees” means distributions or payments made directly or by means of discounts with respect to any Receivables Facility
Asset or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted
Subsidiary in connection with, any Receivables Facility.

 

“Receivables
Subsidiary” means any Subsidiary formed for the purpose of facilitating or entering into one or more Receivables Facilities,
and in each case engages only in activities reasonably related or incidental thereto or another Person formed for the purposes
of engaging in a Receivables Facility in which the Borrower or any subsidiary makes an Investment and to which the Borrower or
any subsidiary transfers Receivables Facility Assets.

 

“Refinancing”
has the meaning assigned to such term in ‎Section 4.01(h).

 

    65

     

    

 

“Refinancing
Amendment” means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent and the Borrower
executed by (a) Holdings and the applicable Borrower, (b) the Administrative Agent and (c) each Lender that agrees to provide all
or any portion of the Replacement Term Loans or the Replacement Revolving Facility, as applicable, being incurred pursuant thereto
and in accordance with ‎Section 9.02(c).

 

“Refinancing
Indebtedness” has the meaning assigned to such term in Section 6.01(p).

 

“Refunding
Capital Stock” has the meaning assigned to such term in ‎Section 6.04(a)(viii).

 

“Register”
has the meaning assigned to such term in ‎Section 9.05(b).

 

“Regulation
D” means Regulation D of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.

 

“Regulation
U” means Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.

 

“Regulation
X” means Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.

 

“Related Business
Assets” means assets (other than Cash or Cash Equivalents) used or useful in a Similar Business; provided that any asset
received by the Borrower or any Restricted Subsidiary in exchange for any asset transferred by the Borrower or any Restricted Subsidiary
shall not be deemed to constitute a Related Business Asset if such asset consists of Securities of a Person, unless upon receipt
of the Securities of such Person, such Person would become a Restricted Subsidiary.

 

“Related Funds”
means with respect to any Lender, any Person that is an Approved Fund of such Lender.

 

“Related Investor”
means (a) any affiliated investment entity and/or other Affiliate of Goldman Sachs & Co. LLC or (b) any fund, investor, entity
or account that is managed, sponsored or advised by Goldman Sachs & Co. LLC or its Affiliates and, in each case, which is not
a Disqualified Institution, a natural person or any investment vehicle established primarily for the benefit of a single natural
person.

 

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

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment of any barrels,
containers or other closed receptacles containing any Hazardous Material).

 

“Replaced
Revolving Facility” has the meaning assigned to such term in ‎Section 9.02(c)(ii).

 

“Replaced
Term Loans” has the meaning assigned to such term in ‎Section 9.02(c)(i).

 

    66

     

    

 

“Replacement
Debt” means any Refinancing Indebtedness (whether borrowed in the form of secured or unsecured loans, or issued in a
public offering, Rule 144A under the Securities Act or other private placement or bridge financing in lieu of the foregoing
or otherwise) incurred in respect of Indebtedness permitted under ‎Section 6.01(a) (and any subsequent refinancing of
such Replacement Debt); provided that prior to the incurrence or establishment of any Replacement Debt incurred under this
Agreement, the Borrower shall, with respect to any such Indebtedness being refinanced that is held by the Principal Investors,
offer the Principal Investors a bona fide opportunity to provide the entire amount of such Replacement Debt on terms specified
by the Borrower and, to the extent the Principal Investors do not commit to provide such Replacement Debt on such specified terms
within 10 Business Days, then the Borrower may obtain commitments from other Persons to provide such declined amount of Replacement
Debt on such specified terms or on terms (taken as a whole) less favorable to such other Person (but not on terms (taken as a whole)
more favorable to such other Person) in each case within 90 days of the Principal Investor Representative having declined on behalf
of the Principal Investors; provided that the financing contemplated thereby shall be consummated in all material respects in accordance
with such terms that were offered to the Principal Investors. For the avoidance of doubt, it is understood and agreed that the
Borrower shall not be required to offer the Principal Investors such opportunity in connection with any refinancing or replacement
that is provided by Persons other than the Principal Investors and that is not documented under this Agreement if, after giving
effect thereto, all Revolving Credit Commitments shall have expired or terminated and the principal of and interest on each Loan
and all fees, expenses and other amounts payable under any Loan Document (other than contingent indemnification obligations for
which no claim or demand has been made) shall have been paid in full in Cash and all Letters of Credit shall have expired or have
been terminated (or have been (x) Cash collateralized or back-stopped by a letter of credit or otherwise in a manner reasonably
satisfactory to the relevant Issuing Bank or (y) deemed reissued under another agreement in a manner reasonably satisfactory to
the Administrative Agent and the relevant Issuing Bank) and all LC Disbursements shall have been reimbursed.

 

“Replacement
Revolving Facility” has the meaning assigned to such term in ‎Section 9.02(c)(ii).

 

“Replacement
Term Loans” has the meaning assigned to such term in ‎Section 9.02(c)(i).

 

“Reply Amount”
has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Reply Price”
has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Reportable
Event” means, with respect to any Pension Plan, any of the events described in Section 4043(c) if ERISA or the regulation
issued thereunder, other than those events as to which the 30-day notice period is waived under PBGC Reg. Section 4043.

 

“Representation
and Warranty Insurance Policy” means the representation and warranty insurance policy obtained by the Parent in connection
with the Acquisition.

 

“Representatives”
has the meaning assigned to such term in ‎Section 9.13.

 

“Repricing
Transaction” means each of (a) the optional prepayment, repayment, refinancing, substitution or replacement (or mandatory
prepayment pursuant to Section 2.11(b)(iii)) of all or a portion of the Initial Dollar Term Loans or Initial Euro Term Loans
substantially concurrently with the incurrence by any Loan Party of any long-term indebtedness having an Effective Yield that is
less than the Effective Yield applicable to the Initial Dollar Term Loans or Initial Euro Term Loans so prepaid, repaid, refinanced,
substituted or replaced and (b) any amendment, waiver or other modification to this Agreement that would have the effect of reducing
the Effective Yield applicable to the Initial Dollar Term Loans or Initial Euro Term Loans, as applicable; provided that
the primary purpose (as determined by the Borrower in good faith) of such prepayment, repayment, refinancing, substitution, replacement,
amendment, waiver or other modification was to reduce the Effective Yield applicable to the Initial Dollar Term Loans or Initial
Euro Term Loans, as applicable; provided, further, that in no event shall any such prepayment, repayment, refinancing, substitution,
replacement, amendment, waiver or other modification in connection with a Change of Control or Transformative Acquisition constitute
a Repricing Transaction. Any determination by the Administrative Agent of the Effective Yield for purposes of the definition shall
be conclusive and binding on all Lenders, and the Administrative Agent shall have no liability to any Person with respect to such
determination absent bad faith, gross negligence or willful misconduct.

 

    67

     

    

 

“Required
Excess Cash Flow Percentage” means, as of any date of determination, (a) if the First Lien Leverage Ratio is greater
than 4.50:1.00, 50%, (b) if the First Lien Leverage Ratio is less than or equal to 4.50:1.00 and greater than 4.00:1.00, 25% and
(c) if the First Lien Leverage Ratio is less than or equal to 4.00:1.00, 0%; it being understood and agreed that, for purposes
of this definition as it applies to the determination of the amount of Excess Cash Flow that is required to be applied to prepay
Subject Loans under ‎Section 2.11(b)(i) for any Excess Cash Flow Period, the First Lien Leverage Ratio shall be determined
on the scheduled date of prepayment (after giving pro forma effect to such prepayment and to any other repayment or prepayment
at or prior to the time such Excess Cash Flow prepayment is due).

 

“Required
Lenders” means (x) at any time prior to the Disposition Date, Lenders having Loans or unused Commitments representing
more than 50% of the sum of the total Loans and unused Commitments at such time and all Principal Investors and (y) at any time
on or after the Disposition Date, Lenders having Loans or unused Commitments representing more than 50% of the sum of the total
Loans and unused Commitments at such time.

 

“Required
Net Proceeds Percentage” means, as of any date of determination, (a) if the First Lien Leverage Ratio is greater than
4.25:1.00, 100%, (b) if the First Lien Leverage Ratio is less than or equal to 4.25:1.00 and greater than 3.75:1.00, 50% and (c)
if the First Lien Leverage Ratio is less than or equal to 3.75:1.00, 0%; it being understood and agreed that, for purposes of this
definition as it applies to the determination of the amount of Net Proceeds or Net Insurance/Condemnation Proceeds that are required
to be applied to prepay Subject Loans under ‎Section 2.11(b)(ii) for any payment, the First Lien Leverage Ratio shall
be determined on the date on which such proceeds are received by the applicable Borrower or Restricted Subsidiary (giving pro forma
effect to the subject Dispositions and/or casualty events and the application of the relevant proceeds thereof).

 

“Required
Revolving Lenders” means (x) at any time prior to the Disposition Date, Revolving Lenders having Revolving Loans or unused
Revolving Credit Commitments representing more than 50% of the sum of the total Revolving Loans and unused Revolving Credit Commitments
at such time and all Revolving Lenders that are Principal Investors and (y) at any time on or after the Disposition Date, Lenders
having Revolving Loans and unused Revolving Credit Commitments representing more than 50% of the sum of the total Revolving Loans
and unused Revolving Credit Commitments at such time.

 

“Requirements
of Law” means, with respect to any Person, collectively, the common law and all federal, state, local, foreign, multinational
or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments,
writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or administration
thereof by, and other determinations, directives, requirements or requests of any Governmental Authority, in each case whether
or not having the force of law and that are applicable to or binding upon such Person or any of its property or to which such Person
or any of its property is subject.

 

    68

     

    

 

“Responsible
Officer” means (a) with respect to any Person other than a Dutch Loan Party, the chief executive officer, the president,
the chief financial officer, the treasurer, any assistant treasurer, any executive vice president, any senior vice president, any
vice president or the chief operating officer of such Person and any other individual or similar official thereof responsible for
the administration of the obligations of such Person in respect of this Agreement, and, as to any certification of Organizational
Documents delivered on the Closing Date, shall include any secretary or assistant secretary or any other individual or similar
official thereof with substantially equivalent responsibilities of a Loan Party and, solely for purposes of notices given pursuant
to Article 2, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a written
notice to the Administrative Agent (including, for the avoidance of doubt, by electronic means) and (b) with respect to a Dutch
Loan Party, a managing director or any other person who is authorized to represent such Person. Any document delivered hereunder
that is signed by a Responsible Officer of any 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.

 

“Responsible
Officer Certification” means, with respect to the financial statements for which such certification is required, the
certification of a Responsible Officer of the Borrower who is the chief financial officer (or any other individual or similar official
with substantially equivalent responsibilities) or a Responsible Officer directly reporting to the chief financial officer (or
such other individual or similar official with substantially equivalent responsibilities) that such financial statements fairly
present, in all material respects, in accordance with GAAP, the consolidated financial condition of the Persons covered by such
financial statements as at the dates indicated and their consolidated income and cash flows for the periods indicated, subject
to changes resulting from audit and normal year-end adjustments and, in the case of quarterly financial statements, the absence
of footnotes.

 

“Restricted
Amount” has the meaning assigned to such term in ‎Section 2.11(b)(iv).

 

“Restricted
Debt” means any Junior Indebtedness that is required by the terms of this Agreement to mature after the Initial Term
Loan Maturity Date, to the extent the outstanding principal amount thereof is equal to or greater than the Threshold Amount.

 

“Restricted
Debt Payments” has the meaning assigned to such term in ‎Section 6.04(b).

 

“Restricted
Payment” means (a) any dividend or other distribution on account of any shares of any class of the Capital Stock of the
Borrower or any of its Restricted Subsidiaries, except a dividend payable solely in shares of Qualified Capital Stock (or in options,
warrants or other rights to purchase such Qualified Capital Stock) to the holders of such class, (b) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value of any shares of any class of the Capital Stock of the
Borrower or any of its Restricted Subsidiaries and (c) any payment made to retire, or to obtain the surrender of, any outstanding
warrants, options or other rights to acquire shares of any class of the Capital Stock of the Borrower or any of its Restricted
Subsidiaries now or hereafter outstanding. The amount of any Restricted Payment (other than Cash) shall be the fair market value,
as determined in good faith by the Borrower on the applicable date set forth in ‎Section 1.04(e), of the assets or securities
proposed to be transferred or issued by the Borrower or any of its Restricted Subsidiaries pursuant to such Restricted Payment.

 

“Restricted
Subsidiary” means, as to any Person, any subsidiary of such Person that is not an Unrestricted Subsidiary. Unless otherwise
specified, “Restricted Subsidiary” shall mean any Restricted Subsidiary of the U.S. Borrower (including, for the avoidance
of doubt, each other Borrower).

 

“Retained
Excess Cash Flow Amount” means, at any date of determination, an amount, determined on a cumulative basis, that is equal
to the aggregate cumulative sum of the Excess Cash Flow that is not required to be applied as a mandatory prepayment under Section
2.11(b)(i) for all Excess Cash Flow Periods ending after the Closing Date and prior to such date; provided that such amount
shall not be less than zero for any Excess Cash Flow Period.

 

    69

     

    

 

“Return Bid”
has the meaning assigned to such term in the definition of “Dutch Auction”.

 

“Revaluation
Date” means (a) with respect to any Revolving Loan denominated in an Alternate Currency, each of the following: (i) each
date of any Borrowing of Revolving Loans, (ii) each date of any conversion or continuation of Revolving Loans pursuant to the terms
of this Agreement, (iii) the last day of each Fiscal Quarter and (iv) the date of any voluntary reduction of a Revolving Credit
Commitment pursuant to ‎Section 2.09(b); (b) with respect to any Letter of Credit denominated in any Alternate Currency,
each of the following: (i) each date of issuance of any Letter of Credit, (ii) each date of an amendment of any Letter of Credit
that would have the effect of increasing the Stated Amount thereof and (iii) the last day of each Fiscal Quarter; (c) with respect
to the commitment fee for unused Revolving Credit Commitments of the Revolving Lenders pursuant to ‎Section 2.12(a),
such additional dates as the Administrative Agent or the Required Revolving Lenders shall reasonably require and (d) any additional
date as the Administrative Agent shall determine or the Required Revolving Lenders shall require, in each case under this clause
(d), at any time when an Event of Default has occurred and is continuing.

 

“Revolving
Credit Commitment” means any Initial Revolving Credit Commitment and any Additional Revolving Credit Commitment.

 

“Revolving
Credit Exposure” means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of such
Lender’s Initial Revolving Credit Exposure and Additional Revolving Credit Exposure.

 

“Revolving
Facility” means the Initial Revolving Facility and any Additional Revolving Facility.

 

“Revolving
Facility Test Condition” means, as of any date of determination, without duplication, that the aggregate Outstanding
Amount of all (a) Revolving Loans, (b) LC Disbursements that have not been reimbursed within three Business Days (and excluding,
for the avoidance of doubt, the amount of any undrawn Letters of Credit) and (c) Letters of Credit (excluding (i) any Letter of
Credit to the extent Cash collateralized (in an amount equal to 103% of the face amount thereof) or back-stopped (in a manner reasonably
acceptable to the applicable Issuing Bank) and (ii) other Letters of Credit (or any portion thereof) in an aggregate face amount
up to $2,500,000 (with only such Letter of Credit amounts in excess of $2,500,000 being applied for purposes hereof)), in each
case as of such date, exceeds an amount equal to 35% of the Total Revolving Credit Commitment.

 

“Revolving
Lender” means any Initial Revolving Lender and any Additional Revolving Lender.

 

“Revolving
Loans” means any Initial Revolving Loans and any Additional Revolving Loans.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc.

 

“Sale and
Lease-Back Transaction” has the meaning assigned to such term in ‎Section 6.08.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at
the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person that is, or is owned 50% or more or controlled by one or more Persons that
are, listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S.
Department of the Treasury (“OFAC”), the U.S. Department of State, or any applicable non-U.S. sanctions authority or
(b) any Person located, organized or resident in a Sanctioned Country.

 

    70

     

    

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by OFAC, the U.S.
Department of State or any applicable non-U.S. sanctions authority.

 

“Scheduled
Consideration” has the meaning assigned to such term in Section 2.11(b)(i).

 

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

 

“Secured Hedging
Obligations” means all Hedging Obligations (other than any Excluded Swap Obligations) under each Hedge Agreement that
(a) is in effect on the Closing Date between any Loan Party and a counterparty that is the Administrative Agent, the Arranger,
a Lender or any Affiliate of the Administrative Agent, the Arranger or a Lender as of the Closing Date or (b) is entered into after
the Closing Date between any Loan Party and any counterparty that is (or is an Affiliate of) the Administrative Agent, the Arranger
or any Lender at the time such Hedge Agreement is entered into, for which such Loan Party agrees to provide security and in each
case that has been designated to the Administrative Agent in writing by the Borrower as being a Secured Hedging Obligation for
purposes of the Loan Documents, it being understood that each counterparty thereto shall be deemed (A) to appoint the Administrative
Agent as its agent under the applicable Loan Documents and (B) to agree to be bound by the provisions of ‎Article 8,
Sections ‎9.03 and ‎9.10 and each Acceptable Intercreditor Agreement as if it were a Lender.

 

“Secured Leverage
Ratio” means the ratio, as of any date of determination, of (a) Consolidated Secured Debt as of such date to (b) Consolidated
Adjusted EBITDA for the Test Period then most recently ended or the Test Period otherwise specified where the term “Secured
Leverage Ratio” is used in this Agreement, in each case of the Borrower and its Restricted Subsidiaries on a consolidated
basis.

 

“Secured Obligations”
means all Obligations, together with (a) all Banking Services Obligations and (b) all Secured Hedging Obligations; provided
that Banking Services Obligations and Secured Hedging Obligations shall cease to constitute Secured Obligations on and after the
Termination Date.

 

“Secured Parties”
means (i) the Lenders and the Issuing Banks, (ii) the Administrative Agent, (iii) each counterparty to a Hedge Agreement with a
Loan Party the obligations under which constitute Secured Obligations, (iv) each provider of Banking Services to any Loan Party
the obligations under which constitute Secured Obligations and (v) the beneficiaries of each indemnification obligation undertaken
by any Loan Party under any Loan Document.

 

“Securities”
means any stock, shares, units, partnership interests, voting trust certificates, certificates of interest or participation in
any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured
or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities”
or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition
of, or any right to subscribe to, purchase or acquire, any of the foregoing; provided that the term “Securities”
shall not include any earn-out agreement or obligation or any employee bonus or other incentive compensation plan or agreement.

 

“Securities
Act” means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder.

 

    71

     

    

 

“Securitization
Repurchase Obligation” means any obligation of a seller (or any guaranty of such obligation) of assets subject to a Qualified
Receivables Facility to repurchase such assets arising as a result of a breach of a representation, warranty or covenant or otherwise,
including, without limitation, as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute,
offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating
to such seller.

 

“Shared Incremental
Amount” means, as of any date of determination, (a) the greater of $95,000,000 and 100% of Consolidated Adjusted EBITDA
as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis minus (b) the aggregate principal
amount of all Incremental Facilities and/or Incremental Equivalent Debt originally incurred or issued in reliance on the Shared
Incremental Amount outstanding on such date, in each case after giving effect to any reclassification of any such Indebtedness
as having been incurred under clause (e) of the definition of “Incremental Cap” hereunder.

 

“Similar Business”
means any Person the majority of the revenues of which are derived from a business that would be permitted by ‎Section 5.16
if the references to “Restricted Subsidiaries” in ‎Section 5.16 were read to refer to such Person.

 

“Soft Call
Termination Date” has the meaning assigned to such term in ‎Section 2.12(f).

 

“SPC”
has the meaning assigned to such term in ‎Section 9.05(e).

 

“Specified
Acquisition Agreement Representations” means the representations and warranties made by or with respect to the Target,
its subsidiaries or their respective businesses in the Acquisition Agreement which are material to the interests of the Lenders,
but only to the extent that Parent (or its Affiliates) has the right (taking into account any applicable cure provisions) to terminate
its obligations under the Acquisition Agreement or to decline to consummate the Acquisition as a result of a breach or inaccuracy
of such representations and warranties.

 

“Specified
Event of Default” means an Event of Default pursuant to Section ‎7.01(a), Section ‎7.01(f) or ‎Section
7.01(g).

 

“Specified
Real Estate Asset” means the Real Estate Asset located at 7990 Auburn Road in Concord, Ohio.

 

“Specified
Representations” means the representations and warranties set forth in ‎Section 3.01(a)(i) (as it relates
to the Loan Parties), ‎Section 3.02 (as it relates to the due authorization, execution, delivery and performance of
the Loan Documents and the enforceability thereof), ‎Section 3.03(b)(i) (limited to the execution, delivery and performance
of the Loan Documents, incurrence of the Indebtedness thereunder and the granting of Guarantees and Liens in respect thereof),
‎Section 3.08, ‎Section 3.12, ‎Section 3.14 (as it relates to the creation, validity and perfection
of the security interests in the Collateral, subject to the last sentence of ‎Section 4.01), ‎Section 3.16
and Sections ‎3.17(a)(ii), ‎(b) and ‎(c).

 

“Sponsor”
means One Madison Group and the funds, partnerships, investment vehicles or other co-investment vehicles or other entities managed,
advised or controlled by One Madison Group or its Affiliates (but in any event excluding any portfolio company of any of the foregoing).

 

    72

     

    

 

“Spot Rate”
means, for any currency, on any Revaluation Date or other relevant date of determination, the rate determined by the Administrative
Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such currency
with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date that is two
Business Days prior to the date as of which the foreign exchange computation is made (or on such other day and time as may be mutually
agreed by the Borrower and the Administrative Agent); provided that the Administrative Agent may obtain such spot rate from another
financial institution designated by the Administrative Agent if the Administrative Agent does not have as of the date of determination
a spot buying rate for any such currency.

 

“Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Borrower
or any Subsidiary of the Borrower which the Borrower has determined in good faith to be customary in a Receivables Facility, including,
without limitation, those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Securitization
Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Standby Letter
of Credit” means any Letter of Credit other than any Commercial Letter of Credit.

 

“Stated Amount”
means, with respect to any Letter of Credit, at any time, the maximum amount available to be drawn thereunder, in each case determined
(a) as if any future automatic increases in the maximum available amount provided for in any such Letter of Credit had in fact
occurred at such time and (b) without regard to whether any conditions to drawing could then be met but after giving effect to
all previous drawings made thereunder.

 

“Subject Loans”
means, as of any date of determination, (a) Initial Term Loans and (b) any Additional Term Loans that are subject to ratable prepayment
requirements in accordance with Section 2.11(b) on such date of determination.

 

“Subject Person”
has the meaning assigned to such term in the definition of “Consolidated Net Income”.

 

“Subject Proceeds”
has the meaning assigned to such term in ‎Section 2.11(b)(ii).

 

“Subject Transaction”
means, with respect to any Test Period, (a) the Transactions, (b) any Permitted Acquisition or any other acquisition or similar
Investment, whether by purchase, merger, amalgamation or otherwise, of all or substantially all of the assets of, or any business
line, unit or division of, any Person or any facility, or of a majority of the outstanding Capital Stock of any Person (and in
any event including any Investment in (x) any Restricted Subsidiary the effect of which is to increase a Borrower’s or any
Restricted Subsidiary’s respective equity ownership in such Restricted Subsidiary or (y) any Joint Venture for the purpose
of increasing a Borrower’s or its relevant Restricted Subsidiary’s ownership interest in such Joint Venture), in each
case that is permitted by this Agreement, (c) any Disposition of all or substantially all of the assets or Capital Stock of a subsidiary
(or any business unit, line of business or division of the Borrower or a Restricted Subsidiary) not prohibited by this Agreement,
(d) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary
in accordance with ‎Section 5.10 hereof, (e) any incurrence or repayment of Indebtedness (other than revolving Indebtedness),
(f) any Cost Saving Initiative and/or (g) any other event that by the terms of the Loan Documents requires pro forma compliance
with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis.

 

    73

     

    

 

“Subsidiary”
or “subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company,
association, joint venture or other business entity of which more than 50% of the total voting power of stock or other ownership
interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether
directors, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management
and policies thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries
of such Person or a combination thereof; provided that in determining the percentage of ownership interests of any Person
controlled by another Person, no ownership interests in the nature of a “qualifying share” of the former Person shall
be deemed to be outstanding. Unless otherwise specified, “subsidiary” shall mean any subsidiary of the U.S. Borrower.

 

“Subsidiary
Guarantor” means (x) on the Closing Date, each Domestic Subsidiary of the U.S. Borrower (other than any subsidiary that
is an Excluded Subsidiary on the Closing Date) and (solely with respect to the Secured Obligations of the Dutch Loan Parties) each
Dutch Subsidiary (other than any subsidiary that is an Excluded Subsidiary on the Closing Date) and (y) thereafter, each subsidiary
of the U.S. Borrower that becomes a guarantor of all or any portion of the Secured Obligations pursuant to the terms of this Agreement
(including, with respect to the Secured Obligations of the Dutch Loan Parties, each Dutch Subsidiary), in each case, until such
time as the relevant subsidiary is released from its obligations under each Loan Guaranty in accordance with the terms and provisions
hereof. Notwithstanding the foregoing, the Borrower may from time to time, upon notice to the Administrative Agent (or in the case
of a Foreign Subsidiary, the prior written consent of the Administrative Consent Party (not to be unreasonably withheld, conditioned
or delayed)), elect to cause any subsidiary that would otherwise be an Excluded Subsidiary to become a Subsidiary Guarantor hereunder
(but shall have no obligation to do so), subject to the satisfaction of guarantee and collateral requirements consistent with the
Collateral and Guarantee Requirements or otherwise reasonably acceptable to the Borrower and the Administrative Agent (which shall
include, in the case of a Foreign Subsidiary, guarantee and collateral requirements customary under local law, including customary
local limitations). Notwithstanding anything herein or in any other Loan Document to the contrary, in no event shall any Dutch
Loan Party Guarantee the Secured Obligations of, or otherwise be responsible for any Obligation of, any Domestic Loan Party.

 

“Substitute
Affiliate Lender” has the meaning assigned to such term in ‎Section 1.11(e).

 

“Substitute
Facility Office” has the meaning assigned to such term in ‎Section 1.11(e).

 

“Successor
Borrower” has the meaning assigned to such term in ‎Section 6.07(a).

 

“Swap Obligations”
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.

 

“Target”
has the meaning assigned to such term in the Recitals to this Agreement.

 

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

 

“Term Commitment”
means any Initial Term Loan Commitment and, if applicable, any Additional Term Loan Commitment.

 

“Term Facility”
means the Term Loans provided to or for the benefit of the Borrowers pursuant to the terms of this Agreement.

 

“Term Lender”
means a Lender with a Term Commitment or an outstanding Term Loan.

 

    74

     

    

 

“Term Loan”
means the Initial Term Loans and, if applicable, any Additional Term Loans.

 

“Termination
Date” has the meaning assigned to such term in the lead-in to ‎Article 5.

 

“Test Period”
means, as of any date, (a) for purposes of determining actual compliance with the Financial Covenant, the period of four
consecutive Fiscal Quarters then most recently ended and (b) for any other purpose, the period of four consecutive Fiscal Quarters
then most recently ended for which financial statements under ‎Section 5.01(a) or ‎Section 5.01(b), as applicable,
have been delivered; it being understood and agreed that prior to the first delivery of financial statements under ‎Section
5.01(a) or ‎Section 5.01(b), “Test Period” means the period of four consecutive Fiscal Quarters most
recently ended for which financial statements of the U.S. Borrower and its consolidated subsidiaries are available.

 

“Threshold
Amount” means the greater of $60,000,000 and 63% of Consolidated Adjusted EBITDA as of the last day of the most recently
ended Test Period.

 

“Total Leverage
Ratio” means the ratio, as of any date of determination, of (a) Consolidated Total Debt outstanding as of such date to
(b) Consolidated Adjusted EBITDA for the Test Period then most recently ended or the Test Period otherwise specified where the
term “Total Leverage Ratio” is used in this Agreement, in each case of the Borrower and its Restricted Subsidiaries
on a consolidated basis.

 

“Total Revolving
Credit Commitment” means, at any time, the aggregate amount of the Revolving Credit Commitments as in effect at such
time. The Total Revolving Credit Commitment as of the Closing Date is $45,000,000.

 

“Trademark”
means the following: (a) all trademarks (including service marks), common law marks, trade names, trade dress, and logos, slogans
and other indicia of origin under the laws of any jurisdiction in the world, and the registrations and applications for registration
thereof and the goodwill of the business symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties,
damages and payments now or hereafter due or payable under any of the foregoing, including, without limitation, damages or payments
for past and future infringements thereof; (d) the right to sue for past, present and future infringements thereof, including the
right to settle suits involving claims and demands for royalties owing; and (e) all domestic rights corresponding to any of the
foregoing.

 

“Transaction
Costs” means fees, premiums, expenses and other transaction costs (including original issue discount, upfront fees or
closing payments) payable or otherwise borne by the Parent and/or its subsidiaries in connection with the Transactions and the
transactions contemplated thereby.

 

“Transactions”
means, collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a
party and the Borrowing of Loans hereunder, (b) the Acquisition and the other transactions contemplated by the Acquisition Agreement,
(c) the Equity Contribution, (d) the Refinancing and (e) the payment of the Transaction Costs.

 

“Transformative
Acquisition” means any acquisition or Investment by the Borrower or any Restricted Subsidiary that is either (a) not
permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or Investment or (b) if permitted
by the terms of this Agreement immediately prior to the consummation of such acquisition or Investment, would not provide the Borrower
and its Subsidiaries with adequate flexibility under this Agreement for the continuation and/or expansion of their combined operations
following such consummation, as determined by the Borrower acting in good faith.

 

“Treasury
Capital Stock” has the meaning assigned to such term in ‎Section 6.04(a)(viii).

 

    75

     

    

 

“Treasury
Regulations” means the U.S. federal income tax regulations promulgated under the Code.

 

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

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which
are required to be applied in connection with the creation or perfection of security interests.

 

“Unrestricted
Cash Amount” means, as to any Person on any date of determination, the amount of (a) unrestricted Cash and Cash Equivalents
of such Person and its Restricted Subsidiaries and (b) Cash and Cash Equivalents of such Person and its Restricted Subsidiaries
that are restricted in favor of the Secured Parties (which may also include Cash and Cash Equivalents securing other Indebtedness
secured by a Lien on the Collateral along with the Credit Facilities), in each case as determined in accordance with GAAP.

 

“Unrestricted
Subsidiary” means any subsidiary of the U.S. Borrower (other than the Dutch Borrower) designated by the Borrower as an
Unrestricted Subsidiary on the Closing Date and listed on Schedule 5.10 hereto or after the Closing Date pursuant to ‎Section
5.10 and any subsidiary of any Unrestricted Subsidiary.

 

“Unused Revolving
Credit Commitment” of any Lender, at any time, means the remainder of the Revolving Credit Commitment of such Lender
at such time, if any, less the sum of (a) the aggregate Outstanding Amount of Revolving Loans made by such Lender and (b) such
Lender’s LC Exposure at such time.

 

“U.S.”
or “United States” means the United States of America.

 

“U.S. Borrower”
means (a) prior to the consummation of a transaction described in clause (b) of this definition, the Initial U.S. Borrower
and (b) following the consummation of a transaction permitted hereunder that results in a Successor Borrower, such Successor Borrower.

 

“U.S. Collateral”
means any and all property of any Domestic Loan Party subject to a Lien under any Collateral Document to secure all or any portion
of the Secured Obligations of the Loan Parties.

 

“U.S. Parallel
Debt” has the meaning assigned to such term in the Loan Guaranty.

 

“U.S. Security
Agreement” means the U.S. First Lien Pledge and Security Agreement, substantially in the form of Exhibit J, among the
Domestic Loan Parties and the Administrative Agent for the benefit of the Secured Parties.

 

“U.S. Tax
Compliance Certificate” has the meaning assigned to such term in ‎Section 2.17(f).

 

“USA PATRIOT
Act” means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

    76

     

    

 

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

 

“Wholly-Owned
Subsidiary” of any Person means a subsidiary of such Person 100% of the Capital Stock of which (other than directors’
qualifying shares or shares required by Requirements of Law to be owned by a resident of the relevant jurisdiction) are owned by
such Person or by one or more Wholly-Owned Subsidiaries of such Person.

 

“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.

 

Section 1.02. Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Dollar
Term Loan”) or by Type (e.g., a “LIBO Rate Loan”) or by Class and Type (e.g., a “LIBO Rate Dollar Term
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Dollar Term Loan Borrowing”) or
by Type (e.g., a “LIBO Rate Borrowing”) or by Class and Type (e.g., a “LIBO Rate Dollar Term Loan Borrowing”).

 

Section 1.03. Terms
Generally. (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” The words
“ordinary course of business” or “ordinary course” shall, with respect to any Person, be deemed to refer
to items or actions that are consistent with industry practice of such Person’s industry or such Person’s past practice
(it being understood that the sale of accounts receivable (and related assets) pursuant to supply chain, factoring or reverse
factoring arrangements entered into by the Borrower and its Restricted Subsidiaries shall be deemed to be in the ordinary course
of business so long as such accounts receivable (and related assets) are sold for Cash in an amount not less than 95% of the face
amount thereof). Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other
document herein or in any Loan Document (including any Loan Document) shall be construed as referring to such agreement, instrument
or other document as from time to time amended, restated, amended and restated, supplemented or otherwise modified or extended,
replaced or refinanced (subject to any restrictions or qualifications on such amendments, restatements, amendment and restatements,
supplements or modifications or extensions, replacements or refinancings set forth herein), (ii) any reference to any Requirement
of Law in any Loan Document shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing,
superseding or interpreting such Requirement of Law, (iii) any reference herein or in any Loan Document to any Person shall be
construed to include such Person’s successors and permitted assigns, (iv) the words “herein,” “hereof”
and “hereunder,” and words of similar import, when used in any Loan Document, shall be construed to refer to such
Loan Document in its entirety and not to any particular provision hereof, (v) all references herein or in any Loan Document
to Articles, Sections, clauses, paragraphs, Exhibits and Schedules shall be construed to refer to Articles, Sections, clauses
and paragraphs of, and Exhibits and Schedules to, such Loan Document, (vi) in the computation of periods of time in any Loan Document
from a specified date to a later specified date, the word “from” means “from and including”, the words
“to” and “until” mean “to but excluding” and the word “through” means “to
and including” and (vii) the words “asset” and “property”, when used in any Loan Document,
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including Cash, securities, accounts and contract rights.

 

    77

     

    

 

(b) For purposes
of determining compliance at any time with Sections ‎6.01, ‎6.02, ‎6.04, ‎6.06 and
‎6.07, in the event that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment or Disposition
or portion thereof, as applicable, at any time meets the criteria of more than one of the categories of transactions or items permitted
pursuant to any clause of such Sections ‎6.01 (other than Section ‎6.01(a) (in the case of Indebtedness incurred
on the Closing Date), and any capacity under clause (d) of the definition of “Incremental Cap” may not be reclassified
as capacity under clause (e) of the definition of “Incremental Cap”), ‎6.02 (other than Sections ‎6.02(a),
‎6.04, ‎6.06 and ‎6.07 (each of the foregoing, a “Reclassifiable Item”), the
Borrower, in its sole discretion, may, from time to time, divide, classify or reclassify such Reclassifiable Item (or portion thereof)
under one or more clauses of each such Section and will only be required to include such Reclassifiable Item (or portion thereof)
in any one category; provided that, upon delivery of any financial statements pursuant to ‎Section 5.01(a) or ‎(b)
following the initial incurrence or making of any such Reclassifiable Item, if such Reclassifiable Item could, based on such financial
statements, have been incurred or made in reliance on ‎Section 6.01(z) (in the case of Indebtedness and Liens) or any
“ratio-based” basket or exception (in the case of all other Reclassifiable Items), such Reclassifiable Item shall automatically
be reclassified as having been incurred or made under the applicable provisions of ‎Section 6.01(z) or such “ratio-based”
basket or exception, as applicable (in each case, subject to any other applicable provision of ‎Section 6.01(z) or such
“ratio-based” basket or exception, as applicable). It is understood and agreed that any Indebtedness, Lien, Restricted
Payment, Restricted Debt Payment, Investment, and/or Disposition need not be permitted solely by reference to one category of permitted
Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment and/or Disposition under Sections ‎6.01,
‎6.02, ‎6.04, ‎6.06 or ‎6.07, respectively, but may instead be permitted in part under
any combination thereof or under any other available exception.

 

Section 1.04. Accounting
Terms; GAAP.

 

(a) (i) All financial
statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect from time to time
and, except as otherwise expressly provided herein, all terms of an accounting or financial nature that are used in calculating
the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage Ratio, the Interest Coverage Ratio, Consolidated
Adjusted EBITDA, Consolidated Net Income or Consolidated Total Assets shall be construed and interpreted in accordance with GAAP,
as in effect from time to time; provided that (A) if any change in GAAP or in the application thereof or any change as a
result of the adoption or modification of accounting policies (including (x) the conversion to IFRS as described below and (y)
the impact of Accounting Standards Updates 2014-09 and 2016-12, Revenue from Contracts with Customers (Topic 606) or similar revenue
recognition policies or any change in the methodology of calculating reserves for returns, rebates and other chargebacks) is implemented
or takes effect after the date of delivery of the financial statements described in ‎Section 3.04(a) and/or there is
any change in the functional currency reflected in the financial statements or (B) if the Borrower elects or is required to report
under IFRS, the Borrower or the Required Lenders may request to amend the relevant affected provisions hereof (whether or not the
request for such amendment is delivered before or after the relevant change or election) to eliminate the effect of such change
or election, as the case may be, on the operation of such provisions and (x) the Borrower and the Administrative Consent Party
shall negotiate in good faith to enter into an amendment of the relevant affected provisions (it being understood that no amendment
or similar fee shall be payable to the Administrative Agent or any Lender in connection therewith) to preserve the original intent
thereof in light of the applicable change or election, as the case may be and (y) the relevant affected provisions shall be interpreted
on the basis of GAAP and the currency, in each case, as in effect and applied immediately prior to the applicable change or election,
as the case may be, until the request for amendment has been withdrawn by the Borrower or the Required Lenders, as applicable,
or this Agreement has been amended as contemplated hereby. Any consent required from the Administrative Consent Party with respect
to the foregoing shall not be unreasonably withheld, conditioned or delayed. If the Borrower notifies the Administrative Agent
that the Borrower (or its applicable Parent Company) is required to report under IFRS or has elected to do so through an early
adoption policy, “GAAP” shall mean international financial reporting standards pursuant to IFRS (provided thereafter,
the Borrower cannot elect to report under GAAP); provided, that any calculation or determination in this Agreement that requires
the application of GAAP for periods that include Fiscal Quarters ended prior to the application of IFRS will remain as previously
calculated or determined in accordance with GAAP.

 

    78

     

    

 

(ii) All
terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made, without giving effect to (i) any election under Accounting Standards Codification 825-10-25 (previously
referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification, International
Accounting Standard or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities
of the Borrower or any subsidiary at “fair value,” as defined therein, (ii) any treatment of Indebtedness in respect
of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification,
International Accounting Standard or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness
in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal
amount thereof, (iii) the application of Accounting Standards Codification 480, 815, 805 and 718 (to the extent these pronouncements
under Accounting Standards Codification 718 result in recording an equity award as a liability on the consolidated balance sheet
of the Borrower and its Restricted Subsidiaries in the circumstance where, but for the application of the pronouncements, such
award would have been classified as equity) and (iv) unless the Borrower elects otherwise, the policies, rules and regulations
of the SEC, the American Institute of Certified Public Accountants, the International Accounting Standards Board or any other applicable
regulatory or governing body applicable only to public companies. Any calculation or determination in this Agreement that requires
the application of GAAP across multiple quarters need not be calculated or determined using the same accounting standard for each
constituent quarter.

 

(b) Notwithstanding
anything to the contrary herein, but subject to Sections ‎1.04(d), ‎(e) and ‎(g), all financial ratios
and tests (including the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage Ratio and the Interest Coverage
Ratio) and the amount of Consolidated Total Assets, Consolidated Net Income and Consolidated Adjusted EBITDA (other than, for the
avoidance of doubt, for purposes of calculating Excess Cash Flow) contained in this Agreement that are calculated with respect
to any Test Period during which any Subject Transaction occurs shall be calculated with respect to such Test Period and such Subject
Transaction on a Pro Forma Basis. Further, if since the beginning of any such Test Period and on or prior to the date of any required
calculation of any financial ratio or test or such amount (x) any Subject Transaction has occurred or (y) any Person that subsequently
became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries
since the beginning of such Test Period has consummated any Subject Transaction, then, in each case, any applicable financial ratio
or test or such amount shall be calculated on a Pro Forma Basis for such Test Period as if such Subject Transaction had occurred
at the beginning of the applicable Test Period (or, in the case of Consolidated Total Assets (or with respect to any determination
pertaining to the balance sheet, including the acquisition of Cash and Cash Equivalents), as of the last day of such Test Period),
it being understood, for the avoidance of doubt, that solely for purposes of calculating (x) quarterly compliance with the Financial
Covenant and (y) the First Lien Leverage Ratio for purposes of the definitions of “Applicable Rate” and “Commitment
Fee Rate”, in each case, the date of the required calculation shall be the last day of the Test Period, and no Subject Transaction
occurring thereafter shall be taken into account.

 

    79

     

    

 

(c) Notwithstanding
anything to the contrary contained in paragraph ‎(a) above or in the definition of “Financing Lease”, unless
the Borrower elects otherwise, all obligations of any Person that are or would have been treated as operating leases for purposes
of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of Accounting Standards Update 2016-02,
Leases (Topic 842) shall continue to be accounted for as operating leases (and not be treated as financing or capital lease obligations
or Indebtedness) for purposes of all financial definitions, calculations and deliverables under this Agreement or any other Loan
Document (including the calculation of Consolidated Net Income and Consolidated Adjusted EBITDA) (whether or not such operating
lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with Accounting
Standards Update 2016-02, Leases (Topic 842) or any other change in accounting treatment or otherwise (on a prospective or retroactive
basis or otherwise) to be treated as or to be recharacterized as financing or capital lease obligations or otherwise accounted
for as liabilities in financial statements.

 

(d) For purposes
of determining the permissibility of any action, change, transaction or event that requires a calculation of any financial ratio
or financial test (including any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio test
and/or any Interest Coverage Ratio test) and/or the amount of Consolidated Adjusted EBITDA, Consolidated Net Income or Consolidated
Total Assets, such financial ratio, financial test or amount shall, subject to clause ‎(e) below, be calculated at the time
such action is taken, such change is made, such transaction is consummated or such event occurs, as the case may be, and no Default
or Event of Default shall be deemed to have occurred solely as a result of a change in such financial ratio, financial test or
amount occurring after the time such action is taken, such change is made, such transaction is consummated or such event occurs,
as the case may be.

 

(e) Notwithstanding
anything to the contrary herein (including in connection with any calculation made on a Pro Forma Basis), to the extent that the
terms of this Agreement require (i) compliance with any financial ratio or financial test (including any First Lien Leverage
Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio test and/or any Interest Coverage Ratio test) and/or any
cap expressed as a percentage of Consolidated Total Assets or Consolidated Adjusted EBITDA, (ii) accuracy of any representation
or warranty and/or the absence of a Default or Event of Default (or any type of default or event of default) or (iii) compliance
with any basket or other condition, as a condition to (A) the consummation of any transaction (including in connection with any
acquisition or similar Investment or the assumption or incurrence of Indebtedness), (B) the making of any Restricted Payment and/or
(C) the making of any Restricted Debt Payment, the determination of whether the relevant condition is satisfied may be made, at
the election of the Borrower, (1) in the case of any acquisition or similar Investment or any Disposition or any transaction relating
thereto, at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) either
(x) the execution of the definitive agreement with respect to such acquisition, similar Investment or Disposition (or, solely in
connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers applies, the date on which a “Rule
2.7 Announcement” of a firm intention to make an offer is made) or (y) the consummation of such acquisition, Investment or
Disposition, (2) in the case of any Restricted Payment, at the time of (or on the basis of the financial statements for the most
recently ended Test Period at the time of) (x) the declaration of such Restricted Payment or (y) the making of such Restricted
Payment and (3) in the case of any Restricted Debt Payment, at the time of (or on the basis of the financial statements for the
most recently ended Test Period at the time of) (x) delivery of notice with respect to such Restricted Debt Payment or (y) the
making of such Restricted Debt Payment, in each case, after giving effect on a Pro Forma Basis to the relevant acquisition or similar
Investment, Restricted Payment and/or Restricted Debt Payment or other transaction (including the intended use of proceeds of any
Indebtedness to be incurred in connection therewith) and, at the election of the Borrower, any other acquisition or similar Investment,
Restricted Payment, Restricted Debt Payment or other transaction that has not been consummated but with respect to which the Borrower
has elected to test any applicable condition prior to the date of consummation in accordance with this ‎Section 1.04(e),
and no Default or Event of Default shall be deemed to have occurred solely as a result of an adverse change in such test or condition
occurring after the time such election is made (but any subsequent improvement in the applicable ratio, test or amount may be utilized
by the Borrower or any Restricted Subsidiary). For the avoidance of doubt, if the Borrower shall have elected the option set forth
in clause (x) of any of the preceding clauses (1), (2) or (3) in respect of any transaction, then the Borrower
or its applicable Restricted Subsidiary shall be permitted to consummate such transaction even if any applicable test or condition
shall cease to be satisfied subsequent to the Borrower’s election of such option. The provisions of this paragraph ‎(e)
shall also apply in respect of the incurrence of any Incremental Facility.

 

    80

     

    

 

(f) [Reserved].

 

(g) Notwithstanding
anything to the contrary herein, unless the Borrower otherwise notifies the Administrative Agent, with respect to any amount incurred
or transaction entered into (or consummated) in reliance on a provision of this Agreement that does not require compliance with
a financial ratio or financial test (including any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage
Ratio test and/or any Interest Coverage Ratio test) (any such amount, including any amount drawn under the Revolving Facility,
any Additional Revolving Facility or any other permitted revolving facility and any cap expressed as a percentage of Consolidated
Total Assets or Consolidated Adjusted EBITDA, a “Fixed Amount”) substantially concurrently with any amount incurred
or transaction entered into (or consummated) in reliance on a provision of this Agreement that requires compliance with a financial
ratio or financial test (including any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio
test and/or any Interest Coverage Ratio test) (any such amount, an “Incurrence-Based Amount”), it is understood
and agreed that (i) the incurrence of the Incurrence-Based Amount shall be calculated first without giving effect to any Fixed
Amount but giving full pro forma effect to the use of proceeds of such Fixed Amount and the related transactions and (ii) the incurrence
of the Fixed Amount shall be calculated thereafter. Unless the Borrower elects otherwise, the Borrower shall be deemed to have
used amounts under an Incurrence-Based Amount then available to the Borrower prior to utilization of any amount under a Fixed Amount
then available to the Borrower. Notwithstanding the foregoing, any Incremental Facility and/or Incremental Equivalent Debt must
utilize any capacity, if then available, under clause (d) of the definition of “Incremental Cap” prior to utilizing
any capacity, if then available, under clause (e) of the definition of “Incremental Cap”.

 

(h) The principal
amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal
amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.

 

(i) The increase
in any amount of Indebtedness or the increase in any amount secured by any Lien by virtue of the accrual of interest, the accretion
of accreted value, the payment of interest or a dividend in the form of additional Indebtedness, amortization of original issue
discount and/or any increase in the amount of Indebtedness outstanding solely as a result of any fluctuation in the exchange rate
of any applicable currency shall be deemed to be permitted Indebtedness for purposes of ‎Section 6.01 and will be deemed
not to be the granting of a Lien for purposes of ‎Section 6.02.

 

    81

     

    

 

(j) For purposes
of determining compliance with ‎Section 6.01 or ‎Section 6.02, if any Indebtedness or Lien is incurred in
reliance on a basket measured by reference to a percentage of Consolidated Adjusted EBITDA, and any refinancing or replacement
thereof would cause the percentage of Consolidated Adjusted EBITDA to be exceeded if calculated based on the Consolidated Adjusted
EBITDA on the date of such refinancing or replacement, such percentage of Consolidated Adjusted EBITDA will be deemed not to be
exceeded so long as the principal amount of such refinancing or replacement Indebtedness or other obligation does not exceed an
amount sufficient to repay the principal amount of such Indebtedness or other obligation being refinanced or replaced, except by
an amount equal to (x) unpaid accrued interest, penalties and premiums (including tender, prepayment or repayment premiums) thereon
plus underwriting discounts and other customary fees, commissions and expenses (including upfront fees, closing payments, original
issue discount or initial yield payment) incurred in connection with such refinancing or replacement, (y) any existing commitments
unutilized thereunder and (z) additional amounts permitted to be incurred under ‎‎Section 6.01.

 

(k) Any financial
ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific
action to be permitted under 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).

 

Section 1.05. Effectuation
of Transactions. Each of the representations and warranties contained in this Agreement (and all corresponding definitions)
is made after giving effect to the Transactions, unless the context otherwise requires.

 

Section 1.06. Timing
of Payment and Performance. When payment of any obligation or the performance of any covenant, duty or obligation is stated
to be due or required on a day which is not a Business Day, the date of such payment (other than as described in the definition
of “Interest Period”) or performance shall extend to the immediately succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension.

 

Section 1.07. Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight
or standard, as applicable).

 

    82

     

    

 

Section 1.08. Currency
Equivalents Generally.

 

(a) Notwithstanding
anything to the contrary in clause ‎(b) below, for purposes of any determination under ‎Article 5, Article 6
(other than ‎Section 6.15 and the calculation of compliance with any financial ratio for purposes of taking any action
hereunder) or ‎Article 7 with respect to the amount of any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment,
Investment, Disposition, Sale and Lease-Back Transaction, Affiliate transaction or other transaction, event or circumstance, or
any determination under any other provision of this Agreement (any of the foregoing, a “relevant transaction”),
in a currency other than Dollars, (i) the Dollar equivalent amount of a relevant transaction in a currency other than Dollars shall
be calculated based on the rate of exchange quoted by the Bloomberg Foreign Exchange Rates & World Currencies Page (or any
successor page thereto, or in the event such rate does not appear on any Bloomberg Page, by reference to such other publicly available
service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower) for such foreign currency,
as in effect at 11:00 a.m. (London time) on the date of such relevant transaction (which, in the case of any Restricted Payment,
Restricted Debt Payment, Investment, Disposition or incurrence of Indebtedness, shall be determined as set forth in ‎Section
1.04(e)); provided, that if any Indebtedness is incurred (and, if applicable, associated Lien granted) to refinance
or replace other Indebtedness denominated in a currency other than Dollars, and the relevant refinancing or replacement would cause
the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on
the date of such refinancing or replacement, such Dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such refinancing or replacement Indebtedness (and, if applicable, associated Lien granted) does not
exceed an amount sufficient to repay the principal amount of such Indebtedness being refinanced or replaced, except by an amount
equal to (x) unpaid accrued interest, penalties and premiums (including tender premiums) thereon plus underwriting discounts and
other customary fees, closing payments, commissions and expenses (including upfront fees, closing payments, original issue discount
or initial yield payment) incurred in connection with such refinancing or replacement, (y) any existing commitments unutilized
thereunder and (z) additional amounts permitted to be incurred under ‎Section 6.01 and (ii) for the avoidance of doubt,
no Default or Event of Default shall be deemed to have occurred solely as a result of a change in the rate of currency exchange
occurring after the time of any relevant transaction so long as such relevant transaction was permitted at the time incurred, made,
acquired, committed, entered or declared as set forth in clause ‎(i). For purposes of ‎Section 6.15 and the
calculation of compliance with any financial ratio for purposes of taking any action hereunder (including for purposes of calculating
availability under the Incremental Cap) on any relevant date of determination, amounts denominated in currencies other than Dollars
shall be translated into Dollars at the applicable currency exchange rate used in preparing the financial statements delivered
pursuant to Sections ‎5.01(a) or ‎(b) (or, prior to the first such delivery, the financial statements
referred to in ‎Section 3.04(a)), as applicable, for the relevant Test Period and, at the option of the Borrower, will
reflect the currency translation effects, determined in accordance with GAAP, of any Hedge Agreement permitted hereunder in respect
of currency exchange risks with respect to the applicable currency in effect on the date of determination for the Dollar equivalent
amount of such Indebtedness).

 

(b) Each provision
of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
specify with the Borrower’s consent to appropriately reflect a change in currency of any country and any relevant market
convention or practice relating to such change in currency.

 

(c) The Administrative
Agent shall determine the Spot Rate as of each Revaluation Date to be used for calculating the Dollar Equivalent amount of any
Revolving Loan and/or Letter of Credit that is denominated in any Alternate Currency. The Spot Rate shall become effective as of
such Revaluation Date and shall be the Spot Rate employed in converting any amount between any Alternate Currency and Dollars until
the next occurring Revaluation Date.

 

Section 1.09. Cashless
Rollovers. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent
that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental
Loans, Replacement Term Loans, Loans in connection with any Replacement Revolving Facility, Extended Term Loans, Extended Revolving
Loans or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing
is effected by means of a “cashless roll” by such Lender, such extension, replacement, renewal or refinancing shall
be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made “in Dollars”
or “in Euros”, as applicable, “in immediately available funds”, “in Cash” or any other similar
requirement.

 

    83

     

    

 

Section 1.10. Additional
Alternate Currencies.

 

(a) Any Borrower
may from time to time request that Eurocurrency Rate Revolving Loans be made and/or Letters of Credit be issued in a currency other
than Dollars or Euros; provided that such requested currency is a lawful currency (other than Dollars or Euros) that is readily
available and freely transferable and convertible into Dollars or Euros. In the case of any such request with respect to the making
of Eurocurrency Rate Revolving Loans, such request shall be subject to the approval of each of the Revolving Lenders of the applicable
Class that will provide such Loans, and in the case of any such request with respect to the issuance of Letters of Credit, such
request shall be subject to the approval of the applicable Issuing Banks, in each case as set forth in Section 9.02(b)(ii)(E).

 

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

 

(c) Any failure
by any Revolving Lender or the relevant Issuing Bank, as the case may be, to respond to such request within the time period specified
in the preceding paragraph shall be deemed to be a refusal by such Revolving Lender or Issuing Bank, as the case may be, to permit
Eurocurrency Rate Revolving Loans to be made or Letters of Credit to be issued, as applicable, in such requested currency. If the
Administrative Agent and all the applicable Revolving Lenders that would be obligated to make Credit Extensions denominated in
such requested currency consent to making Revolving Loans or issuing Letters of Credit in such requested currency, the Administrative
Agent shall so notify the Borrower, and such currency shall thereupon be deemed for all purposes to be an Alternate Currency hereunder,
and the Borrower and the Revolving Lenders shall amend this Agreement and the other Loan Documents as necessary to accommodate
such Borrowings and/or Letters of Credit (as applicable), in accordance with Section 9.02(b)(ii)(E). If the Administrative
Agent fails to obtain the requisite consent to any request for an additional currency under this Section 1.10, the Administrative
Agent shall promptly so notify the Borrower. Notwithstanding anything to the contrary herein, to the extent that the Eurocurrency
Rate and/or the Alternate Base Rate is not applicable to or available with respect to any Revolving Loan denominated in any Alternate
Currency, the components of the interest rate applicable to such Revolving Loan shall be separately agreed by the Borrower and
the Administrative Agent.

 

Section 1.11. Additional
Borrowers; Borrower Agent and Representative.

 

(a) From time
to time on or after the Closing Date, and with at least ten Business Days’ notice to the Administrative Agent (or such shorter
period as the Administrative Agent may agree), subject to (x) prior to the Disposition Date, the approval of the Principal Investor
Representative (not to be unreasonably withheld, conditioned or delayed)) and (y) and completion of customary “know your
customer” procedures and delivery of related information reasonably requested by the Administrative Consent Party, including
information required pursuant to Section 9.16, the Borrower may designate any Subsidiary Guarantor as an additional Borrower
(each such person, an “Additional Borrower”) under the Revolving Facility, an Incremental Revolving Facility,
an Additional Revolving Facility or a Replacement Revolving Facility, provided that such person prior to or contemporaneously with
becoming an Additional Borrower (i) is incorporated in an Approved Jurisdiction, (ii) except as the Administrative Consent Party
may otherwise agree, each Guarantor shall have executed and delivered a reaffirmation agreement with respect to its obligations
under the Loan Guaranty and the other Loan Documents and (iii) in the case of an Additional Borrower under any Incremental Revolving
Facility or Additional Revolving Facility, is approved by the relevant Incremental Revolving Facility Lenders or Additional Revolving
Lenders, as applicable.

 

    84

     

    

 

(b) Once a person
has become an Additional Borrower in accordance with clause ‎(a) above, it shall be a “Borrower” in respect
of the applicable Facility and will have the right to request Revolving Loans or Letters of Credit, as the case may be, in accordance
with ‎Article 2 hereof until the earlier to occur of the applicable Maturity Date or the date on which such Additional
Borrower resigns as an Additional Borrower in accordance with clause ‎(c) below.

 

(c) An Additional
Borrower may elect to resign as an Additional Borrower; provided that: (i) no Default or Event of Default is continuing or would
result from the resignation of such Additional Borrower, (ii) such resigning Additional Borrower has delivered to the Administrative
Agent a written notice of resignation at least ten Business Days in advance, (iii) its obligations in its capacity as Guarantor
continue to be legal, valid, binding and enforceable and in full force and effect and (iv) it has paid all accrued and outstanding
principal, interest and fees owed by it to the Lenders pursuant to the Loan Documents. Upon satisfaction of the requirements in
sub-clauses ‎(i), ‎(ii), ‎(iii) and (iv) of this clause ‎(c), the relevant Additional
Borrower shall cease to be an Additional Borrower and a Borrower.

 

(d) Each Borrower
(including the Dutch Borrower) hereby designates the U.S. Borrower as its agent and representative. The U.S. Borrower may act as
the agent of any Borrower for the purposes of (i) delivering Borrowing Requests, continuation or conversion notices and other notices
pursuant to ‎Article 2 hereof (and for the purpose of giving instructions with respect to the disbursement of the proceeds
of any Loans or the issuance of any Letters of Credit), (ii) delivering and receiving all other notices, consents, certificates
and similar instruments contemplated hereunder or under any of the other Loan Documents and (iii) taking all other actions (including
in respect of compliance with covenants and certifications) on behalf of any Borrower under any Loan Document. The U.S. Borrower
hereby accepts such appointment.

 

(e) In respect
of a Loan or Loans to a particular Additional Borrower (“Designated Loans”), any Lender (a “Designating
Lender”) may at any time and from time to time designate (by written notice to the Administrative Agent and the Borrower):
(i) a substitute lending office from which it will make Designated Loans (a “Substitute Facility Office”) or
(ii) nominate an Affiliate to act as the Lender of Designated Loans (a “Substitute Affiliate Lender”). A notice
to nominate a Substitute Affiliate Lender must be in the form set out in Exhibit P and be countersigned by the relevant Substitute
Affiliate Lender confirming it will be bound as a Lender under this Agreement in respect of the Designated Loans in respect of
which it acts as Substitute Affiliate Lender. The Designating Lender will act as the representative of any Substitute Affiliate
Lender it nominates for all administrative purposes under this Agreement. The Borrower, the Administrative Agent and the other
Loan Parties will be entitled to deal only with the Designating Lender, except that payments will be made in respect of Designated
Loans to the lending office of the Substitute Affiliate Lender. In particular the Loans, Commitments and LC Exposure of the Designating
Lender will not be treated as reduced by the introduction of the Substitute Affiliate Lender for voting purposes under this Agreement
or the other Loan Documents and the Substitute Affiliate Lender will be treated as having no Loans, Commitments or LC Exposure
for such voting purposes. Except as mentioned in the immediately preceding sentence, a Substitute Affiliate Lender will be treated
as a Lender for all purposes under the Loan Documents and having a Loan, Commitment or LC Exposure equal to the principal amount
of all Designated Loans in which it is participating if and for so long as it continues to be a Substitute Affiliate Lender under
this Agreement. A Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender by notice in writing
to the Administrative Agent and provided that such notice may only take effect when there are no Designated Loans outstanding to
the Substitute Affiliate Lender. Upon such Substitute Affiliate Lender ceasing to be a Substitute Affiliate Lender the Designating
Lender will automatically assume (and be deemed to assume without further action by any party) all rights and obligations previously
vested in the Substitute Affiliate Lender. If a Designating Lender designates a Substitute Facility Office or Substitute Affiliate
Lender in accordance with this clause ‎(e): (i) any Substitute Affiliate Lender shall be treated for the purposes of
‎Section 2.17 as having become a Lender on the date of this Agreement and (ii) the provisions of ‎Section 9.05
shall not apply to or in respect of any Substitute Facility Office or Substitute Affiliate Lender.

 

    85

     

    

 

Section 1.12. Dutch
Terms. Unless a contrary indication appears, any reference in this Agreement to:

 

(a) a “necessary
action to authorise” where applicable, includes without limitation any action required to comply with the Works Councils
Act of the Netherlands (Wet op de ondernemingsraden);

 

(b) a “security
interest” includes any pledge (pandrecht) and, in general, any right in rem (beperkt recht), created for the
purpose of granting security (goederenrechtelijk zekerheidsrecht);

 

(c) a “winding-up”,
“administration” or “dissolution” includes a bankruptcy (faillissement) or dissolution (ontbinding);

 

(d) a “moratorium”
includes surseance van betaling and “a moratorium is declared” or “occurs” includes surseance
verleend;

 

(e) any “step”
or “procedure” taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under
section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990);

 

(f) a “liquidator”
includes a curator;

 

(g) an “administrator”
includes a bewindvoerder;

 

(h) an “attachment”
includes a beslag;

 

(i) “gross
negligence” means grove schuld; and

 

(j) “willful
misconduct” means opzet.

 

    86

     

    

 

Article
2 THE CREDITS

 

Section 2.01. Commitments.

 

(a) Subject to
the terms and conditions set forth herein, (i) each Initial Term Lender severally, and not jointly, agrees to (x) make Initial
Dollar Term Loans to the Initial U.S. Borrower on the Closing Date in a principal amount not to exceed its Initial Dollar Term
Loan Commitment and (y) make separate Initial Euro Term Loans (in the amounts specified in their respective borrowing notices)
to each of the Initial U.S. Borrower and the Initial Dutch Borrower on the Closing Date in an aggregate principal amount not to
exceed its Initial Euro Term Loan Commitment and (ii) each Revolving Lender severally, and not jointly, agrees to make Initial
Revolving Loans to each Borrower in Dollars, Euros or any Alternate Currency at any time and from time to time on and after the
Closing Date (subject to the limitations on incurrence of Initial Revolving Loans on the Closing Date), and until the earlier of
the Initial Revolving Credit Maturity Date and the termination of the Initial Revolving Credit Commitment of such Initial Revolving
Lender in accordance with the terms hereof; provided that, after giving effect to any Borrowing of Initial Revolving Loans,
the Outstanding Amount of such Initial Revolving Lender’s Initial Revolving Credit Exposure shall not exceed such Initial
Revolving Lender’s Initial Revolving Credit Commitment. Within the foregoing limits and subject to the terms, conditions
and limitations set forth herein, each Borrower may borrow, pay or prepay and re-borrow Revolving Loans. Amounts paid or prepaid
in respect of the Initial Term Loans may not be re-borrowed.

 

(b) Subject to
the terms and conditions of this Agreement and any applicable Refinancing Amendment, Extension Amendment or Incremental Facility
Amendment, each Lender with an Additional Commitment of a given Class, severally and not jointly, agrees to make Additional Loans
of such Class to each applicable Borrower, which Loans shall not exceed for any such Lender at the time of any incurrence thereof
the Additional Commitment of such Class of such Lender as set forth in the applicable Refinancing Amendment, Extension Amendment
or Incremental Facility Amendment.

 

Section 2.02. Loans
and Borrowings.

 

(a) Each Loan
shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with
their respective Commitments of the applicable Class.

 

(b) Subject to
‎Section 2.01 and ‎Section 2.14, each Borrowing denominated in Dollars shall be comprised entirely of ABR
Loans or Eurocurrency Rate Loans and each Borrowing denominated in an Alternate Currency shall be comprised entirely of Eurocurrency
Rate Loans, in each case as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurocurrency
Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that (i) any exercise
of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this
Agreement, (ii) such Eurocurrency Rate Loan shall be deemed to have been made and held by such Lender, and the obligation of the
applicable Borrower to repay such Eurocurrency Rate Loan shall nevertheless be to such Lender for the account of such domestic
or foreign branch or Affiliate of such Lender and (iii) in exercising such option, such Lender shall use reasonable efforts to
minimize increased costs to the applicable Borrower resulting therefrom (which obligation of such Lender shall not require it to
take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder
or that it otherwise determines would be disadvantageous to it and in the event of such request for costs for which compensation
is provided under this Agreement, the provisions of ‎Section 2.15 shall apply); provided, further, that
no such domestic or foreign branch or Affiliate of such Lender shall be entitled to any greater indemnification under ‎Section
2.17 with respect to such Eurocurrency Rate Loan than that to which the applicable Lender was entitled on the date on which
such Loan was made (except in connection with any indemnification entitlement arising as a result of a Change in Law after the
date on which such Loan was made).

 

(c) At the commencement
of each Interest Period for any Eurocurrency Rate Borrowing, such Borrowing shall comprise an aggregate principal amount that is
an integral multiple of $100,000 and not less than $500,000 (or, in the case of any such Borrowing denominated in Euros, an integral
multiple of €100,000 and not less than €500,000). Each ABR Borrowing when made shall be in a minimum principal amount
of $100,000; provided that an ABR Revolving Loan Borrowing may be made in a lesser aggregate amount that is (x) equal to
the entire aggregate Unused Revolving Credit Commitments or (y) required to finance the reimbursement of an LC Disbursement as
contemplated by ‎Section 2.05(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided
that there shall not at any time be more than a total of 15 different Interest Periods in effect for Eurocurrency Rate Borrowings
at any time outstanding (or such greater number of different Interest Periods as the Administrative Agent may agree from time to
time).

 

    87

     

    

 

(d) Notwithstanding
any other provision of this Agreement, no Borrower shall, nor shall any Borrower be entitled to, request, or to elect to convert
or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date applicable to
such Loans.

 

Section 2.03. Requests
for Borrowings. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurocurrency Rate
Loans shall be made upon irrevocable notice by the Borrower to the Administrative Agent (provided that notices in respect
of any Borrowings (x) to be made on the Closing Date may be conditioned on the closing of the Acquisition and (y) to be made in
connection with any acquisition, Investment or irrevocable repayment, redemption or refinancing of Indebtedness may be conditioned
on the closing of such acquisition, such Investment or irrevocable repayment, redemption or refinancing of such Indebtedness).
Each such notice must be in writing or by telephone (and promptly confirmed in writing) and must be received by the Administrative
Agent (by hand delivery, fax or other electronic transmission (including “.pdf” or “.tif”)) not later than
1:00 p.m. (i) three Business Days prior to the requested day of any Borrowing of, conversion to or continuation of Eurocurrency
Rate Loans (or (x) 15 Business Days in the case of any Borrowing of Initial Euro Term Loans to be made on the Closing Date and
(y) 12 Business Days in the case of any Borrowing of Initial Dollar Term Loans to be made on the Closing Date) and (ii) on the
requested date of any Borrowing of or conversion to ABR Loans (or 12 Business Days in the case of any Borrowing of ABR Term Loans
to be made on the Closing Date) (or, in each case, such later time as shall be reasonably acceptable to the Administrative Consent
Party); provided, however, that if the Borrower wishes to request Eurocurrency Rate Loans having an Interest Period
of other than one, two, three or six months in duration as provided in the definition of “Interest Period,” (A) the
applicable notice from the Borrower must be received by the Administrative Agent not later than 1:00 p.m. four Business Days prior
to the requested date of such Borrowing, conversion or continuation (or such later time as is reasonably acceptable to the Administrative
Consent Party), whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request and determine
whether the requested Interest Period is acceptable to them and (B) not later than 10:00 a.m. three Business Days before the requested
date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower whether or not the requested
Interest Period has been consented to by all the appropriate Lenders. Each written notice (or confirmation of telephonic notice)
with respect to a Borrowing by the Borrower pursuant to this ‎Section 2.03 shall be delivered to the Administrative
Agent in the form of a written Borrowing Request, appropriately completed and signed by a Responsible Officer of the Borrower.
Each such telephonic and written Borrowing Request shall specify the following information in compliance with ‎Section 2.02:

 

(a) the applicable
Borrower requesting such Borrowing;

 

(b) the Class
of such Borrowing;

 

(c) the currency
of such Borrowing;

 

(d) the aggregate
amount of the requested Borrowing;

 

(e) the date
of such Borrowing, which shall be a Business Day;

 

    88

     

    

 

(f) whether such
Borrowing is to be an ABR Borrowing or a Eurocurrency Rate Borrowing;

 

(g) in the case
of a Eurocurrency Rate Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by
the definition of the term “Interest Period”; and

 

(h) the location
and number of the applicable Borrower’s account or any other designated account(s) to which funds are to be disbursed (each,
a “Funding Account”).

 

If, with respect to a Borrowing denominated
in Dollars, no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Rate Borrowing
with an Interest Period of one month’s duration. If no currency is specified as to any Borrowing, then the requested Borrowing
shall be made in Dollars. If no Interest Period is specified with respect to any requested Eurocurrency Rate Borrowing, then the
Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent shall advise
each Lender of the details thereof and of the amount of the Loan to be made as part of the requested Borrowing (x) in the case
of any ABR Borrowing, on the same Business Day of receipt of a Borrowing Request in accordance with this Section or (y) in the
case of any Eurocurrency Rate Borrowing, no later than one Business Day following receipt of a Borrowing Request in accordance
with this Section.

 

Section 2.04. [Reserved].

 

Section 2.05. Letters
of Credit.

 

(a) General.
Subject to the terms and conditions set forth herein, (i) each Issuing Bank agrees, in each case in reliance upon the agreements
of the Revolving Lenders set forth in this ‎Section 2.05, (A) from time to time on any Business Day during the period
from the Closing Date to (x) the earlier of the fifth Business Day prior to the Latest Revolving Credit Maturity Date and (y) the
termination of 100% of the Revolving Credit Commitments in accordance with this Agreement, upon the request of any Borrower, to
issue Letters of Credit denominated in Dollars, Euros or any other Alternate Currency, issued on sight basis only for the account
of such Borrower and/or any of its Restricted Subsidiaries (provided that such Borrower will be the applicant) and to amend
or renew Letters of Credit previously issued by it, in accordance with ‎Section 2.05(b) and (B) to honor drafts under
the Letters of Credit and (ii) the Revolving Lenders severally agree to participate in the Letters of Credit issued pursuant to
‎Section 2.05(d). Notwithstanding anything to the contrary contained in this Agreement, GSLP shall not be required to
issue Commercial Letters of Credit or issue any Letter of Credit if the Dollar Equivalent of the aggregate amount of the Letters
of Credit for which GSLP is the Issuing Bank would exceed $5,000,000 without its consent. Additionally, no Issuing Bank shall have
any obligation to issue any Letter of Credit that would violate any policies of such Issuing Bank applicable to letters of credit
generally.

 

    89

     

    

 

(b) Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit, the applicable
Borrower shall deliver to the applicable Issuing Bank and the Administrative Agent, at least three Business Days in advance of
the requested date of issuance (or such shorter period as is acceptable to the applicable Issuing Bank or, in the case of any issuance
to be made on the Closing Date, two Business Days prior to the Closing Date), a request to issue a Letter of Credit, which shall
specify that it is being issued under this Agreement, in the form of Exhibit K attached hereto. To request an amendment,
extension or renewal of a Letter of Credit (other than any automatic extension of a Letter of Credit permitted under ‎Section
2.05(c)), the applicable Borrower shall submit such a request to the applicable Issuing Bank selected by such Borrower (with
a copy to the Administrative Agent) at least three Business Days in advance of the requested date of amendment, extension or renewal
(or such shorter period as is acceptable to the applicable Issuing Bank), identifying the Letter of Credit to be amended, extended
or renewed, and specifying the proposed date (which shall be a Business Day) and other details of the amendment, extension or renewal.
Requests for the issuance, amendment, extension or renewal of any Letter of Credit must be accompanied by such other information
reasonably requested by the applicable Issuing Bank as shall be necessary to issue, amend, extend or renew such Letter of Credit.
If requested by the applicable Issuing Bank in connection with any request for any Letter of Credit, the applicable Borrower also
shall submit a letter of credit application on such Issuing Bank’s standard form. In the event of any inconsistency between
the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement
submitted by the applicable Borrower to, or entered into by such Borrower with, the applicable Issuing Bank relating to any Letter
of Credit, the terms and conditions of this Agreement shall control. No Letter of Credit, letter of credit application or other
document entered into by the applicable Borrower with any Issuing Bank relating to any Letter of Credit shall contain any representation
or warranty, covenant or event of default not set forth in this Agreement (and to the extent inconsistent herewith shall be rendered
null and void (or reformed automatically without further action by any Person to conform to the terms of this Agreement)), and
all representations and warranties, covenants and events of default set forth therein shall contain standards, qualifications,
thresholds and exceptions for materiality or otherwise consistent with those set forth in this Agreement (and, to the extent inconsistent
herewith, shall be deemed to automatically incorporate the applicable standards, qualifications, thresholds and exceptions set
forth herein without action by any Person). No Letter of Credit shall be required to be issued, amended, extended or renewed unless
(and on the issuance, amendment, extension or renewal of each Letter of Credit the applicable Borrower shall be deemed to represent
and warrant that), after giving effect to such issuance, amendment, extension or renewal, the Revolving Credit Exposure would not
exceed the aggregate amount of the Revolving Credit Commitments. In addition, no Issuing Bank shall be required to issue, amend,
extend or renew any Letter of Credit if the expiration date of such Letter of Credit extends beyond the Maturity Date applicable
to the Revolving Credit Commitments of any Class unless (1) the aggregate amount of the LC Exposure attributable to Letters of
Credit expiring after such Maturity Date does not exceed the aggregate amount of the Revolving Credit Commitments then in effect
that are scheduled to remain in effect after such Maturity Date, (2) all Revolving Lenders and such Issuing Bank shall have consented
to such expiry date, (3) the applicable Borrower shall have caused such Letter of Credit to be backstopped by a “back to
back” letter of credit reasonably satisfactory to such Issuing Bank or (4) the applicable Borrower shall have caused such
Letter of Credit to be Cash collateralized in accordance with ‎Section 2.05(j), in the case of clause (3) or
(4), on or before the date that such Letter of Credit is issued, amended, extended or renewed beyond such date. Promptly
after the delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, the applicable Issuing Bank will also deliver to the applicable Borrower and the Administrative Agent
a true and complete copy of such Letter of Credit or amendment. Upon receipt of such Letter of Credit or amendment, the Administrative
Agent shall notify the Revolving Lenders, in writing, of such Letter of Credit or amendment, and if so requested by a Revolving
Lender, the Administrative Agent will provide such Revolving Lender with copies of such Letter of Credit or amendment.

 

(c) Expiration
Date

 

(i) Except
as set forth in ‎Section 2.05(b), no Standby Letter of Credit shall expire later than the earlier of (A) the date that
is one year after the date of the issuance of such Standby Letter of Credit (or such later date to which the relevant Issuing Bank
may agree) and (B) the date that is five Business Days prior to the Latest Revolving Credit Maturity Date; 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 (none of which, in any event, shall extend beyond the date referred to in the preceding clause ‎(B)
unless 103% of the then-available Stated Amount thereof is Cash collateralized or backstopped (in the currency of such Letters
of Credit) on or before the date that such Letter of Credit is extended beyond the date referred to in clause ‎(B) above
pursuant to arrangements reasonably satisfactory to the relevant Issuing Bank).

 

    90

     

    

 

(ii) Except
as set forth in ‎Section 2.05(b), no Commercial Letter of Credit shall expire later than the earlier to occur of (A)
the date that is one year after the issuance thereof (or such later date to which the relevant Issuing Bank may agree) and (B)
the date that is five Business Days prior to the Latest Revolving Credit Maturity Date; provided that any Commercial Letter
of Credit may provide for the automatic extension thereof for any number of additional periods each of up to one year in duration
(none of which, in any event, shall extend beyond the date referred to in the preceding clause ‎(B) unless 103% of the
then-available Stated Amount thereof is Cash collateralized or backstopped (in the currency of such Letter of Credit) on or before
the date that such Letter of Credit is extended beyond the date referred to in clause ‎(B) above pursuant to arrangements
reasonably satisfactory to the relevant Issuing Bank).

 

(d) Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further
action on the part of the applicable Issuing Bank or the Revolving Lenders, the applicable Issuing Bank hereby grants to each Revolving
Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such
Revolving Lender’s Applicable Percentage of the Stated Amount of such Letter of Credit (in respect of any Letter of Credit
issued in any Alternate Currency, expressed in the Dollar Equivalent thereof). In consideration and in furtherance of the foregoing,
each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable
Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by
the applicable Borrower on the date due as provided in paragraph ‎(e) of this Section, or of any reimbursement payment
required to be refunded to such Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance
of a Default or Event of Default or reduction or termination of the Revolving Credit Commitments, and that each such payment shall
be made without any offset, abatement, withholding or reduction whatsoever.

 

(e) Reimbursement.

 

(i) If the
applicable Issuing Bank makes any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse such
LC Disbursement by paying to the Administrative Agent (or, in the case of Commercial Letters of Credit, the applicable Issuing
Bank) an amount equal to the amount of such LC Disbursement not later than 1:00 p.m. on the first Business Day immediately following
the date on which such Borrower receives notice under paragraph ‎(g) of this Section of such LC Disbursement (or, if
such notice is received less than two hours prior to the deadline for requesting ABR Borrowings pursuant to ‎Section 2.03,
on the second Business Day immediately following the date on which such Borrower receives such notice); provided that the
applicable Borrower may, without satisfying the conditions to borrowing set forth herein, request in accordance with ‎Section
2.03 that such payment be financed with an ABR Revolving Loan and, to the extent so financed, such Borrower’s obligation
to make such payment shall be discharged and replaced by the resulting Revolving Loan Borrowing. If the applicable Borrower fails
to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the
payment then due from such Borrower in respect thereof and such Revolving Lender’s Applicable Percentage thereof. Promptly
following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the
payment then due from such Borrower, in the same manner as provided in ‎Section 2.07 with respect to Loans made by such
Revolving Lender (and ‎Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders),
and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving
Lenders. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this paragraph,
the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders
have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and such Issuing Bank
as their interests may appear.

 

    91

     

    

 

(ii) If any
Revolving Lender fails to make available to the Administrative Agent for the account of the applicable Issuing Bank any amount
required to be paid by such Revolving Lender pursuant to the foregoing provisions of this ‎Section 2.05(e) by the time
specified therein, such Issuing Bank shall be entitled to recover from such Revolving 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 such Issuing Bank at a rate per annum equal to the greater of the Federal Funds Effective
Rate (or, in the case of any Letter of Credit denominated in any Alternate Currency, the Administrative Agent’s customary
rate for interbank advances in such Alternate Currency) from time to time in effect and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation. A certificate of the applicable Issuing Bank submitted
to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause ‎(ii)
shall be conclusive absent manifest error.

 

(f) Obligations
Absolute. Each Borrower’s obligation to reimburse LC Disbursements as provided in paragraph ‎(e) of this Section
shall be absolute, unconditional and irrevocable and shall be performed in accordance with the terms of this Agreement and irrespective
of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein or herein,
(ii) any draft or other document presented under any Letter of Credit proving to be forged, fraudulent or invalid in any respect
or any statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under any Letter
of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit or (iv)
any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions
of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the applicable Borrower’s
obligations hereunder. Neither the Administrative Agent, the Revolving Lenders nor any Issuing Bank, nor any of their respective
Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter
of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other
communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error
in interpretation of technical terms or any consequence arising from causes beyond the control of such Issuing Bank; provided
that the foregoing shall not be construed to excuse such Issuing Bank from liability to the applicable Borrower to the extent of
any direct damages suffered by such Borrower that are caused by such Issuing Bank’s failure to exercise care when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that, in the absence of gross negligence, bad faith or willful misconduct on the part of the applicable Issuing Bank (as
determined by a final and non-appealable judgement of a court of competent jurisdiction), such Issuing Bank shall be deemed to
have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the
parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms
of any Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon such documents
without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept
and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

 

    92

     

    

 

(g) Disbursement
Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to
represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the
applicable Borrower by electronic means or by telephone (confirmed in writing) of such demand for payment and whether such Issuing
Bank has made or will make an LC Disbursement thereunder; provided that no failure to give or delay in giving such notice
shall relieve the applicable Borrower of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to
any such LC Disbursement within the time period prescribed in ‎Section 2.05(e).

 

(h) Interim
Interest. If any Issuing Bank makes any LC Disbursement, then, unless the applicable Borrower reimburses such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including
the date such LC Disbursement is made to but excluding the date that such Borrower reimburses such LC Disbursement (or the date
on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to
(x) in the case of any Letter of Credit denominated in Dollars, Revolving Loans that are ABR Loans and (y) in the case of any Letter
of Credit denominated in any Alternate Currency, Revolving Loans that are Eurocurrency Rate Loans with an Interest Period of one
month; provided that if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph
‎(e) of this Section, then ‎Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be
for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving
Lender pursuant to paragraph ‎(e) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving
Lender to the extent of such payment and shall be payable on the date on which the Borrower reimburses the applicable LC Disbursement
in full.

 

(i) Replacement
of an Issuing Bank or Addition of New Issuing Banks. Any Issuing Bank may be replaced with the consent of the Administrative
Consent Party (not to be unreasonably withheld, conditioned or delayed), the applicable Borrower and the successor Issuing Bank
at any time by written agreement among such Borrower, the Administrative Agent and the successor Issuing Bank. The Administrative
Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement becomes effective,
the applicable Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to ‎Section
2.12(b)(ii). From and after the effective date of any such replacement, (A) the successor Issuing Bank shall have all the rights
and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and
(B) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing
Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of any Issuing Bank
hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an
Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required
to issue additional Letters of Credit after such replacement. The applicable Borrower may, at any time and from time to time with
the consent of the Administrative Consent Party (which consent shall not be unreasonably withheld, conditioned or delayed) and
the relevant Revolving Lender, designate one or more additional Revolving Lenders to act as an issuing bank under the terms of
this Agreement; provided that the designation of any Pre-Approved Additional Revolving Lender to act as an Issuing Bank
under the terms of this Agreement shall not require the consent of the Administrative Consent Party. Any Revolving Lender designated
as an issuing bank pursuant to this paragraph ‎(i) shall be deemed to be an “Issuing Bank” (in addition
to being a Revolving Lender) in respect of Letters of Credit issued or to be issued by such Revolving Lender, and, with respect
to such Letters of Credit, such term shall thereafter apply to any other Issuing Bank and such Revolving Lender.

 

    93

     

    

 

(j) Cash Collateralization.

 

(i) If any
Event of Default exists and the Revolving Loans have been declared due and payable in accordance with ‎Article 7 hereof,
then on the Business Day that the applicable Borrower receives notice from the Administrative Agent at the direction of the Required
Lenders demanding the deposit of Cash collateral pursuant to this paragraph ‎(j), upon such demand, such Borrower shall
deposit, in an interest-bearing account with the Administrative Agent, in the name of the Administrative Agent and for the benefit
of the Revolving Lenders (each, an “LC Collateral Account”), an amount in Cash equal to 103% of the LC Exposure
(in the currency of the LC Exposure) as of such date (minus the amount then on deposit in the LC Collateral Account); provided
that the obligation to deposit such Cash collateral shall become effective immediately, and such deposit shall become immediately
due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the applicable
Borrower described in ‎Section 7.01(f) or ‎(g).

 

(ii) Any such
deposit under clause ‎(i) above shall be held by the Administrative Agent as collateral for the payment and performance
of the Secured Obligations in accordance with the provisions of this paragraph ‎(j). The Administrative Agent shall
have exclusive dominion and control, including the exclusive right of withdrawal, over such account, and each applicable Borrower
hereby grants the Administrative Agent, for the benefit of the Secured Parties, a First Priority security interest in its LC Collateral
Account. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied
by the Administrative Agent to reimburse the applicable Issuing Bank for LC Disbursements for which it has not been reimbursed
and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the applicable Borrower
for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of the Required
Revolving Lenders) be applied to satisfy other Secured Obligations. If the applicable Borrower is required to provide an amount
of Cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (together with all interest and
other earnings with respect thereto, to the extent not applied as aforesaid) shall be returned to such Borrower promptly but in
no event later than three Business Days after such Event of Default has been cured or waived.

 

Section 2.06. [Reserved].

 

Section 2.07. Funding
of Borrowings.

 

(a) Each Lender
shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by
(x) in the case of ABR Loans, 3:00 p.m. and (y) otherwise, 2:00 p.m., in each case to the account of the Administrative Agent most
recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s respective Applicable
Percentage. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received
on the same Business Day, in like funds, to the applicable Funding Account or as otherwise directed by the Borrower; provided
that Revolving Loans made to finance the reimbursement of any LC Disbursement as provided in ‎Section 2.05(e) shall
be remitted by the Administrative Agent to the applicable Issuing Bank.

 

    94

     

    

 

(b) Unless the
Administrative Agent has received notice from any Lender prior to the proposed date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that
such Lender has made such share available on such date in accordance with paragraph ‎(a) of this Section and may, in
reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if any Lender has
not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the
applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding
amount with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding
the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective
Rate (or, with respect to any amount denominated in any Alternate Currency, the rate of interest per annum at which overnight deposits
in the applicable Alternate Currency, in an amount that is approximately equal to the amount with respect to which such rate is
being determined, would be offered for such day by the Administrative Agent in the applicable offshore interbank market for such
currency) and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation
or (ii) in the case of such Borrower, the interest rate applicable to the Loans comprising such Borrowing at such time. If such
Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such
Borrowing and the applicable Borrower’s obligation to repay the Administrative Agent such corresponding amount pursuant to
this ‎Section 2.07(b) shall cease. If the applicable Borrower pays such amount to the Administrative Agent, the amount
so paid shall constitute a repayment of such Borrowing by such amount. Nothing herein shall be deemed to relieve any Lender from
its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or any Borrower or any other
Loan Party may have against any Lender as a result of any default by such Lender hereunder.

 

Section 2.08. Type;
Interest Elections.

 

(a) Each Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Rate Borrowing,
shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert any
Borrowing to a Borrowing of a different Type available in such currency or to continue such Borrowing and, in the case of a Eurocurrency
Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options
with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among
the Lenders based upon their Applicable Percentages and the Loans comprising each such portion shall be considered a separate Borrowing.

 

(b) To make an
election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election in writing (by hand delivery,
fax or other electronic transmission (including “.pdf” or “.tif”)) by the time that a Borrowing Request
would be required under ‎Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election
to be made on the effective date of such election.

 

    95

     

    

 

(c) Each written
Interest Election Request shall specify the following information in compliance with ‎Section 2.02:

 

(i) the Borrowing
to which such Interest Election Request applies and, if different options are being elected with respect to different portions
thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant
to clauses ‎(iii) and ‎(iv) below shall be specified for each resulting Borrowing);

 

(ii) the effective
date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii) whether
the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Rate Borrowing; and

 

(iv) if the
resulting Borrowing is a Eurocurrency Rate Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”.

 

(d) Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details
thereof and of such Lender’s portion of each resulting Borrowing.

 

(e) If the Borrower
fails to deliver a timely Interest Election Request with respect to a Eurocurrency Rate Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, such Borrowing shall be continued at the end
of such Interest Period as a Eurocurrency Rate Borrowing with an Interest Period of one month. Notwithstanding any contrary provision
hereof, if an Event of Default exists and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower,
then, so long as such Event of Default exists (i) no outstanding Borrowing denominated in Dollars may be converted to or continued
as a Eurocurrency Rate Borrowing and (ii) unless repaid, each Eurocurrency Rate Borrowing denominated in Dollars shall be converted
to an ABR Borrowing, in each case at the end of the then-current Interest Period applicable thereto.

 

(f) It is understood
and agreed that (i) only a Borrowing denominated in Dollars may be made as, or converted to, an ABR Loan and (ii) a Borrowing denominated
in an Alternate Currency may only be made as, or converted to, or continued as, a Eurocurrency Rate Loan (or such other type of
Revolving Loan as may be agreed by the Administrative Agent and the Borrower pursuant to ‎Section 1.10).

 

Section 2.09. Termination
and Reduction of Commitments.

 

(a) Unless previously
terminated, (i) the Initial Term Loan Commitments on the Closing Date shall automatically terminate upon the making of the Initial
Term Loans on the Closing Date, (ii) the Initial Revolving Credit Commitments shall automatically terminate on the Initial Revolving
Credit Maturity Date, (iii) the Additional Term Loan Commitments of any Class shall automatically terminate upon the making of
the Additional Term Loans of such Class and, if any such Additional Term Loan Commitment is not drawn on the date that such Additional
Term Loan Commitment is required to be drawn pursuant to the applicable Refinancing Amendment, Extension Amendment or Incremental
Facility Amendment, the undrawn amount thereof shall terminate unless otherwise provided in the applicable Refinancing Amendment,
Extension Amendment or Incremental Facility Amendment and (iv) the Additional Revolving Credit Commitments of any Class shall automatically
terminate on the Maturity Date specified therefor in the applicable Refinancing Amendment, Extension Amendment or Incremental Facility
Amendment.

 

    96

     

    

 

(b) Upon delivering
the notice required by ‎Section 2.09(c), the Borrower may at any time terminate or from time to time reduce the Revolving
Credit Commitments of any Class; provided that (i) each reduction of the Revolving Credit Commitments of any Class shall
be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate
or reduce the Revolving Credit Commitments of any Class if, after giving effect to such termination or reduction, as applicable,
and any concurrent prepayment of Revolving Loans, the aggregate amount of the Revolving Credit Exposure attributable to the Revolving
Credit Commitments of such Class would exceed the aggregate amount of the Revolving Credit Commitments of such Class; provided
that, after the establishment of any Additional Revolving Credit Commitment, any such termination or reduction of the Revolving
Credit Commitments of any Class shall be subject to the provisions set forth in ‎Section 2.22, ‎2.23 and/or
‎9.02(c), as applicable.

 

(c) The Borrower
shall notify the Administrative Agent of any election to terminate or reduce any Class or Classes of Revolving Credit Commitments
under paragraph ‎(b) of this Section (as selected by the Borrower) not later than 1:00 p.m. on or prior to the
effective date of such termination or reduction (or not later than 1:00 p.m., three Business Days prior to the effective date of
such termination or reduction, in the case of a termination or reduction involving a prepayment of Eurocurrency Rate Borrowings
(or such later date to which the Administrative Agent may agree)), specifying such election and the effective date thereof. Promptly
following receipt of any such notice, the Administrative Agent shall advise the Revolving Lenders of each applicable Class or Classes
of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided
that any such notice may state that such notice is conditioned upon the effectiveness of other transactions, in which case such
notice may be revoked or its effectiveness deferred by the Borrower (by notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied. Any termination or reduction of any Revolving Credit Commitment pursuant to
this ‎Section 2.09 shall be permanent. Upon any reduction of any Revolving Credit Commitment, the Revolving Credit Commitment
of each Revolving Lender of the relevant Class shall be reduced by such Revolving Lender’s Applicable Percentage of such
reduction amount.

 

Section 2.10. Repayment
of Loans; Evidence of Debt.

 

(a) Each Borrower,
severally and not jointly, hereby unconditionally promises to repay the outstanding principal amount of the Initial Term Loans
made to such Borrower to the Administrative Agent for the account of each applicable Term Lender (i) commencing on the last Business
Day of December 2019, on the last Business Day of each March, June, September and December prior to the Initial Term Loan Maturity
Date (each such date being referred to as a “Loan Installment Date”), in each case in an amount equal to 0.25%
of the original principal amount of the Initial Term Loans made to such Borrower (as such payments may be reduced from time to
time as a result of the application of prepayments in accordance with ‎Section 2.11 and purchases or assignments in
accordance with ‎Section 9.05(g) or increased as a result of any increase in the amount of such Initial Term Loans pursuant
to ‎Section 2.22(a)) and (ii) on the Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal
amount of the Initial Term Loans made to such Borrower outstanding on such date, together in each case with accrued and unpaid
interest on the principal amount to be paid to but excluding the date of such payment. Each Borrower, severally and not jointly,
shall repay the Additional Term Loans of any Class made to such Borrower in such scheduled amortization installments and on such
date or dates as shall be specified therefor in the applicable Refinancing Amendment, Extension Amendment or Incremental Facility
Amendment (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with ‎Section
2.11 and purchases or assignments in accordance with ‎Section 9.05(g) or increased as a result of any increase in
the amount of such Additional Term Loans made to such Borrower pursuant to ‎Section 2.22(a)).

 

    97

     

    

 

(b) Each Borrower,
severally and not jointly, hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Initial
Revolving Lender, the then-unpaid principal amount of the Initial Revolving Loans of such Lender made to such Borrower on the Initial
Revolving Credit Maturity Date and (ii) to the Administrative Agent for the account of each Additional Revolving Lender, the then-unpaid
principal amount of each Additional Revolving Loan of such Additional Revolving Lender made to such Borrower on the Maturity Date
applicable thereto. On the Initial Revolving Credit Maturity Date, each Borrower shall make payment in full in Cash of all accrued
and unpaid fees and all reimbursable expenses and other Obligations with respect to the Initial Revolving Facility then due, together
with accrued and unpaid interest (if any) thereon attributable to such Borrower.

 

(c) If the Maturity
Date in respect of any Class of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i)
if one or more other Classes of Revolving Credit Commitments in respect of which the Maturity Date shall not have so occurred are
then in effect (or will automatically be in effect upon the occurrence of such Maturity Date), such Letters of Credit shall automatically
be deemed to have been issued (including for purposes of the obligations of the Revolving Lenders to purchase participations therein
and to make Revolving Loans and payments in respect thereof pursuant to ‎Section 2.05(d) and ‎Section 2.05(e))
under (and ratably participated in by Revolving Lenders pursuant to) the non-terminating or new Classes of Revolving Credit Commitments
up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Revolving Credit Commitments continuing
at such time (it being understood that no partial Stated Amount of any Letter of Credit may be so reallocated) (in each case, after
giving effect to any repayments of Revolving Loans) and (ii) to the extent not reallocated pursuant to immediately preceding clause
(i) and unless provisions reasonably satisfactory to the applicable Issuing Bank for the treatment of such Letter of Credit as
a letter of credit under a successor credit facility have been agreed upon, the applicable Borrower shall, on or prior to the applicable
Maturity Date, (x) cause such Letter of Credit to be replaced and returned to the applicable Issuing Bank undrawn and marked “cancelled”,
(y) cause such Letter of Credit to be backstopped by a “back to back” letter of credit reasonably satisfactory to the
applicable Issuing Bank or (z) Cash collateralize such Letter of Credit in accordance with ‎Section 2.05(j). Commencing
with the Maturity Date of any Class of Revolving Credit Commitments, the Letter of Credit Sublimit shall be in an amount agreed
solely with the applicable Issuing Bank.

 

(d) Each Lender
shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such
Lender resulting from each Loan made by such Lender to such Borrower, including the amounts of principal and interest payable and
paid to such Lender from time to time hereunder.

 

(e) The Administrative
Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and
the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due
and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder
for the account of the Lenders or the Issuing Banks and each Lender’s or the Issuing Bank’s share thereof.

 

(f) The entries
made in the accounts maintained pursuant to paragraphs ‎(d) or ‎(e) of this Section shall be prima facie
evidence of the existence and amounts of the obligations recorded therein (absent manifest error); provided that the failure
of any Lender or the Administrative Agent to maintain such accounts or any manifest error therein shall not in any manner affect
the obligation of any Borrower to repay its Loans in accordance with the terms of this Agreement; provided, further,
that in the event of any inconsistency between the accounts maintained by the Administrative Agent pursuant to paragraph ‎(e)
of this Section and any Lender’s records, the accounts of the Administrative Agent shall govern.

 

    98

     

    

 

(g) Any Lender
may request that Loans made by it be evidenced by a Promissory Note. In such event, the applicable Borrower shall prepare, execute
and deliver to such Lender a Promissory Note payable to such Lender and its registered permitted assigns; it being understood and
agreed that such Lender (and/or its applicable permitted assign) shall be required to return such Promissory Note to the applicable
Borrower in accordance with ‎Section 9.05(b)(iii) and upon the occurrence of the Termination Date (or as promptly thereafter
as practicable). If any Lender loses the original copy of its Promissory Note, it shall execute an affidavit of loss containing
a customary indemnification provision that is reasonably satisfactory to the Borrower. The obligation of each Lender to execute
an affidavit of loss containing a customary indemnification provision that is reasonably satisfactory to the Borrower shall survive
the Termination Date.

 

Section 2.11. Prepayment
of Loans.

 

(a) Optional
Prepayments.

 

(i) Upon prior
notice in accordance with paragraph ‎(a)‎(iii) of this Section, each Borrower shall have the right at any time and
from time to time to prepay any Borrowing of Term Loans of one or more Classes (such Class or Classes to be selected by the Borrower
in its sole discretion) in whole or in part without premium or penalty (but subject to (A) in the case of Initial Term Loans only,
‎Section 2.12(f) and (B) if applicable, ‎Section 2.16). Each such prepayment shall be paid to the Lenders
in accordance with their respective Applicable Percentages of the relevant Class.

 

(ii) Upon prior
written notice in accordance with paragraph ‎(a)‎(iii) of this Section, each Borrower shall have the right at any
time and from time to time to prepay any Borrowing of Revolving Loans of any Class, including any Additional Revolving Loans, in
whole or in part without premium or penalty (but subject to ‎Section 2.16). Prepayments made pursuant to this ‎Section
2.11(a)(ii), first, shall be applied to outstanding LC Disbursements and second, shall be applied ratably to the outstanding
Revolving Loans, including any Additional Revolving Loans, of the relevant Class.

 

(iii) The Borrower
shall notify the Administrative Agent by telephone (promptly confirmed in writing) of any prepayment under this ‎Section
2.11(a) (A) in the case of a prepayment of a Eurocurrency Rate Borrowing, not later than 1:00 p.m. three Business Days before
the date of prepayment or (B) in the case of a prepayment of an ABR Borrowing, not later than 1:00 p.m. on the date of prepayment
(or, in each case, such later date or time to which the Administrative Agent may reasonably agree). Each such notice shall be irrevocable
(except as set forth in the proviso to this sentence) and shall specify the prepayment date and the principal amount of each Borrowing
or portion thereof to be prepaid; provided that a notice of prepayment delivered by the Borrower may state that such notice
is conditioned upon the effectiveness of other transactions or other conditional events, in which case such notice may be revoked
or its effectiveness deferred by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date)
if such condition is not satisfied and/or the Borrower may delay or rescind such notice until such condition is satisfied. Promptly
following receipt of any such notice relating to any Borrowing, the Administrative Agent shall advise the relevant Lenders of the
contents thereof. Each partial prepayment of any Borrowing shall be in an amount at least equal to the amount that would be permitted
in the case of a Borrowing of the same Type and Class as provided in ‎Section 2.02(c) or such lesser amount that is
then outstanding with respect to such Borrowing being repaid. Each prepayment of Term Loans shall be applied to the Class of Term
Loans as determined by the Borrower and specified in the applicable prepayment notice, and each prepayment of Term Loans of such
Class made pursuant to this ‎Section 2.11(a) shall be applied against the remaining scheduled installments of principal
due in respect of the Term Loans of such Class in the manner specified by the Borrower or, if not so specified on or prior to the
date of such optional prepayment, in direct order of maturity.

 

    99

     

    

 

(b) Mandatory
Prepayments.

 

(i) No later
than the fifth Business Day after the date on which the financial statements with respect to each Fiscal Year of the U.S. Borrower
are delivered pursuant to ‎Section 5.01(b), commencing with the Fiscal Year ending December 31, 2020, the Borrower shall
prepay Subject Loans in accordance with clause ‎(vi) below in an aggregate principal amount (the “ECF Prepayment
Amount”) equal to (A) the Required Excess Cash Flow Percentage of Excess Cash Flow of the Borrower and its Restricted
Subsidiaries for the Excess Cash Flow Period then most recently ended minus (B) at the option of the Borrower, to the extent
occurring during such Excess Cash Flow Period (or occurring after such Excess Cash Flow Period and prior to the date of the applicable
Excess Cash Flow payment), and without duplication (including duplication of any amounts deducted in any prior Excess Cash Flow
Period), the following:

 

(1) the aggregate principal amount
of any Term Loans and Revolving Loans prepaid pursuant to ‎Section 2.11(a);

 

(2) the aggregate principal amount
of any Incremental Equivalent Debt, Replacement Debt and/or any other Indebtedness permitted to be incurred pursuant to ‎Section
6.01 to the extent secured by Liens on the Collateral that are pari passu with the Liens on the Collateral securing the Credit
Facilities, voluntarily prepaid, repurchased, redeemed or otherwise retired (or contractually committed to be prepaid, repurchased,
redeemed or otherwise retired);

 

(3) the amount of any reduction
in the outstanding amount of any Term Loans, Incremental Equivalent Debt, Replacement Debt and/or any other Indebtedness permitted
to be incurred pursuant to ‎Section 6.01 to the extent secured by Liens on the Collateral that are pari passu with the
Liens on the Collateral securing the Credit Facilities, resulting from any purchase or assignment made in accordance with ‎Section
9.05(g) of this Agreement (including in connection with any Dutch Auction) (with respect to Term Loans) and any equivalent
provisions with respect to any Incremental Equivalent Debt, Replacement Debt and/or such other Indebtedness;

 

(4) all Cash payments in respect
of Capital Expenditures as would be reported in the U.S. Borrower’s consolidated statement of cash flows and all Cash payments
made to acquire IP Rights;

 

(5) Cash payments by the Borrower
and its Restricted Subsidiaries made (or committed) in respect of long-term liabilities (including for purposes of clarity, the
current portion of such long-term liabilities) of the Borrower and its Restricted Subsidiaries other than Indebtedness, except
to the extent such Cash payments were deducted in the calculation of Consolidated Net Income or Consolidated Adjusted EBITDA for
such period;

 

    100

     

    

 

(6) Cash payments in respect of
any Investment (including acquisitions) permitted by ‎Section 6.06 or otherwise consented to by the Required Lenders
(other than Investments (x) in Cash or Cash Equivalents or (y) in the Borrower or any Restricted Subsidiary);

 

(7) the aggregate consideration
(i) required to be paid in Cash by the Borrower or its Restricted Subsidiaries pursuant to binding contracts entered into prior
to or during such period relating to Capital Expenditures, acquisitions or other Investments permitted by ‎Section 6.06
or otherwise consented to by the Required Lenders and/or (ii) otherwise committed to be made in connection with Capital Expenditures,
acquisitions or Investments (clauses (i) and (ii) of this clause (7), the “Scheduled Consideration”)
(other than Investments in (x) Cash and Cash Equivalents or (y) the Borrower or any Restricted Subsidiary) to be consummated or
made during the period of four consecutive Fiscal Quarters of the U.S. Borrower following the end of such period; provided
that to the extent the aggregate amount actually utilized to finance such Capital Expenditures, acquisitions or Investments during
such subsequent period of four consecutive Fiscal Quarters is less than the Scheduled Consideration, the amount of the resulting
shortfall shall be added to the calculation of Excess Cash Flow at the end of such subsequent period of four consecutive Fiscal
Quarters;

 

(8) Cash expenditures in respect
of any Hedge Agreement during such period to the extent not otherwise deducted in the calculation of Consolidated Net Income or
Consolidated Adjusted EBITDA; and

 

(9) the aggregate amount of expenditures
actually made by the Borrower and/or any Restricted Subsidiary in Cash (including any expenditure for the payment of fees or other
Charges (or any amortization thereof for such period) in connection with any Disposition, incurrence or repayment of Indebtedness,
issuance of Capital Stock, refinancing transaction, amendment or modification of any debt instrument, including this Agreement,
and including, in each case, any such transaction consummated prior to, on or after the Closing Date, and Charges incurred in connection
therewith, whether or not such transaction was successful), in each case to the extent that such expenditures were not expensed;

 

in the case of each of clauses
(1)-(9), (I) excluding any such payments, prepayments and expenditures made during such Fiscal Year that reduced the
amount required to be prepaid pursuant to this ‎Section 2.11(b)(i) in the prior Fiscal Year, (II) in the case of any
prepayment, repurchase, redemption, retirement, purchase or assignment of revolving Indebtedness, only to the extent accompanied
by a permanent reduction in the relevant commitment, (III) only to the extent that such payments, prepayments and expenditures
were not financed with the proceeds of long-term funded Indebtedness (other than revolving Indebtedness) of the Borrower or its
Restricted Subsidiaries and (IV) in each case under clause (3) above, based upon the actual amount of cash paid in connection with
any relevant purchase or assignment; provided that no prepayment under this ‎Section 2.11(b)(i) shall be required
unless the principal amount of Subject Loans required to be prepaid exceeds $10,000,000 (and, in such case, only such amount in
excess of $10,000,000 shall be required to be prepaid); provided, further, that if at the time that any such prepayment
would be required, the Borrower (or any Restricted Subsidiary) is also required to prepay, repurchase or offer to prepay or repurchase
any Indebtedness that is secured on a pari passu basis (without regard to the control of remedies) with any Secured Obligation
pursuant to the terms of the documentation governing such Indebtedness (such Indebtedness required to be so prepaid or repurchased
or offered to be so prepaid or repurchased, “Other Applicable Indebtedness”) with any portion of the ECF Prepayment
Amount, then the Borrower may apply such portion of the ECF Prepayment Amount on a pro rata basis (determined on the basis of the
aggregate outstanding principal amount of the Subject Loans and the relevant Other Applicable Indebtedness (or accreted amount
if such Other Applicable Indebtedness is issued with original issue discount) at such time) to the prepayment of the Subject Loans
and to the prepayment of the relevant Other Applicable Indebtedness, and the amount of prepayment of the Subject Loans that would
have otherwise been required pursuant to this ‎Section 2.11(b)(i) shall be reduced accordingly; it being understood
that (1) the portion of such ECF Prepayment Amount allocated to the Other Applicable Indebtedness shall not exceed the portion
of such ECF Prepayment Amount required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and
the remaining amount, if any, of such ECF Prepayment Amount shall be allocated to the Subject Loans in accordance with the terms
hereof and (2) to the extent the holders of the Other Applicable Indebtedness decline to have such Indebtedness prepaid or repurchased,
the declined amount shall promptly (and in any event within ten Business Days after the date of such rejection) be applied to prepay
the Subject Loans in accordance with the terms hereof.

 

    101

     

    

 

(ii) No later
than the fifth Business Day following the receipt of Net Proceeds in respect of any Prepayment Asset Sale or Net Insurance/Condemnation
Proceeds, in each case, in excess of (x) $7,500,000 in any single transaction or series of related transactions and (y) $15,000,000
in any Fiscal Year, the Borrower shall apply an amount equal to the Required Net Proceeds Percentage of the Net Proceeds or Net
Insurance/Condemnation Proceeds received with respect thereto in excess of such thresholds (collectively, the “Subject
Proceeds”) to prepay the outstanding principal amount of Subject Loans in accordance with clause ‎(vi) below;
provided that (A) the Borrower shall not be required to make a mandatory prepayment under this clause ‎(ii) in
respect of the Subject Proceeds to the extent (x) the Subject Proceeds are reinvested in assets used or useful in the business
of the Borrower or any of its Restricted Subsidiaries (including Permitted Acquisitions or other permitted Investments, but excluding
Cash or Cash Equivalents) within 15 months following receipt thereof (the “Reinvestment Period”) or (y) the
Borrower or any of its Restricted Subsidiaries has contractually committed to so reinvest the Subject Proceeds during such Reinvestment
Period and the Subject Proceeds are so reinvested within six months after the expiration of such Reinvestment Period; provided,
however, that if the Subject Proceeds have not been so reinvested prior to the expiration of the applicable period, the Borrower
shall promptly prepay the outstanding principal amount of Subject Loans with the Subject Proceeds not so reinvested as set forth
above (without regard to the immediately preceding proviso) and (B) if, at the time that any such prepayment would be required
hereunder, the Borrower or any of its Restricted Subsidiaries is required to prepay, repay or repurchase (or offer to prepay, repay
or repurchase) any Other Applicable Indebtedness, then the relevant Person may apply the Subject Proceeds on a pro rata basis to
the prepayment of the Subject Loans and to the prepayment, repurchase or repayment of the Other Applicable Indebtedness (determined
on the basis of the aggregate outstanding principal amount of the Subject Loans and the Other Applicable Indebtedness (or accreted
amount if such Other Applicable Indebtedness is issued with original issue discount) at such time); it being understood that (1)
the portion of the Subject Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of the Subject Proceeds
required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof (and the remaining amount, if any,
of the Subject Proceeds shall be allocated to the Subject Loans in accordance with the terms hereof), and the amount of the prepayment
of the Subject Loans that would have otherwise been required pursuant to this ‎Section 2.11(b)(ii) shall be reduced
accordingly and (2) to the extent the holders of the Other Applicable Indebtedness decline to have such Indebtedness prepaid or
repurchased, the declined amount shall promptly (and in any event within ten Business Days after the date of such rejection) be
applied to prepay the Subject Loans in accordance with the terms hereof.

 

    102

     

    

 

(iii) In the
event that the Borrower or any of its Restricted Subsidiaries receives Net Proceeds from the issuance or incurrence of Indebtedness
by the Borrower or any of its Restricted Subsidiaries (other than with respect to Indebtedness permitted under ‎Section
6.01, except to the extent the relevant Indebtedness constitutes Refinancing Indebtedness incurred to refinance all or a portion
of the Initial Dollar Term Loans or Initial Euro Term Loans pursuant to Section 6.01(p) or Replacement Term Loans incurred
to refinance Initial Dollar Term Loans or Initial Euro Term Loans in accordance with the requirements of ‎Section 9.02(c)),
the Borrower shall, substantially simultaneously with (and in any event not later than two Business Days thereafter) the receipt
of such Net Proceeds by the Borrower or its applicable Restricted Subsidiary, apply an amount equal to 100% of such Net Proceeds
to prepay the outstanding principal amount of the relevant Initial Dollar Term Loans or Initial Euro Term Loans, as applicable,
in accordance with clause ‎(vi) below.

 

(iv) Notwithstanding
anything in this ‎Section 2.11(b) to the contrary, (A) the U.S. Borrower shall not be required to prepay any amount
that would otherwise be required to be paid pursuant to Sections ‎2.11(b)(i), ‎(ii) or ‎(iii)
above to the extent that the relevant Excess Cash Flow is generated by any Foreign Subsidiary, the relevant Prepayment Asset Sale
is consummated by any Foreign Subsidiary, the relevant Net Insurance/Condemnation Proceeds are received by any Foreign Subsidiary
or the relevant Indebtedness is incurred by any Foreign Subsidiary (except to the extent the relevant Indebtedness constitutes
Refinancing Indebtedness incurred by any Foreign Subsidiary to refinance all or a portion of the Initial Term Loans or Additional
Term Loans pursuant to ‎Section 6.01(p) or Replacement Term Loans incurred to refinance Initial Term Loans or Additional
Term Loans in accordance with the requirements of Section 9.02(c)), as the case may be, for so long as the U.S. Borrower
determines in good faith that the repatriation to the U.S. Borrower of any such amount would be prohibited or delayed (beyond the
time period during which such prepayment is otherwise required to be made pursuant to Section 2.11(b)(i), (ii) or
(iii) above) under any Requirement of Law or conflict with the fiduciary duties of such Foreign Subsidiary’s directors,
or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any officer,
director, employee, manager, member of management or consultant of such Foreign Subsidiary (including
on account of financial assistance, corporate benefit, thin capitalization, capital maintenance or similar considerations); it
being understood and agreed that (i) solely within 365 days following the end of the applicable Excess Cash Flow Period, the event
giving rise to the relevant Subject Proceeds or the receipt of proceeds from the respective incurrence of Indebtedness, the Borrower
shall take all commercially reasonable actions required by applicable Requirements of Law to permit such repatriation and (ii)
if the repatriation of the relevant affected Excess Cash Flow, Subject Proceeds or Indebtedness proceeds, as the case may be, is
permitted under the applicable Requirement of Law and, to the extent applicable, would no longer conflict with the fiduciary duties
of such director, or result in, or be reasonably expected to result in, a material risk of personal or criminal liability for the
Persons described above, in either case, within 365 days following the end of the applicable Excess Cash Flow Period, the event
giving rise to the relevant Subject Proceeds or the receipt of Net Proceeds in respect of any such Indebtedness, the relevant Foreign
Subsidiary will promptly repatriate the relevant Excess Cash Flow, Subject Proceeds or Net Proceeds in respect of Indebtedness,
as the case may be, and the repatriated Excess Cash Flow, Subject Proceeds or Net Proceeds in respect of Indebtedness, as the case
may be, will be promptly (and in any event not later than two Business Days after such repatriation) applied (net of additional
Taxes payable or reserved against such Excess Cash Flow, such Subject Proceeds or such Net Proceeds in respect of Indebtedness,
as a result thereof, in each case by any Loan Party, such Loan Party’s subsidiaries, and any Affiliates or indirect or direct
equity owners of the foregoing) to the repayment of Subject Loans pursuant to this ‎Section 2.11(b) to the extent required
herein (without regard to this clause ‎(iv)), (B) the Borrower shall not be required to prepay any amount that would
otherwise be required to be paid pursuant to Sections ‎2.11(b)(i), ‎(ii) or ‎(iii) to the extent
that the relevant Excess Cash Flow is generated by any Joint Venture or the relevant Subject Proceeds or Net Proceeds in respect
of Indebtedness are received by any Joint Venture for so long as the Borrower determines in good faith that the distribution to
the Borrower of such Excess Cash Flow, Subject Proceeds or Net Proceeds in respect of Indebtedness would be prohibited under the
Organizational Documents (or any relevant shareholders’ or similar agreement) governing such Joint Venture; it being understood
that if the relevant prohibition ceases to exist within the 365-day period following the end of the applicable Excess Cash Flow
Period, the event giving rise to the relevant Subject Proceeds or the receipt of Net Proceeds in respect of any such Indebtedness,
the relevant Joint Venture will promptly distribute the relevant Excess Cash Flow, the relevant Subject Proceeds or the relevant
Net Proceeds in respect of Indebtedness, as the case may be, and the distributed Excess Cash Flow, Subject Proceeds or Net Proceeds
in respect of Indebtedness, as the case may be, will be promptly (and in any event not later than ten Business Days after such
distribution) applied (net of additional Taxes payable or reserved against as a result thereof) to the repayment of Subject Loans
pursuant to this ‎Section 2.11(b) to the extent required herein (without regard to this clause ‎(iv)) and
(C) if the Borrower determines in good faith that the repatriation to the U.S. Borrower of any amounts required to mandatorily
prepay the Subject Loans pursuant to Sections ‎2.11(b)(i), ‎(ii) or ‎(iii) above would result
in material and adverse tax consequences for any Loan Party or any of such Loan Party’s subsidiaries or indirect or direct
equity owners that is a member of such Loan Party’s consolidated group for U.S. federal income tax purposes, taking into
account any foreign tax credit or benefit actually realized in connection with such repatriation (such amount, a “Restricted
Amount”), as determined by the Borrower in good faith, the amount the U.S. Borrower shall be required to mandatorily
prepay pursuant to Sections ‎2.11(b)(i), ‎(ii) or ‎(iii) above, as applicable, shall be reduced
by the Restricted Amount; provided that to the extent that the repatriation of any Subject Proceeds, Excess Cash Flow or
the Net Proceeds in respect of any such Indebtedness from the relevant Foreign Subsidiary would no longer have a material and adverse
tax consequence within the 365-day period following the event giving rise to the relevant Subject Proceeds, the receipt of Net
Proceeds in respect of any such Indebtedness or the end of the applicable Excess Cash Flow Period, as the case may be, an amount
equal to the Subject Proceeds, Excess Cash Flow or the Net Proceeds in respect of any such Indebtedness, as applicable, not previously
applied pursuant to this clause ‎(C), shall be promptly applied to the repayment of Subject Loans pursuant to ‎Section
2.11(b) as otherwise required above (without regard to this clause ‎(iv)).

 

    103

     

    

 

(v) Each Lender
may elect, by notice to the Administrative Agent at or prior to the time and in the manner specified by the Administrative Agent,
prior to any prepayment of Initial Term Loans and Additional Term Loans required to be made by the Borrower pursuant to this ‎Section
2.11(b), to decline all (but not a portion) of its Applicable Percentage of such prepayment (such declined amounts, the “Declined
Proceeds”), which Declined Proceeds may be retained by the Borrower and used for any legal purpose permitted (or not
prohibited) hereunder, including to increase the Available Amount; provided further that, for the avoidance of doubt, no
Lender may reject any prepayment made under ‎Section 2.11(b)(iii) above to the extent that such prepayment is made with
the Net Proceeds of (w) Refinancing Indebtedness (including Replacement Debt) incurred to refinance all or a portion of the Initial
Term Loans or Additional Term Loans pursuant to Section 6.01(p), (x) Incremental Term Loans incurred to refinance all or
a portion of the Term Loans pursuant to Section 2.22, (y) Replacement Term Loans incurred to refinance all or a portion
of the Term Loans in accordance with the requirements of Section 9.02(c) and/or (z) Incremental Equivalent Debt incurred
to refinance all or a portion of the Term Loans pursuant to Section 6.01(z). If any Lender fails to deliver a notice to
the Administrative Agent of its election to decline receipt of its Applicable Percentage of any mandatory prepayment within the
time frame specified by the Administrative Agent, such failure will be deemed to constitute an acceptance of such Lender’s
Applicable Percentage of the total amount of such mandatory prepayment of Initial Term Loans and Additional Term Loans.

 

(vi) Except
as may otherwise be set forth in any amendment to this Agreement in connection with any Additional Term Loan, (A) each prepayment
of Initial Term Loans and Additional Term Loans pursuant to this ‎Section 2.11(b) shall be applied as directed by the
Borrower (or, in the absence of direction from the Borrower, ratably to each Class of Term Loans (based upon the then outstanding
principal amounts of the respective Classes of Term Loans)) (provided that any prepayment constituting (w) Refinancing Indebtedness
(including Replacement Debt) incurred to refinance all or a portion of the Initial Term Loans or Additional Term Loans pursuant
to Section 6.01(p), (x) Incremental Loans incurred to refinance all or a portion of the Term Loans pursuant to Section
2.22, (y) Replacement Term Loans incurred to refinance all or a portion of the Term Loans in accordance with the requirements
of Section 9.02(c) and/or (z) Incremental Equivalent Debt incurred to refinance all or a portion of the Term Loans pursuant
to Section 6.01(z) shall, in each case be applied solely to each applicable Class of refinanced or replaced Term Loans),
(B) with respect to each Class of Initial Term Loans and Additional Term Loans, all accepted prepayments under ‎Section
2.11(b)(i), ‎(ii) or ‎(iii) shall be applied against the remaining scheduled installments of principal
due in respect of the Initial Term Loans and Additional Term Loans as directed by the Borrower (or, in the absence of direction
from the Borrower, to the remaining scheduled amortization payments in respect of the Initial Term Loans and Additional Term Loans
in direct order of maturity) and (C) each such prepayment shall be paid to the Term Lenders in accordance with their respective
Applicable Percentages; provided that any amounts that would be required to prepay Initial Term Loans or Additional Term
Loans pursuant to Section 2.11(b)(i), (ii) or (iii) but for the limitations in Section 2.11(b)(iv)
and shall be applied to prepay Term Loans for which the Dutch Borrower is the obligor. Subject to this clause (vi), the
amount of such mandatory prepayments shall be applied first to ABR Loans to the full extent thereof before application to the Eurocurrency
Rate Loans in a manner that minimizes the amount of any payments required to be made pursuant to ‎Section 2.16. Any
prepayment of Initial Term Loans made on or prior to the Soft Call Termination Date pursuant to ‎Section 2.11(b)(iii)
as part of a Repricing Transaction shall be accompanied by the fee set forth in ‎Section 2.12(f).

 

(vii) In the
event that on any Revaluation Date (after giving effect to the determination of the Outstanding Amount of each Revolving Loan,
Letter of Credit and LC Disbursement) the Revolving Credit Exposure of any Class exceeds the amount of the Revolving Credit Commitment
of such Class then in effect, the Borrower shall, within five Business Days of receipt of notice from the Administrative Agent,
prepay the Revolving Loans and/or reduce LC Exposure in an aggregate amount sufficient to reduce such Revolving Credit Exposure
as of the date of such payment to an amount not to exceed the Revolving Credit Commitment of such Class then in effect by taking
any of the following actions as it shall determine at its sole discretion: (A) prepaying Revolving Loans or (B) with respect to
any excess LC Exposure, depositing Cash in the LC Collateral Account or “backstopping” or replacing the relevant Letters
of Credit, in each case, in an amount equal to 103% of such excess LC Exposure (minus any amount then on deposit in the LC Collateral
Account).

 

    104

     

    

 

(viii) At the
time of each prepayment required under ‎Section 2.11(b)(i), ‎(ii) or ‎(iii), the Borrower shall
deliver to the Administrative Agent a certificate signed by a Responsible Officer of the Borrower setting forth in reasonable detail
the calculation of the amount of such prepayment; provided, however, that in the case of any prepayment that may be declined at
the option of any Lender, the Borrower shall notify the Administrative Agent in writing of such prepayment not later than 1:00
p.m., three Business Days prior to the date of the prepayment. Each such certificate shall specify the Borrowings being prepaid
and the principal amount of each Borrowing (or portion thereof) to be prepaid. Prepayments shall be accompanied by accrued interest
as required by Section 2.13. All prepayments of Borrowings under this ‎Section 2.11(b) shall be subject to ‎Section
2.16 and, except as set forth in the last sentence of clause ‎(vi) above, shall otherwise be without premium or
penalty.

 

(ix) Notwithstanding
any of the other provisions of this ‎Section 2.11, so long as no Default or Event of Default shall have occurred and
be continuing, if any prepayment of Eurocurrency Rate Loans is required to be made under this ‎Section 2.11(b) prior
to the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit the amount of any such prepayment
otherwise required to be made hereunder with the Administrative Agent until the last day of such Interest Period, at which time
the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan
Party) to apply such amount to the prepayment of such Loans in accordance with this ‎Section 2.11(b). Upon the occurrence
and during the continuance of any Default or Event of Default, the Administrative Agent shall also be authorized (without any further
action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding
Loans in accordance with this ‎Section 2.11(b).

 

(x) Notwithstanding
any provision of this Agreement to the contrary, the Dutch Borrower shall not be required to apply Excess Cash Flow generated by
any Foreign Subsidiary, Net Proceeds in respect of any Prepayment Asset Sale consummated by any Foreign Subsidiary, Net Insurance/Condemnation
Proceeds received by any Foreign Subsidiary or the Net Proceeds in respect of any Indebtedness incurred by any Foreign Subsidiary
to Loans advanced to any Domestic Borrower or any interest, fees or expenses with respect thereto, it being understood that the
foregoing shall not be construed to eliminate any corresponding repayment obligation of the U.S. Borrower with respect to any such
event at the Dutch Borrower.

 

Section 2.12. Fees.

 

(a) The Borrower
agrees to pay to the Administrative Agent for the account of each Revolving Lender of any Class (other than any Defaulting Lender)
a commitment fee, which shall accrue at a rate equal to the Commitment Fee Rate per annum applicable to the Revolving Credit Commitment
of such Class on the average daily amount of the Unused Revolving Credit Commitment of such Class of such Revolving Lender during
the period from and including the Closing Date to the date on which such Lender’s Revolving Credit Commitment of such Class
terminates. Accrued commitment fees shall be payable in arrears on the first Business Day after the last day of each March, June,
September and December for the quarterly period then ended (commencing on the first Business Day of July 2019 but in the case of
the payment made on such date, for the period from the Closing Date to such date) and on the date on which the Revolving Credit
Commitments of the applicable Class terminate.

 

    105

     

    

 

(b) The Borrower
agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender of any Class (other than any Defaulting
Lender) a participation fee with respect to its participation in each Letter of Credit, which shall accrue at the Applicable Rate
used to determine the interest rate applicable to Eurocurrency Rate Revolving Loans on the daily face amount of such Lender’s
LC Exposure attributable to its Revolving Credit Commitment of such Class in respect of such Letter of Credit (excluding any portion
thereof attributable to unreimbursed LC Disbursements), during the period from and including the Closing Date to the later of the
date on which such Revolving Lender’s Revolving Credit Commitment of such Class terminates and the date on which such Revolving
Lender ceases to have any LC Exposure related to its Revolving Credit Commitment of such Class in respect of such Letter of Credit
(including any such LC Exposure that may exist following the termination of such Revolving Credit Commitments) and (ii) to each
Issuing Bank, for its own account, a fronting fee, in respect of each Letter of Credit issued by such Issuing Bank for the period
from the date of issuance of such Letter of Credit to the expiration date of such Letter of Credit (or if terminated on an earlier
date, to the termination date of such Letter of Credit), computed at a rate equal to the rate agreed by such Issuing Bank and the
Borrower (but in any event not to exceed 0.125% per annum) of the daily Stated Amount of such Letter of Credit, as well as such
Issuing Bank’s reasonable and customary fees with respect to the issuance, amendment, renewal or extension of any Letter
of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued to and including the last day of each
March, June, September and December shall be payable in arrears for the quarterly period then ended (or, in the case of the payment
made on the first Business Day of July 2019, for the period from the Closing Date to but excluding the last day of the preceding
calendar quarter) on the first Business Day after the last day of such calendar quarter; provided that all such fees shall
be payable on the date on which the Revolving Credit Commitments of the applicable Class terminate, and any such fees accruing
after the date on which the Revolving Credit Commitments of the applicable Class terminate shall be payable on demand. Any other
fees payable to any Issuing Bank pursuant to this paragraph shall be payable within 30 days after receipt of a written demand (accompanied
by reasonable back-up documentation) therefor.

 

(c) The Borrower
agrees to pay the Exit Payment on the Exit Payment Date, to the Initial Term Lenders party to this Agreement on the Closing Date
(or their permitted assignees), in respect of their ratable share of the Initial Term Loans on the Closing Date.

 

(d) The Borrower
agrees to pay to the Administrative Agent, for its own account, the fees in the amounts and at the times separately agreed upon
by the Borrower and the Administrative Agent in writing.

 

(e) All fees
payable hereunder shall be paid on the dates due, in Dollars and in immediately available funds, to the Administrative Agent (or
to the applicable Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation
fees, to the Revolving Lenders. Fees paid shall not be refundable under any circumstances except as otherwise provided in the Fee
Letter. Fees payable hereunder shall accrue through and including the last day of the month immediately preceding the applicable
fee payment date.

 

(f) In the event
that, on or prior to the date that is six months after the Closing Date (the “Soft Call Termination Date”),
a Borrower (x) prepays, repays, refinances, substitutes or replaces any Initial Dollar Term Loans or Initial Euro Term Loans in
connection with a Repricing Transaction (including, for the avoidance of doubt, any prepayment made pursuant to ‎Section
2.11(b)(iii) that constitutes a Repricing Transaction) or (y) effects any amendment, modification or waiver of, or consent
under, this Agreement resulting in a Repricing Transaction, such Borrower shall pay to the Administrative Agent, for the ratable
account of each of the applicable Initial Term Lenders, (I) in the case of clause (x), a premium of 1.00% of the aggregate
principal amount of the Initial Dollar Term Loans or Initial Euro Term Loans so prepaid, repaid, refinanced, substituted or replaced
and (II) in the case of clause (y), a fee equal to 1.00% of the aggregate principal amount of the Initial Dollar Term Loans
or Initial Euro Term Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment.
If, on or prior to the Soft Call Termination Date, all or any portion of the Initial Dollar Term Loans or Initial Euro Term Loans
held by any Term Lender are prepaid, repaid, refinanced, substituted or replaced pursuant to ‎Section 2.19(b)(iv) as
a result of, or in connection with, such Term Lender not agreeing or otherwise consenting to any waiver, consent, modification
or amendment referred to in clause (y) above (or otherwise in connection with a Repricing Transaction), such prepayment,
repayment, refinancing, substitution or replacement will be made at 101% of the principal amount so prepaid, repaid, refinanced,
substituted or replaced. All such amounts shall be due and payable on the date of effectiveness of such Repricing Transaction.

 

    106

     

    

 

(g) Unless otherwise
indicated herein, all computations of fees shall be made on the basis of a 360-day year and shall be payable for the actual days
elapsed (including the first day but excluding the last day). Each determination by the Administrative Agent of the amount of any
fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

Section 2.13. Interest.

 

(a) The Loans
comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.

 

(b) The Loans
comprising each Eurocurrency Rate Borrowing shall bear interest at the applicable Eurocurrency Rate for the Interest Period in
effect for such Borrowing plus the Applicable Rate.

 

(c) Notwithstanding
the foregoing, during the existence and continuance of any Event of Default under Section 7.01(a), if any principal of or
interest on any Loan or any LC Disbursement or any fee or other amount payable by a Borrower hereunder is not, in each case, paid
or reimbursed when due, whether at stated maturity, upon acceleration or otherwise, the relevant overdue amount shall bear interest,
to the fullest extent permitted by applicable Requirements of Law, after as well as before judgment, at a rate per annum equal
to (i) in the case of overdue principal or interest of any Loan or unreimbursed LC Disbursement, 2.00% plus the rate otherwise
applicable to such Loan or LC Disbursement as provided in the preceding paragraphs of this Section or ‎Section 2.05(h)
or (ii) in the case of any other amount, 2.00% plus the rate applicable to Revolving Loans that are ABR Loans as provided in paragraph
‎(a) of this Section; provided that no amount shall be payable pursuant to this ‎Section 2.13(c) to any
Defaulting Lender so long as such Lender is a Defaulting Lender; provided further that no amounts shall accrue pursuant
to this ‎Section 2.13(c) on any overdue amount, reimbursement obligation in respect of any LC Disbursement or other
amount payable to a Defaulting Lender so long as such Lender is a Defaulting Lender.

 

(d) Accrued interest
on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and on the Maturity Date applicable to such
Loan and, in the case of any Revolving Loan, upon the termination of the Revolving Credit Commitments of the applicable Class,
as applicable; provided that (i) interest accrued pursuant to paragraph ‎(c) of this Section shall be payable
on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior
to the termination of the relevant Revolving Credit Commitments), accrued interest on the principal amount repaid or prepaid shall
be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Rate Loan prior
to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion. Accrued interest for any Class of Additional Loans shall be payable as set forth in the applicable Refinancing Amendment,
Incremental Facility Amendment or Extension Amendment.

 

(e) All interest
hereunder shall be computed on the basis of a year of 360 days, except that interest computed for ABR Loans based on the Prime
Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Eurocurrency
Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest
shall accrue on each Loan from 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 bear interest for one day.

 

    107

     

    

 

Section 2.14. Alternate
Rate of Interest. If at least two Business Days prior to the commencement of any Interest Period for a Eurocurrency Rate Borrowing:

 

(a) the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist
for ascertaining the relevant Eurocurrency Rate, as applicable, for such Interest Period; or

 

(b) the Administrative
Agent is advised by the Required Lenders that the relevant Eurocurrency Rate, as applicable, for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such
Interest Period;

 

then the Administrative Agent shall promptly
give notice thereof to the Borrower and the Lenders by telephone or electronic means as promptly as practicable thereafter and
until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist, which the Administrative Agent agrees promptly to do, (i) any Interest Election Request that requests the conversion of
any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Rate Borrowing shall be ineffective and any such Borrowing
shall be converted to an ABR Borrowing (or, in the case of a pending request for conversion or continuation of a Borrowing denominated
in an Alternate Currency, the Borrower and the Administrative Agent shall establish a mutually acceptable alternative rate) on
the last day of the Interest Period applicable thereto and (ii) if any Borrowing Request requests a Eurocurrency Rate Borrowing,
such Borrowing shall be made as an ABR Borrowing (or in the case of a pending request for a Borrowing denominated in an Alternate
Currency, the Borrower and the Administrative Agent shall establish a mutually acceptable alternative rate). The foregoing provisions
of this ‎Section 2.14 shall be subject to the last sentence of the definition of “Published LIBO Rate” and
“Published EURIBOR Rate”, as applicable.

 

Section 2.15. Increased
Costs.

 

(a) If any Change
in Law:

 

(i) imposes,
modifies or deems applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender (except any such reserve requirement reflected in the LIBO Rate or EURIBOR Rate, as applicable)
or Issuing Bank; or

 

(ii) imposes
on any Lender or Issuing Bank or the London or other applicable offshore interbank market any other condition affecting this Agreement
or Eurocurrency Rate Loans made by any Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing
is to increase the cost to the relevant Lender of making or maintaining any Eurocurrency Rate Loan (or of maintaining its obligation
to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter
of Credit or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal,
interest or otherwise) in respect of any Eurocurrency Rate Loan or Letter of Credit in an amount deemed by such Lender or Issuing
Bank to be material, then, within 30 days after the Borrower’s receipt of the certificate contemplated by paragraph ‎(c)
of this Section, the Borrower will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will
compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered (except that this
provision shall not apply to any Taxes, which shall be dealt with exclusively pursuant to Section 2.17); provided
that the Borrower shall not be liable for such compensation if (x) the relevant Change in Law occurs on a date prior to the date
such Lender becomes a party hereto, (y) such Lender invokes ‎Section 2.20 or (z) in the case of any request for reimbursement
under clause ‎(ii) above resulting from a market disruption, (A) the relevant circumstances do not generally affect
the banking market or (B) the applicable request has not been made by Lenders constituting Required Lenders.

 

    108

     

    

 

(b) If any Lender
or Issuing Bank determines that any Change in Law regarding liquidity or capital requirements has or would have the effect of reducing
the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s
holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by,
such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank
or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law other than due
to Taxes, which shall be dealt with exclusively pursuant to Section 2.17 (taking into consideration such Lender’s
or Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect
to capital adequacy), then within 30 days of receipt by the Borrower of the certificate contemplated by paragraph ‎(c)
of this Section the Borrower will pay to such Lender or such Issuing Bank, as applicable, such additional amount or amounts as
will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such
reduction suffered.

 

(c) Any Lender
or Issuing Bank requesting compensation under this Section 2.15 shall be required to deliver a certificate to the Borrower
that (i) sets forth the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding company, as applicable,
as specified in paragraph ‎(a) or ‎(b) of this Section, (ii) sets forth in reasonable detail the manner in
which such amount or amounts were determined (provided that no Lender or Issuing Bank shall be required to disclose (x) confidential
or price sensitive information or (y) any other information to the extent prohibited by law) and (iii) certifies that such Lender
or Issuing Bank is generally charging such amounts to similarly situated borrowers, which certificate shall be conclusive absent
manifest error.

 

(d) Failure or
delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of
such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required
to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 180
days prior to the date that such Lender or Issuing Bank notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor; provided,
further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period
referred to above shall be extended to include the period of retroactive effect thereof.

 

    109

     

    

 

Section 2.16. Break
Funding Payments. In the event of (a) the conversion or prepayment of any principal of any Eurocurrency Rate Loan other than
on the last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration or
otherwise), (b) the failure to borrow, convert, continue or prepay any Eurocurrency Rate Loan on the date or in the amount specified
in any notice delivered pursuant hereto or (c) the assignment of any Eurocurrency Rate Loan of any Lender other than on the last
day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in
any such event, the Borrower shall compensate each Lender for the loss, cost and expense incurred by such Lender that is attributable
to such event (other than loss of profit). In the case of a Eurocurrency Rate Loan, the loss, cost or expense of any Lender shall
be the amount reasonably determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued
on the principal amount of such Loan had such event not occurred, at the Eurocurrency Rate that would have been applicable to such
Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case
of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan) over (ii) the
amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid
were it to bid, at the commencement of such period, for deposits in the applicable currency of a comparable amount and period from
other banks in the Eurodollar or applicable interbank market; it being understood that such loss, cost or expense shall in any
case exclude any interest rate floor and all administrative, processing or similar fees. Any Lender requesting compensation under
this ‎Section 2.16 shall be required to deliver a certificate to the Borrower (i) setting forth any amount or amounts
that such Lender is entitled to receive pursuant to this Section, the basis therefor and, in reasonable detail, the manner in which
such amount or amounts were determined and (ii) certifying that such Lender is generally charging the relevant amounts to similarly
situated borrowers, which certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount
shown as due on any such certificate within 30 days after receipt thereof.

 

Section 2.17. Taxes.

 

(a) Any and all
payments by or on account of any obligation of any Loan Party hereunder shall be made free and clear of and without deduction for
any Taxes, except as required by applicable Requirements of Law. If any applicable Requirement of Law requires the deduction or
withholding of any Tax from any such payment, then (i) if such Tax is an Indemnified Tax, the amount payable by the applicable
Loan Party shall be increased as necessary so that after making all required deductions (including deductions applicable to additional
sums payable under this Section) the Administrative Agent, each Lender and each Issuing Bank (as applicable) receives an amount
equal to the sum it would have received had no such deductions been made, (ii) such Loan Party shall make such deductions and (iii)
such Loan Party shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable
Requirements of Law. If at any time any Loan Party is required by applicable law to make any deduction or withholding from any
amount payable hereunder, such Loan Party shall promptly notify the relevant Lender or Issuing Bank and the Administrative Agent
upon becoming aware of the same. In addition, each relevant Lender and/or Issuing Bank and/or the Administrative Agent, as applicable,
shall promptly notify the Borrower upon becoming aware of any circumstances as a result of which any Loan Party is or would be
required to make any deduction or withholding from any amount payable hereunder.

 

(b) In addition,
the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of
Law.

 

    110

     

    

 

(c) Each Loan
Party shall indemnify the Administrative Agent, each Lender and each Issuing Bank within 30 days after receipt of the certificate
described in the succeeding sentence, for the full amount of any Indemnified Taxes payable or paid by the Administrative Agent,
such Lender or Issuing Bank, as applicable, on or with respect to any payment by or any payment on account of any obligation of
any Loan Party hereunder (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section
but excluding any penalties or interest resulting from any action or inaction of the Administrative Agent or such Lender or Issuing
Bank), and any reasonable expenses arising therefrom or with respect thereto; provided that if such Loan Party reasonably
believes that such Taxes were not correctly or legally asserted, the Administrative Agent or such Lender or Issuing Bank, as applicable,
will use reasonable efforts to cooperate with such Loan Party to obtain a refund of such Taxes (which shall be repaid to such Loan
Party in accordance with ‎Section 2.17(g)) so long as such efforts would not, in the reasonable determination of the
Administrative Agent or such Lender or Issuing Bank, result in any additional out-of-pocket costs or expenses not reimbursed by
such Loan Party or be otherwise materially disadvantageous to the Administrative Agent or such Lender or Issuing Bank, as applicable.
In connection with any request for reimbursement under this ‎Section 2.17(c), the relevant Lender, Issuing Bank or the
Administrative Agent, as applicable, shall deliver a certificate to the Borrower (i) setting forth, in reasonable detail, the basis
and calculation of the amount of the relevant payment or liability and (ii) certifying that it is generally charging the relevant
amounts to similarly situated borrowers, which certificate shall be conclusive absent manifest error. Notwithstanding anything
to the contrary contained in this Section 2.17(c), the Borrower shall not be required to indemnify the Administrative Agent
or any Lender pursuant to this Section 2.17(c) for any amount to the extent the payment of such amount resulted from the
Administrative Agent’s or such Lender’s failure to notify the Borrower of the relevant possible indemnification claim
within 270 days after the Administrative Agent or such Lender receives written notice from the applicable taxing authority of the
specific tax assessment giving rise to such indemnification claim.

 

(d) Each Lender
and each Issuing Bank shall severally indemnify the Administrative Agent, within 30 days after demand therefor, for (i) any Indemnified
Taxes on or with respect to any payment under any Loan Document that is attributable to such Lender or Issuing Bank (but only to
the extent that no Loan Party has already indemnified the Administrative Agent for such Indemnified Taxes and without limiting
the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s or Issuing Bank’s failure
to comply with the provisions of ‎Section 9.05(c) relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Lender or Issuing Bank, in each case, that are payable or paid by the Administrative Agent
in connection with any Loan Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to any Lender or Issuing Bank by the Administrative Agent shall be conclusive absent manifest error.
Each Lender and Issuing Bank hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing
to such Lender or Issuing Bank under any Loan Document or otherwise payable by the Administrative Agent to any Lender or Issuing
Bank under any Loan Document or otherwise payable by the Administrative Agent to any Lender or Issuing Bank from any other source
against any amount due to the Administrative Agent under this clause ‎(d).

 

(e) As soon as
practicable after any payment of Indemnified Taxes by any Loan Party to a Governmental Authority, such Loan Party 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 that is reasonably satisfactory to the Administrative
Agent.

 

(f) Status
of Lenders.

 

(i) Any Lender
that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation as the Borrower or the Administrative Agent may reasonably request to
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Requirements
of Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Each Lender hereby
authorizes the Administrative Agent to deliver to the Borrower and to any successor Administrative Agent any documentation provided
to the Administrative Agent pursuant to this ‎Section 2.17(f).

 

    111

     

    

 

(ii) Without
limiting the generality of the foregoing,

 

(A) each
Lender that is not a Foreign Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
or the Administrative Agent), two executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup
withholding tax;

 

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

 

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

 

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

 

(3) in the
case of any Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate substantially in the form of Exhibit L-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E;
or

 

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

 

    112

     

    

 

(C) each
Foreign Lender, to the extent it is legally entitled to do so, shall deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed copies of any other form prescribed by applicable Requirements of 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
Requirements of Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be
made; and

 

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

 

Each Lender agrees that if any documentation
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such documentation or promptly
notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(g) If the Administrative
Agent or any Lender or Issuing Bank determines, in its sole discretion exercised in good faith, that it has received a refund of
any Indemnified Taxes as to which it has been indemnified by any Loan Party or with respect to which such Loan Party has paid additional
amounts pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this ‎Section 2.17),
it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid,
by such Loan Party under this Section 2.17 with respect to the Indemnified Taxes giving rise to such refund), net of all
out-of-pocket expenses of the Administrative Agent, such Lender or Issuing Bank (including any Taxes imposed with respect to such
refund), and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided that such Loan Party, upon the request of the Administrative Agent, such Lender or Issuing Bank, agrees to repay
the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Administrative Agent, such Lender or Issuing Bank in the event the Administrative Agent, such Lender or Issuing Bank is
required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph ‎(g),
in no event will the Administrative Agent, any Lender or Issuing Bank be required to pay any amount to any Loan Party pursuant
to this paragraph ‎(g) to the extent that the payment thereof would place the Administrative Agent, such Lender or Issuing
Bank in a less favorable net after-Tax position than the position that the Administrative Agent or such Lender or Issuing Bank
would have been in if the Tax subject to indemnification had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require
the Administrative Agent, any Lender or any Issuing Bank to make available its Tax returns (or any other information relating to
its Taxes which it deems confidential) to the relevant Loan Party or any other Person.

 

    113

     

    

 

(h) The Administrative
Agent shall deliver to Borrower, on or before the date on which it becomes the Administrative Agent hereunder, either (i) a duly
executed copy of IRS Form W-9 (or any applicable successor form) certifying that the Administrative Agent is not subject to backup
withholding, or (ii) (A) a duly completed executed copy of IRS Form W-8ECI to establish that the Administrative Agent is not subject
to withholding Taxes under the Internal Revenue Code with respect to any amounts payable for the account of the Administrative
Agent under any of the Loan Documents and (B) a duly executed copy of IRS Form W-8IMY (or applicable successor form) certifying
that it is a U.S. branch that has agreed to be treated as a U.S. person for United States federal withholding Tax purposes with
respect to payments received by it from the Borrowers for the account of others under the Loan Documents. The Administrative Agent
shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide the certification described
in the preceding sentence. The Administrative Agent shall also, at the time or times prescribed by law and at such time or times
reasonably requested by the Borrower, provide the Borrower such documentation as prescribed by applicable law (including as prescribed
by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary
for the Borrower to comply with its FATCA obligations, to determine whether the Administrative Agent has or has not complied with
its FATCA obligations, and to determine the amount, if any, to deduct and withhold from a payment to the Administrative Agent.

 

(i) Each party’s
obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment
of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

(j) For purposes
of this ‎Section 2.17, the term “Requirements of Law” includes FATCA.

 

Section 2.18. Payments
Generally; Allocation of Proceeds; Sharing of Payments.

 

(a) Unless otherwise
specified, each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement
of LC Disbursements or of amounts payable under ‎Section 2.15, ‎2.16 or ‎2.17 or otherwise) prior
to the time expressed hereunder or under such Loan Document (or, if no time is expressly required, by 1:00 p.m.) on the date when
due, in immediately available funds, without set-off (except as otherwise provided in ‎Section 2.17) or counterclaim.
Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received
on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent to the applicable account designated to the Borrower by the Administrative Agent, except payments to be made directly to
the applicable Issuing Bank as expressly provided herein and except that payments pursuant to Sections ‎2.15, ‎2.16,
‎2.17 and ‎9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute
any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.
Each Lender agrees that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent
may, in its discretion, round such Lender’s percentage of such Borrowing to the next higher or lower whole dollar amount.
Except as set forth in any amendment entered into pursuant to ‎Section 9.02(b)(ii)(E) with respect to the making of
Revolving Loans or Letters of Credit denominated in a currency other than Dollars or Euros, all payments (including accrued interest)
hereunder shall be made in Dollars (with respect to amounts denominated in Dollars) or Euros (with respect to amounts denominated
in Euros). If, for any reason, the applicable Borrower is prohibited by any Requirements of Law from making any required payment
hereunder in Euros or in any other Alternate Currency, such Borrower shall make such payment in Dollars in an amount equal to the
Dollar Equivalent of such Alternate Currency payment amount, plus any increased costs and/or expenses as a result of accepting
such payment in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made
by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment
in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent
to make such payment.

 

    114

     

    

 

(b) Subject in
all respects to the provisions of any applicable Acceptable Intercreditor Agreement, all proceeds of Collateral received by the
Administrative Agent at any time when an Event of Default exists and all or any portion of the Loans have been accelerated hereunder
pursuant to ‎Section 7.01, shall, upon election by the Administrative Agent or at the direction of the Required Lenders,
be applied (x) with respect to U.S. Collateral, first, on a pro rata basis, to pay any fees, indemnities or expense
reimbursements then due to the Administrative Agent or any Issuing Bank from the Borrowers constituting Obligations, second,
on a pro rata basis, to pay any fees or expense reimbursements then due to the Lenders from the Borrowers constituting Obligations,
third, to pay interest due and payable in respect of any Loans, on a pro rata basis, fourth, to prepay principal
on the Loans and unreimbursed LC Disbursements, all Banking Services Obligations and all Secured Hedging Obligations on a pro rata
basis among the Secured Parties, fifth, to pay an amount to the Administrative Agent equal to 103% of the LC Exposure (minus
the amount then on deposit in the LC Collateral Account) on such date, to be held in the LC Collateral Account as Cash collateral
for such Obligations, on a pro rata basis; provided that if any Letter of Credit expires undrawn, then any Cash collateral held
to secure the related LC Exposure shall be applied in accordance with this ‎Section 2.18(b)(x), beginning with clause
first above, sixth, to the payment of any other Secured Obligation due to the Administrative Agent, any Lender or any other
Secured Party by the Borrowers and the other Loan Parties on a pro rata basis, seventh, as provided for under any applicable
Acceptable Intercreditor Agreement and eighth, to the Borrowers or as the Borrower shall direct and (y) with respect to
Dutch Collateral, first, on a pro rata basis, to pay any fees, indemnities or expense reimbursements then due to the Administrative
Agent or any Issuing Bank from the Dutch Borrower constituting Obligations of the Dutch Borrower, second, on a pro rata basis,
to pay any fees or expense reimbursements then due to the Lenders from the Dutch Borrower constituting Obligations of the Dutch
Borrower, third, to pay interest due and payable in respect of any Loans of the Dutch Borrower, on a pro rata basis, fourth, to
prepay principal on the Loans and unreimbursed LC Disbursements, all Banking Services Obligations and all Secured Hedging Obligations,
in each case of the Dutch Borrower and other Dutch Loan Parties, on a pro rata basis among the Secured Parties, fifth, to pay an
amount to the Administrative Agent equal to 103% of the LC Exposure (minus the amount then on deposit in the LC Collateral Account)
of the Dutch Borrower on such date, to be held in the LC Collateral Account of the Dutch Borrower as Cash collateral for such Obligations
of the Dutch Borrower, on a pro rata basis; provided that if any such Letter of Credit expires undrawn, then any such Cash collateral
held to secure the related LC Exposure shall be applied in accordance with this ‎Section 2.18(b)(y), beginning with
clause first above, sixth, to the payment of any other Secured Obligation due to the Administrative Agent, any Lender or any other
Secured Party by the Dutch Borrower and the other Dutch Loan Parties on a pro rata basis, seventh, as provided for under any applicable
Acceptable Intercreditor Agreement and eighth, to the Dutch Borrower or as the Borrower shall direct.

 

    115

     

    

 

(c) If any Lender
obtains payment (whether voluntary, involuntary, through the exercise of any right of set-off or otherwise) in respect of any principal
of or interest on any of its Loans of any Class or participations in LC Disbursements held by it resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Loans of such Class or participations in LC Disbursements and accrued
interest thereon than the proportion received by any other Lender with Loans of such Class or participations in LC Disbursements,
then the Lender receiving such greater proportion shall purchase (for Cash at face value) participations in the Loans and sub-participations
in LC Disbursements of other Lenders of such Class at such time outstanding to the extent necessary so that the benefit of all
such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans of such Class and participations in LC Disbursements; provided that (i) if any
such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this
paragraph shall not apply to (x) any payment made by the Borrowers pursuant to and in accordance with the express terms of this
Agreement or (y) any payment obtained by any Lender as consideration for the assignment of or sale of a participation in any of
its Loans to any permitted assignee or participant, including any payment made or deemed made in connection with Sections ‎2.22,
‎2.23, ‎9.02(c) and/or ‎Section 9.05. Each Borrower consents to the foregoing and agrees, to the
extent it may effectively do so under applicable Requirements of Law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Borrower 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 2.18(c) and will, in each case, notify the Lenders following any such purchases or repayments. Each Lender
that purchases a participation pursuant to this ‎Section 2.18(c) 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
Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

 

(d) Unless the
Administrative Agent has received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of any Lender or any Issuing Bank hereunder that the applicable Borrower will not make such payment, the
Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the applicable Lender or Issuing Bank the amount due. In such event, if the applicable Borrower
has not in fact made such payment, then each Lender or the applicable Issuing Bank severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater
of the Federal Funds Effective Rate (or, with respect to any such amounts denominated in an Alternate Currency, the Administrative
Agent’s customary rate for interbank advances in such Alternate Currency) and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation.

 

(e) If any Lender
fails to make any payment required to be made by it pursuant to ‎Section 2.07(b) or ‎Section 2.18(d), then
the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received
by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until
all such unsatisfied obligations are fully paid.

 

    116

     

    

 

Section 2.19. Mitigation
Obligations; Replacement of Lenders.

 

(a) If any Lender
requests compensation under ‎Section 2.15 or such Lender determines it can no longer make or maintain Eurocurrency Rate
Loans pursuant to ‎Section 2.20, or any Loan Party is required to pay any additional amount to or indemnify any Lender
or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or its participation in any Letter of
Credit affected by such event, or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to ‎Section 2.15 or 2.17, as applicable, in the future or mitigate the impact of ‎Section 2.20, as
the case may be, and (ii) would not subject such Lender to any material unreimbursed out-of-pocket cost or expense and would not
otherwise be disadvantageous to such Lender in any material respect. The Borrower hereby agrees to pay all reasonable out-of-pocket
costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b) If (i) any
Lender requests compensation under ‎Section 2.15 or such Lender determines it can no longer make or maintain Eurocurrency
Rate Loans pursuant to ‎Section 2.20, (ii) any Loan Party is required to pay any additional amount to or indemnify any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, (iii) any Lender is a Defaulting
Lender or (iv) in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender”,
“each Revolving Lender” or “each Lender directly affected thereby” (or any other Class or group of Lenders
other than the Required Lenders) with respect to which Required Lender or Required Revolving Lender consent (or the consent of
Lenders holding loans or commitments of such Class or lesser group representing more than 50% of the sum of the total loans and
unused commitments of such Class or lesser group at such time) has been obtained, as applicable, any Lender is a non-consenting
Lender (each such Lender, a “Non-Consenting Lender”), then the Borrower may, at its sole expense and effort,
upon notice to such Lender and the Administrative Agent replace such Lender by requiring such Lender to assign and delegate (and
such Lender shall be obligated to assign and delegate), without recourse (in accordance with and subject to the restrictions contained
in ‎Section 9.05), all of its interests, rights and obligations under this Agreement to an Eligible Assignee that shall
assume such obligations (which Eligible Assignee may be another Lender, if any Lender accepts such assignment); provided
that (A) such Lender shall have received payment of an amount equal to the outstanding principal amount of its Loans and, if applicable,
participations in LC Disbursements, in each case of such Class of Loans, Commitments and/or Additional Commitments, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder with respect to such Class of Loans, Commitments and/or Additional
Commitments, (B) in the case of any assignment resulting from a claim for compensation under ‎Section 2.15 or payments
required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments,
(C) such assignment does not conflict with applicable Requirements of Law and (D) in the case of a Non-Consenting Lender, after
giving effect to such assignment the requisite consents will have been obtained. No action by or consent of a Defaulting Lender
or a Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically
effective upon payment of the amounts described in clause (A) of the immediately preceding sentence. No Lender (other than a Defaulting
Lender) shall be required to make any such assignment and delegation, and no Borrower may repay the Obligations of such Lender
or terminate its Commitments, if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply. Each Lender agrees that if it is replaced pursuant to this
‎Section 2.19, it shall execute and deliver to the Administrative Agent an Assignment and Assumption to evidence such
sale and purchase and shall deliver to the Administrative Agent any Promissory Note (if the assigning Lender’s Loans are
evidenced by one or more Promissory Notes) subject to such Assignment and Assumption (provided that the failure of any Lender
replaced pursuant to this ‎Section 2.19 to execute an Assignment and Assumption or deliver any such Promissory Note
shall not render such sale and purchase (and the corresponding assignment) invalid), such assignment shall be recorded in the Register
and any such Promissory Note shall be deemed cancelled. Each Lender hereby irrevocably appoints the Administrative Agent (such
appointment being coupled with an interest) as such Lender’s attorney-in-fact, with full authority in the place and stead
of such Lender and in the name of such Lender, from time to time in the Administrative Agent’s discretion, with prior written
notice to such Lender, to take any action and to execute any such Assignment and Assumption or other instrument that the Administrative
Agent may deem reasonably necessary to carry out the provisions of this clause ‎(b). To the extent that any Lender is
replaced pursuant to ‎Section 2.19(b)(iv) in connection with a Repricing Transaction requiring payment of a fee pursuant
to ‎Section 2.12(f), the Borrower shall pay to each Lender being replaced as a result of such Repricing Transaction
the fee set forth in ‎Section 2.12(f).

 

    117

     

    

 

Section 2.20. Illegality.
If any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted
after the Closing Date that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose
interest is determined by reference to the Eurocurrency Rate (whether denominated in Dollars or an Alternate Currency) or to determine
or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the
authority of such Lender to purchase or sell, or to take deposits of, Dollars or an Alternate Currency in the applicable offshore
interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of
such Lender to (A) make or continue such Eurocurrency Rate Loans in Dollars or such Alternate Currency, as applicable and
(B) in the case of Dollars, to convert ABR Loans to Eurocurrency Rate Loans, shall be suspended, as the case may be and (ii)
if such notice asserts the illegality of such Lender making or maintaining ABR Loans denominated in Dollars the interest rate on
which is determined by reference to the Published LIBO Rate component of the Alternate Base Rate, the interest rate on which ABR
Loans of such Lender, shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference
to the Published LIBO Rate component of the Alternate Base Rate, in each case until such Lender notifies the Administrative Agent
and the Borrower that the circumstances giving rise to such determination no longer exist (which notice such Lender agrees to give
promptly). Upon receipt of such notice, (x) the applicable Borrower shall, upon demand from such Lender (with a copy to the Administrative
Agent), prepay or (A) if applicable and such Loans are denominated in Dollars, convert all of such Lender’s Eurocurrency
Rate Loans to ABR Loans (the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the Published LIBO Rate component of the Alternate Base Rate) or (B) if applicable
and such Loans are denominated in an Alternate Currency, convert such Loans to Loans bearing interest at an alternative rate that
is mutually acceptable to the Borrower and such Lender, in each case, either on the last day of the Interest Period therefor, if
such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not
lawfully continue to maintain such Eurocurrency Rate Loans (in which case the applicable Borrower shall not be required to make
payments pursuant to ‎Section 2.16 in connection with such payment) and (y) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the Published LIBO Rate, the Administrative Agent shall during the
period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the Published LIBO Rate
component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender
to determine or charge interest rates based upon the Published LIBO Rate. Upon any such prepayment or conversion, the applicable
Borrower 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 determination of such Lender, otherwise be
materially disadvantageous to such Lender.

 

    118

     

    

 

Section 2.21. Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the
following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a) Fees shall
cease to accrue on the unfunded portion of any Commitment of such Defaulting Lender pursuant to ‎Section 2.12(a) and,
subject to clause ‎(d)‎(iv) below, on the participation of such Defaulting Lender in Letters of Credit pursuant
to ‎Section 2.12(b) and pursuant to any other provisions of this Agreement or other Loan Document.

 

(b) The Commitments,
Loans and LC Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, each affected Lender,
the Required Lenders, the Required Revolving Lenders or such other number of Lenders as may be required hereby or under any other
Loan Document have taken or may take any action hereunder (including any consent to any waiver, amendment or modification pursuant
to ‎Section 9.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or
each affected Lender which affects such Defaulting Lender disproportionately and adversely relative to other affected Lenders shall
require the consent of such Defaulting Lender.

 

(c) Any payment
of principal, interest, fees or other amounts received by the Administrative Agent for the account of any Defaulting Lender (whether
voluntary or mandatory, at maturity, pursuant to ‎Section 2.11, ‎Section 2.15, ‎Section 2.16,
Section 2.17, ‎Section 2.18, Article ‎7, ‎Section 9.05 or otherwise, and including
any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to ‎Section 9.09), shall be
applied at such time or times as may be determined by the Administrative Agent and, where relevant, the Borrower 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 any applicable Issuing Bank hereunder; third, so long
as no Default or Event of Default exists, as the Borrower may request, 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; fourth, if so determined by the Administrative
Consent Party or the Borrower, to be held in a deposit account and released in order to satisfy obligations of such Defaulting
Lender to fund Loans or participations in Letters of Credit under this Agreement; fifth, to the payment of any amounts owing
to the non-Defaulting Lenders or Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any
non-Defaulting Lender or any Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of
its obligations under this Agreement; sixth, to the payment of any amounts owing to the Borrowers as a result of any judgment
of a court of competent jurisdiction obtained by a Borrower against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and seventh, 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 Loan or LC Disbursement
in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loan or LC Disbursement was
made or created, as applicable, 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 LC Disbursement owed to, all non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender. Any payments, prepayments
or other amounts paid or payable to any Defaulting Lender that are applied (or held) to pay amounts owed by any Defaulting Lender
or to post Cash collateral pursuant to this ‎Section 2.21(c) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.

 

    119

     

    

 

(d) If any LC
Exposure exists at the time any Revolving Lender becomes a Defaulting Lender then:

 

(i) all or
any part of such LC Exposure shall be reallocated among the non-Defaulting Revolving Lenders in accordance with their respective
Applicable Percentages but only to the extent the sum of all non-Defaulting Revolving Lenders’ Revolving Credit Exposures
does not exceed the total of all non-Defaulting Revolving Lenders’ Revolving Credit Commitments; provided that no reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from such
Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s
increased exposure following such reallocation;

 

(ii) if the
reallocation described in clause ‎(i) above cannot, or can only partially, be effected, the applicable Borrower shall,
without prejudice to any other right or remedy available to it hereunder or under applicable Requirements of Law, within two Business
Days following notice by the Administrative Agent, Cash collateralize 103% of such Defaulting Lender’s LC Exposure (after
giving effect to any partial reallocation pursuant to paragraph ‎(i) above and any Cash collateral provided by such
Defaulting Lender or pursuant to ‎Section 2.21(c) above) or make other arrangements reasonably satisfactory to the Administrative
Agent and to the applicable Issuing Bank with respect to such LC Exposure and obligations to fund participations. Cash collateral
(or the appropriate portion thereof) provided to reduce LC Exposure or other obligations shall be released promptly following (A)
the elimination of the applicable LC Exposure or other obligations giving rise thereto (including by the termination of the Defaulting
Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with ‎Section 2.19)) or
(B) the Administrative Agent’s good faith determination that there exists excess Cash collateral (including as a result of
any subsequent reallocation of LC Exposure among non-Defaulting Lenders described in clause ‎(i) above);

 

(iii) (A) if
the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to this ‎Section 2.21(d), then the fees payable
to the Revolving Lenders pursuant to ‎Section 2.12(a) and ‎(b), as the case may be, shall be adjusted to
give effect to such reallocation and (B) if the LC Exposure of any Defaulting Lender is Cash collateralized pursuant to this ‎Section
2.21(d), then, without prejudice to any rights or remedies of the applicable Issuing Bank, any Lender or any Borrower hereunder,
no letter of credit fees shall be payable under ‎Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure;
and

 

(iv) if any
Defaulting Lender’s LC Exposure is not Cash collateralized, prepaid or reallocated pursuant to this ‎Section 2.21(d),
then, without prejudice to any rights or remedies of the applicable Issuing Bank or any Revolving Lender hereunder, all letter
of credit fees payable under ‎Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable
to the applicable Issuing Bank until such Defaulting Lender’s LC Exposure is Cash collateralized or reallocated.

 

(e) So long as
any Revolving Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, create, incur, amend or increase
any Letter of Credit unless it is reasonably satisfied that the related exposure will be 100% covered by the Revolving Credit Commitments
of the non-Defaulting Lenders, Cash collateral provided pursuant to ‎Section 2.21(c) and/or Cash collateral provided
by the applicable Borrower in accordance with ‎Section 2.21(d), and participating interests in any such newly issued,
extended or created Letter of Credit shall be allocated among non-Defaulting Revolving Lenders in a manner consistent with ‎Section
2.21(d)(i) (it being understood that Defaulting Lenders shall not participate therein).

 

    120

     

    

 

(f) In the event
that the Administrative Consent Party and the Borrower agree that any Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then the Applicable Percentage of LC Exposure of the Revolving Lenders shall be readjusted
to reflect the inclusion of such Lender’s Revolving Credit Commitment, and on such date such Revolving Lender shall purchase
at par such of the Revolving Loans of the other Revolving Lenders or participations in Revolving Loans as the Administrative Consent
Party shall determine as are necessary in order for such Revolving Lender to hold such Revolving Loans or participations in accordance
with its Applicable Percentage of the applicable Class. Notwithstanding the fact that any Defaulting Lender has adequately remedied
all matters that caused such Lender to be a Defaulting Lender, (x) no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of any Borrower while such Lender was a Defaulting Lender and (y) except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to non-Defaulting Lender will constitute
a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.

 

Section 2.22. Incremental
Credit Extensions.

 

(a) Any Borrower
or any Subsidiary Guarantor may, at any time, on one or more occasions pursuant to an Incremental Facility Amendment (i) add one
or more new Classes of term facilities and/or increase the principal amount of the Term Loans of any existing Class by requesting
new term loan commitments to be added to such Loans (any such new Class or increase, an “Incremental Term Facility”
and any loans made pursuant to an Incremental Term Facility, “Incremental Term Loans”) and/or (ii) add one or
more new Classes of revolving commitments and/or increase the aggregate amount of the Revolving Credit Commitments of any existing
Class (any such new Class or increase, an “Incremental Revolving Facility” and, together with any Incremental
Term Facility, “Incremental Facilities”, or either or any thereof, an “Incremental Facility”;
and the loans thereunder, “Incremental Revolving Loans” and, together with any Incremental Term Loans, “Incremental
Loans”) in an aggregate outstanding principal amount not to exceed the Incremental Cap at the time of such incurrence;
provided that:

 

(i) no Incremental
Commitment in respect of any Incremental Term Facility may be in an amount that is less than $5,000,000 (or, in the case of such
Incremental Term Facility denominated in Euros, €5,000,000) (or such lesser amount to which the Administrative Agent may reasonably
agree),

 

(ii) (x) except
as separately agreed from time to time between the Borrower and any Lender, no Lender shall be obligated to provide any Incremental
Commitment, and the determination to provide such commitments shall be within the sole and absolute discretion of such Lender and
(y) other than in respect of any Pre-Approved Incremental Revolving Increase, prior to the incurrence or establishment of any loans
or commitments in respect of any Incremental Facility, the Borrower shall offer the Principal Investors a bona fide opportunity
to provide the entire amount of such loans or commitments on terms specified by the Borrower and, to the extent the Principal Investors
do not commit to provide any amount of loans or commitments on such specified terms within 10 Business Days, then the Borrower
may obtain commitments from other Persons to provide such declined amount of loans or commitments on such specified terms or on
terms (taken as a whole) less favorable to such other Person (but not on terms (taken as a whole) more favorable to such other
Person), in each case within 90 days of the Principal Investor Representative having declined on behalf of the Principal Investors;
provided that the financing contemplated thereby shall be consummated in all material respects in accordance with such terms that
were offered to the Principal Investors,

 

    121

     

    

 

(iii) no Incremental
Facility or Incremental Loan (nor the creation, provision or implementation thereof) shall require the approval of any existing
Lender other than in its capacity, if any, as a lender providing all or part of such Incremental Facility or Incremental Loan,

 

(iv) any such
Incremental Revolving Facility shall either (A) be subject to the same terms and conditions as any then-existing Revolving Facility
(and be deemed added to, and made a part of, such Revolving Facility) (it being understood that, if required to consummate an Incremental
Revolving Facility, the Borrower may increase the pricing, interest rate margins, rate floors and undrawn fees on the applicable
Revolving Facility being increased for all lenders under such Revolving Facility, but additional upfront or similar fees or closing
payments may be payable to the lenders participating in such Incremental Revolving Facility without any requirement to pay such
amounts to any existing Revolving Lenders) or (B) mature no earlier than, and require no scheduled mandatory commitment reduction
prior to, the Initial Revolving Credit Maturity Date and otherwise be subject to the requirement that all other material terms
thereof (other than pricing, maturity, upfront, arrangement, structuring, underwriting, ticking, consent, amendment and other fees,
participation in mandatory prepayments or commitment reductions (provided that such participation in mandatory commitment reductions
shall not be on a greater than pro rata basis with the Initial Revolving Facility), which shall be determined by the Borrower)
shall (x) be substantially identical to the Initial Revolving Loans, (y) reflect market terms and conditions (as determined by
the Borrower in good faith) at the time of incurrence of such Incremental Revolving Facility or the obtaining of any commitment
with respect thereto or (z) be reasonably satisfactory to the Administrative Consent Party (it being understood that if any financial
maintenance covenant or other more favorable provision is added for the benefit of any Incremental Revolving Facility, no consent
shall be required from the Administrative Consent Party or any Lender to the extent that such financial maintenance covenant or
other provision is (1) also added for the benefit of any then-existing Revolving Facility or (2) if not added for the benefit of
any then-existing Revolving Facility, only applicable after the applicable Latest Revolving Credit Maturity Date),

 

(v) the Effective
Yield (and the components thereof) applicable to any Incremental Facility may be determined by the Borrower and the lender or lenders
providing such Incremental Facility; provided that, in the case of any Dollar-denominated or Euro-denominated Incremental
Term Facility, the Effective Yield applicable thereto may not be more than 0.50% higher than the Effective Yield applicable to
(in the case of any Dollar-denominated Incremental Term Facility) the Initial Dollar Term Loans or (in the case of any Euro-denominated
Incremental Term Facility) the Initial Euro Term Loans, as applicable, unless the Applicable Rate (and/or, as provided in the proviso
below, the Alternate Base Rate floor or Eurocurrency Rate floor) with respect to the Initial Dollar Term Loans or the Initial Euro
Term Loans, as applicable, is adjusted such that the Effective Yield on the applicable Initial Dollar Term Loans or the Initial
Euro Term Loans is not more than 0.50% per annum less than the Effective Yield with respect to such Incremental Term Facility (this
proviso, the “MFN Provision”); provided further that any increase in Effective Yield applicable to any
Initial Term Loan due to the application or imposition of an Alternate Base Rate floor or Eurocurrency Rate floor on any Incremental
Term Loan may, at the election of the Borrower, be effected through an increase in (or implementation of, as applicable) any Alternate
Base Rate floor or Eurocurrency Rate floor applicable to such Initial Term Loans or an increase in the interest rate margin applicable
to such Incremental Loans; provided further that the MFN Provision shall not apply to (1) Incremental Term Facilities having
an aggregate principal amount not exceeding the greater of $47,500,000 and 50% of Consolidated Adjusted EBITDA as of the last day
of the most recently ended Test Period (at the election of the Borrower at the time of such incurrence) or (2) Incremental Term
Facilities scheduled to mature on or after the date that is two years after the Initial Term Loan Maturity Date,

 

    122

     

    

 

(vi) the final
maturity date with respect to any Incremental Term Loans shall be no earlier than the Initial Term Loan Maturity Date at the time
of the incurrence thereof; provided, that the foregoing limitation shall not apply to (i) customary bridge loans with a
maturity date not longer than one year; provided, that either (x) the terms of such bridge loans provide for automatic extension
of the maturity date thereof to a date that is not earlier than the Initial Term Loan Maturity Date or (y) any loans, notes, securities
or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this
clause ‎(vi) or (ii) Incremental Term Facilities (as selected by the Borrower) in an aggregate principal amount not
exceeding the Available Maturity Exception Amount at the time of the incurrence of such Incremental Term Facilities,

 

(vii) the Weighted
Average Life to Maturity of any Incremental Term Facility shall be no shorter than the then-remaining greatest Weighted Average
Life to Maturity of the Initial Term Loans; provided, that the foregoing limitation shall not apply to (i) customary bridge
loans with a maturity date not longer than one year; provided, that either (x) the terms of such bridge loans provide for
automatic extension of the maturity date thereof to a date that is not earlier than the Initial Term Loan Maturity Date or (y)
any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject
to the requirements of this clause ‎(vii) or (ii) Incremental Term Facilities (as selected by the Borrower) in an aggregate
principal amount not exceeding the Available Maturity Exception Amount at the time of the incurrence of such Incremental Term Facilities,

 

(viii) subject
to clauses ‎(vi) and ‎(vii) above, any Incremental Term Facility may otherwise have an amortization schedule
as determined by the Borrower and the lenders providing such Incremental Term Facility,

 

(ix) subject
to clause ‎(v) above, to the extent applicable, any fees payable in connection with any Incremental Facility shall be
determined by the Borrower and the arrangers and/or lenders providing such Incremental Facility,

 

(x) (A) each
Incremental Facility shall rank pari passu with the Initial Term Loans (in the case of any Incremental Term Facility) and pari
passu with the Initial Revolving Loans (in the case of Incremental Revolving Loans), in each case in right of payment and security
and (B) no Incremental Facility may be (x) guaranteed by any Person which is not a Loan Party or (y) secured by Liens on any assets
other than the Collateral,

 

(xi) any Incremental
Term Facility may provide for the ability to participate (A) on a pro rata basis or less than pro rata basis (but not on a
greater than pro rata basis other than in the case of a prepayment with proceeds of Indebtedness refinancing such Incremental Term
Loans) in any voluntary prepayment of Term Loans made pursuant to ‎Section 2.11(a) and (B) on a pro rata or less than
pro rata basis (but not on a greater than pro rata basis, other than in the case of a prepayment with proceeds of Indebtedness
refinancing such Incremental Term Loans) in any mandatory prepayment of Term Loans required pursuant to ‎Section 2.11(b),

 

(xii) no Specified
Event of Default shall exist immediately prior to or after giving effect to the effectiveness of such Incremental Facility (except
in connection with any acquisition or other Investment or irrevocable repayment or redemption of Indebtedness, where no such Specified
Event of Default shall exist at the time as elected by the Borrower pursuant to ‎Section 1.04(e)),

 

    123

     

    

 

(xiii) except
as otherwise required or permitted in clauses (v) through ‎(xi) above, all other terms of any Incremental Term
Facility shall be as agreed between the Borrower and the lenders providing such Incremental Term Facility,

 

(xiv) the
proceeds of any Incremental Facility may be used for working capital, Capital Expenditures and other general corporate purposes
of the Borrower and its subsidiaries (including permitted Restricted Payments, Investments, Permitted Acquisitions, Restricted
Debt Payments and any other purpose not prohibited by the terms of the Loan Documents), and

 

(xv) on
the date of the making of any Incremental Term Loans that will be added to any Class of then existing Term Loans, and notwithstanding
anything to the contrary set forth in Sections ‎2.08 or ‎2.13, such Incremental Term Loans shall be added
to (and constitute a part of, be of the same Type as and, at the election of the Borrower, have the same Interest Period as) each
Borrowing of outstanding Term Loans of such Class on a pro rata basis (based on the relative sizes of such Borrowings), so that
each Term Lender providing such Incremental Term Loans will participate proportionately in each then-outstanding Borrowing of Term
Loans of such Class; it being acknowledged that the application of this clause may result in new Incremental Term Loans having
Interest Periods (the duration of which may be less than one month) that begin during an Interest Period then applicable to outstanding
Eurocurrency Rate Loans of the relevant Class and which end on the last day of such Interest Period.

 

(b) Subject to
the right of first refusal set forth in Section 2.22(a)(ii) and other than in respect of any Pre-Approved Incremental Revolving
Increase, Incremental Commitments may be provided by any existing Lender or by any other Eligible Assignee (any such other Eligible
Assignee being called an “Additional Lender”); provided that the Administrative Agent (and, in the case
of any Incremental Revolving Facility, any Issuing Bank) shall have consented (such consent not to be unreasonably withheld, conditioned
or delayed) to the relevant Additional Lender’s provision of Incremental Commitments if such consent would be required under
‎Section 9.05(b) for an assignment of Loans to such Additional Lender; provided further, that any Additional
Lender that is an Affiliated Lender shall be subject to the provisions of ‎Section 9.05(g), mutatis mutandis, to the
same extent as if the relevant Incremental Commitments and related Obligations had been obtained by such Lender by way of assignment.
For the avoidance of doubt, the provision by a Pre-Approved Additional Revolving Lender of any Pre-Approved Incremental Revolving
Increase shall not require the consent of the Administrative Agent or any Issuing Bank.

 

(c) Each Lender
or Additional Lender providing a portion of any Incremental Commitment shall execute and deliver to the Administrative Agent and
the Borrower all such documentation (including the relevant Incremental Facility Amendment) as may be reasonably required by the
Administrative Agent to evidence and effectuate such Incremental Commitment. On the effective date of such Incremental Commitment,
each Additional Lender shall become a Lender for all purposes in connection with this Agreement.

 

(d) As a condition
precedent to the effectiveness of any Incremental Facility or the making of any Incremental Loans, (i) upon its request, the Administrative
Agent shall have received customary written opinions of counsel, as well as such reaffirmation agreements, supplements and/or amendments
as it shall reasonably require, (ii) the Administrative Agent shall have received, from each Additional Lender, an administrative
questionnaire in the form provided to such Additional Lender by the Administrative Agent (the “Administrative Questionnaire”)
and such other documents as it shall reasonably require from such Additional Lender, (iii) the Administrative Agent and applicable
Additional Lenders shall have received all fees required to be paid in respect of such Incremental Facility or Incremental Loans
and (iv) upon its request, the Administrative Agent shall have received a certificate of the Borrower signed by a Responsible Officer
thereof:

 

(A) certifying
and attaching a copy of the resolutions adopted by the governing body of the Borrower approving or consenting to such Incremental
Facility or Incremental Loans, and

 

    124

     

    

 

(B) to
the extent applicable, certifying that the condition set forth in clause (a)(xii) above has been satisfied.

 

(e) Upon the
implementation of any Incremental Revolving Facility pursuant to this ‎Section 2.22:

 

(i) if such
Incremental Revolving Facility establishes Revolving Credit Commitments of the same Class as any then-existing Class of Revolving
Credit Commitments, (i) each Revolving Lender immediately prior to such increase will automatically and without further act be
deemed to have assigned to each relevant Incremental Revolving Facility Lender, and each relevant Incremental Revolving Facility
Lender will automatically and without further act be deemed to have assumed a portion of such Revolving Lender’s participations
hereunder in outstanding Letters of Credit such that, after giving effect to each deemed assignment and assumption of participations,
all of the Revolving Lenders’ (including each Incremental Revolving Facility Lender’s) participations hereunder in
Letters of Credit shall be held on a pro rata basis on the basis of their respective Revolving Credit Commitments (after giving
effect to any increase in the Revolving Credit Commitment pursuant to this ‎Section 2.22) and (ii) the existing Revolving
Lenders of the applicable Class shall assign Revolving Loans to certain other Revolving Lenders of such Class (including the Revolving
Lenders providing the relevant Incremental Revolving Facility), and such other Revolving Lenders (including the Revolving Lenders
providing the relevant Incremental Revolving Facility) shall purchase such Revolving Loans, in each case to the extent necessary
so that all of the Revolving Lenders of such Class participate in each outstanding borrowing of Revolving Loans pro rata on the
basis of their respective Revolving Credit Commitments of such Class (after giving effect to any increase in the Revolving Credit
Commitment pursuant to this ‎Section 2.22); it being understood and agreed that the minimum borrowing, pro rata borrowing
and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to
this clause ‎(i); and

 

(ii) if such
Incremental Revolving Facility establishes Revolving Credit Commitments of a new Class, (1) the borrowing and repayment (except
for (A) payments of interest and fees at different rates on any Revolving Facility, (B) repayments required upon the Maturity Date
of any Revolving Facility and (C) repayments made in connection with any permanent repayment and termination of any Revolving Credit
Commitments (subject to clause (3) below)) of Incremental Revolving Loans after the effective date of such Incremental Revolving
Facility shall be made on a pro rata basis with any then-existing Revolving Facility, (2) all swingline loans and/or letters of
credit made or issued, as applicable, under such Incremental Revolving Facility shall be participated on a pro rata basis by all
Revolving Lenders and (3) any permanent repayment of Revolving Loans with respect to, and reduction or termination of Revolving
Credit Commitments under, any Revolving Facility after the effective date of any Incremental Revolving Facility shall be made on
a pro rata basis or less than pro rata basis with all other Revolving Facilities, except that the applicable Borrower shall be
permitted to permanently repay Revolving Loans and terminate Revolving Credit Commitments of any Revolving Facility on a greater
than pro rata basis (I) as compared to any other Revolving Facilities with a later Maturity Date than such Revolving Facility or
(II) to the extent refinanced or replaced with a Replacement Revolving Facility or Replacement Debt.

 

    125

     

    

 

(f) On the date
of effectiveness of any Incremental Revolving Facility, the Letter of Credit Sublimit may increase by an amount, if any, agreed
upon by the Administrative Agent, the Borrower and the relevant Issuing Bank.

 

(g) The Lenders
hereby irrevocably authorize the Administrative Agent to enter into any Incremental Facility Amendment and/or any amendment to
any other Loan Document with the Borrower as may be necessary in order to establish new Classes or sub-Classes, or to increase
any Classes or sub-Classes, in respect of Loans or commitments pursuant to this ‎Section 2.22 and such technical amendments
as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the
establishment or increase, as applicable, of such Classes or sub-Classes, in each case on terms consistent with this ‎Section
2.22 (including, for the avoidance of doubt, any amendments required to establish any swingline facility in connection with
the implementation of any Additional Revolving Credit Commitments).

 

(h) Notwithstanding
anything to the contrary in this ‎Section 2.22 (including ‎Section 2.22(d)) or in any other provision of
any Loan Document, if the proceeds of any Incremental Facility are intended to be applied to finance a Permitted Acquisition or
other permitted Investment and the lenders providing such Incremental Facility so agree, the availability thereof shall be subject
to customary “SunGard” or “certain funds” conditionality (including the making and accuracy of Specified
Representations as conformed for such acquisition or other Investment).

 

(i) This ‎Section
2.22 shall supersede any provision in ‎Section 2.18 or ‎9.02 to the contrary.

 

Section 2.23. Extensions
of Loans and Revolving Credit Commitments.

 

(a) Notwithstanding
anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made
from time to time by the Borrower to all Lenders holding Loans of any Class or Commitments of any Class, in each case on a pro
rata basis (based on the aggregate outstanding principal amount of the respective Loans or Commitments of such Class) and on the
same terms to each such Lender, the Borrower is hereby permitted from time to time to consummate transactions with any individual
Lender who accepts the terms contained in the relevant Extension Offer to extend the Maturity Date of all or a portion of such
Lender’s Loans and/or Commitments of such Class and otherwise modify the terms of all or a portion of such Loans and/or Commitments
pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate or fees payable in respect of
such Loans and/or Commitments (and related outstandings) and/or modifying the amortization schedule, if any, in respect of such
Loans) (each, an “Extension”); it being understood that any Extended Term Loans shall constitute a separate
Class of Loans from the Class of Loans from which they were converted and any Extended Revolving Credit Commitments shall constitute
a separate Class of Revolving Credit Commitments from the Class of Revolving Credit Commitments from which they were converted,
so long as the following terms are satisfied:

 

    126

     

    

 

(i) except
as to (x) interest rates, fees, closing payments and final maturity (which shall, subject to clause ‎(iii)(y) below,
be determined by the Borrower and set forth in the relevant Extension Offer), (y) terms applicable to such Extended Revolving Credit
Commitments or Extended Revolving Loans that are more favorable to the lenders or the agent of such Extended Revolving Credit Commitments
or Extended Revolving Loans than those contained in the Loan Documents and are then conformed (or added) to the Loan Documents
on or prior to the effectiveness of such Extension for the benefit of the Revolving Lenders or, as applicable, the Administrative
Agent pursuant to the applicable Extension Amendment and (z) any terms or other provisions applicable only to periods after the
Latest Revolving Credit Maturity Date (in each case, as of the date of such Extension), the commitment of any Revolving Lender
that agrees to an Extension (an “Extended Revolving Credit Commitment”; and the Loans thereunder, “Extended
Revolving Loans”), and the related outstandings, shall be a revolving commitment (or related outstandings, as the case
may be) with substantially consistent terms (or terms not less favorable to existing Revolving Lenders) as the Class of Revolving
Credit Commitments subject to the relevant Extension Offer (and related outstandings) provided hereunder; provided that
to the extent more than one Revolving Facility exists after giving effect to any such Extension, (1) the borrowing and repayment
(except for (A) payments of interest and fees at different rates on any Revolving Facility (and related outstandings), (B) repayments
required upon the Maturity Date of any Revolving Facility and (C) repayments made in connection with any permanent repayment
and termination of any Revolving Credit Commitments (subject to clause (3) below)) of Extended Revolving Loans after the
effective date of such Extended Revolving Credit Commitments shall be made on a pro rata basis with all other Revolving Facilities,
(2) all swingline loans and/or letters of credit made or issued, as applicable, under any Extended Revolving Credit Commitment
shall be participated on a pro rata basis by all Revolving Lenders of the applicable Class and (3) any permanent repayment of Revolving
Loans with respect to, and reduction or termination of Revolving Credit Commitments under, any Revolving Facility after the effective
date of such Extended Revolving Credit Commitments shall be made on a pro rata basis or less than pro rata basis with all other
Revolving Facilities, except that the applicable Borrower shall be permitted to permanently repay Revolving Loans and terminate
Revolving Credit Commitments of any Revolving Facility on a greater than pro rata basis (I) as compared to any other Revolving
Facilities with a later Maturity Date than such Revolving Facility or (II) to the extent refinanced or replaced with a Replacement
Revolving Facility or Replacement Debt;

 

(ii) except
as to (x) interest rates, fees, closing payments, amortization, final maturity date, premiums, required prepayment dates and participation
in prepayments (which shall, subject to immediately succeeding clauses ‎(iii)(x), ‎(iv) and ‎(v),
be determined by the Borrower and set forth in the relevant Extension Offer), (y) terms applicable to such Extended Term Loans
that are more favorable to the lenders or the agent of such Extended Term Loans than those contained in the Loan Documents and
are then conformed (or added) to the Loan Documents on or prior to the effectiveness of such Extension for the benefit of the Term
Lenders or, as applicable, the Administrative Agent pursuant to the applicable Extension Amendment and (z) any terms or other provisions
applicable only to periods after the Latest Term Loan Maturity Date (in each case, as of the date of such Extension), the Term
Loans of any Lender extended pursuant to any Extension (any such extended Term Loans, the “Extended Term Loans”)
shall have substantially consistent terms (or terms not less favorable to existing Lenders) as the Class of Term Loans subject
to the relevant Extension Offer;

 

(iii) (x) the
final maturity date of any Extended Term Loans shall be no earlier than the then applicable Latest Term Loan Maturity Date at the
time of extension and (y) no Extended Revolving Credit Commitments or Extended Revolving Loans shall have a final maturity
date earlier than (or require commitment reductions prior to) the then applicable Latest Revolving Credit Maturity Date at the
time of extension;

 

(iv) the Weighted
Average Life to Maturity of any Extended Term Loans shall be no shorter than the then-remaining greatest Weighted Average Life
to Maturity of any then-existing Term Loans;

 

    127

     

    

 

(v) subject
to clauses ‎(iii) and ‎(iv) above, any Extended Term Loans may otherwise have an amortization schedule as
determined by the Borrower and the Lenders providing such Extended Term Loans;

 

(vi) any Extended
Term Loans may provide for the ability to participate (A) on a pro rata basis or less than pro rata basis (but not on a greater
than pro rata basis other than in the case of a prepayment with proceeds of Indebtedness refinancing such Extended Term Loans)
in any voluntary prepayment of Term Loans made pursuant to ‎Section 2.11(a) and (B) on a pro rata or less than pro rata
basis (but not on a greater than pro rata basis other than in the case of a prepayment with proceeds of Indebtedness refinancing
such Extended Term Loans) in any mandatory prepayment of Term Loans required pursuant to ‎Section 2.11(b);

 

(vii) if the
aggregate principal amount of Loans or commitments, as the case may be, in respect of which Lenders shall have accepted the relevant
Extension Offer exceeds the maximum aggregate principal amount of Loans or commitments, as the case may be, offered to be extended
by the Borrower pursuant to such Extension Offer, then the Loans or commitments, as the case may be, of such Lenders shall be extended
ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) held
by Lenders that have accepted such Extension Offer;

 

(viii) unless
the Administrative Agent otherwise agrees, each Extension shall be in a minimum amount of $5,000,000 (or, in the case of an Extension
of Loans denominated in Euros, €5,000,000);

 

(ix) any applicable
Minimum Extension Condition shall be satisfied or waived by the Borrower; and

 

(x) all documentation
in respect of such Extension shall be consistent with the foregoing.

 

(b) With respect
to any Extension consummated pursuant to this ‎Section 2.23, (i) no such Extension shall constitute a voluntary or mandatory
prepayment for purposes of ‎Section 2.11, (ii) the scheduled amortization payments (in so far as such schedule affects
payments due to Lenders participating in the relevant Class) set forth in ‎Section 2.10 shall be adjusted to give effect
to such Extension of the relevant Class and (iii) except as set forth in clause ‎(a)‎(viii) above, no Extension
Offer is required to be in any minimum amount or any minimum increment; provided that the Borrower may, at its election,
specify as a condition (a “Minimum Extension Condition”) to consummating such Extension that a minimum amount
(to be determined and specified in the relevant Extension Offer in the Borrower’s sole discretion and which may be waived
by the Borrower in its sole discretion) of Loans or commitments (as applicable) of any or all applicable Classes be tendered. The
Administrative Agent and the Lenders hereby consent to the transactions contemplated by this ‎Section 2.23 (including,
for the avoidance of doubt, any payment of any interest, fees or premium in respect of any Class of Extended Term Loans and/or
Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements
of any provision of this Agreement (including Sections ‎2.10, ‎2.11 or ‎2.18) or any other Loan
Document that may otherwise prohibit any Extension or any other transaction contemplated by this Section.

 

    128

     

    

 

(c) No consent
of any Lender or the Administrative Agent shall be required to effectuate any Extension, other than (A) the consent of each Lender
agreeing to such Extension with respect to one or more of its Loans and/or commitments under any Class (or a portion thereof) and
(B) with respect to any Extension of the Revolving Credit Commitments, the consent of each Issuing Bank to the extent the commitment
to provide Letters of Credit is to be extended (in each case which consent shall not be unreasonably withheld, conditioned or delayed).
All Extended Term Loans and Extended Revolving Credit Commitments and all obligations in respect thereof shall constitute Secured
Obligations under this Agreement and the other Loan Documents that are secured by the Collateral and guaranteed on a pari passu
basis with all other Secured Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize
the Administrative Agent to enter into any Extension Amendment and such other amendments to this Agreement and the other Loan Documents
with the Borrower as may be necessary in order to establish new Classes or sub-Classes in respect of Loans or commitments so extended
and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the
Borrower in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with this ‎Section
2.23.

 

(d) In connection
with any Extension, the Borrower shall provide the Administrative Agent at least ten Business Days’ (or such shorter period
as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding
timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after
such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to
accomplish the purposes of this ‎Section 2.23.

 

Article
3 REPRESENTATIONS AND WARRANTIES

 

Holdings (solely with
respect to Sections ‎3.01, ‎3.02, ‎3.03, ‎3.06, ‎3.07, 3.08, ‎3.09,
‎3.12, ‎3.13, ‎3.14, ‎3.16 and ‎3.17) and the Borrower hereby represent
and warrant to the Lenders that:

 

Section 3.01. Organization;
Powers. Each of Holdings, the Borrower and each of its Restricted Subsidiaries (a) is (i) duly organized and validly existing
and (ii) in good standing (to the extent such concept exists in the relevant jurisdiction) under the laws of its jurisdiction of
organization, (b) has all requisite organizational power and authority to own its property and assets and to carry on its business
as now conducted and (c) is qualified to do business in, and is in good standing (to the extent such concept exists in the relevant
jurisdiction) in, every jurisdiction where its ownership, lease or operation of properties or conduct of its business requires
such qualification; except, in each case referred to in this ‎Section 3.01 (other than clause ‎(a)‎(i)
and ‎(b), in each case with respect to the Borrower) where the failure to do so, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect.

 

Section 3.02. Authorization;
Enforceability. The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party are
within such Loan Party’s corporate or other organizational power and have been duly authorized by all necessary corporate
or other organizational action of such Loan Party. Each Loan Document to which any Loan Party is a party has been duly executed
and delivered by such Loan Party and is a legal, valid and binding obligation of such Loan Party, enforceable in accordance with
its terms, subject to the Legal Reservations.

 

Section 3.03. Governmental
Approvals; No Conflicts. The execution and delivery of each Loan Document by each Loan Party party thereto and the
performance by such Loan Party thereof (a) do not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect
(except to the extent not required to be obtained or made pursuant to the Collateral and Guarantee Requirement), (ii) in
connection with the Perfection Requirements and (iii) such consents, approvals, registrations, filings or other actions the
failure of which to obtain or make would not be reasonably expected to have a Material Adverse Effect, (b) will not
violate any (i) of such Loan Party’s Organizational Documents or (ii) Requirements of Law applicable to such Loan Party
which, in the case of this clause ‎(b)‎(ii), would reasonably be expected to have a Material Adverse Effect
and (c) will not violate or result in a default under any Contractual Obligation in respect of Indebtedness having an
aggregate principal amount exceeding the Threshold Amount to which such Loan Party is a party which, in the case of this clause
‎(c), would reasonably be expected to result in a Material Adverse Effect.

 

    129

     

    

 

Section 3.04. Financial
Condition; No Material Adverse Effect.

 

(a) The financial
statements provided to the Initial Lenders pursuant to Section 4.01(c)(i) present fairly, in all material respects, the
financial position, results of operations and cash flows of the Target and its consolidated subsidiaries as of such dates and for
such periods in accordance with GAAP, subject, in the case of unaudited financial statements provided pursuant to Section 4.01(c)(i)(b),
to the absence of footnotes and normal year-end adjustments.

 

(b) The financial
statements most recently provided pursuant to ‎Section 5.01(a) or ‎(b), as applicable, present fairly, in all material
respects, the financial position, results of operations and cash flows of the Borrower on a consolidated basis as of such dates
and for such periods in accordance with GAAP, (w) except as otherwise expressly noted therein, (x) subject, in the case of financial
statements provided pursuant to ‎Section 5.01(a), to the absence of footnotes and normal year-end audit adjustments,
(y) except as may be necessary to reflect any differing entity and/or organizational structure prior to giving effect to the Transactions
and (z) excluding any effects of any “push-down” of Indebtedness to the U.S. Borrower and/or Dutch Borrower.

 

(c) Since the
Closing Date, there have been no events, developments or circumstances that have had, or would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

Section 3.05. Properties.

 

(a) As of the
Closing Date, Schedule 3.05 sets forth the address of each Material Real Estate Asset that is owned in fee simple by any
Loan Party.

 

(b) The Borrower
and each of its Restricted Subsidiaries have good and valid fee simple title to or rights to purchase, or valid leasehold interests
in, or easements or other limited property interests in, all of their respective Real Estate Assets and have good title to their
personal property and assets, in each case material to the business, except (i) for Permitted Liens, (ii) for defects in title
that do not materially interfere with their ability to conduct their business as currently conducted or to utilize such properties
and assets for their intended purposes or (iii) where the failure to have such title or interest would not reasonably be expected
to have a Material Adverse Effect.

 

(c) The Borrower
and each of its Restricted Subsidiaries own or otherwise have a license or right to use all Patents, Trademarks, Copyrights and
other rights in works of authorship (including all copyrights embodied in software), domain names, trade secrets and all other
similar intellectual property rights (“IP Rights”) necessary to the conduct of the businesses of the Borrower
and its Restricted Subsidiaries as presently conducted, and, to the knowledge of the Borrower, such IP Rights do not infringe or
misappropriate the IP Rights of any third party, except to the extent such failure to own or license or have rights to use would
not, or where such infringement or misappropriation would not, reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

    130

     

    

 

Section 3.06. Litigation
and Environmental Matters. Except as set forth in Schedule ‎3.06:

 

(a) there are
no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of
the Borrower, threatened in writing against or affecting Holdings, the Borrower or any of its Restricted Subsidiaries which would
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

 

(b) except for
any matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, (i)
neither Holdings, the Borrower nor any of its Restricted Subsidiaries has received written notice of any claim with respect to
any Environmental Liability, knows of any reasonable basis for any Environmental Liability, or, to the knowledge of the Borrower,
has become subject to any Environmental Liability and (ii) neither Holdings, the Borrower nor any of its Restricted Subsidiaries
is in violation of any Environmental Law or has not obtained, maintained or complied with any permit, license or other approval
required under any Environmental Law.

 

(c) neither Holdings,
the Borrower nor any of its Restricted Subsidiaries has treated, stored, transported, Released or disposed of any Hazardous Material
at or from any currently or formerly owned, leased or operated real estate or facility nor, to the knowledge of the Borrower, has
any Hazardous Material been Released from any third-party location relating to the Borrower’s or any of its Restricted Subsidiaries’
businesses, in each case in a manner that, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

Section 3.07. Compliance
with Laws. Each of Holdings, the Borrower and each of its Restricted Subsidiaries is in compliance with all Requirements of
Law applicable to it or its property, except, in each case where the failure to do so, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect, it being understood and agreed that this ‎Section 3.07
shall not apply to any law specifically referenced in ‎Section 3.17.

 

Section 3.08. Investment
Company Status. No Loan Party is required to be registered as an “investment company” under the Investment Company
Act of 1940.

 

Section 3.09. Taxes.
Each of Holdings, the Borrower and each of its Restricted Subsidiaries has timely filed or caused to be filed all Tax returns and
reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it that are due and
payable, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which Holdings, the Borrower
or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the
extent that the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect.

 

Section 3.10. ERISA.

 

(a) Each Pension
Plan is in compliance in form and operation with its terms and with ERISA and the Code and all other applicable laws and regulations,
except where any failure to comply would not reasonably be expected to result in a Material Adverse Effect.

 

(b) No ERISA
Event has occurred in the five-year period prior to the date on which this representation is made or deemed made and is continuing
or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, would reasonably be expected to result in a Material Adverse Effect.

 

    131

     

    

 

Section 3.11. Disclosure.

 

(a) As of the
Closing Date, to the knowledge of the Borrower, all written information (other than the Model (including the Projections), other
forward-looking or projected information, pro forma information and information of a general economic or general industry nature)
concerning Holdings, the Borrower and its Restricted Subsidiaries and the Transactions and that was prepared by or on behalf of
the foregoing or the Parent or their respective representatives and made available to any Initial Lender or the Administrative
Agent in connection with the Transactions on or before the Closing Date (the “Information”), when taken as a
whole, did not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements contained therein not materially misleading in light of the circumstances under which such statements are
made (after giving effect to all supplements and updates thereto from time to time).

 

(b) The Projections
have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time furnished (it being
recognized that such Projections are not to be viewed as facts and are subject to significant uncertainties and contingencies many
of which are beyond the Borrower’s control, that no assurance can be given that any particular financial projections (including
the Projections) will be realized, that actual results may differ from projected results and that such differences may be material).

 

Section 3.12. Solvency.
As of the Closing Date, immediately after the consummation of the Transactions to occur on the Closing Date and the incurrence
of indebtedness and obligations on the Closing Date in connection with this Agreement and the Transactions, (i) the sum of the
debt (including contingent liabilities) of Holdings and its Subsidiaries, taken as a whole, does not exceed the fair value of the
assets of Holdings and its Subsidiaries, taken as a whole; (ii) the present fair saleable value of the assets of Holdings and its
Subsidiaries, taken as a whole, is not less than the amount that will be required to pay the probable liabilities (including contingent
liabilities) of Holdings and its Subsidiaries, taken as a whole, on their debts as they become absolute and matured in accordance
with their terms; (iii) the capital of Holdings and its Subsidiaries, taken as a whole, is not unreasonably small in relation to
the business of Holdings and its Subsidiaries, taken as a whole, contemplated as of the Closing Date; and (iv) Holdings and its
Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and
contingent liabilities) beyond their ability to pay such debts as they mature in the ordinary course of business. For the purposes
hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability
(irrespective of whether such contingent liability meets the criteria for accrual under Statement of Financial Accounting Standards
No. 5).

 

Section 3.13. Capitalization
and Subsidiaries. Schedule ‎3.13 sets forth, in each case as of the Closing Date, (a) a correct and complete list
of the name of each subsidiary of Holdings and the ownership interest therein held by Holdings or its applicable subsidiary and
(b) the type of entity of Holdings and each of its subsidiaries.

 

    132

     

    

 

Section 3.14. Security
Interest in Collateral. Subject to the terms of the last paragraph of ‎Section 4.01, the Legal Reservations and the
Perfection Requirements, the provisions, limitations and/or exceptions set forth in this Agreement and/or the other relevant Loan
Documents (including any Acceptable Intercreditor Agreement), the Collateral Documents create legal, valid and enforceable Liens
on all of the Collateral described therein in favor of the Administrative Agent, for the benefit of itself and the other Secured
Parties, and upon the satisfaction of the applicable Perfection Requirements, such Liens constitute perfected Liens (with the priority
such Liens are expressed to have within the relevant Collateral Documents) on the Collateral (to the extent such Liens are required
to be perfected under the terms of the Loan Documents) securing the Secured Obligations, in each case as and to the extent set
forth therein. For the avoidance of doubt, notwithstanding anything herein or in any other Loan Document to the contrary, neither
the Borrower nor any other Loan Party makes any representation or warranty (other than any representation or warranty expressly
made in such Loan Document) as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge
of or security interest in any Capital Stock of any Foreign Subsidiary (other than in the Netherlands with respect to the Capital
Stock of the Dutch Loan Parties), or as to the rights and remedies of the Administrative Agent or any Lender with respect thereto,
under foreign Requirements of Law (other than with respect to the Netherlands), (B) the enforcement of any security interest
or right or remedy with respect to any Collateral that may be limited or restricted by, or require any consent, authorization,
approval or license under, any Requirement of Law, (C) on the Closing Date and until required pursuant to ‎Section 5.12
or the last paragraph of ‎Section 4.01, as applicable, the pledge or creation of any security interest, or the effects
of perfection or non-perfection, the priority or enforceability of any pledge or security interest to the extent the same is not
required on the Closing Date pursuant to the final paragraph of ‎Section 4.01 or (D) any Excluded Asset.

 

Section 3.15. Labor
Disputes. As of the Closing Date, except as individually or in the aggregate would not reasonably be expected to have a Material
Adverse Effect: (a) there are no strikes, lockouts or slowdowns against the Borrower or any of its Restricted Subsidiaries pending
or, to the knowledge of the Borrower or any of its Restricted Subsidiaries, threatened in writing and (b) the hours worked by and
payments made to employees of the Borrower and its Restricted Subsidiaries have not been in violation of the Fair Labor Standards
Act or any other applicable Federal, state, local or foreign Requirements of Law dealing with such matters.

 

Section 3.16. Federal
Reserve Regulations. No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly,
and whether immediately, incidentally or ultimately, for any purpose that results in a violation of the provisions of Regulation
U or Regulation X.

 

Section 3.17. Sanctions
and Anti-Corruption Laws.

 

(a) (i) None of Holdings,
the Borrower nor any of its Restricted Subsidiaries nor, to the knowledge of the Borrower, any director, officer, agent, employee
or controlled Affiliate of Holdings, the Borrower or any Restricted Subsidiary is a Sanctioned Person; and (ii) the Borrower will
not directly or, to its knowledge, indirectly, use the proceeds of the Loans or any Letter of Credit or otherwise make available
such proceeds to any Sanctioned Person, for the purpose of financing the activities of any Sanctioned Person, or in any Sanctioned
Country, except to the extent licensed or otherwise authorized under U.S. law.

 

(b) The Borrower will
not directly or, to its knowledge, indirectly, use the proceeds of the Loans or any Letter of Credit in violation of applicable
anti-terrorism or anti-money laundering laws, including the USA PATRIOT Act.

 

(c) No part of the proceeds
of any Loan or any Letter of Credit will be used, directly or, to the knowledge of the Borrower, indirectly, for any payments to
any governmental official or employee, political party, official of a political party, candidate for political office, or any other
person or entity, 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.

 

The representations and
warranties set forth in this Section made by or on behalf of any Foreign Subsidiary are subject to and limited by any Requirements
of Law applicable to such Foreign Subsidiary; it being understood and agreed that to the extent that any Foreign Subsidiary is
unable to make any representation or warranty set forth in this Section as a result of the application of this sentence, such Foreign
Subsidiary shall be deemed to have represented and warranted that it is in compliance, in all material respects, with any equivalent
Requirements of Law relating to sanctions that is applicable to such Foreign Subsidiary in its relevant local jurisdiction of organization.

 

    133

     

    

 

Section 3.18. Centre
of Main Interest. For the purposes of the EU Insolvency Regulation, the centre of main interest (as that term is used in Article
3(1) of the EU Insolvency Regulation) of each Loan Party incorporated in a jurisdiction where the EU Insolvency Regulation applies,
is situated in its jurisdiction of incorporation and such Loan Party has no “establishment” (as that term is used in
Article 2(10) of the EU Insolvency Regulation) in any other jurisdiction.

 

Article
4 CONDITIONS

 

Section 4.01. Closing
Date. The obligations of (i) each Lender to make Loans and (ii) any Issuing Bank to issue Letters of Credit shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with ‎Section 9.02):

 

(a) Credit
Agreement and Loan Documents. The Administrative Agent (or its counsel) shall have received from each Loan Party party thereto
(i) a counterpart signed by each such Loan Party (or written evidence reasonably satisfactory to the Administrative Agent (which
may include a copy transmitted by facsimile or other electronic method) that such party has signed a counterpart) of (A) this
Agreement, (B) the U.S. Security Agreement, (C) the Loan Guaranty and (D) any Promissory Note requested by a Lender at least
three Business Days prior to the Closing Date and (ii) a Borrowing Request as required by ‎Section 2.03.

 

(b) Legal
Opinions. The Administrative Agent (or its counsel) shall have received, on behalf of itself, the Lenders and each Issuing
Bank on the Closing Date, a customary written opinion of (i) Davis Polk & Wardwell LLP, in its capacity as special New York
counsel to the Loan Parties and (ii) each other special counsel to the Loan Parties listed on Schedule 1.01(c), in each case, dated
the Closing Date and addressed to the Administrative Agent, the Lenders and each Issuing Bank.

 

(c) Financial
Statements and Pro Forma Financial Statements. The Initial Lenders shall have received (i) to the extent the Borrower has received
the same under the Acquisition Agreement (a) audited consolidated balance sheets of the Target and its consolidated subsidiaries
as at the end of, and related statements of comprehensive loss, changes in shareholders’ equity and cash flows of the Target
and its consolidated subsidiaries for, the two most recently completed fiscal years ended at least 120 days prior to the Closing
Date and (b) an unaudited consolidated balance sheet of the Target and its consolidated subsidiaries as at the end of, and related
income statement and cash flow statement of the Target and its consolidated subsidiaries for, each subsequent fiscal quarter (other
than the fourth fiscal quarter of any fiscal year) of the Target and its consolidated subsidiaries subsequent to the last fiscal
year for which financial statements were delivered pursuant to the preceding clause (a) and ended at least 60 days before the Closing
Date (in the case of this clause (b), without footnotes) and (ii) an unaudited pro forma consolidated balance sheet and related
unaudited pro forma consolidated statement of income or operations of the U.S. Borrower as of, and for the twelve-month period
ending on, the last day of the most recently completed four-fiscal quarter period ended at least 60 days (or 120 days, in case
such four-fiscal quarter period is the end of the Target’s fiscal year) prior to the Closing Date, prepared after giving
effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning
of such period (in the case of such statement of income or operations), which need not be prepared in compliance with Regulation
S-X of the Securities Act, or include adjustments for purchase accounting (including adjustments of the type contemplated by Financial
Accounting Standards Board Accounting Standards Codification 805 (formerly SFAS 141R)) (it being understood that any purchase accounting
adjustments may be preliminary in nature and be based only on estimates and allocations determined by the Borrower). The Initial
Lenders acknowledge receipt of the financial statements referred to in clause (i)(a) hereof in respect of the fiscal years ended
December 31, 2018, December 31, 2017 and December 31, 2016 and the financial statements referred to in clause (i)(b) above in respect
of the fiscal quarters ended March 31, 2018, June 30, 2018, September 30, 2018 and March 31, 2019.

 

    134

     

    

 

(d) Closing
Certificates; Certified Charters; Good Standing Certificates. The Administrative Agent (or its counsel) shall have received
(i) a certificate of each Loan Party, dated the Closing Date and executed by a secretary, assistant secretary or other senior officer
(as the case may be) thereof, which shall (A) certify that attached thereto is a true and complete copy of the resolutions or written
consents of its shareholders, board of directors, board of managers, members or other governing body authorizing the execution,
delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrowers, the borrowings and issuance
of Promissory Notes (if any) hereunder, and that such resolutions or written consents have not been modified, rescinded or amended
(other than as attached thereto) and are in full force and effect (provided that if the Organizational Documents of a Dutch Loan
Party authorize the execution, delivery and performance of the Loan Documents to which it is a party without any such resolution
or written consent, such resolution or written consent need not be attached to such certificate), (B) identify by name and title
and bear the signatures of (x) the officers, managers, directors or authorized signatories of such Loan Party authorized to sign
the Loan Documents to which it is a party on the Closing Date or (y) with respect to each Dutch Loan Party, the individuals to
whom such officers, managers, directors or authorized signatories of such Dutch Loan Party have granted powers of attorney to sign
the Loan Documents to which such Dutch Loan Party is a party and (C) certify (x) that attached thereto is a true and complete copy
of, in relation to a Loan Party other than a Dutch Loan Party, the certificate or articles of incorporation or organization (or
memorandum of association or other equivalent thereof) of such Loan Party certified by the relevant authority of the jurisdiction
of organization of such Loan Party and a true and correct copy of its by-laws or operating, management, partnership or similar
agreement and, in relation to a Dutch Loan Party, its deed of incorporation (akte van oprichting), articles of association
(statuten), and an up-to-date extract of the Dutch Chamber of Commerce and (y) that such documents or agreements have not
been amended (except as otherwise attached to such certificate and certified therein as being the only amendments thereto as of
such date), (ii) in relation to a Loan Party other than a Dutch Loan Party, a good standing (or equivalent) certificate (if applicable)
as of a recent date for such Loan Party from the relevant authority of its jurisdiction of organization and (iii) in relation to
a Dutch Loan Party, if applicable, a positive or neutral advice from each relevant works’ council (Ondernemingsraad),
including the request for advice which, if conditional, contains no condition which if complied with, could result in a breach
of any of the Loan Documents.

 

(e) Representations
and Warranties. (i) The Specified Acquisition Agreement Representations shall be true and correct in all material respects
as of the Closing Date solely to the extent required by the terms of the definition thereof and (ii) the Specified Representations
shall be true and correct in all material respects on and as of the Closing Date; provided that (A) in the case of
any Specified Representation which expressly relates to a given date or period, such representation and warranty shall be true
and correct in all material respects as of the respective date or for the respective period, as the case may be and (B) if any
Specified Representation is qualified by or subject to a “material adverse effect”, “material adverse change”
or similar term or qualification, the definition thereof shall be the definition of “Closing Date Material Adverse Effect”
for purposes of the making or deemed making of such Specified Representation on, or as of, the Closing Date (or any date prior
thereto).

 

    135

     

    

 

(f) Fees.
Prior to or substantially concurrently with the funding of the Initial Term Loans hereunder, the Administrative Agent and Initial
Lenders shall have received (i) all fees and closing payments required to be paid by the Borrower on the Closing Date pursuant
to the Fee Letter and (ii) all expenses required to be paid by the Borrower for which invoices have been presented at least three
Business Days prior to the Closing Date (including the reasonable fees and expenses of legal counsel for the Administrative Agent
and the Initial Lenders that are payable under the Commitment Letter), in each case on or before the Closing Date, which amounts
may be paid from or offset against the proceeds of the Loans or may be paid from the proceeds of the initial fundings under the
Credit Facilities.

 

(g) [Reserved].

 

(h) Refinancing.
Prior to or substantially concurrently with the initial funding of the Loans hereunder, including by use of proceeds thereof, the
principal, accrued and unpaid interest, fees, premium, if any, and other amounts (other than obligations not then due and payable
or that by their terms survive the termination of the Existing Credit Facilities) under (A) that certain First Lien Credit and
Guaranty Agreement, dated as of October 1, 2014, as amended by that certain Refinancing Amendment No. 1 dated as of May 15, 2015
and as further amended by that certain Incremental Amendment No. 2 dated as of March 2, 2017 (as further amended, supplemented
or otherwise modified from time to time prior to the date hereof, the “Existing First Lien Credit Facility”),
among, inter alia, a subsidiary of the Target, as borrower, the lenders referred to therein, Credit Suisse AG, Cayman Islands Branch,
as administrative agent and as collateral agent, and the other parties thereto and (B) that certain Second Lien Credit and Guaranty
Agreement, dated as of October 1, 2014 (as amended, supplemented or otherwise modified from time to time prior to the date hereof,
the “Existing Second Lien Credit Facility” together with the Existing First Lien Credit Facility, the “Existing
Credit Facilities”), among, inter alia, a subsidiary of the Target, as borrower, the lenders referred to therein, Credit
Suisse AG, Cayman Islands Branch, as administrative agent and as collateral agent, and the other parties thereto, will be repaid
in full and all commitments to extend credit thereunder will be terminated and any security interests and guarantees in connection
therewith shall be terminated and/or released (the “Refinancing”).

 

(i) Equity
Contribution. Prior to or substantially concurrently with the initial funding of the Loans hereunder, the Equity Contribution
shall have been made substantially in the manner and at least in the amount set forth in the definition of Equity Contribution
contained herein (to the extent not otherwise applied to the Transactions).

 

(j) Solvency.
The Administrative Agent (or its counsel) shall have received a certificate dated as of the Closing Date in substantially the form
of Exhibit M from the chief financial officer (or other officer with reasonably equivalent responsibilities) of Holdings
certifying as to the matters set forth therein (or, at the option of the Borrower, a third party opinion as to the solvency of
Holdings and its subsidiaries on a consolidated basis issued by a nationally recognized firm).

 

(k) Perfection
Certificate. Subject to the last paragraph of this ‎Section 4.01, the Administrative Agent (or its counsel) shall
have received a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of each Domestic Loan
Party (or by the Borrower on behalf of each Domestic Loan Party), together with all attachments contemplated thereby.

 

(l) Pledged
Stock; Stock Powers; Pledged Notes. Subject to the last paragraph of this ‎Section 4.01, the Administrative Agent
(or its counsel or bailee) shall have received (i) each certificate representing Capital Stock required to be pledged pursuant
to the U.S. Security Agreement, together with an undated stock or similar power for each such certificate executed in blank by
a duly authorized officer of the pledgor thereof and (ii) each Material Debt Instrument (if any) required to be pledged pursuant
to the U.S. Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the
pledgor thereof.

 

    136

     

    

 

(m) Filings
Registrations and Recordings. Subject to the last paragraph of this ‎Section 4.01, each document (including any
UCC financing statement) required by any Collateral Document or under law to be filed, registered or recorded in order to create
in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral required to be
delivered pursuant to such Collateral Document, shall be in proper form for filing, registration or recordation.

 

(n) Transactions.
The Acquisition shall have been, or substantially concurrently with the initial funding of the Loans hereunder shall be, consummated
in all material respects in accordance with the terms of the Acquisition Agreement, after giving effect to any modifications, amendments,
consents or waivers thereto, other than those modifications, amendments, consents or waivers by Parent or its Affiliates that are
materially adverse to the interests of the Lenders in their capacities as such, unless consented to in writing by the Initial Lenders
(such consent not to be unreasonably withheld, delayed or conditioned; provided that the Initial Lenders shall be deemed to have
consented to such modification, amendment, consent or waiver unless they object thereto in writing, within 3 Business Days of receipt
of written notice of such modification, amendment, consent or waiver); it being understood and agreed that (a) any substantive
change to, or waiver, consent or approval by Parent or its Affiliates in respect of, the definition of Closing Date Material Adverse
Effect shall be deemed materially adverse, (b) any reduction in the purchase price of less than 10% or in accordance with the Acquisition
Agreement (including pursuant to any working capital or purchase price (or similar) adjustment provision set forth in the Acquisition
Agreement) shall be deemed not to be materially adverse, (c) any other reduction in the purchase price for the Acquisition shall
be deemed not to be materially adverse so long as such decrease is allocated first to reduce the Equity Contribution to the Minimum
Equity Percentage, with any excess then allocated to reduce the Equity Contribution and the principal amount of the Initial Term
Loans on a pro rata, dollar-for-dollar basis and (d) any increase in the purchase price shall be deemed not to be materially adverse
so long as such increase is funded by an increase in the Equity Contribution or amounts available to be drawn under the Revolving
Facility on the Closing Date or such increase is pursuant to any working capital or purchase price (or similar) adjustment provision
set forth in the Acquisition Agreement.

 

(o) Closing
Date Material Adverse Effect. Since the date of the Acquisition Agreement, there shall not have occurred any event, change,
occurrence, effect, development, condition, circumstance, state of facts or effect that has had, or would reasonably be expected
to have, individually or in the aggregate, a Closing Date Material Adverse Effect.

 

(p) USA PATRIOT
Act; CDD Rule. The Administrative Agent shall have received all documentation and other information about any Loan Party required
by U.S. regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act (at least three Business Days prior to the Closing Date) as is reasonably requested in writing by
the Administrative Agent at least ten Business Days prior to the Closing Date. At least three Business Days prior to the Closing
Date (to the extent requested at least ten Business Days prior to the Closing Date), (x) any Loan Party that qualifies as a “legal
entity customer” under the CDD Rule shall deliver a beneficial ownership certificate and (y) any Loan Party that does not
qualify as a “legal entity customer” shall deliver a certificate that such entity does not meet such qualification,
in each case, to the Administrative Agent or any Lender that has requested such certification, which certification shall be substantially
similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly,
in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association, in relation
to such Loan Party. For purposes of this condition, “CDD Rule” means the Customer Due Diligence Requirements
for Financial Institutions issued by the U.S. Department of Treasury Financial Crimes Enforcement Network under the Bank Secrecy
Act (such rule published May 11, 2016 and effective May 11, 2018, as amended from time to time).

 

    137

     

    

 

For purposes of determining
whether the conditions specified in this ‎Section 4.01 have been satisfied on the Closing Date, by funding the Loans
hereunder, the Administrative Agent and each Lender that has executed this Agreement (or an Assignment and Assumption on the Closing
Date) 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 the Administrative Agent or such Lender, as the case
may be.

 

Notwithstanding the
foregoing, to the extent any Guarantee to be provided by a Dutch Loan Party or Lien search or Collateral (including the creation
or perfection of any security interest) is not or cannot be provided on the Closing Date (other than, (i) a Lien on Collateral
of any Loan Party that may be perfected solely by the filing of a financing statement under the UCC and (ii) a pledge of the Capital
Stock of the Initial U.S. Borrower, the Initial Dutch Borrower and the other Domestic Loan Parties (other than Holdings) to the
extent certificated with respect to which a Lien may be perfected on the Closing Date by the delivery of a stock or equivalent
certificate, together with a related stock or equivalent power executed in blank) after the Borrower’s use of commercially
reasonable efforts to do so without undue burden or expense (and with respect to the delivery of stock or equivalent certificates
of relevant subsidiaries of the Target whose Capital Stock is required to be pledged pursuant to the U.S. Security Agreement or
the Dutch Collateral Documents, only to the extent received after the Borrower’s use of commercially reasonable efforts to
do so and otherwise within ten Business Days of the Closing Date (or such longer period as is reasonably agreed by the Administrative
Consent Party)), then the provision of any such Guarantee, Lien search and/or the provision and/or perfection of such Collateral
(including the delivery of stock certificates of any Foreign Subsidiary constituting Collateral) shall not constitute a condition
precedent to the availability or funding of the Credit Facilities on the Closing Date but may instead be delivered and/or perfected
90 days (or, in the case of real property and related fixtures, 120 days) after the Closing Date as set forth on Schedule 5.17.

 

Section 4.02. Each
Credit Extension. After the Closing Date, the obligation of each Revolving Lender to make a Credit Extension (which, for the
avoidance of doubt (including for purposes of the last paragraph of this ‎Section 4.02), shall not include any Credit
Extension under any Incremental Facility Amendment, Refinancing Amendment and/or Extension Amendment, which shall be governed by
the terms set forth in Sections 2.22, 2.23 and 9.02(c), as applicable), is subject solely to the satisfaction
of the following conditions:

 

(a) (i) In the
case of a Borrowing, the Administrative Agent shall have received a Borrowing Request as required by ‎Section 2.03 or
(ii) in the case of the issuance of a Letter of Credit, the applicable Issuing Bank and the Administrative Agent shall have received
a notice requesting the issuance of such Letter of Credit as required by ‎Section 2.05(b).

 

(b) The representations
and warranties of the Loan Parties and their Restricted Subsidiaries set forth in this Agreement and the other Loan Documents shall
be true and correct in all material respects on and as of the date of any such Credit Extension with the same effect as though
such representations and warranties had been made on and as of the date of such Credit Extension; provided that (A) to the
extent that any representation and warranty specifically refers to a given date or period, it shall be true and correct in all
material respects as of such date or for such period and (B) any representation or warranty that is qualified by or subject to
a “material adverse effect”, “material adverse change” or similar term or qualification shall be true and
correct in all respects.

 

(c) At the time
of and immediately after giving effect to the applicable Credit Extension, no Event of Default or Default shall have occurred and
be continuing.

 

    138

     

    

 

Except as set forth
in the lead-in language of this ‎Section 4.02, each Credit Extension shall be deemed to constitute a representation
and warranty by the Borrower on the date thereof as to the matters specified in paragraphs ‎(b) and (solely with respect
to any Credit Extension after the Closing Date) ‎(c) of this Section.

 

Article
5 AFFIRMATIVE COVENANTS

 

From the Closing Date until the date on
which all Revolving Credit Commitments have expired or terminated and the principal of and interest on each Loan and all fees,
expenses and other amounts payable under any Loan Document (other than contingent indemnification obligations for which no claim
or demand has been made) have been paid in full in Cash and all Letters of Credit have expired or have been terminated (or have
been (x) Cash collateralized or back-stopped by a letter of credit or otherwise in a manner reasonably satisfactory to the relevant
Issuing Bank or (y) deemed reissued under another agreement in a manner reasonably satisfactory to the Administrative Agent and
the relevant Issuing Bank) and all LC Disbursements have been reimbursed (such date, the “Termination Date”),
Holdings (solely with respect to Sections ‎5.02 and ‎5.03) and the Borrower hereby covenant and agree with
the Lenders that:

 

Section 5.01. Financial
Statements and Other Reports. The Borrower will deliver to the Administrative Agent for delivery by the Administrative Agent,
subject to ‎Section 9.05(f), to each Lender:

 

(a) Quarterly
Financial Statements. As soon as available, and in any event within 60 days after the end of each of the first three Fiscal
Quarters of each Fiscal Year, commencing with the Fiscal Quarter ending June 30, 2019, the unaudited consolidated balance sheet
of the U.S. Borrower as at the end of such Fiscal Quarter and the related unaudited consolidated statements of income, stockholders’
equity and cash flows of U.S. Borrower for such Fiscal Quarter and for the period from the beginning of the then current Fiscal
Year to the end of such Fiscal Quarter and, commencing with the financial statements required to be delivered for the Fiscal Quarter
ending September 30, 2020, setting forth, in reasonable detail, in comparative form the corresponding figures for the corresponding
periods of the previous Fiscal Year, all in reasonable detail, together with a Responsible Officer Certification (which may be
included in the applicable Compliance Certificate) with respect thereto;

 

(b) Annual
Financial Statements. As soon as available, and in any event within 120 days after the end of each Fiscal Year ending after
the Closing Date, (i) the consolidated balance sheet of U.S. Borrower as at the end of such Fiscal Year and the related consolidated
statements of income, stockholders’ equity and cash flows of U.S. Borrower for such Fiscal Year and, commencing after the
completion of the second full Fiscal Year ended after the Closing Date, setting forth, in reasonable detail, in comparative form
the corresponding figures for the previous Fiscal Year and (ii) with respect to such consolidated financial statements, a report
thereon of an independent certified public accountant of recognized national standing or another accounting firm reasonably acceptable
to the Administrative Consent Party (which report shall not be subject to a “going concern” or scope of audit qualification
(except for any such qualification pertaining to, or disclosure of an exception or qualification resulting from, the maturity (or
impending maturity) of any Credit Facility or any other Indebtedness occurring within one year of the date of delivery of the relevant
audit opinion or any breach or anticipated breach of any financial covenant) but may include a “going concern” or “emphasis
of matter” explanatory paragraph or like statement, and shall state that such consolidated financial statements fairly present,
in all material respects, the consolidated financial position of U.S. Borrower as at the dates indicated and its income, stockholders’
equity and cash flows for the periods indicated in conformity with GAAP;

 

    139

     

    

 

(c) Compliance
Certificate; Unrestricted Subsidiaries. (i) Within 5 Business Days after the delivery of financial statements pursuant to ‎Section
5.01(a) or ‎5.01(b) with respect to any Fiscal Quarter or Fiscal Year, as applicable, a duly executed and completed
Compliance Certificate and (ii) within 5 Business Days after the delivery of financial statements pursuant to ‎Section 5.01(b),
(A) a summary (which may be in footnote form) of the pro forma adjustments (if any) necessary to eliminate the accounts of Unrestricted
Subsidiaries (if any) from such financial statements and (B) a list identifying each subsidiary of the Borrower as a Restricted
Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such financial statements or confirming that there is no
change in such information since the later of the Closing Date and the most recent prior delivery of such information;

 

(d) [Reserved];

 

(e) Notice
of Default. Promptly upon any Responsible Officer of the Borrower obtaining knowledge of (i) any Default or Event of Default
or (ii) the occurrence of any event or change that has caused or evidences or would reasonably be expected to cause or evidence,
either individually or in the aggregate, a Material Adverse Effect, a reasonably detailed notice specifying the nature and period
of existence of such condition, event or change and what action the Borrower has taken, is taking and proposes to take with respect
thereto;

 

(f) Notice
of Litigation. Promptly upon any Responsible Officer of the Borrower obtaining knowledge of the institution of any Adverse
Proceeding not previously disclosed in writing by the Borrower to the Administrative Agent that would reasonably be expected to
have a Material Adverse Effect, written notice thereof by the Borrower together with such other non-privileged information as may
be reasonably available to the Loan Parties to enable the Lenders to evaluate such matters;

 

(g) ERISA.
Promptly upon any Responsible Officer of the Borrower becoming aware of the occurrence of any ERISA Event that would reasonably
be expected to have a Material Adverse Effect, a written notice specifying the nature thereof;

 

(h) [Reserved];

 

(i) Information
Regarding Collateral. Promptly (and, in any event, within 45 days of the relevant change or such later date as the Administrative
Consent Party may agree) written notice of any change (i) in any Loan Party’s legal name, (ii) in any Loan Party’s
type of organization, (iii) in any Loan Party’s jurisdiction of organization or (iv) in any Loan Party’s organizational
identification number, in each case to the extent such information is necessary to enable the Administrative Agent to perfect or
maintain the perfection and priority of its security interest in the Collateral of the relevant Loan Party;

 

(j) Certain
Reports. Promptly upon their becoming publicly available and without duplication of any obligations with respect to any such
information that is otherwise required to be delivered under the provisions of any Loan Document, copies of (i) all financial statements,
material reports, material notices and proxy statements sent or made available generally by Holdings to its security holders acting
in such capacity and (ii) all material regular and periodic reports and all material registration statements (other than on Form
S-8 or a similar form) and prospectuses, if any, filed by the Borrower or any of its Restricted Subsidiaries with any securities
exchange or with the SEC or any analogous governmental or private regulatory authority with jurisdiction over matters relating
to securities (other than any prospectuses relating to an equity plan, any amendments to any registration statement (to the extent
such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable,
any registration statement on Form S-8 or a similar form); provided that no such delivery shall be required hereunder with respect
to any of the foregoing to the extent that such are publicly available via EDGAR; and

 

    140

     

    

 

(k) Other
Information. Such other certificates, reports and information (financial or otherwise) as the Principal Investor Representative
or the Administrative Agent (for itself or on behalf of any Lender) may reasonably request from time to time regarding the financial
condition or business of the Borrower and its Restricted Subsidiaries; provided, however, that none of Holdings, the Borrower or
any Restricted Subsidiary shall be required to disclose or provide any information (i) that constitutes non-financial trade secrets
or non-financial proprietary information of Holdings, the Borrower or any of its subsidiaries or any of their respective customers
and/or suppliers, (ii) in respect of which disclosure to the Administrative Consent Party or any Lender (or any of their respective
representatives) is prohibited by any applicable Requirement of Law, (iii) that is subject to attorney-client or similar privilege
or constitutes attorney work product or (iv) in respect of which Holdings, the Borrower or any Restricted Subsidiary owes confidentiality
obligations to any third party (provided such confidentiality obligations were not entered into solely in contemplation of the
requirements of this ‎Section 5.01(k)); provided, further, that in the event the Borrower does not provide any
certificate, report or information requested pursuant to this clause (k) in reliance on the preceding proviso, the Borrower
shall provide notice to the Administrative Consent Party that such certificate, report or information is being withheld and the
Borrower shall use commercially reasonable efforts to describe, to the extent both feasible and permitted under applicable Requirements
of Law or confidentiality obligations, or without waiving such privilege, as applicable, the applicable certificate, report or
information.

 

Documents required
to be delivered pursuant to this ‎Section 5.01 may be delivered electronically and, if so delivered, shall be deemed
to have been delivered on the date (i) on which the Borrower (or a representative thereof) (x) posts such documents or (y) provides
a link thereto at the website address listed on Schedule ‎9.01 (as updated from time to time); provided that,
other than with respect to items required to be delivered pursuant to ‎Section 5.01(j) above, the Borrower shall promptly
notify (which notice may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents or a
link thereto on such website and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies)
of such documents; (ii) on which such documents are delivered by the Borrower to the Administrative Agent for posting on behalf
of the Borrower on IntraLinks, SyndTrak or another relevant secure 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); (iii) on which
such documents are faxed to the Administrative Agent (or electronically mailed to an address provided by the Administrative Agent);
or (iv) in respect of the items required to be delivered pursuant to ‎Section 5.01(j) above in respect of information
filed by Holdings, the Borrower or any of its Restricted Subsidiaries with any securities exchange or with the SEC or any analogous
governmental or private regulatory authority with jurisdiction over matters relating to securities (other than Form 10-Q Reports
and Form 10-K Reports), on which such items have been made available on the SEC website or the website of the relevant analogous
governmental or private regulatory authority or securities exchange.

 

    141

     

    

 

Notwithstanding the
foregoing, the obligations in paragraphs ‎(a) and ‎(b) of this ‎Section 5.01 may instead be satisfied
with respect to any financial statements of U.S. Borrower by furnishing (A) the applicable financial statements of Holdings (or
any other Parent Company) or (B) Holdings’ (or any other Parent Company’s), as applicable, Form 10-K or 10-Q, as applicable,
filed with the SEC or any securities exchange, in each case, within the time periods specified in such paragraphs and without any
requirement to provide notice of such filing to the Administrative Agent or to any Lender; provided that, with respect to
each of clauses ‎(A) and ‎(B), (i) if (1) such financial statements relate to any Parent Company and (2)
either (I) such Parent Company (or any other Parent Company that is a subsidiary of such Parent Company) has any third party Indebtedness
and/or operations (other than any operations that are attributable solely to such Parent Company’s ownership of the Borrower
and its subsidiaries) or (II) there are differences between the financial statements of such Parent Company and its consolidated
subsidiaries, on the one hand, and the Borrower and its consolidated subsidiaries, on the other hand (other than differences which
are immaterial, as mutually determined by the Borrower and the Administrative Consent Party), such financial statements or the
Form 10-K or Form 10-Q, as applicable, shall be accompanied by consolidating information (which need not be audited) that summarizes
in reasonable detail the differences between the information relating to such Parent Company, on the one hand, and the information
relating to the Borrower and its consolidated subsidiaries on a standalone basis, on the other hand, which consolidating information
shall be certified by a Responsible Officer of the Borrower as having been fairly presented in all material respects and (ii) to
the extent such statements are in lieu of statements required to be provided under ‎Section 5.01(b), such statements
shall be accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing
or another accounting firm reasonably acceptable to the Administrative Consent Party, which report and opinion shall satisfy the
applicable requirements set forth in ‎Section 5.01(b) as if the references to “the Borrower” or the “U.S.
Borrower” therein were references to such Parent Company.

 

No financial statement
required to be delivered pursuant to ‎Section 5.01(a) or ‎(b) shall be required to include acquisition accounting
adjustments relating to the Transactions or any Permitted Acquisition or other Investment to the extent it is not practicable to
include any such adjustments in such financial statement.

 

Section 5.02. Existence.
Except as otherwise permitted under ‎Section 6.07 or during the pendency of any Permitted Reorganization or Holdings
Reorganization Transaction, Holdings and the Borrower will, and the Borrower will cause each of its Restricted Subsidiaries to,
at all times preserve and keep in full force and effect its existence and all rights, franchises, licenses and permits material
to its business except, other than with respect to the preservation of the existence of the Borrower, to the extent that the failure
to do so would not reasonably be expected to result in a Material Adverse Effect; provided that neither Holdings nor the
Borrower nor any of the Borrower’s Restricted Subsidiaries shall be required to preserve any such existence (other than with
respect to the preservation of existence of the Borrower, except as otherwise permitted under ‎Section 6.07 or as a
result of the consummation of a Permitted Reorganization), right, franchise, license or permit if a Responsible Officer of such
Person or such Person’s board of directors (or similar governing body) determines that the preservation thereof is no longer
desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect
to such Person or to the Lenders.

 

Section 5.03. Payment
of Taxes. Holdings and the Borrower will, and the Borrower will cause each of its Restricted Subsidiaries to, pay all Taxes
imposed upon it or any of its properties or assets or in respect of any of its income or businesses or franchises before any penalty
or fine accrues thereon; provided that no such Tax need be paid if (a) it is being contested in good faith by appropriate
proceedings diligently conducted, so long as (i) adequate reserves or other appropriate provisions, as are required in conformity
with GAAP, have been made therefor and (ii) in the case of a Tax which has or may become a Lien against a material portion of the
Collateral, such contest proceedings conclusively operate to stay the sale of such portion of the Collateral to satisfy such Tax
or (b) failure to pay or discharge the same would not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.04. Maintenance
of Properties. The Borrower will, and will cause each of its Restricted Subsidiaries to, maintain or cause to be
maintained in good repair, working order and condition, ordinary wear and tear and casualty and condemnation excepted, all
material tangible property reasonably necessary to the normal conduct of business of the Borrower and its Restricted
Subsidiaries and from time to time will make or cause to be made all needed and appropriate repairs, renewals and
replacements thereof except as expressly permitted by this Agreement or where the failure to maintain such tangible
properties or make such repairs, renewals or replacements would not reasonably be expected to have a Material Adverse
Effect.

 

    142

     

    

 

Section 5.05. Insurance.
Except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Borrower will maintain
or cause to be maintained, in each case, as determined by the Borrower in good faith, with financially sound and reputable insurers,
such insurance coverage with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the
Borrower and its Restricted Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of
established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such
deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons, including,
but only if required by applicable law or regulation, flood insurance with respect to each Flood Hazard Property, in each case
in compliance with applicable Flood Insurance Laws. Each such policy of insurance shall (with respect to the Dutch Borrower and
any other Dutch Subsidiary, only to the extent such concept or a concept comparable thereto exists in the Netherlands) (i) name
the Administrative Agent on behalf of the Lenders as a loss payee or an additional insured, as applicable, thereunder as its interests
may appear and (ii) to the extent available from the relevant insurance carrier, in the case of each casualty insurance policy
(excluding any business interruption insurance policy, any workers’ compensation policy, any employee liability policy and/or
any representation and warranty insurance policy), contain a loss payable clause or endorsement that names the Administrative Agent,
on behalf of the Lenders, as the loss payee thereunder and, to the extent available from the relevant insurance carrier, provide
for at least 30 days’ prior written notice to the Administrative Agent of any modification or cancellation of such policy
(or 10 days’ prior written notice in the case of the failure to pay any premiums thereunder); provided that the Borrower
shall have 45 days after the Closing Date (or such later date as agreed by the Administrative Consent Party) to comply with the
requirements of the foregoing clauses (i) and (ii) with respect to policies in effect on the Closing Date.

 

Section 5.06. Inspections. The
Borrower will, and will cause each of its Restricted Subsidiaries to, permit any authorized representative designated by the
Administrative Consent Party to visit and inspect any of the properties of the Borrower and any of its Restricted
Subsidiaries at which the principal financial records and executive officers of the applicable Person are located, to
inspect, copy and take extracts from its and their respective financial and accounting records, and to discuss its and their
respective affairs, finances and accounts with its and their Responsible Officers and independent public accountants (subject
to such accountants’ customary policies and procedures) (provided that the Borrower (or any of its subsidiaries)
may, if it so chooses, have one or more employees or representatives be present at or participate in any such discussion),
all upon reasonable notice and at reasonable times during normal business hours; provided that (x) only the
Administrative Consent Party on behalf of the Lenders may exercise the rights of the Administrative Consent Party and the
Lenders under this ‎Section 5.06, (y) the Administrative Consent Party shall not exercise such rights more often
than one time during any calendar year and (z) only one such visit per calendar year shall be at the expense of the Borrower; provided, further,
that when an Event of Default exists, the Administrative Consent Party (or any of its representatives or independent
contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon
reasonable advance notice; provided, further that notwithstanding anything to the contrary herein, neither the
Borrower nor any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making of copies
of or taking abstracts from, or discuss any document, information or other matter (i) that constitutes non-financial trade
secrets or non-financial proprietary information of the Borrower and its subsidiaries and/or any of its customers and/or
suppliers, (ii) in respect of which disclosure to the Administrative Consent Party or any Lender (or any of their respective
representatives or contractors) is prohibited by applicable Requirements of Law, (iii) that is subject to attorney-client or
similar privilege or constitutes attorney work product or (iv) in respect of which Holdings, the Borrower or any Restricted
Subsidiary owes confidentiality obligations to any third party (provided such confidentiality obligations were not entered
into solely in contemplation of the requirements of this ‎Section 5.06); provided, further, that in the
event any of the circumstances described in the preceding proviso exist, the Borrower shall provide notice to the
Administrative Consent Party thereof and shall use commercially reasonable efforts to describe, to the extent both
feasible and permitted under applicable Requirements of Law or confidentiality obligations, or without waiving such
privilege, as applicable, the applicable document, information or other matter.

 

    143

     

    

 

Section 5.07. Maintenance
of Book and Records. The Borrower will, and will cause its Restricted Subsidiaries to, maintain proper books of record and account
containing entries of all material financial transactions and matters involving the assets and business of the Borrower and its
Restricted Subsidiaries that are full, true and correct in all material respects and permit the preparation of consolidated financial
statements in accordance with GAAP.

 

Section 5.08. Compliance
with Laws. The Borrower will comply, and will cause each of its Restricted Subsidiaries to comply, with the requirements of
all applicable laws, rules, regulations and orders of any Governmental Authority (including ERISA and all Environmental Laws, Sanctions,
the USA PATRIOT Act, the FCPA, and other applicable anti-terrorism laws, anti-money laundering laws and economic sanctions laws),
except to the extent the failure of the Borrower or the relevant Restricted Subsidiary to comply would not reasonably be expected
to have a Material Adverse Effect.

 

Section 5.09. Hazardous
Materials Activity.

 

(a) The Borrower
will deliver to the Administrative Agent:

 

(i) as soon
as reasonably practicable following receipt by Borrower thereof, copies of all written environmental audits, investigations, analyses
and reports of any kind or character, whether prepared by personnel of the Borrower or any of its Restricted Subsidiaries or by
independent consultants, governmental authorities or any other Persons, with respect to any Environmental Liabilities or Hazardous
Materials Activity that, in each case would reasonably be expected to have a Material Adverse Effect;

 

(ii) reasonably
promptly following Borrower becoming aware of the occurrence thereof, written notice describing in reasonable detail (A) any Release
required to be reported by the Borrower or any of its Restricted Subsidiaries to any federal, state or local governmental or regulatory
agency under any applicable Environmental Law, (B) any remedial action taken by or on behalf of the Borrower or any of its
Restricted Subsidiaries in response to any Hazardous Materials Activity or Environmental Claim, or (C) any pending or threatened
Environmental Claim, that in the case of each of (A), (B) and (C) above, would reasonably be expected to have a Material Adverse
Effect; and

 

(iii) reasonably
promptly following the sending or receipt thereof by the Borrower or any of its Restricted Subsidiaries, a copy of any and all
written communications with respect to any Release required to be reported by the Borrower or any of its Restricted Subsidiaries
to any federal, state or local governmental or regulatory agency or any Release required to be remediated pursuant to any Environmental
Law, that in each case would reasonably be expected to have a Material Adverse Effect.

 

    144

     

    

 

(b) The Borrower
shall reasonably promptly take, and shall cause each of its Restricted Subsidiaries reasonably promptly to take, any and all actions
reasonably necessary to (i) cure any violation of Environmental Law by the Borrower or any of its Restricted Subsidiaries, and,
to the extent required by Environmental Law, address with appropriate corrective or remedial action any Release or threatened Release
of any Hazardous Material at or from any Facility, that, individually or in the aggregate, would reasonably be expected to have
a Material Adverse Effect and (ii) make an appropriate response to any Environmental Claim against the Borrower or any of its Restricted
Subsidiaries and discharge any obligations it may have to any Person thereunder, where failure to do so would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect; provided that it shall not be deemed to be a violation
of this ‎Section 5.09 if the Borrower or its Restricted Subsidiaries are in good faith contesting such violation or
Environmental Claim in accordance with applicable Environmental Law.

 

Section 5.10. Designation
of Subsidiaries. The Borrower may at any time after the Closing Date designate (or re-designate) any subsidiary (other than
the Dutch Borrower) as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that
(i) as of the date of the designation thereof, no Unrestricted Subsidiary shall own any Capital Stock in any Restricted Subsidiary
of the Borrower (unless such Restricted Subsidiary is also designated as an Unrestricted Subsidiary simultaneously with the aforementioned
designation in accordance with the terms of this ‎Section 5.10) or hold any Indebtedness of or any Lien on any property
of the Borrower or its Restricted Subsidiaries (unless the Borrower or such Restricted Subsidiary is permitted hereunder to incur
such Indebtedness or grant such Lien in favor of such Unrestricted Subsidiary) and (ii) no subsidiary may be designated as an Unrestricted
Subsidiary if an Event of Default has occurred and is continuing at the time of such proposed designation or would result therefrom.
The designation of any subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower (or its applicable
Restricted Subsidiary) therein at the date of designation in an amount equal to the portion of the fair market value of the net
assets of such subsidiary attributable to the Borrower’s (or its applicable Restricted Subsidiary’s) equity interest
therein as estimated by the Borrower in good faith (and such designation shall only be permitted to the extent such Investment
is permitted under ‎Section 6.06). The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute
the making, incurrence or granting, as applicable, at the time of designation of any then-existing Investment, Indebtedness or
Lien of such subsidiary, as applicable; provided that upon a re-designation of any Unrestricted Subsidiary as a Restricted
Subsidiary, the Borrower shall be deemed to continue to have an Investment in the resulting Restricted Subsidiary in an amount
(if positive) equal to (a) the Borrower’s “Investment” in such Restricted Subsidiary at the time of such re-designation
less (b) the portion of the fair market value of the net assets of such Restricted Subsidiary attributable to the Borrower’s
equity therein at the time of such re-designation. As of the Closing Date, the subsidiaries listed on Schedule ‎5.10
hereto have been designated as Unrestricted Subsidiaries.

 

Section 5.11. Use
of Proceeds. The Borrower shall use the proceeds of the Revolving Loans (a) on the Closing Date, (i) to issue Letters of
Credit, (ii) to provide for ordinary course working capital needs and (iii) in an aggregate principal amount of up to
$10,000,000 to pay Transaction Costs and expenses and for purchase price and working capital adjustments, if any, under the
Acquisition Agreement and general corporate purposes and (b) after the Closing Date, to finance the working capital needs and
other general corporate purposes of the Borrower and its Restricted Subsidiaries (including for capital expenditures,
acquisitions, working capital and/or purchase price adjustments, the payment of transaction fees and expenses, other
Investments, Restricted Payments, Restricted Debt Payments and related fees and expenses and any other purpose not prohibited
by the terms of the Loan Documents). The Borrower shall use the proceeds of the Initial Term Loans (i) to effect all or a
portion of the Refinancing, (ii) to finance all or a portion of the Transactions (including working capital and/or purchase
price adjustments and the payment of Transaction Costs) and (iii) for general corporate purposes. No part of the proceeds of
any Loan will be used, whether directly or indirectly, for any purpose that would entail a violation of Regulation U. The
Borrower shall use the proceeds of the Incremental Term Loans for working capital, Capital Expenditures and other general
corporate purposes of the Borrower and its subsidiaries (including for Restricted Payments, Investments, Permitted
Acquisitions and any other purpose not prohibited by the terms of the Loan Documents).

 

    145

     

    

 

Section 5.12. Covenant
to Guarantee Obligations and Give Security.

 

(a) Upon (i)
the formation or acquisition after the Closing Date of any Restricted Subsidiary that is a Domestic Subsidiary (including upon
the formation of any Subsidiary that is a Delaware Divided LLC) or Dutch Subsidiary (in each case, subject to ‎Section 6.06(hh)),
(ii) the designation of any Unrestricted Subsidiary that is a Domestic Subsidiary or Dutch Subsidiary as a Restricted Subsidiary,
(iii) any Restricted Subsidiary that is a Domestic Subsidiary or Dutch Subsidiary ceasing to be an Immaterial Subsidiary or (iv)
any Restricted Subsidiary that is a Domestic Subsidiary or Dutch Subsidiary ceasing to be an Excluded Subsidiary, (x) if the event
giving rise to the obligation under this ‎Section 5.12(a) occurs during the first three Fiscal Quarters of any Fiscal
Year, on or before the date on which financial statements are required to be delivered pursuant to ‎Section 5.01(a)
for the Fiscal Quarter in which such formation, acquisition, designation or cessation occurred or (y) if the event giving rise
to the obligation under this ‎Section 5.12(a) occurs during the fourth Fiscal Quarter of any Fiscal Year, on or before
the date that is 90 days after the end of such Fiscal Quarter (or, in the cases of clauses (x) and (y), such longer
period as the Administrative Consent Party may reasonably agree), the Borrower shall (A) cause such Restricted Subsidiary (other
than any Excluded Subsidiary) to comply with the requirements set forth in clause (a) of the definition of “Collateral
and Guarantee Requirement” and (B) upon the reasonable request of the Administrative Consent Party, cause the relevant Restricted
Subsidiary (other than any Excluded Subsidiary) to deliver to the Administrative Agent a signed copy of a customary opinion of
counsel for such Restricted Subsidiary, addressed to the Administrative Agent and the other relevant Secured Parties.

 

(b) Within 120
days after the acquisition by any Domestic Loan Party of any Material Real Estate Asset other than any Excluded Asset (or such
longer period as the Administrative Consent Party may reasonably agree), the Borrower shall cause such Domestic Loan Party to comply
with the requirements set forth in clause (b) of the definition of “Collateral and Guarantee Requirement”; it
being understood and agreed that, with respect to any Material Real Estate Asset (other than any Excluded Asset) owned by any Domestic
Subsidiary at the time such Domestic Subsidiary is required to become a Loan Party under ‎Section 5.12(a) above, such
Material Real Estate Asset shall be deemed to have been acquired by such Domestic Subsidiary on the first day of the time period
within which such Domestic Subsidiary is required to become a Loan Party under ‎Section 5.12(a).

 

    146

     

    

 

Notwithstanding anything to the contrary
herein or in any other Loan Document, (i) the Administrative Consent Party may grant extensions of time (including after the expiration
of any relevant period, which apply retroactively) for the creation and perfection of security interests in, or obtaining of title
insurance, legal opinions, surveys or other deliverables with respect to, particular assets or the provision of any Loan Guaranty
by any Restricted Subsidiary, and each Lender hereby consents to any such extension of time, (ii) any Lien required to be granted
from time to time pursuant to the definition of “Collateral and Guarantee Requirement” shall be subject to the exceptions
and limitations set forth in the Collateral Documents, (iii) perfection by control shall not be required with respect to any asset
requiring perfection through control agreements or other control arrangements, including deposit accounts, securities accounts
and commodities accounts (other than control of pledged Capital Stock and/or Material Debt Instruments, in each case, that constitute
Collateral) and no blocked account agreement, account control agreement or similar agreement shall be required, (iv) no Loan Party
shall be required to seek any landlord waiver, bailee letter, estoppel, warehouseman waiver or other collateral access or similar
letter or agreement, (v) no Loan Party will be required to (1) take any action or grant or perfect any security interest in any
asset located outside of the U.S. or (solely with respect to the Dutch Loan Parties and any other Loan Party that owns Capital
Stock of any Dutch Loan Party) the Netherlands or conduct any foreign lien search, (2) execute any foreign law guarantee, security
agreement, pledge agreement, mortgage, deed or charge other than (solely with respect to the Dutch Loan Parties) the Dutch Collateral
Documents or (3) make any foreign or multinational intellectual property filing (other than intellectual property registered in
the Netherlands and pledged pursuant to any Dutch Collateral Document), prepare any foreign or multinational intellectual property
schedule with respect to any assets of any Loan Party (other than intellectual property registered in the Netherlands and pledged
pursuant to any Dutch Collateral Document), conduct any foreign or multinational intellectual property search or enter into any
source code escrow arrangement or register any intellectual property, (vi) in no event will the Collateral include any Excluded
Assets, (vii) no action shall be required to perfect any Lien with respect to (x) any vehicle or other asset subject to a certificate
of title, or any retention of title, extended retention of title rights, or similar rights and/or (y) Letter-of-Credit Rights,
in each case to the extent that a security interest therein (A) cannot be perfected by filing a Form UCC-1 (or similar) “all
assets” financing statement or (B) is not effective pursuant to the Dutch Collateral Documents without the requirement to
list any VIN, serial or other number and (viii) the Administrative Agent shall not require the taking of a Lien on, or require
the perfection of any Lien granted in, those assets as to which the cost, burden, difficulty or consequence (including any effect
on the ability of the relevant Loan Party to conduct its operations and business in the ordinary course of business) of obtaining
or perfecting such Lien (including any mortgage, stamp, intangibles or other tax or expenses relating to such Lien) outweighs,
or is excessive in relation to, the benefit to the Lenders of the security afforded thereby as determined in good faith by the
Borrower and the Administrative Consent Party.

 

Additionally, (i) no action shall be required
to create or perfect a Lien in any asset in respect of which the creation or perfection of a security interest therein would (1)
be prohibited by enforceable anti-assignment provisions set forth in any contract that is permitted or otherwise not prohibited
by the terms of this Agreement, (2) violate the terms of any contract relating to such asset that is permitted or otherwise not
prohibited by the terms of this Agreement, in each case, after giving effect to the applicable anti-assignment provisions of the
UCC or other applicable law or (3) trigger termination of any contract relating to such asset that is permitted or otherwise not
prohibited by the terms of this Agreement pursuant to any “change of control” or similar provision, it being understood
that (x) the Collateral shall include any proceeds and/or receivables arising out of any contract described in this clause (other
than Excluded Assets) to the extent the assignment of such proceeds or receivables is expressly deemed effective under the UCC
or other applicable Requirements of Law notwithstanding the relevant prohibition, violation or termination right and (y) the contractual
prohibitions or contractual provisions that would be so violated or that would trigger any such termination under clause (1), (2)
or (3) above existed on the Closing Date (or in the case of any contract of a subsidiary that is acquired following the Closing
Date, as of the date of such acquisition) and were not entered into in contemplation of the Closing Date (or such acquisition,
as applicable), (ii) no Loan Party shall be required to create or perfect a security interest in any asset to the extent the creation
or perfection of a security interest in such asset would (A) be prohibited under any applicable Requirement of Law, after giving
effect to any applicable anti-assignment provision of the UCC or other applicable Requirements of Law and other than proceeds thereof
(other than Excluded Assets) to the extent that the assignment of such proceeds is effective under the UCC or other applicable
Requirements of Law notwithstanding such Requirement of Law, (B) require any governmental consent, approval, license or authorization
(unless such consent, approval, license or authorization has been obtained), after giving effect to any applicable anti-assignment
provision of the UCC or other applicable Requirements of Law and other than proceeds thereof (other than Excluded Assets) to the
extent that the assignment of such proceeds is effective under the UCC or other applicable Requirements of Law notwithstanding
such consent or restriction and/or (C) result in adverse tax consequences or adverse regulatory consequences to any Loan Party
or any of its subsidiaries or Parent Companies as determined by the Borrower in good faith following consultation with the Administrative
Consent Party, (iii) any joinder or supplement to any Loan Guaranty, any Collateral Document and/or any other Loan Document executed
by any Restricted Subsidiary that is required to become a Loan Party pursuant to ‎Section 5.12(a) above may, with the
consent of the Administrative Consent Party (not to be unreasonably withheld, conditioned or delayed), include such schedules (or
updates to schedules) as may be necessary to qualify any representation or warranty set forth in any Loan Document to the extent
necessary to ensure that such representation or warranty is true and correct to the extent required thereby or by the terms of
any other Loan Document and (iv) (A) no Loan Party will be required to take any action required under the Federal Assignment of
Claims Act or any similar law and (B) no Secured Party will be permitted to exercise any right of setoff in respect of any account
maintained solely for the purpose of receiving and holding government receivables.

 

    147

     

    

 

Section 5.13. Sanctions
Policies and Procedures. Reasonably promptly following the Closing Date, the Borrower will implement and maintain policies and
procedures reasonably designed to ensure compliance with applicable economic sanctions and export control laws (including, without
limitation, economic sanctions administered by OFAC).

 

Section 5.14. Maintenance
of Fiscal Year. The Borrower shall, and shall cause each of its Restricted Subsidiaries to, maintain its Fiscal Year-end as
in effect on the Closing Date, except as permitted by (x) prior to the Disposition Date, the Administrative Consent Party, in which
case the Borrower and the Administrative Consent Party will, and are hereby authorized to (without requiring the consent of any
other Person including any Lender), make any adjustments to this Agreement that are necessary to reflect such change in Fiscal
Year and (y) on or after the Disposition Date, the Required Lenders; provided that any Restricted Subsidiary shall be permitted
to change its Fiscal Year-end to be the same as the Fiscal Year-end of the Borrower.

 

Section 5.15. Further
Assurances. Promptly upon the reasonable request of the Administrative Agent and subject to the limitations described in ‎Section
5.12 (but only to the extent required pursuant to the Collateral and Guarantee Requirement):

 

(a) The Borrower
will, and will cause each other Loan Party to, execute any and all further documents, financing statements, agreements, instruments,
certificates, notices and acknowledgments and take all such further actions (including the filing and recordation of financing
statements, fixture filings, Mortgages and/or amendments thereto and other documents), that may be required under any applicable
Requirement of Law and which the Administrative Agent may reasonably request to ensure the perfection and priority of the Liens
created or intended to be created under the Collateral Documents, all at the expense of the relevant Loan Parties.

 

(b) The Borrower
will, and will cause each other Loan Party to, (i) correct any material defect or error that may be discovered in the execution,
acknowledgment, filing or recordation of any Collateral 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
(including notices to third parties), deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably
request from time to time in order to ensure the creation and perfection of the Liens created under the Collateral Documents.

 

Section 5.16. Conduct
of Business. The Borrower and its Restricted Subsidiaries shall engage only in those material lines of business that consist
of (a) the businesses engaged in by the Borrower or any Restricted Subsidiary on the Closing Date, reasonably related, similar,
incidental, complementary, ancillary, corollary, synergistic or related businesses, and/or a reasonable extension of such businesses
and (b) such other lines of business to which (x) prior to the Disposition Date, the Administrative Consent Party may consent and
(y) on or after the Disposition Date, the Required Lenders may consent.

 

    148

     

    

 

Section 5.17. Post-Closing
Actions. The Borrower shall take the actions set forth on Schedule ‎5.17 within the applicable time periods specified
thereon (or by such later time as the Administrative Consent Party may reasonably agree).

 

Section 5.18. Fiscal
Unity Termination.

 

(a) If, at any
time, a Dutch Loan Party is part of a Dutch CIT Fiscal Unity and such Dutch CIT Fiscal Unity is, in respect of such Dutch Loan
Party, terminated (verbroken) or disrupted (beëindigd) as a result of or in connection with the Administrative
Agent enforcing its rights under any Collateral Document, such Dutch Loan Party shall, together with the parent (moedermaatschappij)
or deemed parent (aangewezen moedermaatschappij) of the Dutch CIT Fiscal Unity, for no consideration and as soon as possible,
lodge a request with the relevant Governmental Authority to allocate and surrender any tax losses as referred to in Article 20
of the Dutch CITA to the Dutch Loan Party leaving the Dutch CIT Fiscal Unity within the meaning of Article 15af of the Dutch CITA),
to the extent such tax losses are attributable (toerekenbaar) to the Dutch Loan Party leaving the Dutch CIT Fiscal Unity.

 

(b) For purposes
of this Section, the following terms shall have the following meaning:

 

(i) “Dutch
CITA” means the Dutch Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969).

 

(ii) “Dutch
CIT Fiscal Unity” means a fiscal unity (fiscale eenheid) for Dutch corporate income tax purposes.

 

(iii) “Dutch
Loan Party” means a Loan Party resident for Tax purposes in the Netherlands and includes any Loan Party carrying on a
business through a permanent establishment or deemed permanent establishment taxable in the Netherlands.

 

Section 5.19. Centre
of Main Interests. Each Loan Party incorporated in a jurisdiction where the EU Insolvency Regulation applies shall maintain
its centre of main interests in the jurisdiction of incorporation for the purposes of the EU Insolvency Regulation.

 

Article
6 NEGATIVE COVENANTS

 

From the Closing Date
and until the Termination Date has occurred, Holdings (solely with respect to ‎Section 6.14) and the Borrower covenant
and agree with the Lenders that:

 

Section 6.01. Indebtedness.
The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume
or otherwise become liable with respect to any Indebtedness, except:

 

(a) the Secured
Obligations (including any Additional Term Loans and any Additional Revolving Loans);

 

(b) Indebtedness
of the Borrower or any Restricted Subsidiary to the Borrower or any other Restricted Subsidiary (or issued to any Parent Company
which is substantially contemporaneously transferred to the Borrower or any Restricted Subsidiary) to the extent permitted as an
Investment under Section 6.06; provided that all such Indebtedness of any Loan Party to any Restricted Subsidiary
that is not a Loan Party must be expressly subordinated to the Obligations of such Loan Party pursuant to the Intercompany Note
or on other terms that are reasonably acceptable to the Administrative Consent Party;

 

    149

     

    

 

(c) Indebtedness
of any Joint Venture or Indebtedness of the Borrower or any Restricted Subsidiary incurred on behalf of any Joint Venture or any
Guarantees by the Borrower or any Restricted Subsidiary of Indebtedness of any Joint Venture in an aggregate outstanding principal
amount for all such Indebtedness not to exceed at any time the greater of $30,000,000 and 32% of Consolidated Adjusted EBITDA as
of the last day of the most recently ended Test Period;

 

(d) Indebtedness
arising from any agreement providing for indemnification, adjustment of purchase price or similar obligations (including contingent
earn-out or similar obligations), or payment obligations in respect of any non-compete, consulting or similar arrangements, in
each case incurred in connection with any Disposition permitted hereunder, any acquisition or other Investment permitted hereunder
or consummated prior to the Closing Date or any other purchase of assets or Capital Stock, and Indebtedness arising from Guarantees,
letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments securing the performance of the Borrower
or any such Restricted Subsidiary pursuant to any such agreement;

 

(e) Indebtedness
of the Borrower and/or any Restricted Subsidiary (i) pursuant to tenders, statutory obligations (including health, safety and environmental
obligations), bids, leases, governmental contracts, trade contracts, surety, indemnity, stay, customs, judgment, appeal, performance,
completion and/or return of money bonds or Guarantees or other similar obligations incurred in the ordinary course of business
and (ii) in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments to support any
of the foregoing items;

 

(f) Indebtedness
of the Borrower and/or any Restricted Subsidiary in respect of Banking Services (including Indebtedness arising from the financing
or honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in
the ordinary course of business), including Banking Services Obligations and incentive, supplier finance or similar programs;

 

(g) (i) Guarantees
by the Borrower and/or any Restricted Subsidiary of the obligations of suppliers, customers, franchisees, licensees, sublicensees
and cross-licensees in the ordinary course of business, (ii) Indebtedness (A) incurred in the ordinary course of business in respect
of obligations of the Borrower and/or any Restricted Subsidiary to pay the deferred purchase price of property or services or progress
payments in connection with such property and services or (B) consisting of obligations under deferred purchase price or other
similar arrangements incurred in connection with Permitted Acquisitions or any other Investment expressly permitted hereunder and
(iii) Indebtedness in respect of letters of credit, bankers’ acceptances, bank guaranties or similar instruments supporting
trade payables, warehouse receipts or similar facilities entered into in the ordinary course of business;

 

(h) Guarantees
(including any co-issuance) by the Borrower and/or any Restricted Subsidiary of Indebtedness or other obligations of the Borrower,
any Restricted Subsidiary and/or any Joint Venture with respect to Indebtedness otherwise permitted to be incurred pursuant to
this ‎Section 6.01 or other obligations not prohibited by this Agreement; provided that in the case of any such
Guarantee by any Loan Party of the obligations of any non-Loan Party, the related Investment is permitted under ‎Section
6.06;

 

    150

     

    

 

(i) Indebtedness
of the Borrower and/or any Restricted Subsidiary existing, or pursuant to commitments existing (or anticipated), on the Closing
Date and, with respect to any such item of Indebtedness in an aggregate committed or principal amount in excess of $1,000,000,
described on Schedule ‎6.01;

 

(j) Indebtedness
of Restricted Subsidiaries that are not Loan Parties; provided that the aggregate outstanding principal amount of Indebtedness
incurred pursuant to this clause shall not exceed the greater of $40,000,000 and 42% of Consolidated Adjusted EBITDA as of the
last day of the most recently ended Test Period;

 

(k) Indebtedness
of the Borrower and/or any Restricted Subsidiary consisting of obligations owing under incentive, supply, license, sub-license
or similar agreements entered into in the ordinary course of business;

 

(l) Indebtedness
of the Borrower and/or any Restricted Subsidiary consisting of (i) the financing of insurance premiums, (ii) take-or-pay obligations
contained in supply arrangements in the ordinary course of business and/or (iii) obligations to reacquire assets or inventory in
connection with customer financing arrangements in the ordinary course of business;

 

(m) Indebtedness
of the Borrower and/or any Restricted Subsidiary with respect to Financing Leases and purchase money Indebtedness (including mortgage
financing, industrial revenue bond, industrial development bond or similar financings) or Indebtedness to finance the construction,
purchase, repair, replacement or improvement of any fixed or capital asset, incurred concurrently with or within 270 days after
the applicable construction, purchase, repair, replacement or improvement, in an aggregate outstanding principal amount not to
exceed the greater of $40,000,000 and 42% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

 

(n) Indebtedness
of any Person that becomes a Restricted Subsidiary or Indebtedness assumed in connection with a Permitted Acquisition or other
Investment permitted hereunder after the Closing Date; provided that (i) such Indebtedness (A) existed at the time
such Person became a Restricted Subsidiary or the assets subject to such Indebtedness were acquired and (B) was not created or
incurred in anticipation thereof and (ii) either (A) the Borrower is in compliance with the applicable ratio set forth in
clause (e) of the definition of Incremental Cap based on whether such Indebtedness is secured by a pari passu lien on the Collateral
or a junior Lien on the Collateral or is unsecured or secured by Liens on assets of Restricted Subsidiaries that are not Loan Parties
(and for such purpose, such Indebtedness shall be deemed to have been incurred to finance a Permitted Acquisition or other Investment
permitted hereunder), calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period or (B) the aggregate
outstanding principal amount of such Indebtedness does not exceed the greater of $25,000,000 and 26% of Consolidated Adjusted EBITDA
as of the last day of the most recently ended Test Period;

 

(o) Indebtedness
consisting of promissory notes issued by the Borrower or any Restricted Subsidiary to any stockholder of any Parent Company or
any Permitted Payee to finance the purchase or redemption of Capital Stock of any Parent Company permitted by Section 6.04(a)(ii);

 

    151

     

    

 

(p) the Borrower
and its Restricted Subsidiaries may become and remain liable for any Indebtedness extending, refinancing, refunding or replacing
any Indebtedness permitted under clauses ‎(a), ‎(c), ‎(i), (j), ‎(m), ‎(n),
‎(r), (u), ‎(v), ‎(w), ‎(y), ‎(z), ‎(dd) and ‎(gg)
of this ‎Section 6.01 (in any case, including any extending, refinancing, refunding or replacing Indebtedness incurred
in respect thereof, “Refinancing Indebtedness”) and any subsequent Refinancing Indebtedness in respect thereof;
provided that (i) the principal amount of such Refinancing Indebtedness does not exceed the principal amount of the Indebtedness
being extended, refinanced, refunded or replaced, except by (A) an amount equal to unpaid accrued interest, penalties and premiums
(including tender premiums) thereon plus underwriting discounts and other customary fees, commissions and expenses (including upfront
fees, closing payments, original issue discount or initial yield payments) incurred in connection with the relevant extension,
refinancing, refunding or replacement and (B) an amount equal to any existing commitments unutilized thereunder (provided
that if such additional Indebtedness is secured, the Lien securing such Indebtedness is permitted under ‎Section 6.02),
(ii) in the case of Refinancing Indebtedness with respect to clauses ‎(a) and (z) (other than (x) customary bridge
loans with a maturity date not longer than one year; provided that either (1) the terms of such bridge loans provide for
automatic extension of the maturity date thereof to a date that is not earlier than the Initial Term Loan Maturity Date or (2)
any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject
to the requirements of this clause ‎(ii) and (y) Refinancing Indebtedness (as selected by the Borrower) in an aggregate
principal amount not exceeding the Available Maturity Exception Amount at the time of the incurrence of such Refinancing Indebtedness),
such Refinancing Indebtedness has (A) a final maturity on or later than (and, in the case of revolving Indebtedness, does not require
mandatory commitment reductions, if any, prior to) the earlier of (x) the Latest Term Loan Maturity Date at the time of the incurrence
of such Refinancing Indebtedness and (y) the final maturity of the Indebtedness being extended, refinanced, refunded or replaced
and (B) other than with respect to revolving Indebtedness, a Weighted Average Life to Maturity equal to or greater than (x) the
Weighted Average Life to Maturity of the Indebtedness being extended, refinanced, refunded or replaced or (y) the then-remaining
greatest Weighted Average Life to Maturity of the outstanding Term Loans at the time of the incurrence of such Refinancing Indebtedness,
(iii) with respect to any Refinancing Indebtedness with an original principal amount in excess of the Threshold Amount, the terms
thereof (excluding pricing, fees, premiums, rate floors, optional prepayment or redemption terms (and, if applicable, subordination
terms) and, with respect to Refinancing Indebtedness incurred in respect of Indebtedness permitted under clause ‎(a)
above, security) are not, taken as a whole (as determined by the Borrower in good faith), more favorable to the lenders providing
such Indebtedness than those applicable to the Indebtedness being extended, refinanced, refunded or replaced (other than any covenants
or any other terms or provisions (X) applicable only to periods after the maturity date of the Indebtedness being extended, refinanced,
refunded or replaced at the time of the incurrence of such Refinancing Indebtedness, (Y) that are then-current market terms (as
determined by the Borrower in good faith at the time of incurrence or issuance (or the obtaining of a commitment with respect thereto))
for the applicable type of Indebtedness or (Z) which are conformed (or added) to the Loan Documents for the benefit of the Lenders
or, as applicable, the Administrative Agent, pursuant to an amendment to this Agreement effectuated in reliance on ‎Section
9.02(d)(ii)), (iv) the incurrence thereof shall be without duplication of any amounts outstanding in reliance on the relevant
clause of this ‎Section 6.01 pursuant to which the Indebtedness being extended, refinanced, refunded or replaced was
incurred (i.e., the incurrence of such Refinancing Indebtedness shall not create availability under such relevant clause), (v)
except in the case of Refinancing Indebtedness incurred in respect of Indebtedness permitted under clause ‎(a) of this
‎Section 6.01, (A) such Indebtedness, if secured, is secured only by Permitted Liens at the time of such extension,
refinancing, refunding or replacement (it being understood that secured Indebtedness may be refinanced with unsecured Indebtedness),
(B) such Indebtedness is incurred by the obligor or obligors in respect of the Indebtedness being extended, refinanced, refunded
or replaced, except to the extent otherwise permitted pursuant to ‎Section 6.01 (it being understood that Holdings may
not be the primary obligor of the applicable Refinancing Indebtedness if Holdings was not the primary obligor on the relevant refinanced
Indebtedness) and (C) if the Indebtedness being extended, refinanced, refunded or replaced was contractually subordinated to the
Obligations in right of payment (or the Liens securing such Indebtedness were contractually subordinated to the Liens on the Collateral
securing the Secured Obligations), such Indebtedness is contractually subordinated to the Obligations in right of payment (or the
Liens securing such Indebtedness are subordinated to the Liens on the relevant Collateral securing the Secured Obligations) either
(x) on terms not materially less favorable, taken as a whole, to the Lenders than those applicable to the Indebtedness (or Liens,
as applicable) being extended, refinanced, refunded or replaced, taken as a whole (as determined by the Borrower in good faith)
or (y) pursuant to an Acceptable Intercreditor Agreement, (vi) except in the case of Refinancing Indebtedness with respect to clause
‎(a) of this ‎Section 6.01, as of the date of the incurrence of such Indebtedness and after giving effect thereto,
there shall exist no Specified Event of Default and (vii) in the case of Refinancing Indebtedness incurred in respect of Indebtedness
permitted under clause ‎(a) of this ‎Section 6.01 (which shall constitute Replacement Debt), (A) such Refinancing
Indebtedness is pari passu or junior in right of payment and secured by the Collateral on a pari passu or junior basis with respect
to the remaining Secured Obligations hereunder, or is unsecured; provided that any such Refinancing Indebtedness that is
pari passu or junior with respect to the Collateral shall be subject to an Acceptable Intercreditor Agreement, (B) if such Refinancing
Indebtedness is secured, it is not secured by any assets other than the Collateral, (C) if such Refinancing Indebtedness is Guaranteed,
it shall not be Guaranteed by any Person other than a Loan Party and (D) such Refinancing Indebtedness is incurred under (and pursuant
to) documentation other than this Agreement, it being understood and agreed that any such Refinancing Indebtedness may participate
(x) in any voluntary prepayment of Term Loans as set forth in ‎Section 2.11(a)(i) and (y) in any mandatory prepayment
of Term Loans as set forth in ‎Section 2.11(b)(vi);

 

    152

     

    

 

(q) endorsement
of instruments or other payment items for collection or deposit in the ordinary course of business;

 

(r) Indebtedness
in respect of any Additional Letter of Credit Facility in an aggregate principal or face amount at any time outstanding not to
exceed the greater of $9,500,000 and 10% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

 

(s) Indebtedness
of the Borrower and/or any Restricted Subsidiary under any Derivative Transaction not entered into for speculative purposes;

 

(t) Indebtedness
arising under Guarantees entered into pursuant to Section 2:403 of the Dutch Civil Code in respect of a group company (groepsmaatschappij)
incorporated in the Netherlands and any residual liability with respect to such Guarantees arising under Section 2:404 of the Dutch
Civil Code;

 

(u) Indebtedness
of the Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount at any time outstanding not to exceed
the greater of $50,000,000 and 53% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

 

(v) Indebtedness
of the Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed (x) prior to the Disposition
Date, 100% and (y) on or after the Disposition Date, 200%, of the aggregate cash contributions to Holdings in the form of Permitted
Equity (which are further contributed to the U.S. Borrower in the form of common equity) after the Closing Date, in each case other
than (A) any proceeds received from the sale of Capital Stock to, or contributions from, the Borrower or any of its Restricted
Subsidiaries, (B) to the extent the relevant proceeds have otherwise been applied to make Investments, Restricted Payments or Restricted
Debt Payments hereunder and (C) Cure Amounts and/or any Available Excluded Contribution Amount;

 

(w) Indebtedness
arising under a Receivables Facility in an aggregate principal amount at any time outstanding not to exceed the greater of $28,500,000
and 30% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

 

(x) [reserved];

 

    153

     

    

 

(y) Indebtedness
of the Borrower and/or any Restricted Subsidiary incurred in connection with Sale and Lease-Back Transactions permitted pursuant
to ‎Section 6.08;

 

(z) Incremental
Equivalent Debt; provided that the aggregate principal amount of Incremental Equivalent Debt incurred by Restricted Subsidiaries
that are not Loan Parties shall not exceed the greater of $40,000,000 and 42% of Consolidated Adjusted EBITDA as of the last day
of the most recently ended Test Period;

 

(aa) Indebtedness
(including obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments
with respect to such Indebtedness) incurred by the Borrower and/or any Restricted Subsidiary in respect of workers’ compensation
claims (or other Indebtedness in respect of reimbursement type obligations regarding workers’ compensation claims), unemployment
insurance (including premiums related thereto), other types of social security, pension obligations, vacation pay, health, disability
or other employee benefits or property, casualty or liability insurance or self-insurance;

 

(bb) Indebtedness
of the Borrower and/or any Restricted Subsidiary representing (i) deferred compensation to current and former directors, officers,
employees, members of management, managers and consultants of any Parent Company, the Borrower and/or any Restricted Subsidiary
in the ordinary course of business and (ii) deferred compensation or other similar arrangements in connection with the Transactions,
any Permitted Acquisition or any other Investment permitted hereby;

 

(cc) Indebtedness
of the Borrower and/or any Restricted Subsidiary in respect of any letter of credit or bank guarantee issued in favor of any issuing
bank or swingline lender to support any defaulting lender’s participation in letters of credit issued, or swingline loans
made, hereunder or under any Additional Letter of Credit Facility;

 

(dd) Indebtedness
of the Borrower or any Restricted Subsidiary supported by any letter of credit issued hereunder or under any Additional Letter
of Credit Facility or any other letters of credit or bank guarantees permitted hereunder;

 

(ee) unfunded
pension fund and other employee benefit plan obligations and liabilities incurred by the Borrower and/or any Restricted Subsidiary
in the ordinary course of business to the extent that the unfunded amounts would not otherwise cause an Event of Default under
‎Section 7.01(i);

 

(ff) without
duplication of any other Indebtedness, all premiums (if any), interest (including post-petition interest and payment in kind interest),
accretion or amortization of original issue discount, fees, expenses and charges with respect to Indebtedness of the Borrower and/or
any Restricted Subsidiary hereunder;

 

(gg) (i) to the
extent constituting Indebtedness, obligations under the Acquisition Agreement and (ii) any Indebtedness permitted to remain outstanding
after the Closing Date pursuant to the Acquisition Agreement (excluding any Indebtedness required to be refinanced pursuant to
the Refinancing);

 

(hh) customer
deposits and advance payments received in the ordinary course of business from customers for goods and services purchased in the
ordinary course of business;

 

(ii) Indebtedness
(other than for borrowed money) not otherwise permitted under this Section 6.01 subject to Liens permitted by Section
6.02;

 

    154

     

    

 

(jj) [reserved];

 

(kk) (i) Indebtedness
in connection with bankers’ acceptances, discounted bills of exchange or the discounting or factoring of receivables for
credit management purposes, in each case incurred or undertaken in the ordinary course of business on arm’s-length commercial
terms and (ii) the incurrence of Indebtedness attributable to the exercise of appraisal rights or the settlement of any claims
or actions (whether actual, contingent or potential) with respect to the Transactions or any other acquisition (by merger, consolidation
or amalgamation or otherwise) in accordance with the terms hereof;

 

(ll) obligations
in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any subsidiary
of the Borrower to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed
in jurisdictions other than within the United States;

 

(mm) any joint
and several liability arising by operation of law or as a result of (or the establishment of) a fiscal unity (fiscale eenheid)
for Dutch tax purposes of which only Dutch Loan Parties are or have been a member; and

 

(nn) Indebtedness
of Restricted Subsidiaries that are not Loan Parties incurred to fund working capital requirements in an aggregate principal amount
at any time outstanding not to exceed the greater of $30,000,000 and 32% of Consolidated Adjusted EBITDA as of the last day of
the most recently ended Test Period.

 

Section 6.02. Liens.
The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, create, incur, assume or permit or suffer to
exist any Lien on or with respect to any property of any kind owned by it, whether now owned or hereafter acquired, or any income
or profits therefrom, in each case securing Indebtedness except:

 

(a) Liens created
pursuant to the Loan Documents securing the Secured Obligations (including Cash collateralization of Letters of Credit as set forth
in ‎Section 2.05);

 

(b) Liens for
Taxes or other governmental charges which are not overdue for a period of more than 60 days or, if more than 60 days overdue (i)
are being contested in accordance with ‎Section 5.03 or (ii) with respect to which the failure to make payment would
not reasonably be expected to have a Material Adverse Effect;

 

(c) statutory
or common law Liens (and rights of set-off) of landlords, sub landlords, construction contractors, banks, carriers, warehousemen,
mechanics, repairmen, workmen and materialmen, and other Liens imposed by applicable Requirements of Law, in each case incurred
in the ordinary course of business (i) for amounts not yet overdue by more than 60 days, (ii) for amounts that are overdue by more
than 60 days (A) that are being contested in good faith by appropriate proceedings, so long as any reserves or other appropriate
provisions required by GAAP have been made for any such contested amounts or (B) with respect to which no filing or other action
has been taken to enforce such Lien or (iii) with respect to which the failure to make payment would not reasonably be expected
to have a Material Adverse Effect;

 

    155

     

    

 

(d) Liens incurred
(i) in the ordinary course of business in connection with workers’ compensation, unemployment insurance, health, disability
or employee benefits and other types of social security laws and regulations, (ii) in the ordinary course of business to secure
the performance of tenders, statutory obligations, warranties, surety, stay, customs and appeal bonds, bids, leases, government
contracts, trade contracts (including customer contracts), indemnitees, performance, completion and return-of-money bonds and other
similar obligations (including those to secure (x) health, safety and environmental obligations and (y) letters of credit and bank
guarantees required or requested by any Governmental Authority in connection with any contract or Requirement of Law) (in each
case, exclusive of obligations for the payment of borrowed money), (iii) pursuant to pledges and deposits of Cash or Cash Equivalents
in the ordinary course of business securing (x) any liability for reimbursement (including in respect of deductibles, and premiums
and adjustments related thereto) or indemnification (including obligations in respect of letters of credit, bank guarantees or
similar documents or instruments for the benefit of) obligations of insurance brokers or carriers providing property, casualty,
liability or other insurance or self-insurance to Holdings, the Borrower and its subsidiaries (including deductibles, self-insurance,
co-payment, co-insurance and retentions) or (y) leases or licenses of property otherwise permitted by this Agreement and (iv) to
secure obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments posted
with respect to the items described in clauses ‎(i) through ‎(iii) above;

 

(e) Liens consisting
of easements, covenants, conditions, site plan agreements, development agreements, operating agreements, cross-easement agreements,
reciprocal easement agreements, applicable Requirements of Law, rights-of-way, reservations, restrictions, encroachments, servitudes
for railways, sewers, drains, gas and oil and other pipelines, gas and water mains, electric light and power and telecommunication,
telephone or telegraph or cable television conduits, poles, wires and cables and other similar protrusions or encumbrances, agreements
and other similar matters of fact or record and other minor defects or irregularities in title, in each case (x) which do not,
in the aggregate, materially interfere with the ordinary conduct of the business of the Borrower and/or its Restricted Subsidiaries,
taken as a whole, or (y) materially interfere with the use of the affected property for its intended purpose;

 

(f) Liens consisting
of any (i) interest or title held by a lessor, sub-lessor, licensor or sub-licensor under any lease, license, sub-license or similar
arrangement of real estate or other property (including any technology, intellectual property or IP Rights) permitted hereunder,
(ii) landlord lien arising by law or permitted by the terms of any lease, sub-lease, license, sub-license or similar arrangement,
(iii) restriction or encumbrance to which the interest or title of such lessor, sub-lessor, licensor or sub-licensor may be
subject, (iv) subordination of the interest of the lessee, sub-lessee, licensee or sub-licensee under such lease, sub-lease, license,
sub-license or similar arrangement to any restriction or encumbrance referred to in the preceding clause ‎(iii) or (v) deposit
of cash with the owner or lessor of premises leased and operated by the Borrower or any Restricted Subsidiary in the ordinary course
of business to secure the performance of obligations under the terms of the lease for such premises;

 

(g) Liens (i)
solely on any Cash (or Cash Equivalent) earnest money deposits (including as part of any escrow arrangement) made by the Borrower
and/or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement with respect to any Investment
permitted hereunder (or to secure letters of credit, bank guarantees or similar instruments posted in respect thereof), (ii) on
advances of Cash or Cash Equivalents in favor of the seller of any property to be acquired in an Investment permitted pursuant
to ‎Section 6.06‎(b), ‎(d), ‎(e), ‎(f), ‎(p), ‎(q), ‎(r),
(u), ‎(x), ‎(y), or ‎(dd) to be applied against the purchase price for such Investment
or (iii) consisting of (A) an agreement to Dispose of any property in a Disposition permitted under ‎Section 6.07 and/or
(B) the pledge of Cash or Cash Equivalents as part of an escrow or similar arrangement required in any Disposition permitted under
‎Section 6.07;

 

    156

     

    

 

(h) precautionary
or purported Liens evidenced by the filing of UCC financing statements or similar financing statements under applicable Requirements
of Law relating solely to (i) operating leases or consignment or bailee arrangements entered into in the ordinary course of business,
(ii) the sale of accounts receivable in the ordinary course of business for which a UCC financing statement or similar financing
statement under applicable Requirements of Law is required and/or (iii) the sale of Receivables Facility Assets and related assets
in connection with any Qualified Receivables Facility;

 

(i) 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;

 

(j) Liens in
connection with any zoning, building or similar Requirement of Law or rights reserved to or vested in any Governmental Authority
to control or regulate the use of any dimensions of real property or any structure thereon, including Liens in connection with
any condemnation or eminent domain proceeding or compulsory purchase order;

 

(k) Liens securing
Indebtedness permitted pursuant to Section 6.01(p) (solely with respect to the permitted extension, refinancing, refunding
or replacement of Indebtedness permitted pursuant to Section 6.01‎(a), ‎(c), ‎(i), (j),
‎(m), ‎(n), ‎(r), (u), ‎(v), ‎(w), ‎(y), ‎(z),
‎(dd) and ‎(gg)); provided that (i) no such Lien extends to any asset not covered by the Lien securing
the Indebtedness that is being refinanced 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 6.01 (to the extent such Indebtedness is permitted
to be secured under Section 6.02) and (B) proceeds and products thereof, replacements, accessions or additions thereto and
improvements thereon (it being understood that such extensions, refinancings, refundings or replacements of individual financings
of the type permitted under ‎Section 6.01(m) provided by any lender may be cross-collateralized to other financings
of such type provided by such lender or its Affiliates) and (ii) if the Indebtedness being refinanced was subject to intercreditor
arrangements in respect of Liens on Collateral, then any refinancing Indebtedness in respect thereof secured by Liens on Collateral
shall be subject to intercreditor arrangements not materially less favorable to the Secured Parties, taken as a whole, than the
intercreditor arrangements governing the Indebtedness that is refinanced or the intercreditor arrangements governing the relevant
refinancing Indebtedness shall be set forth in an Acceptable Intercreditor Agreement;

 

(l) Liens existing
on the Closing Date and, with respect to each such Lien securing Indebtedness in an aggregate committed or principal amount in
excess of $1,000,000, described on Schedule ‎6.02 and any modification, replacement, refinancing, renewal or extension
thereof; provided that (i) no such Lien extends 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 6.01
(to the extent such Indebtedness is permitted to be secured under Section 6.02) and (B) proceeds and products thereof, replacements,
accessions or additions thereto and improvements thereon (it being understood that individual financings of the type permitted
under ‎Section 6.01(m) provided by any lender may be cross-collateralized to other financings of such type provided
by such lender or its Affiliates) and (ii) any such modification, replacement, refinancing, renewal or extension of the obligations
secured or benefited by such Liens, if constituting Indebtedness, is permitted by ‎Section 6.01;

 

(m) Liens arising
out of Sale and Lease-Back Transactions permitted under ‎Section 6.08;

 

(n) Liens securing
Indebtedness permitted pursuant to ‎Section 6.01(m); provided that any such Lien shall encumber only the asset
acquired, constructed, repaired, replaced or improved with the proceeds of such Indebtedness and proceeds and products thereof,
replacements, accessions or additions thereto and improvements thereon and customary security deposits with respect thereto (it
being understood that individual financings of the type permitted under ‎Section 6.01(m) provided by any lender may
be cross-collateralized to other financings of such type provided by such lender or its Affiliates);

 

    157

     

    

 

(o) Liens securing
Indebtedness permitted pursuant to ‎Section 6.01(n) on the relevant acquired assets or on the Capital Stock and assets
of the relevant newly-acquired Restricted Subsidiary; provided that no such Lien (x) extends to or covers any other assets
(other than the proceeds or products thereof, replacements, accessions or additions thereto and improvements thereon, it being
understood that individual financings of the type permitted under ‎Section 6.01(m) provided by any lender may be cross-collateralized
to other financings of such type provided by such lender or its Affiliates) or (y) was created in contemplation of the applicable
acquisition of assets or Capital Stock or of such Restricted Subsidiary becoming a Restricted Subsidiary;

 

(p) (i) Liens
that are contractual rights of set-off or netting relating to (A) the establishment of depositary relations with banks or other
financial institutions not granted in connection with the issuance of Indebtedness, (B) pooled deposit or sweep accounts of the
Borrower and/or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course
of business of the Borrower and/or any Restricted Subsidiary, (C) purchase orders and other agreements entered into with customers
of the Borrower and/or any Restricted Subsidiary in the ordinary course of business and (D) commodity trading or other brokerage
accounts incurred in the ordinary course of business, (ii) Liens encumbering reasonable customary initial deposits and margin
deposits, (iii) bankers Liens and rights and remedies as to Deposit Accounts, (iv) Liens of a collection bank arising under Section
4-208 or Section 4-210 of the UCC (or any similar Requirement of Law of any jurisdiction) on items in the ordinary course of business,
(v) Liens (including rights of set-off) in favor of banking or other financial institutions arising as a matter of law or under
customary general terms and conditions encumbering deposits or other funds maintained with a financial institution and that are
within the general parameters customary in the banking industry or arising pursuant to such banking institution’s general
terms and conditions and (vi) Liens on the proceeds of any Indebtedness permitted hereunder incurred in connection with any transaction
permitted hereunder, which proceeds have been deposited into an escrow account on customary terms to secure such Indebtedness pending
the application of such proceeds to finance such transaction or on Cash or Cash Equivalents set aside at the time of the incurrence
of such Indebtedness to the extent such Cash or Cash Equivalents prefund the payment of interest or fees on such Indebtedness and
are held in escrow pending application for such purpose;

 

(q) Liens on
assets of Restricted Subsidiaries that are not Loan Parties (including Capital Stock owned by such Persons) securing Indebtedness
or other obligations of Restricted Subsidiaries that are not Loan Parties permitted pursuant to ‎Section 6.01 (or not
prohibited under this Agreement);

 

(r) Liens securing
obligations (other than obligations representing Indebtedness for borrowed money) under operating, reciprocal easement or similar
agreements entered into in the ordinary course of business of the Borrower and/or its Restricted Subsidiaries;

 

(s) Liens disclosed
in any Mortgage Policy delivered pursuant to ‎Section 5.12 or ‎Section 5.15 with respect to any Material
Real Estate Asset, provided such Liens do not, in the aggregate, materially interfere with the use of such Material Real Estate
Asset, and any replacement, extension or renewal of any such Lien; provided that no such replacement, extension or renewal
Lien shall cover any property other than the property that was subject to such Lien prior to such replacement, extension or renewal
(and additions thereto, improvements thereon and the proceeds thereof);

 

    158

     

    

 

(t) Liens securing
Indebtedness incurred pursuant to Section ‎6.01(z); provided that, if any such Lien is on Collateral, the holders
of such Indebtedness (or a representative thereof) shall be party to an Acceptable Intercreditor Agreement;

 

(u) other Liens
on assets securing Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed the
greater of $50,000,000 and 53% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

 

(v) (i) Liens
on assets securing judgments, awards, attachments and/or decrees and notices of lis pendens and associated rights relating to litigation
being contested in good faith not constituting an Event of Default under ‎Section 7.01(h) and (ii) any cash deposits
securing any settlement of litigation;

 

(w) (i) leases,
licenses, subleases, sublicenses or cross-licenses granted to others, (ii) assignments of IP Rights granted to a customer
of the Borrower or any Restricted Subsidiary in the ordinary course of business which do not secure any Indebtedness or (iii) the
rights reserved or vested in any Person (including any Governmental Authority) by the terms of any lease, license, sub-license,
franchise, grant or permit held by the Borrower or any of the Restricted Subsidiaries or by a statutory provision, to terminate
any such lease, license, sub-license, franchise, grant or permit, or to require annual or periodic payments as a condition to the
continuance thereof;

 

(x) Liens on
Securities or other assets that are the subject of repurchase agreements constituting Investments permitted under ‎Section
6.06 arising out of such repurchase transaction;

 

(y) Liens securing
obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments permitted
under Sections ‎6.01(d), ‎(e), ‎(g), ‎(aa) and ‎(cc);

 

(z) Liens arising
(i) out of conditional sale, title retention, consignment or similar arrangements for the sale of any assets or property and bailee
arrangements in the ordinary course of business and permitted by this Agreement or (ii) by operation of law under Article 2 of
the UCC (or any similar Requirement of Law of any jurisdiction);

 

(aa) Liens (i)
in favor of any Loan Party and/or (ii) granted by any non-Loan Party in favor of any Restricted Subsidiary that is not a Loan Party,
in the case of each of clauses ‎(i) and ‎(ii), securing intercompany Indebtedness permitted under ‎Section
6.01 or ‎Section 6.06;

 

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

 

(cc) Liens on
specific items of inventory or other goods and the proceeds thereof securing the relevant Person’s obligations in respect
of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the
purchase, shipment or storage of such inventory or goods;

 

(dd) Liens securing
(i) obligations under Hedge Agreements in connection with any Derivative Transaction of the type described in ‎Section 6.01(s),
(ii) obligations of the type described in ‎Section 6.01(f) and/or (iii) obligations of the type described in ‎Section
6.01(r), which Liens (A) in each case under this ‎Section 6.02(dd), may be (but are not required to be) secured
by all of the Collateral so long as the Lien on the Collateral is subject to an Acceptable Intercreditor Agreement and (B) in the
case of clause ‎(iii) (to the extent not secured as provided in clause ‎(A)), may consist of pledges of Cash
collateral in an amount not to exceed the greater of $9,500,000 and 10% of Consolidated Adjusted EBITDA as of the last day of the
most recently ended Test Period;

 

    159

     

    

 

(ee) (i) Liens
on Capital Stock of Joint Ventures or Unrestricted Subsidiaries securing capital contributions to, or obligations of, such Persons
and (ii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect
to non-Wholly-Owned Subsidiaries;

 

(ff) Liens on
Cash or Cash Equivalents arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

(gg) Liens permitted
to remain outstanding following the Closing Date pursuant to the terms of the Acquisition Agreement (including Liens on Cash or
Cash Equivalents backstopping any letters of credit existing on the Closing Date) and any replacements, refinancings or renewals
thereof, so long as no such replacement, refinancings or renewal thereof increases the amount of such Lien except as otherwise
permitted by this Section 6.02;

 

(hh) Liens on
assets not constituting Collateral securing obligations in an aggregate principal amount at any time outstanding not to exceed
the greater of $19,000,000 and 20% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

 

(ii) Liens on
Receivables Facility Assets incurred in connection with a Receivables Facility permitted by Section 6.01(w);

 

(jj) undetermined
or inchoate Liens, rights of distress and charges incidental to current operations that have not at such time been filed or exercised,
or which relate to obligations not due or payable or, if due, the validity of such Liens are being contested in good faith by appropriate
actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in accordance
with GAAP;

 

(kk) with
respect to any Foreign Subsidiary, Liens and privileges arising mandatorily by any Requirement of Law; provided such Liens and
privileges extend only to the assets or Capital Stock of such Foreign Subsidiary;

 

(ll) ground leases
or subleases affecting real property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries
are located;

 

(mm) [reserved];

 

(nn) security
given to a public or private utility or any Governmental Authority as required in the ordinary course of business;

 

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

 

(pp) [reserved];

 

(qq) Liens in
the nature of the right of setoff in favor of counterparties to contractual agreements with the Borrower or any Restricted Subsidiary
in the ordinary course of business;

 

    160

     

    

 

(rr) Liens granted
pursuant to a security agreement between the Borrower or any Restricted Subsidiary and a licensee of IP Rights to secure the damages,
if any, incurred by such licensee resulting from the rejection of the license of such licensee in a bankruptcy, reorganization
or similar proceeding with respect to the Borrower or such Restricted Subsidiary;

 

(ss) Liens arising
solely in connection with rights of dissenting equity holders pursuant to any Requirement of Law in respect of the Transactions,
any Permitted Acquisition or other similar Investment;

 

(tt) any Lien
relating to cash pooling or arising under the general terms and conditions (Algemene Bank Voorwaarden) of any member of
the Dutch Bankers’ Association (Nederlandse Vereniging van Banken) or any similar term applied by a financial institution
in the Netherlands pursuant to its general terms and conditions;

 

(uu) any Lien
relating to any amounts of unpaid tax that may be subject to priority claims of the Dutch Tax Authorities pursuant to Section 21
of the Collection of State Taxes Act 1990 (Invorderingswet 1990) and in relation to which claims the Dutch Tax Authorities
may have a right of seizure in respect of fixtures and fittings found on the premises of a relevant tax debtor (bodemzaak)
pursuant to Section 22 and 22b of the Collection of State Taxes Act 1990 (Invorderingswet 1990); and

 

(vv) any Lien
including any netting or set-off arising as a result of a fiscal unity (fiscale eenheid) for Dutch tax purposes of which
only Dutch Loan Parties are or have been a member.

 

Section 6.03. No Further
Negative Pledges. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries that are Loan Parties to, enter
into any agreement prohibiting in any material respect the creation or assumption of any Lien upon any of its properties (other
than Excluded Assets), whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the Obligations,
except with respect to:

 

(a) restrictions
relating to any asset (or all of the assets) of and/or the Capital Stock of the Borrower and/or any Restricted Subsidiary which
are imposed pursuant to an agreement entered into in connection with any Disposition or other transfer, lease, license or sub-license
of such asset (or assets) and/or all or a portion of the Capital Stock of the relevant Person that is permitted or not restricted
by this Agreement;

 

(b) restrictions
contained in the Loan Documents, any Incremental Equivalent Debt, any Receivables Facility (limited to the assets securing the
Indebtedness arising thereunder) or any Additional Letter of Credit Facility (limited to the assets securing the Indebtedness arising
thereunder) (and in any Indebtedness permitted under ‎Section 6.01(p) to the extent relating to any extension, refinancing,
refunding or replacement of any of the foregoing);

 

(c) restrictions
contained in any documentation governing any other Indebtedness permitted by ‎Section 6.01 to the extent such restrictions
(1)(x) are, taken as a whole, in the good-faith judgment of the Borrower, not materially more restrictive as concerning the Borrower
or any Restricted Subsidiary than customary market terms for Indebtedness of such type or (y) are not materially more restrictive,
taken as a whole, than the restrictions contained in this Agreement (as determined by the Borrower in good faith) and (2) will
not materially impair any Borrower’s obligation or ability to make any payments required hereunder (as determined by the
Borrower in good faith);

 

    161

     

    

 

(d) restrictions
by reason of customary provisions restricting assignments, subletting, licensing, sublicensing or other transfers (including the
granting of any Lien) contained in leases, subleases, licenses, sublicenses, joint venture agreements, asset sale agreements, trading,
netting, operating, construction, service, supply, purchase, sale or other agreements entered into in the ordinary course of business
(each of the foregoing, a “Covered Agreement”) (provided that such restrictions are limited to the relevant
Covered Agreement and/or the property or assets secured by such Liens or the property or assets subject to such Covered Agreement);

 

(e) Permitted
Liens and restrictions in the agreements relating thereto that limit the right of the Borrower or any of its Restricted Subsidiaries
to Dispose of or encumber the assets subject to such Liens;

 

(f) provisions
limiting the Disposition, distribution or encumbrance of assets or property in joint venture agreements, sale and lease-back agreements,
stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such
agreements (or the Persons the Capital Stock of which is the subject of such agreement (or any “shell company” parent
with respect thereto));

 

(g) any encumbrance
or restriction assumed in connection with an acquisition of the property or Capital Stock of any Person, so long as such encumbrance
or restriction relates solely to the Person and its subsidiaries (including the Capital Stock of the relevant Person or Persons)
and/or property so acquired (or to the Person or Persons (and its or their subsidiaries) bound thereby) and was not created solely
in connection with or in anticipation of such acquisition;

 

(h) restrictions
imposed by customary provisions in partnership agreements, limited liability company organizational governance documents, joint
venture agreements and other similar agreements that restrict the transfer of the assets of, or ownership interests in, the relevant
partnership, limited liability company, joint venture or any similar Person (or any “shell company” parent with respect
thereto);

 

(i) (i) restrictions
on Cash or other deposits permitted under ‎Section 6.02 and/or imposed by Persons under contracts entered into in the
ordinary course of business or for whose benefit such Cash or other deposits exist and (ii) customary net worth provisions contained
in real property leases, so long as such net worth provisions could not reasonably be expected to materially impair any Loan Party’s
obligation or ability to make any payments required under the Loan Documents (as determined by the Borrower in good faith);

 

(j) restrictions
(i) set forth in documents which exist on the Closing Date or (ii) which are contemplated as of the Closing Date, in each case,
as set forth on Schedule ‎6.03;

 

(k) restrictions
contained in documents governing Indebtedness of any Restricted Subsidiary that is not a Loan Party permitted hereunder;

 

(l) restrictions
in Indebtedness permitted by ‎Section 6.01 that is secured by a Permitted Lien if the relevant restriction applies only
to the Persons obligated under such Indebtedness and its Restricted Subsidiaries or the assets intended to secure such Indebtedness;

 

(m) provisions
restricting the granting of a security interest in IP Rights contained in licenses, sublicenses or cross-licenses by the Borrower
and its Restricted Subsidiaries of such IP Rights, which licenses, sublicenses and cross-licenses were entered into in the ordinary
course of business (in which case such restriction shall relate only to such IP Rights);

 

    162

     

    

 

(n) restrictions
arising under or as a result of applicable Requirements of Law or the terms of any license, authorization, concession or permit
issued or granted by a Governmental Authority;

 

(o) restrictions
with respect to a Restricted Subsidiary that was previously an Unrestricted Subsidiary, pursuant to or by reason of an agreement
that such Restricted Subsidiary is a party to or entered into before the date on which such Subsidiary became a Restricted Subsidiary;
provided that such agreement was not entered into in anticipation of an Unrestricted Subsidiary becoming a Restricted Subsidiary
and any such restriction does not extend to any assets or property of the Borrower or any other Restricted Subsidiary other than
the assets and property of such Subsidiary;

 

(p) customary
restrictions imposed in connection with any Receivables Facility or similar transaction permitted hereunder;

 

(q) [reserved];
and

 

(r) other restrictions
or encumbrances imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing
of the contracts, instruments or obligations referred to in the preceding clauses of this Section; provided that no such
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith
judgment of the Borrower, more restrictive with respect to such encumbrances and other restrictions, taken as a whole, than those
in effect prior to the relevant amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or
refinancing.

 

Section 6.04. Restricted
Payments; Restricted Debt Payments.

 

(a) The Borrower
shall not, and shall cause its Restricted Subsidiaries to not, pay or make, directly or indirectly, any Restricted Payment, except
that:

 

(i) the Borrower
may make Restricted Payments to the extent necessary to permit any Parent Company:

 

(A) to
pay general operating and compliance costs and expenses (including corporate overhead, legal or similar expenses and customary
salary, bonus and other benefits payable to directors, officers, employees, members of management, managers and/or consultants
of any Parent Company), in each case, which are reasonable and customary and incurred in the ordinary course of business, plus
any reasonable and customary indemnification claims made by directors, officers, members of management, managers, employees or
consultants of any Parent Company, in each case, to the extent attributable to the ownership or operations of any Parent Company
(but excluding, for the avoidance of doubt, the portion of any such amount, if any, that is attributable to the ownership or operations
of any subsidiary of any Parent Company other than the Borrower and/or its subsidiaries), the Borrower and/or its subsidiaries
(and/or Joint Ventures);

 

(B) to
pay franchise, excise and similar Taxes, and other fees, Taxes and expenses, required to maintain the organizational existence
of such Parent Company;

 

    163

     

    

 

(C) to
pay customary salary, bonus, long-term incentive, severance and other benefits (including payment to certain service providers
of the Borrower or its Subsidiaries pursuant to any equity plan (whether in the form of options, cash settled options or otherwise))
payable to Permitted Payees, as well as applicable employment, social security or similar taxes in connection therewith, to the
extent such salary, bonuses, severance and other benefits are attributable to the operations of the Borrower and/or its subsidiaries
(and/or Joint Ventures), in each case, so long as such Parent Company applies the amount of any such Restricted Payment for such
purpose;

 

(D) to
pay audit and other accounting and reporting expenses of such Parent Company to the extent attributable to any Parent Company (but
excluding, for the avoidance of doubt, the portion of any such expenses, if any, attributable to the ownership or operations of
any subsidiary of any Parent Company other than the Borrower and/or its subsidiaries), the Borrower and its subsidiaries (and/or
any Joint Ventures);

 

(E) for
the payment of insurance premiums to the extent attributable to any Parent Company (but excluding, for the avoidance of doubt,
the portion of any such premiums, if any, attributable to the ownership or operations of any subsidiary of any Parent Company other
than the Borrower and/or its subsidiaries), the Borrower and its subsidiaries (and/or Joint Ventures);

 

(F) to
pay (x) fees and expenses related to any debt and/or equity offerings (including refinancings), Investments and/or acquisitions
permitted or not restricted by this Agreement (whether or not consummated, and including advisory, refinancing, subsequent transaction
and exit fees of any Parent Company of the Borrower) and expenses and indemnities of any trustee, agent, arranger, underwriter
or similar role and (y) after the consummation of an initial public offering or the issuance of debt securities, Public Company
Costs; and

 

(G) to
finance any Investment permitted under ‎Section 6.06 as if such Parent Company were subject to ‎Section 6.06
(provided that (x) any Restricted Payment under this clause ‎(a)‎(i)‎(G) shall be made substantially
concurrently with the closing or consummation of such Investment or at future times as may be scheduled at the time of such closing
or consummation to be made thereafter in connection therewith and (y) the relevant Parent Company shall, promptly following the
closing or consummation thereof, cause (I) all property acquired to be contributed to the Borrower or one or more of its Restricted
Subsidiaries or (II) the merger, consolidation or amalgamation of the Person formed or acquired into the Borrower or one or more
of its Restricted Subsidiaries, in order to consummate such Investment in compliance with the applicable requirements of ‎Section
6.06 as if undertaken as a direct Investment by the Borrower or the relevant Restricted Subsidiary);

 

(ii) the Borrower
may pay (or make Restricted Payments to allow any Parent Company to pay) for the repurchase, redemption, retirement or other acquisition
or retirement for value of Capital Stock of any Parent Company or any subsidiary held by any Permitted Payee:

 

(A) with
Cash and Cash Equivalents (and including, to the extent constituting Restricted Payments, amounts paid in respect of promissory
notes issued pursuant to ‎Section 6.01(o)), in an aggregate amount not to exceed the greater of $7,000,000 and 7% of
Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period in any Fiscal Year, which, if not used in
any Fiscal Year, may be carried forward to the following two Fiscal Years (until so applied); plus

 

    164

     

    

 

(B) with
the proceeds of any sale or issuance of, or of any capital contribution in respect of, the Capital Stock of the Borrower or any
Parent Company (to the extent such proceeds are contributed to the Borrower or any Restricted Subsidiary in respect of Qualified
Capital Stock issued by the Borrower or such Restricted Subsidiary); plus

 

(C) with
the net proceeds of any key-man life insurance policies; plus

 

(D) with
the amount of any Cash bonuses otherwise payable to any Permitted Payee that are foregone in exchange for the receipt of Capital
Stock of the Borrower or any Parent Company pursuant to any compensation arrangement, including any deferred compensation plan;

 

(iii) [reserved];

 

(iv) the Borrower
may make Restricted Payments (i) to any Parent Company to enable such Parent Company to (A) make Cash payments in lieu of the issuance
of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable
for Capital Stock of such Parent Company, or in connection with dividends, share splits, reverse share splits (or any combination
thereof) and mergers, consolidations, amalgamations or other business combinations, and acquisitions and other Investments permitted
hereunder and/or (B) honor any conversion request by a holder of convertible Indebtedness, make any cash payments in lieu of fractional
shares in connection with any conversion and make payments on convertible Indebtedness in accordance with its terms and (ii) consisting
of (A) payments made or expected to be made in respect of withholding or similar Taxes payable by any Permitted Payee and/or (B)
repurchases of Capital Stock in consideration of the payments described in sub clause (A) above, including demand repurchases
in connection with the exercise of stock options and the issuance of restricted stock units or similar stock based awards;

 

(v) the Borrower
may repurchase, redeem, acquire or retire Capital Stock upon (or make provisions for withholdings in connection with), or make
Restricted Payments to any Parent Company to enable it to repurchase, redeem, acquire or retire Capital Stock upon (or make provisions
for withholdings in connection with), the exercise of warrants, options or other securities convertible into or exchangeable for
Capital Stock if such Capital Stock represents all or a portion of the exercise price of, or tax withholdings with respect to,
such warrants, options or other securities convertible into or exchangeable for Capital Stock as part of a “cashless”
exercise;

 

(vi) the Borrower
may make Restricted Payments the proceeds of which are applied (i) on or promptly following the Closing Date, solely to effect
the consummation of the Transactions, (ii) on and after the Closing Date, to satisfy any payment obligations owing, or as otherwise
required, under the Acquisition Agreement (including payment of working capital and/or purchase price adjustments) and to pay Transaction
Costs, in each case, with respect to the Transactions, (iii) to satisfy obligations to direct or indirect holders of Capital Stock
of the Borrower (immediately prior to giving effect to the Transactions) in connection with, or as a result of, any working capital
and/or purchase price adjustments, in each case, with respect to the Transactions and (iv) to satisfy any settlement of claims
or actions in connection with the Transactions or to satisfy indemnity or other similar obligations in connection with the Transactions;

 

    165

     

    

 

(vii) [reserved];

 

(viii) the
Borrower may make Restricted Payments to (i) redeem, repurchase, defease, discharge, retire or otherwise acquire any (A) Capital
Stock (“Treasury Capital Stock”) of the Borrower and/or any Restricted Subsidiary or (B) Capital Stock of any
Parent Company, in the case of each of subclauses ‎(A) and ‎(B), in exchange for, or out of the proceeds
of the substantially concurrent sale (other than to the Borrower and/or any Restricted Subsidiary) of, Qualified Capital Stock
of the Borrower or any Parent Company to the extent any such proceeds are contributed to the capital of the Borrower and/or any
Restricted Subsidiary in respect of Qualified Capital Stock (“Refunding Capital Stock”), (ii) declare and pay
dividends on any Treasury Capital Stock out of the proceeds of the substantially concurrent sale or issuance (other than to the
Borrower or a Restricted Subsidiary) of any Refunding Capital Stock and (iii) if, immediately prior to the retirement of Treasury
Capital Stock, the declaration and payment of dividends thereon by the Borrower was permitted under the preceding clause (i) or
(ii), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds
of which were used to redeem, repurchase, defease, discharge, retire or otherwise acquire any Capital Stock of any Parent Company)
in an aggregate amount per annum no greater than the aggregate amount of dividends per annum that were declarable and payable on
such Treasury Capital Stock immediately prior to such redemption, repurchase, defeasance, discharge, retirement or other acquisition;

 

(ix) to the
extent constituting a Restricted Payment, the Borrower may consummate any transaction permitted by Section 6.06 (other than
Sections ‎6.06(j) and ‎(t)), ‎Section 6.07 (other than ‎Section 6.07(g)) and ‎Section
6.09 (other than Section 6.09(b), (d), (n) or (o));

 

(x) [reserved];

 

(xi) the Borrower
may pay any dividend or other distribution or consummate any redemption within 60 days after the date of the declaration thereof
or the provision of a redemption notice with respect thereto, as the case may be, if at the date of such declaration or notice,
the dividend, distribution or redemption contemplated by such declaration or redemption notice would have complied with the provisions
of this ‎Section 6.04(a);

 

(xii) the Borrower
may make any Restricted Payment constituting the distribution or payment of Receivables Fees;

 

(xiii) [reserved];

 

(xiv) the Borrower
may make additional Restricted Payments in an amount not to exceed the amount of proceeds received by the Borrower and/or any Restricted
Subsidiary under the Representation and Warranty Insurance Policy during the term of this Agreement;

 

    166

     

    

 

(xv) the Borrower
may make Restricted Payments in amounts required for any Parent Company of the Borrower to pay consolidated, combined or similar
foreign, federal, state or local income or similar Taxes of a tax group that includes the Borrower and/or its subsidiaries and
whose common parent is a direct or indirect parent of the Borrower, to the extent such income or similar Taxes are attributable
to the income of the Borrower and its subsidiaries, provided that the amount of such Restricted Payments shall not exceed the amount
of Taxes that the Borrower and its subsidiaries would have been required to pay as a standalone consolidated, combined or similar
foreign, federal, state or local tax group, provided, further, that the amount of such Restricted Payments with respect to any
Taxes attributable to any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect
to such period by such Unrestricted Subsidiary to Holdings, the Borrower or any Restricted Subsidiary for the purposes of paying
such consolidated, combined or similar foreign, federal, state or local income or similar taxes;

 

(xvi) the Borrower
may make additional Restricted Payments constituting any part of a Permitted Reorganization;

 

(xvii) the
Borrower may make a distribution, by dividend or otherwise, of the Capital Stock of, or debt owed to any Loan Party or any Restricted
Subsidiary by, any Unrestricted Subsidiary (or a Restricted Subsidiary that owns one or more Unrestricted Subsidiaries, provided
that such Restricted Subsidiary owns no other material assets other than Capital Stock of one or more Unrestricted Subsidiaries),
in each case other than Unrestricted Subsidiaries, the primary assets of which are Cash and/or Cash Equivalents; provided
that any such Capital Stock or debt that represents an Investment by the Borrower or any Restricted Subsidiary shall be deemed
to continue to charge (as utilization) the respective clause under Section 6.06 pursuant to which such Investment was made;

 

(xviii) the
Borrower may make payments and distributions to satisfy dissenters’ rights (including in connection with, or as a result
of, the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) in
respect thereof), pursuant to or in connection with any acquisition, merger, consolidation, amalgamation or Disposition that complies
with ‎Section 6.07;

 

(xix) the Borrower
may make a Restricted Payment in respect of payments made for the benefit of the Borrower or any Restricted Subsidiary to the extent
such payments could have been made by the Borrower or any Restricted Subsidiary because such payments (A) would not otherwise be
Restricted Payments and (B) would be permitted by ‎Section 6.09;

 

(xx) each Restricted
Subsidiary may make Restricted Payments to the Borrower and to other Restricted Subsidiaries (and, in the case of a Restricted
Payment by a non-Wholly-Owned Restricted Subsidiary, to Borrower and any other Restricted Subsidiary and to each other owner of
Capital Stock of such Restricted Subsidiary based on their relative ownership interests of the relevant class of Capital Stock);
and

 

(xxi) the Borrower
may make a Restricted Payment in respect of required withholding or similar non-U.S. Taxes with respect to any Permitted Payee
and any repurchases of Capital Stock in consideration of such payments, including deemed repurchases in connection with the exercise
of stock options or the issuance of restricted stock units or similar stock based awards.

 

(b) The Borrower
shall not, nor shall it permit any Restricted Subsidiary to, make any prepayment in Cash on or in respect of principal of or interest
on any Restricted Debt, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any Restricted Debt more than one year prior to the scheduled maturity date thereof (collectively,
“Restricted Debt Payments”), except:

 

(i) any refinancing,
purchase, defeasance, redemption, repurchase, repayment or other acquisition or retirement of any Restricted Debt made by exchange
for, or out of the proceeds of, Refinancing Indebtedness permitted by ‎Section 6.01;

 

    167

     

    

 

(ii) payments
as part of, or to enable another Person to make, an “applicable high yield discount obligation” catch-up payment;

 

(iii) payments
of regularly scheduled principal and interest (including any penalty interest, if applicable) and payments of fees, expenses and
indemnification obligations as and when due (other than payments with respect to Restricted Debt that are prohibited by the subordination
provisions thereof);

 

(iv) additional
Restricted Debt Payments in an aggregate amount not to exceed (A)(1) the sum of (x) the greater of $15,000,000 and 16% of Consolidated
Adjusted EBITDA as of the last day of the most recently ended Test Period and (y) so long as, as measured at the time provided
for in ‎Section 1.04(e), the Total Leverage Ratio would not exceed 4.50:1.00, calculated on a Pro Forma Basis, the greater
of $10,000,000 and 11% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period; provided
that, in each case, no Event of Default has occurred and is continuing or would result therefrom minus (2) any utilization of the
Available RDP Capacity Amount in reliance on unused capacity under the immediately preceding clause (A)(1) plus (B) the
Available RP Capacity Amount;

 

(v) (A) Restricted
Debt Payments in exchange for, or with proceeds of any issuance of, Qualified Capital Stock of the Borrower and/or any Restricted
Subsidiary and/or any capital contribution in respect of Qualified Capital Stock of the Borrower or any Restricted Subsidiary (other
than issuances to or contributions by the Borrower or any Restricted Subsidiaries), (B) Restricted Debt Payments as a result of
the conversion of all or any portion of any Restricted Debt into Qualified Capital Stock of the Borrower and/or any Restricted
Subsidiary or Parent Company and (C) to the extent constituting a Restricted Debt Payment, payment-in-kind interest with respect
to any Restricted Debt that is permitted under ‎Section 6.01;

 

(vi) Restricted
Debt Payments in an aggregate amount not to exceed (A) the portion, if any, of the Available Amount on such date that the Borrower
elects to apply to this clause ‎(vi)‎(A) plus (B) the portion, if any, of the Available Excluded Contribution Amount
on such date that the Borrower elects to apply to this clause ‎(vi)‎(B) (plus, without duplication of amounts previously
referred to in this clause (B), in an amount equal to the Net Proceeds from a Disposition of property or assets acquired after
the Closing Date, if the acquisition of such property or assets was financed with Available Excluded Contribution Amounts); and

 

(vii) additional
Restricted Debt Payments so long as, as measured at the time provided for in ‎Section 1.04(e), the Total Leverage Ratio
would not exceed 4.50:1.00, calculated on a Pro Forma Basis; provided that, no Event of Default has occurred and is continuing
or would result therefrom.

 

Section 6.05. [Reserved].

 

Section 6.06. Investments.
The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, make or own any Investment in any other Person
except:

 

(a) Investments
in assets that are Cash or Cash Equivalents, or Investments that were Cash or Cash Equivalents at the time made;

 

    168

     

    

 

(b) (i) Investments
existing on the Closing Date in the Borrower or any Subsidiary and any modification, replacement, renewal or extension thereof
so long as no such modification, replacement, renewal or extension thereof increases the amount of such Investment except by the
terms thereof (including as a result of the accrual or accretion of interest or original issue discount or the issuance of payment-in-kind
securities) or as otherwise permitted by this ‎Section 6.06, (ii) Investments made after the Closing Date among the
Borrower and/or one or more Restricted Subsidiaries that are Loan Parties or in any Person that will, upon such Investment, become
a Loan Party, (iii) Investments made after the Closing Date by any Loan Party in any Restricted Subsidiary that is not a Loan Party
in an aggregate outstanding amount not to exceed the greater of $50,000,000 and 53% of Consolidated Adjusted EBITDA as of the last
day of the most recently ended Test Period and (iv) Investments made by any Restricted Subsidiary that is not a Loan Party in any
Loan Party and/or any other Restricted Subsidiary that is not a Loan Party or in any Person that will, upon such Investment, become
a Restricted Subsidiary;

 

(c) Investments
(i) constituting deposits, prepayments and/or other credits to suppliers or other trade counterparties, (ii) made in connection
with obtaining, maintaining or renewing client and customer contracts and/or (iii) in the form of advances made to distributors,
suppliers, licensors and licensees, in each case, in the ordinary course of business or, in the case of clause ‎(iii),
to the extent necessary to maintain the ordinary course of supplies to the Borrower or any Restricted Subsidiary;

 

(d) Investments
in (i) any Unrestricted Subsidiary (including any Joint Venture that is an Unrestricted Subsidiary) in an aggregate outstanding
amount not to exceed the greater of $25,000,000 and 26% of Consolidated Adjusted EBITDA as of the last day of the most recently
ended Test Period and (ii) any Similar Business (including any Joint Venture engaged in a Similar Business) in an aggregate outstanding
amount not to exceed the greater of $25,000,000 and 26% of Consolidated Adjusted EBITDA as of the last day of the most recently
ended Test Period;

 

(e) (i) Permitted
Acquisitions and (ii) any Investment in any Restricted Subsidiary that is not a Loan Party in an amount required to permit such
Restricted Subsidiary to consummate a Permitted Acquisition or similar Investment;

 

(f) (i) Investments
existing on, or contractually committed to or contemplated as of, the Closing Date and, with respect to any such Investment in
excess of $1,000,000, described on Schedule ‎6.06 and (ii) any modification, replacement, renewal or extension of any
Investment described in clause ‎(i) above so long as no such modification, renewal or extension thereof increases the
amount of such Investment except by the terms thereof (including as a result of the accrual or accretion of interest or original
issue discount or the issuance of payment-in-kind securities) or as otherwise permitted by this ‎Section 6.06;

 

(g) Investments
received in lieu of Cash in connection with any Disposition permitted by ‎Section 6.07 or any other disposition of assets
not constituting a Disposition;

 

(h) loans or
advances to Permitted Payees to the extent permitted by Requirements of Law, in connection with such Person’s purchase of
Capital Stock of any Parent Company, either (i) in an aggregate principal amount not to exceed the greater of $2,500,000 and 2.5%
of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period at any one time outstanding, (ii) so
long as the proceeds of such loan or advance are substantially contemporaneously contributed to the Borrower for the purchase of
such Capital Stock or (iii) so long as no Cash or Cash Equivalents are advanced in connection with such loan or advance;

 

    169

     

    

 

(i) Investments
consisting of rebates and 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;

 

(j) Investments
consisting of (or resulting from) Indebtedness permitted under ‎Section 6.01 (including Guarantees thereof) (other than
Indebtedness permitted under Sections ‎6.01(b) and ‎(h)), Permitted Liens, Restricted Payments permitted
under ‎Section 6.04(a) (other than ‎Section 6.04(a)(ix)), Restricted Debt Payments permitted by ‎Section
6.04(b) and mergers, consolidations, amalgamations, liquidations, windings up, dissolutions or Dispositions permitted by ‎Section
6.07 (other than ‎Section 6.07(a) (if made in reliance on subclause ‎(ii)(y) of the proviso thereto), Section
6.07(b) (if made in reliance on clause (ii) of the proviso thereto), ‎Section 6.07(c)(ii) (if made in reliance
on clause ‎(B) therein) and ‎Section 6.07(g) and transactions permitted by Section 6.09 (other than
Section 6.09 (a), (d), (h), (i), (l), (n)(ii), (o) and (q));

 

(k) Investments
in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers,
vendors, suppliers, licensors, sublicensors, licensees and sublicensees;

 

(l) Investments
(including debt obligations and Capital Stock) received (i) in connection with the bankruptcy, work-out, reorganization or recapitalization
of any Person, (ii) in settlement or compromise of delinquent obligations of, or other disputes with or judgments against, customers,
trade-creditors, suppliers, licensees and other account debtors arising in the ordinary course of business, including pursuant
to any plan of reorganization or similar arrangement upon bankruptcy or insolvency of any customer, trade creditor, supplier,
licensee or other account debtor, (iii) in satisfaction of judgments against other Persons, (iv) as a result of foreclosure
with respect to any secured Investment or other transfer of title with respect to any secured Investment and/or (v) in settlement,
compromise or resolution of litigation, arbitration or other disputes;

 

(m) loans and
advances of payroll payments or other compensation to present or former employees, directors, members of management, officers,
managers or consultants of any Parent Company (to the extent such payments or other compensation relate to services provided to
such Parent Company (but excluding, for the avoidance of doubt, the portion of any such amount, if any, attributable to the ownership
or operations of any subsidiary of any Parent Company other than the Borrower and/or its subsidiaries)), the Borrower and/or any
subsidiary in the ordinary course of business;

 

(n) Investments
to the extent that payment therefor is made solely with Capital Stock of any Parent Company or Qualified Capital Stock of the Borrower
or any Restricted Subsidiary, in each case, to the extent not resulting in a Change of Control;

 

(o) (i) Investments
of any Restricted Subsidiary acquired after the Closing Date, or of any Person acquired by, or merged into or consolidated or amalgamated
with, the Borrower or any Restricted Subsidiary after the Closing Date, in each case as part of an Investment otherwise permitted
by this ‎Section 6.06 to the extent that such Investments were not made in contemplation of or in connection with such
acquisition, merger, amalgamation or consolidation and were in existence on the date of the relevant acquisition, merger, amalgamation
or consolidation and (ii) any modification, replacement, renewal or extension of any Investment permitted under clause ‎(i)
of this ‎Section 6.06(o) so long as no such modification, replacement, renewal or extension thereof increases the amount
of such Investment except as otherwise permitted by this ‎Section 6.06;

 

    170

     

    

 

(p) Investments
made in connection with the Transactions and any Investments held by the Target or its Restricted Subsidiaries on the Closing Date
and permitted to remain (or not prohibited from remaining) outstanding after the Closing Date pursuant to the terms of the Acquisition
Agreement;

 

(q) Investments
made after the Closing Date by the Borrower and/or any of its Restricted Subsidiaries in an aggregate amount at any time outstanding
not to exceed:

 

(i) the greater
of $37,500,000 and 40% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, plus

 

(ii) so long
as no Specified Event of Default has occurred and is continuing or would result therefrom, the Available RP Capacity Amount plus
the Available RDP Capacity Amount;

 

(r) Investments
made after the Closing Date by the Borrower and/or any of its Restricted Subsidiaries in an aggregate outstanding amount not to
exceed (i) the portion, if any, of the Available Amount on such date that the Borrower elects to apply to this clause ‎(r)‎(i)
plus (ii) the portion, if any, of the Available Excluded Contribution Amount on such date that the Borrower elects to apply to
this clause ‎(r)‎(ii) (plus, without duplication of amounts referred to in this clause (ii), in an amount equal
to the Net Proceeds from a Disposition of property or assets acquired after the Closing Date, if the acquisition of such property
or assets was financed with Available Excluded Contribution Amounts);

 

(s) (i) Guarantees
of leases or subleases (in each case other than Financing Leases) or of other obligations not constituting Indebtedness, (ii) Guarantees
of the lease obligations of suppliers, customers, franchisees and licensees of the Borrower and/or its Restricted Subsidiaries,
in each case, in the ordinary course of business and (iii) Investments consisting of Guarantees of any supplier’s obligations
in respect of commodity contracts, including Derivative Transactions, solely to the extent such commodities related to the materials
or products to be purchased by the Borrower or any Restricted Subsidiary;

 

(t) (i) Investments
in any Parent Company (or any other Person) in amounts and for purposes for which Restricted Payments to such Parent Company (or
such other Person) are permitted under ‎Section 6.04(a); provided that any Investment made as provided above in lieu
of any such Restricted Payment shall reduce availability under the applicable Restricted Payment basket under ‎Section 6.04(a)
and (ii) Investments consisting of loans and advances to any Parent Company in connection with the reimbursement of expenses incurred
on behalf of the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

(u) Investments
by Loan Parties in any Restricted Subsidiary that is not a Loan Party so long as such Investment is a part of a series of simultaneous
Investments by the Borrower and the Restricted Subsidiaries in other Restricted Subsidiaries that result in all proceeds of such
intercompany Investment being invested in an Investment otherwise permitted pursuant to this Section 6.06;

 

(v) Investments
in subsidiaries and Joint Ventures in connection with reorganizations and/or restructurings, including any Permitted Reorganization,
and/or activities related to tax planning (including Investments in non-Cash or non-Cash Equivalents); provided that, after giving
effect to any such reorganization, restructuring and/or related activity, the security interest of the Administrative Agent in
the Collateral, taken as a whole, is not materially impaired (including by a material portion of the assets that constitute Collateral
immediately prior to such reorganization, restructuring or tax planning activities no longer constituting Collateral) as a result
of such reorganization, restructuring or tax planning activities;

 

    171

     

    

 

(w) Investments
arising under or in connection with any Derivative Transaction of the type permitted under ‎Section 6.01(s);

 

(x) Investments
made (i) in Joint Ventures, (ii) in connection with the creation, formation and/or acquisition of any Joint Venture or (iii) in
any Restricted Subsidiary to enable such Restricted Subsidiary to create, form and/or acquire any Joint Venture, in an aggregate
outstanding amount under this clause ‎(x) not to exceed the greater of $25,000,000 and 26% of Consolidated Adjusted
EBITDA as of the last day of the most recently ended Test Period;

 

(y) Investments
made in Joint Ventures as required by, or made pursuant to, buy/sell arrangements between the joint venture parties set forth in
joint venture agreements and similar binding arrangements in effect on the Closing Date or entered into after the Closing Date
in the ordinary course of business;

 

(z) unfunded
pension fund and other employee benefit plan obligations and liabilities to the extent that they are permitted to remain unfunded
under applicable Requirements of Law;

 

(aa) Investments
in Holdings, the Borrower, any subsidiary and/or any Joint Venture in connection with intercompany cash management arrangements
and related activities in the ordinary course of business;

 

(bb) Investments
made in connection with any nonqualified deferred compensation plan or arrangement for any Permitted Payee;

 

(cc) any Investment
made by any Unrestricted Subsidiary prior to the date on which such Unrestricted Subsidiary is designated as a Restricted Subsidiary
(but for the avoidance of doubt, after such subsidiary was designated as an Unrestricted Subsidiary) so long as the relevant Investment
was not made in contemplation of the designation of such Unrestricted Subsidiary as a Restricted Subsidiary;

 

(dd) additional
Investments so long as, as measured at the time provided for in ‎Section 1.04(e), the Total Leverage Ratio would not
exceed 4.75:1.00, calculated on a Pro Forma Basis; provided that, no Specified Event of Default has occurred and is continuing
or would result therefrom;

 

(ee) Investments
consisting of the licensing, sub-licensing or contribution of IP Rights pursuant to joint marketing, collaborations or other similar
arrangements with other Persons;

 

(ff) Investments
in or relating to any Receivables Subsidiary that, in the good faith determination of the Borrower, are necessary or advisable
to effect a Receivables Facility (including any contribution of replacement or substitute assets to such Receivables Subsidiary)
or any repurchases in connection therewith (including the contribution or lending of Cash or Cash Equivalents to Subsidiaries to
finance the purchase of such assets from the Borrower or any Restricted Subsidiary or to otherwise fund required reserves and Investments
of funds held in accounts permitted or required by the arrangements governing such Receivables Facility or any related Indebtedness);

 

(gg) the conversion
to Qualified Capital Stock of any Indebtedness owed by the Borrower or any Restricted Subsidiary and permitted by ‎Section
6.01;

 

    172

     

    

 

(hh) Restricted
Subsidiaries of the Borrower may be established or created (including pursuant to a Delaware LLC Division) if the Borrower and
such Restricted Subsidiary comply with the requirements of ‎Section 5.12, if applicable; provided that, in each
case, to the extent such new Restricted Subsidiary is created solely for the purpose of consummating a transaction pursuant to
a Permitted Acquisition or other Investment permitted by this ‎Section 6.06, and such new Restricted Subsidiary at no
time holds any assets or liabilities other than any acquisition or Investment consideration contributed to it contemporaneously
with the closing of such transaction, such new Restricted Subsidiary shall not be required to take the actions set forth in ‎Section
5.12 until the respective acquisition is consummated (at which time the surviving entity of the respective transaction shall
be required to so comply in accordance with the provisions thereof);

 

(ii) contributions
in connection with compensation arrangements to a “rabbi” trust for the benefit of employees, directors, partners,
members, consultants, independent contractors or other service providers or other grantor trust subject to claims of creditors
in the case of a bankruptcy of the Borrower or any of its Restricted Subsidiaries;

 

(jj) Investments
by Loan Parties in any Restricted Subsidiary that is not a Loan Party so long as such Investment is part of a series of simultaneous
Investments by the Borrower and the Restricted Subsidiaries in other Restricted Subsidiaries that result in the proceeds of the
intercompany Investment being invested in one or more Loan Parties;

 

(kk) Investments
consisting of earnest money deposits required in connection with purchase agreements or other acquisitions or Investments otherwise
permitted under this ‎Section 6.06 and any other pledges or deposits permitted by ‎Section 6.02;

 

(ll) Term Loans
repurchased by Holdings, the Borrower or a Restricted Subsidiary pursuant to and subject to immediate cancellation in accordance
with this Agreement and, to the extent permitted (or not prohibited) by ‎Section 6.04(b), loans repurchased by the Borrower
or a Restricted Subsidiary pursuant to and subject to immediate cancellation in accordance with the terms of any other Indebtedness;

 

(mm) Guarantee
obligations of the Borrower or any Restricted Subsidiary in respect of letters of support, guarantees or similar obligations issued,
made or incurred for the benefit of any Restricted Subsidiary of the Borrower to the extent required by law or in connection with
any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States; and

 

(nn) purchases
and acquisitions of inventory, supplies, materials, services, equipment or similar assets in the ordinary course of business.

 

    173

     

    

 

Section 6.07. Fundamental
Changes; Disposition of Assets. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into
any transaction of merger, consolidation or amalgamation, or liquidate, wind up or dissolve themselves (or suffer any liquidation
or dissolution) (including, in each case, pursuant to a Delaware LLC Division), or make any Disposition of assets having a fair
market value in excess of the greater of $5,000,000 and 5% of Consolidated Adjusted EBITDA as of the last day of the most recently
ended Test Period, in a single transaction or in a series of related transactions, and in excess of the greater of $7,500,000 and
7.5% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, in the aggregate for all such transactions
in any Fiscal Year, except:

 

(a) any Restricted
Subsidiary may be merged, consolidated or amalgamated with or into a Borrower or any other Restricted Subsidiary; provided
that (i) in the case of any such merger, consolidation or amalgamation with or into a Borrower, (A) such Borrower shall be the
continuing or surviving Person or (B) if the Person formed by or surviving any such merger, consolidation or amalgamation (including
any immediate and successive mergers, consolidations or amalgamations of entities) is not a Borrower (any such Person after giving
effect to such transaction or transactions, a “Successor Borrower”), (x) such Successor Borrower shall be an
entity organized or existing under the law of the U.S., any state thereof or the District of Columbia or (if (I) such Borrower
has been merged, consolidated or amalgamated with or into the Dutch Borrower or (II) the Dutch Borrower has been merged, consolidated
or amalgamated with or into such Successor Borrower) the Netherlands, (y) such Successor Borrower shall expressly assume the Obligations
of such Borrower in a manner reasonably satisfactory to the Administrative Consent Party and shall have delivered to the Administrative
Agent all documentation and other information reasonably requested in writing by the Administrative Agent which is required by
U.S. regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations including
the USA PATRIOT Act and (z) except as the Administrative Consent Party may otherwise agree, each Guarantor, unless it is the other
party to such merger, consolidation or amalgamation, shall have executed and delivered a reaffirmation agreement with respect to
its obligations under the Loan Guaranty and the other Loan Documents; it being understood and agreed that if the foregoing conditions
under clauses ‎(x) through ‎(z) are satisfied, such Successor Borrower will succeed to, and be substituted
for, such Borrower under this Agreement and the other Loan Documents and (ii) in the case of any such merger, consolidation or
amalgamation with or into any Subsidiary Guarantor, either (x) a Subsidiary Guarantor shall be the continuing or surviving Person
or the continuing or surviving Person shall expressly assume the guarantee obligations of the Subsidiary Guarantor in a manner
reasonably satisfactory to the Administrative Agent or (y) the relevant transaction shall be treated as an Investment and otherwise
be made in compliance with ‎Section 6.06;

 

(b) Dispositions
(including of Capital Stock) among the Borrower and/or any Restricted Subsidiary (upon voluntary liquidation or otherwise); provided
that any such Disposition by any Loan Party to any Person that is not a Loan Party shall be (i) for fair market value (as determined
by such Person in good faith) or (ii) treated as an Investment and otherwise be made in compliance with Section 6.06 (other
than in reliance on clause ‎(j) thereof);

 

(c) (i) the liquidation
or dissolution of any Restricted Subsidiary if the Borrower determines in good faith that such liquidation or dissolution is in
the best interests of the Borrower, is not materially disadvantageous to the Lenders, and the Borrower or any Restricted Subsidiary
receives any assets of the relevant dissolved or liquidated Restricted Subsidiary; provided that in the case of any liquidation
or dissolution of any Loan Party that results in a distribution of assets to any Restricted Subsidiary that is not a Loan Party,
such distribution shall be treated as an Investment and shall otherwise be made in compliance with Section 6.06 (other than
in reliance on clause ‎(j) thereof); (ii) any merger, amalgamation, dissolution, liquidation or consolidation, the purpose
of which is to effect (A) any Disposition otherwise permitted under this ‎Section 6.07 (other than clause ‎(a),
clause ‎(b) or this clause ‎(c)) or (B) any Investment permitted under Section 6.06 (other than in
reliance on clause (j) thereof); and (iii) the Borrower or any Restricted Subsidiary may be converted into another form
of entity, in each case, so long as such conversion does not adversely affect the value of the Loan Guaranty or the Collateral,
taken as a whole;

 

(d) (x) Dispositions
of inventory or goods held for sale, equipment or other assets in the ordinary course of business (including on an intercompany
basis) and (y) the leasing or subleasing of real property in the ordinary course of business;

 

    174

     

    

 

(e) Dispositions
of surplus, obsolete, used or worn out property or other property that, in the good faith judgment of the Borrower, is (A) no longer
useful in its business (or in the business of any Restricted Subsidiary of the Borrower) or (B) otherwise economically impracticable
or not commercially reasonable to maintain;

 

(f) Dispositions
of Cash and/or Cash Equivalents or other assets that were Cash and/or Cash Equivalents when the relevant original Investment was
made;

 

(g) Dispositions,
mergers, amalgamations, consolidations or conveyances that constitute Investments permitted pursuant to ‎Section 6.06
(other than ‎Section 6.06(j)), Permitted Liens, Restricted Payments permitted by ‎Section 6.04(a) (other
than ‎Section 6.04(a)(ix)) and Sale and Lease-Back Transactions permitted by ‎Section 6.08;

 

(h) Dispositions
for fair market value; provided that with respect to (1) any single Disposition transaction with respect to assets having
a fair market value in excess of the greater of $8,000,000 and 8% of Consolidated Adjusted EBITDA as of the last day of the most
recently ended Test Period and (2) aggregate Disposition transactions with respect to assets having a fair market value in excess
of the greater of $15,000,000 and 16% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period,
for all such transactions on an aggregate basis in any Fiscal Year (in each case other than any Permitted Asset Swap), at least
75% of the consideration for such Disposition (other than the portion of any such Disposition consisting of a Permitted Asset Swap)
shall consist of Cash or Cash Equivalents (provided that for purposes of the 75% Cash consideration requirement, (v) the
amount of any Indebtedness or other liabilities (other than Indebtedness or other liabilities that are subordinated to the Obligations
or that are owed to the Borrower or any Restricted Subsidiary) of the Borrower or any Restricted Subsidiary (as shown on such Person’s
most recent balance sheet (or in the notes thereto), or if the incurrence of such Indebtedness or other liability took place after
the date of such balance sheet, that would have been shown on such balance sheet or in the notes thereto, as determined in good
faith by the Borrower) that are (i) assumed by the transferee of any such assets and for which the Borrower and/or its applicable
Restricted Subsidiary have been validly released by all relevant creditors in writing or (ii) otherwise cancelled or terminated
in connection with such Disposition, (w) the amount of any trade-in value applied to the purchase price of any replacement assets
acquired in connection with such Disposition, (x) any Securities or other obligations or assets received by the Borrower or any
Restricted Subsidiary from such transferee (including earn-outs or similar obligations) that are converted by such Person into
Cash or Cash Equivalents, or by their terms are required to be satisfied for Cash or Cash Equivalents (to the extent of the Cash
or Cash Equivalents received) within 180 days following the closing of the applicable Disposition and (y) any Designated Non-Cash
Consideration received in respect of such Disposition having an aggregate fair market value, taken together with all other Designated
Non-Cash Consideration received pursuant to this clause (y) and clause (B)(1) of the proviso to ‎Section 6.08
that is at that time outstanding, not in excess of the greater of $30,000,000 and 32% of Consolidated Adjusted EBITDA as of the
last day of the most recently ended Test Period, in each case shall be deemed to be Cash); provided, further, that
the Net Proceeds of such Disposition shall be applied and/or reinvested as (and to the extent) required by ‎Section 2.11(b)(ii);

 

(i) to the extent
that (i) the relevant property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds
of the relevant Disposition are promptly applied to the purchase price of such replacement property;

 

(j) Dispositions
of Investments in Joint Ventures to the extent required by, or made pursuant to, buy/sell arrangements between joint venture or
similar parties set forth in the relevant joint venture arrangements and/or similar binding arrangements;

 

    175

     

    

 

(k) Dispositions
of notes receivable or accounts receivable in the ordinary course of business (including any discount and/or forgiveness thereof)
or in connection with the collection or compromise thereof, or as part of any bankruptcy or similar proceeding;

 

(l) Dispositions
and/or terminations of, or constituting, leases, subleases, licenses, sublicenses or cross-licenses (including the provision of
software under any open source license), the Dispositions or terminations of which (i) do not materially interfere with the business
of the Borrower and its Restricted Subsidiaries, (ii) relate to closed facilities or the discontinuation of any product line or
(iii) are made in the ordinary course of business;

 

(m) (i) any termination
of any lease, sublease, license or sub-license in the ordinary course of business (and any related Disposition of improvements
made to leased real property resulting therefrom), (ii) any expiration of any option agreement in respect of real or personal property
and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or litigation
claims (including in tort) in the ordinary course of business;

 

(n) Dispositions
of property subject to foreclosure, expropriation, forced disposition, casualty, eminent domain or condemnation proceedings (including
in lieu thereof or any similar proceeding);

 

(o) Dispositions
or consignments of equipment, inventory or other assets (including leasehold or licensed interests in real property) with respect
to facilities that are temporarily not in use, held for sale or closed;

 

(p) the Transactions
and any Disposition in connection with the Transactions;

 

(q) Dispositions
of non-core assets (including Capital Stock) and sales of Real Estate Assets, in each case acquired in any acquisition or other
Investment permitted hereunder, (x) which Disposition or sale is required to obtain the approval of any anti-trust authority or
(y) which, within 180 days of the date of such acquisition or Investment, are designated in writing to the Administrative Agent
as being held for sale and not for the continued operation of the Borrower or any of its Restricted Subsidiaries or any of their
respective businesses;

 

(r) exchanges
or swaps, including transactions covered by Section 1031 of the Code (or any comparable provision of any foreign jurisdiction),
of property or assets so long as any such exchange or swap is made for fair value (as determined by the Borrower in good faith)
for like property or assets or property, assets or services of greater value or usefulness to the business of the Borrower and
its Restricted Subsidiaries as a whole, as determined in good faith by the Borrower; provided that upon the consummation
of any such exchange or swap by any Loan Party, to the extent the property received does not constitute an Excluded Asset, the
Administrative Agent has a perfected Lien with the same priority as the Lien held on the property or assets so exchanged or swapped;

 

(s) Dispositions
of assets that do not constitute Collateral having a fair market value of not more than, in any Fiscal Year, the greater of $7,000,000
and 7% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, which amounts if not used in
any Fiscal Year may be carried forward to the immediately subsequent Fiscal Year;

 

    176

     

    

 

(t) (i) licensing
and cross-licensing (including sub-licensing) arrangements involving any technology, intellectual property or IP Rights of the
Borrower or any Restricted Subsidiary in the ordinary course of business, (ii) Dispositions, abandonments, cancellations or lapses
of any IP Rights or issuances or registrations, or applications for issuances or registrations, of IP Rights in the ordinary course
of business, or which, in the good faith determination of the Borrower, are not material to the conduct of the business of the
Borrower or its Restricted Subsidiaries, or are no longer economical to maintain in light of its use and (iii) Dispositions of
any technology, intellectual property or IP Rights of the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

(u) terminations
or unwinds of Derivative Transactions;

 

(v) Dispositions
of Capital Stock of, or sales of Indebtedness or other Securities of, Unrestricted Subsidiaries;

 

(w) Dispositions
of Real Estate Assets and related assets in the ordinary course of business in connection with relocation activities for directors,
officers, employees, members of management, managers or consultants of any Parent Company, the Borrower and/or any Restricted Subsidiary;

 

(x) Dispositions
made to comply with any order or other directive of any Governmental Authority or any applicable Requirement of Law;

 

(y) any merger,
consolidation, Disposition or conveyance the sole purpose of which is to reincorporate or reorganize (i) any Domestic Subsidiary
in another jurisdiction in the U.S. and/or (ii) any Foreign Subsidiary in the U.S. or any other jurisdiction;

 

(z) Dispositions
constituting any part of a Permitted Reorganization;

 

(aa) any sale
of motor vehicles and information technology equipment purchased at the end of an operating lease and resold thereafter;

 

(bb) other Dispositions
involving assets having a fair market value of not more than, in any Fiscal Year, the greater of $7,000,000 and 7% of Consolidated
Adjusted EBITDA as of the last day of the most recently ended Test Period, which amounts if not used in any Fiscal Year may be
carried forward to the immediately succeeding Fiscal Year (in each case until so applied);

 

(cc) Dispositions
contemplated on the Closing Date and described on Schedule ‎6.07 hereto;

 

(dd) Dispositions
or discounts of accounts receivable, or participations therein, or Receivables Facility Assets, or any disposition of the Capital
Stock in a Subsidiary all or substantially all of the assets of which are Receivables Facility Assets, or other rights to payment
and related assets in connection with any Receivables Facility outstanding pursuant to Section 6.01(w);

 

(ee) any issuance,
sale or Disposition of Capital Stock to directors, officers, managers or employees for purposes of satisfying requirements with
respect to directors’ qualifying shares and shares issued to foreign nationals, in each case as required by applicable Requirements
of Law;

 

(ff) any netting
arrangement of accounts receivable between or among the Borrower and its Restricted Subsidiaries or among Restricted Subsidiaries
of the Borrower made in the ordinary course of business; 

 

(gg) Disposition
of assets for purposes of charitable contributions or similar gifts to the extent such assets are not material to the ability of
the Borrower and its Restricted Subsidiaries, taken as a whole, to conduct its business in the ordinary course;

 

    177

     

    

 

(hh) any “fee
in lieu” or other Disposition of assets to any Governmental Authority that continue in use by the Borrower or any Restricted
Subsidiary, so long as the Borrower or any Restricted Subsidiary may obtain title to such asset upon reasonable notice by paying
a nominal fee; and

 

(ii) (i) the
formation, dissolution, liquidation or Disposition of any Subsidiary that is a Delaware Divided LLC and (ii) any Disposition to
effect the formation of any Subsidiary that is a Delaware Divided LLC which Disposition is not otherwise prohibited hereunder;
provided that in each case upon formation of a Delaware Divided LLC, the Borrower complies with ‎Section 5.12 with respect
to such Delaware Divided LLC to the extent applicable.

 

To the extent that
any Collateral is Disposed of as expressly permitted by this ‎Section 6.07 to any Person other than a Loan Party, such
Collateral shall automatically be sold free and clear of the Liens created by the Loan Documents (which Liens shall be automatically
released upon the consummation of such Disposition) and the Administrative Agent shall be authorized to take, and shall take, any
actions reasonably requested by the Borrower or otherwise deemed appropriate in order to effect the foregoing.

 

Section 6.08. Sale
and Lease-Back Transactions. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or
indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether
real, personal or mixed), whether now owned or hereafter acquired, which the Borrower or the relevant Restricted Subsidiary (a) has
sold or transferred or is to sell or to transfer to any other Person (other than the Borrower or any of its Restricted Subsidiaries)
and (b) intends to use for substantially the same purpose as the property which has been or is to be sold or transferred by the
Borrower or such Restricted Subsidiary to any Person (other than the Borrower or any of its Restricted Subsidiaries) in connection
with such lease (such a transaction described herein, a “Sale and Lease-Back Transaction”); provided
that any Sale and Lease-Back Transaction shall be permitted so long as either (A) the resulting Indebtedness, if any, is permitted
by ‎Section 6.01(z) and the Net Proceeds of any Sale and Lease-Back Transaction consummated pursuant
to this clause (A) shall be applied in accordance with Section 2.11(b)(ii) or (B)(1) such Sale and Lease-Back Transaction
is made in exchange for Cash consideration (provided that the Cash consideration requirements set forth in ‎Section
6.07(h) shall apply (and, for the avoidance of doubt, the amount of Designated Non-Cash Consolidation shall apply in the aggregate
to ‎Section 6.07(h) and clause (B) of this proviso) in determining whether or not the Cash consideration requirements
in this clause are satisfied), (2) the Borrower or its applicable Restricted Subsidiary would otherwise be permitted to enter
into, and remain liable under, the applicable underlying lease and (3) the aggregate fair market value of the assets sold subject
to all Sale and Lease-Back Transactions under this clause ‎(B) shall not exceed the greater of $30,000,000 and 32% of
Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period.

 

Section 6.09. Transactions
with Affiliates. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into any transaction
(including the purchase, sale, lease or exchange of any property or the rendering of any service) involving payment in excess of
the greater of $6,500,000 and 7% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period in any
individual transaction with any of their respective Affiliates on terms that are substantially less favorable to the Borrower or
such Restricted Subsidiary, as the case may be (as determined by the Borrower in good faith), than those that might be obtained
at the time in a comparable arm’s-length transaction from a Person who is not an Affiliate; provided that the foregoing
restriction shall not apply to:

 

    178

     

    

 

(a) any transaction
between or among Holdings, the Borrower and/or one or more Restricted Subsidiaries and/or Joint Ventures (or any entity that becomes
a Restricted Subsidiary or Joint Venture as a result of such transaction) to the extent permitted or not restricted by this Agreement;

 

(b) any issuance,
sale or grant of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
employment arrangements, stock options and stock ownership plans approved by the board of directors (or equivalent governing body)
of any Parent Company or of the Borrower or any Restricted Subsidiary;

 

(c) (i) any collective
bargaining, employment, indemnification, expense reimbursement or severance agreement or compensatory (including profit sharing)
arrangement entered into by the Borrower or any of its Restricted Subsidiaries with any Permitted Payee, (ii) any subscription
agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with
any Permitted Payee and (iii) payments or other transactions pursuant to any management equity plan, employee compensation, benefit
plan, stock option plan or arrangement, equity holder arrangement, supplemental executive retirement benefit plan, any health,
disability or similar insurance plan, or any employment contract or arrangement which covers any Permitted Payee and payments pursuant
thereto;

 

(d) (i) transactions
permitted by Sections ‎6.01(d), ‎(o), ‎(bb) and ‎(ee), 6.04, 6.06‎(h),
‎(m), ‎(o), ‎(t), ‎(v), ‎(x), ‎(y), ‎(z), ‎(aa),
‎(bb), ‎(cc), ‎(gg), ‎(hh), ‎(ii), ‎(jj), ‎(ll) and
‎(mm) and ‎6.07, (ii) any Permitted Reorganization and any transaction for the forming of a holding company
or reincorporation of the Borrower or any Restricted Subsidiary in a new jurisdiction, (iii) any customary transaction with (including
Investment in or relating to) any Receivables Subsidiary effected as part of any Receivables Facility outstanding pursuant to Section
6.01(w) and (iv) issuances of Capital Stock and issuances and incurrences of Indebtedness not restricted by this Agreement
and payments pursuant thereto;

 

(e) the existence
of, or performance by the Borrower or any Restricted Subsidiary of its obligations under the terms of, any transaction or agreement
in existence on the Closing Date and any amendment, modification or extension thereof to the extent such amendment, modification
or extension, taken as a whole, is not (i) materially adverse to the Lenders or (ii) more disadvantageous to the Lenders than the
relevant transaction in existence on the Closing Date;

 

(f) (i) the payment
of any fees contemplated by any Acceptable Management Agreement; provided that during the continuance of an Event of Default, such
payments shall not be permitted but shall continue to accrue and may be paid upon any such Event of Default being cured, (ii) the
payment of reasonable compensation and expense reimbursement for services provided to Parent or any of its subsidiaries by employees
of Sponsor and (iii) the payment of or reimbursement for out-of-pocket costs and expenses incurred in connection with the provision
by Sponsor or any Parent Company of any management, advisory, consulting or other similar services to the Borrower or its subsidiaries;

 

(g) the Transactions,
including the payment of Transaction Costs and payments required under the Acquisition Agreement;

 

(h) any transaction
or transactions approved by a majority of the disinterested members of the board of directors (or similar governing body) of the
Borrower at such time;

 

(i) Guarantees
permitted by ‎Section 6.01 or ‎Section 6.06;

 

(j) [reserved];

 

    179

     

    

 

(k) the payment
of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, members of the board of directors
(or similar governing body), officers, employees, members of management, managers, consultants and independent contractors of the
Borrower and/or any of its Restricted Subsidiaries in the ordinary course of business and, in the case of payments to such Person
in such capacity on behalf of any Parent Company, to the extent attributable to the operations of the Borrower or its subsidiaries
or Joint Ventures;

 

(l) transactions
with customers, clients, suppliers, licensees, Joint Ventures, purchasers or sellers of goods or services or providers of employees
or other labor entered into in the ordinary course of business, which are (i) fair to the Borrower and/or its applicable Restricted
Subsidiary in the good faith determination of the board of directors (or similar governing body) of the Borrower or the senior
management thereof or (ii) on terms not substantially less favorable to the Borrower and/or its applicable Restricted Subsidiary
as might reasonably be obtained from a Person other than an Affiliate;

 

(m) the payment
of reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities provided to shareholders
under any shareholder agreement and the existence or performance by the Borrower or any Restricted Subsidiary of its obligations
under any such registration rights or shareholder agreement;

 

(n) (i) any purchase
by Holdings of the Capital Stock of (or contribution to the equity capital of) the Borrower and (ii) any intercompany loans made
by Holdings to the Borrower or any Restricted Subsidiary;

 

(o) any transaction
in respect of which the Borrower delivers to the Administrative Agent a letter addressed to the board of directors (or equivalent
governing body) of the Borrower from an accounting, appraisal or investment banking firm of nationally recognized standing stating
that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or stating that the
terms, when taken as a whole, are not substantially less favorable to the Borrower or the applicable Restricted Subsidiary than
might be obtained at the time in a comparable arm’s length transaction from a Person who is not an Affiliate;

 

(p) (i) Investments
by Affiliates in Securities or other Indebtedness of the Borrower or any Restricted Subsidiary (and payment of reasonable out-of-pocket
expenses incurred by such Affiliates in connection therewith) so long as the Investment is being offered by the Borrower or such
Restricted Subsidiary generally to other investors on the same or more favorable terms and (ii) payments to Affiliates in respect
of Securities or other Indebtedness of the Borrower or any Restricted Subsidiary contemplated in the foregoing subclause (i) or
that were acquired from Persons other than the Borrower and the Restricted Subsidiaries, in each case, in accordance with the terms
of such Securities or other Indebtedness;

 

(q) payments
to or from, and transactions with, an Unrestricted Subsidiary in the ordinary course of business (including, any cash management
or administrative activities related thereto);

 

(r) any lease
entered into between the Borrower or any Restricted Subsidiary, as lessee, and any Affiliate of the Borrower, as lessor, and any
transaction(s) pursuant to that lease, which lease is approved by the board of directors or senior management of the Borrower in
good faith; and

 

(s) transactions
undertaken in the ordinary course of business pursuant to membership in a purchasing consortium.

 

    180

     

    

 

Section 6.10. [Reserved].

 

Section 6.11. [Reserved].

 

Section 6.12. Amendments
of or Waivers with Respect to Restricted Debt. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries
to, amend or otherwise modify the terms of any Restricted Debt (or the documentation governing any Restricted Debt) if the effect
of such amendment or modification, together with all other amendments or modifications made, is materially adverse to the interests
of the Administrative Agent or the Lenders (in their capacities as such), without first obtaining the consent of the Administrative
Consent Party (which consent shall not be unreasonably withheld, delayed or conditioned); provided that, for purposes of
clarity, it is understood and agreed that the foregoing limitation shall not otherwise prohibit any Refinancing Indebtedness or
any other replacement, refinancing, amendment, supplement, modification, extension, renewal, restatement or refunding of any Restricted
Debt, in each case, that is permitted under this Agreement in respect thereof; provided, further, that no amendment,
modification or change of any term or condition of any Restricted Debt permitted by any subordination provisions set forth therein
or in any other stand-alone subordination or intercreditor agreement in respect thereof shall be deemed materially adverse to the
interests of the Administrative Agent or Lenders.

 

Section 6.13. Modifications
of Organizational Documents. The Borrower shall not, nor shall it permit any other Borrower or Subsidiary Guarantor to, amend
or modify in any manner, when taken as a whole, materially adverse to the Lenders (as determined in good faith by the Borrower),
or grant any waiver or release under or terminate in any manner (if such granting or termination, when taken as a whole, shall
be materially adverse to the Lenders (as determined in good faith by the Borrower)), the articles or certificate of incorporation,
by-laws, limited liability company operating agreement, partnership agreement or other organizational or constitutive documents
of Holdings, any Borrower or any of the Subsidiary Guarantors.

 

Section 6.14. Permitted
Activities of Holdings. Holdings shall not:

 

(a) incur any
Indebtedness for borrowed money other than (i) Guarantees of Indebtedness or other obligations of the Borrower and/or any Restricted
Subsidiary, which Indebtedness or other obligations are otherwise permitted hereunder and (ii) Indebtedness owed to the Borrower
or any Restricted Subsidiary otherwise permitted hereunder;

 

(b) create or
suffer to exist any Lien on any property or asset now owned or hereafter acquired by it other than (i) the Liens created under
the Collateral Documents to which it is a party, (ii) any other Lien created in connection with the Transactions, (iii) Permitted
Liens on the Collateral that are secured on a pari passu or junior basis with the Secured Obligations, so long as such Permitted
Liens secure Guarantees permitted under clause ‎(a)(i) above and the underlying Indebtedness subject to such Guarantee
is permitted to be secured on the same basis pursuant to ‎Section 6.02 and (iv) Liens of the type permitted under ‎Section
6.02; or

 

    181

     

    

 

(c) engage in
any material business activity or own any material assets other than (i) holding the Capital Stock of the Borrower and, indirectly,
any other subsidiary of the Borrower (and/or any Joint Venture of any thereof); (ii) performing its obligations under the Loan
Documents and other Indebtedness, Liens (including the granting of Liens) and Guarantees permitted hereunder; (iii) issuing its
own Capital Stock (including, for the avoidance of doubt, the making of any dividend or distribution on account of, or any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value of, any shares of any class of Capital Stock
permitted hereunder); (iv) filing Tax reports and paying Taxes, including Tax distributions made pursuant to ‎Section 6.04(a)(xv)
or payment pursuant to any Tax sharing arrangement described in Section 4.15(e) of the Acquisition Agreement and other customary
obligations in the ordinary course (and contesting any Taxes); (v) preparing reports to Governmental Authorities and to its shareholders;
(vi) holding director and shareholder meetings, preparing organizational records and other organizational activities required to
maintain its separate organizational structure or to comply with applicable Requirements of Law; (vii) [reserved]; (viii) holding
(A) Cash, Cash Equivalents and other assets received in connection with permitted distributions or dividends received from, or
permitted Investments or permitted Dispositions made by, any of its subsidiaries or permitted contributions to the capital of,
or proceeds from the issuance of Capital Stock of, Holdings pending the application thereof, or otherwise received and held so
long as such other assets are not “operated” and (B) the proceeds of Indebtedness permitted by ‎Section 6.01;
(ix) providing indemnification for its officers, directors, members of management, employees and advisors or consultants; (x) participating
in tax, accounting and other administrative matters; (xi) making payments of the type permitted under ‎Section 6.09(f)
and the performance of its obligations under any document, agreement and/or Investment contemplated by the Transactions or otherwise
not prohibited under this Agreement; (xii) complying with applicable Requirements of Law (including with respect to the maintenance
of its existence); (xiii) financing activities, including the issuance of Securities, incurrence of Indebtedness, receipt and payment
of dividends and distributions, making contributions to the capital of its Subsidiaries and Guaranteeing the obligations of the
Borrower and its other Subsidiaries to the extent permitted hereunder; (xiv) repurchases of Indebtedness through open market purchases
and/or Dutch Auctions permitted hereunder; (xv) activities incidental to Permitted Acquisitions or similar Investments consummated
by the Borrower and/or any Restricted Subsidiaries, including the formation of acquisition vehicle entities and intercompany loans
and/or Investments incidental to such Permitted Acquisitions or similar Investments; (xvi) consummating the Holdings Reorganization
Transaction or any Permitted Reorganization; (xvii) the maintenance of its legal existence (including the ability to incur and
pay, as applicable, fees, costs and expenses and taxes related to such maintenance); (xviii) any transaction expressly permitted
pursuant to clause (a), (b) and/or (d) of this Section and (xix) activities incidental or reasonably related
to any of the foregoing; or

 

(d) consolidate
or amalgamate with, or merge with or into, or convey, sell or otherwise transfer all or substantially all of its assets to, any
Person; provided that, so long as no Event of Default exists or would result therefrom, (A) Holdings may consolidate or
amalgamate with, or merge with or into, any other Person (other than the Borrower and any of its subsidiaries) so long as (i) Holdings
is the continuing or surviving Person or (ii) if the Person formed by or surviving any such consolidation, amalgamation or merger
is not Holdings, (x) the successor Person shall be an entity incorporated or organized under the laws of the U.S., any state thereof
or the District of Columbia, and expressly assumes all obligations of Holdings under this Agreement and the other Loan Documents
to which Holdings is a party pursuant to a supplement hereto and/or thereto in a form reasonably satisfactory to the Administrative
Consent Party and (y) the Borrower delivers a certificate of a Responsible Officer with respect to the satisfaction of the conditions
set forth in clause (x) of this clause (A)(ii) and (B) Holdings may (1) consummate the Holdings Reorganization
Transaction and/or (2) otherwise convey, sell or otherwise transfer all or substantially all of its assets to any other Person
(other than the Borrower and any of its subsidiaries) so long as (x) no Change of Control results therefrom, (y) the Person acquiring
such assets expressly assumes all of the obligations of Holdings under this Agreement and the other Loan Documents to which Holdings
is a party pursuant to a supplement hereto and/or thereto in a form reasonably satisfactory to the Administrative Consent Party
and (z) the Borrower delivers a certificate of a Responsible Officer with respect to the satisfaction of the conditions under clause
(x) set forth in this clause (B); provided, further, that (1) if the conditions set forth in the preceding proviso
are satisfied, the successor to Holdings will succeed to, and be substituted for, Holdings under this Agreement, (2) it is understood
and agreed that Holdings may convert into another form of entity so long as such conversion does not adversely affect the value
of the Collateral pledged by Holdings, taken as a whole and (3) notwithstanding anything to the contrary in this ‎Section
6.14, nothing herein shall preclude Holdings from consummating any Permitted Reorganization.

 

    182

     

    

 

Section 6.15. Financial
Covenant.

 

(a) First
Lien Leverage Ratio. On the last day of any Test Period ending on or after the last day of the second full Fiscal Quarter ending
after the Closing Date on which the Revolving Facility Test Condition is then satisfied, the Borrower shall not permit the First
Lien Leverage Ratio to be greater than 9.10:1.00.

 

(b) Financial
Cure. Notwithstanding anything to the contrary in this Agreement (including ‎Article 7), if the Borrower
reasonably expects to fail (or has failed) to comply with ‎Section 6.15(a) above for any Fiscal Quarter, the
Borrower shall have the right (the “Cure Right”) (at any time during such Fiscal Quarter or thereafter
until the date that is 15 Business Days after the date on which financial statements for such Fiscal Quarter are required to
be delivered pursuant to ‎Section 5.01(a) or ‎(b), as applicable) to issue Permitted Equity for Cash or
otherwise receive Cash contributions in respect of Permitted Equity (the “Cure Amount”), and thereupon, if
designated by the Borrower within five Business Days of such contribution, the Borrower’s compliance with ‎Section
6.15(a) shall be recalculated giving effect to the following pro forma adjustment: Consolidated Adjusted EBITDA shall be
increased (notwithstanding the absence of a related addback in the definition of “Consolidated Adjusted EBITDA”),
solely for the purpose of determining compliance with ‎Section 6.15(a) as of the end of such Fiscal Quarter and
for applicable subsequent periods that include such Fiscal Quarter, by an amount equal to the Cure Amount. If, after giving
effect to the foregoing recalculation (but not, for the avoidance of doubt, except as expressly set forth below, taking into
account any immediate repayment of Indebtedness in connection therewith), the requirements of ‎Section 6.15(a)
would be satisfied, then the requirements of ‎Section 6.15(a) shall be deemed satisfied as of the end of the
relevant Fiscal Quarter with the same effect as though there had been no failure to comply therewith at such date, and the
applicable breach or default of ‎Section 6.15(a) that had occurred (or would have occurred) shall be deemed cured
for the purposes of this Agreement. Notwithstanding anything herein to the contrary, (i) in each four consecutive Fiscal
Quarter period there shall be at least two Fiscal Quarters (which may, but are not required to be, consecutive) in which the
Cure Right is not exercised, (ii) during the term of this Agreement, the Cure Right shall not be exercised more than
five times, (iii) the Cure Amount shall be no greater than the amount required for the purpose of complying with ‎Section
6.15(a) (or to be in pro forma compliance with any financial covenant with respect to any other Indebtedness that is
being cured), (iv) upon the Administrative Agent’s receipt of a written notice from the Borrower that the
Borrower intends to exercise the Cure Right (a “Notice of Intent to Cure”), until the 15th Business Day
following the date on which financial statements for the Fiscal Quarter to which such Notice of Intent to Cure relates are
required to be delivered pursuant to ‎Section 5.01(a) or ‎(b), as applicable, neither the
Administrative Agent (nor any sub-agent therefor) nor any Lender shall exercise any right to accelerate the Loans or
terminate the Revolving Credit Commitments or any Additional Commitments, and none of the Administrative Agent (nor any
sub-agent therefor) nor any Lender or Secured Party shall exercise any right to foreclose on or take possession of the
Collateral or any other right or remedy under the Loan Documents, in each case solely on the basis of the relevant Event of
Default under ‎Section 6.15(a), (v) during any Test Period in which any Cure Amount is included in the calculation
of Consolidated Adjusted EBITDA as a result of any exercise of the Cure Right, such Cure Amount shall be (A) counted solely
as an increase to Consolidated Adjusted EBITDA (and not as a reduction of Indebtedness (by netting or otherwise), except to
the extent that the proceeds of such Cure Amount are actually applied to repay Indebtedness) for the purpose of
determining compliance with ‎Section 6.15(a) and (B) disregarded for all other purposes, including the purpose of
determining whether any financial ratio-based condition has been satisfied, the Applicable Rate or the Commitment Fee Rate or
the availability of any carve-out set forth in ‎Article 6 of this Agreement, (vi) the proceeds of any Cure Amount
shall not have previously been applied in reliance on the Available Amount or as an Available Excluded Contribution Amount
and (vii) no Revolving Lender or Issuing Bank shall be required to make any Revolving Loan or issue any Letter of Credit
hereunder if an Event of Default under ‎Section 6.15(a) exists during the 15 Business Day period during which the
Borrower may exercise a Cure Right above unless and until the Cure Amount is actually received.

 

    183

     

    

 

Article
7 EVENTS OF DEFAULT

 

Section 7.01. Events
of Default. If any of the following events (each, an “Event of Default”) shall occur:

 

(a) Failure
To Make Payments When Due. Failure by any Borrower to pay (i) any installment of principal of any Loan when due, whether at
stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise or (ii) within five Business
Days after the date due, any interest on any Loan or any fee or any other amount due hereunder; or

 

(b) Default
in Other Agreements. (i) Failure by the Borrower or any of its Restricted Subsidiaries to pay when due any principal of or
interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in
clause ‎(a) above) with an aggregate outstanding principal amount exceeding the Threshold Amount, in each case beyond
the applicable notice period and grace period, if any, provided therefor; or (ii) breach or default by the Borrower or any of its
Restricted Subsidiaries with respect to any other term of (A) one or more items of Indebtedness with an aggregate outstanding principal
amount exceeding the Threshold Amount or (B) any loan agreement, mortgage, indenture or other agreement relating to such item(s)
of Indebtedness (other than, for the avoidance of doubt, with respect to Indebtedness consisting of Hedging Obligations, termination
events or equivalent events pursuant to the terms of the relevant Hedge Agreement which are not the result of any default thereunder
by any Loan Party or any Restricted Subsidiary), in each case beyond the applicable notice period and grace period, if any, provided
therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of such Indebtedness (or a trustee
or agent on behalf of such holder or holders) to cause, such Indebtedness to become or be declared due and payable (or redeemable)
prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; provided that clause
‎(ii) of this paragraph (b) shall not apply to secured Indebtedness that becomes due as a result of the voluntary
sale or transfer of the property securing such Indebtedness if such sale or transfer is permitted hereunder; provided, further,
that (x) with respect to any breach or default referred to in clause (ii) above with respect to a financial covenant in
any other revolving Indebtedness, such breach or default shall only constitute an Event of Default hereunder if such breach or
default has resulted in the acceleration of such Indebtedness and the termination of commitments thereunder, (y) any failure, breach
or default described under clauses ‎(i) or ‎(ii) above shall only constitute an Event of Default hereunder
if such failure, breach or default is unremedied and is not waived by the holders of such Indebtedness prior to any termination
of the Commitments or acceleration of the Loans pursuant to this ‎Article 7 and (z) for the avoidance of doubt, any
failure, breach or default described under clauses ‎(i) or ‎(ii) above shall not result in a Default or Event
of Default hereunder while any notice period or grace period, if applicable to such failure, breach or default, remains in effect;
or

 

    184

     

    

 

(c) Breach
of Certain Covenants. Failure of the Borrower or any of its Restricted Subsidiaries, as required by the relevant provision,
to perform or comply with any term or condition contained in ‎Section 5.01(e)(i) (provided that (x) the delivery
of a notice of Default or Event of Default at any time or (y) the curing of the underlying Default or Event of Default with
respect to which notice is required to be given will, in each case, cure an Event of Default arising from the failure to timely
deliver such notice of Default or Event of Default, as applicable unless, in the case of clause (x), a Responsible Officer of Holdings
or the Borrower had actual knowledge that such Default or Event of Default had occurred and was continuing and should have reasonably
known in the course of his or her duties that failure to provide such notice would constitute an Event of Default), ‎Section
5.02 (as it applies to the preservation of the existence of the Borrower), Section 5.17 or ‎Article 6; provided
that, notwithstanding this clause ‎(c), no breach or default by any Loan Party under the Financial Covenant will constitute
an Event of Default with respect to any Term Loans unless and until the Required Revolving Lenders have accelerated the Revolving
Loans, terminated the Revolving Credit Commitments and demanded repayment of, or otherwise accelerated, the Indebtedness or other
obligations under the Revolving Facility and have not rescinded such demand or acceleration (the “Financial Covenant Standstill”);
it being understood and agreed that any breach of the Financial Covenant is subject to cure as provided in ‎Section 6.15(b),
and no Event of Default shall arise under ‎Section 6.15(a) until the 15th Business Day after the day on which financial
statements are required to be delivered for the relevant Fiscal Quarter under ‎Section 5.01(a) or ‎(b), as
applicable, and then only to the extent the Cure Amount has not been received on or prior to such date; or

 

(d) Breach
of Representations, Etc. Any representation, warranty or certification made or deemed made by the Borrower or any of its Restricted
Subsidiaries in any Loan Document or in any certificate required to be delivered in connection herewith or therewith (including,
for the avoidance of doubt, any Perfection Certificate) shall be untrue in any material respect as of the date made or deemed made
and such untrue representation, warranty or certification (other than with respect to any Specified Representation) shall, to the
extent capable of being cured, remain untrue for a period of 30 days after notice from the Administrative Agent to the Borrower
(which notice shall only be given at the direction of the Required Lenders); it being understood and agreed that any breach of
representation, warranty or certification resulting solely from the failure of the Administrative Agent to file any Uniform Commercial
Code continuation statement (or other similar statement) shall not result in an Event of Default under this ‎Section 7.01(d)
or any other provision of any Loan Document; or

 

(e) Other
Defaults Under Loan Documents. Default by the Borrower or any of its Restricted Subsidiaries in the performance of or compliance
with any term contained herein or in any of the other Loan Documents, other than any such term referred to in any other Section
of this ‎Article 7, which default has not been remedied or waived within 30 days after the earlier to occur of (x) receipt
by the Borrower of written notice thereof from the Administrative Agent and (y) knowledge by the Borrower of such default; or

 

(f) Involuntary
Bankruptcy; Appointment of Receiver, Etc. (i) The entry by a court of competent jurisdiction of a decree or order for relief
in respect of Holdings, the Borrower or any other Loan Party (any such Person, a “Specified Person”) in an involuntary
case under any Debtor Relief Law now or hereafter in effect, which decree or order is not stayed or dismissed; or any other similar
relief shall be granted under any applicable federal, state or local law, which relief is not stayed or dismissed; or (ii) the
commencement of an involuntary case against any Specified Person under any Debtor Relief Law; the entry by a court having jurisdiction
in the premises of a decree or order for the appointment of a receiver, receiver and manager, (preliminary) insolvency receiver,
liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Specified Person, or over all or a
substantial part of its property; or the involuntary appointment of an interim receiver, trustee or other custodian of any Specified
Person for all or a substantial part of its property, which remains, in any case under this clause ‎(f), undismissed,
unvacated, unbonded or unstayed pending appeal for 60 consecutive days; or

 

    185

     

    

 

(g) Voluntary
Bankruptcy; Appointment of Receiver, Etc. (i) The entry against any Specified Person of an order for relief, the commencement
by any Specified Person of a voluntary case under any Debtor Relief Law, or the consent by any Specified Person to the entry of
an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case, under any Debtor Relief
Law, or the consent by any Specified Person to the appointment of or taking possession by a receiver, receiver and manager, (preliminary)
insolvency receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers for all or a substantial
part of its property; (ii) the making by any Specified Person of a general assignment for the benefit of creditors; or (iii) the
admission by any Specified Person in writing of its inability to pay its debts as such debts become due; or

 

(h) Judgments
and Attachments. The entry or filing of one or more final money judgments, writs or warrants of attachment or similar process
against the Borrower or any of its Restricted Subsidiaries or any of their respective assets involving in the aggregate at any
time an amount in excess of the Threshold Amount (in either case to the extent not adequately covered by indemnity from a third
party as to which the indemnifying party has been notified and not denied its indemnification obligations, self-insurance (if applicable)
or insurance as to which the relevant third party insurance company has been notified and not denied coverage), which judgment,
writ, warrant or similar process remains unpaid, undischarged, unvacated, unbonded or unstayed pending appeal for a period of 60
consecutive days; or

 

(i) Employee
Benefit Plans. The occurrence of one or more ERISA Events, which individually or in the aggregate result in liability of the
Borrower or any of its Restricted Subsidiaries in an aggregate amount which would reasonably be expected to result in a Material
Adverse Effect and the same shall remain undischarged for a period of 30 consecutive days during which period any action shall
not be legally taken to attach or levy upon any material assets of any Loan Party to enforce any such liability; or

 

(j) Change
of Control. The occurrence of a Change of Control; or

 

(k) Guaranties,
Collateral Documents and Other Loan Documents. At any time after the execution and delivery thereof (i) any material Loan Guaranty
for any reason ceasing to be in full force and effect (other than in accordance with its terms or as a result of the occurrence
of the Termination Date) or being declared by a court of competent jurisdiction to be null and void or the repudiation in writing
by any Loan Party of its obligations thereunder (in each case other than as a result of the discharge of such Loan Party in accordance
with the terms thereof), (ii) this Agreement or any material Collateral Document ceasing to be in full force and effect (other
than by reason of a release of Collateral in accordance with the terms hereof or thereof, the occurrence of the Termination Date
or any other termination of such Collateral Document in accordance with the terms thereof) or being declared by a court of competent
jurisdiction to be null and void or (iii) other than in any bona fide, good faith dispute as to the scope of Collateral or whether
any Lien has been, or is required to be released, the contesting by any Loan Party in writing of the validity or enforceability
of any material provision of any Loan Document or denial by any Loan Party in writing that it has any further liability (other
than by reason of the occurrence of the Termination Date or any other termination of any Loan Document in accordance with the terms
thereof), including with respect to future advances by the Lenders, under any Loan Document to which it is a party; it being understood
and agreed that the failure of the Administrative Agent to maintain possession of any Collateral actually delivered to it or file
any UCC (or equivalent) continuation statement shall not result in an Event of Default under this clause ‎(k);
or

 

    186

     

    

 

(l) Subordination.
The Obligations ceasing or the assertion in writing by any Loan Party that the Obligations cease to constitute senior indebtedness
under the subordination provisions of any document or instrument evidencing any permitted subordinated Junior Indebtedness in excess
of the Threshold Amount (in each case, to the extent required by such subordination provision) or any such subordination provision
being invalidated by a court of competent jurisdiction in a final non-appealable order or otherwise ceasing, for any reason, to
be valid, binding and enforceable obligations of the parties thereto;

 

then, and in every such Event of Default
(other than (x) an Event of Default with respect to the Borrower described in clause ‎(f) or ‎(g) of this
Article or (y) any Event of Default arising under ‎Section 6.15(a)), and at any time thereafter during the continuance
of such Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower,
take any of the following actions, at the same or different times: (i) terminate the Revolving Credit Commitments, and thereupon
such Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part,
in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon
the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations
of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by each Borrower and (iii) require that each Borrower deposit in its LC Collateral
Account an additional amount in Cash as reasonably requested by the Issuing Banks (not to exceed 103% of the relevant Stated Amount)
of the then outstanding LC Exposure with respect to such Borrower (minus the amount then on deposit in its LC Collateral Account);
provided that (A) upon the occurrence of an Event of Default with respect to the Borrower described in clause ‎(f)
or ‎(g) of this Article, any such Commitments shall automatically terminate and the principal of the Loans then outstanding,
together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically
become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each
Borrower, and the obligation of each Borrower to Cash collateralize the outstanding Letters of Credit as aforesaid shall automatically
become effective, in each case without further action of the Administrative Agent or any Lender and (B) during the continuance
of any Event of Default arising under ‎Section 6.15(a), subject to the Financial Covenant Standstill, (X) solely upon
the request of the Required Revolving Lenders (but not the Required Lenders or any other Lender or group of Lenders), the Administrative
Agent shall, by notice to the Borrower, (1) terminate the Revolving Credit Commitments, and thereupon such Revolving Credit Commitments
shall terminate immediately, (2) declare the Revolving Loans then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal
of the Revolving Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations
of the Borrowers accrued hereunder in respect of the Revolving Facility, shall become due and payable immediately, without presentment,
demand, protest or other notice in respect thereof of any kind, all of which are hereby waived by each Borrower and (3) require
that each Borrower deposit in its LC Collateral Account an additional amount in Cash as reasonably requested by the Issuing Banks
(not to exceed 103% of the relevant Stated Amount) of the then outstanding LC Exposure with respect to such Borrower (minus
the amount then on deposit in its LC Collateral Account) and (Y) the Administrative Agent may, and at the request of the Required
Lenders shall, by notice to the Borrower, declare the Loans then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal
of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the
Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by each Borrower. Upon the occurrence and during the continuance of an Event of Default,
subject to any applicable intercreditor agreement, the Administrative Agent may, and at the request of the Required Lenders shall,
exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all
remedies provided under the UCC.

 

    187

     

    

 

Article
8 THE ADMINISTRATIVE AGENT

 

Each of the Lenders
and the Issuing Banks, on behalf of itself and its applicable Affiliates and in their respective capacities as such and as Secured
Parties in respect of any Secured Hedging Obligations or Banking Services Obligations, as applicable, hereby irrevocably appoints
GSLP (or any successor appointed pursuant hereto) as Administrative Agent and authorizes the Administrative Agent to take such
actions on its behalf, including execution of the other Loan Documents and any other documents with respect to the rights of the
Secured Parties and the Collateral as contemplated by this Agreement and the other Loan Documents, and to exercise such powers
as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably
incidental thereto.

 

Each of the Secured
Parties hereby irrevocably appoints and authorizes the Administrative Agent (as collateral agent) to act as the agent of (and to
hold any security interest created by the Loan Documents for and on behalf of or in trust for) such Secured Party for purposes
of acquiring, holding and enforcing any and all Liens on Collateral granted by the Loan Parties to secure any of the Obligations,
together with such powers and discretion as are reasonably incidental thereto. Each Secured Party agrees that any such actions
by the Administrative Agent shall bind such Secured Party.

 

Any Person serving
as Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated, unless the context otherwise requires or unless such Person is in fact not a Lender, include
each Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits
from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business
with any Loan Party or any subsidiary of any Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder.
The Lenders acknowledge that, pursuant to such activities, the Administrative Agent or its Affiliates may receive information regarding
any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such
Loan Party or such Affiliate) and acknowledge that the Administrative Agent shall not be under any obligation to provide such information
to them.

 

The Administrative
Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality
of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether
a Default or Event of Default exists, and the use of the term “agent” herein and in the other Loan Documents with reference
to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable Requirements of Law; it being understood that 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) the Administrative
Agent shall not have any duty to take any discretionary action or exercise any discretionary power, except discretionary rights
and powers that are expressly contemplated by the Loan Documents and which the Administrative Agent is required to exercise in
writing as directed by the Required Lenders or Required Revolving Lenders (or such other number or percentage of the Lenders as
shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the relevant circumstances
as provided in ‎Section 9.02); provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable Requirements of Law and (c) except as expressly set forth in the Loan Documents, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Holdings,
the Borrower or any of its Restricted Subsidiaries that is communicated to or obtained by the Person serving as Administrative
Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable to the Lenders or any other Secured
Party for any action taken or not taken by it with the consent or at the request of the Required Lenders or Required Revolving
Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe
in good faith shall be necessary, under the relevant circumstances as provided in ‎Section 9.02) or in the absence of
its own gross negligence or willful misconduct, as determined by the final judgment of a court of competent jurisdiction, in connection
with its duties expressly set forth herein. The Administrative Agent shall not be deemed to have knowledge of any Default or Event
of Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or any Lender, and the
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any covenant, agreement or
other term or condition set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the
creation, perfection or priority of any Lien on the Collateral or the existence, value or sufficiency of the Collateral, (vi) the
satisfaction of any condition set forth in Article 4 or elsewhere in any Loan Document, other than to confirm receipt of
items expressly required to be delivered to the Administrative Agent or (vii) any property, book or record of any Loan Party or
any Affiliate thereof; provided, further that, the foregoing paragraph is solely for the benefit of the Administrative Agent and
not any Lender.

 

    188

     

    

 

Each Lender agrees
that, except with the written consent of the Administrative Agent, it will not take any enforcement action hereunder or under any
other Loan Document, accelerate the Obligations under any Loan Document, or exercise any right that it might otherwise have under
applicable law or otherwise to credit bid at any foreclosure sale, UCC sale, any sale under Section 363 of the Bankruptcy Code
or other similar Dispositions of Collateral. Notwithstanding the foregoing, however, except as otherwise expressly limited herein,
a Lender may take action to preserve or enforce its rights against a Loan Party where a deadline or limitation period is applicable
that would, absent such action, bar enforcement of the Obligations held by such Lender, including the filing of a proof of claim
in a case under the Bankruptcy Code.

 

Notwithstanding anything
to the contrary contained herein or in any of the other Loan Documents, the Borrower, the Administrative Agent and each Secured
Party agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the
Loan Guaranty; it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative
Agent on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights and remedies under the other
Loan Documents may be exercised solely by the Administrative Agent and (ii) in the event of a foreclosure by the Administrative
Agent on any of the Collateral pursuant to a public or private sale or in the event of any other Disposition (including pursuant
to Section 363 of the Bankruptcy Code), (A) the Administrative Agent, as agent for and representative of the Secured Parties, shall
be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral
sold at any such sale, to use and apply all or any portion of the Obligations as a credit on account of the purchase price for
any Collateral payable by the Administrative Agent at such Disposition and (B) the Administrative Agent or any Lender may be the
purchaser or licensor of all or any portion of such Collateral at any such Disposition.

 

No holder of any Secured
Hedging Obligation or Banking Services Obligation in its respective capacity as such shall have any rights in connection with the
management or release of any Collateral or of the obligations of any Loan Party under this Agreement.

 

    189

     

    

 

Each of the Lenders
hereby irrevocably authorizes (and by entering into a Hedge Agreement with respect to any Secured Hedging Obligation and/or by
entering into documentation in connection with any Banking Services Obligation, each of the other Secured Parties hereby authorizes
and shall be deemed to authorize) the Administrative Agent, on behalf of all Secured Parties, to take any of the following actions
upon the instruction of the Required Lenders:

 

(a) consent to
the Disposition of all or any portion of the Collateral free and clear of the Liens securing the Secured Obligations in connection
with any Disposition pursuant to the applicable provisions of the Bankruptcy Code (or other applicable Debtor Relief Law), including
Section 363 thereof;

 

(b) credit bid
all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in each case, either directly
or through one or more acquisition vehicles), in connection with any Disposition of all or any portion of the Collateral pursuant
to the applicable provisions of the Bankruptcy Code (or other applicable Debtor Relief Law), including under Section 363 thereof;

 

(c) credit bid
all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in each case, either directly
or through one or more acquisition vehicles), in connection with any Disposition of all or any portion of the Collateral pursuant
to the applicable provisions of the UCC (or other applicable Debtor Relief Law), including pursuant to Sections 9-610 or 9-620
of the UCC;

 

(d) credit bid
all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in each case, either directly
or through one or more acquisition vehicles), in connection with any foreclosure or other Disposition conducted in accordance with
applicable law following the occurrence of an Event of Default, including by power of sale, judicial action or otherwise; and/or

 

(e) estimate
the amount of any contingent or unliquidated Secured Obligations of such Lender or other Secured Party;

 

it being understood that no Lender shall
be required to fund any new amount in connection with any purchase of all or any portion of the Collateral by the Administrative
Agent pursuant to the foregoing clauses ‎(b), ‎(c) or ‎(d) without its prior written consent.

 

Each Secured Party
agrees that the Administrative Agent is under no obligation to credit bid any part of the Secured Obligations or to purchase or
retain or acquire any portion of the Collateral; provided that, in connection with any credit bid or purchase described
under clauses ‎(b), ‎(c) or ‎(d) of the preceding paragraph, the Secured Obligations owed to all
of the Secured Parties (other than with respect to contingent or unliquidated liabilities as set forth in the next succeeding paragraph)
may be, and shall be, credit bid by the Administrative Agent on a ratable basis. For the avoidance of doubt, nothing in this ‎Article
8 shall limit any rights of Holdings or its Subsidiaries under Section 363(k) of the Bankruptcy Code (or the corresponding
provisions of any other applicable Debtor Relief Law).

 

With respect to any
contingent or unliquidated claim that is a Secured Obligation, the Administrative Agent is hereby authorized by the Secured Parties,
but is not required, to estimate the amount thereof for purposes of any credit bid or purchase described in the second preceding
paragraph so long as the estimation of the amount or liquidation of such claim would not unduly delay the ability of the Administrative
Agent to credit bid the Secured Obligations or purchase the Collateral in the relevant Disposition. In the event that the Administrative
Agent, in its sole and absolute discretion, elects not to estimate any such contingent or unliquidated claim or any such claim
cannot be estimated without unduly delaying the ability of the Administrative Agent to consummate any credit bid or purchase in
accordance with the second preceding paragraph, then any contingent or unliquidated claims not so estimated shall be disregarded,
shall not be credit bid, and shall not be entitled to any interest in the portion or the entirety of the Collateral purchased by
means of such credit bid.

 

    190

     

    

 

Each Secured Party
whose Secured Obligations are credit bid under clauses ‎(b), ‎(c) or ‎(d) of the third preceding
paragraph shall be entitled to receive interests in the Collateral or any other asset acquired in connection with such credit bid
(or in the Capital Stock of the acquisition vehicle or vehicles that are used to consummate such acquisition) on a ratable basis
in accordance with the percentage obtained by dividing (x) the amount of the Secured Obligations of such Secured Party that were
credit bid in such credit bid or other Disposition by (y) the aggregate amount of all Secured Obligations that were credit bid
in such credit bid or other Disposition.

 

In addition, in case
of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, each
Secured Party agrees that the Administrative Agent (irrespective of whether the principal of any Loan or LC Exposure is then due
and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(i) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans or LC Exposure and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective agents
and counsel and all other amounts to the extent due to the Lenders, the Issuing Banks and the Administrative Agent under Sections
‎2.12 and ‎9.03) allowed in such judicial proceeding; and

 

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

 

Any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender and each Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent
consents to the making of such payments directly to the Lenders and the Issuing Banks, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel,
and any other amount due to the Administrative Agent under Sections ‎2.12 and ‎9.03.

 

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

 

    191

     

    

 

The Administrative
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative
Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person
and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of
a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition
is satisfactory to such Lender unless the Administrative Agent has received notice to the contrary from such Lender prior to the
making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

 

The Administrative
Agent may perform any and all of its duties and exercise its rights and powers by or through any one or more sub-agents appointed
by it. The Administrative Agent and any such sub-agent may perform any and all of their respective duties and exercise their respective
rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such
sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent and shall apply to their respective activities
in connection with activities as the Administrative Agent.

 

The Administrative
Agent may resign at any time by giving thirty days’ written notice to the Lenders, the Issuing Banks and the Borrower. If
the Administrative Agent is a Defaulting Lender or an Affiliate of a Defaulting Lender, either the Required Lenders or the Borrower
may, upon thirty days’ notice, remove the Administrative Agent. Upon receipt of any such notice of resignation or delivery
of any such notice of removal, the Required Lenders shall have the right, with the consent of the Borrower (not to be unreasonably
withheld, conditioned or delayed), to appoint a successor Administrative Agent which shall be a commercial bank, trust company
or other Person reasonably acceptable to the Borrower with offices in the U.S. having combined capital and surplus in excess of
$1,000,000,000 (or such lesser amount as determined by the Borrower in its sole discretion); provided that during the existence
and continuation of a Specified Event of Default, no consent of the Borrower shall be required. If no successor shall have been
appointed as provided above and accepted such appointment within thirty days after the retiring Administrative Agent gives notice
of its resignation or the Administrative Agent receives notice of removal, then (a) in the case of a retirement, the retiring Administrative
Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent
meeting the qualifications set forth above (including, for the avoidance of doubt, consent of the Borrower) or (b) in the case
of a removal, the Borrower may, after consulting with the Required Lenders, appoint a successor Administrative Agent meeting the
qualifications set forth above; provided that (x) in the case of a retirement, if the Administrative Agent notifies the
Borrower, the Lenders and the Issuing Banks that no qualifying Person has accepted such appointment or (y) in the case of a removal,
the Borrower notifies the Required Lenders that no qualifying Person has accepted such appointment, then, in each case, such resignation
or removal shall nonetheless become effective in accordance with such notice and (i) the retiring or removed Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by the Administrative Agent in its capacity as collateral agent for the Secured Parties for perfection
purposes, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (ii) all payments, communications and determinations required to be made by, to or through
the Administrative Agent shall instead be made by or to each Lender and each Issuing Bank directly (and each Lender and each Issuing
Bank will cooperate with the Borrower to enable the Borrower to take such actions), until such time as the Required Lenders or
the Borrower, as applicable, appoint a successor Administrative Agent, as provided for above in this ‎Article 8. Upon
the acceptance of its appointment as a successor Administrative Agent, such successor Administrative Agent shall succeed to and
become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any
rights to indemnity payments owed to the retiring Administrative Agent), and the retiring or removed Administrative Agent shall
be discharged from its duties and obligations hereunder (other than its obligations under ‎Section 9.13 hereof) and
under the other Loan Documents if not already discharged from them. The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor Administrative
Agent. After the Administrative Agent’s resignation or removal hereunder, the provisions of this Article and ‎Section
9.03 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective
Related Parties in respect of any action taken or omitted to be taken by any of them while the relevant Person was acting as Administrative
Agent (including for this purpose holding any collateral security following the retirement or removal of the Administrative Agent).
Notwithstanding anything to the contrary herein, no Disqualified Institution (nor any Affiliate thereof) may be appointed as a
successor Administrative Agent.

 

    192

     

    

 

Notwithstanding the
foregoing, the parties hereto acknowledge and agree that, for purposes of any right of pledge governed by Netherlands law, any
resignation by the Administrative Agent is not effective with respect to its rights under the Parallel Debt until all rights and
obligations are assigned to, and assumed by, the successor Administrative Agent.

 

The Administrative
Agent will reasonably cooperate in assigning its rights under the Parallel Debt to any such successor Administrative Agent and
will reasonably cooperate in transferring all rights and obligations under any security document governed by Netherlands law (as
the case may be) to such successor Administrative Agent.

 

Any removal of the
Administrative Agent hereunder shall also constitute its resignation as Issuing Bank effective as of the date of effectiveness
of its removal as Administrative Agent as provided above; it being understood that in the event of any such resignation, any Letter
of Credit then outstanding shall remain outstanding (irrespective of whether any amounts have been drawn at such time). In the
event of any such resignation as an Issuing Bank, the Borrower shall be entitled to appoint any Revolving Lender that is willing
to accept such appointment as successor Issuing Bank hereunder. Upon the acceptance of any appointment as Issuing Bank hereunder
by a successor Issuing Bank, as applicable, such successor Issuing Bank shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the resigning Issuing Bank and the resigning Issuing Bank shall be discharged from its
duties and obligations in such capacity hereunder.

 

Each Lender and each
Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or
any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement. Each Lender and each Issuing Bank also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender or any of their respective Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or
thereunder. Except for notices, reports and other documents expressly required to be furnished to the Lenders and the Issuing Banks
by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender or
any Issuing Bank 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 the Administrative Agent or any of its Related Parties.

 

Notwithstanding anything
to the contrary herein, the Arranger shall not have any right, power, obligation, liability, responsibility or duty under this
Agreement, except in its respective capacities, as applicable, as the Administrative Agent, a Lender or an Issuing Bank hereunder.

 

    193

     

    

 

Each Secured Party
irrevocably authorizes and instructs the Administrative Agent to, and the Administrative Agent shall:

 

(a) without limiting
‎Section 9.22, release any Lien on any property granted to or held by the Administrative Agent under any Loan Document
(i) upon the occurrence of the Termination Date, (ii) that is sold or to be sold or transferred as part of or in connection with
any Disposition permitted under the Loan Documents to a Person that is not a Loan Party, (iii) that does not constitute (or ceases
to constitute) Collateral, (iv) if the property subject to such Lien is owned by a Subsidiary Guarantor, upon the release of such
Subsidiary Guarantor from its Loan Guaranty otherwise in accordance with the Loan Documents, (v) as required under clause ‎(d)
below or (vi) if approved, authorized or ratified in writing by the Required Lenders (or such other number or percentage
of Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the relevant
circumstances as provided in ‎Section 9.02) in accordance with ‎Section 9.02;

 

(b) without limiting
‎Section 9.22, release any Subsidiary Guarantor from its obligations under the Loan Guaranty (i) if such Person ceases
to be a Restricted Subsidiary (or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions
or any event or other circumstance permitted hereunder) and/or (ii) upon the occurrence of the Termination Date;

 

(c) subordinate
any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such
property that is permitted by Sections ‎6.02(c), ‎6.02(d), ‎6.02(e), ‎6.02(f), ‎6.02(g),
‎6.02(l), ‎6.02(m), ‎6.02(n), ‎6.02(o), 6.02(r), ‎6.02(u) (to the
extent the relevant Lien is of the type to which the Lien of the Administrative Agent is otherwise required or, if requested by
the Borrower, permitted to be subordinated under this clause (c) pursuant to any of the other exceptions to ‎Section
6.02 that are expressly included in this clause (c)), ‎6.02(v)(ii), ‎6.02(x), ‎6.02(y),
‎6.02(z)(i), ‎6.02(bb), ‎6.02(cc), ‎6.02(dd), ‎6.02(ee), ‎6.02(ff),
‎6.02(gg), ‎‎6.02(ii) and ‎6.02(ll) (and any Refinancing Indebtedness in respect of any thereof
to the extent such Refinancing Indebtedness is permitted to be secured under ‎Section 6.02(k)); and

 

(d) enter into
subordination, intercreditor, collateral trust and/or similar agreements (and any amendments thereto) with respect to Indebtedness
(including any Acceptable Intercreditor Agreement and any amendment thereto) that is (i) required or permitted to be subordinated
to or pari passu with the Liens securing the Obligations and/or (ii) secured by Liens, and with respect to which Indebtedness and/or
Liens, this Agreement contemplates an intercreditor, subordination, collateral trust or similar agreement.

 

Upon the request of
the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to
release or subordinate its interest in particular types or items of property, or to release any Loan Party from its obligations
under the Loan Guaranty or its Lien on any Collateral pursuant to this ‎Article 8. In each case as specified in this
‎Article 8, the Administrative Agent will (and each Lender and each Issuing Bank hereby authorizes the Administrative
Agent to), at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party
may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under
the Collateral Documents, to subordinate its interest therein, or to release such Loan Party from its obligations under the Loan
Guaranty, in each case in accordance with the terms of the Loan Documents and this ‎Article 8.

 

    194

     

    

 

The Administrative
Agent is authorized to enter into any Acceptable Intercreditor Agreement and any other intercreditor, subordination, collateral
trust or similar agreement contemplated hereby with respect to any (a) Indebtedness (i) that is (A) required or permitted to be
subordinated hereunder or pari passu with the Liens securing the Obligations and/or (B) secured by Liens and (ii) with respect
to which Indebtedness and/or Liens, this Agreement contemplates an intercreditor, subordination, collateral trust or similar agreement
(any such other intercreditor, subordination, collateral trust and/or similar agreement, an “Additional Agreement”)
and/or (b) Secured Hedging Obligations and/or Banking Services Obligations, whether or not constituting Indebtedness, and each
Secured Party acknowledges that any Acceptable Intercreditor Agreement and any Additional Agreement is binding upon them. Each
Secured Party hereby (a) [reserved], (b) agrees that it will be bound by, and will not take any action contrary to, the provisions
of any Acceptable Intercreditor Agreement or any Additional Agreement and (c) authorizes and instructs the Administrative Agent
to enter into any Additional Agreement (including any Acceptable Intercreditor Agreement) and to subject the Liens on the Collateral
securing the Secured Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the Secured
Parties to extend credit to the Borrowers, and the Secured Parties are intended third-party beneficiaries of such provisions and
the provisions of any Acceptable Intercreditor Agreement and/or any other Additional Agreement.

 

To the extent that
the Administrative Agent (or any Affiliate thereof) is not reimbursed and indemnified by the Borrower in accordance with the terms
of this Agreement, the Lenders will reimburse and indemnify the Administrative Agent (and any Affiliate thereof) in proportion
to their respective Applicable Percentages (determined as if there were no Defaulting Lenders) for and against any and all liabilities,
obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature
which may be imposed on, asserted against or incurred by the Administrative Agent (or any Affiliate thereof) in performing its
duties hereunder or under any other Loan Document or in any way relating to or arising out of this Agreement or any other Loan
Document; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties,
claims, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s (or such Affiliate’s)
gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision).

 

Article
9 MISCELLANEOUS

 

Section 9.01. Notices.

 

(a) Except in
the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph ‎(b)
below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by facsimile or email, as follows:

 

(i) if to any
Loan Party, to such Loan Party in the care of the U.S. Borrower at:

 

Ranger Packaging LLC

c/o Ranpak Corp.

7990 Auburn Road

Painesville, OH 44077

Attention: Trent M. Meyerhoefer

Telephone: (440) 350-8011

Email: meyerhoefer.trent@ranpak.com

 

    195

     

    

 

(ii) if to
the Administrative Agent:

 

(A) for loan administration notices,
at:

 

Goldman Sachs Lending Partners
LLC

c/o Goldman Sachs & Co. LLC

30 Hudson Street, 36th
Floor

Jersey City, NJ 07302

Fax: (212) 902-3000

Attention: SBD Operations

Email: gsd.link@gs.com and ficc-sbdagency-nydallas@ny.email.gs.com

 

(B) for collateral related notices,
at:

 

Goldman Sachs Lending Partners
LLC

c/o Goldman Sachs & Co. LLC

30 Hudson Street, 36th
Floor

Jersey City, NJ 07302

Fax: (212) 902-3000

Attention: SBD Operations

Email: gsd.link@gs.com and ficc-sbdagency-nydallas@ny.email.gs.com

 

(iii) if to
the Issuing Bank, at:

 

Goldman Sachs Lending Partners
LLC

c/o Goldman Sachs Loan Operations

2001 Ross Avenue, 29th
Floor

Dallas, TX 75201

Telephone: (972) 368-2790

Attention: Letter of Credit Department
Manager

Email: gs-loc-operations@gs.com

 

(iv) prior
to the Disposition Date, if to the Principal Investor Representative, at:

 

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Telephone: (212) 902-5509

Attention: Kirsten Hagen

Email: kirsten.hagen@gs.com

 

(v) if to any
Lender, to it at its address, facsimile number or email address set forth in its Administrative Questionnaire.

 

All such notices and other communications
(A) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
delivered in person or by courier service and signed for against receipt thereof or three Business Days after dispatch if sent
by certified or registered mail, in each case, delivered, sent or mailed (properly addressed) to the relevant party as provided
in this ‎Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with
this ‎Section 9.01 or (B) sent by facsimile shall be deemed to have been given when sent and when receipt has been confirmed
by telephone; provided that 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, such notices or other communications 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 clause ‎(b) below shall be effective as provided in such
clause ‎(b).

 

    196

     

    

 

(b) Notices and
other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail and
Internet or Intranet websites) pursuant to procedures set forth herein or otherwise approved by the Administrative Agent. The Administrative
Agent or the Borrower (on behalf of any Loan Party) may, in its discretion, agree to accept notices and other communications to
it hereunder by electronic communications pursuant to procedures set forth herein or otherwise approved by it; provided
that approval of such procedures may be limited to particular notices or communications. All such notices and other communications
(i) 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 not given during the normal business hours of the recipient, such notice or communication shall be deemed
to have been given at the opening of business on the next Business Day for the recipient and (ii) 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 ‎(b)‎(i) of notification that such notice or communication is available and identifying the website address
therefor.

 

(c) Any party
hereto may change its address or facsimile number or other notice information hereunder by notice to the other parties hereto;
it being understood and agreed that the Borrower may provide any such notice to the Administrative Agent as recipient on behalf
of itself, each Issuing Bank and each Lender.

 

Section 9.02. Waivers;
Amendments.

 

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

 

(b) Subject to
clauses ‎(A), ‎(B), ‎(C), (D) and (E) of this ‎Section 9.02(b) and Sections
‎9.02(c) and ‎(d) below and to ‎Section 9.05(f), neither this Agreement nor any other Loan Document
nor any provision hereof or thereof may be waived, amended or modified, except (i) in the case of this Agreement, pursuant to an
agreement or agreements in writing entered into by the Borrower and the Required Lenders (or the Administrative Agent with the
consent of the Required Lenders) or (ii) in the case of any other Loan Document (other than any waiver, amendment or modification
to effectuate any modification thereto expressly contemplated by the terms of such other Loan Document), pursuant to an agreement
or agreements in writing entered into by the Administrative Agent and each Loan Party that is party thereto, with the consent of
the Required Lenders; provided that, notwithstanding the foregoing:

 

(A) except
with the consent of each Lender directly and adversely affected thereby (but without requiring the consent of the Required Lenders),
no such agreement shall;

 

    197

     

    

 

(1) increase
the Commitment of such Lender (other than with respect to any Incremental Facility pursuant to ‎Section 2.22 in respect
of which such Lender has agreed to be an Additional Lender); it being understood that no amendment, modification or waiver of,
or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory
prepayment or mandatory reduction of the Commitments shall constitute an increase of any Commitment of such Lender;

 

(2) reduce
or forgive the principal amount of any Loan owed to such Lender or any amount due to such Lender on any Loan Installment Date (other
than, in each case, any waiver of, or consent to or departure from, any Default or Event of Default or any mandatory prepayment;
it being understood that no change in (i) the definition of “First Lien Leverage Ratio” or any other ratio used in
the calculation of any mandatory prepayment (including any component definition thereof) or (ii) the MFN Provision shall constitute
a reduction or forgiveness of any principal amount due hereunder);

 

(3) (x) extend
the scheduled final maturity of any Loan or (y) postpone any Loan Installment Date, any Interest Payment Date or the date of any
scheduled payment of any fee, in each case payable to such Lender hereunder (in each case, other than any extension for administrative
reasons agreed by the Administrative Agent) (other than, in each case, any waiver of, or consent or departure from, any Default
or Event of Default or any mandatory prepayment; it being understood that no change in the definition of “First Lien Leverage
Ratio” or any other ratio used in the calculation of any mandatory prepayment (including any component definition thereof)
shall constitute such an extension or postponement);

 

(4) reduce
the rate of interest (other than to waive any Default or Event of Default or obligation of any Borrower to pay interest at the
default rate of interest under ‎Section 2.13(c), which shall only require the consent of the Required Lenders) or the
amount of any fee owed to such Lender; it being understood that no change in (i) the definition of “First Lien Leverage Ratio”
or any other ratio used in the calculation of the Applicable Rate or the Commitment Fee Rate, or in the calculation of any other
interest or fee due hereunder (including any component definition thereof) or (ii) the MFN Provision shall constitute a reduction
in any rate of interest or fee hereunder;

 

(5) extend
the expiry date of such Lender’s Commitment; it being understood that no amendment, modification or waiver of, or consent
to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment
or mandatory reduction of any Commitment shall constitute an extension of any Commitment of any Lender; and

 

    198

     

    

 

(6) waive,
amend or modify the provisions of Section ‎2.18(b) or (c) of this Agreement in a manner that would by its terms
alter the pro rata sharing of payments required thereby (except in connection with any transaction permitted under Sections
‎2.22, ‎2.23, ‎9.02(c) and/or ‎9.05(g) or as otherwise provided in this ‎Section
9.02);

 

(B) no
such agreement shall:

 

(1) change
(x) any of the provisions of ‎Section 9.02(a) or ‎Section 9.02(b) or the definition of “Required Lenders”
to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant any
consent thereunder, without the prior written consent of each Lender or (y) the definition of “Required Revolving Lenders”
to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant any
consent thereunder, without the prior written consent of each Revolving Lender (it being understood that neither the consent of
the Required Lenders nor the consent of any other Lender shall be required in connection with any change to the definition of “Required
Revolving Lenders”);

 

(2) release
all or substantially all of the Collateral from the Lien granted pursuant to the Loan Documents (except as otherwise permitted
herein or in the other Loan Documents, including pursuant to ‎Article 8 or ‎Section 9.22 hereof or pursuant
to any Acceptable Intercreditor Agreement), without the prior written consent of each Lender; or

 

(3) release
all or substantially all of the value of the Guarantees under the Loan Guaranty (except as otherwise permitted herein or in the
other Loan Documents, including pursuant to ‎Article 8 or ‎Section 9.22 hereof), without the prior written
consent of each Lender;

 

(C) solely
with the consent of the Required Revolving Lenders (but without the consent of the Required Lenders or any other Lender), any such
agreement may (x) waive, amend or modify ‎Section 6.15 (or the definition of “First Lien Leverage Ratio”
or any component definition thereof, in each case, as any such definition is used solely for purposes of ‎Section 6.15)
or waive any Default or Event of Default in respect of ‎Section 6.15 (other than as permitted under clause (y)),
(y) waive, amend or modify any condition precedent set forth in ‎Section 4.02 hereof as it pertains to any Revolving
Loan and/or Additional Revolving Loan and/or (z) waive any Default or Event of Default that results from any representation made
or deemed made by any Loan Party in any Loan Document in connection with any Credit Extension under the Revolving Facility being
untrue in any material respect as of the date made or deemed made;

 

(D) solely
with the consent of the relevant Issuing Bank and, in the case of clause (x), the Administrative Agent, any such agreement
may (x) increase or decrease the Letter of Credit Sublimit or (y) waive, amend or modify any condition precedent set forth in ‎Section
4.02 hereof as it pertains to the issuance of any Letter of Credit by such Issuing Bank; and

 

    199

     

    

 

(E) solely
with the consent of the Borrower and applicable Class or Classes of Revolving Lenders and/or, if applicable, Issuing Banks, subject
to the provisions of Section 1.10, this Agreement may be amended or otherwise modified to permit the availability of Revolving
Loans and/or Letters of Credit denominated in a currency other than Dollars and to make technical changes to this Agreement and
any other Loan Document to accommodate the inclusion of any such new currency;

 

provided, further, that no
such agreement (x) shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or any Issuing Bank
hereunder without the prior written consent of the Administrative Agent or such Issuing Bank and (y) shall amend or modify Section
9.03, 9.05(a), 9.13, 9.14 or this proviso to Section 9.01 in a manner which affects the Arranger
disproportionately and adversely relative to other affected beneficiaries of such provisions without the prior written consent
of the Arranger, in each case as the case may be. The Administrative Agent may also amend the Commitment Schedule to reflect assignments
entered into pursuant to ‎Section 9.05, Commitment reductions or terminations pursuant to ‎Section 2.09,
incurrences of Additional Commitments or Additional Loans pursuant to Sections ‎2.22, ‎2.23 or ‎9.02(c)
and reductions or terminations of any such Additional Commitments or Additional Loans. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that
the Commitment of any Defaulting Lender may not be increased without the consent of such Defaulting Lender (it being understood
that any Commitment or Loan held or deemed held by any Defaulting Lender shall be excluded from any vote hereunder that requires
the consent of any Lender, except as expressly provided in ‎Section 2.21(b)). Notwithstanding the foregoing, but without
limiting the provisions of ‎Section 2.22(g), this Agreement may be amended (or amended and restated) with the written
consent of the Required Lenders, the Administrative Agent and the Borrower (i) to add one or more additional credit facilities
to this Agreement and to permit any extension of credit from time to time outstanding thereunder and the accrued interest and fees
in respect thereof to share ratably in the relevant benefits of this Agreement and the other Loan Documents and (ii) to include
appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on substantially the same
basis as the Lenders prior to such inclusion.

 

(c) Notwithstanding
the foregoing, this Agreement may be amended:

 

(i) with the
written consent of the Borrower and the Lenders providing the relevant Replacement Term Loans to permit the refinancing or replacement
of all or any portion of the outstanding Term Loans under any applicable Class (any such loans being refinanced or replaced, the
“Replaced Term Loans”) with one or more replacement term loans hereunder (“Replacement Term Loans”)
pursuant to a Refinancing Amendment; provided that

 

(A) the
aggregate principal amount of any Replacement Term Loans shall not exceed the aggregate principal amount of the Replaced Term Loans
(plus the amount of accrued interest, penalties and premium (including any tender premium) thereon, any committed but undrawn amount
and underwriting discounts, fees and closing payments (including upfront fees, original issue discount or initial yield payments),
commissions and expenses associated therewith),

 

(B) any
Replacement Term Loans (other than customary bridge loans with a maturity date not longer than one year; provided that either
(x) the terms of such bridge loans provide for automatic extension of the maturity date thereof to a date that is not earlier than
the Initial Term Loan Maturity Date or (y) any loans, notes, securities or other Indebtedness which are exchanged for or otherwise
replace such bridge loans shall be subject to the requirements of this clause ‎(B)) must have a final maturity date
that is equal to or later than the final maturity date of, and have a Weighted Average Life to Maturity equal to or greater than
the Weighted Average Life to Maturity of, the Replaced Term Loans at the time of the relevant refinancing, provided that Replacement
Term Loans (as selected by the Borrower) in an aggregate principal amount not exceeding the Available Maturity Exception Amount
at the time of the incurrence of such Replacement Term Loans may be incurred without regard to this clause (B),

 

    200

     

    

 

(C) any
Replacement Term Loans may be pari passu or junior in right of payment and pari passu (without regard to the control of remedies)
or junior with respect to the Collateral with the remaining Obligations (provided that if pari passu or junior as to Collateral,
such Replacement Term Loans shall be subject to an Acceptable Intercreditor Agreement and may, at the option of the Borrower, be
documented in a separate agreement or agreements), or be unsecured,

 

(D) if
any Replacement Term Loans are secured, such Replacement Term Loans may not be secured by any assets other than the Collateral,

 

(E) if
any Replacement Term Loans are Guaranteed, such Replacement Term Loans may not be Guaranteed by any Person other than one or more
Loan Parties,

 

(F) any
Replacement Term Loans that are pari passu with the Obligations in right of payment and security may participate (A) in any voluntary
prepayment of Term Loans as set forth in ‎Section 2.11(a)(i) and (B) in any mandatory prepayment of Term Loans as set
forth in ‎Section 2.11(b)(vi),

 

(G) any
Replacement Term Loans shall have pricing (including interest, fees and premiums) and, subject to preceding clause ‎(F),
optional prepayment and redemption terms and, subject to preceding clause ‎(B), an amortization schedule, as the Borrower
and the lenders providing such Replacement Term Loans may agree,

 

(H) the
covenants and events of default of any Replacement Term Loans (excluding pricing, interest, fees, rate floors, premiums, optional
prepayment or redemption terms, security and maturity, subject to preceding clauses ‎(B) through ‎(G)) shall
be (i) substantially identical to, or (taken as a whole) no more favorable (as determined by the Borrower in good faith) to the
lenders providing such Replacement Term Loans than, those applicable to the Replaced Term Loans (other than covenants or other
provisions applicable only to periods after the Latest Maturity Date of such Replaced Term Loans (in each case, as of the date
of incurrence of such Replacement Term Loans)), (ii) then-current market terms (as determined by the Borrower in good faith at
the time of incurrence or issuance (or the obtaining of a commitment with respect thereto)) for the applicable type of Indebtedness
or (iii) reasonably acceptable to the Administrative Consent Party (it being agreed that covenants and events of default of any
Replacement Term Loans that are more favorable to the lenders or the agent of such Replacement Term Loans than those contained
in the Loan Documents and are then conformed (or added) to the Loan Documents pursuant to the applicable Refinancing Amendment
shall thereafter be deemed acceptable to the Administrative Consent Party), and

 

    201

     

    

 

(ii) with the
written consent of the Borrower and the Lenders providing the relevant Replacement Revolving Facility to permit the refinancing
or replacement of all or any portion of any Revolving Credit Commitment under the applicable Class (any such Revolving Credit Commitment
being refinanced or replaced, a “Replaced Revolving Facility”) with a replacement revolving facility hereunder
(a “Replacement Revolving Facility”) pursuant to a Refinancing Amendment; provided that:

 

(A) the
aggregate principal amount of any Replacement Revolving Facility shall not exceed the aggregate principal amount of the Replaced
Revolving Facility (plus the amount of accrued interest, penalties and premium thereon, any committed but undrawn amounts and underwriting
discounts, fees and closing payments (including upfront fees and original issue discount), commissions and expenses associated
therewith),

 

(B) no
Replacement Revolving Facility (other than customary bridge loans with a maturity date not longer than one year; provided
that either (x) the terms of such bridge loans provide for automatic extension of the maturity date thereof to a date that is not
earlier than the Initial Term Loan Maturity Date or (y) any loans, notes, securities or other Indebtedness which are exchanged
for or otherwise replace such bridge loans shall be subject to the requirements of this clause ‎(B)) may have a final
maturity date (or require commitment reductions) prior to the final maturity date of the relevant Replaced Revolving Facility at
the time of such refinancing, provided that Replacement Revolving Facilities (as selected by the Borrower) in an aggregate principal
amount not exceeding the Available Maturity Exception Amount at the time of the incurrence of such Replacement Revolving Facility
may be incurred without regard to this clause ‎(B),

 

(C) any
Replacement Revolving Facility may be pari passu or junior in right of payment and pari passu (without regard to the control of
remedies) or junior with respect to the Collateral with the remaining portion of any Revolving Credit Commitments (provided
that if pari passu or junior as to Collateral, such Replacement Revolving Facility shall be subject to an Acceptable Intercreditor
Agreement and may, at the option of the Borrower, be documented in a separate agreement or agreements), or be unsecured,

 

(D) if
any Replacement Revolving Facility is secured, it may not be secured by any assets other than the Collateral,

 

(E) if
any Replacement Revolving Facility is guaranteed, it may not be guaranteed by any Person other than one or more Loan Parties,

 

(F) any
Replacement Revolving Facility shall be subject to the “ratability” provisions applicable to Extended Revolving Credit
Commitments and Extended Revolving Loans set forth in the proviso to ‎Section 2.23(a)(i), mutatis mutandis, to the same
extent as if fully set forth in this ‎Section 9.02(c)(ii),

 

(G) any
Replacement Revolving Facility shall have pricing (including interest, fees and premiums) and, subject to preceding clause ‎(F),
optional prepayment and redemption terms as the Borrower and the lenders providing such Replacement Revolving Facility may agree,

 

    202

     

    

 

(H) the
covenants and events of default of any Replacement Revolving Facility (excluding pricing, interest, fees, rate floors, premiums,
optional prepayment or redemption terms, security and maturity, subject to preceding clauses ‎(B) through ‎(G))
shall be (i) substantially identical to, or (taken as a whole) no more favorable (as determined by the Borrower in good faith)
to the lenders providing such Replacement Revolving Facility than, those applicable to the Replaced Revolving Facility (other than
covenants or other provisions applicable only to periods after the Latest Maturity Date of such Replaced Revolving Facility (in
each case, as of the date of incurrence of the relevant Replacement Revolving Facility)), (ii) then-current market terms (as determined
by the Borrower in good faith at the time of incurrence or issuance (or the obtaining of a commitment with respect thereto)) for
the applicable type of Indebtedness or (iii) reasonably acceptable to the Administrative Consent Party (it being agreed that covenants
and events of default of any Replacement Revolving Facility that are more favorable to the lenders or the agent of such Replacement
Revolving Facility than those contained in the Loan Documents and are then conformed (or added) to the Loan Documents pursuant
to the applicable Refinancing Amendment shall be deemed acceptable to the Administrative Consent Party), and

 

(I) the
commitments in respect of the Replaced Revolving Facility shall be terminated, and all loans outstanding thereunder and all fees
then due and payable in connection therewith shall be paid in full, in each case on the date such Replacement Revolving Facility
is implemented;

 

provided, further, that,
in respect of clause (i) of this clause ‎(c), any Non-Debt Fund Affiliate and Debt Fund Affiliate shall be permitted
(without Administrative Agent consent) to provide any Replacement Term Loans, it being understood that in connection with such
Replacement Term Loans, the relevant Non-Debt Fund Affiliate or Debt Fund Affiliate, as applicable, shall be subject to the restrictions
applicable to such Persons under ‎Section 9.05 as if such Replacement Term Loans were Term Loans.

 

Each party hereto hereby agrees that, upon
the effectiveness of any Refinancing Amendment, this Agreement shall be amended by the Borrower, the Administrative Agent and the
lenders providing the relevant Replacement Term Loans or the Replacement Revolving Facility, as applicable, to the extent (but
only to the extent) necessary to reflect the existence and terms of such Replacement Term Loans or Replacement Revolving Facility,
as applicable, incurred or implemented pursuant thereto (including any amendment necessary to treat the loans and commitments subject
thereto as a separate “tranche” and “Class” of Loans and/or commitments hereunder). It is understood that
any Lender approached to provide all or a portion of any Replacement Term Loans or any Replacement Revolving Facility may elect
or decline, in its sole discretion, to provide such Replacement Term Loans or Replacement Revolving Facility. Prior to the incurrence
or establishment of any Replacement Term Loans or any Replacement Revolving Facility, the Borrower shall, with respect to any such
Term Loans or Revolving Credit Commitments being replaced that is held by the Principal Investors, offer the Principal Investors
a bona fide opportunity to provide the entire amount of such Replacement Term Loans or Replacement Revolving Facility, as applicable
on terms specified by the Borrower and, to the extent the Principal Investors do not commit to provide such Replacement Term Loans
or Replacement Revolving Facility, as applicable on such specified terms within 10 Business Days, then the Borrower may obtain
commitments from other Persons to provide such declined amount of such Replacement Term Loans or Replacement Revolving Facility,
as applicable, on such specified terms or on terms (taken as a whole) less favorable to such other Person (but not on terms (taken
as a whole) more favorable to such other Person) in each case within 90 days of the Principal Investor Representative having declined
on behalf of the Principal Investors; provided that the financing contemplated thereby shall be consummated in all material respects
in accordance with such terms that were offered to the Principal Investors. For the avoidance of doubt, it is understood and agreed
that the Borrower shall not be required to offer the Principal Investors such opportunity in connection with any refinancing or
replacement provided by Persons other than the Principal Investors and which is not documented under this Agreement if, after giving
effect thereto, all Revolving Credit Commitments shall have expired or terminated and the principal of and interest on each Loan
and all fees, expenses and other amounts payable under any Loan Document (other than contingent indemnification obligations for
which no claim or demand has been made) shall have been paid in full in Cash and all Letters of Credit shall have expired or have
been terminated (or have been (x) Cash collateralized or back-stopped by a letter of credit or otherwise in a manner reasonably
satisfactory to the relevant Issuing Bank or (y) deemed reissued under another agreement in a manner reasonably satisfactory to
the Administrative Agent and the relevant Issuing Bank) and all LC Disbursements shall have been reimbursed.

 

    203

     

    

 

(d) Notwithstanding
anything to the contrary contained in this ‎Section 9.02 or any other provision of this Agreement or any provision of
any other Loan Document, (i) the Borrower and the Administrative Agent (and, prior to the Disposition Date, all Principal Investors)
may, without the input or consent of any Lender, amend, supplement and/or waive any guaranty, collateral security agreement, pledge
agreement and/or related document (if any) executed in connection with this Agreement to (x) comply with any Requirements of Law
or the advice of counsel or (y) cause any such guaranty, collateral security agreement, pledge agreement or other document to be
consistent with this Agreement and/or the relevant other Loan Documents, (ii) the Borrower and the Administrative Agent (or the
Principal Investor Representative, as applicable) may, without the input or consent of any other Lender (other than, if applicable,
the relevant Lenders (including Additional Lenders) providing Loans under such Sections), effect amendments to this Agreement and
the other Loan Documents as may be necessary in the reasonable opinion of the Borrower and the Administrative Agent to (A) effect
the provisions of the last sentence of the definition of “Published LIBO Rate”, the last sentence of the definition
of “Published EURIBOR Rate”, Section 1.04(a), 1.08(b), ‎2.22, ‎2.23, ‎5.12,
‎5.14, ‎5.15 or ‎9.02(c), or any other provision specifying that any waiver, amendment or modification
may be made with the consent or approval of the Administrative Agent (or the Principal Investor Representative, as applicable)
and/or (B) add terms (including representations and warranties, conditions, prepayments, covenants or events of default), in connection
with the addition of any Loan or Commitment hereunder or the incurrence of any Incremental Equivalent Debt, any Replacement Term
Loans, any Replacement Revolving Facility, any Replacement Debt and/or any Refinancing Indebtedness incurred in reliance on ‎Section
6.01(p) with respect to Indebtedness originally incurred in reliance on ‎Section 6.01(z), that are favorable to
the then-existing Lenders, as reasonably determined by the Principal Investor Representative (it being understood that, where applicable,
any such amendment may be effectuated as part of an Incremental Facility Amendment and/or a Refinancing Amendment), (iii) if the
Administrative Agent and the Borrower (and, prior to the Disposition Date, all Principal Investors) have jointly identified any
inconsistency, obvious error, mistake or ambiguity or any error or omission of a technical or administrative nature or any necessary
or desirable technical change, in each case, in any provision of any Loan Document, then the Administrative Agent and the Borrower
(and, prior to the Disposition Date, all Principal Investors) shall be permitted to amend such provision solely to address such
matter as reasonably determined by them acting jointly without the input or consent of any Lender, (iv) the Administrative Agent
and the Borrower may amend, restate, amend and restate or otherwise modify any Acceptable Intercreditor Agreement as provided therein
or to give effect thereto or to carry out the purpose thereof without the input or consent of any other Lender, (v) any amendment,
waiver or modification of any term or provision that directly affects Lenders under one or more Classes and does not directly affect
Lenders under one or more other Classes may be effected with the consent of Lenders owning 50% of the aggregate commitments or
Loans of such directly affected Class in lieu of the consent of the Required Lenders and (vi) a Permitted Exit Payment Amendment
shall become effective automatically and without any further action by any Person subject only to (x) delivery by the Borrower
to the Administrative Agent of a notice requesting that such Permitted Exit Payment Amendment become effective and (y) receipt
by the Lenders of the full amount of the Exit Payment pursuant to ‎Section 2.12(c).

 

    204

     

    

 

Section 9.03. Expenses;
Indemnity.

 

(a) Subject to
‎Section 9.05(f), the Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by each Principal
Investor, the Administrative Agent, the Arranger and the Principal Investor Representative and their respective Affiliates (but
limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and
other charges of one firm of outside counsel to all such Persons taken as a whole and, if necessary, of one local counsel in any
relevant material jurisdiction to all such Persons, taken as a whole) in connection with the preparation, execution, delivery and
administration of the Loan Documents and any related documentation, including in connection with any amendment, modification or
waiver of any provision of any Loan Document (whether or not the transactions contemplated thereby are consummated, but only to
the extent the preparation of any such amendment, modification or waiver was requested by the Borrower) and (ii) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent, the Arranger, the Issuing Banks or the Lenders or any
of their respective Affiliates (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket
fees, disbursements and other charges of one firm of outside counsel to all such Persons taken as a whole and, if necessary, of
one local counsel in any relevant material jurisdiction to all such Persons, taken as a whole) in connection with the enforcement,
collection or protection of their respective rights in connection with the Loan Documents, including their respective rights under
this Section, or in connection with the Loans made and/or Letters of Credit issued hereunder. Except to the extent required to
be paid on the Closing Date, all amounts due under this paragraph ‎(a) shall be payable by the Borrower within 30 days
of receipt by the Borrower of an invoice setting forth such expenses in reasonable detail, together with backup documentation supporting
the relevant reimbursement request.

 

(b) The Borrower
shall indemnify the Administrative Agent, the Arranger, the Principal Investor Representative, each Issuing Bank, each Lender and
their respective Affiliates and controlling Persons and the respective directors, officers, employees, members, agents, advisors
and other representatives, successors and assigns of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages and liabilities (but limited, in the case
of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one
counsel to all Indemnitees taken as a whole and, if reasonably necessary, one local counsel in any relevant material jurisdiction
to all Indemnitees taken as a whole and, solely in the case of an actual or perceived conflict of interest after the affected Person
notifies the Borrower of such conflict, (x) one additional counsel to all similarly situated affected Indemnitees taken as a whole
and (y) one additional local counsel in any relevant material jurisdiction to all similarly situated affected Indemnitees taken
as a whole), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution
or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of
their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby or
thereby, (ii) the use of the proceeds of the Loans or any Letter of Credit, (iii) any Environmental Liability related in any way
to the Borrower or any of its Subsidiaries or (iv) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party
thereto (and regardless of whether such matter is initiated by a third party or by the Borrower, any other Loan Party or any of
their respective Affiliates); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
any such loss, claim, damage or liability (i) is determined by a final and non-appealable judgment of a court of competent jurisdiction
(or documented in any settlement agreement referred to below) to have resulted from the gross negligence, bad faith or willful
misconduct of such Indemnitee or its Indemnitee Related Party or, to the extent such judgment finds (or any such settlement agreement
acknowledges) that any such loss, claim, damage or liability has resulted from such Person’s or an Indemnitee Related Party
of such Person’s material breach of the Loan Documents or (ii) arises out of any claim, litigation, investigation or proceeding
brought by such Indemnitee against another Indemnitee (other than any claim, litigation, investigation or proceeding that is brought
by or against the Administrative Agent, the Arranger, the Principal Investor Representative or any Issuing Bank, acting in its
capacity as the Administrative Agent, as the Arranger, as the Principal Investor Representative or as an Issuing Bank) that does
not involve any act or omission of Holdings, the Borrower or any of its subsidiaries. Each Indemnitee shall be obligated to refund
or return any and all amounts paid by the Borrower pursuant to this ‎Section 9.03(b) to such Indemnitee for any fees,
expenses or damages to the extent such Indemnitee is not entitled to payment thereof in accordance with the terms hereof. All amounts
due under this paragraph ‎(b) shall be payable by the Borrower within 30 days (x) after receipt by the Borrower of a
written demand therefor, in the case of any indemnification obligations and (y) in the case of reimbursement of costs and expenses,
after receipt by the Borrower of an invoice, setting forth such costs and expenses in reasonable detail, together with backup documentation
supporting the relevant reimbursement request. Notwithstanding anything to the contrary, this ‎Section 9.03(b) shall
not apply with respect to Taxes other than any Taxes that represent losses, claims, damages or liabilities arising from any non-Tax
claim.

 

    205

     

    

 

(c) The Borrower
shall not be liable for any settlement or compromise of, or the consent to the entry of any judgment with respect to, any proceeding
effected without its consent (which consent shall not be unreasonably withheld, delayed or conditioned), but if any proceeding
is so settled, compromised or consented to with the Borrower’s written consent, or if there is a final judgment entered against
any Indemnitee in any such proceeding, the Borrower agrees to indemnify and hold harmless each Indemnitee to the extent and in
the manner set forth above. The Borrower shall not, without the prior written consent of the affected Indemnitee (which consent
shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened proceeding in respect
of which indemnity could have been sought hereunder by such Indemnitee unless such settlement (i) includes an unconditional release
of such Indemnitee from all liability or claims that are the subject matter of such proceeding, (ii) includes confidentiality provisions
that are customary or are reasonably satisfactory to such Indemnitee and (iii) does not include any statement as to any admission
of fault, culpability, wrongdoing or a failure to act by or on behalf of any Indemnitee (it being understood that such Indemnitee
may reasonably withhold its consent to any settlement that does not comply with this sentence in any material respect).

 

Section 9.04. Waiver
of Claim. To the extent permitted by applicable law, no party to this Agreement nor any Secured Party shall assert, and each
hereby waives, any claim against any other party hereto, any other Loan Party and/or any Related Party of any thereof, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any
Loan or any Letter of Credit or the use of the proceeds thereof, except, in the case of any claim by any Indemnitee against the
Borrower, to the extent such damages would otherwise be subject to indemnification pursuant to the terms of ‎Section 9.03.

 

    206

     

    

 

Section 9.05. 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 permitted
assigns; provided that (i) except as provided under ‎Section 6.07 and/or pursuant to any Permitted Reorganization,
the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent
of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii)
no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with the terms of this Section
(any attempted assignment or transfer not complying with the terms of this Section shall be null and void and, with respect to
any attempted assignment or transfer to any Disqualified Institution, subject to ‎Section 9.05(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 permitted assigns, Participants (to the extent provided in paragraph ‎(c) of this Section) and, to the
extent expressly contemplated hereby, the Arranger and the Related Parties of each of the Administrative Agent, the Arranger the
Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. Any Successor
Borrower permitted pursuant to a transaction referred to in clause ‎(i) of the proviso above, shall thereafter be deemed to
be and become a “Borrower” for all purposes hereunder, and such initial Borrower shall be released from its Obligations
in respect of this Agreement and the other Loan Documents.

 

(b) (i) Subject
to the conditions set forth in paragraph ‎(b)‎(ii) below, any Lender may assign to one or more Eligible Assignees
all or a portion of its rights and obligations under this Agreement (including all or a portion of any Additional Loan or Additional
Commitment added pursuant to Sections ‎2.22, ‎2.23 or ‎9.02(c) at the time owing to it) with the
prior written consent (not to be unreasonably withheld, conditioned or delayed) of:

 

(A) the
Borrower; provided that the Borrower shall be deemed to have consented to any assignment of Term Loans (other than any such
assignment to a Disqualified Institution or an Affiliate thereof referred to in the last paragraph of this clause ‎(i) and
identified to the Administrative Agent as such) if it has not responded to a written request for its consent from the Administrative
Agent within 15 Business Days after receiving such written request; provided, further, that no consent of the Borrower
shall be required for any assignment of Term Loans or Term Commitments (x) to another Lender, an Affiliate of any Lender or an
Approved Fund, (y) during the continuance of a Specified Event of Default or (z) by any Principal Investor to any other Principal
Investor (it being understood and agreed that, unless the relevant assignment is to a Revolving Lender or to either GSLP or Goldman
Sachs Bank USA, the consent of the Borrower (not to be unreasonably withheld, conditioned or delayed) shall always be required
for any assignment of Revolving Credit Commitments and/or Revolving Loans);

 

(B) the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for any assignment to another Lender,
any Affiliate of a Lender or any Approved Fund or by any Principal Investor to any other Principal Investor, or for any assignment
to the Borrower and/or its Affiliates, which otherwise complies with the terms of this ‎Section 9.05; and

 

(C) in
the case of any Revolving Facility, unless the relevant assignment is to a Revolving Lender or an Affiliate of a Revolving Lender,
each Issuing Bank;

 

provided that, notwithstanding
the foregoing, the Borrower may, in its sole discretion, withhold its consent to any assignment to any Person (other than a Principal
Investor) that is not expressly a Disqualified Institution but is known by the Borrower to be an Affiliate of a Disqualified Institution
without regard as to whether such Person is identifiable as an Affiliate of a Disqualified Institution on the basis of such Affiliate’s
name.

 

    207

     

    

 

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

 

(A) except
in the case of any assignment to another Lender, any Affiliate of any Lender or any Approved Fund or by any Principal Investor
to any other Principal Investor or any assignment of the entire remaining amount of the relevant assigning Lender’s Loans
or Commitments of any Class, the principal amount of Loans or Commitments of the assigning Lender subject to the relevant assignment
(determined as of the date on which the Assignment Agreement with respect to such assignment is delivered to the Administrative
Agent and determined on an aggregate basis in the event of concurrent assignments to Related Funds or by Related Funds) shall not
be less than (x) $1,000,000, in the case of Term Loans and Term Commitments (or, in the case of Term Loans and Term Commitments
denominated in Euros, €1,000,000) and (y) $5,000,000 in the case of Revolving Loans and Revolving Credit Commitments unless
the Borrower and the Administrative Agent otherwise consent to a lesser amount, and in each case any assigned amount may exceed
such minimum amount in an integral multiple of $1,000,000 (or, in the case of Term Loans and Term Commitments denominated in Euros,
€1,000,000) in excess thereof;

 

(B) any
partial assignment shall be made as an assignment of a proportionate part of all the relevant assigning Lender’s rights and
obligations under this Agreement;

 

(C) the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment Agreement via an electronic settlement
system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay
to the Administrative Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion
of the Administrative Agent and which fee shall not apply for any assignment to an Affiliated Lender or Debt Fund Affiliate or
by any Principal Investor to any other Principal Investor);

 

(D) the
relevant Eligible Assignee, if it is not a Lender, shall deliver on or prior to the effective date of such assignment, to the Administrative
Agent and the Borrower (irrespective of whether a Specified Event of Default exists) (1) an Administrative Questionnaire and (2) any
form required under ‎Section 2.17; and

 

(E) the
assigning Lender shall, concurrently with its delivery of the same to the Administrative Agent, provide the Borrower with a copy
of its request for such assignment, which shall include the name of the prospective assignee (irrespective of whether a Specified
Event of Default exists).

 

(iii) Except
as otherwise provided in ‎Section 9.05(g), subject to the acceptance and recording thereof pursuant to paragraph
‎(b)‎(iv) of this Section, from and after the effective date specified in any Assignment Agreement, the Eligible Assignee
thereunder shall be a party hereto and, to the extent of the interest assigned pursuant to such Assignment Agreement, 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 Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment
Agreement 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 (A) entitled to the benefits of Sections ‎2.15, ‎2.16, ‎2.17
and ‎9.03 with respect to facts and circumstances occurring on or prior to the effective date of such assignment and
(B) subject to its obligations thereunder and under ‎Section 9.13). If any assignment by any Lender holding any Promissory
Note is made after the issuance of such Promissory Note, the assigning Lender shall, upon the effectiveness of such assignment
or as promptly thereafter as practicable, surrender such Promissory Note to the Administrative Agent for cancellation, and, following
such cancellation, if requested by either the assignee or the assigning Lender, the applicable Borrower shall issue and deliver
a new Promissory Note to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new commitments
and/or outstanding Loans of the assignee and/or the assigning Lender.

 

    208

     

    

 

(iv) The Administrative
Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment
Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders and their respective successors
and assigns, and the commitment of, and principal amount of and interest on the Loans and LC Disbursements owing to, each Lender
or Issuing Bank pursuant to the terms hereof from time to time (the “Register”). Failure to make any such recordation,
or any error in such recordation, shall not affect the applicable Borrower’s obligations in respect of such Loans and LC
Disbursements. The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent,
the Issuing Banks 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. The Register shall be available
for inspection by the Borrower, each Issuing Bank and each Lender (but only as to its own holdings), at any reasonable time and
from time to time upon reasonable prior notice.

 

(v) Upon its
receipt of a duly completed Assignment Agreement executed by an assigning Lender and an Eligible Assignee, the Eligible Assignee’s
completed Administrative Questionnaire and any tax certification required by ‎Section 9.05(b)(ii)(D)(2) (unless the
assignee is already a Lender hereunder), the processing and recordation fee referred to in paragraph ‎(b) of this Section,
if applicable, and any written consent to the relevant assignment required by paragraph ‎(b) of this Section, the Administrative
Agent shall promptly accept such Assignment Agreement and record the information contained therein in the Register. No assignment
shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

(vi) By executing
and delivering an Assignment Agreement, the assigning Lender and the Eligible Assignee thereunder shall be deemed to confirm and
agree with each other and the other parties hereto as follows: (A) such assigning Lender warrants that it is the legal and beneficial
owner of the interest being assigned thereby free and clear of any adverse claim and that the amount of its commitments, and the
outstanding balances of its Loans, in each case without giving effect to any assignment thereof which has not become effective,
are as set forth in such Assignment Agreement, (B) except as set forth in clause ‎(A) above, such assigning Lender makes
no representation or warranty and assumes no responsibility with respect to any statement, warranty or representation made in or
in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this
Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of
the Borrower or any Restricted Subsidiary or the performance or observance by the Borrower or any Restricted Subsidiary of any
of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto;
(C) such assignee represents and warrants that it is an Eligible Assignee (and not a Disqualified Institution), legally authorized
to enter into such Assignment Agreement; (D) such assignee confirms that it has received a copy of this Agreement and each then-applicable
Acceptable Intercreditor Agreement, together with copies of the financial statements referred to in ‎Section 4.01(c)
or the most recent financial statements delivered pursuant to ‎Section 5.01 and such other documents and information
as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment Agreement; (E) such assignee
will independently and without reliance upon the Administrative Agent, the assigning Lender or any other Lender and based on such
documents and information as it deems appropriate at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement; (F) such assignee appoints and authorizes the Administrative Agent to take such action as agent on
its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent, by the terms hereof,
together with such powers as are reasonably incidental thereto; and (G) such assignee agrees that it will perform in accordance
with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

 

    209

     

    

 

(c) (i) Any Lender
may, without the consent of the Borrower, the Administrative Agent, any Issuing Bank or any other Lender, sell participations to
any bank or other entity (other than to any Disqualified Institution or an Affiliate thereof referred to in the last paragraph
of clause ‎(b)(i) of this Section and identified to the Administrative Agent as such, any Defaulting Lender, any natural
person or any investment vehicle established primarily for the benefit of a single natural person) (a “Participant”)
in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its commitments
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrowers, the Administrative Agent, the Issuing Banks 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. Any agreement or instrument pursuant
to which any 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 relevant Participant, agree to any amendment, modification
or waiver described in (x) clause ‎(A) of the first proviso to ‎Section 9.02(b) that directly and adversely
affects the Loans or commitments in which such Participant has an interest and (y) clause (B) of the first proviso to ‎Section
9.02(b). Subject to paragraph ‎(c)‎(ii) of this Section, the Borrower agrees that each Participant shall be
entitled to the benefits of Sections ‎2.15, ‎2.16 and ‎2.17 (subject to the limitations and requirements
of such Sections and ‎Section 2.19) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph ‎(b) of this Section (it being understood that the documentation required under ‎Section
2.17(f) shall be delivered to the participating Lender, and if additional amounts are required to be paid pursuant to ‎Section
2.17(a) or ‎Section 2.17(c), to the Borrower). To the extent permitted by applicable Requirements of Law, each Participant
also shall be entitled to the benefits of ‎Section 9.09 as though it were a Lender; provided that such Participant
shall be subject to ‎Section 2.18(c) as though it were a Lender.

 

(ii) No Participant
shall be entitled to receive any greater payment under ‎Section 2.15, ‎2.16 or ‎2.17 than the
participating Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior written consent (in its sole discretion)
expressly acknowledging such Participant may receive a greater benefit. Any Participant that would be a Foreign Lender if it were
a Lender shall not be entitled to the benefits of Section ‎2.17 unless the Borrower is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with ‎Section 2.17(f)
as though it were a Lender and to deliver the tax forms required to claim an exemption from or reduction of withholding Tax with
respect to payments made under any Loan Document and then only to the extent of any amount to which such Lender would be entitled
in the absence of any such participation (it being understood that the documentation required under ‎Section 2.17(f)
shall be delivered to the participating Lender and, if additional amounts are required to be paid pursuant to ‎Section 2.17(a)
or ‎Section 2.17(c), to the Borrower).

 

    210

     

    

 

Each Lender that sells
a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it
enters the name and address of each Participant and their respective successors and assigns, and the principal amounts and stated
interest of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to any Participant’s interest in any Commitment,
Loan, Letter of Credit or any other obligation under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section
5f.103-1(c) of the Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
each Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in
its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(d) Any Lender
may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (other than to any
Disqualified Institution, Defaulting Lender or any natural person or any investment vehicle established primarily for the benefit
of a single natural person) to secure obligations of such Lender, including without limitation any pledge or assignment to secure
obligations to any Federal Reserve Bank or other central bank having jurisdiction over such Lender, and this ‎Section 9.05
shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a
security interest shall release any Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto.

 

(e) Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative
Agent and the Borrower, the option to provide to the applicable Borrower all or any part of any Loan that such Granting Lender
would otherwise be obligated to make to such Borrower pursuant to this Agreement; provided that (i) nothing herein
shall constitute a commitment by any SPC to make any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails
to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof
and (iii) in no event may any Lender grant any option to provide to any Borrower all or any part of any Loan that such Granting
Lender would have otherwise been obligated to make to such Borrower pursuant to this Agreement to any Disqualified Institution
or Defaulting Lender. The making of any Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same
extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that (i) neither the grant to any
SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations
of the Borrowers under this Agreement (including their obligations under ‎Section 2.15, ‎2.16 or ‎2.17)
and no SPC shall be entitled to any greater amount under ‎Section 2.15, ‎2.16 or ‎2.17 or any
other provision of this Agreement or any other Loan Document that the Granting Lender would have been entitled to receive, unless
the grant to such SPC is made with the prior written consent of the Borrower (in its sole discretion), expressly acknowledging
that such SPC’s entitlement to benefits under ‎Section 2.15, ‎2.16 or ‎2.17 is not limited
to what the Granting Lender would have been entitled to receive absent the grant to the SPC, (ii) no SPC shall be liable for any
indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender) and
(iii) the Granting Lender shall for all purposes including approval of any amendment, waiver or other modification of any
provision of the Loan Documents, remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby
agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after
the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against,
or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under the Requirements of Law of the U.S. or any State thereof; provided that (i) such SPC’s Granting
Lender is in compliance in all material respects with its obligations to the Borrowers hereunder and (ii) each Lender designating
any SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising
out of its inability to institute such a proceeding against such SPC during such period of forbearance. In addition, notwithstanding
anything to the contrary contained in this ‎Section 9.05, any SPC may (i) with notice to, but without the prior written
consent of, the Borrower or the Administrative Agent and without paying any processing fee therefor, assign all or a portion of
its interests in any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating
to its Loans to any rating agency, commercial paper dealer or provider of any surety, guaranty or credit or liquidity enhancement
to such SPC.

 

    211

     

    

 

(f) (i) Any assignment
or participation by a Lender without the Borrower’s consent (A) to any Disqualified Institution or any Affiliate thereof
or (B) to the extent the Borrower’s consent is required under this ‎Section 9.05, to any other Person, shall be
null and void, and the Borrower shall be entitled to seek specific performance to unwind any such assignment or participation and/or
specifically enforce this ‎Section 9.05(f) in addition to injunctive relief (without posting a bond or presenting evidence
of irreparable harm) or any other remedies available to the Borrower at law or in equity or pursuant to ‎Section 9.05(f)(ii)
below; it being understood and agreed that Holdings, the Borrower and its subsidiaries will suffer irreparable harm if any Lender
breaches any obligation under this ‎Section 9.05 as it relates to any assignment, participation or pledge of any Loan
or Commitment to any Disqualified Institution or any Affiliate thereof or any other Person to whom the Borrower’s consent
is required but not obtained. Nothing in this ‎Section 9.05(f) shall be deemed to prejudice any right or remedy that
Holdings or the Borrower may otherwise have at law or equity or pursuant to ‎Section 9.05(f)(ii) below.

 

(ii) If any
assignment or participation under this ‎Section 9.05 is made (1) to any Affiliate of any Disqualified Institution (other
than any Bona Fide Debt Fund that is not itself a Disqualified Institution) or (2) to the extent the Borrower’s consent is
required under this ‎Section 9.05 (and not deemed to have been given pursuant to ‎Section 9.05(b)(i)(A)),
to any other Person, in each case of clauses (1) and (2) without the Borrower’s prior written consent (any such person, a
“Disqualified Person”), then the Borrower may, at its sole expense and effort, upon notice to the applicable
Disqualified Person and the Administrative Agent, (A) terminate any Commitment of such Disqualified Person and repay all obligations
of the applicable Borrower owing to such Disqualified Person, (B) in the case of any outstanding Term Loans held by such Disqualified
Person, purchase such Term Loans by paying the lesser of (x) par and (y) the amount that such Disqualified Person paid to acquire
such Term Loans, plus accrued interest thereon, accrued fees and all other amounts payable to it hereunder and/or (C) require
such Disqualified Person to assign, without recourse (in accordance with and subject to the restrictions contained in this ‎Section
9.05), all of its interests, rights and obligations under this Agreement to one or more Eligible Assignees and if such person
does not execute and deliver to the Administrative Agent a duly executed Assignment Agreement reflecting such assignment within
five Business Days of the date on which the Eligible Assignee executes and delivers such Assignment Agreement to such person, then
such person shall be deemed to have executed and delivered such Assignment Agreement without any action on its part; provided
that (I) in the case of clauses ‎(A) and ‎(B), no Borrower shall be liable to the relevant Disqualified Person
under ‎Section 2.16 if any Eurocurrency Rate Loan owing to such Disqualified Person is repaid or purchased other than
on the last day of the Interest Period relating thereto, (II) in the case of clause ‎(C), the relevant assignment shall
otherwise comply with this ‎Section 9.05 (except that (x) no registration and processing fee required under this ‎Section
9.05 shall be required with any assignment pursuant to this paragraph and (y) any Term Loan acquired by any Affiliated Lender
pursuant to this paragraph will not be included in calculating compliance with the Affiliated Lender Cap for a period of 90 days
following such transfer; provided that, to the extent the aggregate principal amount of Term Loans held by Affiliated Lenders
exceeds the Affiliated Lender Cap on the 91st day following such transfer, then such excess amount shall either be (x) contributed
to Holdings, the Borrower or any of its subsidiaries and retired and cancelled immediately upon such contribution or (y) automatically
cancelled)) and (III) in no event shall such Disqualified Person be entitled to receive amounts set forth in ‎Section 2.13(c).
Further, any Disqualified Person identified by the Borrower to the Administrative Agent (A) shall not be permitted to (x) receive
information or reporting provided by any Loan Party, the Administrative Agent or any Lender and/or (y) attend and/or participate
in conference calls or meetings attended solely by the Lenders and the Administrative Agent, (B) (x) shall not for purposes of
determining whether the Required Lenders or the majority Lenders under any Class have (i) consented (or not consented) to any amendment,
modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan
Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required the Administrative
Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, have
a right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain
from taking) any such action; it being understood that all Loans held by any Disqualified Person shall be deemed to be not outstanding
for all purposes of calculating whether the Required Lenders, majority Lenders under any Class or all Lenders have taken any action
and (y) shall be deemed to vote in the same proportion as Lenders that are not Disqualified Persons in any proceeding under any
Debtor Relief Law commenced by or against the Borrower or any other Loan Party and (C) shall not be entitled to receive the benefits
of ‎Section 9.03. For the sake of clarity, the provisions in this ‎Section 9.05(f) shall not apply to any
Person that is an assignee of any Disqualified Person, if such assignee is not a Disqualified Person.

 

(iii) Upon
the request of any Lender, the Administrative Agent may and the Borrower will make the list of Disqualified Institutions (other
than any Disqualified Institution that is a reasonably identifiable Affiliate of another Disqualified Institution on the basis
of such Person’s name) available to such Lender and such Lender may provide the list to any potential assignee for the purpose
of verifying whether such Person is a Disqualified Institution, in each case so long as such Lender and such potential assignee
agree to keep the list of Disqualified Institutions confidential in accordance with the terms hereof.

 

(iv) Notwithstanding
anything herein to the contrary, the Administrative Agent shall not be responsible or have any liability for, or have any duty
to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions.

 

    212

     

    

 

(g) Notwithstanding
anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under
this Agreement in respect of its Term Loans to an Affiliated Lender on a non-pro rata basis (A) through Dutch Auctions, or similar
transactions pursuant to procedures to be established by the applicable “auction agent” that are consistent with this
‎Section 9.05(g), in each case open to all Lenders holding the relevant Term Loans on a pro rata basis or (B) through
open market purchases (which purchases may be effected at any price as agreed between such Lender and such Affiliated Lender in
their respective sole discretion), in each case with respect to clauses ‎(A) and ‎(B), without the consent
of the Administrative Agent; provided that:

 

(i) any Term
Loans acquired by the Borrower or any Restricted Subsidiary shall, to the extent permitted by applicable Requirements of Law, be
retired and cancelled immediately upon the acquisition thereof; provided that upon any such retirement and cancellation,
the aggregate outstanding principal amount of the Term Loans shall be deemed reduced by the full par value of the aggregate principal
amount of the Term Loans so retired and cancelled, and each principal repayment installment with respect to the Initial Dollar
Term Loans or Initial Euro Term Loans, as applicable, pursuant to ‎Section 2.10(a) shall be reduced on a pro rata basis
by the full par value of the aggregate principal amount of Initial Dollar Term Loans or Initial Euro Term Loans so cancelled;

 

(ii) any Term
Loans acquired by any Affiliated Lender may (but shall not be required to) be contributed to Holdings, the Borrower or any of its
subsidiaries or Parent Companies and, in exchange therefor, such Affiliated Lender may receive debt or equity securities of such
entity or a direct or indirect parent entity or subsidiary thereof that are otherwise permitted to be issued by such entity at
such time, it being understood that (x) any such Term Loans that are contributed to the Borrower or any Restricted Subsidiary shall,
to the extent permitted by applicable Requirements of Law, be retired and cancelled immediately upon such contribution and (y)
any such contribution shall be treated as a capital contribution that builds the Available Amount pursuant to clause (iii)
of the definition thereof by an amount equal to the fair market value (as determined by the Borrower in good faith) of the Term
Loans so contributed; provided that if the fair market value of such Term Loans cannot be determined by the Borrower, the
fair market value shall be deemed to be the purchase price of such Term Loans paid by such Affiliated Lender); provided
that upon any such cancellation, the aggregate outstanding principal amount of the Term Loans shall be deemed reduced, as of the
date of such contribution, by the full par value of the aggregate principal amount of the Term Loans so contributed and cancelled,
and each principal repayment installment with respect to the Initial Dollar Term Loans or Initial Euro Term Loans, as applicable,
pursuant to ‎Section 2.10(a) shall be reduced pro rata by the full par value of the aggregate principal amount of Initial
Dollar Term Loans or Initial Euro Term Loans so contributed and cancelled;

 

(iii) the relevant
Affiliated Lender and assigning Lender shall have executed an Affiliated Lender Assignment and Assumption;

 

(iv) after
giving effect to such assignment and to all other assignments to all Affiliated Lenders, the aggregate principal amount of all
Term Loans then held by all Affiliated Lenders shall not exceed 25% of the aggregate principal amount of the Term Loans then outstanding
(after giving effect to any substantially simultaneous cancellations thereof) (the “Affiliated Lender Cap”);
provided that each party hereto acknowledges and agrees that the Administrative Agent shall not be liable for any losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever
incurred or suffered by any Person in connection with any compliance or non-compliance with this clause ‎(g)‎(iv)
or any purported assignment exceeding the Affiliated Lender Cap (it being understood and agreed that the Affiliated Lender Cap
is intended to apply to any Loans made available to Affiliated Lenders by means other than formal assignment (e.g., as a result
of an acquisition of another Lender (other than any Debt Fund Affiliate) by any Affiliated Lender or the provision of Additional
Term Loans by any Affiliated Lender); provided, further, that to the extent that any assignment to any Affiliated
Lender would result in the aggregate principal amount of all Term Loans held by Affiliated Lenders exceeding the Affiliated Lender
Cap (after giving effect to any substantially simultaneous cancellations thereof), the assignment of the relevant excess amount
shall be null and void;

 

    213

     

    

 

(v) in connection
with any assignment effected pursuant to a Dutch Auction and/or open market purchase conducted by Holdings, the Borrower or any
of its Subsidiaries, (A) the relevant Person may not use the proceeds of any Revolving Loans to fund such assignment and (B) no
Event of Default exists at the time of acceptance of bids for the Dutch Auction or the confirmation of such open market purchase,
as applicable;

 

(vi) by its
acquisition of Term Loans, each relevant Affiliated Lender shall be deemed to have acknowledged and agreed that:

 

(A) the
Term Loans held by such Affiliated Lender shall be deemed to be voted pro rata along with the other Lenders that are not Affiliated
Lenders); provided that (x) such Affiliated Lender shall have the right to vote (and the Term Loans held by such Affiliated
Lender shall not be so deemed to be voted) with respect to any amendment, modification, waiver, consent or other action that requires
the vote of all Lenders or all Lenders directly and adversely affected thereby, as the case may be and (y) no amendment, modification,
waiver, consent or other action shall (1) disproportionately affect such Affiliated Lender in its capacity as a Lender as
compared to other Lenders of the same Class that are not Affiliated Lenders or (2) deprive any Affiliated Lender of its share
of any payments which the Lenders are entitled to share on a pro rata basis hereunder, in each case without the consent of such
Affiliated Lender; and

 

(B) such
Affiliated Lender, solely in its capacity as an Affiliated Lender, will not be entitled to (i) attend (including by telephone)
or participate in any meeting or discussion (or portion thereof) among the Administrative Agent or any Lender or among Lenders
to which the Loan Parties or their representatives are not invited or (ii) receive any information or material prepared by the
Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except to
the extent such information or materials have been made available by the Administrative Agent or any Lender to any Loan Party or
its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative
notices in respect of its Term Loans required to be delivered to Lenders pursuant to Article 2); and

 

(vii) neither
the Parent nor any Affiliated Lender shall be required to represent or warrant that it is not in possession of material non-public
information with respect to Holdings, the Borrower and/or any subsidiary thereof and/or their respective securities in connection
with any assignment permitted by this ‎Section 9.05(g).

 

(h) Notwithstanding
anything to the contrary contained in this Agreement, to ensure that for the duration of this Agreement the Dutch Borrower borrows
exclusively from Lenders that are not considered to be part of the public within the meaning of the Dutch Financial Supervision
Act (Wet op het financieel toezicht), in reliance upon the Explanatory Memorandum to the Implementation Act in respect of
Directive 2013/36/EU and Regulation (EU) No. 575/2013, until the competent authority publishes its interpretation of the term “public”
(as referred to in article 4.1(1) of Regulation (EU) No 575/2013), an existing or future Lender shall be deemed not to be part
of the public if the amount borrowed by the Dutch Borrower from such existing or future Lender individually is not less than €100,000
or its equivalent in any other currency.

 

    214

     

    

 

Notwithstanding anything
to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under this
Agreement in respect of its Term Loans to any Debt Fund Affiliate, and any Debt Fund Affiliate may, from time to time, purchase
Term Loans (x) on a non-pro rata basis through Dutch Auctions or similar transactions open to all applicable Lenders or (y) on
a non-pro rata basis through open market purchases (which purchases may be effected at any price as agreed between such Lender
and such Debt Fund Affiliate in their respective sole discretion), in each case without the consent of the Administrative Agent
and notwithstanding the requirements set forth in subclauses ‎(i) through ‎(vii) of this clause ‎(g);
provided that the Term Loans of all Debt Fund Affiliates shall not account for more than 49.9% of the amounts included in
determining whether the Required Lenders have (A) consented to any amendment, modification, waiver, consent or other action with
respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom or (B) directed or required the Administrative
Agent or any Lender to undertake any action (or refrain from taking any action) with respect to any Loan Document; it being understood
and agreed that the portion of the Loans that accounts for more than 49.9% of the relevant Required Lender action shall be deemed
to be voted pro rata along with other Lenders that are not Debt Fund Affiliates. Any Term Loans acquired by any Debt Fund Affiliate
may (but shall not be required to) be contributed to the Borrower or any of its subsidiaries or parent entities and, in exchange
therefor, such Debt Fund Affiliate may receive debt or equity securities of such entity or a direct or indirect parent entity or
subsidiary thereof that are otherwise permitted to be issued by such entity at such time (it being understood that if any Term
Loans are so contributed to the Borrower or any Restricted Subsidiary, the provisions of ‎Section 9.05(g)(ii) shall
apply to such contributed Term Loans mutatis mutandis).

 

Section 9.06. Survival.
All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered
to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the
making of any Loan and issuance of any Letter of Credit regardless of any investigation made by any such other party or on its
behalf and notwithstanding that the Administrative Agent may have had notice or knowledge of any Default or Event of Default or
incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect
until the Termination Date. The provisions of Sections ‎2.15, ‎2.16, ‎2.17, ‎9.03 and ‎9.13
and ‎Article 8 shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit or any Commitment, the
occurrence of the Termination Date or the termination of this Agreement or any provision hereof but in each case, subject to the
limitations set forth in this Agreement.

 

Section 9.07. Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement,
the other Loan Documents and the Fee Letter constitute the entire agreement 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. This
Agreement shall become effective when it has been executed by Holdings, the Borrowers and the Administrative Agent and when the
Administrative Agent has received counterparts hereof which, when taken together, bear the signatures of each of the other parties
hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by email as a “.pdf”
or “.tif” attachment shall be effective as delivery of a manually executed counterpart of this Agreement.

 

    215

     

    

 

Section 9.08. Severability.
To the extent permitted by applicable Requirements of Law, any provision of any Loan Document held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

Section 9.09. Right
of Setoff. At any time when an Event of Default exists, upon the written consent of the Administrative Agent and each Issuing
Bank, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Requirements
of Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and
other obligations (in any currency) at any time owing by the Administrative Agent, such Issuing Bank or such Lender to or for the
credit or the account of the Borrower or any other Loan Party against any of and all the Secured Obligations held by the Administrative
Agent, such Issuing Bank or such Lender, irrespective of whether or not the Administrative Agent, such Issuing Bank or such Lender
shall have made any demand under the Loan Documents and although such obligations may be contingent or unmatured or are owed to
a branch or office of such Lender or Issuing Bank different than the branch or office holding such deposit or obligation on such
Indebtedness. Any applicable Lender or Issuing Bank shall promptly notify the Borrower and the Administrative Agent of such set-off
or application; provided that any failure to give or any delay in giving such notice shall not affect the validity of any
such set-off or application under this Section. The rights of each Lender, each Issuing Bank and the Administrative Agent under
this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender, such Issuing Bank
or the Administrative Agent may have.

 

Section 9.10. Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a) THIS AGREEMENT
(INCLUDING THIS SECTION 9.10) AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT)
AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY
SET FORTH IN ANY OTHER LOAN DOCUMENT), WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; PROVIDED, THAT (I) THE INTERPRETATION OF
THE DEFINITION OF “CLOSING DATE MATERIAL ADVERSE EFFECT” AND THE DETERMINATION OF WHETHER A CLOSING DATE MATERIAL ADVERSE
EFFECT HAS OCCURRED, (II) THE DETERMINATION OF THE ACCURACY OF ANY SPECIFIED ACQUISITION AGREEMENT REPRESENTATION AND WHETHER AS
A RESULT OF ANY BREACH OR INACCURACY THEREOF PARENT OR ITS APPLICABLE AFFILIATE HAS A RIGHT TO TERMINATE ITS OBLIGATIONS UNDER
THE ACQUISITION AGREEMENT OR DECLINE TO CONSUMMATE THE ACQUISITION AND (III) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN
CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT AND, IN ANY CASE, ANY CLAIM OR DISPUTE ARISING OUT OF ANY
SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF, SHALL IN EACH CASE BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF DELAWARE REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF
LAWS. IF A DUTCH LOAN PARTY IS REPRESENTED BY AN ATTORNEY IN CONNECTION WITH THE SIGNING AND/OR EXECUTION OF THIS AGREEMENT (INCLUDING
BY WAY OF ACCESSION TO THIS AGREEMENT) OR ANY OTHER AGREEMENT, DEED OR DOCUMENT REFERRED TO IN OR MADE PURSUANT TO THIS AGREEMENT,
IT IS HEREBY EXPRESSLY ACKNOWLEDGED AND ACCEPTED BY THE OTHER PARTIES TO THIS AGREEMENT THAT THE EXISTENCE AND EXTENT OF THE ATTORNEY’S
AUTHORITY AND THE EFFECTS OF THE ATTORNEY’S EXERCISE OR PURPORTED EXERCISE OF HIS OR HER AUTHORITY SHALL BE GOVERNED BY THE
LAWS OF THE NETHERLANDS.

 

    216

     

    

 

(b) EACH PARTY
HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL
OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM) OVER ANY
SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT (INCLUDING THIS SECTION 9.10) AND AGREES THAT
ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE OR, TO THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, FEDERAL COURT; PROVIDED THAT WITH RESPECT TO ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE ACQUISITION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY WHICH DOES
NOT INVOLVE ANY CLAIMS AGAINST THE ISSUING BANKS, THE LENDERS OR ANY OTHER INDEMNITEE, THIS SENTENCE SHALL NOT OVERRIDE ANY JURISDICTION
PROVISION IN THE ACQUISITION AGREEMENT. EACH PARTY HERETO AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY REGISTERED
MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE REQUIREMENTS OF LAW. EACH PARTY HERETO AGREES THAT THE ADMINISTRATIVE
AGENT RETAINS THE RIGHT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION
WITH THE EXERCISE OF ANY RIGHTS UNDER ANY COLLATERAL DOCUMENT.

 

(c) EACH PARTY
HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH ‎(B) OF THIS SECTION. EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT.

 

(d) TO THE EXTENT
PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS
UPON IT AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL)
DIRECTED TO IT AT ITS ADDRESS FOR NOTICES AS PROVIDED FOR IN SECTION ‎9.01. EACH PARTY HERETO HEREBY WAIVES ANY
OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING
COMMENCED HEREUNDER OR UNDER ANY LOAN DOCUMENT THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
APPLICABLE REQUIREMENTS OF LAW. EACH LOAN PARTY THAT IS ORGANIZED UNDER THE LAWS OF A JURISDICTION OUTSIDE THE UNITED STATES HEREBY
APPOINTS THE U.S. BORROWER AS ITS AGENT FOR SERVICE OF PROCESS IN ANY MATTER RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS
AND THE U.S. BORROWER HEREBY ACCEPTS SUCH APPOINTMENT.

 

Section 9.11. Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 9.12. Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

    217

     

    

 

Section 9.13. Confidentiality.
Each of the Administrative Agent, the Arranger, each Lender and each Issuing Bank agrees (and each Lender agrees to cause its SPC,
if any) to maintain the confidentiality of the Confidential Information (as defined below), except that Confidential Information
may be disclosed (a) to its and its Affiliates’ limited partners, lenders, investors, managed accounts, ratings agencies,
directors, officers, managers, employees, independent auditors, or other experts, advisors and agents, including accountants, legal
counsel and other advisors (collectively, the “Representatives”) on a confidential “need to know”
basis solely in connection with the transactions contemplated hereby or in connection with the administration, evaluation or monitoring
of the Commitments and/or Loans of the relevant Person hereunder and who are informed of the confidential nature of the Confidential
Information and are or have been advised of their obligation to keep the Confidential Information of this type confidential; provided
that such Person shall be responsible for its Affiliates’ and their Representatives’ compliance with this paragraph;
provided, further, that unless the Borrower otherwise consents, no such disclosure shall be made by the Administrative
Agent, the Arranger, any Issuing Bank, any Lender or any Affiliate or Representative thereof to any Affiliate or Representative
of the Administrative Agent, any Issuing Bank or any Lender that is a Disqualified Institution, (b) upon the demand or request
of any regulatory (including self-regulatory) or governmental authority having jurisdiction over such Person or its Affiliates
(in which case such Person shall, except with respect to any audit or examination conducted by bank accountants or any Governmental
Authority, regulatory authority or self-regulatory authority exercising examination or regulatory authority, to the extent reasonably
practicable and permitted by applicable Requirements of Law, (i) inform the Borrower promptly in advance thereof (or, if unable
to so inform the Borrower in advance thereof, promptly thereafter) and (ii) ensure that any information so disclosed is accorded
confidential treatment), (c) to the extent compelled by legal process in, or reasonably necessary to, the defense of such legal,
judicial or administrative proceeding, in any legal, judicial or administrative proceeding or other compulsory process or otherwise
as required by applicable Requirements of Law (in which case such Person shall, except with respect to any audit or examination
conducted by bank accountants or any Governmental Authority, regulatory authority or self-regulatory authority exercising examination
or regulatory authority, to the extent reasonably practicable and permitted by applicable Requirements of Law, (i) inform
the Borrower promptly in advance thereof (or, if unable to so inform the Borrower in advance thereof, promptly thereafter) and
(ii) ensure that any information so disclosed is accorded confidential treatment), (d) to any other party to this Agreement, (e)
subject to an acknowledgment and agreement by the relevant recipient that the Confidential Information is being disseminated on
a confidential basis (on substantially the terms set forth in this paragraph or as otherwise reasonably acceptable to the Borrower
and the Administrative Agent) in accordance with market standards for dissemination of the relevant type of information, which
shall in any event require “click through” or other affirmative action on the part of the recipient to access the Confidential
Information and acknowledge its confidentiality obligations in respect thereof, to (i) any Eligible Assignee of or Participant
in, or any prospective Eligible Assignee of or prospective Participant in, any of its rights or obligations under this Agreement,
including any SPC (in each case other than a Disqualified Institution), (ii) any pledgee referred to in ‎Section 9.05,
(iii) any actual or prospective direct or indirect contractual counterparty (or its advisors, but not any Disqualified Institution)
to any Derivative Transaction (including any credit default swap) or similar derivative product under which payments are to be
made by reference to a Borrower and its Obligations and (iv) subject to the Borrower’s prior approval of the information
to be disclosed (not to be unreasonably withheld or delayed), to Moody’s or S&P on a customary confidential basis in
connection with the Transactions, (f) with the prior written consent of the Borrower, (g) to the extent the Confidential
Information becomes publicly available other than as a result of a breach of this Section by such Person, its Affiliates or their
respective Representatives, (h) to the extent such information was already in the possession of such Person (except to the extent
received in a manner restricted by this paragraph) or is independently developed by such Person or its Affiliates based exclusively
on information the disclosure of which would not otherwise be restricted by this paragraph, (i) to the extent such information
was received by such Person from a third party that to such Person’s knowledge is not subject to confidentiality obligations
owing to the Borrower, the Parent or any of their respective subsidiaries, (j) for purposes of establishing a “due diligence”
defense or in connection with the exercise of any remedy or enforcement of any rights under any Loan Document and (k) to market
data collectors, similar services providers to the lending industry, and service providers to Lenders in connection with the administration
and management of the Credit Facilities. For purposes of this Section, “Confidential Information” means all
information relating to Holdings, the Borrower and/or any of its subsidiaries and their respective businesses, the Parent or the
Transactions (including any information obtained by the Administrative Agent, the Arranger, any Issuing Bank or any Lender, or
any of their respective Affiliates or Representatives, based on a review of any books and records relating to Holdings, the Borrower
and/or any of its subsidiaries and their respective Affiliates from time to time, including prior to the date hereof) other than
any such information that is publicly available to the Administrative Agent, the Arranger or any Issuing Bank or Lender on a non-confidential
basis prior to disclosure by Holdings, the Borrower or any of its subsidiaries. For the avoidance of doubt, in no event shall any
disclosure of any Confidential Information be made to a Person that is a Disqualified Institution at the time of disclosure.

 

The Borrower grants each
Principal Investor permission to use Holdings’ and its subsidiaries’ names and logos in such Principal Investor’s
or its Affiliates’ marketing materials; provided that any such logos or other materials are used solely in a manner
that is not intended to or reasonably likely to harm or disparage Holdings or any of its subsidiaries or the reputation or goodwill
of any of them.

 

    218

     

    

 

Section 9.14. No Fiduciary
Duty. (a) Each of the Administrative Agent, the Arranger, each Lender, each Issuing Bank and their respective Affiliates (collectively,
solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those
of the Loan Parties, their stockholders and/or their respective Affiliates. Each Loan Party agrees that nothing in the Loan Documents
or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between
any Lender, on the one hand, and such Loan Party, its respective stockholders or its respective Affiliates, on the other. Each
Loan Party acknowledges and agrees that: (i) the transactions contemplated by the Loan Documents (including the exercise of
rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand,
and the Loan Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender, in its
capacity as such, has assumed an advisory or fiduciary responsibility in favor of any Loan Party, its respective stockholders or
its respective Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect
thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any
Loan Party, its respective stockholders or its respective Affiliates on other matters) or any other obligation to any Loan Party
except the obligations expressly set forth in the Loan Documents and (y) each Lender, in its capacity as such, is acting solely
as principal and not as the agent or fiduciary of such Loan Party, its respective management, stockholders, creditors or any other
Person. Each Loan Party acknowledges and agrees that such Loan Party has consulted its own legal, tax and financial advisors to
the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions
and the process leading thereto.

 

(b) Each of the Loan
Parties acknowledges and agrees that GSLP, an affiliate of certain of the Principal Investors, is acting as the Arranger in connection
with the transactions contemplated by the Loan Documents. Each of the Loan Parties agrees not to assert any claim it might allege
based on any actual or potential conflicts of interest that might be asserted to arise or result from GSLP acting as Arranger hereunder,
on the one hand, and the Principal Investors’ relationships with the Loan Parties as described and referred to herein or
in the other Loan Documents, on the other hand.

 

Section 9.15. Several
Obligations. (a) The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender
to make any Loan, issue any Letter of Credit or perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder.

 

(b) The respective
obligations of the Borrowers hereunder are several and not joint. References herein to “Obligations of the Borrowers”
or similar words of import are used solely for administrative convenience and are not intended to create liability that is joint
and several.

 

Section 9.16. USA
PATRIOT Act; Beneficial Ownership Regulation. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby
notifies the Loan Parties that, pursuant to the requirements of the USA PATRIOT Act and the “Beneficial Ownership Regulation”
(31 CFR §1010.230), it is required to obtain, verify and record information that identifies each Loan Party, which information
includes the name, address and tax identification number of such Loan Party and other information that will allow such Lender to
identify such Loan Party in accordance with the USA PATRIOT Act or the Beneficial Ownership Regulation.

 

Section 9.17. Disclosure.
Each Loan Party, each Issuing Bank and each Lender hereby acknowledges and agrees that the Principal Investor Representative and/or
its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan
Parties and their respective Affiliates.

 

Section 9.18. Appointment
for Perfection. Each Lender hereby appoints each other Lender and each Issuing Bank as its agent for the purpose of perfecting
Liens for the benefit of the Administrative Agent, the Issuing Banks and the Lenders, in assets which, in accordance with ‎Article
9 of the UCC or any other applicable Requirements of Law can be perfected only by possession. If any Lender or Issuing Bank (other
than the Administrative Agent) obtains possession of any Collateral, such Lender or such Issuing Bank shall notify the Administrative
Agent thereof and, promptly upon the Administrative Agent’s request therefor, shall deliver such Collateral to the Administrative
Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions.

 

    219

     

    

 

Section 9.19. Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan or
Letter of Credit, together with all fees, charges and other amounts which are treated as interest on such Loan or Letter of Credit
under applicable law (collectively, the “Applicable Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender or Issuing Bank holding such Loan
or Letter of Credit in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan or
Letter of Credit hereunder, together with all Applicable Charges payable in respect thereof, shall be limited to the Maximum Rate
and, to the extent lawful, the interest and Applicable Charges that would have been payable in respect of such Loan or Letter of
Credit but were not payable as a result of the operation of this Section shall be cumulated and the interest and Applicable Charges
payable to such Lender or Issuing Bank in respect of other Loans or Letters of Credit or periods shall be increased (but not above
the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the
date of repayment, shall have been received by such Lender or Issuing Bank.

 

Section 9.20. [Reserved].

 

Section 9.21. Conflicts.
Notwithstanding anything to the contrary contained herein or in any other Loan Document (but excluding any Acceptable Intercreditor
Agreement), in the event of any conflict or inconsistency between this Agreement and any other Loan Document (excluding any Acceptable
Intercreditor Agreement), the terms of this Agreement shall govern and control; provided that in the case of any conflict
or inconsistency between any Acceptable Intercreditor Agreement, on the one hand, and any other Loan Document, on the other hand,
the terms of such Acceptable Intercreditor Agreement shall govern and control.

 

Section 9.22. Release
of Guarantors. Notwithstanding anything in ‎Section 9.02(b) to the contrary, (a) any Subsidiary Guarantor shall
automatically be released from its obligations hereunder (and its Loan Guaranty shall be automatically released) (i) upon
the consummation of any permitted transaction or series of related transactions or the occurrence of any other permitted event
or circumstance if as a result thereof such Subsidiary Guarantor ceases to be a Restricted Subsidiary (including by merger or dissolution)
or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions or other event or circumstance
permitted hereunder; or (ii) upon the occurrence of the Termination Date, (b) any Subsidiary Guarantor that qualifies
as an “Excluded Subsidiary” shall be released from its obligations hereunder (and its Loan Guaranty shall be automatically
released) by the Administrative Agent promptly following the request therefor by the Borrower and/or (c) the Person constituting
Holdings immediately prior to the consummation of a Holdings Reorganization Transaction whereby the existing “Holdings”
is not intended to remain as such shall be automatically released from its obligations hereunder (and its Loan Guaranty shall be
automatically released) upon the consummation of such Holdings Reorganization Transaction, as applicable. In connection with any
such release, the Administrative Agent shall promptly execute and deliver to the relevant Loan Party, at such Loan Party’s
expense, all documents that such Loan Party shall reasonably request to evidence termination or release. Any execution and delivery
of any document pursuant to the preceding sentence of this ‎Section 9.22 shall be without recourse to or warranty by
the Administrative Agent (other than as to the Administrative Agent’s authority to execute and deliver such documents).

 

Section 9.23. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEA Resolution Authority and each party hereto 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

 

    220

     

    

 

(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.

 

Section 9.24. Principal
Investor Representative. Prior to the Disposition Date, (i) discretionary determinations and consents that would otherwise be
made by the Administrative Agent only will be made by the Principal Investor Representative (or by the Administrative Agent at
the direction of the Principal Investor Representative), and (ii) notices, certificates and other documents and information that
would otherwise be required to be delivered to the Administrative Agent only will be required to be delivered to the Administrative
Agent and the Principal Investor Representative concurrently (provided that it is understood and agreed that the posting of any
such information on Intralinks, Debt X, SyndTrak Online or by similar electronic means that are accessible by the Administrative
Agent and the Principal Investor Representative shall be deemed sufficient delivery for purposes of this clause (ii)). Notwithstanding
the foregoing, borrowing and conversion mechanics, interest rate determinations, disbursements of funds, distribution of payments
and maintenance of a register and other purely administrative or mechanical matters under this Agreement and the other Loan Documents
will be determined by the Administrative Agent only.

 

Section 9.25. [Reserved].

 

Section 9.26. Judgment
Currency.

 

(a) If, for the
purpose of obtaining or enforcing judgment against any Loan Party in any court in any jurisdiction, it becomes necessary to convert
into any other currency (such other currency being hereinafter in this ‎Section 9.26 referred to as the “Judgment
Currency”) an amount due under any Loan Document in any currency (the “Obligation Currency”) other
than the Judgment Currency, the conversion shall, to the maximum extent permitted by applicable law, be made at the rate of exchange
prevailing on the Business Day immediately preceding the date of actual payment of the amount due, in the case of any proceeding
in the courts of any jurisdiction that will give effect to such conversion being made on such date, or the date on which the judgment
is given, in the case of any proceeding in the courts of any other jurisdiction.

 

(b) If the amount
of the Obligation Currency so converted is less than the sum originally due to the Administrative Agent, any Issuing Bank or any
Lender from any Loan Party in the Obligation Currency, then the applicable Loan Party shall, to the maximum extent permitted by
applicable law, and as a separate obligation and notwithstanding any such judgment, indemnify the Administrative Agent, such Issuing
Bank or such Lender, as the case may be, against such loss. If the amount of the Obligation Currency so converted is greater than
the sum originally due to the Administrative Agent, any Issuing Bank or any Lender in such currency, the Administrative Agent,
such Issuing Bank or such Lender, as the case may be, agrees to return the amount of any excess to the applicable Loan Party (or
to any other Person who may be entitled thereto under applicable law).

 

    221

     

    

 

(c) The term
“rate of exchange” in this ‎Section 9.26 means the rate of exchange at which Administrative Agent, on the
relevant date at or about 12:00 noon (New York time), would be prepared to sell, in accordance with Administrative Agent’s
normal course foreign currency exchange practices, the Obligation Currency against the Judgment Currency.

 

Section 9.27. ERISA.

 

(a) Each Lender
(x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of
the following is and will be true:

 

(i) such Lender
is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans
with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit, the Commitments or this Agreement,

 

(ii) the transaction
exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general
accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain
transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii) (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of
PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv) such other
representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b) In addition,
unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided
another representation, warranty and covenant in accordance with 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 not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that
the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan
Document or any documents related hereto or thereto).

 

[Signature Pages Follow]

 

    222

     

    

 

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

 

	 	RANGER PLEDGOR LLC, as Initial Holdings
	 	 	 
	 	By:	                  
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	RANGER PACKAGING LLC, as the Initial U.S. Borrower
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	RANPAK B.V., as the Initial Dutch Borrower
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to First Lien Credit Agreement

 

     

     

    

 

	 	GOLDMAN SACHS LENDING PARTNERS LLC, as Administrative Agent
	 	 	 
	 	By:	                    
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	GOLDMAN SACHS LENDING PARTNERS LLC, as Issuing Bank
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

Signature Page to First Lien Credit Agreement

 

     

     

    

 

	 	BROAD STREET LOAN PARTNERS III, L.P., as Lender
	 	 	 
	 	By:	Goldman Sachs & Co. LLC, as Attorney-in-Fact
	 	 	 
	 	By:	            
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	BROAD STREET LOAN PARTNERS III OFFSHORE, L.P., as Lender
	 	 	 
	 	By:	Goldman Sachs & Co. LLC, as Collateral Servicer and Duly Authorized Agent
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	BROAD STREET LOAN PARTNERS III OFFSHORE – UNLEVERED, L.P., as Lender
	 	 	 
	 	By:	Goldman Sachs & Co. LLC, as Collateral Servicer and Duly Authorized Agent
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	BROAD STREET DANISH CREDIT PARTNERS, L.P., as Lender
	 	 	 
	 	By:	Goldman, Sachs & Co. LLC, Duly Authorized
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

 

Signature Page to First Lien Credit Agreement

 

     

     

    

 

	 	BROAD STREET CREDIT HOLDINGS LLC, as Lender
	 	 	 
	 	By:	               
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	BROAD STREET SENIOR CREDIT PARTNERS II, L.P., as Lender
	 	 	 
	 	By: 	Goldman Sachs & Co. LLC, as Attorney-in-Fact
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

 

Signature Page to First Lien Credit Agreement

 

     

     

    

  

SCHEDULE 1.01(a)

 

COMMITMENT SCHEDULE

 

Initial Dollar
Term Loan Commitment

 

	Lender	 	Commitment %	 	 	Commitment	 
	Broad Street Loan Partners III, L.P.	 	 	6.02	%	 	$	17,398,330.53	 
	Broad Street Loan Partners III Offshore, L.P.	 	 	31.76	%	 	$	91,839,089.28	 
	Broad Street Loan Partners III Offshore - Unlevered, L.P.	 	 	16.96	%	 	$	49,035,822.58	 
	Broad Street Danish Credit Partners, L.P.	 	 	7.36	%	 	$	21,290,984.26	 
	Broad Street Credit Holdings LLC	 	 	17.89	%	 	$	51,740,027.61	 
	Broad Street Senior Credit Partners II, L.P.	 	 	20.01	%	 	$	57,870,745.74	 
	Total	 	 	100	%	 	$	378,175,000	 

 

Initial Euro Term
Loan Commitment (U.S. Borrower)

 

	Lender	 	Commitment %	 	 	Commitment	 
	Broad Street Loan Partners III, L.P.	 	 	6.02	%	 	€	4,211,578.24	 
	Broad Street Loan Partners III Offshore, L.P.	 	 	31.76	%	 	€	22,231,300.25	 
	Broad Street Loan Partners III Offshore - Unlevered, L.P.	 	 	16.96	%	 	€	11,870,001.14	 
	Broad Street Danish Credit Partners, L.P.	 	 	7.36	%	 	€	5,153,864.96	 
	Broad Street Credit Holdings LLC	 	 	17.89	%	 	€	12,524,602.51	 
	Broad Street Senior Credit Partners II, L.P.	 	 	20.01	%	 	€	14,008,652.90	 
	Total	 	 	100	%	 	€	70,000,000	 

 

     

     

    

 

Initial Euro Term
Loan Commitment (Dutch Borrower)

 

	Lender	 	Commitment %	 	 	Commitment	 
	Broad Street Loan Partners III, L.P.	 	 	6.02	%	 	€	4,211,578.24	 
	Broad Street Loan Partners III Offshore, L.P.	 	 	31.76	%	 	€	22,231,300.25	 
	Broad Street Loan Partners III Offshore - Unlevered, L.P.	 	 	16.96	%	 	€	11,870,001.14	 
	Broad Street Danish Credit Partners, L.P.	 	 	7.36	%	 	€	5,153,864.96	 
	Broad Street Credit Holdings LLC	 	 	17.89	%	 	€	12,524,602.52	 
	Broad Street Senior Credit Partners II, L.P.	 	 	20.01	%	 	€	14,008,652.89	 
	Total	 	 	100	%	 	€	70,000,000	 

 

Initial Revolving
Credit Commitment

 

	Lender	 	Commitment %	 	 	Commitment $	 
	Broad Street Credit Holdings LLC	 	 	100	%	 	$	45,000,000.00	 
	Total	 	 	100	%	 	$	45,000,000.00Exhibit 10.2

 

Ranpak Holdings Corp.

3 East 28th Street, Floor 8

New York, NY 10016

 

June 3, 2019

 

Omar Asali

23 East 22nd St., Floor 53

New York, NY 10010

 

Dear Omar:

 

It is my pleasure to present you with this offer letter
(the “Offer Letter Agreement”) to become the Executive Chairman of Ranpak Holdings Corp. (the “Company”),
effective as of, and contingent on, the consummation of the business combination by and between Ranpak Holdings Corp. and One Madison
Corporation (the “Closing”) . In this role you will report to the Board of Directors of the Company (the “Board”).

 

	Offer:
	 	 
	Compensation:	
        LTIP Award: As compensation for your services as Executive
        Chairman, you will receive a one-time award (the “Performance RSU Award”) under the Company’s Equity Incentive
        Plan (the “2019 Plan”), which will be in the form of Performance RSUs (the “2019 Performance RSUs”),
        with a grant date fair value of $1,000,000 (USD) at target, and will be granted as soon as practicable after the Closing (subject
        to approval by the Compensation Committee of the Board).

         

        Performance Metrics: The 2019 Performance RSUs will be
        earned between 0% and 150% of target, based on the level of achievement of the 2019 Adjusted EBITDA Goal, as set forth in the applicable
        award agreement.

         

        Time Vesting: Earned Performance RSUs will vest as follows:
        33.33% on 1/1/2020, 33.33% on 1/1/2021 and 33.34% on 1/1/2022, subject to your continued employment on the vesting date.

        The Performance RSU Award will be subject to and governed by
        the terms and conditions of the 2019 Plan and the applicable award agreement thereunder.

         

        For the avoidance of doubt, the Performance RSU Award described
        herein shall be the only compensation provided to you by the Company in exchange for your services and you shall not be entitled
        to any additional compensation from the Company

	 	 
	Duties and Responsibilities:	You will have such duties and responsibilities as are customary for your position and as reasonably requested by the Board from time to time. In performing your duties, you will comply with those lawful rules, regulations and policies of the Company.  
	 	 
	Company Benefits:	You will be entitled to participate in the employee benefit programs that the Company offers to similarly situated senior executives from time to time; provided, however, that you and the Company will cooperate in good faith to make appropriate arrangements regarding the payment of health and welfare premiums and any other items that would otherwise be deducted from payroll, given the fact that you will not receive regular cash compensation.
	 	 
	Business Expenses:	Business expenses will be reimbursed, subject to proper documentation and in accordance with the Company’s policies.
	 	 
	At Will:	You understand that your employment will be “at will”, which means that the Company or you may terminate your employment at any time and for any reason or for no reason at all.
	 	 
	Restrictive Covenants:	You agree to be, as a condition to and in consideration for your employment hereunder, subject to certain restrictive covenants, including confidentiality, as described in more detail in Annex A.

 

     

     

    

 

This offer is contingent upon the execution of this
offer letter and the Closing.

 

If this offer is acceptable, initial page one in the
lower right hand corner, sign below and return to the Company.

 

	 	Sincerely,
	 	 
	 	RANPAK HOLDINGS CORP.
	 	 
	 	/s/
    Trent Meyerhoefer 
	 	Trent Meyerhoefer
	 	Chief Financial Officer

  

READ, UNDERSTOOD, AND AGREED.

 

	/s/ Omar Asali	 	June 3, 2019
	Omar Asali	 	Date

  

Enclosures

 

    2

     

    

 

ANNEX A

Restrictive Covenants

 

	Confidential Information:	While you are employed by the Company and following the termination of your employment, you shall hold in a fiduciary capacity for the benefit of the Company and its Affiliates (as defined below), and shall not directly or indirectly use or disclose, any “Confidential Information” that you may have acquired (whether or not developed or compiled by you and whether or not you are authorized to have access to such information) during the term of, and in the course of, or as a result of your employment by the Company without the prior written consent of the Company unless and except to the extent that such disclosure is (1) made in the ordinary course of your performance of your duties to the Company or (2) required by any subpoena or other legal process (in which event you will give the Company prompt notice of such subpoena or other legal process in order to permit the Company to seek appropriate protective orders).  For the purposes of this Offer Letter the term “Confidential Information” means any secret, confidential or proprietary information possessed by the Company or any of its Affiliates, including, without limitation, trade secrets, customer lists, details of client or consultant contracts, current and anticipated customer requirements, pricing policies, price lists, market studies, business plans, operational methods, marketing plans or strategies, product development techniques or flaws, computer software programs (including object code and source code), data and documentation data, base technologies, systems, structures and architectures, inventions and ideas, past current and planned research and development, compilations, devices, methods, techniques, processes, financial information and data, business acquisition plans and new personnel acquisition plans (not otherwise included as a trade secret under this Offer Letter) that has not become generally available to the public.  The term “Confidential Information” in this section may include, but not be limited to, future business plans, licensing strategies, advertising campaigns, information regarding customers, executives and independent contractors and the terms and conditions of this Offer Letter.  Notwithstanding the provisions of this section to the contrary, you shall be permitted to furnish this Offer Letter to a subsequent employer or prospective employer.
	 	 
	Company Property:	Upon the termination of your employment for any reason or, if earlier, upon the Company’s request shall promptly return all “Company Property” which had been entrusted or made available to you by the Company, where the term “Company Property” means all records, files, memoranda, reports, price lists, customer lists, drawings, plans, sketches, keys, codes, computer hardware and software and other property of any kind or description prepared, used or possessed by you during your employment by the Company (and any duplicates of any such Property) together with any and all information, ideas, concepts, discoveries, and inventions and the like conceived, made, developed or acquired at any time by you individually or, with others during your employment which relate to the Company or its products or services.
	 	 
	Trade Secrets: 	You agree that you shall hold in a fiduciary capacity for the benefit of the Company and its Affiliates and shall not directly or indirectly use or disclose, any “Trade Secret” that you may have acquired during the term of your employment by the Company for so long as such information remains a Trade Secret, where the term “Trade Secret” means information, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers that (1) derives economic value, actual or potential, from not being generally known to, and not being generally readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and (2) is the subject of reasonable efforts by the Company and any of its Affiliates to maintain its secrecy.  This section is intended to provide rights to the Company and its Affiliates which are in addition to, not in lieu of, those rights the Company and its Affiliates have under the common law or applicable statutes for the protection of trade secrets.

 

    3

     

    

 

	Intellectual Property; Assignment of Inventions:	
        Assignment and License of Rights. You assign to the Company
        all of your rights in Intellectual Property that you make or conceive during your employment, whether as a sole or joint inventor,
        whether made during or outside working hours, and whether made on Company premises or elsewhere. You grant to the Company an unlimited,
        unrestricted, worldwide, royalty-free, fully paid right to access, use, modify, add to, and distribute any Intellectual Property
        that you developed and reduced to a practical form during your employment with the Company and its Affiliates, including any Intellectual
        Property assigned to the Company. You understand and acknowledge that, for purposes of this Offer Letter Agreement, the term “Intellectual
        Property” means any information of a technical and/or business nature, such as ideas, discoveries, inventions, trade secrets,
        know-how, and writings and other works of authorship which relate in any manner to the actual or anticipated business or research
        and development of the Company and its Affiliates.

         

        Assistance with Documentation. Upon request at any time
        and at the expense of the Company or its nominee and for no additional personal remuneration, you agree to execute and sign any
        document that the Company considers necessary to secure for or maintain for the benefit of the Company adequate patent and other
        property rights in the United States and all foreign countries with respect to any Intellectual Property.  You also agree
        to assist the Company as required to obtain and enforce these rights.

         

        Disclosure. You agree to promptly disclose to the Company
        any Intellectual Property when conceived or made by you, whether in whole or in part, and to make and maintain adequate and current
        records of it. If your employment ends for any reason, you agree to promptly turn over to the Company all models, prototypes, drawings,
        records, documents, and the like in your possession or under your control, whether prepared by you or others, relating to Intellectual
        Property, and any other work done for the Company. You acknowledge that these items are the sole property of the Company.

	 	 
	Certain Protections:	Nothing in this Offer Letter Agreement or otherwise limits your ability to communicate directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege to the Securities and Exchange Commission (the “SEC”), any other federal, state or local governmental agency or commission (“Government Agency”) or self-regulatory organization regarding possible legal violations, without disclosure to the Company.  The Company may not retaliate against you for any of these activities, and nothing in this Offer Letter Agreement requires you to waive any monetary award or other payment that you might become entitled to from the SEC or any other Government Agency or self-regulatory organization. Pursuant to the Defend Trade Secrets Act of 2016, the parties hereto acknowledge and agree that you shall not have criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition and without limiting the preceding sentence, if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to their attorney and may use the trade secret information in the court proceeding, if you (X) file any document containing the trade secret under seal and (Y) do not disclose the trade secret, except pursuant to court order.

 

    4

     

    

 

	Reasonable and Continuing Obligations:	You agree that your obligations under this Annex A are obligations which will continue beyond the termination of your employment and that such obligations are reasonable and necessary to protect the Company’s legitimate business interests.  The Company in addition shall have the right to take such other action as the Company deems necessary or appropriate to compel compliance with the provisions of this Annex A.
	 	 
	Remedy for Breach: 	You agree that the remedies at law of the Company for any actual or threatened breach by you of the covenants in this Annex A would be inadequate and that the Company shall be entitled to specific performance of the covenants in this Annex A, including entry of an ex parte, temporary restraining order in state or federal court, preliminary and permanent injunctive relief against activities in violation of this Annex A, or both, or other appropriate judicial remedy, writ or order, in addition to any damages and legal expenses which the Company may be legally entitled to recover (and you hereby waive any right to require any bond or security in connection therewith).  You acknowledge and agree that the covenants in this Annex A shall be construed as agreements independent of any other provision of this Offer Letter Agreement or any other agreement between the Company and you, and that the existence of any claim or cause of action by you against the Company, whether predicated upon this Offer Letter Agreement or any other agreement, shall not constitute a defense to the enforcement by the Company of such covenants.
	 	 
	Definitions: 	
        “Affiliate” means, when
        used with reference to a specified Person, any Person that directly or indirectly controls or is controlled by or is under common
        control with that specified Person. As used in this definition, “control” (including, with its correlative meanings,
        “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power
        to direct or cause the direction of investments, management or policies (whether through ownership of securities or partnership
        or other ownership interests, by contract or otherwise).

         

        “Person” means an individual,
        a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an
        unincorporated organization, a governmental entity or any department, agency or political subdivision thereof or any other entity
        or organization.

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]