Document:

EX-4.13

 Exhibit 4.13 

EXECUTION VERSION 

CREDIT AGREEMENT 
 Dated
as of August 15, 2019 
 among 

WORLD TRIATHLON CORPORATION, 

as the Borrower, 
 WORLD
ENDURANCE HOLDINGS, INC., 
 as Holdings, 

THE FINANCIAL INSTITUTIONS PARTY HERETO, 

as Lenders, 
 DEUTSCHE
BANK AG NEW YORK BRANCH, 
 as Administrative Agent and Issuing Bank, 

and 
 DEUTSCHE BANK
SECURITIES INC. 
 and 

BOFA SECURITIES, INC., 

as Joint Lead Arrangers 

and Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	DEFINITIONS	  	 	1	 
			
	 Section 1.01
	 	Defined Terms	  	 	1	 
	 Section 1.02
	 	Classification of Loans and Borrowings	  	 	60	 
	 Section 1.03
	 	Terms Generally	  	 	61	 
	 Section 1.04
	 	Accounting Terms; IFRS	  	 	61	 
	 Section 1.05
	 	Effectuation of Transactions	  	 	62	 
	 Section 1.06
	 	Timing of Payment of Performance	  	 	62	 
	 Section 1.07
	 	Times of Day	  	 	63	 
	 Section 1.08
	 	Currency Equivalents Generally	  	 	63	 
	 Section 1.09
	 	Cashless Rollovers	  	 	63	 
	 Section 1.10
	 	LIBOR Replacement	  	 	64	 
	 Section 1.11
	 	Limited Condition Transactions	  	 	64	 
	 Section 1.12
	 	Divisions	  	 	65	 
			
	 ARTICLE II
	 	THE CREDITS	  	 	65	 
			
	 Section 2.01
	 	Commitments	  	 	65	 
	 Section 2.02
	 	Loans and Borrowings	  	 	66	 
	 Section 2.03
	 	Requests for Borrowings	  	 	67	 
	 Section 2.04
	 	[Reserved].	  	 	67	 
	 Section 2.05
	 	Letters of Credit	  	 	67	 
	 Section 2.06
	 	[Reserved]	  	 	72	 
	 Section 2.07
	 	Funding of Borrowings	  	 	72	 
	 Section 2.08
	 	Type; Interest Elections	  	 	72	 
	 Section 2.09
	 	Termination and Reduction of Commitments	  	 	74	 
	 Section 2.10
	 	Repayment of Loans; Evidence of Debt	  	 	74	 
	 Section 2.11
	 	Prepayment of Loans	  	 	75	 
	 Section 2.12
	 	Fees	  	 	80	 
	 Section 2.13
	 	Interest	  	 	81	 
	 Section 2.14
	 	Alternate Rate of Interest	  	 	83	 
	 Section 2.15
	 	Increased Costs	  	 	83	 
	 Section 2.16
	 	Break Funding Payments	  	 	84	 
	 Section 2.17
	 	Taxes	  	 	85	 
	 Section 2.18
	 	Payments Generally; Allocation of Proceeds; Sharing of Payments	  	 	89	 
	 Section 2.19
	 	Mitigation Obligations; Replacement of Lenders	  	 	90	 
	 Section 2.20
	 	Illegality	  	 	92	 
	 Section 2.21
	 	Defaulting Lenders	  	 	92	 
	 Section 2.22
	 	Incremental Credit Extensions	  	 	94	 
	 Section 2.23
	 	Extensions of Loans and Revolving Commitments	  	 	100	 
			
	 ARTICLE III
	 	REPRESENTATIONS AND WARRANTIES	  	 	102	 
			
	 Section 3.01
	 	Organization; Powers	  	 	102	 
	 Section 3.02
	 	Authorization; Enforceability	  	 	103	 
	 Section 3.03
	 	Governmental Approvals; No Conflicts	  	 	103	 

  
 i 

							
	 Section 3.04
	 	Financial Condition; No Material Adverse Effect	  	 	103	 
	 Section 3.05
	 	Properties	  	 	103	 
	 Section 3.06
	 	Litigation and Environmental Matters	  	 	104	 
	 Section 3.07
	 	Compliance with Laws	  	 	104	 
	 Section 3.08
	 	Investment Company Status	  	 	104	 
	 Section 3.09
	 	Taxes	  	 	104	 
	 Section 3.10
	 	ERISA	  	 	105	 
	 Section 3.11
	 	Disclosure	  	 	105	 
	 Section 3.12
	 	Solvency	  	 	105	 
	 Section 3.13
	 	Capitalization and Subsidiaries	  	 	106	 
	 Section 3.14
	 	Security Interest in Collateral	  	 	106	 
	 Section 3.15
	 	Labor Disputes	  	 	106	 
	 Section 3.16
	 	Federal Reserve Regulations	  	 	106	 
	 Section 3.17
	 	Anti-Terrorism Laws	  	 	106	 
	 Section 3.18
	 	Anti-Corruption Laws	  	 	107	 
			
	 ARTICLE IV
	 	CONDITIONS	  	 	107	 
			
	 Section 4.01
	 	Closing Date	  	 	107	 
	 Section 4.02
	 	Each Credit Extension	  	 	109	 
			
	 ARTICLE V
	 	AFFIRMATIVE COVENANTS	  	 	110	 
			
	 Section 5.01
	 	Financial Statements and Other Reports	  	 	110	 
	 Section 5.02
	 	Existence	  	 	113	 
	 Section 5.03
	 	Payment of Taxes	  	 	113	 
	 Section 5.04
	 	Maintenance of Properties	  	 	114	 
	 Section 5.05
	 	Insurance	  	 	114	 
	 Section 5.06
	 	Inspections	  	 	115	 
	 Section 5.07
	 	Maintenance of Book and Records	  	 	115	 
	 Section 5.08
	 	Compliance with Laws	  	 	115	 
	 Section 5.09
	 	Environmental	  	 	115	 
	 Section 5.10
	 	Designation of Subsidiaries	  	 	116	 
	 Section 5.11
	 	Use of Proceeds	  	 	117	 
	 Section 5.12
	 	Covenant to Guarantee Obligations and Give Security.	  	 	117	 
	 Section 5.13
	 	Maintenance of Ratings	  	 	118	 
	 Section 5.14
	 	Post-Closing Actions	  	 	119	 
	 Section 5.15
	 	Further Assurances	  	 	119	 
	 Section 5.16
	 	Quarterly Lender Call	  	 	119	 
			
	 ARTICLE VI
	 	NEGATIVE COVENANTS	  	 	119	 
			
	 Section 6.01
	 	Indebtedness	  	 	119	 
	 Section 6.02
	 	Liens	  	 	125	 
	 Section 6.03
	 	No Further Negative Pledges	  	 	129	 

  
 ii 

							
	 Section 6.04
	 	Restricted Payments; Certain Payments of Indebtedness	  	 	130	 
	 Section 6.05
	 	Restrictions on Subsidiary Distributions	  	 	136	 
	 Section 6.06
	 	Investments	  	 	137	 
	 Section 6.07
	 	Fundamental Changes; Disposition of Assets	  	 	141	 
	 Section 6.08
	 	Sale and Lease-Back Transactions	  	 	145	 
	 Section 6.09
	 	Transactions with Affiliates	  	 	145	 
	 Section 6.10
	 	Conduct of Business	  	 	147	 
	 Section 6.11
	 	Amendments or Waivers of Organizational Documents	  	 	147	 
	 Section 6.12
	 	Amendments of or Waivers with Respect to Restricted Debt	  	 	147	 
	 Section 6.13
	 	Fiscal Year	  	 	147	 
	 Section 6.14
	 	Permitted Activities of Holdings	  	 	148	 
	 Section 6.15
	 	Financial Covenant	  	 	149	 
			
	 ARTICLE VII
	 	EVENTS OF DEFAULT	  	 	150	 
			
	 Section 7.01
	 	Events of Default	  	 	150	 
			
	 ARTICLE VIII
	 	THE ADMINISTRATIVE AGENT	  	 	152	 
			
	 ARTICLE IX
	 	MISCELLANEOUS	  	 	160	 
			
	 Section 9.01
	 	Notices	  	 	160	 
	 Section 9.02
	 	Waivers; Amendments	  	 	162	 
	 Section 9.03
	 	Expenses; Indemnity	  	 	168	 
	 Section 9.04
	 	Waiver of Claim	  	 	169	 
	 Section 9.05
	 	Successors and Assigns	  	 	169	 
	 Section 9.06
	 	Survival	  	 	177	 
	 Section 9.07
	 	Counterparts; Integration; Effectiveness	  	 	178	 
	 Section 9.08
	 	Severability	  	 	178	 
	 Section 9.09
	 	Right of Setoff	  	 	178	 
	 Section 9.10
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	179	 
	 Section 9.11
	 	Waiver of Jury Trial	  	 	180	 
	 Section 9.12
	 	Headings	  	 	180	 
	 Section 9.13
	 	Confidentiality	  	 	180	 
	 Section 9.14
	 	No Fiduciary Duty	  	 	181	 
	 Section 9.15
	 	Several Obligations	  	 	181	 
	 Section 9.16
	 	USA PATRIOT Act and Beneficial Ownership Regulation	  	 	181	 
	 Section 9.17
	 	Disclosure	  	 	182	 
	 Section 9.18
	 	Appointment for Perfection	  	 	182	 
	 Section 9.19
	 	Interest Rate Limitation	  	 	182	 
	 Section 9.20
	 	[Reserved]	  	 	182	 
	 Section 9.21
	 	Conflicts	  	 	182	 
	 Section 9.22
	 	Release of Guarantors	  	 	183	 
	 Section 9.23
	 	MIRE Events	  	 	183	 

  
 iii 

							
	 Section 9.24
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	183	 
	 Section 9.25
	 	Acknowledgement Regarding Any Supported QFCs	  	 	184	 
	 Section 9.26
	 	Certain ERISA Matters.	  	 	184	 

  
 iv 

					
	SCHEDULES:	  		  	
	Schedule 1.01(a)	  	–	  	Commitment Schedule
	Schedule 1.01(b)	  	–	  	Existing Joint Ventures
	Schedule 1.01(c)	  	–	  	Mortgages
	Schedule 1.01(d)	  	–	  	Adjustments to Consolidated Adjusted EBITDA
	Schedule 3.05	  	–	  	Fee Owned Real Estate Assets
	Schedule 3.13	  	–	  	Subsidiaries
	Schedule 5.10	  	–	  	Unrestricted Subsidiaries
	Schedule 5.14	  	–	  	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 6.09	  	–	  	Transactions with Affiliates
			
	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 Perfection Certificate Supplement
	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 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	  	–	  	Form of Intercompany Note

  
 v 

 CREDIT AGREEMENT 

CREDIT AGREEMENT, dated as of August 15, 2019 (this “Agreement”), by and among World Triathlon Corporation, a Florida
corporation (the “Borrower”), World Endurance Holdings, Inc., a Delaware corporation (“Holdings”), the Lenders from time to time party hereto and Deutsche Bank AG New York Branch (“DBNY”), in its
capacities as an Issuing Bank and as administrative agent and collateral agent for the Lenders (in its capacities as administrative and collateral agent, the “Administrative Agent”), with Deutsche Bank Securities Inc. and BofA
Securities, Inc., as joint lead arrangers and joint bookrunners (in such capacities, collectively, the “Arrangers”). 

RECITALS 
 A. Reference is
made to that certain Credit Agreement, dated as of June 26, 2014, by and among the Borrower, the financial institutions from time to time party thereto as lenders and UBS AG, Stamford Branch, as administrative agent for the lenders (as amended,
supplemented or otherwise modified from time to time and in effect immediately prior to the Closing Date, the “Existing Credit Agreement”). 

B. The Borrower intends, on the Closing Date, to (a) consummate the Existing Credit Agreement Refinancing and (b) pay related fees
and expenses owing in connection therewith. 
 C, The Borrower has requested that the Lenders extend credit in order to finance the foregoing
transactions and for the other purposes set forth herein in the form of (a) Initial Term Loans in an original aggregate principal amount equal to $275,000,000 and (b) a Revolving Facility with an available amount of $25,000,000, in each
case, subject to increase as provided herein. 
 D. The Lenders are willing to extend such credit to the Borrower on the terms and subject to
the conditions set forth herein. Accordingly, the parties hereto agree as follows: 
 ARTICLE I 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. 
 “ACH” means automated clearing house
transfers. 
 “Additional Agreement” has the meaning assigned to such term in Article VIII. 

“Additional Commitments” means any commitments hereunder added pursuant to Sections 2.22, 2.23 or
9.02(c). 
 “Additional Credit Facilities” means any credit facilities 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 Loans” means the Additional Revolving Loans and the Additional
Term Loans. 

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

“Additional Term Commitments” means any term commitment added pursuant to Sections 2.22, 2.23 or
9.02(c)(i). 
 “Additional Term Loans” means any term loan added pursuant to Section 2.22,
2.23 or 9.02(c)(i). 
 “Adjusted Consolidated Net Income” means Consolidated Net Income of the Borrower and
its Restricted Subsidiaries and, to the extent distributed in cash to the Borrower or any of its Restricted Subsidiaries, of any Joint Venture (before provision for income taxes), plus 

(a) the sum of (without duplication and to the extent the same reduced Consolidated Net Income for the period with respect to
which Adjusted Consolidated Net Income is being determined): 
 (i) (A) Transaction Costs paid in Cash by the Borrower
or any of its Restricted Subsidiaries, (B) transaction fees, costs and expenses paid in Cash and incurred (1) in connection with the consummation of any transaction (or any transaction proposed or considered but not consummated) permitted
under this Agreement, including any issuance or offering of Capital Stock, Investment, acquisition, Disposition, recapitalization, merger, consolidation or amalgamation, option buyout or any incurrence, repayment, refinancing, amendment or
modification of Indebtedness (including any amortization or write-off of debt issuance or deferred financing costs, premiums and prepayment penalties) or similar transactions or (2) in connection with any
Qualifying IPO and (C) the amount of any fee, cost, expense or reserve with respect thereto to the extent such amount is actually reimbursed or reimbursable by third parties pursuant to indemnification or reimbursement provisions or similar
agreements or insurance; provided that in respect of any fee, cost, expense or reserve incurred pursuant to clause (C) above, the Borrower or its applicable Restricted Subsidiary (or the applicable Joint Venture) in good faith
expects to receive reimbursement for such fee, cost, expense or reserve within the four Fiscal Quarter period immediately following the date of determination (it being understood that to the extent not actually received within such four Fiscal
Quarters, such reimbursement amounts shall be deducted in calculating Adjusted Consolidated Net Income for such Fiscal Quarters), 

(ii) any non-cash loss (less all fees and expenses or charges related thereto)
attributable to the early extinguishment of Indebtedness and/or the termination of any associated Hedge Agreement, 
 (iii)
any goodwill or other intangible asset impairment charges, write-offs or write-downs, in each case, pursuant to IFRS, 
 (iv)
non-cash compensation charges, 

  
 2 

 (v) amortization of (A) intangible assets from the application of IFRS
and/or (B) amortization of deferred financing costs relating to Indebtedness, 
 (vi) losses or charges from
(i) extraordinary items, (ii) nonrecurring or unusual items (including costs of and payments of actual or prospective legal settlements, fines, judgments or orders) and (iii) the amount of any cost, charge, accrual, reserve or expense
in connection with a single or one-time event, including in connection with (A) any acquisition permitted hereunder after the Closing Date and (B) the consolidation or closing of any facility during
such period, and 
 (vii) the amount of any adjustment of the type described in clauses (a)(i) through (a)(vi)
above as it pertains to equity investment income or income relating to Joint Ventures which is attributable to a Permitted Business and which the Borrower does not consolidate for purposes of IFRS, minus 

(b) without duplication: 

(i) (A) 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, 
 (ii) any non-cash income (less all fees and expenses or charges related thereto) attributable to the early extinguishment of Indebtedness and/or the termination of any associated Hedge Agreement, 

(iii) the net income in such period of any Restricted Subsidiary (other than any Loan Party or any Existing Joint Venture)
that, as of the date of determination, is subject to any restriction on its ability to pay dividends or make other distributions by operation of its organizational documents or any agreement, instrument, judgment, decree, order, statute or
governmental rule or regulation applicable thereto (other than (A) any restriction that has been waived or otherwise released and/or (B) any restriction set forth in the Loan Documents or, the documents related to any Incremental Loans
and/or Incremental Equivalent Debt and the documents relating to any Refinancing Indebtedness in respect of any of the foregoing); it being understood and agreed that Adjusted Consolidated Net Income will be increased by the amount of dividends,
distributions or other payments made in Cash (or converted into Cash) by the Restricted Subsidiary subject to the relevant restriction to the Borrower or any other Restricted Subsidiary that is not subject to such restriction; and 

(iv) the amount of any adjustment of the type described in clauses (b)(i), (b)(ii) or (b)(iii) above as it
pertains to equity investment income or income relating to Joint Ventures to the extent distributed in cash to the Borrower or any of its Restricted Subsidiaries, which amount is attributable to a Permitted Business and which the Borrower does not
consolidate for purposes of IFRS. 
 “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. 

  
 3 

 “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 their respective Restricted Subsidiaries) at law or in equity, or before or by any
Governmental Authority, domestic or foreign (including any Environmental Claim), whether pending or, to the knowledge of Holdings, the Borrower or any of their respective Restricted Subsidiaries, threatened in writing, against or affecting Holdings,
the Borrower or any of their respective Restricted Subsidiaries or any property of Holdings, the Borrower or any of their respective 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. None of the Administrative Agent, the Arrangers, 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 subsidiary of Holdings. 
 “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). 
 “Aggregate Revolving
Credit Exposure” means, at any time, the aggregate amount of the Lenders’ Revolving Credit Exposures at such time. 

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

“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) 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) plus 1.00% and (c) the Prime Rate. 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. 
 “Anti-Corruption Laws” means any laws, rules or
regulations of any jurisdiction relating to corruption or bribery, including, but not limited to, the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), and any applicable law or regulation. 

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

  
 4 

 “Applicable Price” has the meaning assigned to such term in the definition
of “Dutch Auction”. 
 “Applicable Rate” means, for any day, the rate per annum applicable to the relevant
Class of Loans set forth below under the caption “Applicable Rate for ABR Loans” or “Applicable Rate for LIBO Rate Loans”, as the case may be, based upon the First Lien Leverage Ratio as of last day of the most recently
ended Test Period for which financial statements have been delivered pursuant to Sections 5.01(a) or (b), as applicable; 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” shall be the applicable rate per annum set forth below in Category 1: 
 Initial
Term Loans 
  

									
	First Lien Leverage Ratio	  	Applicable Rate
for ABR Loans	 	 	Applicable Rate for LIBO
Rate Loans	 
	 Category 1
	  				 			
	 Greater than 3.50 to 1.00
	  	 	3.25	% 	 	 	4.25	% 
	 Category 2
	  				 			
	 Less than or equal to 3.50 to 1.00
	  	 	3.00	% 	 	 	4.00	% 

 Revolving Loans 
  

									
	First Lien Leverage Ratio	  	Applicable Rate
for ABR Loans	 	 	Applicable Rate for LIBO
Rate Loans	 
	 Category 1
	  				 			
	 Greater than 4.00 to 1.00
	  	 	3.25	% 	 	 	4.25	% 
	 Category 2
	  				 			
	 Less than or equal to 4.00 to 1.00 and greater than 3.50 to 1.00
	  	 	3.00	% 	 	 	4.00	% 
	 Category 3
	  				 			
	 Less than or equal to 3.50 to 1.00
	  	 	2.75	% 	 	 	3.75	% 

 The Applicable Rate 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” 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. 

“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 and similar extensions of credit 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. 

  
 5 

 “Arrangers” has the meaning assigned to such term in the preamble to this
Agreement. 
 “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 may not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction
Agent); provided, further, that neither the Borrower nor any of its Affiliates may 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 set forth in the definition of “Dutch Auction”. 

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

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

(a) the sum of: 

(i) the greater of $7,500,000 and 12.5% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of
the last day of the most recent Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable; plus 

(ii) the Retained Excess Cash Flow Amount (provided that the Retained Excess Cash Flow Amount shall not be available for
any Restricted Payment pursuant to Section 6.04(a)(iii)(A) unless, at the time of the declaration thereof, (A) no Event of Default under Sections 7.01(a), (f) or (g) exists and (B) the
Total Leverage Ratio at such time, calculated on a Pro Forma Basis after giving effect to such Restricted Payment (and determined on the basis of the financial statements for the most recently ended Test Period at or prior to such time which have
been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable), does not exceed 4.50:1.00); plus 

  
 6 

 (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 or 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) incurred from 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
reasonably determined by the Borrower, 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 or 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
aggregate principal amount of 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 such 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 Equivalents and the fair market value (as reasonably determined by the Borrower) of any property or assets 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 

(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, in each case received in respect of any Investment made after the Closing Date pursuant to Section 6.06(r)(i) (in an amount
not to exceed the original amount of such Investment); 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 (in an amount not to exceed the original amount of such Investment) that has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or is liquidated, wound up or dissolved into, the Borrower or any Restricted Subsidiary and (B) the fair
market value (as reasonably determined by the Borrower) of the property or assets of any Unrestricted Subsidiary that have been transferred, conveyed or otherwise distributed (in an amount not to exceed the original amount of the Investment in such
Unrestricted Subsidiary) 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 

  
 7 

 (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 reasonably determined by the Borrower, but excluding any Cure Amount) received by the Borrower or any of its Restricted Subsidiaries after the Closing Date from: 

(a) contributions in respect of Qualified Capital Stock (other than any amounts received from the Borrower or any of its
Restricted Subsidiaries), and 
 (b) 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 of the Borrower, (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 Available Excluded Contribution Amounts
pursuant to a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent 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. 
 “Bail-In Action” shall
mean 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” shall mean, 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 provided to any Loan Party
(a) under any arrangement that is in effect on the Closing Date between any Loan Party, a counterparty that is (or is an Affiliate of) the Administrative Agent, any Lender or any Arranger 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, any Lender, any Arranger at the time such arrangement is entered into: commercial credit cards, stored value
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 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), 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 the 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 VIII, Section 9.03 and Section 9.10 as if it were a Lender. 

  
 8 

 “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C.
§ 101 et seq.). 
 “Beneficial Owner” has the meaning given to that term in Rule
13d-3 and Rule 13d-5 under the Exchange Act, in each case as in effect on the date hereof, except that in calculating the Beneficial Ownership of any particular
“person” (as that term is used in Section 13(d)(3) of the Exchange Act, as in effect on the date hereof), such “person” will not be deemed to have Beneficial Ownership of any securities that such “person” has the
right to acquire or vote only upon the happening of any future event or contingency (including the passage of time) that has not yet occurred. The terms “Beneficial Ownership,” “Beneficially Owns” and “Beneficially
Owned” have a corresponding meaning. 
 “Beneficial Ownership Certification” means a certification regarding
Beneficial Ownership as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31
C.F.R. § 1010.230. 
 “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA)
that is subject to Title I of ERISA, (b) a “plan” as defined in 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”. 
 “BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

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

“Bona Fide Debt Fund” means any Person that is engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of business 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 with respect to which no personnel involved with any investment in such Person (i) makes, has the right to make or participates with others in making any investment decisions with
respect to such Person or (ii) has access to any information (other than information that is publicly available) relating to the Borrower or its subsidiaries or any entity that forms a part of the business of the Borrower or any of its
subsidiaries; it being understood and agreed that the term “Bona Fide Debt Fund” shall not include any Person that is separately identified to the Arrangers in accordance with clause (a)(i) of the definition of “Disqualified
Institution” or any reasonably identifiable Affiliate of any such Person. 
 “Borrower” has the meaning assigned to
such term in the preamble to this Agreement. 
 “Borrower’s Notice” has the meaning assigned to such term in the
definition of “Collateral and Guarantee Requirement”. 
 “Borrowing” means any Loans of the same Type and
Class made, converted or continued on the same date and, in the case of LIBO Rate Loans, as to which a single Interest Period is in effect. 

  
 9 

 “Borrowing Request ” means a request by the 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 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; provided that when used in connection with a LIBO Rate Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the
London interbank market. 
 “Capital Lease” means, as applied to any Person, any lease of any property (whether real,
personal or mixed) by that Person as lessee that, at any time prior to giving effect to the impact of IFRS 16, would have been required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance
with IFRS. 
 “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” means money, currency or a credit balance in any Deposit Account,
in each case determined in accordance with IFRS. 
 “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. government or (ii) issued by any agency or instrumentality of the U.S. the obligations of which are
backed by the full faith and credit of the U.S., in each case maturing within one year after such date and, in each case, 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, in each case maturing within one year 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 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) 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 (d) 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; and (f) 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. 

  
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 In the case of any Investment by any Foreign Subsidiary, “Cash Equivalents” shall
also include (x) Investments of the type and maturity described in clauses (a) through (f) above of foreign obligors, which Investments or obligors (or the parent companies thereof) have the ratings 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 clauses (a) through (f) above and in this paragraph. 
 “CFC” means a “controlled
foreign corporation” within the meaning of Section 957(a) of the Code. 
 “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) at any time prior to a Qualifying IPO, the Permitted Holders ceasing to beneficially own, either directly or indirectly
(within the meaning of Rule 13d-3 and Rule 13d-5 under the Exchange Act), Capital Stock representing more than 50% of the total voting power of all of the outstanding
voting stock of Holdings; 
 (b) at any time on or after a Qualifying IPO, the acquisition by any Person or group (within the
meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), 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, but excluding any employee benefit plan and/or Person acting as the trustee, agent or other fiduciary or administrator therefor), other than 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 stock of Holdings and (y) the percentage of the total voting power of all of the outstanding voting stock of Holdings
owned, directly or indirectly, beneficially by the Permitted Holders; 
 (c) the acquisition by any Person or group (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), 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, but excluding any employee benefit plan and/or Person acting as the trustee, agent or other fiduciary or administrator therefor), other than one or more Permitted Wanda
Holders, of Capital Stock representing more than the greater of (x) 35% of the total voting power of all of the outstanding voting stock of Wanda and (y) the percentage of the total voting power of all of the outstanding voting stock of Wanda
owned, directly or indirectly, beneficially by the Permitted Wanda Holders; and 

  
 11 

 (d) the Borrower ceasing to be a direct or indirect Wholly-Owned Subsidiary
of Holdings. 
 “Charges” has the meaning assigned to such term in Section 9.19. 

“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are Initial Term Loans, Revolving Loans or other loans or commitments added pursuant to Sections 2.22, 2.23 or 9.02(c). 

“Closing Date” means the date on which the conditions specified in Section 4.01 are satisfied (or
waived in accordance with Section 9.02). 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral” means any and all property of any Loan Party subject to a Lien under any Collateral Document and any and all
other property of any Loan Party, now existing or hereafter acquired, that is or becomes subject to a Lien pursuant to any Collateral Document to secure the Secured Obligations. 

“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 and (y) the time periods (and extensions thereof) set forth in Section 5.12, the requirement that: 

(a) the Administrative Agent shall have received (A) a joinder to the Loan Guaranty in substantially the form attached as
an exhibit thereto, (B) a supplement to the Security Agreement in substantially the form attached as an exhibit thereto, (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, Trademarks and/or Copyrights that constitute Collateral, an Intellectual Property Security Agreement in substantially the form attached as an
exhibit hereto, (D) a completed Perfection Certificate and (E) Uniform Commercial Code financing statements in appropriate form for filing in such jurisdictions as the Administrative Agent may reasonably request; 

(b) the Administrative Agent shall have received with respect to any Material Real Estate Assets acquired after the Closing
Date, a Mortgage and any necessary UCC fixture filing in respect thereof (which separate UCC fixture filing shall only be required if the applicable Mortgage cannot serve as a UCC fixture filing in the applicable jurisdiction), in each case together
with, to the extent customary and appropriate (as reasonably determined by the Administrative Agent and the Borrower): 

  
 12 

 (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 Agent 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 (to the
extent such UCC or equivalent fixture filing is required) 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 Agent provided that to the extent any Material Real Estate Asset to be subject to a Mortgage is located in a jurisdiction that imposes mortgage recording taxes, intangibles tax, documentary tax or similar recording taxes, the
Administrative Agent will cooperate with the Borrower or the applicable Loan Party in order to minimize the amount of tax payable in connection with such Mortgage as permitted by, and in accordance with, applicable law including, to the extent
permitted by applicable law, limiting the amount secured by the Mortgage to the fair market value of the Material Real Estate Asset at the time the Mortgage is entered into (as determined by the Borrower in good faith) if such limitation results in
such taxes being calculated based upon such fair market value; and provided further that no Material Real Estate Asset located in the State of New York shall be required to secure any Letters of Credit, any Swap Obligations, any obligations arising
under any treasury services agreements, any Incremental Term Loans, any Revolving Loans, Incremental Revolving Loans or other Revolving Facility; 

(ii) one or more fully paid policies of title insurance (the “Mortgage Policies”) in an amount
reasonably acceptable to the Administrative Agent (not to exceed the fair market value of the Material Real Estate Asset covered thereby (as reasonably determined by the Borrower)) issued by a nationally recognized title insurance company in
the applicable jurisdiction that is reasonably acceptable to the Administrative Agent, 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, together with such endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request to the extent the same are available at commercially reasonable
rates in the applicable jurisdiction; 
 (iii) customary legal opinions of local counsel for the relevant Loan Party in the
jurisdiction in which such Material Real Estate Asset is located regarding, among other things, the enforceability of the applicable Mortgage, and in the jurisdiction of formation of the relevant Loan Party, regarding, among other things, due
authorization, execution and delivery of the applicable Mortgage, in each case in form and substance reasonably acceptable to the Administrative Agent; 

(iv) surveys; provided that, notwithstanding the foregoing, a new survey will not be required if (x) an existing survey,
together with an “affidavit of no change” reasonably satisfactory to the title insurance company or (y) an ExpressMap or similar type of map reasonably satisfactory to the title insurance company, in each case, to issue all survey
related coverage and endorsements and delete the standard survey exception is delivered to the Administrative Agent and the title insurance company; 

  
 13 

 (v) a completed standard “life of loan” flood hazard determination
form (a “Flood Determination Form”), and if any improvement to the applicable Material Real Estate Asset that is of a type that triggers a requirement for flood insurance to be maintained pursuant to the Flood Laws is located in an
area designated by the U.S. Federal Emergency Management Agency (or any successor agency) as having special flood hazards, pursuant to the Flood Determination Form (a) a countersigned notification to the Borrower
(“Borrower’s Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the Flood Laws is not available because the applicable community does not participate in the NFIP or
(b) a countersigned Borrower’s Notice which contains a notification to Borrower that flood insurance is available in the community in which such Material Real Estate Asset is located, as well as a copy of one of the following evidencing to
the reasonable satisfaction of the Administrative Agent that Borrower has obtained and maintains flood insurance with respect to such Material Real Estate Asset in compliance with the requirements of Section 5.05: (1) a
flood insurance policy, or (2) the Borrower’s application for a flood insurance policy plus proof of premium payment and once it becomes available, a declaration page confirming that flood insurance has been issued, or (3) other
evidence of flood insurance reasonably satisfactory to the Administrative Agent; and 
 (vi) such other evidence that all
other actions that the Administrative Agent may reasonably request and deem necessary in order to create a valid and subsisting Lien on such Material Real Estate Assets have been taken. 

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

“Commitment” means, with respect to each Lender, such Lender’s Initial Term Loan Commitment, Revolving Credit Commitment
and Additional Commitment, as applicable, in effect as of such time. 
 “Commitment Fee Rate” means for each calendar
quarter or portion thereof, the applicable rate per annum set forth below based upon the First Lien Leverage Ratio as of the last day of the last Test Period for which financial statements have been delivered pursuant to
Section 5.01(a) or (b); provided that until the first Adjustment Date following the completion of at least one full Fiscal Quarter after the Closing Date, “Commitment Fee Rate” shall be the
applicable rate per annum set forth below in Category 1: 
  

					
	First Lien Leverage Ratio	  	Commitment Fee Rate	 
	 Category 1
	  			
	 Greater than 4.00 to 1.00
	  	 	0.50	% 
	 Category 2
	  			
	 Equal to or less than 4.00 to 1.00
	  	 	0.375	% 

 The Commitment Fee Rate 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 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. 

  
 14 

 “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 (a) any competitor of the Borrower and/or any of its subsidiaries and (b) any Affiliate
of any such competitor (other than any such Affiliate that is a Bona Fide Debt Fund). 
 “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. 
 “Consolidated Adjusted EBITDA” means, as to any Person
for any period, an amount determined for such Person 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), (xii) and (xiv) 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, (C) costs of surety bonds in connection with financing activities (whether amortized or immediately expensed), (D) commissions, discounts and other
fees and charges owed with respect to letters of credit, bank guarantees, bankers’ acceptances or any similar facilities or financing and hedging agreements and (E) any interest on operating leases); 

(ii) Taxes paid (including pursuant to any Tax sharing arrangement or any Tax distribution) and provisions for Taxes of such
Person and its subsidiaries, including, in each case, arising out of tax examinations; 
 (iii) total depreciation and
amortization expense; 
 (iv) other non-Cash charges, expenses or losses, 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 IFRS purposes; provided that if any such non-Cash charge, expense or loss 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) (A) Transaction Costs, (B) transaction fees, costs and expenses incurred (1) in
connection with the consummation of any transaction (or any transaction proposed and not consummated) permitted under this Agreement, including the issuance or offering of Capital Stock, Investments, acquisitions, Dispositions, recapitalizations,
mergers, consolidations or amalgamations, option buyouts or incurrences, repayments, refinancings, amendments or modifications of Indebtedness (including any amortization or write-off of debt issuance or
deferred financing costs, premiums and prepayment penalties) or similar transactions and/or (2) in connection with any Qualifying IPO and (C) the amount of any fee, cost, expense or reserve with respect thereto that is actually reimbursed
or reimbursable by third parties pursuant to indemnification or reimbursement provisions or similar agreements or insurance; provided that in respect of any fee, cost, expense or reserve that is added back in reliance on clause
(C) above, such Person in good faith expects to receive reimbursement for such fee, cost, expense or reserve within the next four Fiscal Quarters (it being understood that to the extent any reimbursement amount is not actually received
within such Fiscal Quarters, such reimbursement amount shall be deducted in calculating Consolidated Adjusted EBITDA for such Fiscal Quarters); 

  
 15 

 (vi) [reserved;] 

(vii) the amount of management, monitoring, consulting, transaction and advisory fees and related expenses actually paid by or
on behalf of, or accrued by, such Person or any of its subsidiaries (A) to the Investors (or their Affiliates or management companies) to the extent permitted under this Agreement or (B) as permitted by
Section 6.09(f); 
 (viii) the amount of any cost, charge, accrual, reserve and/or expense incurred
or accrued in connection with any single or one-time event; provided, that the aggregate amount of all costs, charges, accruals, reserves or expenses added back in reliance on this clause
(viii) in any four-Fiscal Quarter period, when aggregated with any amounts added back in reliance on clause (x) and/or clause (xi) below in such four-Fiscal Quarter period, may not exceed 25% of Consolidated Adjusted
EBITDA for such four Fiscal Quarter period (calculated before giving effect to any such addbacks and adjustments); 
 (ix)
the amount of earnout obligation expense incurred in connection with any Permitted Acquisition or other Investment permitted by this Agreement which is paid or accrued during the applicable period; 

(x) expected cost savings, operating expense reductions and synergies (net of actual amounts realized) that are reasonably
identifiable and factually supportable (in the good faith determination of such Person, as certified by a Responsible Officer of such Person in the Compliance Certificate required by Section 5.01(c) to be delivered in
connection with the financial statements for such period) related to permitted asset sales, acquisitions, Investments, Dispositions, operating improvements, restructurings, cost saving initiatives and certain other similar initiatives and specified
transactions; provided that, (A) the relevant cost savings, operating expense reductions and synergies must be reasonably expected to be realized within 24 months of the event giving rise thereto and (B) the aggregate amount of such
costs savings, operating expense reductions and synergies added back in reliance on this clause (x) in any four-Fiscal Quarter period, when aggregated with all amounts added back in reliance on clause (viii) above and/or
clause (xi) below in such four-Fiscal Quarter period, shall not exceed (1) 25% of Consolidated Adjusted EBITDA for such four-Fiscal Quarter period (calculated before giving effect to any such addbacks and adjustments) plus
(2) the amount of any such cost savings, operating expense reductions, product margin synergies and product cost and other synergies of the type that would be permitted to be included in pro forma financial statements prepared in accordance
with Regulation S-X under the Securities Act; 

  
 16 

 (xi) costs, charges, accruals, reserves or expenses attributable to the
undertaking and/or implementation of cost savings, operating expense reductions, synergies, integration, transition, reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, facilities opening and pre-opening, business optimization and restructuring costs, charges, accruals, reserves and expenses (including inventory optimization programs, software development costs, costs related to the closure or
consolidation of facilities and costs relating to the early termination of rights fee arrangements (without duplication of amounts added back in reliance on clause (viii) above), curtailments, costs related to entry into new markets,
strategic initiatives and contracts, consulting fees, signing costs, retention or completion bonuses, expansion and relocation expenses, severance payments, modifications to pension and post-retirement employee benefit plans, new systems design and
implementation costs and project startup costs); provided that the aggregate amount of all costs, charges, accruals, reserves or expenses added back in reliance on this clause (xi) in any four-Fiscal Quarter period, when
aggregated with all amounts added back in reliance on clause (viii) and/or clause (x) above for such four-Fiscal Quarter period, shall not exceed 25% of Consolidated Adjusted EBITDA for such four-Fiscal Quarter period
(calculated before giving effect to any such addbacks and adjustments); 
 (xii) 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 then received so long as such Person in good faith expects to receive such proceeds within the next four Fiscal Quarters (it
being understood that to the extent not actually received within such Fiscal Quarters, such proceeds shall be deducted in calculating Consolidated Adjusted EBITDA for such Fiscal Quarters)); 

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

(xiv) the amount of Cash actually received (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; 

(xvi) the amount of any addback described in clauses (b)(i) through (b)(xv) above as it pertains to equity
investment income or income relating to Joint Ventures to the extent distributed in cash to the Borrower or any of its Restricted Subsidiaries, which amount is attributable to a Permitted Business and which the Borrower does not consolidate for
purposes of IFRS; 
 (xvii) unrealized net foreign currency transaction losses impacting net income (including, without
limitation, currency remeasurements of Indebtedness and any net losses resulting from hedge agreements for currency exchange risk associated with the above or any other currency related risk and those resulting from intercompany Indebtedness); 

  
 17 

 (xviii) any fair value adjustments required to be made for purposes of IFRS
to deferred revenue obligations assumed in any acquisition permitted hereunder; and 
 (xix) adjustments set forth on
Schedule 1.01(d). 
 minus (c) 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) the amount added back to Consolidated Adjusted EBITDA pursuant to clause (b)(v)(C) above (as
described in such clause) to the extent the relevant reimbursement amounts were not received within the time period required by such clause; 

(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 IFRS
purposes; 
 (vii) the amount of any deduction described in clauses (c)(i) through (c)(vi) above as it pertains
to equity investment income or income relating to Joint Ventures to the extent distributed in cash to the Borrower or any of its Restricted Subsidiaries, which amount is attributable to a Permitted Business and which the Borrower does not
consolidate for purposes of IFRS; and 
 (viii) unrealized net foreign currency transaction gains impacting net income
(including, without limitation, currency remeasurements of Indebtedness and any net gains resulting from hedge agreements for currency exchange risk associated with the above or any other currency related risk and those resulting from intercompany
Indebtedness). 
 Notwithstanding the foregoing, Consolidated Adjusted EBITDA (a) for the Fiscal Quarter ended March 31, 2019,
shall be deemed to be $(4,442,841.90), (b) for the Fiscal Quarter ended December 31, 2018, shall be deemed to be $19,930,652.30, (c) for the Fiscal Quarter ended September 30, 2018, shall be deemed to be $25,080,611.30 and (d) for the
Fiscal Quarter ended June 30, 2018, shall be deemed to be $17,355,253.30. 

  
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 “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 Lien pari passu with or senior to the Liens securing the Secured Obligations on any asset or property of such Person or its
Restricted Subsidiaries. 
 “Consolidated Net Income” means, as to any Person (the “Subject Person”) for
any period, the net income (or loss) of the Subject Person on a consolidated basis for such period taken as a single accounting period determined in conformity with IFRS; provided that there shall be excluded, without duplication, 

(a) [reserved], 

(b) gains or losses (less all fees and expenses chargeable thereto) attributable to any sales or dispositions of Capital Stock
or assets (including asset retirement costs) or of returned surplus assets of any employee benefit plan outside of the ordinary course of business, 

(c) gains or losses from (i) extraordinary items and (ii) nonrecurring or unusual items (including costs of and
payments of actual or prospective legal settlements, fines, judgments or orders), 
 (d) any unrealized or realized net
foreign currency translation gains or losses impacting net income (including currency re-measurements of Indebtedness, any net gains or losses resulting from Hedge Agreements for currency exchange risk
associated with the above or any other currency related risk and those resulting from intercompany Indebtedness), 
 (e) any
net gains, charges or losses with respect to (i) disposed, abandoned, divested and/or discontinued assets, properties or operations (other than, at the option of the Borrower, assets, properties or operations pending the disposal, abandonment,
divestiture and/or termination thereof), (ii) the disposal, abandonment, divestiture and/or discontinuation of assets, properties or operations and (iii) facilities that have been closed during such period, 

(f) any net income or loss (less all fees and expenses or charges related thereto) attributable to the early extinguishment of
Indebtedness (and the termination of any associated Hedge Agreements), 
 (g) (i) any charges, costs, expenses, accruals
or reserves incurred pursuant to any management equity plan, profits interest or stock option plan or any other management or employee benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity
plan or agreement and (ii) any charges, costs, expenses, accruals or reserves 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, to the extent that, in the case of any Cash charges, costs and/or expenses, such charges, costs or expenses are funded with net Cash proceeds contributed to the Subject Person as a capital contribution or as a result of the sale or
issuance of Capital Stock (other than Disqualified Capital Stock) of the Subject Person, 
 (h) [reserved], 

(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) amortization of intangible assets,

  
 19 

 (j) (i) effects of adjustments (including the effects of such
adjustments pushed down to the Subject Person and its subsidiaries) in the Subject Person’s consolidated financial statements pursuant to IFRS (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue, advanced billings and debt line items thereof) resulting from the application of recapitalization accounting or acquisition accounting, as the case may be, in
relation to any consummated acquisition or the amortization or write-off of any amounts thereof and (ii) the cumulative effect of changes in accounting principles or policies; and 

(k) the amount of any adjustment described in clauses (a) through (j) above as it pertains to equity
investment income or income relating to Joint Ventures to the extent distributed in cash to the Borrower or any of its Restricted Subsidiaries, which amount is attributable to a Permitted Business and which the Borrower does not consolidate for
purposes of IFRS; 
 it being understood and agreed that Consolidated Net Income shall not include the net income (or loss) of any direct or indirect Joint
Venture of any Subject Person that is attributable to the equity interests of such Joint Venture beneficially held by any third party. 

“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. 

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

“Consolidated Total Debt” means, as to any Person at any date of determination, the aggregate principal amount of all third
party 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), Capital
Leases and purchase money Indebtedness (but excluding, for the avoidance of doubt, undrawn letters of credit). 
 “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. 

  
 20 

 “Contract Consideration” has the meaning assigned to such term in the
definition of “Excess Cash Flow”. 
 “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 any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the
foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights
corresponding to any of the foregoing. 
 “Covered Entity” means any of: (a) a “covered entity” as that term
is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that
term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Covered Party” has the meaning
assigned to such term in Section 9.25. 
 “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 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). 

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

“Current Assets” means, at any time, the consolidated current assets (other than Cash and Cash Equivalents, the current
portion of current and deferred Taxes, permitted loans made to third parties, assets held for sale, pension assets, deferred bank fees and derivative financial instruments) of the Borrower and its Restricted Subsidiaries (other than any Joint
Venture). 
 “Current Liabilities” means, at any time, the consolidated current liabilities of the Borrower and its
Restricted Subsidiaries (other than any Joint Venture) at such time, but excluding, without duplication, (a) the current portion of any long-term Indebtedness, (b) outstanding revolving loans, (c) the current portion of interest expense,
(d) [reserved], (e) the current portion of current and deferred Taxes, (f) liabilities in respect of unpaid earn-outs, (g) the current portion of any other long-term liabilities, (h) accruals relating to restructuring reserves,
(i) liabilities in respect of funds of third parties on deposit with the Borrower or any of its Restricted Subsidiaries and (j) any liabilities recorded in connection with stock-based awards, partnership interest-based awards, awards of
profits interests, deferred compensation awards and similar incentive based compensation awards or arrangements. 

  
 21 

 “DBNY” has the meaning assigned to such term in the preamble to this
Agreement. 
 “Debt Fund Affiliate” means any Affiliate (other than a natural person) of Wanda or Holdings that is a bona
fide debt fund or investment vehicle (in each case with one or more bona fide investors to whom its managers owe fiduciary duties independent of their fiduciary duties to Wanda or Holdings) that is engaged in, or advises funds or other investment
vehicles that are engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit or securities in the ordinary course of business. 

“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 other applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally. 
 “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. 
 “Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “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 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 or (e) 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 each of the Borrower and the Administrative Agent), to continue to
perform its obligations as a Lender hereunder; 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,
so long as 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. 

  
 22 

 “Deposit Account” means a demand, time, savings, passbook or like account
with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit. 

“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 be a Derivative
Transaction. 
 “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) 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). 

“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. 
 “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, on or 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 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 on or 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, 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 the Latest
Maturity Date shall constitute Disqualified Capital Stock) or (d) provides for the scheduled payments of dividends in Cash on or 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 in control, Qualifying IPO 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. 

  
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 Notwithstanding the preceding sentence, (A) if such Capital Stock is issued 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 future, present or former employee, director, officer, manager, member of management or consultant (or their respective Affiliates or Immediate Family Members) of the Borrower (or any
Parent Company or any subsidiary) shall be considered Disqualified Capital Stock solely 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) any Person that is or becomes a Company Competitor and is designated by the
Borrower or Wanda as such in a writing provided to the Administrative Agent after August 5, 2019, which designation shall not apply retroactively to disqualify any Person that has previously acquired any assignment or participation interest in
any Loan and (b) any reasonably identifiable Affiliate of any such Company Competitor (other than a Bona Fide Debt Fund); provided that an entity becoming an Affiliate of a Company Competitor shall not retroactively disqualify any Person
that has previously acquired any assignment or participation interest in any Loan. 
 “Disregarded Domestic Subsidiary”
means any Domestic Subsidiary (a) substantially all of the assets of which consist of Capital Stock of one or more Foreign Subsidiaries that is a CFC or (b) that is treated as a disregarded entity for U.S. federal income tax purposes and
which holds Capital Stock of one or more Foreign Subsidiaries that is a CFC. 
 “Dollars” or “$” refers to
lawful money of the U.S. 
 “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; 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 which was withdrawn pursuant to clause (c)(i) below: 

  
 24 

 (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 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”). 

(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 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 and Assumption with the dollar 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. 

  
 25 

 (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. 
 (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. 

  
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 (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. 
 “EEA Financial Institution” shall mean (a) any credit institution or
investment firm established in any EEA Member Country that 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 that 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” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” shall mean 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. 

“Eligible Assignee” means (a) any Lender, (b) any commercial bank, insurance company, or 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, “Eligible Assignee” shall not include (i) any natural person (or a holding company,
investment vehicle or trust for, or owned and operated by or for the primary benefit of a natural person), (ii) any Disqualified Institution or (iii) except as permitted under Section 9.05(g), the Borrower or any of
its Affiliates. 
 “Engagement Letter” means that certain Amended and Restated Engagement Letter, dated as of
August 5, 2019, by and among, inter alios, the Borrower and the Arrangers. 
 “Environmental Claim” means any
investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order 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; (b) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage, injury,
threat or harm to health, safety, natural resources or the environment. 
 “Environmental Laws” means any and all current
or future foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other applicable requirements of Governmental Authorities and
the common law relating to (a) environmental matters, including those relating to any Hazardous Materials Activity; or (b) the generation, use, storage, transportation or disposal of or exposure to Hazardous Materials, in any manner
applicable to the Borrower or any of its Restricted Subsidiaries or any Facility. 

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

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated
thereunder. 
 “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” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the 30- day
notice period has been waived); (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; (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 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 “insolvent” (within the meaning of Title IV 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” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

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

“Excess Cash Flow” means, for any Test Period ending on the last day of any Fiscal Year, an amount (if positive) equal to:

  
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 (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 Sections 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)(vii) below, minus 

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

(i) permanent repayments of long-term Indebtedness, including for purposes of clarity, the current portion of any such
Indebtedness (including (x) payments under Section 2.09(b), Section 2.10(a) or (b) and Section 2.11(a) and (y) prepayments of Initial Term Loans and
Additional Term Loans to the extent (and only to the extent) made with the Net Proceeds of a Prepayment Asset Sale or Net Insurance/Condemnation Proceeds that resulted in an increase to Consolidated Net Income and not in excess of the amount of such
increase, but excluding (A) the amount of all deductions and reductions to the amount of mandatory prepayments pursuant to clause (B) of Section 2.11(b)(i), (B) all other repayments of the Initial Term
Loans or Additional Term Loans and (C) repayments of the Revolving Loans, any Additional Revolving Loans or loans under any revolving credit facility or arrangement, except to the extent a corresponding amount of the commitments under such
revolving credit facility or arrangement are permanently reduced in connection with such repayments), in each case, to the extent not financed with long-term Indebtedness (other than revolving Indebtedness), plus 

(ii) without duplication of amounts deducted from Excess Cash Flow pursuant to this clause (ii) or clause
(ix) below in respect of a prior period, all Cash payments in respect of capital expenditures as would be reported in the Borrower’s consolidated statement of cash flows made during such period and, at the option of the Borrower, any
Cash payments in respect of any such capital expenditures made after such period and prior to the date of the applicable Excess Cash Flow payment (except, in each case, to the extent financed with long-term Indebtedness (other than revolving
Indebtedness)), plus 
 (iii) consolidated interest expense added back pursuant to clause (b)(i) of the
definition of “Consolidated Adjusted EBITDA” to the extent paid in Cash, plus 
 (iv) Taxes (including
pursuant to any Tax sharing arrangement or any Tax distribution) paid and provisions for Taxes, to the extent payable in Cash with respect to such period, plus 

  
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 (v) without duplication of amounts deducted from Excess Cash Flow pursuant
to this clause (v) or (ix) below in respect of a prior period, Cash payments made during such period in respect of Permitted Acquisitions and other Investments permitted by Section 6.06 or otherwise
consented to by the Required Lenders (other than Investments in (x) Cash and Cash Equivalents and (y) the Borrower or any of its Restricted Subsidiaries), or, at the option of the Borrower, any Cash payments in respect of Permitted Acquisitions
and other Investments permitted by Section 6.06 or otherwise consented to by the Required Lenders (other than Investments in (x) Cash and Cash Equivalents and (y) the Borrower or any of its Restricted
Subsidiaries) made after such period and prior to the date of the applicable Excess Cash Flow payment (except, in each case, to the extent financed with long-term Indebtedness (other than revolving Indebtedness)), plus 

(vi) the aggregate amount of all Restricted Payments made under Sections 6.04(a)(i), (ii), (iv) and
(x) or otherwise consented to by the Required Lenders in each case to the extent actually paid in Cash during such period, or, at the option of the Borrower, made after such period and prior to the date of the applicable Excess Cash Flow
payment (except, in each case, to the extent financed with long-term Indebtedness (other than revolving Indebtedness)), plus 

(vii) amounts added back under clauses (b)(v)(C) or (b)(xii) of the definition of “Consolidated Adjusted
EBITDA” to the extent such amounts have not yet been received by the Borrower or its Restricted Subsidiaries, plus 

(viii) an amount equal to all expenses, charges and losses either (A) excluded in calculating Consolidated Net Income or
(B) added back in calculating Consolidated Adjusted EBITDA, in each case, to the extent paid or payable in Cash, plus 

(ix) without duplication of amounts deducted from Excess Cash Flow in respect of a prior period, at the option of the Borrower,
the aggregate consideration required to be paid in Cash by the Borrower or its Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating to capital
expenditures, acquisitions or Investments permitted by Section 6.06 or otherwise consented to by the Required Lenders (other than Investments in (x) Cash and Cash Equivalents and (y) the Borrower or any of its
Restricted Subsidiaries) to be consummated or made during the period of four consecutive Fiscal Quarters of the Borrower following the end of such period (except, in each case, to the extent financed with long-term Indebtedness (other than revolving
Indebtedness)); 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 Contract
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, plus 

(x) 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 expenditures, fees, costs and expenses paid in Cash by the Borrower and its Restricted Subsidiaries during such period, other than to the extent financed with long-term
Indebtedness (other than revolving Indebtedness), plus 

  
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 (xi) Cash payments (other than in respect of Taxes, which are governed by
clause (iv) 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 Indebtedness (other than revolving Indebtedness), plus 

(xii) Cash expenditures in respect of any Hedge Agreement during such period to the extent (A) not otherwise deducted in
the calculation of Consolidated Net Income or Consolidated Adjusted EBITDA and (B) not financed with long-term Indebtedness (other than revolving Indebtedness), plus 

(xiii) amounts paid in Cash (except to the extent financed with long-term 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 

(xiv) cash payments made by the Borrower or its Restricted Subsidiaries during such period in respect of long-term liabilities,
including for purposes of clarity, the current portion of any such liabilities (other than Indebtedness) of the Borrower or its Restricted Subsidiaries, except to the extent such cash payments were (A) deducted in the calculation of
Consolidated Net Income or Consolidated Adjusted EBITDA for such period or (B) financed with long-term Indebtedness (other than revolving Indebtedness). 

“Excess Cash Flow Period” has the meaning assigned to such term in Section 2.11(b)(i)(A). 

“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) General Intangibles or other rights arising under any contract, instrument, lease, licenses, agreement or other document as
to which the grant of a security interest would (i) constitute a violation of a restriction in favor of a third party (other than the Borrower or any of its Restricted Subsidiaries) or result in the abandonment, invalidation or unenforceability of
any right of the relevant Loan Party, unless and until any required consents shall have been obtained, (ii) result in a breach, termination (or a right of termination) or default under such contract, instrument, lease, license, agreement or other
document (including pursuant to any “change of control” or similar provision) or (iii) permit any third party (other than the Borrower or any of its Restricted Subsidiaries) to amend any rights, benefits and/or obligations of the
relevant Loan Party in respect of the relevant asset or permit such third party 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 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, 

  
 31 

 (b) the Capital Stock of any (i) Immaterial Subsidiary (except to the
extent the security interest in such Capital Stock may be perfected by the filing of a Form UCC-1 (or similar) financing statement), (ii) Person that is not a subsidiary, which, if a subsidiary, would qualify
as an Immaterial Subsidiary (except to the extent the security interest in such Capital Stock may be perfected by the filing of a Form UCC-1 (or similar) financing statement), (iii) Captive Insurance
Subsidiary, (iv) Unrestricted Subsidiary, (v) not-for-profit subsidiary and/or (vi) special purpose entity used for any securitization facility permitted
hereunder, 
 (c) any (i) foreign IP Rights and/or
(ii) 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, only to the extent, if any, that, and solely during the period, in which, if any, the grant of a security interest therein may impair the validity or enforceability of such intent-to-use Trademark application under applicable law, 
 (d) any asset or
property, the grant or perfection of a security interest in which would (i) require any governmental consent, approval, license or authorization that has not been obtained, (ii) be prohibited by enforceable anti-assignment provisions of applicable
law, except, in the case of this clause (ii), to the extent such prohibition would be rendered ineffective under the UCC or other applicable law notwithstanding such prohibition, (iii) trigger termination of any contract pursuant to a
“change of control” or similar provision or (iv) result in material adverse tax consequences to any Loan Party as reasonably determined by the Borrower, 

(e) (i) any leasehold or subleasehold Real Estate Asset and (ii) any owned Real Estate Asset that is not a Material
Real Estate Asset, 
 (f) any interest in any partnership, joint venture or
non-Wholly-Owned Subsidiary which cannot be pledged without (i) the consent of one or more third parties other than the Borrower or any of its Restricted Subsidiaries (after giving effect 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 law) or (ii) giving rise to a “right of first refusal”, a “right of first offer” or a similar right that may be exercised by any third party, 

(g) any Margin Stock, 

(h) the Capital Stock of any Foreign Subsidiary or Disregarded Domestic Subsidiary, other than the issued and outstanding
Capital Stock of each first-tier Foreign Subsidiary or Disregarded Domestic Subsidiary, so long as in each of the foregoing cases the grant or perfection of a security interest in such Capital Stock would not result in material adverse tax
consequences to any Loan Party as reasonably determined by the Borrower (it being understood that the Borrower has determined that no such consequences exist as of the Closing Date), 

(i) Commercial Tort Claims with a value (as reasonably estimated by the Borrower) of less than $4,000,000, 

  
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 (j) any Cash or Cash Equivalents comprised of (i) funds specially and
exclusively used or to be used for payroll and payroll taxes and other employee benefit payments to or for the benefit of any Loan Party’s employees, (ii) funds used or to be used to pay all Taxes required to be collected, remitted or
withheld (including, without limitation, U.S. federal and state withholding Taxes (including the employer’s share thereof)) and (iii) any other funds which any Loan Party holds as an escrow or fiduciary for the benefit of another Person,

 (k) chattel paper, letter of credit rights or any vehicles and other assets subject to certificates of title (other than
to the extent perfection of the security interest in such assets is accomplished solely by the filing of UCC financing statement); 

(l) any property subject to a capital lease (as such term was defined under IFRS prior to the adoption of IFRS 16), purchase
money security interest or, in the case of property of a Loan Party acquired after the Closing Date, pre-existing secured indebtedness not incurred in anticipation of the acquisition by the applicable Loan
Party, to the extent that the granting of a security interest in such property would be prohibited under the terms of such capital lease, purchase money financing or secured indebtedness, in each case, to the extent permitted hereunder; and 

(m) any asset with respect to which the Administrative Agent and the Borrower have reasonably determined 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 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 by law, regulation or contractual obligation as of the Closing Date (or in the
case such Person becomes a Restricted Subsidiary on a date after the Closing Date, as of such date, excluding any contractual obligation entered into in contemplation of such Person becoming a Restricted Subsidiary) from providing a Loan Guaranty or
that would require a governmental (including regulatory) consent, approval, license or authorization to provide a Loan Guaranty that has not been obtained, 

(d) any not-for-profit subsidiary, 

(e) any Captive Insurance Subsidiary, 

(f) any special purpose entity used for any permitted securitization facilities, 

(g) any Foreign Subsidiary, 

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

  
 33 

 (j) any other Restricted Subsidiary with respect to which, in the reasonable
judgment of the Administrative Agent and the Borrower, the burden or cost of providing a Loan Guaranty outweighs the benefits afforded thereby. 

“Excluded Swap Obligation” means, with respect to any Loan Guarantor, any Swap Obligation if, and to the extent that, all or
a portion of the Loan Guaranty of such Loan Guarantor of, or the grant by such Loan Guarantor 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 Guarantor’s failure for any reason to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act and the regulations thereunder at the time the Loan Guaranty of such Loan Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises
under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Loan Guaranty or security interest is or becomes illegal. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or 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 imposed by the U.S. or any similar tax imposed by any
other jurisdiction described in clause (a), (c) in the case of any Lender, any U.S. withholding tax that is imposed on amounts payable to or for the account of such Lender pursuant to a law in effect on the date on which 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
Taxes imposed as a result of a failure by the Administrative Agent, any Lender or any Issuing Bank to comply with Section 2.17(f) and (f) any withholding tax under FATCA. 

“Existing Credit Agreement” has the meaning assigned to such term in the recitals to this Agreement. 

“Existing Credit Agreement Refinancing” means the repayment and refinancing or termination in full of all amounts, if any,
due or owing immediately prior to the Closing Date under the Existing Credit Agreement and the termination of all commitments thereunder. 

“Existing Joint Venture” means any Joint Venture in existence on the Closing Date and listed on Schedule 1.01(b). 

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

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

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

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

  
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 “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 V and VI, hereof 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 and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. 

“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System on such day, as published on the next succeeding Business Day by the Federal Reserve Bank of New York,; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day will be such
rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day will be the average
rate charged to the Administrative Agent, in its capacity as a Lender, on such day on such transactions as determined by the Administrative Agent. 

“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 for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, or the Test
Period otherwise specified where the term “First Lien Leverage Ratio” is used in this Agreement, in each case for the Borrower and its Restricted Subsidiaries and, to the extent specified in such respective terms, any Joint Venture. 

“First Priority” means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral
Document, that 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 Borrower ending December 31 of each calendar year. 

“Flood Determination Form” has the meaning assigned to such term in the definition of “Collateral and Guarantee
Requirement”. 
 “Flood Laws” means collectively, (i) the National Flood Insurance Act of 1968, (ii) the Flood
Disaster Protection Act of 1973, and (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, in each case, as now or hereafter
in effect or any successor statute thereto, together with all statutory and regulatory provisions and related legislation (including Regulation H), as amended or modified from time to time. 

  
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 “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(f). 
 “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, regulatory or administrative functions of
or pertaining to any government or any court, in each case whether associated with a state or locality of the U.S., the U.S., or a foreign government. 

“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). 
 “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. 

  
 36 

 “Hazardous Materials” means any chemical, material, substance or waste, or
any constituent thereof, which is prohibited, limited or regulated by any Environmental Law or any Governmental Authority or which poses a hazard to the indoor or outdoor environment. 

“Hazardous Materials Activity ” means any past, current, proposed or threatened activity, event or occurrence involving any
Hazardous Material, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal,
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” has the meaning assigned to such term in the preamble to this Agreement. 

“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 for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable;
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 and 5.0% of Consolidated Adjusted EBITDA, in each case, of the
Borrower and its Restricted Subsidiaries for the relevant 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 Borrower delivered pursuant to Section 4.01 hereof. 

“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, 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, such 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) (i) the greater of $50,000,000 and 85% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries
as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable less (ii) the aggregate principal amount
of all Incremental Facilities and Incremental Equivalent Debt incurred or issued in reliance on clause (a)(i) of this definition, plus 

  
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 (b) in the case of any Incremental Facility 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, plus 

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

(d) the amount of any optional prepayment of any Term Loan in accordance with Section 2.11(a) and/or
the amount of any permanent reduction of any Revolving Credit Commitment or Additional Revolving Commitment so long as, in the case of any optional prepayment, such prepayment was not funded (i) with the proceeds of any long-term Indebtedness
(other than revolving Indebtedness) or (ii) with the proceeds of any Incremental Facility incurred in reliance on clause (b) or (c) above or clause (e) below, plus 

(e) an unlimited amount so long as, in the case of this clause (e), (i) if such Incremental Facility is secured by a Lien on
the Collateral that is pari passu with or senior to the Lien securing the Credit Facilities on the Closing Date, the First Lien Leverage Ratio would not exceed 4.50:1.00, (ii) if such Incremental Facility is secured by a Lien on the Collateral that
is junior to the Lien securing the Credit Facilities on the Closing Date, the Secured Leverage Ratio would not exceed 5.00:1.00 or (iii) if such Incremental Facility is unsecured, the Total Leverage Ratio would not exceed 6.00:1.00, in each
case of clauses (i) through (iii), calculated at the time of incurrence on a Pro Forma Basis after giving effect thereto and the application of the proceeds thereof (other than any Cash funded to the consolidated balance sheet of
the Borrower) (and determined on the basis of the financial statements for the most recently ended Test Period at or prior to such time which have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as
applicable), and, in the case of any Incremental Revolving Facility, assuming a full drawing under such Incremental Revolving Facility; it being understood that for purposes of this clause (e), if the proceeds of the relevant Incremental
Facility will be applied to finance an acquisition, compliance with the First Lien Leverage Ratio, Secured Leverage Ratio or Total Leverage Ratio test prescribed above shall be determined as of the date of the execution of the definitive agreement
with respect thereto (and determined on the basis of the financial statements for the most recently ended Test Period on or prior to such date for which financial statements have then been delivered pursuant to Sections 5.01(a) or
(b), as applicable). 
 “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” has the meaning assigned to such term in
Section 6.01(z). 
 “Incremental Facilities” has the meaning assigned to such term in
Section 2.22(a). 
 “Incremental Loans” has the meaning assigned to such term in
Section 2.22(a). 

  
 38 

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

“Incremental Term Loan Borrowing Date” means, with respect to each Class of Incremental Term Loans, each date on which
Incremental Term Loans of such Class are incurred pursuant to Section 2.01(b) and as otherwise specified in any amendment providing for Incremental Term Loans in accordance with Section 2.22.

 “Indebtedness” as applied to any Person means, without duplication, (a) all indebtedness for borrowed money;
(b) that portion of obligations with respect to Capital Leases to the extent recorded as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with IFRS; (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 IFRS; (d) any obligation 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 becomes a liability on the statement of financial position or balance sheet
(excluding the footnotes thereto) in accordance with IFRS, (x) any such obligations incurred under ERISA, (y) accrued expenses and trade accounts payable in the ordinary course of business (including on an inter-company 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 of others secured by any Lien on any property or asset owned or held by such Person regardless of whether the Indebtedness secured thereby shall have 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 any Derivative Transaction be deemed “Indebtedness” for any calculation of
the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage 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 and (B) the fair market value of the property encumbered thereby as determined by such Person in good faith. 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, 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, 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 and 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. 

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

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

“Information” has the meaning set forth in Section 3.11(a). 

“Initial Term Loan Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make Initial
Term Loans 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
and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to Section 9.05 or (ii) an Additional Term Commitment. The aggregate amount of the Term
Lenders’ Initial Term Loan Commitments is $275,000,000. 
 “Initial Term Loan Maturity Date” means August 15,
2026. 
 “Initial Term Loans” means the term loans made by the Term Lenders to the Borrower pursuant to
Section 2.01(a). 
 “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, limited to 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. 

“Interest Election Request” means a request by the 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 on December 31, 2019) and the Revolving Credit Maturity Date or the maturity date applicable to such Loan and (b) with respect to any LIBO 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 LIBO 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. 
 “Interest Period” means with respect to any LIBO 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 and agreed by all relevant affected Lenders, twelve months or a
shorter period) thereafter, as the 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. 

  
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 “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 (other than any Loan Party), (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 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 all additions thereto, 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 but not in excess of the amount of the relevant initial Investment). 

“Investors” means (a) Wanda, (b) the Management Investors and (c) certain other investors identified to the
Administrative Agent in writing prior to 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) DBNY, (b) Bank of America, N.A. and (c) each other Revolving
Lender that, at the request of the Borrower and with the consent of the Administrative Agent (not to be unreasonably withheld or delayed), agrees to become an Issuing Bank. 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). 
 “Junior Indebtedness” means any
Subordinated Indebtedness (other than Indebtedness among the Borrower and/or its subsidiaries) with an individual outstanding principal amount in excess of the Threshold Amount. 

  
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 “Junior Lien Indebtedness” means any Indebtedness that is secured by a
security interest on the Collateral (other than Indebtedness among the Borrower and/or its subsidiaries) that is expressly junior or subordinated to the Lien securing the Credit Facilities with an individual outstanding principal amount in excess of
the Threshold Amount. 
 “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, including the latest maturity or expiration date of any Initial Term Loan, Additional Term Loan, Revolving Loan, Additional Revolving Loan, Revolving Credit Commitment or Additional
Commitment. 
 “Latest Revolving Loan 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, including the latest maturity or expiration date of any Revolving Loan, any Additional Revolving Loan, the Revolving Credit Commitment or any
Additional Revolving Commitment. 
 “Latest Term Loan Maturity Date” means, as of any date of determination, the latest
maturity or expiration date applicable to any term loan or term commitment hereunder at such time, including the latest maturity or expiration date of any Term Loan or any Additional Term Commitment. 

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

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

“LC Exposure” means, at any time, 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. 
 “LC Obligations” means, at any time, the sum of (a) the amount available to be drawn under Letters of
Credit then outstanding, assuming compliance with all requirements for drawings referenced therein, plus (b) the aggregate principal amount of all unreimbursed LC Disbursements. 

“LCT Election” has the meaning assigned to such term in Section 1.11. 

“LCT Test Date” has the meaning assigned to such term in Section 1.11. 

“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 Additional Lender, any lender
with an Additional Commitment or an outstanding Additional Loan and any other Person that becomes a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and
Assumption. 
 “Letter of Credit” means any Standby Letter of Credit or Commercial Letter of Credit issued pursuant to this
Agreement. 

  
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 “Letter of Credit Limit” means an amount equal to $15,000,000. The Letter
of Credit Limit is part of, and not in addition to, the Revolving Credit Commitments. 
 “Letter-of-Credit Right” has the meaning set forth in Article 9 of the UCC. 

“LIBO Rate” means, the Published LIBO Rate, as adjusted to reflect applicable reserves prescribed by governmental
authorities; provided that, in the case of the Initial Term Loans, in no event shall the LIBO Rate be less than 1.00% per annum. 

“LIBOR Successor Rate” has the meaning assigned to such term in Section 1.10 

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

 “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 Capital 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 an operating lease in and of itself be deemed to
constitute a Lien. 
 “Limited Condition Transaction” means any acquisition or other Investment permitted hereunder,
including by way of merger, amalgamation or consolidation, by the Borrower or one or more of the Restricted Subsidiaries, whose consummation is not conditioned upon the availability of, or on obtaining, third party financing from a Person that is
not an Affiliate of the Borrower; provided that the Consolidated Net Income (and any other financial term derived therefrom), other than for purposes of calculating any ratios in connection with the Limited Condition Transaction, shall not
include any Consolidated Net Income of, or attributable to, the target company or assets associated with any such Limited Condition Transaction unless and until the closing of such Limited Condition Transaction shall have actually occurred. 

“Loan Documents” means this Agreement, any Promissory Note, each Loan Guaranty, the Collateral Documents, any intercreditor
agreement required to be entered into pursuant to the terms of this Agreement and any other document or instrument designated by the Borrower and the Administrative Agent as a “Loan Document.” 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. 

  
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 “Loan Installment Date” has the meaning assigned to such term in
Section 2.10(a). 
 “Loan Parties” means Holdings, the Borrower, each Subsidiary Guarantor, and
in each case their respective successors and permitted assigns. 
 “Loans” means any Initial Term Loan, any Additional Term
Loan, any Revolving Loan or any Additional Revolving Loan. 
 “Management Investors” means the officers, directors,
managers, employees and members of the management of the Borrower, any Parent Company and/or any subsidiary of the Borrower. 

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

“Material Adverse Effect” means a material adverse effect on (i) the business, assets, financial condition or results of
operations, in each case, of Holdings, the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the rights and remedies (taken as a whole) of the Administrative Agent under the applicable Loan Documents or (iii) the ability of
the Loan Parties (taken as a whole) to perform their payment obligations under the applicable Loan Documents. 
 “Material Debt
Instrument ” means any physical instrument evidencing any Indebtedness for borrowed money which is required to be pledged to the Administrative Agent (or its bailee) pursuant to the Security Agreement. 

“Material Real Estate Asset” means (a) on the Closing Date, each
“fee-owned” Real Estate Asset listed on Schedule 1.01(c) and (b) any “fee-owned” Real Estate Asset acquired by any Loan Party after the
Closing Date, located in the United States, having a fair market value (as reasonably determined by the Borrower after taking into account any liabilities with respect thereto that impact such fair market value) in excess of $4,000,000 as of the
date of acquisition thereof. 
 “Maturity Date” means (a) with respect to the Revolving Facility, the Revolving Credit
Maturity Date, (b) with respect to the Initial Term Loans, the Initial Term Loan Maturity Date, (c) as to any Replacement Term Loans or Replacement Revolving Facility incurred pursuant to Section 9.02(c), the
final maturity date for such Replacement Term Loan or Replacement Revolving Facility, as the case may be, as set forth in the applicable Refinancing Amendment; (d) with respect to any Incremental Term Loans, the final maturity date set forth in
the applicable documentation with respect thereto; (e) with respect to any Incremental Revolving Facility, the final maturity date set forth in the applicable documentation with respect thereto and (f) with respect to any Extended
Revolving Credit Commitment or Extended Term Loans, the final maturity date set forth in the applicable Extension Offer accepted by the respective Lender or Lenders. 

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

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

“MIRE Event” means if there are any Material Real Estate Assets subject to Mortgages at such time, any increase, extension or
renewal of any of the Commitments or Loans, including any incremental or additional credit facilities hereunder, but excluding (i) any continuation or conversion of borrowings, (ii) the making of any Revolving Loans, or (iii) the
issuance, renewal or extension of any Letters of Credit. 

  
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 “MNPI” means material non-public
information concerning the Borrower or its affiliates or the Borrower’s or its affiliates’ securities. 

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

“Mortgage Policies” has the meaning assigned to such term in the definition of “Collateral and Guarantee
Requirement”. 
 “Mortgages” means any mortgage, deed of trust or other agreement which 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. 

“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. 
 “Narrative
Report” means, with respect to the financial statements with respect to which it is delivered, a management discussion and narrative report describing the operations of the Borrower and its Restricted Subsidiaries for the applicable Fiscal
Quarter or Fiscal Year and for the period from the beginning of the then-current Fiscal Year to the end of the period to which the relevant financial statements relate. 

“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) (i) any actual out-of-pocket costs incurred by the Borrower or any of its Restricted Subsidiaries in connection with the
adjustment, settlement or collection of any claims of the Borrower or the relevant Restricted Subsidiary 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 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, transfer and similar Taxes and the Borrower’s good faith estimate of
income Taxes paid or payable) in connection with any sale or taking of such assets as described in clause (a) of this definition and (v) any amounts provided as a reserve in accordance with IFRS 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, such amounts shall constitute Net Insurance/Condemnation Proceeds). 

  
 45 

 “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
(i) selling costs and out-of-pocket expenses (including reasonable broker’s fees or commissions, legal fees, transfer and similar Taxes and the Borrower’s good faith estimate of income Taxes
paid or payable (including pursuant to Tax sharing arrangements or any Tax distributions) in connection with such Disposition), (ii) amounts provided as a reserve in accordance with IFRS 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, 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 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) and
(iv) Cash escrows (until released from escrow to the Borrower or any of its Restricted Subsidiaries) from the sale price for such Disposition; 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. 

“NFIP” means the National Flood Insurance Program created by the U.S. Congress, as now or hereafter in effect or any
successor program thereto, as amended or modified from time to time. 
 “Non-Consenting
Lender” has the meaning assigned to such term in Section 2.19(b). 
 “Non-Debt Fund Affiliate” means any Investor (which is an Affiliate of the Borrower) and any Affiliate of any such Investor, other than any Debt Fund Affiliate and any natural person. 

“non-Loan Party” means any Person that is not a Loan Party. 

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

“Notice Period” has the meaning assigned to such term in Section 9.23. 

“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 Section 3.17. 

“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, and (e) with respect to any other form of entity, such other organizational
documents required by local law or customary under such jurisdiction 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. 

  
 46 

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

 “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(b)), but not including, for the avoidance of doubt, any Excluded Taxes. 

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

“Parent Company” means (a) Holdings and (b) any other Person of which the Borrower is an indirect Wholly-Owned
Subsidiary. 
 “Parent IPO” means the initial public offering of Wanda. 

“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) any and 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, claims, and payments now or hereafter due or payable under and with respect thereto,
including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing. 

  
 47 

 “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. 
 “Perfection Certificate
Supplement” means a supplement to the Perfection Certificate substantially in the form of Exhibit F. 
 “Perfection
Requirements” means the filing of appropriate financing statements with the office of the Secretary of State of the state of organization of each Loan Party, the filing of appropriate assignments or notices with the U.S. Patent and
Trademark Office and the U.S. Copyright Office, 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 and the delivery to the Administrative Agent of any stock certificate or promissory note required to be delivered pursuant to the applicable Loan Documents. 

“Permitted Acquisition” means any acquisition by the Borrower or any of its Restricted Subsidiaries, whether by purchase,
merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division of, any Person or of a majority of the outstanding Capital Stock of any Person (but 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 Existing Joint Venture for the purpose of increasing the Borrower’s
or its relevant Restricted Subsidiary’s ownership interest in such Existing Joint Venture); provided that: 
 (a)
[reserved]; 
 (b) on the date of execution of the purchase agreement in respect of such acquisition and after giving pro
forma effect to such acquisition, no Event of Default exists or would result from the execution of such agreement; and 
 (c)
the total consideration paid by Persons that are Loan Parties for (i) the Capital Stock of any Person that does not become a Guarantor and (ii) in the case of an asset acquisition, assets that are not acquired by the Borrower or any
Guarantor (other than assets that are acquired by any Existing Joint Venture), when taken together with the total consideration for all such Persons and assets so acquired after the Closing Date, shall not exceed the sum of (A) the greater of
$15,000,000 and 25% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recent Test Period for which financial statements have been or were required to be delivered pursuant to Sections
5.01(a) or (b), as applicable, and (B) amounts otherwise available under clauses (q), (r), (x) and (bb) of Section 6.06; provided that the limitation described in this clause (c) shall not apply to any
acquisition to the extent (x) such acquisition is made with the proceeds of sales of the Qualified Capital Stock of, or common equity capital contributions to, the Borrower or any Restricted Subsidiary or (y) the Person so acquired (or the
Person owning the assets so acquired) becomes a Subsidiary Guarantor even though such Person owns Capital Stock in Persons that are not otherwise required to become Subsidiary Guarantors, if, in the case of this clause (y), not less than 70% of the
Consolidated Adjusted EBITDA of the Person(s) acquired in such acquisition (for this purpose and for the component definitions used therein, determined on a consolidated basis for such Persons and their respective Restricted Subsidiaries and Joint
Ventures) is generated by Person(s) that will become Subsidiary Guarantors (i.e., disregarding any Consolidated Adjusted EBITDA generated by Restricted Subsidiaries and/or Joint Ventures of such Subsidiary Guarantors that are not (or will not
become) Subsidiary Guarantors). 

  
 48 

 “Permitted Business” means any business conducted by a Joint Venture that
would be permitted under Section 6.10 if references to ‘Restricted Subsidiaries’ in that Section were read as references to Joint Ventures. 

“Permitted Holders” means (a) the Investors and (b) any Person with which one or more Investors form a
“group” (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this clause (b), the relevant Investors beneficially own more than 50% of the relevant voting stock beneficially owned by the group.

 “Permitted Wanda Holders” means (a) the Wanda Investors and (b) any Person with which one or more Wanda
Investors form a “group” (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this clause (b), the relevant Wanda Investors 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. 
 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or any other entity. 
 “Platform” has the
meaning assigned to such term in Section 5.01. 
 “Prepayment Asset Sale ” means any Disposition
by the Borrower or its Restricted Subsidiaries made pursuant to Section 6.07(h), Section 6.07(q), clause (ii) to the proviso to Section 6.07(r) (to the extent
provided therein) and Section 6.08. 
 “Primary Obligor” has the meaning assigned to such term in
the definition of “Guarantee”. 
 “Prime Rate” means (a) the rate of interest established by the
Administrative Agent as its “prime rate” as established from time to time at its New York Branch or (b) if the Administrative Agent has no “prime rate,” the rate of interest last quoted by The Wall Street Journal as
the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest
Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as reasonably determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as reasonably
determined by the Administrative Agent). 

  
 49 

 “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, Consolidated Adjusted EBITDA, Adjusted 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, 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 Joint Venture or any division and/or product line of the Borrower, any Restricted Subsidiary and/or any Joint Venture 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 (1) any pro forma adjustment described in this clause (a) 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” and give effect to events (including operating expense reductions) that are (x) directly attributable to such transaction, (y) expected to have a continuing impact
on the Borrower and its subsidiaries and (z) factually supportable and (2) with respect to any portion of any Subject Transaction that results in an increase in the Borrower’s or any Restricted Subsidiary’s proportional ownership
interest in any Joint Venture, Consolidated Adjusted EBITDA will be calculated to include income (and deduct losses) resulting from such increase in an amount equal to (X) the amount (in percentage) by which the Borrower’s or the relevant
Restricted Subsidiary’s proportional ownership interest in such Joint Venture increased multiplied by (Y) the Consolidated Adjusted EBITDA (whether positive or negative) attributable to such Joint Venture for the relevant Test
Period as though the relevant Subject Transaction was effective on the first day thereof, 
 (b) 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, 
 (c) 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 Capital Lease shall be deemed to accrue at an interest rate reasonably
determined by a Responsible Officer of the Borrower to be the rate of interest implicit in such obligation in accordance with IFRS 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 

  
 50 

 (d) the acquisition of any assets 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 and/or any Joint Venture, or the Disposition of any assets
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. 
 It is hereby agreed that for purposes of determining pro forma compliance with
Section 6.15, if no Test Period with an applicable level cited in Section 6.15 has passed, the applicable level shall be the level for the first Test Period cited in
Section 6.15 with an indicated level. 
 “Projections” means the projections of the Borrower and
its Subsidiaries delivered by the Borrower the Arrangers on July 31, 2019. 
 “Promissory Note” means a promissory
note of the 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 the Borrower 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 Lender” has the meaning assigned to such term in
Section 5.01. 
 “Published LIBO Rate” means, with respect to any Interest Period when used in
reference to any Loan or Borrowing, the London Interbank Offered Rate set by ICE Benchmark Administration as displayed on the applicable Reuters screen page (or the successor thereto if ICE Benchmark Administration is no longer making a London
Interbank Offered Rate available), as published by Bloomberg (or other commercially available source providing quotations of LIBOR as designated by the Administrative Agent from time to time), 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). 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning assigned to such term in
Section 9.25. 
 “Qualified Capital Stock” of any Person means any Capital Stock of such Person
that is not Disqualified Capital Stock. 
 “Qualifying Bid” has the meaning assigned to such term in the definition of
“Dutch Auction”. 
 “Qualifying IPO” means the issuance and sale by the Borrower or Holdings of its common
Capital Stock in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in
accordance with the Securities Act (whether alone or in connection with a secondary public offering) pursuant to which Net Proceeds of at least $50,000,000 are received by, or contributed to, the Borrower. 

  
 51 

 “Qualifying Lender” has the meaning assigned to such term in the definition
of “Dutch Auction”. 
 “Real Estate Asset” means, at any time of determination, all right, title and interest
(fee, leasehold or otherwise) of any Loan Party in and to real property (including, but not limited to, land, improvements and fixtures thereon) of such Loan Party. 

“Refinancing Amendment” means an amendment to this Agreement in form and substance reasonably satisfactory to the
Administrative Agent and the Borrower executed by (a) Holdings and the 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 H” means Regulation H of the Board as from time to time in effect and all official
rulings and interpretations thereunder or thereof. 
 “Regulation T” means Regulation T 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 Funds” shall mean with respect to any Lender that is an Approved Fund, any other Approved Fund that is managed by
the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “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 or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including
the movement of any Hazardous Material through the air, soil, surface water or groundwater. 
 “Relevant Existing Facility
” means (a) with respect to any Incremental Term Facility or any tranche of Incremental Term Loans, the Term Facility implemented on the Closing Date and the Initial Term Loans and (b) with respect to any Incremental Revolving
Facility or any tranche of Incremental Revolving Loans, the Revolving Facility implemented on the Closing Date and the Revolving Loans thereunder. 

  
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 “Replaced Revolving Facility” has the meaning assigned to such term in
Section 9.02(c). 
 “Replaced Term Loans” has the meaning assigned to such term in
Section 9.02(c). 
 “Replacement Revolving Facility” has the meaning assigned to such term in
Section 9.02(c). 
 “Replacement Term Loans” has the meaning assigned to such term in
Section 9.02(c). 
 “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”. 
 “Representative” has the meaning assigned to such term in Section 9.13. 

“Repricing Transaction” means each of (a) the prepayment, repayment, refinancing, substitution or replacement of all or
a portion of the Initial Term Loans substantially concurrently with the incurrence by any Loan Party of any secured term loans (including any Replacement Term Loans) having an effective interest cost or weighted average yield (with the comparative
determinations to be made by the Administrative Agent in a manner consistent with generally accepted financial practices, and in any event consistent with the second proviso to Section 2.22(a)(v)) that is less than the
effective interest cost or weighted average yield (as determined by the Administrative Agent on the same basis) applicable to the Initial 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 interest cost of, or weighted average yield (to be determined by the Administrative Agent on the same basis as set forth in preceding clause(a)) of, the
Initial Term Loans; provided that the primary purpose of such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification was to reduce the effective interest cost or weighted average yield of the
Initial Term Loans; 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, Qualifying IPO,
Permitted Acquisition or other Investment permitted under this Agreement the consideration for which exceeds $15,000,000 constitute a Repricing Transaction. Any determination by the Administrative Agent contemplated by preceding clauses (a)
and (b) 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. 

“Required Lenders” means, at any time, Lenders having Loans or unused Revolving Credit Commitments or Additional Commitments
representing more than 50% of the sum of the total Loans and such unused commitments at such time. 
 “Required Percentage”
means, with respect to any Excess Cash Flow Period, the percentage set forth in the table below based on the First Lien Leverage Ratio determined as of the last day of such Excess Cash Flow Period: 

 

					
	First Lien Leverage Ratio	  	Required Percentage	 
	 Greater than 4.00:1.00
	  	 	50	% 
	 4.00:1.00 or less but greater than 3.50:1.00
	  	 	25	% 
	 3.50:1.00 or less
	  	 	0	% 

  
 53 

 “Required Revolving Lenders” means, at any time, Lenders having Revolving
Loans, Additional Revolving Loans, unused Revolving Credit Commitments or unused Additional Revolving Commitments representing more than 50% of the sum of the total Revolving Loans, Additional Revolving Loans and such unused 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. 
 “Responsible Officer” of any
Person means 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 document 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. 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 that such financial statements fairly present, in all material respects, in accordance with IFRS, the consolidated financial condition of the Borrower as at the dates indicated and its
consolidated income and cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments. 

“Restricted Amount” has the meaning set forth in Section 2.11(b)(iv). 

“Restricted Debt” has the meaning set forth in Section 6.04(b). 

“Restricted Debt Payment” has the meaning set forth 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, except a dividend payable solely in shares of 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 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 now or hereafter
outstanding. 

  
 54 

 “Restricted Stock Unit Settlement” means the payment (from the proceeds of
Revolving Loans and/or the Borrower’s cash on hand) by the Borrower and/or any Restricted Subsidiary, on behalf of Holdings, to certain members of management and employees of the Borrower and/or its Restricted Subsidiaries that hold Capital
Stock of Holdings, in each case, on or before June 30, 2021 to make a purchase (or purchases) of restricted stock units, in an aggregate amount not to exceed $20,000,000. 

“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 Borrower. 
 “Retained Excess
Cash Flow Amount ” means, as of any date, an amount, not less than zero in the aggregate, determined on a cumulative basis, equal to the Retained Percentage of Excess Cash Flow for all Excess Cash Flow Periods ending after the Closing Date
and prior to such date. 
 “Retained Percentage” means, with respect to any Excess Cash Flow Period, 100% minus the
Required Percentage with respect to such Excess Cash Flow Period. 
 “Return Bid” has the meaning assigned to such term in
the definition of “Dutch Auction”. 
 “Revolving Credit Commitment” means, with respect to each Lender, the
commitment of such Lender to make Revolving Loans (and acquire participations in Letters of Credit) hereunder as set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender assumed its Revolving Credit
Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.09, Section 2.11, Section 2.19 or
Section 9.02(c), (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.05 or (c) increased as part of an Incremental Revolving Facility.

 “Revolving Credit Exposure” means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time
of all Revolving Loans of such Lender, plus the aggregate amount at such time of such Lender’s LC Exposure 
 “Revolving
Credit Maturity Date” shall mean the date that is the earliest of (i) August 15, 2024, (ii) 90 days prior to the Initial Term Loan Maturity Date and (iii) 90 days prior to the stated maturity date of any Additional Term Loan. 

“Revolving Facility” means, at any time, the aggregate amount of the Revolving Lenders’ Revolving Credit Commitments at
such time. 
 “Revolving Facility Test Condition” means, as of any date of determination, without duplication, that the
aggregate Outstanding Amount of (a) all Revolving Loans and (b) all LC Obligations (excluding any undrawn Letter of Credit that has been Cash collateralized and excluding $5,000,000 in aggregate face amount of undrawn Letters of Credit)
exceeds an amount equal to 30% of the Total Revolving Credit Commitment. 
 “Revolving Lender” means a Lender with a
Revolving Credit Commitment or an Additional Revolving Commitment or an outstanding Revolving Loan or Additional Revolving Loan. 

“Revolving Loans” means the revolving Loans made by the Lenders to the Borrower pursuant to
Section 2.01(a)(ii). 
 “S&P” means S&P Global Ratings, or any successor entity thereto.

  
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 “Sale and Lease-Back Transaction” has the meaning assigned to such term in
Section 6.08. 
 “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, a Lender, an Arranger or any Affiliate of the Administrative
Agent, a Lender or an Arranger 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, any Lender or any Arranger 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
VIII, Sections 9.03 and Section 9.10 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 for which financial statements have been or
were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, or the Test Period otherwise specified where the term “Secured Leverage Ratio” is used in this Agreement, in each case for the Borrower and its
Restricted Subsidiaries. 
 “Secured Obligations” means all Obligations, together with (a) all Banking Services
Obligations and (b) all Secured Hedging Obligations. 
 “Secured Parties” means (i) the Lenders, (ii) the
Administrative Agent, (iii) each counterparty to a Hedge Agreement with a Loan Party the obligations under which constitute Secured Hedging Obligations, (iv) each provider of Banking Services to any Loan Party, (v) the Arrangers and
(vi) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document. 

“Securities” means any stock, shares, 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 “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. 

“Scheduled Unavailability Date” has the meaning assigned to such term in Section 1.10. 

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

  
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 “Software” means all computer programs, object code, source code and
supporting documentation, including, without limitation, “software” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York and computer programs that may be construed as included in
the definition of “goods” in the Uniform Commercial Code as in effect on the date hereof in the State of New York, including any licensed rights to Software, and all media that may contain Software or recorded data of any kind. 

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

“Specified Joint Venture” means any Joint Venture that is not a Restricted Subsidiary. 

“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 (x) 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 (y) without regard to whether any conditions to drawing could then be met but after giving effect to all previous drawings made thereunder. 

“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 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 (but 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 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 and/or (e) 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. 
 “Subordinated Indebtedness” means any Indebtedness of the Borrower or
any of its Restricted Subsidiaries that is expressly subordinated in right of payment to the Obligations. 
 “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 Borrower. 

  
 57 

 “Subsidiary Guarantor” means (x) on the Closing Date, each subsidiary
of the Borrower (other than any subsidiary that is an Excluded Subsidiary on the Closing Date) and (y) thereafter, each subsidiary of the Borrower that guarantees the Secured Obligations pursuant to the terms of this Agreement, in each case,
until such time as the relevant subsidiary is released from its obligations under the Loan Guaranty in accordance with the terms and provisions hereof. 

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

“Supported QFC” has the meaning assigned to such term in Section 9.25. 

“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
Person” has the meaning assigned to such term in Section 6.06. 
 “Taxes” means any and
all present and future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties
applicable thereto. 
 “Termination Date” has the meaning assigned to such term in the
lead-in to Article V. 
 “Term Facility” means the Term Loans provided to or
for the benefit of the Borrower pursuant to the terms of this Agreement. 
 “Term Lender” means a Lender with an Initial
Term Loan Commitment or an Additional Term Commitment or an outstanding Initial Term Loan or Additional Term Loan. 
 “Term
Loan” means the Initial Term Loans and, if applicable, any Additional Term Loans. 
 “Test Period” means a period
of four consecutive Fiscal Quarters. 
 “Threshold Amount” means $20,000,000. 

“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 for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, or the
Test Period otherwise specified where the term “Total Leverage Ratio” is used in this Agreement in each case for the Borrower and its Restricted Subsidiaries. 

“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 $25,000,000. 

  
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 “Trade Secrets” means any trade secrets or other proprietary and
confidential information, including unpatented inventions, invention disclosures, engineering or other technical data, financial data, procedures, know-how, designs, personal information, supplier lists,
customer lists, business, production or marketing plans, formulae, methods (whether or not patentable), processes, compositions, schematics, ideas, algorithms, techniques, analyses, proposals, source code, object code and data collections. 

“Trademark” means the following: (a) all trademarks (including service marks), common law marks, trade names, trade
dress, domain names, 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 with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements
thereof; (d) all rights to sue for past, present, and future infringements of the foregoing, 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 or upfront fees) payable or otherwise borne by Holdings and 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 Existing Credit Agreement Refinancing and (c) the payment of the Transaction Costs. 

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

“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 LIBO Rate or the Alternate Base Rate. 
 “U.S. Special Resolution
Regimes” has the meaning assigned to such term in Section 9.25. 
 “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 issue or perfection of security interests. 

“Unrestricted Subsidiary” means any subsidiary of the 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. 

“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.” means the United States of America. 

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

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

“Wanda” means Wanda Sports Group Company Limited. 

“Wanda Investors” means (a) the Management Investors and (b) certain other investors identified to the
Administrative Agent in writing prior to the Closing Date. 
 “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 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. 
 “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 law to be owned by a resident of the relevant jurisdiction) shall be owned by such Person or by one or more
Wholly-Owned Subsidiaries of such Person. 
 “Write-Down and Conversion Powers” shall mean, 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 “Term Loan”) or by Type (e.g., a “LIBO Rate Loan”) or by Class and Type
(e.g., a “LIBO Rate Term Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Term Borrowing”) or by Type (e.g., a “LIBO Rate Borrowing”) or by Class and Type
(e.g., a “LIBO Rate Term Borrowing”). 

  
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 Section 1.03 Terms Generally. The definitions of terms herein and in each other
Loan Document 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” appearing herein and in any other Loan Document shall be deemed to be followed by the phrase “without limitation.” The word “will” appearing herein and in any other Loan Document
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) 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), (b) any reference to any law in any Loan
Document shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law, (c) any reference herein or in any Loan Document to any Person shall be construed to include such
Person’s successors and permitted assigns, (d) 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, (e) 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, (f) 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 (g) 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. For purposes of determining compliance at any time with
Sections 6.01, 6.02, 6.03, 6.04, 6.05, 6.06, 6.07 and 6.09, in the event that any Indebtedness, Lien, contractual restriction, Restricted Payment, Restricted Debt Payment, Investment,
Disposition or affiliate transaction, as applicable, 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 Sections 6.01(a) and (z)),
6.02 (other than Sections 6.02(a) and (t)), 6.03, 6.04, 6.05, 6.06, 6.07 and 6.09, the Borrower, in its sole discretion, may, from time to time, classify or reclassify such transaction
or item (or portion thereof) and will only be required to include the amount and type of such transaction (or portion thereof) in any one category. 

Section 1.04 Accounting Terms; IFRS. 

(a) All financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with IFRS 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, Consolidated Adjusted EBITDA,
Adjusted Consolidated Net Income or Consolidated Total Assets shall be construed and interpreted in accordance with IFRS, as in effect from time to time; provided that if the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date of delivery of the financial statements described in Section 3.04(a) in IFRS or in the application thereof
(including the conversion to GAAP as described below) on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of
whether any such notice is given before or after such change in IFRS or in the application thereof, then such provision shall be interpreted on the basis of IFRS as in effect and applied immediately before such change becomes effective until such
notice shall have been withdrawn or such provision amended in accordance herewith; provided, further, that if such an amendment is requested by the Borrower or the Required Lenders, then the Borrower and the Administrative Agent shall
negotiate in good faith to enter into an amendment of the relevant affected provisions (without the payment of any amendment or similar fee to the Lenders) to preserve the original intent thereof in light of such change in IFRS or the application
thereof subject to the approval of the Required Lenders (not to be unreasonably withheld, conditioned or delayed); provided, further, that 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 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 and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20
(or any other Accounting Standards Codification 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. If the Borrower notifies the Administrative Agent that the Borrower (or its applicable Parent Company) is required to report under GAAP or has elected to do so through an early adoption policy,
“IFRS” shall mean international financial reporting standards pursuant to GAAP (provided that after such conversion, the Borrower cannot elect to report under IFRS). 

  
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 (b) Notwithstanding anything to the contrary herein, all financial ratios and tests
(including the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage Ratio and the amount of Consolidated Total Assets, Adjusted Consolidated Net Income and Consolidated Adjusted EBITDA) 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 (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 or any Joint Venture since the beginning of such Test Period has consummated any Subject Transaction, then, in each case, any applicable financial ratio or test 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 (it being understood, for the avoidance of doubt, that solely for purposes of (x) calculating quarterly compliance
with Section 6.15 and (y) calculating 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). 
 (c)
Notwithstanding anything to the contrary herein, all financial ratios and tests (including the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage Ratio and the amount of Consolidated Total Assets, Adjusted Consolidated Net
Income and Consolidated Adjusted EBITDA) contained in this Agreement shall be calculated by excluding operating leases from the definition of “debt” or “Indebtedness” therein (or in any component definition thereof). 

(d) For purposes of determining the permissibility of any action, change, transaction or event that by the terms of the Loan Documents requires
a calculation of any financial ratio or test (including the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage Ratio and the amount of Consolidated Adjusted EBITDA, Adjusted Consolidated Net Income or Consolidated Total
Assets), such financial ratio or test shall 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 or test 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. 

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 of 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. 

  
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 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). 
 Section 1.08 Currency Equivalents
Generally. 
 (a) For purposes of any determination under Article V, Article VI (other than Section 6.15
and the calculation of compliance with any financial ratio for purposes of taking any action hereunder) or Article VII 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 “subject transaction”), in a currency
other than Dollars, (i) the Dollar equivalent amount of a subject 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 subject transaction (which, in the case of any Restricted Payment, shall be deemed to be the date of the declaration thereof and, in the case of the incurrence of
Indebtedness, shall be deemed to be on the date first committed); 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 and premiums (including tender premiums) thereon plus other reasonable and customary fees and expenses
(including upfront fees and original issue discount) 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 subject
transaction so long as such subject 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, 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), as applicable, for the relevant Test Period and will, with respect to any Indebtedness, reflect the currency translation effects, determined in
accordance with IFRS, 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. 

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”, “in immediately available funds”, “in
Cash” or any other similar requirement. 

  
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 Section 1.10 LIBOR Replacement. Notwithstanding anything to the contrary in this
Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error) that: 

(a) the circumstances set forth in Section 2.14(a) have arisen and such circumstances are unlikely to be temporary;
or 
 (b) the supervisor for the administrator of the Published LIBO Rate or a Governmental Authority having jurisdiction over the
Administrative Agent has made a public statement identifying a specific date after which the Published LIBO Rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled
Unavailability Date”), 
 then, reasonably promptly after such determination by the Administrative Agent, the Administrative Agent
and the Borrower may amend this Agreement to replace the LIBO Rate with an alternate rate of interest (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to the then-prevailing
market convention for determining a rate of interest for U.S. dollar denominated syndicated credit facilities (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate Conforming
Changes, and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall have given notice of such alternate rate of interest to the Lenders unless, prior to such time,
Lenders comprising the Required Lenders of each Class have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment; provided that, if such alternate rate of interest shall be less than
zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 If no LIBOR Successor Rate has been determined and the
circumstances under clause (a) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to
make or maintain LIBO Rate Loans shall be suspended, (to the extent of the affected LIBO Rate Loans or Interest Periods), and (y) the LIBO Rate component shall no longer be utilized in determining the Alternate Base Rate. Upon receipt of such
notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of LIBO Rate Loans (to the extent of the affected LIBO Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such
request into a request for a Committed Borrowing of ABR Loans (subject to the foregoing clause (y)) in the amount specified therein. 

Section 1.11 Limited Condition Transactions. Notwithstanding anything to the contrary herein, in connection with any action being
taken solely in connection with a Limited Condition Transaction, for purposes of: 
 (a) determining compliance with any provision of this
Agreement which requires the calculation of any financial ratio or test, including the First Lien Leverage Ratio, Secured Leverage Ratio and Total Leverage Ratio, or requires the absence of any Default or Event of Default; or 

  
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 (b) testing availability under baskets set forth in this Agreement (including baskets
measured as a percentage of Consolidated Adjusted EBITDA); 
 in each case, at the option of the Borrower (the Borrower’s election to
exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), the date of determination of whether any such action is permitted hereunder shall be deemed to be the date the definitive agreements for
such Limited Condition Transaction are entered into (the “LCT Test Date”), and if, after giving effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any
incurrence of Indebtedness and the use of proceeds thereof) on a Pro Forma Basis as if they had occurred at the beginning of the most recently completed period of four consecutive Fiscal Quarters for which the financial statements and certificates
required by Section 5.01(a) or (b), as the case may be, have been or were required to have been delivered ending prior to the LCT Test Date, Holdings, the Borrower or the Restricted Subsidiaries would have been
permitted to take such action on the relevant LCT Test Date in compliance with such ratio, test or basket, such ratio, test or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an LCT Election
and any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in Consolidated Adjusted EBITDA
at or prior to the consummation of the relevant transaction or action, such baskets, tests or ratios will not be deemed to have been exceeded as a result of such fluctuations. 

Section 1.12 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under
Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to
have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Capital
Stock at such time. 
 ARTICLE II THE CREDITS 

Section 2.01 Commitments. 

(a) Subject to the terms and conditions set forth herein, (i) each Term Lender severally, and not jointly, agrees to make Initial Term
Loans to the Borrower on the Closing Date in Dollars in a principal amount not to exceed its Initial Term Loan Commitment and (ii) each Revolving Lender severally, and not jointly, agrees to make Revolving Loans to the Borrower in Dollars at
any time and from time to time on and after the Closing Date, and until the earlier of the Revolving Credit Maturity Date and the termination of the Revolving Credit Commitment of such Revolving Lender in accordance with the terms hereof;
provided that, after giving effect to any Borrowing of Revolving Loans, the Outstanding Amount of such Lender’s Revolving Credit Exposure shall not exceed such Lender’s Revolving Credit Commitment; provided further
that the Revolving Loans made on the Closing Date shall not exceed $10,000,000. Within the foregoing limits and subject to the terms, conditions and limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow Revolving Loans.
Amounts paid or prepaid in respect of the Term Loans may not be reborrowed. 
 (b) Subject to the terms and conditions of this Agreement,
each Lender and each Additional Lender with an Additional Term Commitment for a given Class of Incremental Term Loans severally agrees to make Incremental Term Loans to the Borrower, which Incremental Term Loans shall not exceed for any such
Lender or Additional Lender at the time of any incurrence thereof, the Additional Term Commitment of such Lender or Additional Lender for such Class on the respective Incremental Term Loan Borrowing Date. Notwithstanding the foregoing, if the
applicable Additional Term Commitment in respect of any Incremental Term Loan Borrowing Date is not drawn on such Incremental Term Loan Borrowing Date, the undrawn amount shall automatically be cancelled. Amounts repaid or prepaid in respect of such
Incremental Term Loans may not be reborrowed. 

  
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 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 shall be comprised entirely of ABR Loans or LIBO Rate Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any LIBO 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 Borrower to repay such Loan in accordance with the terms of this Agreement, (ii) such
LIBO Rate Loan shall be deemed to have been made and held by such Lender, and the obligation of the Borrower to repay such LIBO 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 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 any such domestic or foreign branch or Affiliate of such Lender shall not be entitled to any greater indemnification under
Section 2.17 with respect to such LIBO 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 LIBO Rate Borrowing,
such Borrowing shall comprise an aggregate principal amount that is 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
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 5 different Interest Periods in effect for LIBO
Rate Borrowings at any time outstanding (or such greater number of different Interest Periods as the Administrative Agent may agree from time to time). 

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not, nor shall it 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. 

  
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 Section 2.03 Requests for Borrowings. Each Term Borrowing, each Revolving
Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of LIBO Rate Loans shall be made upon irrevocable notice by the Borrower to the Administrative Agent. Each such notice must be 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 (i) 11:00 a.m. three Business Days prior to the requested day of any Borrowing,
conversion or continuation of LIBO Rate Loans (or one Business Day in the case of any Borrowing of LIBO Rate Loans to be made on the Closing Date) and (ii) 10:00 a.m. on the requested date of any Borrowing of ABR Loans (or, in each case, such later
time as shall be acceptable to the Administrative Agent); provided, however, that if the Borrower wishes to request LIBO 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 11:00 a.m. four Business Days prior to the requested date of such Borrowing, conversion or
continuation, whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request and determine whether the requested Interest Period is acceptable to 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 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 Borrowing Request shall specify the following information in compliance with Section 2.02: 

(a) the Class of such Borrowing; 

(b) the aggregate amount of the requested Borrowing; 

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

(d) whether such Borrowing is to be an ABR Borrowing or a LIBO Rate Borrowing; 

(e) in the case of a LIBO 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 
 (f) the location and number of the Borrower’s account or any other designated
account(s) to which funds are to be disbursed (the “Funding Account”). 
 If no election as to the Type of Borrowing is
specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested LIBO 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 LIBO 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. 

  
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 (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 other 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 the fifth
Business Day prior to the Revolving Credit Maturity Date, upon the request of the Borrower, to issue Dollar denominated Letters of Credit issued on sight basis only for the account of the Borrower (or any Restricted Subsidiary and/or Joint Venture;
provided that the 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 Lenders severally agree to participate in the Letters of Credit issued pursuant to Section 2.05(d); provided that (x) DBNY shall not be obligated to issue any Letter of Credit that is not a Standby
Letter of Credit and (y) unless otherwise agreed to by such Issuing Bank, no other Issuing Bank shall be obligated to issue any Letter of Credit that is not a Standby Letter of Credit. 

(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the
amendment, renewal or extension of an outstanding Letter of Credit), the 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, one Business Day 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, the Borrower shall submit such a request to the applicable Issuing Bank (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 as shall be necessary to issue, amend, extend or renew such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in
connection with any request for a Letter of Credit. 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
Borrower to, or entered into by the Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. A Letter of Credit may be issued, amended, extended or renewed only if (and on
the issuance, amendment, extension or renewal of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, extension, or renewal, the amount of all LC Obligations would not
exceed the Letter of Credit Limit, and the sum of (x) the aggregate outstanding principal amount of all Revolving Loans plus (y) the aggregate amount of all LC Obligations would not exceed the Total Revolving Credit Commitment. 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 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) 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 Letter of Credit and (B) the date that is five Business Days prior to the 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 face amount thereof is
Cash collateralized or backstopped 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). 

  
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 (ii) No Commercial Letter of Credit shall expire later than the earlier to
occur of (A) 180 days after the issuance thereof and (B) the date that is five Business Days prior to the Revolving Credit Maturity Date. 

(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 aggregate amount available to be drawn under such Letter of Credit. 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 Borrower
on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the 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 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 such LC Disbursement not later than 1:00 p.m. on the Business Day immediately following the
date on which the 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 the Borrower receives such notice); provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in
accordance with Section 2.03 or 2.04 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be
discharged and replaced by the resulting ABR Revolving Borrowing. If the 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 the
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
the 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
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. 

  
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 (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 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. The 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 strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit or this Agreement, or any term or provision therein, (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 Borrower’s obligations
hereunder. Neither the Administrative Agent, the Revolving Lenders nor any Issuing Bank, nor any of their 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 Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the
Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial
compliance with the terms of a Letter of Credit, the 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. 

(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 Borrower by telephone (confirmed by facsimile or other electronic method) 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 Borrower of its obligation to reimburse such Issuing Bank and the Revolving
Lenders with respect to any such LC Disbursement. 

  
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 (h) Interim Interest. If any Issuing Bank makes any LC Disbursement, then, unless the
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 the
Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Revolving Loans that are ABR Loans; provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of
this Section, then Section 2.13(d) 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. 

(i) Replacement of an Issuing Bank or Addition of New Issuing Banks. Any Issuing Bank may be replaced with the consent of the
Administrative Agent (not to be unreasonably withheld or delayed) at any time by written agreement among the 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 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, (i) 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
(ii) 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. The Borrower may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld 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. 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 the other
Issuing Bank and such Revolving Lender. 
 (j) Cash Collateralization. 

(i) If any Event of Default exists, then on the Business Day that the 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, the 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 (the “LC Collateral Account”), an amount in Cash equal to 103% 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 Borrower described in Section 7.01(f) or (g). 

  
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 (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 the Borrower hereby grants the Administrative Agent, for the benefit of the Secured Parties, a First Priority security interest in the 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 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 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 the 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
1:00 p.m. 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 Borrower by promptly crediting the amounts so received, in like funds, to the Funding Account or as otherwise directed by the Borrower; provided that ABR 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. 

(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 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 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 the 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 and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to 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 Borrower’s obligation to repay the Administrative Agent such corresponding amount pursuant to this Section 2.07(b) shall cease. If the 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 the Borrower or any other Loan Party may have against any Lender as a result of any default by such Lender hereunder. 

  
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 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 LIBO 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 or to continue such Borrowing and, in the case of a LIBO 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. 

(c) Each 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 LIBO Rate Borrowing; and 

(iv) if the resulting Borrowing is a LIBO 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”. 
 If any such Interest
Election Request requests a LIBO Rate Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(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 LIBO 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 converted at the end of such Interest Period to a LIBO 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 may be converted to or continued as a LIBO Rate Borrowing and (ii) unless repaid, each LIBO Rate Borrowing shall be converted to an ABR Borrowing at the end of the then-current Interest Period
applicable thereto. 

  
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 Section 2.09 Termination and Reduction of Commitments. 

(a) Unless previously terminated, (i) the Initial Term Loan Commitments shall automatically terminate upon the making of the Initial Term
Loans on the Closing Date and (ii) the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date. 
 (b) Upon
delivering the notice required by Section 2.09(d), the Borrower may at any time terminate the Revolving Credit Commitments upon (i) the payment in full of all outstanding Revolving Loans, together with accrued and
unpaid interest thereon, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each outstanding Letter of Credit, the furnishing to the Administrative Agent of a Cash deposit (or, if reasonably
satisfactory to the applicable Issuing Bank, a backup standby letter of credit) equal to 103% of the LC Exposure (minus the amount then on deposit in the LC Collateral Account) as of such date) and (iii) the payment in full of all
accrued and unpaid fees and all reimbursable expenses and other non-contingent Obligations with respect to the Revolving Facility then due, together with accrued and unpaid interest (if any) thereon. 

(c) Upon delivering the notice required by Section 2.09(d), the Borrower may from time to time reduce the Revolving
Credit Commitments; provided that (i) each reduction of the Revolving Credit Commitments 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 reduce the
Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10 or Section 2.11, the Aggregate Revolving Credit Exposure
would exceed the Total Revolving Credit Commitment. 
 (d) The Borrower shall notify the Administrative Agent of any election to terminate or
reduce the Revolving Credit Commitments under paragraphs (b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction (or such later date to which the Administrative Agent
may agree), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to
this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such
notice may be revoked 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 the Revolving Credit Commitments pursuant to this
Section 2.09 shall be permanent. Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Lender shall be reduced by such Revolving Lender’s Applicable Percentage of
such reduction amount. 
 Section 2.10 Repayment of Loans; Evidence of Debt. 

(a) The Borrower hereby unconditionally promises to repay Initial Term Loans to the Administrative Agent for the account of each Term Lender
(i) commencing December 31, 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 (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 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, 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. 

  
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 (b) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the
account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Revolving Credit Maturity Date. On the Revolving Credit Maturity Date, the Borrower shall (A) cancel and return all outstanding Letters of Credit
(or alternatively, with respect to any outstanding Letter of Credit, furnish to the Administrative Agent a Cash deposit (or if reasonably acceptable to the relevant Issuing Bank, a backup standby letter of credit) equal to 103% of the LC Exposure
(minus the amount then on deposit in the LC Collateral Account) as of such date) and (B) make payment in full of all accrued and unpaid fees and all reimbursable expenses and other Obligations with respect to the Revolving Facility then
due, together with accrued and unpaid interest (if any) thereon. 
 (c) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(d) 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 the Borrower to each Lender hereunder and (iii) the amount of
any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (e) The
entries made in the accounts maintained pursuant to paragraphs (c) or (d) 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 the Borrower to repay the 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 (d) of this Section and any Lender’s records, the accounts of the
Administrative Agent shall govern. 
 (f) Any Lender may request that Loans made by it be evidenced by a Promissory Note. In such event, the
Borrower shall prepare, execute and deliver to such Lender a Promissory Note payable to such Lender and its registered assigns; it being understood and agreed that such Lender (and/or its applicable assign) shall be required to return such
Promissory Note to the Borrower in accordance with Section 9.05(b)(iii) and upon the occurrence of the Termination Date (or as promptly thereafter as practicable). 

Section 2.11 Prepayment of Loans. 

(a) Optional Prepayments. 

(i) Upon prior notice in accordance with paragraph (a)(iii) of this Section, the Borrower shall have the right at any
time and from time to time to prepay any Borrowing of Term Loans in whole or in part without premium or penalty (but subject to Sections 2.12(f) and 2.16). Each such prepayment shall be paid to the Lenders in accordance with their
respective Applicable Percentages. 
 (ii) Upon prior notice in accordance with paragraph (a)(iii) of this Section,
the Borrower shall have the right at any time and from time to time to prepay any Borrowing of Revolving Loans, 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 ratably to the outstanding LC Disbursements and second, shall be applied ratably to the outstanding
Revolving Loans, including any Additional Revolving Loans. 

  
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 (iii) The Borrower shall notify the Administrative Agent in writing of any
prepayment under this Section 2.11(a) (A) in the case of a prepayment of a LIBO 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. one Business Day before the date of prepayment (or, in the case of clauses (A) and (B), such later date to which the Administrative Agent may agree). Each such notice shall be irrevocable
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, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not 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 that would be permitted in the case of an advance of a Borrowing of the
same Type as provided in Section 2.02(c). Each prepayment of Term Loans 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. 

(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 Borrower are required to be delivered pursuant to Section 5.01(b), commencing with the Fiscal Year ending December 31, 2019, the Borrower shall prepay the outstanding principal amount of Initial Term Loans and
Additional Term Loans in accordance with clause (vi) of this Section 2.11(b) below in an aggregate principal amount equal to (A) the Required Percentage of Excess Cash Flow of the Borrower and its
Restricted Subsidiaries for the Fiscal Year then ended (it being understood and agreed that for the Fiscal Year ending December 31, 2019, Excess Cash Flow shall be calculated as if such Fiscal Year begins on the first day of the Fiscal Quarter
ending June 30, 2019 and ends on December 31, 2019) (each Fiscal Year, an “Excess Cash Flow Period”), minus (B) at the option of the Borrower, the aggregate principal amount of (x) any Initial Term Loans,
Additional Term Loans, Revolving Loans or Additional Revolving Loans prepaid pursuant to Section 2.11(a) prior to such date and (y) the amount of any reduction in the outstanding amount of any Initial Term Loans or
Additional Term Loans resulting from any assignment made in accordance with Section 9.05(g) of this Agreement (including in connection with any Dutch Auction) based upon the actual amount of cash paid in connection with the
relevant assignment, in each case, excluding any such optional prepayments 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 (in the
case of any prepayment of Revolving Loans and/or Additional Revolving Loans, to the extent accompanied by a permanent reduction in the relevant commitment, and in the case of all such prepayments, to the extent that such prepayments were not
financed with the proceeds of other Indebtedness (other than revolving Indebtedness) of the Borrower or its Restricted Subsidiaries); provided that no prepayment under this Section 2.11(b) shall be required to the
extent that the amount thereof would not exceed $2,000,000. 

  
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 (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 a single transaction or series of related transactions and (y) $10,000,000 in any Fiscal Year, the Borrower shall
apply an amount equal to 100% of the Net Proceeds or Net Insurance/Condemnation Proceeds received with respect thereto in excess of such thresholds (the “Subject Proceeds”) to prepay the outstanding principal amount of Initial Term
Loans and Additional Term Loans in accordance with clause (vi) below; provided that if prior to the date any such prepayment is required to be made, the Borrower notifies the Administrative Agent of its intention to reinvest the
Subject Proceeds in assets used or useful in the business (other than Cash or Cash Equivalents) of the Borrower or any of its subsidiaries, then so long as no Event of Default then exists, the Borrower shall not be required to make a mandatory
prepayment under this clause (ii) in respect of the Subject Proceeds to the extent (A) the Subject Proceeds are so reinvested within 12 months following receipt thereof, or (B) the Borrower or any of its subsidiaries has
contractually committed to so reinvest the Subject Proceeds during such 12-month period and the Subject Proceeds are so reinvested within six months after the expiration of such
12-month 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 (and in any case within
five Business Days after such expiration) prepay the outstanding principal amount of Initial Term Loans and Additional Term Loans with the Subject Proceeds not so reinvested as set forth above (without regard to the immediately preceding proviso);
provided, further, that if, at the time that any such prepayment would be required hereunder, the Borrower or any of its Restricted Subsidiaries is required to offer to repay or repurchase any other Indebtedness secured on a pari
passu basis with the Obligations pursuant to the terms of the documentation governing such Indebtedness with the Subject Proceeds (such Indebtedness required to be offered to be so repaid or repurchased, the “Other Applicable
Indebtedness”), then the relevant Person may apply the Subject Proceeds on a pro rata basis to the prepayment of the Initial Term Loans and Additional Term Loans and to the repurchase or repayment of the Other Applicable Indebtedness
(determined on the basis of the aggregate outstanding principal amount of the Initial Term Loans, Additional Term Loans and Other Applicable Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original issue
discount) at such time; provided that 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 Initial Term Loans and Additional Term Loans in accordance with the terms hereof), and the amount of the prepayment of the Initial
Term Loans and Additional Term Loans that would have otherwise been required pursuant to this Section 2.11(b)(ii) shall be reduced accordingly; provided, further, that 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 Initial Term Loans and
Additional Term Loans in accordance with the terms hereof. 
 (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 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)), the Borrower shall, substantially simultaneously with (and in any event not later than the next succeeding
Business Day) 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 Initial Term Loans and Additional Term Loans in
accordance with clause (vi) below. 

  
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 (iv) Notwithstanding anything in this
Section 2.11(b) to the contrary, (A) 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) 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 repatriation to the Borrower of any such amount would be prohibited 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
(the Borrower hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all commercially reasonable actions required by applicable Requirements of Law to permit such repatriation); it being understood that once the repatriation of
the relevant affected Subject Proceeds, Excess Cash Flow or the Net Proceeds in respect of any such Indebtedness, 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 could reasonably be expected to result in, a material risk of personal or criminal liability for the Persons described above, the relevant Foreign Subsidiary will promptly repatriate the
relevant Subject Proceeds, Excess Cash Flow or the Net Proceeds in respect of any such Indebtedness, as the case may be, and the repatriated Subject Proceeds, Excess Cash Flow or the Net Proceeds in respect of any such 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 as a result thereof) to the repayment of the Initial Term Loans and Additional Term 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) or (ii) to the extent that the relevant Excess Cash Flow is generated by any such Joint Venture, to the extent 50% or less than 50% of the Capital Stock of such Joint Venture is owned by the Borrower or any
Restricted Subsidiary, or the relevant Subject Proceeds are received by any Joint Venture for so long as the repatriation to the Borrower of such Excess Cash Flow or Subject Proceeds would be prohibited under the Organizational Documents governing
such Joint Venture; it being understood that if the repatriation of such Excess Cash Flow or Subject Proceeds, as the case may be, is permitted under the Organizational Documents governing such Joint Venture within one year following the date on
which the amount of such Excess Cash Flow or Subject Proceeds, as the case may be, would have been required to be paid pursuant to Section 2.11(b)(i) or (ii), as the case may be, the relevant Joint Venture will
promptly repatriate such Excess Cash Flow or Subject Proceeds, as the case may be, and the repatriated Excess Cash Flow or Subject Proceeds, as the case may be, will be promptly (and in any event not less than ten Business Days after such
repatriation) applied (net of additional Taxes payable or reserved against as a result thereof) to the repayment of the Initial Term Loans and Additional Term 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 Borrower of any amounts required to mandatorily prepay the Initial Term Loans and Additional Term Loans pursuant to
Sections 2.11(b)(i), (ii) or (iii) above would result in material and adverse tax consequences, taking into account any foreign tax credit or benefit actually realized in connection with such repatriation (such
amount, a “Restricted Amount”), as reasonably determined by the Borrower, the amount the 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 until such time as it may repatriate to the Borrower the Restricted Amount without incurring such material and adverse tax liability; 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 an adverse tax consequence, 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 preceding clause (C), shall be promptly applied to the repayment of the Initial Term Loans and Additional Term Loans pursuant to
Section 2.11(b) as otherwise required above (without regard to this clause (iv)); 

  
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 (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”), in which case such Declined Proceeds may be retained by the Borrower; 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 Refinancing Indebtedness incurred 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). 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 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 of Initial Term Loans or Additional Term Loans with Refinancing Indebtedness incurred 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) shall 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. The amount of such mandatory prepayments shall be applied on a pro rata basis to the then outstanding Initial Term Loans and Additional Term Loans being prepaid irrespective of whether such outstanding Loans are ABR Loans or LIBO
Rate Loans; provided that the amount thereof shall be applied first to ABR Loans to the full extent thereof before application to the LIBO Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrower
pursuant to Section 2.16. Any prepayment of Initial Term Loans made on or prior to the date that is 12 months after the Closing 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). 

  
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 (vii) In the event that the Aggregate Revolving Credit Exposure exceeds the
Total Revolving Credit Commitment 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
Aggregate Revolving Credit Exposure as of the date of such payment to an amount not to exceed the Total Revolving Credit Commitment then in effect by taking any of the following actions as it shall determine at its sole discretion:
(A) prepayment of Revolving Loans or (B) with respect to the excess LC Exposure, deposit of Cash in the LC Collateral Account or “backstopping” or replacement of the relevant Letters of Credit, in each case, in an amount equal to
103% of such excess LC Exposure (minus the amount then on deposit in the LC Collateral Account). 
 (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. 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, in the case of prepayments under
clause (iii) above as part of a Repricing Transaction, Section 2.12(f), but shall otherwise be without premium or penalty. 

Section 2.12 Fees. 

(a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender (other than any Defaulting Lender) a
commitment fee, which shall accrue at a rate equal to the Commitment Fee Rate per annum on the average daily amount of the Unused Revolving Credit Commitment of such Revolving Lender during the period from and including the Closing Date to the date
on which such Lender’s Revolving Credit Commitments terminate. Accrued commitment fees shall be payable in arrears on the last Business Day of each March, June, September and December for the quarterly period then ended (commencing on
September 30, 2019) and on the date on which the Revolving Credit Commitments terminate. 
 (b) The Borrower agrees to pay (i) to
the Administrative Agent for the account of each Revolving Lender (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 LIBO Rate Revolving Loans on the daily face amount of such Lender’s LC Exposure 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 terminates and the date on which such Revolving Lender ceases to have any LC Exposure in respect of such Letter of Credit
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 0.125% per annum (or such other rate agreed by such Issuing Bank and the Borrower) of the daily face amount of such Letter of
Credit, as well as such Issuing Bank’s standard 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 Business Day of each March, June, September and December shall be payable in arrears for the quarterly period then ended on the last Business Day of such calendar quarter; provided that all such fees shall be payable on the date on which
the Revolving Credit Commitments terminate, and any such fees accruing after the date on which the Revolving Credit Commitments 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. 

  
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 (c) [Reserved]. 

(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 Engagement 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 12 months after the Closing Date, the Borrower (x) prepays, repays, refinances,
substitutes or replaces any Initial 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, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable
Term Lenders, (I) in the case of clause (x), a premium of 1.00% of the aggregate principal amount of the Initial 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 Term Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment. If, on or prior to the date that is 12 months after the Closing Date, all
or any portion of the Initial 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. 

(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 a fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 Section 2.13 Interest. 

  
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 (a) The Term Loans and Revolving Loans comprising each ABR Borrowing shall bear interest at
the Alternate Base Rate plus the Applicable Rate. 
 (b) The Term Loans and Revolving Loans comprising each LIBO Rate Borrowing shall
bear interest at the LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c) [Reserved]. 

(d) Notwithstanding the foregoing, if any principal of or interest on any Initial Term Loan, Revolving Loan or Additional Loan, any LC
Disbursement or any fee payable by 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
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 Initial Term Loan, Revolving Loan, Additional Loan or unreimbursed LC Disbursement, 2.00% plus the rate otherwise
applicable to such Initial Term Loan, Revolving Loan, Additional Loan or LC Disbursement as provided in the preceding paragraphs of this Section, Section 2.05(h) or in the amendment to this Agreement relating thereto 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(d) 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(d) 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. 

(e) Accrued interest on each Initial Term Loan, Revolving Loan or Additional Loan shall be payable in arrears on each Interest Payment Date for
such Initial Term Loan, Revolving Loan or Additional Loan and on the Maturity Date or upon the termination of the Revolving Credit Commitments or any Additional Commitments, as applicable; provided that (i) interest accrued pursuant to
paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Initial Term Loan, Revolving Loan or Additional Loan (other than a prepayment of an ABR Revolving Loan prior to the
termination of the relevant revolving 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 LIBO Rate Loan prior to
the end of the current Interest Period therefor, accrued interest on such Initial Term Loan, Revolving Loan or Additional Loan shall be payable on the effective date of such conversion. 

(f) 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 LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion
thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall bear interest for one day; provided further that, in the case of any ABR Loan,
interest shall accrue through and including the last day of the month preceding the applicable Interest Payment Date. 

  
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 Section 2.14 Alternate Rate of Interest. If at least two Business Days prior to
the commencement of any Interest Period for a LIBO Rate Borrowing the Administrative Agent determines (which determination shall be conclusive absent manifest error): 

(a) that adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period; or 

(b) that the LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to 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, facsimile or other electronic method 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 LIBO Rate Borrowing shall be ineffective and such Borrowing shall be
converted to an ABR Borrowing on the last day of the Interest Period applicable thereto, and (ii) if any Borrowing Request requests a LIBO Rate Borrowing, such Borrowing shall be made as an ABR Borrowing. 

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 Issuing Bank; 

(ii) imposes on any Lender or Issuing Bank or the London interbank market any other condition affecting this Agreement or LIBO
Rate Loans made by any Lender or any Letter of Credit or participation therein; or 
 (iii) subjects any Lender or Issuing
Bank to any Taxes (other than (A) Indemnified Taxes, (B) Excluded Taxes, and (C) Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; 
 and the result of any of the foregoing is to increase the cost to the relevant Lender of making or maintaining any LIBO 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 LIBO 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; 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 requests for reimbursement under clause (ii) above resulting from a market disruption, (A) the relevant circumstances are not generally affecting the
banking market or (B) the applicable request has not been made by Lenders constituting Required Lenders. 

  
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 (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 (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) A certificate of a Lender or an Issuing Bank setting 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 and setting forth in reasonable detail the manner in which such amount or amounts were determined and certifying that such Lender is generally
charging such amounts to similarly situated borrowers shall be delivered to the Borrower and 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. 
 Section 2.16 Break Funding Payments. In the event of (a) the conversion or
prepayment of any principal of any LIBO 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 LIBO Rate Loan on the date or in the amount specified in any notice delivered pursuant hereto or (c) the assignment of any LIBO 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 LIBO 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 LIBO 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 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. A certificate of any Lender (x) 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 (y) certifying that such Lender is generally charging the relevant amounts to similarly situated borrowers shall be delivered to the Borrower and 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. 

  
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 Section 2.17 Taxes. 

(a) Any and all payments by or on account of any obligation of any Loan Party hereunder shall be made without deduction for any Taxes, except
as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment, then (i) if such Tax is an Indemnified Tax and/or Other Tax, the amount payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section 2.17) 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 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 law. 
 (c) Each Loan Party shall indemnify the Administrative
Agent, each Lender and each Issuing Bank within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other 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 or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17) and any penalties
(other than any penalties resulting from any action or inaction of the Administrative Agent or such Lender or Issuing Bank), interest and reasonable expenses arising therefrom or with respect thereto. 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 setting forth, in reasonable detail, the basis and calculation of the
amount of the relevant payment or liability, which certificate shall be conclusive absent manifest error. 
 (d) Each Lender and each Issuing
Bank shall severally indemnify the Administrative Agent, within 30 days after demand therefor, for (i) any Indemnified Taxes or Other 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 or Other 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 authorize 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). 

  
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 (e) As soon as practicable after any payment of Indemnified Taxes or Other 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. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs
(f)(ii)(A), (ii)(B) and (ii)(D) of this Section 2.17(f)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the
foregoing, 
 (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, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), whichever of the following is applicable: 
 (1) in the case of 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; 

  
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 (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 

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

  
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 (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 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 form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(iii) On or before the date the Administrative Agent (or any successor or replacement Administrative Agent) becomes the
Administrative Agent hereunder, it shall deliver to the Borrower two executed copies of either (i) IRS W-9 (or any successor forms) or (ii) to the extent it is legally entitled to do so, a U.S.
branch withholding certificate on IRS Form W-8IMY (or any successor forms) evidencing its agreement with the Borrower to be treated as a “United States person” (as defined in Section 7701(a)(30)
of the Code) (with respect to amounts received on account of any Lender) and IRS Form W-8ECI (or any successor forms) (with respect to amounts received on its own account), with the effect that, in either
case, the Borrower will be entitled to make payments hereunder to the Administrative Agent without withholding or deduction on account of U.S. federal withholding Tax. 

(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 or Other 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, 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 or Other 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, 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 Section 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. 

  
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 (h) Survival. 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. 
 Section 2.18 Payments Generally; Allocation of Proceeds; Sharing of
Payments. 
 (a) Unless otherwise specified, the Borrower shall make each payment required to be made by it hereunder (whether of
principal, interest, fees or reimbursement of LC Disbursements or of amounts payable under 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 2:00 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 or 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. All payments (including accrued interest) hereunder shall be made 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. 
 (b) 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 that 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, 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 Borrower constituting Obligations, second, on a pro rata basis, to pay any fees or expense
reimbursements then due to the Lenders from the Borrower 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, sixth, to the payment of any other Secured
Obligation due to the Administrative Agent, any Lender or any other Secured Party by the Borrower on a pro rata basis and seventh, to the Borrower or as the Borrower shall direct. 

  
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 (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 and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender with Loans of such Class and participations in
LC Disbursements, then the Lender receiving such greater proportion shall purchase (for Cash at face value) participations in the Loans of such Class 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 Borrower 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 and 9.02(c). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower
in the amount of such participation. 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 Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the applicable Lender or Issuing Bank the amount due. In such event, if the 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 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. 
 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 LIBO Rate Loans pursuant to Section 2.20, or the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.17, 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 costs and expenses incurred by any Lender in connection with any such designation or assignment. 

  
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 (b) If (i) any Lender requests compensation under
Section 2.15 or such Lender determines it can no longer make or maintain LIBO Rate Loans pursuant to Section 2.20, (ii) if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.17, (iii) if any Lender is a Defaulting Lender or (iv) if 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, (x) terminate the applicable Commitments and/or Additional Commitments of such Lender, and repay all Obligations of the Borrower owing to such Lender relating to the
applicable Loans and participations held by such Lender as of such termination date under one or more Credit Facilities or Additional Credit Facilities as the Borrower may elect or (y) 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 and (C) such assignment does not conflict with applicable law. No Lender (other than a
Defaulting Lender) shall be required to make any such assignment and delegation, and the Borrower may not repay the Obligations of such Lender or terminate its Commitments or Additional 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, 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). 

  
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 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
Published LIBO Rate, or to determine or charge interest rates based upon the Published LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of Dollars in
the applicable interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue LIBO Rate Loans in Dollars or to convert ABR Loans to LIBO Rate
Loans shall be suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining ABR Loans 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 Borrower shall, upon
demand from such Lender (with a copy to the Administrative Agent), prepay or convert all of such Lender’s LIBO 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) either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBO Rate Loans
to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBO Rate Loans (in which case the 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 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. 

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 and the LC Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, each affected Lender, the Required Lenders, 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), except as otherwise provided in
Section 9.02(b). 

  
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 (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 VII, 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; third, if so reasonably determined by the
Administrative Agent or reasonably requested by the applicable Issuing Bank, to be held as Cash collateral for future funding obligations of such Defaulting Lender in respect of any participation in any Letter of Credit; fourth, 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; fifth, if so determined by the
Administrative Agent or the Borrower, to be held in a deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; sixth, 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; seventh, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loan or LC Exposure in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loan or LC Exposure
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 Exposure owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Exposure 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. 
 (d) If any LC Exposure exists at the time any 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 Lenders’ Revolving Credit Exposures does not exceed the total of all non-Defaulting Revolving Lenders’ Revolving Credit Commitments; 
 (ii) if the
reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any other right or remedy available to it hereunder or under 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); 

  
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 (iii) 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 Sections 2.12(a) and (b), as
the case may be, shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; 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. 

(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 Borrower in accordance with Section 2.21(d), and participating interests in any such or 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). 
 (f) In the event that the Administrative Agent 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 Agent shall determine as are necessary in order for such Revolving Lender to hold such
Revolving Loans or participations in accordance with its Applicable Percentage. 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 the 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 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) The Borrower may, at any time, on one or more occasions deliver a written request to the Administrative Agent (whereupon the Administrative
Agent shall promptly deliver a copy of such request to each of the Lenders) to (i) add one or more new tranches of term facilities and/or increase the principal amount of the Initial Term Loans or any Additional Term Loans by requesting new
term loan commitments to be added to such Loans (any such new tranche 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 tranches of revolving commitments and/or increase the Total Revolving Credit Commitment or any Additional Revolving Commitment (any such new tranche or increase, an “Incremental Revolving Facility” and,
together with any Incremental Term Facility, “Incremental Facilities”; and the loans thereunder, “Incremental Revolving Loans” and, together with any Incremental Term Loans, “Incremental
Loans”) in an aggregate principal amount not to exceed the Incremental Cap; provided that: 
 (i) no
Incremental Commitment may be less than $5,000,000, 

  
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 (ii) 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, 

(iii) no Incremental Facility or Incremental Loan (or 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 any Incremental Commitment, 

(iv) (A) except as otherwise provided herein, the terms of each Incremental Revolving Facility (other than any terms which
are applicable only after the then-existing maturity date with respect to the Revolving Facility or any Additional Revolving Facility, as applicable, and other than as permitted under clause (v) below), will be substantially identical to
those applicable to the Revolving Facility or otherwise reasonably acceptable to the Administrative Agent and each Incremental Revolving Facility that is an increase to a then-existing Revolving Facility shall be deemed added to, made a part of and
have identical terms to such then-existing Revolving Facility and (B) no Incremental Revolving Facility will mature earlier than the then-applicable Latest Revolving Loan Maturity Date or require any scheduled amortization or mandatory
commitment reduction prior to such Maturity Date, 
 (v) the interest rate applicable to any Incremental Facility or
Incremental Loans will be determined by the Borrower and the Lenders providing such Incremental Facility or Incremental Loans; provided that in the case of any Incremental Facility, Incremental Loans, Replacement Term Loans, Replacement
Revolving Loans or any Indebtedness incurred under Section 6.01(w) which are pari passu with the Relevant Existing Facility in right of security, such interest rate will not be more than 0.50% higher than the
corresponding interest rate applicable to the Relevant Existing Facility unless the interest rate margin with respect to the Relevant Existing Facility is adjusted to be equal to the interest rate with respect to the relevant Incremental Facility or
Incremental Loans, minus, 0.50%; provided, further, that in determining the applicable interest rate under this clause (v): (w) original issue discount or upfront fees paid by the Borrower in connection with the Relevant
Existing Facility (based on a four-year average life to maturity), shall be included, (x) any amendments to the Applicable Rate in respect of the Relevant Existing Facility that became effective subsequent to the Closing Date but prior to the
time of the addition of the relevant Incremental Facility or Incremental Loans shall be included, (y) arrangement, commitment, structuring and underwriting fees and any amendment fees paid or payable to the Arrangers (or their Affiliates) in
their respective capacities as such in connection with the Relevant Existing Facility or to one or more arrangers (or their affiliates) in their capacities as such applicable to the relevant Incremental Facility or Incremental Loans shall be
excluded and (z) if the relevant Incremental Facility or Incremental Loans include any interest rate floor that is greater than that applicable to the existing Loans, and such floor is applicable to the existing Loans on the date of
determination, the excess amount shall be equated to interest margin for determining the applicable interest rate, 

  
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 (vi) the final maturity date with respect to any Incremental Term Loans
shall be no earlier than the Latest Term Loan Maturity Date at the time of the incurrence thereof; provided that this clause (vi) shall not apply to an Incremental Term Facility incurred in the form of a bridge or other interim credit
facility intended to be refinanced or replaced with long term indebtedness, so long as such credit facility includes customary “rollover provisions” that satisfy the requirements of this clause (vi) following such rollover, in which
case, on or prior to the first anniversary of the incurrence of such “bridge” or other credit facility, such clause (vi) shall not prohibit the inclusion of customary terms for “bridge” facilities, including customary
mandatory prepayment, redemption or repurchase provisions, 
 (vii) the Weighted Average Life to Maturity of any Incremental
Term Facility shall be no shorter than the remaining Weighted Average Life to Maturity of the Relevant Existing Facility (without giving effect to any prepayments thereof); provided that this clause (vii) shall not apply to an
Incremental Term Facility incurred in the form of a bridge or other interim credit facility intended to be refinanced or replaced with long term indebtedness, so long as such credit facility includes customary “rollover provisions” that
satisfy the requirements of this clause (vii) following such rollover, in which case, on or prior to the first anniversary of the incurrence of such “bridge” or other credit facility, such clause (vii) shall not prohibit the
inclusion of customary terms for “bridge” facilities, including customary mandatory prepayment, redemption or repurchase provisions, 

(viii) (A) any Incremental Term Facility may rank pari passu with or junior to any then-existing tranche of Term
Loans in right of payment and pari passu with or junior to any then-existing tranche of Term Loans with respect to security or may be unsecured (and to the extent the relevant Incremental Facility is pari passu with or subordinated to
the Term Loans in right of payment or security, it shall be subject to intercreditor arrangements reasonably satisfactory to the Administrative Agent) and (B) no Incremental Facility may be (x) guaranteed by any Person which is not a Loan
Party or (y) secured by any assets other than the Collateral, 
 (ix) (A) any prepayment (other than any scheduled
amortization payment) of Incremental Term Loans that are pari passu with any then-existing Term Loans in right of payment and security shall be made on a pro rata basis with such existing Term Loans unless the Borrower and the Lenders
providing such Incremental Term Loans elect lesser payments and (B) any prepayment (other than any scheduled amortization payment) of Incremental Term Loans that are subordinated to any then-existing Term Loans in right of payment or security
shall be made on a junior basis with respect to such existing Term Loans (and all other then-existing Additional Term Loans requiring ratable prepayment), except, in each case that the Borrower and the Lenders providing the relevant Incremental Term
Loans shall be permitted, in their sole discretion, to elect to prepay or receive, as applicable, any prepayments on a less than pro rata basis (but not on a greater than pro rata basis), 

(x) except as otherwise agreed by the Lenders providing the relevant Incremental Facility, no Event of Default shall exist
immediately prior to or after giving effect to the effectiveness of such Incremental Facility, 

  
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 (xi) except as otherwise required or permitted in clauses
(v) through (ix) above, all other terms of any Incremental Term Facility, if not consistent with the terms of the Initial Term Loans, shall be reasonably satisfactory to the Borrower and the Administrative Agent (it being understood
that any terms which are not consistent with the terms of the Initial Term Loans and are applicable only after the then-existing Latest Term Loan Maturity Date are deemed to be reasonably acceptable to the Administrative Agent), 

(xii) the proceeds of any Incremental Facility may be used for working capital and other general corporate purposes and any
other use not prohibited by this Agreement, 
 (xiii) on the date of the making of any Incremental Term Loans that will be
added to any Class of Initial Term Loans or Additional 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) each
borrowing of outstanding Initial Term Loans or Additional Term Loans, as applicable, of the same type with the same Interest Period of the respective Class on a pro rata basis (based on the relative sizes of the various outstanding
Borrowings), so that each Term Lender will participate proportionately in each then outstanding borrowing of Initial Term Loans or Additional Term Loans, as applicable, of the same type with the same Interest Period of the respective Class,

 (xiv) at no time shall there be more than three separate Maturity Dates in effect with respect to the Revolving Facility
and any existing Additional Revolving Facility at any time, and 
 (xv) the representations and warranties in the Loan
Documents will be true and correct in all material respects (except for representations and warranties that are already qualified by materiality, which representations and warranties will be true and correct in all respects) immediately prior to,
and immediately after giving effect to, the incurrence of such Incremental Facility (except to the extent that such representation or warranty expressly relates to an earlier date, in which case such representation or warranty shall be true and
correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date); provided that if such Incremental Facility is being provided in connection with a Limited Condition Transaction,
the condition set forth in this clause (xv) may, if agreed by the lenders providing such Incremental Facility, be satisfied with (x) the accuracy of customary “specified representations” and “acquisition agreement
representations” and (y) such other limitations or exceptions to representations and warranties as may be agreed by the lenders providing such Incremental Facility. 

(b) Incremental Commitments may be provided by any existing Lender, or by any other lender (other than any Disqualified Institution) (any such
other lender being called an “Additional Lender”); provided that the Administrative Agent (and, in the case of any Incremental Revolving Facility, the Issuing Banks) shall have consented (such
consent not to be unreasonably withheld) 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 Incremental Commitments and
related Obligations had been obtained by such Lender by way of assignment. 

  
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 (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 an amendment to this Agreement or any other Loan Document) 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, and the Administrative Agent and Lenders shall have received all fees required to be paid in respect of such Incremental Facility or Incremental Loans and (iii) 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 

(B) to the extent applicable, certifying that the condition set forth in clause (a)(x) 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 is implemented by increasing the amount of then-existing Total Revolving Credit
Commitments (rather than by implementing a new tranche of Revolving Loans), (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)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 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 

  
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 (ii) if such Incremental Revolving Facility is implemented pursuant to a
request to add one or more new tranches of revolving commitments, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on the existing Revolving Facilities and such Incremental Revolving
Facility, (B) repayments required upon the Maturity Date of the then-existing Revolving Facility and such Incremental Revolving Facility and (C) repayments made in connection with any permanent repayment and termination of commitments
(subject to clause (3) below)) of Incremental Revolving Loans after the effective date of such Incremental Revolving Facility Commitments shall be made on a pro rata basis with the then-existing Revolving Facility and any other
then outstanding Incremental Revolving Facility, (2) all 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) the
permanent repayment of Loans with respect to, and termination of commitments under, such Incremental Revolving Facility shall be made on a pro rata basis with the then-existing Revolving Facility and any other then outstanding Incremental
Revolving Facility, except that the Borrower shall be permitted to permanently repay and terminate commitments under such Incremental Revolving Facility on a greater than pro rata basis as compared with any other revolving facility with a
later Maturity Date than such revolving facility. 
 (f) Effective on the date of effectiveness of each Incremental Revolving Facility, the
maximum amount of LC Exposure permitted hereunder shall increase by an amount, if any, agreed upon by Administrative Agent, the Issuing Banks and the Borrower. 

(g) The Lenders hereby irrevocably authorize the Administrative Agent to enter into such amendments to this Agreement and the other Loan
Documents with the Borrower as may be necessary in order to establish new tranches or sub-tranches in respect of Loans or commitments increased or extended 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 of such new tranches or sub-tranches, in each case on terms consistent with this Section 2.22. 
 (h) To
the extent the provisions of clause (a)(xiii) above require that Term Lenders making new Incremental Term Loans add such Incremental Term Loans to the then outstanding Borrowings of LIBO Rate Loans of the respective Class of Initial Term
Loans or Additional Term Loans, as applicable, it is acknowledged that the effect thereof may result in such new Incremental Term Loans having short Interest Periods (i.e., an Interest Period that began during an Interest Period then applicable to
outstanding LIBO Rate Loans of the respective Class and which will end on the last day of such Interest Period). 
 (i) Notwithstanding
anything to the contrary in this Section 2.22 or in any other provision of any Loan Document, if the proceeds of any Incremental Facility are intended to be applied to finance an acquisition and the Lenders or Additional
Lenders providing such Incremental Facility so agree, the availability thereof shall be subject to customary “SunGard” or “certain funds” conditionality. 

(j) This Section 2.22 shall supersede any provision in Section 2.18 or 9.02 to the
contrary. 

  
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 Section 2.23 Extensions of Loans and Revolving 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 with a like Maturity Date or Commitments with a like Maturity Date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of
the respective Loans or commitments with a like Maturity Date) 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 any such Extension Offer to extend the Maturity Date of such Lender’s Loans and/or commitments and otherwise modify the terms 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 in respect of such Loans) (each, an “Extension”, and each group of Loans or Commitments,
as applicable, in each case as so extended, as well as the original Loans and the original Commitments (in each case not so extended), being a “tranche”; any Extended Term Loans shall constitute a separate tranche of Loans from the tranche
of Loans from which they were converted and any Extended Revolving Credit Commitments shall constitute a separate tranche of revolving commitments from the tranche of revolving commitments from which they were converted), so long as the following
terms are satisfied: 
 (i) no Default under Sections 7.01(a), (f) or (g) or Event of Default shall
exist at the time the notice in respect of an Extension Offer is delivered to the applicable Lenders, and no Default under Sections 7.01(a), (f) or (g) or Event of Default shall exist immediately prior to or after giving
effect to the effectiveness of any Extension; 
 (ii) except as to (x) interest rates, fees and final maturity (which
shall, subject to immediately succeeding clause (iv)(y), be determined by the Borrower and set forth in the relevant Extension Offer) and (y) any covenants or other provisions applicable only to periods after the Latest Revolving Loan
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 the same terms (or terms not less favorable to existing Revolving Lenders) as the original revolving
commitments (and related outstandings) provided hereunder; provided that (x) to the extent any non-extended portion of the Revolving Facility or any Additional Revolving Facility then exists, (1)
the borrowing and repayment (except for (A) payments of interest and fees at different rates on such revolving facilities (and related outstandings), (B) repayments required upon the Maturity Date of such revolving facilities and
(C) repayments made in connection with any permanent repayment and termination of 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 such portion of the Revolving Facility or the relevant Additional Revolving Facility, as applicable, (2) all 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 and (3) the permanent repayment of Loans with respect to, and termination of commitments under, any such Extended Revolving Credit Commitment after the effective date of
such Extended Revolving Credit Commitments shall be made on a pro rata basis with such portion of the Revolving Facility and/or any Additional Revolving Facility, except that the Borrower shall be permitted to permanently repay and terminate
commitments of any such revolving facility on a greater than pro rata basis as compared with any other revolving facility with a later Maturity Date than such revolving facility and (y) at no time shall there be more than three separate
Classes of revolving commitments hereunder (including Revolving Credit Commitments, Incremental Revolving Commitments, Extended Revolving Credit Commitments and Replacement Revolving Facilities); 

  
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 (iii) except as to (x) interest rates, fees, amortization, final
maturity date, premiums, required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iv)(x), (v) and (vi), be determined by the Borrower and set forth in the relevant
Extension Offer) and (y) any covenants 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 the same terms as the tranche of Term Loans subject to the relevant Extension Offer; provided, however, that with respect to representations and
warranties, affirmative and negative covenants (including financial covenants) and events of default that are applicable to any such tranche of Extended Term Loans, such provisions may be more favorable to the lenders of the applicable tranche of
Extended Term Loans than those originally applicable to the tranche of Term Loans subject to the relevant Extension Offer, so long as (and only so long as) such provisions also expressly apply to (and for the benefit of) the tranche of Term Loans
subject to the relevant Extension Offer and each other Class of Term Loans hereunder; 
 (iv) (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 Loan Maturity Date; 

(v) the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average
Life to Maturity of the Term Loans or any other Extended Term Loans extended thereby; 
 (vi) any Extended Term Loans may
participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments (but, for purposes of clarity, not scheduled amortization payments) in
respect of the Initial Term Loans (and any Additional Term Loans then subject to ratable repayment requirements), in each case as specified in the respective Extension Offer; 

(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) with respect to which such Lenders have accepted such Extension Offer; 

(viii) each Extension shall be in a minimum amount of $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. 

  
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 (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) of Loans or Commitments (as applicable) of any or all
applicable tranches 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 tranche 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. 

(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 be in the sole discretion of such Lender and Issuing Bank). 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 applicable Secured Obligations under
this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into such amendments to this Agreement and the other Loan Documents with the Borrower as may be necessary in order to establish
new tranches or sub-tranches 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 tranches or sub-tranches, 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 III REPRESENTATIONS AND WARRANTIES 

On the dates and to the extent required pursuant to Sections 4.01 or 4.02 hereof, as applicable, Holdings (solely with respect
to Sections 3.01, 3.02, 3.03, 3.07, 3.08, 3.09, 3.13, 3.14, 3.16, 3.17 and 3.18) and the Borrower hereby represent and warrant to the Lenders that: 

Section 3.01 Organization; Powers. Each of the Loan Parties 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) with respect to the Borrower and clause
(b) with respect to the Loan Parties) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 3.02 Authorization; Enforceability. The execution, delivery and
performance of each of the Loan Documents are within each applicable 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 the Loan Documents 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, (ii) the Perfection Requirements and (iii) such consents, approvals, registrations, filings, or other actions the failure to obtain or make which could 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), could reasonably be expected to have a
Material Adverse Effect and (c) will not violate or result in a default under any material Contractual Obligation to which such Loan Party is a party which, in the case of this clause (c), could reasonably be expected to result in a
Material Adverse Effect. 
 Section 3.04 Financial Condition; No Material Adverse Effect. 

(a) 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 and results of operations and cash flows of the Borrower on a consolidated basis as of such dates and for such periods in accordance with IFRS, subject, in the case of financial statements
provided pursuant to Section 5.01(a), to the absence of footnotes and normal year-end adjustments, except as otherwise expressly noted therein. 

(b) Since December 31, 2018, there have been no events, developments or circumstances that have had, or could 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 Real Estate Asset (or each set of such assets that collectively
comprise one operating property) 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, except (i) for defects in title that do not materially interfere with their ability to conduct their business as currently conducted or (ii) where the failure to have such title would not reasonably be expected to
have a Material Adverse Effect. All such properties and assets are free and clear of Liens, other than Permitted Liens. 

  
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 (c) The Borrower and its Restricted Subsidiaries own or otherwise have a license or right to
use all rights in Software, Trade Secrets, Patents, Trademarks, Copyrights and other rights in works of authorship (including all copyrights embodied in Software) and all other similar intellectual property rights (“IP Rights”) used
to conduct the businesses of the Borrower and its Restricted Subsidiaries as presently conducted without any infringement or misappropriation of the IP Rights of third parties, 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, have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.06 Litigation and Environmental Matters. 

(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 the Loan Parties or any of their 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) no Loan Party nor any of its Restricted Subsidiaries has received notice of any Environmental Claim or any Environmental Liability or knows of any basis for any Environmental Liability and (ii) no Loan Party nor any of its Restricted
Subsidiaries (A) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law or (B) has become subject to any Environmental Liability.

 (c) Neither any Loan Party nor any of its Restricted Subsidiaries has treated, stored, transported or disposed of Hazardous Materials at
or from any currently or formerly operated real estate or facility relating to its business or conducted or could be responsible for any other Hazardous Materials Activity at any location, a manner that 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.

 Section 3.08 Investment Company Status. No Loan Party is an “investment company” as defined in, or is required to
be registered 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 the Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with IFRS 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. 

  
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 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. 
 Section 3.11 Disclosure.

 (a) As of the Closing Date, to the knowledge of the Borrower, all written information (other than the Projections, other forward-looking
information and information of a general economic or industry-specific nature) concerning Holdings, the Borrower and its Restricted Subsidiaries and the Transactions and that was prepared by or on behalf of the foregoing or Wanda or their respective
representatives and made available to any 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). As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects. 

(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 the Borrower and its Restricted Subsidiaries, taken as
a whole, does not exceed the fair value of the assets of the Borrower and its Restricted Subsidiaries, taken as a whole; (ii) the present fair saleable value of the assets of the Borrower and its Restricted Subsidiaries, taken as a whole, is
not less than the amount that will be required to pay the probable liabilities (including contingent liabilities) of the Borrower and its Restricted Subsidiaries, taken as a whole, on their debts as they become absolute and matured; (iii) the
capital of the Borrower and its Restricted Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Borrower and its Restricted Subsidiaries, taken as a whole, contemplated as of the Closing Date; and
(iv) the Borrower and its Restricted 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). 

  
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 Section 3.13 Capitalization and Subsidiaries. Schedule 3.13 sets forth,
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. 
 Section 3.14 Security Interest in Collateral. Subject to the Legal Reservations, the Perfection Requirements,
the provisions of this Agreement and the other relevant Loan Documents, the Collateral Documents create legal, valid and enforceable Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of itself and the other Secured
Parties, and upon the satisfaction of the 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. 

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 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 law dealing with such
matters. 
 Section 3.16 Federal Reserve Regulations. 

(a) On the Closing Date, not more than 25% of the value of the assets of Holdings and its Restricted Subsidiaries taken as a whole is
represented by Margin Stock. 
 (b) None of Holdings, the Borrower nor any of its Restricted Subsidiaries is engaged principally, or as one
of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. 
 (c) 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 T, U or X. 

Section 3.17 Anti-Terrorism 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 or employee is (A) a person on the list of “Specially Designated Nationals and Blocked Persons” or owned or controlled by such a person; (B) operating, organized, or resident in a country, region, or territory that
is the target of any economic or financial sanctions or trade embargoes (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, and Syria); or (C) currently the target of any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (“OFAC”); and (ii) the Borrower will not directly or indirectly use the proceeds of the Loans or Letters of Credit or otherwise make available such proceeds to any Person, for the purpose
of financing the activities of any Person currently the subject of any U.S. sanctions administered by OFAC, except to the extent licensed or otherwise approved by OFAC, in each case of clauses (i) and (ii). 

  
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 (b) To the extent applicable, each Loan Party is in compliance with the (i) Trading
with the Enemy Act, International Emergency Economic Powers Act, and each of the foreign assets control regulations of the U.S. Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating
thereto and (ii) the USA PATRIOT Act. 
 Section 3.18 Anti-Corruption Laws. 

(a) None of Holdings, the Borrower, nor any of its Restricted Subsidiaries, nor to the knowledge of the Borrower, any of their respective
directors, officers or employees is, or has in the prior five years been, in violation of any applicable Anti-Corruption Laws in any material respect. 

(b) 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 anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any
improper advantage, in violation of the FCPA or any other applicable Anti-Corruption Laws in any material respect. 
 ARTICLE IV CONDITIONS

 Section 4.01 Closing Date. The obligations of (i) any 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 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 Security Agreement, (C) the Loan Guaranty, (D) each Intellectual Property Security Agreement and 
 (E) any
Promissory Note requested by a Lender prior to the Closing Date and (ii) a Borrowing Request as required by Section 2.03. 

(b) Legal Opinions. The Administrative Agent shall have received, on behalf of itself, the Lenders and each Issuing Bank on the Closing
Date, a customary written opinion of (i) Latham & Watkins LLP, in its capacity as special counsel for Holdings, the Borrower and the Subsidiary Guarantors, (ii) Carlton Fields Jorden Burt, P.A., in its capacity as Florida counsel
for the Borrower and (iii) Bean, Kinney & Korman, P.C., in its capacity as Maryland counsel for Chesapeake Bay Bridge Run, LLC, 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 Administrative Agent shall have received
(i) audited consolidated balance sheets of the Borrower and related consolidated statements of income, stockholders’ equity and cash flows as of and for the Fiscal Years ended December 31, 2018, December 31, 2017 and
December 31, 2016, (ii) unaudited consolidated balance sheets of the Borrower and related consolidated statements of income, stockholders’ equity and cash flows as of and for the Fiscal Quarter ending March 31, 2019 and (iii) a
pro forma consolidated balance sheet and related pro forma statement of income of the Borrower as of the last day of and for the Fiscal Quarter ended March 31, 2019, 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 the statement of income); provided that (i) each such pro forma financial statement shall be prepared in good faith by the
Borrower and (ii) no such pro forma financial statement shall be required to include adjustments for purchase accounting. 

  
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 (d) Closing Certificates; Certified Charters; Good Standing Certificates. The
Administrative Agent 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 Borrower, the borrowings hereunder, and that such resolutions or written consents have not been modified, rescinded or amended and are in full force and effect, (B) identify by name and title and bear the
signatures of 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 and (C) certify (x) that attached thereto is a true and complete copy
of the certificate or articles of incorporation or organization (or 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 (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) a good standing (or equivalent) certificate as of a recent date for such Loan Party from its jurisdiction of organization and (iii) a certificate dated the Closing Date and executed by a
secretary or other senior officer of the Borrower, certifying on behalf of the Borrower that the conditions set forth in Section 4.01(g), 4.02(b) and 4.02(c) have been satisfied. 

(e) Fees. Prior to or substantially concurrently with the funding of the Initial Term Loans hereunder, the Administrative Agent shall
have received (i) all fees required to be paid by the Borrower on the Closing Date pursuant to the Engagement 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 or such later date to which the Borrower may agree (including the reasonable fees and expenses of legal counsel), in each case on or before the Closing Date, which amounts may be offset against the proceeds of the
Loans. 
 (f) Lien Searches. The Administrative Agent shall have received the results of recent UCC, tax and judgment Lien searches
with respect to each of the Loan Parties to the extent reasonably required by the Administrative Agent, and such results shall not reveal any material judgment or any Lien on any of the assets of the Loan Parties except for Permitted Liens or Liens
to be discharged on or prior to the Closing Date. 
 (g) Refinancing; Payoff. Prior to or substantially concurrently with the initial
funding of the Loans hereunder, the Existing Credit Agreement Refinancing shall have been (or shall be) consummated and the Administrative Agent shall have received executed payoff letters evidencing that all Indebtedness under the Existing Credit
Agreement shall have been fully repaid and all commitments (if any) in respect thereof terminated and all guarantees (if any) thereof and Liens (if any) in respect thereof discharged and released. 

(h) Solvency. The Administrative Agent 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 the Borrower certifying as to the matters set forth therein. 

  
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 (i) Perfection Certificate. The Administrative Agent shall have received a completed
Perfection Certificate dated the Closing Date and signed by a Responsible Officer of each Loan Party, together with all attachments contemplated thereby. 

(j) Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent (or its bailee) shall have received (i) the certificates
representing the Capital Stock required to be pledged pursuant to the 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) endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof. 

(k) Filings Registrations and Recordings. Each document (including any UCC (or similar) 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, prior and superior in right to any other Person (other than with respect to Permitted Liens), shall be in proper form for filing, registration or recordation. 

(l) USA PATRIOT Act and Beneficial Ownership Regulation. No later than three Business Days in advance of the Closing Date, the
Administrative Agent shall have received (x) all documentation and other information reasonably requested by any Lender that is party hereto on the Closing Date in writing with respect to any Loan Party at least ten Business Days in advance of
the Closing Date, which documentation or other information is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and 

(y) if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in
relation to the Borrower. 
 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. 

Section 4.02 Each Credit Extension. The obligation of each Lender to make a Credit Extension (which, for the avoidance of doubt,
shall not include any Incremental Loans advanced in connection with an acquisition to the extent not otherwise required by the Incremental Lenders) is subject 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 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 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. 

  
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 (c) At the time of and immediately after giving effect to the applicable Credit Extension,
no Event of Default or Default exists. 
 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 (c) of this Section. 
 ARTICLE V AFFIRMATIVE
COVENANTS 
 From the Closing Date until the date that all the Revolving Credit Commitments and any Additional 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
and all Letters of Credit have expired or have been terminated (or have been collateralized or back-stopped by a letter of credit or otherwise in a manner reasonably satisfactory to the Administrative Agent and the Issuing Banks) and all LC
Disbursements have been reimbursed (such date, the “Termination Date”), Holdings (solely with respect to Sections 5.02, 5.03 and 5.12) 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 to each
Lender: 
 (a) Quarterly Financial Statements. (i) By September 15, 2019, in respect of the Fiscal Quarter ending
June 30, 2019, and (ii) thereafter, within 60 days after the end of each of the first three Fiscal Quarters of each Fiscal Year, the consolidated balance sheet of the Borrower as at the end of such Fiscal Quarter and the related
consolidated statements of income and cash flows of the 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 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 with respect thereto and a Narrative Report with respect thereto; 

(b) Annual Financial Statements. Within 120 days after the end of each Fiscal Year ending after the Closing Date, (i) the
consolidated balance sheet of the Borrower as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of the Borrower for such Fiscal Year and 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) a report thereon of an independent certified public accountant of recognized national standing
(which report shall be unqualified as to “going concern” and scope of audit (except for any such exception, qualification or explanatory paragraph pertaining to (1) the maturity of any Credit Facility, (2) any breach or
anticipated breach of any financial maintenance covenant or (3) the activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiary)), and shall state that such consolidated financial statements fairly present,
in all material respects, the consolidated financial position of the Borrower as at the dates indicated and its income and cash flows for the periods indicated in conformity with IFRS and (B) a Narrative Report; 

  
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 (c) Compliance Certificate. Together with each delivery of financial statements of
the Borrower pursuant to Section 5.01(a) and 5.01(b), (i) a duly executed and completed Compliance Certificate (A) certifying that no Default or Event of Default exists (or if a Default or Event of Default
exists, describing in reasonable detail such Default or Event of Default and the steps being taken to cure, remedy or waive the same), (B) as applicable, setting forth a reasonably detailed calculation of the First Lien Leverage Ratio for the Test
Period ended on the last day of the relevant Fiscal Quarter on which the Revolving Facility Test Condition is then satisfied, (C) setting forth a reasonably detailed calculation of the Consolidated Adjusted EBITDA for the Test Period ended on
the last day of the relevant Fiscal Quarter or Fiscal Year, as applicable, covered by such financial statements, (D) in the case of financial statements delivered pursuant to Section 5.01(b), setting forth reasonably
detailed calculations of Excess Cash Flow of the Borrower and its Restricted Subsidiaries for each Fiscal Year beginning with the financial statements for the Fiscal Year ending December 31, 2019, (E) in the case of financial statements
delivered pursuant to Section 5.01(b), setting forth a reasonably detailed calculation of the Available Amount as of the last day of the Fiscal Year covered by such financial statements or stating that there has been no
change to such amount since the date of delivery of the financial statements for the last Fiscal Year and (F) in the case of financial statements delivered pursuant to Section 5.01(b), certification that there has been
no change to the information in the Beneficial Ownership Certification that would result in a change to the list of Beneficial Owners identified in part (c) or (d) of such certification delivered pursuant to
Section 4.01(l) or, if applicable, since the date of the most recent certificate delivered pursuant to this Section 5.01(c) or if there have been any such changes, a list in reasonable detail of
such changes (but, in each case, only to the extent such changes would result in a change to the list of Beneficial Owners identified in any such certification) and (ii) (A) a summary of the pro forma adjustments 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 Compliance
Certificate or confirming that there is no change in such information since the later of the Closing Date and the date of the last such list; 

(d) Statements of Reconciliation After Change in Accounting Principles. If, as a result of any change in accounting principles and
policies from those used in the preparation of the consolidated financial statements of the Borrower for the Fiscal Year ended December 31, 2018 (including any conversion to IFRS pursuant to Section 1.04(a)), the
consolidated financial statements of the Borrower delivered pursuant to Section 5.01(a) or 5.01(b) will differ in any material respect from the consolidated financial statements that would have been delivered
pursuant to such Sections had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation with respect to such
financial statements that would have otherwise been delivered, including with respect to the calculations of Consolidated Net Income and Consolidated Adjusted EBITDA; 

(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 in any case 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 (i) the institution of, or
threat of, any Adverse Proceeding not previously disclosed in writing by the Borrower to the Administrative Agent, or (ii) any material development in any Adverse Proceeding that, in the case of either of clauses (i) or (ii),
could reasonably be expected to have a Material Adverse Effect, written notice thereof by the Borrower to the Lenders together with such other non-privileged information as may be reasonably available to the
Loan Parties to enable the Lenders to evaluate such matters; 

  
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 (g) ERISA. Promptly upon any Responsible Officer of the Borrower becoming aware of
the occurrence of any ERISA Event that could reasonably be expected to have a Material Adverse Effect, a written notice specifying the nature thereof; 

(h) Financial Plan. As soon as available and in any event no later than 90 days after the beginning of each Fiscal Year, commencing with
the Fiscal Year ending December 31, 2019, a consolidated plan and financial forecast for each Fiscal Quarter of such Fiscal Year, including a forecasted consolidated statements of income and cash flows of the Borrower for such Fiscal Year,
prepared in reasonable detail; 
 (i) Information Regarding Collateral. The Borrower will furnish to the Administrative Agent prompt
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) Annual Collateral Verification. Together with the delivery of each Compliance Certificate provided with the financial statements
required to be delivered pursuant to Section 5.01(b), the Borrower shall deliver to the Administrative Agent a Perfection Certificate Supplement or certify that there have been no changes since the Perfection Certificate
delivered on the Closing Date or the last Perfection Certificate Supplement delivered pursuant to this clause (j); 
 (k) Certain
Reports. Promptly upon their becoming 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) following an
initial public offering of Holdings, the Borrower or any of its Restricted Subsidiaries, all financial statements, reports, notices and proxy statements sent or made available generally by Holdings or the Borrower to its security holders acting in
such capacity or by any Restricted Subsidiary of the Borrower to its security holders other than the Borrower or another Restricted Subsidiary of the Borrower and (ii) all regular and periodic reports and all 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; and 
 (l) Other Information. Such other certificates,
reports and information (financial or otherwise) as the Administrative Agent may reasonably request from time to time in connection with the financial condition or business of Holdings and its Restricted Subsidiaries. 

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 such documents are delivered by the Borrower to the Administrative Agent for posting on behalf of the Borrower on IntraLinks/IntraAgency, SyndTrak or another relevant
website or other information platform approved by the Administrative Agent (the “Platform”), 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); (ii) on which executed certificates or other documents are faxed to the Administrative Agent (or electronically mailed to an address provided by the Administrative Agent); or (iii) in respect of the items required to
be delivered pursuant to Section 5.01(k) above in respect of information 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 Form 10-Q Reports and Form 10-K Reports described in Sections 5.01(a) and
(b), respectively), 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. 

  
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 Notwithstanding the foregoing, the obligations in paragraphs (a), (b) and
(h) of this Section 5.01 may be satisfied with respect to any financial statements of the Borrower by furnishing (A) the applicable financial statements of the Borrower or Holdings (or any other Parent
Company) or (B) the Borrower’s or 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; provided that, with respect to each of clauses (A) and (B), (i) to the extent such financial statements relate to any Parent
Company, such financial statements shall be accompanied by consolidating information 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 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, which
report and opinion shall satisfy the applicable requirements set forth in Section 5.01(b). Concurrently with the delivery of any document or notice required to be delivered pursuant to this
Section 5.01, the Borrower will indicate in writing whether such document or notice contains MNPI. The Borrower and each Lender acknowledge that certain of the Lenders may be “public-side” Lenders (Lenders that do
not wish to receive MNPI, a “Public Lender”) and, if documents or notices required to be delivered pursuant to this Section 5.01 or otherwise are being distributed by electronic transmission (including,
through the Platform), any document or notice that the Borrower has indicated contains MNPI will not be posted on that portion of the Platform designated for such Public Lenders. If the Borrower has not indicated whether a document or notice
delivered pursuant to this Section 5.01 contains MNPI, the Administrative Agent reserves the right to post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive MNPI.
Notwithstanding the foregoing or anything to the contrary in this Agreement, the following documentation, notices and information shall be deemed not to contain MNPI: (A) the Loan Documents, (B) notification of changes in the terms of the Loan
Documents and (C) all information delivered pursuant to Section 5.01(a), (b) or (c). 

Section 5.02 Existence. Except as otherwise permitted under Section 6.07, 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 could 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), 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 promptly instituted and diligently conducted, so long as (i) adequate reserves or other appropriate provisions, as are required in conformity with IFRS, have
been made therefor, and (ii) in the case of a Tax which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or
(b) failure to pay or discharge the same could not reasonably be expected to result in a Material Adverse Effect. 

  
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 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 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 properties or make such repairs, renewals or replacements could not reasonably be expected to have a Material Adverse Effect. 

Section 5.05 Insurance. (a) 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, 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. Each such policy of insurance shall (i) name the Administrative Agent on behalf of the Lenders as an additional insured
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), 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, 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). 
 (b) With
respect to each improved Material Real Estate Asset that is located in an area identified by the U.S. Federal Emergency Management Agency (or any successor agency thereto) as a “special flood hazard area” with respect to which flood
insurance has been made available under the NFIP, the Borrower shall, or shall cause the applicable Loan Party to (a) obtain and maintain with financially sound and reputable insurance companies, such flood insurance in an amount and in all
other respects sufficient to comply with all applicable rules and regulations promulgated under the Flood Laws and otherwise reasonably satisfactory to the Administrative Agent or as otherwise required from time to time by the Administrative Agent
and the Lenders and (b) promptly upon request of the Administrative Agent or any Lender, shall deliver to the Administrative Agent or such Lender as applicable, evidence of such compliance in form and substance reasonably acceptable to the
Administrative Agent or such Lender, including, without limitation, evidence of annual renewals of such flood insurance. 

  
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 Section 5.06 Inspections. The Borrower will, and will cause each of its
Restricted Subsidiaries to, permit any authorized representative designated by the Administrative Agent 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 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 (provided that the Borrower (or any of its subsidiaries) may, if it so chooses, be present at or participate in any such discussion), all upon reasonable notice and at reasonable times during normal
business hours; provided that, excluding such visits and inspections during the continuation of an Event of Default, (x) only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the
Lenders under this Section 5.06, (y) the Administrative Agent shall not exercise such rights more often than one time during any calendar year and (z) only one such time per calendar year shall be at the expense of the
Borrower; provided, further, that when an Event of Default exists, the Administrative Agent (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 Agent or any Lender (or
any of their respective representatives or contractors) is prohibited by applicable law or (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product. 

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 IFRS. 
 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, OFAC, USA PATRIOT Act
and FCPA). 
 Section 5.09 Environmental. 

(a) Environmental Disclosure. The Borrower will deliver to the Administrative Agent: 

(i) as soon as practicable following receipt thereof, copies of all 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 significant environmental matters at the
Borrower’s real property or with respect to any Environmental Claims that, in each case might reasonably be expected to have a Material Adverse Effect; 

(ii) promptly upon 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 Laws that could reasonably be expected to have a Material Adverse Effect, (B) any
remedial action taken by the Borrower or any of its Restricted Subsidiaries or any other Person of which the Borrower or any of its Restricted Subsidiaries has knowledge in response to (1) any Hazardous Materials Activity the existence of which has
a reasonable possibility of resulting in one or more Environmental Claims having, individually or in the aggregate, a Material Adverse Effect or (2) any Environmental Claim that, individually or in the aggregate, has a reasonable possibility of
resulting in a Material Adverse Effect and (C) discovery by the Borrower of any occurrence or condition on any real property adjoining or in the vicinity of any Facility that reasonably could be expected to have a Material Adverse Effect; 

  
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 (iii) as soon as practicable 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 (A) any Environmental Claim that, individually or in the aggregate, has a reasonable possibility of giving rise to a Material Adverse
Effect, (B) 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 that reasonably could be expected to have a Material Adverse Effect, and (C)
any request made to the Borrower or any of its Restricted Subsidiaries for information from any governmental agency that suggests such agency is investigating whether the Borrower or any of its Restricted Subsidiaries may be potentially responsible
for any Hazardous Materials Activity which is reasonably expected to have a Material Adverse Effect; 
 (iv) prompt written
notice describing in reasonable detail (A) any proposed acquisition of stock, assets, or property by the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to expose the Borrower or any of its Restricted
Subsidiaries to, or result in, Environmental Claims that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and (B) any proposed action to be taken by the Borrower or any of its Restricted
Subsidiaries to modify current operations in a manner that could subject the Borrower or any of its Restricted Subsidiaries to any additional obligations or requirements under any Environmental Law that are reasonably likely to have a Material
Adverse Effect; and 
 (v) with reasonable promptness, such other documents and information as from time to time may be
reasonably requested by the Administrative Agent in relation to any matters disclosed pursuant to this Section 5.09(a). 

(b) Hazardous Materials Activities, Etc. The Borrower shall promptly take, and shall cause each of its Restricted Subsidiaries promptly
to take, any and all actions necessary to (i) cure any violation of applicable Environmental Laws by the Borrower or its Restricted Subsidiaries, and address with appropriate corrective or remedial action any Release or threatened Release of
Hazardous Materials at or from any Facility, in each case, that could 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, in each case, where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 5.10 Designation of Subsidiaries. The board of directors (or equivalent governing body) of the Borrower may at any time
after the Closing Date designate (or redesignate) any subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default or Event of
Default exists (including after giving effect to the reclassification of Investments in, Indebtedness of and Liens on the assets of, the applicable Restricted Subsidiary or Unrestricted Subsidiary), (ii) the Borrower shall be in compliance with
Section 6.15 (whether or not then in effect) calculated on a Pro Forma Basis after giving effect to such designation (and determined on the basis of the financial statements for the most recently ended Test Period at or
prior to such time which have been or were required to be delivered pursuant to 
 Section 5.01(a) or
Section 5.01(b), as applicable) and (iii) as of the date of the designation thereof, no Unrestricted Subsidiary shall own any Capital Stock in any Restricted Subsidiary of the Borrower or hold any Indebtedness of or
any Lien on any property of the Borrower or its Restricted Subsidiaries. The designation of any subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the
portion of the fair market value of the net assets of such Restricted Subsidiary attributable to the Borrower’s equity interest therein as reasonably estimated by the Borrower (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 incurrence or making, as applicable, at the time of designation of any
then-existing Investment, Indebtedness or Lien of such Restricted 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. 

  
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 Section 5.11 Use of Proceeds. The Borrower shall use the proceeds of the
Revolving Loans to finance the working capital needs and other general corporate purposes of the Borrower and its subsidiaries (including for capital expenditures, acquisitions, working capital and/or purchase price adjustments, the payment of
transaction fees and expenses, other Investments, Restricted Payments and any other purpose not prohibited by the terms of the Loan Documents). The Borrower shall use proceeds of the Initial Term Loans solely to finance the Existing Credit Agreement
Refinancing and to pay the Transaction Costs. 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 T, U or X. 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). 
 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, (ii) the
designation of any Unrestricted Subsidiary that is a Domestic Subsidiary as a Restricted Subsidiary, (iii) any Restricted Subsidiary that is a Domestic Subsidiary ceasing to be an Immaterial Subsidiary or (iv) any Restricted Subsidiary
ceasing to be an Excluded Subsidiary, within 90 days of formation or acquisition (or such longer period as the Administrative Agent may reasonably agree in its sole discretion), (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 Agent, cause the relevant Restricted
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 Lenders. 

(b) Within 120 days after the acquisition by any Loan Party of any Material Real Estate Asset other than any Excluded Asset (or such longer
period as the Administrative Agent may reasonably agree in its sole discretion), the Borrower shall cause such 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 owned by any Restricted Subsidiary at the time such Restricted 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 Restricted Subsidiary on the first day of the time period within which such Restricted Subsidiary is required to become a
Loan Party under Section 5.12(a). Notwithstanding the foregoing, the Administrative Agent shall not enter into any Mortgage in respect of any Material Real Estate Asset acquired by any Loan Party after the Closing Date
pursuant to this Section 5.12 until (1) the date that occurs 45 days after the Administrative Agent has delivered to the Lenders (which may be delivered electronically) the following documents in respect of such Material Real Estate Asset:
(i) a completed Flood Determination Form from a third party vendor, (ii) if such Material Real Estate Asset is located in a “special flood hazard area,” (A) a notification to the applicable Loan Party of that fact and (if
applicable) notification to the applicable Loan Party that flood insurance is not available and (B) evidence of receipt by the applicable Loan Party of such notice, and (iii) if such notice is required to be provided to the applicable Loan
Party and flood insurance is available in the community in which such Material Real Estate Asset is located, evidence of flood insurance, and (2) the Administrative Agent shall have received written confirmation from the Arrangers that flood
insurance due diligence and flood insurance compliance have been completed by the Arrangers (such written confirmation not to be unreasonably conditioned, withheld or delayed); provided that the Administrative Agent may enter into any such Mortgage
prior to the notice period specified above upon receipt of the written confirmation described in clause (2) above and provided further that the Loan Parties’ obligations under this Section 5.12(b) to grant a Mortgage of any Material
Real Estate Asset within the 120-day time period described herein shall be extended for so long as is required to ensure compliance with the requirements of clause (2) above. 

  
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 Notwithstanding anything to the contrary herein or in any other Loan Document, (i) the
Administrative Agent may grant extensions of time 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 (in connection with assets acquired, or Restricted Subsidiaries formed or acquired, after the Closing Date) where it reasonably determines, in consultation with the Borrower, that such action cannot be
accomplished without undue effort or expense by the time or times at which it would otherwise be required to be accomplished by this Agreement or the Collateral Documents, 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 assets 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), (iv) no Loan Party shall be required to seek any landlord lien 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 (2) execute any foreign law security agreement, pledge agreement, mortgage, deed or charge; (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, and any retention of title, extended retention of title rights, or similar
rights and/or (y) Letter-of-Credit Rights to the extent that a security interest therein cannot be perfected by filing a Form
UCC-1 (or similar) financing statement 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 of
obtaining or perfecting such Lien (including any mortgage, stamp, intangibles or other tax or expenses relating to such Lien) is excessive in relation to the benefit to the Lenders of the security afforded thereby as reasonably determined by the
Borrower and the Administrative Agent. 
 Section 5.13 Maintenance of Ratings. The Borrower shall use commercially reasonable
efforts to maintain public credit and public corporate family ratings with respect to the Borrower and a public rating of the Credit Facilities from each of S&P and Moody’s; provided that in no event shall the Borrower be required to
maintain any specific rating with any such agency. 

  
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 Section 5.14 Post- Closing Actions. Deliver to Administrative Agent, in form and
substance reasonably satisfactory to the Administrative Agent, the items described on Schedule 5.14 hereof on or before the dates specified with respect to such items on Schedule 5.14 (or, in each case, such later date as may be agreed
to by Administrative Agent in its sole discretion). All representations and warranties contained in this Agreement and the other Loan Documents will be deemed modified to the extent necessary to effect the foregoing (and to permit the taking of the
actions described on Schedule 5.14 within the time periods specified thereon, rather than as elsewhere provided in the Loan Documents). 

Section 5.15 Further Assurances. Promptly upon request of the Administrative Agent and subject to the limitations described in
Section 5.12: 
 (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 law and which the Administrative Agent may 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 carry out more effectively the purposes of the Collateral Documents. 

Section 5.16 Quarterly Lender Call. Following each delivery of financial statements pursuant to Sections 5.01(a) and
(b) (commencing with respect to the financial statements delivered for the Fiscal Quarter ending June 30, 2019), the Borrower shall participate in a conference call with Lenders arranged by the Administrative Agent to provide discussion
and analysis with respect to the financial condition and results of operations of the Borrower and its Restricted Subsidiaries at a time to which the Borrower and the Administrative Agent mutually agree. 

ARTICLE VI 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 or remain liable with respect to any Indebtedness, except: 

(a) the Secured Obligations (including any Additional Term Loans and any Additional Revolving Loans); 

  
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 (b) Indebtedness of the Borrower to any Restricted Subsidiary and/or Joint Venture and/or of
any Restricted Subsidiary and/or Joint Venture to the Borrower or any other Restricted Subsidiary and/or Joint Venture; provided that in the case of any Indebtedness of any Restricted Subsidiary and/or Joint Venture that is not a Loan Party
owing to a Loan Party, such Indebtedness shall be permitted as an Investment by Section 6.06; provided, further, that all such Indebtedness of any Loan Party to any Restricted Subsidiary and/or Joint Venture
that is not a Loan Party must be expressly subordinated to the Obligations of such Loan Party on terms no less favorable to the Administrative Agent and the Secured Parties than the subordination provisions contained in the Intercompany Note
attached as Exhibit N hereto: 
 (c) [reserved]; 

(d) Indebtedness arising from any agreement providing for indemnification, adjustment of purchase price or similar obligations (including
contingent earn-out obligations) incurred in connection with any Disposition permitted hereunder, any acquisition permitted hereunder or any other purchase of assets or Capital Stock, and Indebtedness arising
from guaranties, 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, bids, leases,
governmental contracts, trade contracts, surety, stay, customs, appeal, performance and/or return of money bonds 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 commercial credit cards, stored value 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 and any arrangements or services similar to any of the foregoing and/or otherwise in
connection with Cash management and Deposit Accounts, including Banking Services Obligations and dealer incentive, supplier finance or similar programs; 

(g) (i) guaranties by the Borrower and/or any Restricted Subsidiary of the obligations of suppliers, customers and licensees in the
ordinary course of business, (ii) Indebtedness 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 goods or services or progress payments
in connection with such goods and services 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; provided the aggregate outstanding principal amount of Indebtedness in respect of letters of credit under this clause (iii) shall not exceed the greater of $25,000,000 and 45% of Consolidated
Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as
applicable; 
 (h) Guarantees 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 Guarantee by any Loan Party of the obligations of any non-Loan Party, the related Investment is permitted under Section 6.06 and; provided, further, that if
the Indebtedness being Guaranteed is unsecured and/or junior lien Indebtedness, the Guarantee will also be unsecured and/or be expressly subordinated in right of payment to the Obligations; 

  
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 (i) Indebtedness of the Borrower and/or any Restricted Subsidiary existing, or pursuant to
commitments existing, on the Closing Date and described on Schedule 6.01; 
 (j) Indebtedness of Restricted Subsidiaries that are not
Loan Parties; provided that the aggregate outstanding principal amount of such Indebtedness shall not exceed the greater of $20,000,000 and 30% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day
of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable; 

(k) Indebtedness of the Borrower and/or any Restricted Subsidiary consisting of obligations owing under incentive, supply, 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 each case, 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 Capital Leases and purchase money Indebtedness incurred prior
to or within 270 days of the acquisition, lease, completion of construction, repair of, replacement, improvement to or installation of assets in an aggregate outstanding principal amount not to exceed the greater of $6,000,000 and 10% of
Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the last Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as
applicable; 
 (n) Indebtedness of any Person that becomes a Restricted Subsidiary or Indebtedness assumed in connection with an acquisition
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, (ii) at the time of the execution of the definitive agreement governing such acquisition on a pro forma basis for such acquisition, no Event of Default existed or would result from the consummation of such
acquisition and (iii) the Borrower is in compliance with Section 6.15 (whether or not then in effect) calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period for which financial
statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, prior to the date of the execution of the definitive agreement governing such acquisition; 

(o) Indebtedness consisting of promissory notes issued by the Borrower or any Restricted Subsidiary to any stockholder of any Parent Company or
any current or former director, officer, employee, member of management, manager or consultant of any Parent Company, the Borrower or any subsidiary (or their respective Immediate Family Members) to finance the purchase or redemption of Capital
Stock of any Parent Company permitted by Section 6.04(a); 

  
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 (p) the Borrower and its Restricted Subsidiaries may become and remain liable for any
Indebtedness refinancing, refunding or replacing any Indebtedness permitted under clauses (a), (i), (j), (m), (n), (q), (u), (w), (y), and (z) of this
Section 6.01 (in any case, including any refinancing Indebtedness incurred in respect thereof, “Refinancing Indebtedness”) and any subsequent Refinancing Indebtedness in respect thereof; provided
that (i) the principal amount of such Indebtedness does not exceed the principal amount of the Indebtedness being refinanced, refunded or replaced, except by (A) an amount equal to unpaid accrued interest and premiums (including tender
premiums) thereon plus underwriting discounts, other reasonable and customary fees, commissions and expenses (including upfront fees, original issue discount or initial yield payments) incurred in connection with the relevant refinancing,
refunding or replacement, (B) an amount equal to any existing commitments unutilized thereunder and (C) additional amounts permitted to be incurred pursuant to this Section 6.01 (provided that (1) such
additional Indebtedness satisfies the other applicable requirements of this definition (with additional amounts incurred in reliance on this clause (C) constituting a utilization of the relevant basket or exception pursuant to which such
additional amount is permitted) and (2) if such additional Indebtedness is secured, the Lien securing such Indebtedness satisfies the applicable requirements of Section 6.02), (ii) other than in the case of Refinancing
Indebtedness with respect to clauses (i), (m), (n) or (u), (A) such Indebtedness has 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 final maturity of the Indebtedness being refinanced, refunded or replaced and (B) other than with respect to revolving Indebtedness, a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to
Maturity of the Indebtedness being refinanced, refunded or replaced, (iii) the terms of any Refinancing Indebtedness with an original principal amount in excess of the Threshold Amount (excluding pricing, fees, premiums, rate floors, optional
prepayment or redemption terms (and, if applicable, subordination terms)), and the terms of any Refinancing Indebtedness incurred in respect of Indebtedness permitted under clause (a) above, are not, taken as a whole (as reasonably
determined by the Borrower), more favorable to the Lenders providing such Indebtedness than those applicable to the Indebtedness being refinanced, refunded or replaced (other than any covenants or any other provisions applicable only to periods
after the Latest Maturity Date as of such date or any covenants or provisions which are then-current market terms for the applicable type of Indebtedness), (iv) in the case of Refinancing Indebtedness with respect to Indebtedness permitted under
clauses (j), (m), (u) (w), (y) and (z) of this Section 6.01, the incurrence thereof shall be without duplication of any amounts outstanding in reliance on the relevant clause
(with amounts originally incurred under the relevant clause to be deemed to remain outstanding under such clause, notwithstanding the refinancing thereof), (v) except in the case of Refinancing Indebtedness incurred in respect of Indebtedness
permitted under clause (a) of this Section 6.01 (it being understood that in all cases Holdings may not be the primary obligor of the applicable Refinancing Indebtedness if Holdings was not the primary Obligor
on the relevant refinanced Indebtedness), (A) such Indebtedness is secured only by Permitted Liens at the time of such 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 refinanced, refunded or replaced, except to the extent otherwise permitted pursuant to Section 6.01 and
(C) if the Indebtedness being refinanced, refunded or replaced was originally contractually subordinated to the Obligations in right of payment (or the Liens securing such Indebtedness were originally 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 Collateral securing the Secured
Obligations) on terms not materially less favorable (as reasonably determined by the Borrower), taken as a whole, to the Lenders than those applicable to the Indebtedness (or Liens, as applicable) being refinanced, refunded or replaced, taken as a
whole, (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, no Event of
Default exists, and (vii) in the case of Refinancing Indebtedness incurred in respect of Indebtedness permitted under clause (a) of this Section 6.01, (A) such 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 Obligations hereunder, or is unsecured; provided that any such Indebtedness that is pari passu or junior with respect
to the Collateral shall be subject to an intercreditor agreement on terms reasonably satisfactory to the Administrative Agent and the Borrower, (B) if the Indebtedness being refinanced, refunded or replaced is secured, it is not secured by any
assets other than the Collateral, (C) if the Indebtedness being refinanced, refunded or replaced is Guaranteed, it shall not be Guaranteed by any Person other than a Loan Party and (D) such Indebtedness is incurred under (and pursuant to)
documentation other than this Agreement; 

  
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 (q) unsecured Indebtedness incurred to finance acquisitions permitted hereunder after the
Closing Date; provided that (i) at the time of the execution of the definitive agreement governing the relevant acquisition on a pro forma basis for such acquisition, no Event of Default exists (or would result from the consummation of
such acquisition), (ii) after giving effect to the acquisition as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as
applicable, prior to the date of the execution of the definitive agreement governing such acquisition, (A) the Borrower is in compliance, on a Pro Forma Basis, with Section 6.15 (whether or not then in effect) and
(B) the Total Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 6.00:1.00, (iii) such Indebtedness does not mature or require any scheduled amortization or scheduled payment of principal or require any mandatory redemption,
repurchase, repayment or sinking fund obligation (other than (A) payments as part of an “applicable high yield discount obligation” catch-up payment, (B) customary offers to repurchase in
connection with any change of control, Disposition or casualty event and (C) customary acceleration rights after an event of default), in each case, prior to the date which is 91 days after the Latest Maturity Date as of the date of incurrence
thereof and (iv) the aggregate outstanding principal amount of such Indebtedness of Restricted Subsidiaries that are not Loan Parties shall not exceed the greater of $15,000,000 and 25% of Consolidated Adjusted EBITDA of the Borrower and its
Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, minus the aggregate
principal amount of such Indebtedness of Restricted Subsidiaries that are not Loan Parties outstanding in reliance on clause (1) of the first proviso of Section 6.01(w); 

(r) [reserved]; 
 (s) Indebtedness
of the Borrower and/or any Restricted Subsidiary under any Derivative Transaction not entered into for speculative purposes; 
 (t)
[reserved]; 
 (u) Indebtedness of the Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed
the greater of $20,000,000 and 30% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered
pursuant to Sections 5.01(a) or (b), as applicable; 
 (v) [reserved]; 

  
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 (w) additional Indebtedness of the Borrower and/or any Restricted Subsidiary so long as, on
a Pro Forma Basis as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, prior to the date of the
incurrence thereof (or, to the extent the proceeds of such indebtedness will be applied to finance an acquisition permitted hereunder, prior to the date of the execution of the definitive agreement governing such acquisition) (i) if such
Indebtedness is secured by a Lien on the Collateral that is pari passu with the Lien securing the Credit Facilities on the Closing Date, the First Lien Leverage Ratio would not exceed 4.50:1.00, (ii) if such Indebtedness is secured by a Lien
on the Collateral that is junior to the Lien securing the Credit Facilities on the Closing Date, the Secured Leverage Ratio would not exceed 5.00:1.00 or (iii) if such Indebtedness is unsecured, the Total Leverage Ratio would not exceed
6.00:1.00; provided that (1) the aggregate outstanding principal amount of such Indebtedness of Restricted Subsidiaries that are not Loan Parties shall not exceed the greater of $ 15,000,000 and 25% of Consolidated Adjusted EBITDA of the
Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable,
minus the aggregate principal amount of such Indebtedness of Restricted Subsidiaries that are not Loan Parties outstanding in reliance on Section 6.01(q)(iv), (2) no such Indebtedness shall mature or require any
scheduled amortization or scheduled payments of principal and shall not be subject to any mandatory redemption, repurchase, repayment or sinking fund obligation (other than (A) payments as part of an “applicable high yield discount
obligation” catch-up payment, (B) customary offers to repurchase in connection with any change of control, Disposition or casualty event and (C) customary acceleration rights after an event of
default), in each case, prior to the date that is 91 days after the Latest Maturity Date as of the date of the incurrence thereof, (3) any such Indebtedness that ranks pari passu in right of security shall be subject to
Section 2.22(a)(v) and (4) any such Indebtedness that ranks pari passu in right of security or that is subordinated in right of payment or security shall be subject to intercreditor arrangements reasonably
satisfactory to the Administrative Agent; 
 (x) [reserved]; 

(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) secured or unsecured notes and/or loans (and/or commitments in respect thereof)
issued or incurred by the Borrower in lieu of Incremental Loans (such notes or loans, “Incremental Equivalent Debt”); provided that (i) the aggregate outstanding principal amount (or committed
amount, if applicable) of all Incremental Equivalent Debt, together with the aggregate outstanding principal amount (or committed amount, if applicable) of all Incremental Loans and Incremental Commitments provided pursuant to
Section 2.22 shall not exceed the Incremental Cap, (ii) any Incremental Equivalent Debt shall be subject to clauses (vi), (vii), (viii), (ix) and (x) (except, in the case of clause
(x), as otherwise agreed by the Persons providing such Incremental Equivalent Debt) of the proviso to Section 2.22(a), (iii) any Incremental Equivalent Debt that is secured shall be secured only by the Collateral and on
a pari passu or junior basis with the Collateral securing the Secured Obligations (it being understood that any Incremental Equivalent Debt that is pari passu with the Term Facility in right of payment and security shall be in the form
of notes and not loans), (iv) any Incremental Equivalent Debt that ranks pari passu in right of security or that is subordinated in right of payment or security shall be subject to intercreditor arrangements reasonably satisfactory to the
Administrative Agent and (v) no Incremental Equivalent Debt may be guaranteed by any Person that is not a Loan Party; 
 (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, unemployment insurance (including premiums related thereto), other types of social security, pension obligations, vacation pay, health, disability or other employee benefits; 

(bb) Indebtedness of the Borrower and/or any Restricted Subsidiary representing (i) deferred compensation to 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; 

  
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 (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 to support any Defaulting Lender’s participation in Letters of Credit issued, hereunder; 

(dd) Indebtedness of the Borrower or any Restricted Subsidiary supported by any Letter of Credit; 

(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) [reserved]; and 
 (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. 

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, except: 

(a) Liens securing the Secured Obligations created pursuant to the Loan Documents; 

(b) Liens for Taxes which are (i) not then due or, if due, such Taxes are not at such time required to be paid pursuant to
Section 5.03 or (ii) being contested in accordance with Section 5.03; 
 (c)
statutory Liens (and rights of set-off) of landlords, banks, carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law, in each case incurred in the ordinary course
of business (i) for amounts not yet overdue by more than 30 days, (ii) for amounts that are overdue by more than 30 days and that are being contested in good faith by appropriate proceedings, so long as any reserves or other appropriate
provisions required by IFRS shall have been made for any such contested amounts or (iii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(d) Liens incurred (i) in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
types of social security laws and regulations, (ii) in the ordinary course of business to secure the performance of tenders, statutory obligations, surety, stay, customs and appeal bonds, bids, leases, government contracts, trade contracts,
performance and return-of-money bonds and other similar obligations (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 or indemnification obligations of insurance carriers providing property, casualty, liability or other insurance to the Borrower and its
subsidiaries 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; 

  
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 (e) Liens consisting of easements, rights-of-way, restrictions, encroachments, and other minor defects or irregularities in title, in each case 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 the current use of the affected property; 
 (f) Liens consisting of
any (i) interest or title of a lessor or sub-lessor under any lease of real estate permitted hereunder, (ii) landlord lien permitted by the terms of any lease, (iii) restriction or encumbrance
to which the interest or title of such lessor or sub-lessor may be subject or (iv) subordination of the interest of the lessee or sub-lessee under such lease to any
restriction or encumbrance referred to in the preceding clause (iii); 
 (g) Liens solely on any Cash earnest money deposits 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; 

(h) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases or consignment or
bailee arrangements entered into in the ordinary course of business; 
 (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 law or right reserved to or vested in any Governmental Authority to control or regulate the use of any or dimensions of real property or the structure thereon; 

(k) Liens securing Indebtedness permitted pursuant to Section 6.01(p) (solely with respect to the permitted
refinancing of Indebtedness permitted pursuant to Sections 6.01(a), (i), (j), (m), (n), 
 (w) and
(z)); provided that (i) no such Lien extends to any asset not covered by the Lien securing the Indebtedness that is refinanced and (ii) if the Indebtedness being refinanced was subject to intercreditor arrangements, then any
refinancing Indebtedness in respect thereof shall be subject to intercreditor arrangements not materially less favorable, 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 otherwise reasonably acceptable to the Administrative Agent; 
 (l)
Liens 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 and (B) proceeds and products thereof, accessions 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) 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; 

  
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 (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 with the proceeds of such Indebtedness and proceeds and products thereof, accessions 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); 

(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, accessions or additions thereto and
improvements thereon) or (y) was created in contemplation of the applicable acquisition of assets or Capital Stock; 
 (p) Liens
(i) that are contractual rights of set-off or netting relating to (A) the establishment of depositary relations with banks 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 and
(ii) encumbering reasonable customary initial deposits and margin deposits; 
 (q) Liens on assets and (to the extent not constituting
Collateral (or required to be Collateral)) Capital Stock of Restricted Subsidiaries that are not Loan Parties (including Capital Stock owned by such Persons) securing Indebtedness of Restricted Subsidiaries that are not Loan Parties permitted
pursuant to Section 6.01; 
 (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 survey or Mortgage Policy delivered pursuant to Section 5.12 with respect to any Material Real
Estate Asset and any replacement, extension or renewal of any such Lien; provided that (i) 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) and (ii) such Liens 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 the current use of the affected property; 
 (t) Liens securing Indebtedness incurred pursuant
to Section 6.01(z), subject to an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent; 

(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 $15,000,000 and 20% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered
pursuant to Sections 5.01(a) or (b), as applicable; 

  
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 (v) 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); 

(w) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any
material respect with the business of the Borrower and its Restricted Subsidiaries (other than any Immaterial Subsidiary) or (ii) secure any Indebtedness; 

(x) Liens on Securities 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 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
in the ordinary course of business and permitted by this Agreement or (ii) by operation of law under Article 2 of the UCC (or similar 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 and/or any Joint Venture, in the case of each of clauses (i) and (ii), securing intercompany Indebtedness permitted under Section 6.01; 

(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) and/or (ii) obligations of the type described in Section 6.01(f), which Liens 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 intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent, may consist of pledges of Cash collateral in an amount
not to exceed the greater of $6,000,000 and 10% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be
delivered pursuant to Sections 5.01(a) or (b), as applicable; 
 (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; 

  
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 (gg) Liens on cash exclusively escrowed to make Restricted Payments permitted under
Section 6.04(a)(vi), not to exceed the amount set forth in the definition of Restricted Stock Unit Settlement; provided that such Liens shall be released upon the earlier of (x) June 30, 2021 and
(y) the making of the Restricted Stock Unit Settlement; and 
 (hh) Liens securing Indebtedness incurred in reliance on
Section 6.01(w) so long as the condition described in clause (i) or clause (ii), as applicable, and the proviso of Section 6.01(w) have been satisfied. 

Section 6.03 No Further Negative Pledges. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter
into any agreement prohibiting the creation or assumption of any Lien upon any of its properties, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the Obligations, except with respect to: 

(a) specific property to be sold pursuant to any Disposition permitted by Section 6.07; 

(b) restrictions contained in any agreement with respect to Indebtedness permitted by Section 6.01 that is secured by
a Permitted Lien, but only if such restrictions apply only to the Person or Persons obligated under such Indebtedness and its or their Restricted Subsidiaries or the property or assets securing such Indebtedness; 

(c) restrictions contained in the documentation governing Indebtedness permitted by clauses (j), (m), (q), (u),
(w) and/or (z) of Section 6.01 (and clause (p) of Section 6.01 to the extent relating to any refinancing, refunding or replacement of Indebtedness incurred in
reliance on clauses (a), (j), (m), (q), (u), (w) and/or (z) of Section 6.01); 

(d) restrictions by reason of customary provisions restricting assignments, subletting or other transfers (including the granting of any Lien)
contained in leases, subleases, licenses, sublicenses and other agreements entered into in the ordinary course of business (provided that such restrictions are limited to the relevant leases, subleases, licenses, sublicenses or other
agreements and/or the property or assets secured by such Liens or the property or assets subject to such leases, subleases, licenses, sublicenses or other agreements, as the case may be); 

(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 or distribution of
assets or property that is not (or is not required to be) Collateral in Joint Venture agreements, sale-leaseback 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); 
 (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 property so acquired (or to the Person or Persons (and its or their subsidiaries) bound
thereby) and was not created in connection with or in anticipation of such acquisition; 

  
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 (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 and which do not materially impair the ability of the Administrative Agent to exercise remedies in respect of the Collateral; 

(i) restrictions on Cash or other deposits imposed by Persons under contracts entered into in the ordinary course of business or for whose
benefit such Cash or other deposits exist; 
 (j) restrictions set forth in documents which exist on the Closing Date (i) for which the
obligations of the Borrower or its Restricted Subsidiaries do not exceed $2,500,000 or (ii) which are described on Schedule 6.03; 

(k) restrictions contained in documents governing Indebtedness permitted hereunder of any Restricted Subsidiary that is not a Loan Party; 

(l) restrictions set forth in any Loan Document, any Hedge Agreement and/or any agreement relating to any Banking Service Obligation; and 

(m) 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 clauses (a) through (l) above; 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; Certain Payments of
Indebtedness. 
 (a) The Borrower shall not, nor will it permit any Restricted Subsidiary to, 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 administrative 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) and franchise fees and Taxes and similar fees, Taxes and expenses required
to maintain the organizational existence of such 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), and/or its subsidiaries (and/or Joint Ventures); provided that Restricted
Payments under this Section 6.04(a)(i)(A) that are attributable to any Unrestricted Subsidiary or any Specified Joint Venture shall be permitted only to the extent that either (x) such Unrestricted Subsidiary or
Specified Joint Venture has made one or more cash distributions, advances or loans to the Borrower or any of its Restricted Subsidiaries for such purpose in an amount up to the amount of such Unrestricted Subsidiary’s or Specified Joint
Venture’s proportionate share of such costs, expenses, franchise fees and Taxes and similar fees, Taxes and expenses or (y) the amount of such Restricted Payments made by the Borrower on behalf of such Unrestricted Subsidiary or Specified
Joint Venture is treated as an Investment subject to Section 6.06 hereof; 

  
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 (B) to discharge the consolidated, combined, unitary or similar Tax
liabilities of such Parent Company and its subsidiaries when and as due, to the extent such liabilities are attributable to the ownership or operations of any Parent Company (but excluding, for the avoidance of doubt, the portion of any such Tax
liabilities, 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 its subsidiaries (and/or any Joint Venture); provided that the
amount paid by the Borrower pursuant to this paragraph 
 (B) shall not exceed the amount of Tax liabilities that
would be due if the Borrower and each subsidiary were separate corporations filing income and similar Tax returns on a consolidated, combined, unitary or similar basis with the Borrower as the common parent of such affiliated group (calculated at
the highest combined applicable federal, state, local and foreign Tax rate); provided further that Restricted Payments under this Section 6.04(a)(i)(B) that are attributable to any Unrestricted Subsidiary or any Specified
Joint Venture shall be permitted only to the extent that either (x) such Unrestricted Subsidiary has made one or more cash distributions, advances or loans to the Borrower or any of its Restricted Subsidiaries for such purpose in an amount up
to the amount of such Unrestricted Subsidiary’s or Specified Joint Venture’s, as applicable, proportionate share of such Tax liabilities or (y) the amount of any such Restricted Payment made by the Borrower on behalf of such
Unrestricted Subsidiary or Specified Joint Venture is treated as an Investment subject to Section 6.06 hereof; 

(C) 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); provided that Restricted Payments under this Section 6.04(a)(i)(C) that are attributable to any Unrestricted Subsidiary or any Specified Joint Venture shall be permitted only
to the extent that either (x) such Unrestricted Subsidiary has made one or more cash distributions, advances or loans to the Borrower or any of its Restricted Subsidiaries for such purpose in an amount up to the amount of such Unrestricted
Subsidiary’s or Specified Joint Venture’s, as applicable, proportionate share of such accounting and reporting expenses or (y) the amount of any such Restricted Payment made by the Borrower on behalf of such Unrestricted Subsidiary or
Specified Joint Venture is treated as an Investment subject to Section 6.06 hereof; 

  
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 (D) 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); provided that Restricted Payments under this Section 6.04(a)(i)(D) that are attributable to any Unrestricted Subsidiary or any Specified Joint Venture shall be permitted only to
the extent that either (x) such Unrestricted Subsidiary has made one or more cash distributions, advances or loans to the Borrower or any of its Restricted Subsidiaries for such purpose in an amount up to the amount of such Unrestricted
Subsidiary’s or Specified Joint Venture’s, as applicable, proportionate share of such insurance premiums or (y) the amount of any such Restricted Payment made by the Borrower on behalf of such Unrestricted Subsidiary or Specified
Joint Venture is treated as an Investment subject to Section 6.06 hereof; 
 (E) pay fees and
expenses related to debt or equity offerings, investments or acquisitions permitted or not restricted by this Agreement (whether or not consummated); provided that Restricted Payments under this Section 6.04(a)(i)(E)
that are attributable to any Unrestricted Subsidiary or Specified Joint Venture shall be permitted only to the extent that either (x) such Unrestricted Subsidiary or Specified Joint Venture has made one or more cash distributions, advances or
loans to the Borrower or any of its Restricted Subsidiaries for such purpose in an amount up to the amount of such Unrestricted Subsidiary’s or Specified Joint Venture’s proportionate share of such fees and expenses or (y) the amount
of such Restricted Payment made by the Borrower on behalf of such Unrestricted Subsidiary or Specified Joint Venture is treated as an Investment subject to Section 6.06 hereof; 

(F) to finance any Investment permitted under Section 6.06 (provided that (x) any
Restricted Payment under this clause (a)(i)(F) shall be made substantially concurrently with the closing of such Investment and (y) the relevant Parent Company shall, promptly following the closing 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); and 

(G) to pay customary salary, bonus, severance and other benefits payable to current or former directors, officers, members of
management, managers, employees or consultants of any Parent Company (or any Immediate Family Member of any of the foregoing) to the extent such salary, bonuses and other benefits are attributable and reasonably allocated 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; provided that Restricted Payments under this
Section 6.04(a)(i)(G) that are attributable to any Unrestricted Subsidiary or any Specified Joint Venture shall be permitted only to the extent that either (x) such Unrestricted Subsidiary has made one or more cash
distributions, advances or loans to the Borrower or any of its Restricted Subsidiaries for such purpose in an amount up to the amount of such Unrestricted Subsidiary’s or Specified Joint Venture’s, as applicable, proportionate share of
such salary, bonus, severance and other benefits or (y) the amount of such Restricted Payments made by the Borrower on behalf of such Unrestricted Subsidiary or Specified Joint Venture is treated as an Investment subject to
Section 6.06 hereof; 

  
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 (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 future, present or former employee, director, member of management, officer,
manager or consultant (or any Affiliate or Immediate Family Member thereof) of any Parent Company, the Borrower or any subsidiary: 

(A) in accordance with the terms of promissory notes issued pursuant to Section 6.01(o), so long as
the aggregate amount of all Cash payments made in respect of such promissory notes, together with the aggregate amount of Restricted Payments made pursuant to sub-clause (D) of this clause
(ii) below, does not exceed $4,500,000 in any Fiscal Year, which, if not used in any Fiscal Year, may be carried forward to the next subsequent Fiscal Year; 

(B) with the proceeds of any sale or issuance of the Capital Stock of the Borrower or any Parent Company (to the extent such
proceeds are contributed in respect of Qualified Capital Stock to the Borrower or any Restricted Subsidiary and provided that such proceeds may not also build the Available Amount or the Available Excluded Contribution); 

(C) with the net proceeds of any key-man life insurance policies; or 

(D) with Cash and Cash Equivalents in an amount not to exceed, together with the aggregate amount of all cash payments made
pursuant to sub-clause (A) of this clause (ii) in respect of promissory notes issued pursuant to Section 6.01(o), $4,500,000 in any Fiscal Year, which, if not
used in any Fiscal Year, may be carried forward to the next subsequent Fiscal Year; 
 (iii) the Borrower and its Restricted
Subsidiaries may make additional Restricted Payments in an 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 (iii)(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 (iii)(B); 

(iv) the Borrower may make Restricted Payments (i) to any Parent Company to enable such Parent Company to 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 and (ii) consisting of (A) payments
made or expected to be made in respect of withholding or similar Taxes payable by any future, present or former officers, directors, employees, members of management, managers or consultants of the Borrower, any Restricted Subsidiary or any Parent
Company or any of their respective Immediate Family Members 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; 
 (v) the Borrower may repurchase (or make Restricted Payments
to any Parent Company to enable it to repurchase) Capital Stock upon 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
such warrants, options or other securities convertible into or exchangeable for Capital Stock as part of a “cashless” exercise; 

  
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 (vi) the Borrower may make Restricted Payments (within the time period and
limited in the aggregate to the amount set forth in the definition of Restricted Stock Unit Settlement), the proceeds of which are applied solely to pay the Restricted Stock Unit Settlement and expenses directly related thereto; 

(vii) so long as no Event of Default exists at the time of the declaration thereof, following the consummation of the first
Qualifying IPO, the Borrower may (or may make Restricted Payments to any Parent Company to enable it to) make Restricted Payments with respect to any Capital Stock in an amount of up to 6% per annum of the net Cash proceeds received by or
contributed to the Borrower from any Qualifying IPO; 
 (viii) the Borrower may make Restricted Payments to (i) redeem,
repurchase, 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”) and (ii) declare and pay dividends on any Treasury Capital
Stock out of the proceeds of the substantially concurrent sale (other than to the Borrower or a Restricted Subsidiary) of any Refunding Capital Stock; provided that, in the case of each of the foregoing clauses (i) and (ii), such
proceeds may not also build the Available Amount or the Available Excluded Contribution; 
 (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(d)); 

(x) so long as, at the time of delivery of irrevocable notice with respect thereto, no Event of Default exists or would result
therefrom, the Borrower and its Restricted Subsidiaries may make additional Restricted Payments in an aggregate amount not to exceed the greater of $10,000,000 and 15% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries
as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, minus (A) the amount of Restricted Debt
Payments made by the Borrower or any Restricted Subsidiary in reliance on Section 6.04(b)(iv)(B), minus (B) the outstanding amount of Investments made by the Borrower or any Restricted Subsidiary in reliance on
Section 6.06(q)(ii); 
 (xi) the Borrower may pay any dividend 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 or redemption notice would have complied with the
provisions hereof; 
 (xii) the Restricted Subsidiaries of the Borrower may declare and pay any dividend or other Restricted
Payment on a ratable basis to their respective equity holders (subject to any priorities applicable to preferred Capital Stock); and 

(xiii) the Borrower and its Restricted Subsidiaries may make additional Restricted Payments so long as the Total Leverage
Ratio, calculated on a Pro Forma Basis at the time of the declaration thereof, would not exceed 3.50:1.00. 

  
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 Notwithstanding anything to the contrary set forth in the Loan Documents, neither the
Borrower nor any Restricted Subsidiary may make a Restricted Payment to any non-Loan Party of IP Rights licensed or owned by any Loan Party that are material to the business of the Loan Parties in the aggregate. 

(b) the Borrower shall not, nor shall it permit any Restricted Subsidiary to, make any payment (whether in Cash, securities or other property)
on or in respect of principal of or interest on (x) any Junior Lien Indebtedness or (y) any Junior Indebtedness (such Indebtedness under clauses (x) and (y), the “Restricted Debt”), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Restricted Debt prior to the scheduled maturity (collectively, “Restricted Debt Payments”), except: 

(i) any 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; 

(ii) payments as part of an “applicable high yield discount obligation” catch-up payment; 

(iii) payments of regularly scheduled interest and payments of fees, expenses and indemnification obligations as and when due
in respect of any Restricted Debt (other than payments with respect to Subordinated Indebtedness that are prohibited by the subordination provisions thereof); 

(iv) so long as, at the time of delivery of irrevocable notice with respect thereto, no Event of Default exists or would result
therefrom, additional Restricted Debt Payments in an aggregate amount not to exceed: 
 (A) the greater of $6,000,000 and 10%
of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a)
or (b), as applicable, minus the amount of Investments made in reliance on Section 6.06(q)(iii); plus 

(B) the greater of $10,000,000 and 15% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of
the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, minus (1) the amount of Restricted Payments
made by the Borrower or any Restricted Subsidiary in reliance on Section 6.04(a)(x), minus (2) the outstanding amount of Investments made by the Borrower or any Restricted Subsidiary in reliance on
Section 6.06(q)(ii); 
 (v) (A) Restricted Debt Payments as a result of an exchange for, or
made 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, (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 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; provided that, in the case of each of the
foregoing clauses (A), (B) and (C), such proceeds may not also build the Available Amount or the Available Excluded Contribution; 

  
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 (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); and 
 (vii) additional Restricted Debt Payments; provided
that the Total Leverage Ratio would not exceed 4.00:1.00 calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections
5.01(a) or (b), as applicable, prior to the date of delivery of irrevocable notice with respect thereto. 
 Section 6.05
Restrictions on Subsidiary Distributions. Except as provided herein or in any other Loan Document, any document with respect to any Incremental Equivalent Debt and/or agreements with respect to refinancings, renewals or replacements of such
Indebtedness that are permitted by Section 6.01, the Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into or cause to exist any agreement restricting the ability of (i) any subsidiary of
the Borrower to pay dividends or other distributions to the Borrower or any Loan Party or (ii) any Restricted Subsidiary to make cash loans or advances to the Borrower or any Loan Party, except: 

(a) in any agreement evidencing (i) Indebtedness of a Restricted Subsidiary that is not a Loan Party permitted by
Section 6.01, (ii) Indebtedness permitted by Section 6.01 that is secured by a Permitted Lien if the relevant restriction applies only to the Person obligated under such Indebtedness and its
Restricted Subsidiaries or the property or assets intended to secure such Indebtedness and (iii) Indebtedness permitted pursuant to clauses (m), (p) (as it relates to Indebtedness in respect of clauses (a), (m), (q),
(u), (w) and/or (z) of Section 6.01), (q), (u), (w) and/or (z) of Section 6.01; 

(b) by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, subleases, licenses,
sublicenses, joint venture agreements and similar agreements entered into in the ordinary course of business; 
 (c) that are or were created
by virtue of any Lien granted upon, transfer of, agreement to transfer or grant of, any option or right with respect to any property, assets or Capital Stock not otherwise prohibited under this Agreement; 

(d) assumed in connection with any acquisition of property or the Capital Stock of any Person not prohibited by this Agreement, so long as the
relevant 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 and was not created in connection with or in anticipation of such
acquisition; 
 (e) in any agreement for any Disposition of any Restricted Subsidiary (or all or substantially all of the property and/or
assets thereof) not prohibited by this Agreement that restricts the payment of dividends or other distributions or the making of cash loans or advances by such Restricted Subsidiary pending such Disposition; 

  
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 (f) in provisions in agreements or instruments which prohibit the payment of dividends or
the making of other distributions with respect to any class of Capital Stock of a Person other than on a pro rata basis; 
 (g)
imposed by customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements; 

(h) on Cash, other deposits or net worth or similar restrictions imposed by any Person under any contract entered into in the ordinary course
of business or for whose benefit such Cash, other deposits or net worth or similar restrictions exist; 
 (i) set forth in documents which
exist on the Closing Date and not created in contemplation thereof; 
 (j) those arising pursuant to an agreement or instrument relating to
any Indebtedness permitted to be incurred after the Closing Date if the relevant restrictions, taken as a whole, are not materially less favorable to the Lenders than the restrictions contained in this Agreement, taken as a whole (as determined in
good faith by the Borrower); 
 (k) those arising under or as a result of applicable law, rule, regulation or order or the terms of any
license, authorization, concession or permit; 
 (l) those arising in any Hedge Agreement and/or any agreement relating to any Banking
Service Obligation; and/or 
 (m) those imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing of any contract, instrument or obligation referred to in clauses (a) through (l) above; 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 restrictions, taken as a whole, than those in existence prior to such amendment, modification, restatement, renewal, increase,
supplement, refunding, replacement or refinancing. 
 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) Cash or Investments that were Cash
Equivalents at the time made; 
 (b) (i) Investments existing on the Closing Date in any subsidiary and/or any Existing Joint Venture,
(ii) Investments made after the Closing Date by the Borrower and/or any Restricted Subsidiary in any Existing Joint Venture, (iii) Investments made after the Closing Date among the Borrower and/or one or more Restricted Subsidiaries,
provided that in the case of Investments made after the Closing Date by any Loan Party in any Restricted Subsidiary that is not a Loan Party and/or any Joint Venture, the aggregate outstanding amount of such Investments shall not exceed the
greater of $20,000,000 and 30% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered
pursuant to Sections 5.01(a) or (b), as applicable, (iv) Investments made by any Loan Party and/or any Restricted Subsidiary that is not a Loan Party in the form of any contribution or Disposition of the Capital Stock of any
Person that is not a Loan Party; provided that, prior to such contribution or Disposition or series of transactions resulting in such contribution or Disposition, such Capital Stock was not owned directly by a Loan Party and
(v) Investments made by any Restricted Subsidiary that is not a Loan Party in any Loan Party; 

  
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 (c) Investments (i) constituting deposits, prepayments and/or other credits to
suppliers, (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) [reserved]; 
 (e) Permitted
Acquisitions; 
 (f) Investments (i) existing on, or contractually committed to or contemplated as of, the Closing Date and 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 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; 
 (h) loans or advances to present or former
employees, directors, members of management, officers, managers or consultants or independent contractors (or their respective Immediate Family Members) of any Parent Company, the Borrower, its subsidiaries and/or any Joint Venture 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 $1,500,000 at any one time outstanding or (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; 

(i) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade
credit in the ordinary course of business; 
 (j) Investments consisting of Indebtedness permitted under
Section 6.01 (other than Indebtedness permitted under Sections 6.01(b) and (h)), Permitted Liens, Restricted Payments permitted under Section 6.04 (other than
Section 6.04(a)(ix)), Restricted Debt Payments permitted by Section 6.04 and mergers, consolidations, amalgamations, liquidations, windings up, dissolutions or Dispositions permitted by
Section 6.07 (other than Section 6.07(a)(i) (if made in reliance on subclause (ii)(y) of the proviso thereto), Section 6.07(b) (if made in reliance on clause
(ii) therein), Section 6.07(c)(ii) (if made in reliance on clause (B) therein) and Section 6.07(g)); 

(k) Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with
customers; 
 (l) Investments (including debt obligations and Capital Stock) received (i) in connection with the bankruptcy or
reorganization of any Person, (ii) in settlement of delinquent obligations of, or other disputes with, customers, suppliers and other account debtors arising in the ordinary course of business, (iii) upon foreclosure with respect to any
secured Investment or other transfer of title with respect to any secured Investment and/or (iv) as a result of the settlement, compromise, resolution of litigation, arbitration or other disputes; 

  
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 (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 Capital Stock (other than
Disqualified 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; 
 (p) [reserved]; 

(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 $20,000,000 and 30% of Consolidated Adjusted EBITDA of the Borrower and its
Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, plus 

(ii) the greater of $10,000,000 and 15% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of
the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, minus (A) the amount of Restricted Payments
made by the Borrower or any Restricted Subsidiary in reliance on Section 6.04(a)(x), minus (B) the amount of Restricted Debt Payments made by the Borrower or any Restricted Subsidiary in reliance on
Section 6.04(b)(iv)(B), plus 
 (iii) the greater of $10,000,000 and 15% of Consolidated
Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as
applicable, minus the amount of Restricted Debt Payments made in reliance on Section 6.04(b)(iv)(A), plus 

  
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 (iv) in the event that (A) the Borrower or any of its Restricted
Subsidiaries makes any Investment after the Closing Date in any Person that is not a Restricted Subsidiary and (B) such Person subsequently becomes a Restricted Subsidiary, an amount equal to 100% of the fair market value of such Investment as of
the date on which such Person becomes a Restricted Subsidiary; 
 (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); 

(s) (i) Guarantees of leases or of other obligations not constituting Indebtedness and (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; 

(t) Investments in any Parent Company in amounts and for purposes for which Restricted Payments to such Parent Company 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); 
 (u) [reserved]; 

(v) Investments in subsidiaries and Joint Ventures in connection with reorganizations and related activities related to tax planning;
provided that, after giving effect to any such reorganization and/or related activity, the security interest of the Administrative Agent in the Collateral, taken as a whole, is not materially impaired; 

(w) Investments under any Derivative Transaction of the type permitted under Section 6.01(s); 

(x) Investments made in connection with the creation, formation and/or acquisition of any Joint Venture, or in any Restricted Subsidiary to
enable such Restricted Subsidiary to create, form and/or acquire any Joint Venture, in an aggregate outstanding amount not to exceed the greater of $10,000,000 and 15% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries
as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable; 

(y) Investments made in Existing Joint Ventures as required by, or made pursuant to, buy/sell arrangements between the Existing Joint Venture
parties set forth in joint venture agreements and similar binding arrangements in effect on the Closing Date and not created in contemplation thereof (other than any modification, replacement, renewal or extension of such Investments so long as no
such modification, renewal or extension thereof increases the amount of any such Investment except by the terms thereof or as otherwise permitted by this Section 6.06); 

(z) unfunded pension fund and other employee benefit plan obligations and liabilities to the extent that they are permitted to remain unfunded
under applicable law; 

  
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 (aa) Investments in 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) additional Investments so long
as, after giving effect thereto on a Pro Forma Basis at the time of the execution of the definitive agreement with respect thereto as of the last day of the most recent Test Period for which financial statements have been or were required to be
delivered pursuant to Sections 5.01(a) or (b), as applicable, the Total Leverage Ratio does not exceed 6.00:1.00; and 
 (cc)
Investments consisting of the licensing or contribution of IP Rights pursuant to joint marketing development, manufacturing, distribution or commercialization arrangements with other Persons. 

Notwithstanding anything to the contrary set forth in the Loan Documents, no IP Rights that are material to the business of the Loan Parties
in the aggregate licensed or owned by any Loan Party may be contributed as an Investment by any Loan Party to any non-Loan Party. 

To the extent an Investment is permitted to be made by a Loan Party directly in any Restricted Subsidiary or any other Person who is not a
Loan Party (each such person, a “Target Person”) under any provision of this Section 6.06, such Investment may be made by advance, contribution or distribution by a Loan Party to a Restricted Subsidiary, or
Holdings, and further contemporaneously advanced or contributed to a Restricted Subsidiary for purposes of making the relevant Investment in the Target Person without constituting an Investment for purposes of Section 6.06
(it being understood that such Investment must satisfy the requirements of, and shall count towards any thresholds in, a provision of this Section 6.06 as if made by the applicable Loan Party directly to the Target Person).

 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), or make any Disposition, in a single transaction or in a series of related
transactions, except: 
 (a) any Restricted Subsidiary may be merged, consolidated or amalgamated with or into the Borrower or any other
Restricted Subsidiary; provided that (i) in the case of any such merger, consolidation or amalgamation with or into the Borrower, (A) the Borrower shall be the continuing or surviving Person or (B) if the Person formed by or
surviving any such merger, consolidation or amalgamation is not the Borrower (any such Person, the “Successor Borrower”), (x) the Successor Borrower shall be an entity organized or existing under the law of the U.S., any state
thereof or the District of Columbia, (y) the Successor Borrower shall expressly assume the Obligations of the Borrower in a manner reasonably satisfactory to the Administrative Agent and (z) except as the Administrative Agent 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, the Successor Borrower will succeed to, and be substituted for, the 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) such 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 shall comply with
Section 6.06; 

  
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 (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 reasonably determined by such Person) with at least
75% of the consideration for such Disposition consisting of Cash or Cash Equivalents at the time of such Disposition or (ii) treated as an Investment and otherwise 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 or change in form of
entity if the Borrower determines in good faith that such liquidation or dissolution or change in form of entity 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 comply 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; 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 Collateral, if any; 
 (d) (x) Dispositions of inventory or equipment 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; 
 (e) Dispositions of
surplus, obsolete or worn out property or other property that, in the reasonable 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 to maintain; 
 (f) Dispositions of Cash Equivalents or other assets that were 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 any such Disposition with a purchase price in excess of the
greater of $2,000,000 and 3.0% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered
pursuant to Sections 5.01(a) or (b), as applicable, at least 75% of the consideration for such Disposition shall consist of Cash or Cash Equivalents (provided that for purposes of the 75% Cash consideration requirement,
(w) 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 statement of financial position (or in the notes thereto) that are 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, (x) the amount of any trade-in value applied to the purchase price of any replacement assets acquired in connection with such
Disposition, (y) any Securities received by the Borrower or any Restricted Subsidiary from such transferee that are converted by such Person into 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 (z) 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 (z) that is at that time outstanding, not in excess of the greater of $ 3,500,000 and 6.0% of Consolidated Adjusted EBITDA
of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, in
each case, shall be deemed to be Cash)); provided, further, that (x) immediately prior to and after giving effect to such Disposition, as determined on the date on which the agreement governing such Disposition is executed, no
Event of Default shall exist and (y) the Net Proceeds of such Disposition shall be applied and/or reinvested as (and to the extent) required by Section 2.11(b)(ii); 

  
 142 

 (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; 
 (k) Dispositions of accounts
receivable in the ordinary course of business (including any discount and/or forgiveness thereof) or in connection with the collection or compromise thereof; 

(l) Dispositions and/or terminations of leases, subleases, licenses or sublicenses (including the provision of software under any open source
license), which (i) do not materially interfere with the business of the Borrower and its Restricted Subsidiaries or (ii) relate to closed facilities or the discontinuation of any product line; 

(m) (i) any termination of any lease in the ordinary course of business, (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, 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 interests in real
property) with respect to facilities that are temporarily not in use, held for sale or closed; 
 (p) [reserved]; 

(q) Dispositions of non-core assets acquired in connection with any acquisition permitted hereunder and
sales of Real Estate Assets acquired in any acquisition permitted hereunder which, within 90 days of the date of such acquisition, 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; provided that (i) the Net Proceeds received in connection with any such Disposition shall be applied and/or reinvested as (and to the extent
required) by Section 2.11(b)(ii) and (ii) no Event of Default exists on the date on which the definitive agreement governing the relevant Disposition is executed; 

  
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 (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 reasonably determined by the Borrower) for like property or assets; provided that (i) 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 Real Estate Assets
so exchanged or swapped and (ii) any Net Proceeds received as “cash boot” in connection with any such transaction shall be applied and/or reinvested as (and to the extent required) by Section 2.11(b)(ii);

 (s) [reserved]; 

(t) (i) licensing and cross-licensing arrangements involving any technology, intellectual property or IP Rights of the Borrower or any
Restricted Subsidiary which do not materially interfere with the business of the Borrower and any Restricted Subsidiary and (ii) Dispositions, abandonments, cancellations or lapses of IP Rights, or issuances or registrations, or applications
for issuances or registrations, of IP Rights, which, in the reasonable 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; 
 (u) terminations 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 of any agency of the U.S. Federal government, any state, authority or other regulatory body or
any applicable Requirement of Law; 
 (y) any merger, consolidation, Disposition or conveyance the sole purpose of which is to reincorporate
or reorganize any Domestic Subsidiary in another state in the U.S.; 
 (z) [reserved]; 

(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 (as reasonably determined by the Borrower at the time of the relevant
Disposition) in the aggregate since the Closing Date of not more than the greater of $2,000,000 and 3.0% of Consolidated Adjusted EBITDA of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for
which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable; and 

(cc) Dispositions contemplated on the Closing Date and described on Schedule 6.07 hereto. 

  
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 Notwithstanding anything to the contrary set forth in the Loan Documents, no IP Rights that
are material to the business of the Loan Parties in the aggregate licensed or owned by any Loan Party may be Disposed by any Loan Party to any non-Loan Party (other than the licensing of IP Rights from a Loan
Party to a non-Loan Party otherwise permitted hereunder). 
 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, and the Administrative
Agent shall be authorized to take, and shall take, any actions 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
the Net Proceeds of such Disposition are applied and/or reinvested as (and to the extent) required by Section 2.11(b)(ii) and such Sale and Lease-Back Transaction is (A) permitted by
Section 6.01(m) or (B)(1) made in exchange for cash consideration, (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 $2,000,000 and 3.00% of Consolidated Adjusted EBITDA of the
Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period for which financial statements have been or were required to be delivered pursuant to Sections 5.01(a) or (b), as applicable. 

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 $3,000,000 with any of their respective Affiliates on terms that are less favorable to the
Borrower or such Restricted Subsidiary, as the case may be (as reasonably determined by the Borrower), 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: 
 (a) any transaction between or among 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; 

  
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 (c) (i) any collective bargaining, employment or severance agreement or compensatory
(including profit sharing) arrangement entered into by the Borrower or any of its Restricted Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors
or those of any Parent Company, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members of management,
managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or
former officers, directors, members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement; 

(d) (i) transactions permitted by Sections 6.01(d), (o), (bb) and (ee), 6.04 and 6.06(h), (m),
(o), (t), (v), (x), (y), (z) and (aa) and (ii) issuances of Capital Stock and Indebtedness not restricted by this Agreement; 

(e) transactions in existence on the Closing Date and described on Schedule 6.09 hereto 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) so long as no Event of Default under Sections 7.01(a), 7.01(f) or 7.01(g) then exists or would result
therefrom, the payment of management, monitoring, consulting, advisory and similar fees to any Investor in an amount not to exceed $3,000,000 per Fiscal Year and (ii) the payment of all indemnification obligations and expenses owed to any
Investor and any of their respective directors, officers, members of management, managers, employees and consultants, in each case of clauses (i) and (ii) whether currently due or paid in respect of accruals from prior periods; 

(g) the Transactions, including the payment of Transaction Costs; 

(h) customary compensation to Affiliates in connection with financial advisory, financing, underwriting or placement services or in respect of
other investment banking activities and other transaction fees, which payments are approved by the majority of the members of the board of directors (or similar governing body) or a majority of the disinterested members of the board of directors (or
similar governing body) of the Borrower in good faith; 
 (i) Guarantees permitted by Section 6.01 or
Section 6.06; 
 (j) loans and other transactions among the Loan Parties to the extent permitted under this
Article VI; 
 (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 Restricted Subsidiaries; 

  
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 (l) transactions with customers, clients, suppliers, 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 at least as favorable 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; 
 (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; and 

(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 on terms that are no 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. 

Section 6.10 Conduct of Business. From and after the Closing Date, the Borrower shall not, nor shall it permit any of its
Restricted Subsidiaries to, engage in any material line of business other than 
 (a) the businesses engaged in by the Borrower or any Restricted Subsidiary
on the Closing Date and similar, complementary, ancillary or related businesses and (b) such other lines of business to which the Administrative Agent may consent. 

Section 6.11 Amendments or Waivers of Organizational Documents. The Borrower shall not, nor shall it permit any Subsidiary
Guarantor to, amend or modify their respective Organizational Documents, in each case in a manner that is materially adverse to the Lenders (in their capacities as such) without obtaining the prior written consent of the Administrative Agent;
provided that, for purposes of clarity, it is understood and agreed that the Borrower and/or any Subsidiary Guarantor may effect a change to its respective organizational form to the extent permitted under
Section 6.07. 
 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 the foregoing) if the effect of such amendment or modification, together with all other
amendments or modifications made, is materially adverse to the interests of the Lenders (in their capacities as such); 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
Section 6.01 in respect thereof. 
 Section 6.13 Fiscal Year. The Borrower shall not change its Fiscal
Year-end to a date other than December 31 provided that, the Borrower may, upon written notice to the Administrative Agent, change the Fiscal Year-end of the
Borrower to another date, in which case the Borrower and the Administrative Agent will, and are hereby authorized to, make any adjustments to this Agreement that are necessary to reflect such change in Fiscal Year. 

  
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 Section 6.14 Permitted Activities of Holdings. Holdings shall not: 

(a) incur any Indebtedness for borrowed money other than (i) the Indebtedness permitted to be incurred by Holdings under the Loan
Documents and (ii) Guarantees of Indebtedness or other obligations of the Borrower and/or any Restricted Subsidiary that are 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, (ii) [reserved] and (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)(ii) above and the underlying Indebtedness subject to such Guarantee is permitted to be secured on the same basis pursuant to Section 6.02; 

(c) engage in any 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); (iv) filing Tax reports and paying Taxes 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) effecting any initial public offering of its Capital Stock; (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 and (B) the proceeds of Indebtedness permitted by
Section 6.01; (x) providing indemnification for its officers, directors, members of management, employees and advisors or consultants; (xi) participating in tax, accounting and other administrative matters; (xii) 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;
(xiii) complying with applicable Requirements of Law (including with respect to the maintenance of its existence); and (xiv) activities incidental 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 Default or 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) organized or existing under the law of the U.S., any state thereof or the District of Columbia 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 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 Agent 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) and (B) Holdings may 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 Agent 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 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. 

  
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 Section 6.15 Financial Covenant. 

(a) First Lien Leverage Ratio. On the last day of any Test Period on which the Revolving Facility Test Condition is then satisfied (it
being understood and agreed that this Section 6.15 shall not apply until the last day of the first full Fiscal Quarter ending after the Closing Date), the Borrower shall not permit the First Lien Leverage Ratio to be
greater than 7.00:1.00. 
 (b) Financial Cure. Notwithstanding anything to the contrary in this Agreement (including Article
VII), upon the occurrence of an Event of Default as a result of the Borrower’s failure to comply with Section 6.15(a) 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 10 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 equity (which shall be common equity, Qualified Capital Stock or other equity (such other equity to be on terms reasonably acceptable to the Administrative Agent)) for Cash or otherwise receive Cash contributions
in respect of Qualified Capital Stock (the “Cure Amount”), and thereupon 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 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, 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), (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 10th 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 solely on the basis of the relevant Event of Default having occurred and being continuing 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) 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 VI of this
Agreement and (vi) 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 10 Business Day
period during which the Borrower may exercise a Cure Right unless and until the Cure Amount is actually received. 

  
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 ARTICLE VII 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 the 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) any interest on any Loan or any fee or any other amount due hereunder within five Business Days after the date due; or

 (b) Default in Other Agreements. (i) Failure by any Loan Party 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 grace period, if any, provided therefor; or (ii) breach or default by any Loan Party 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 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 or Indebtedness that upon the happening of
any such default or event automatically converts in whole into Capital Stock (other than Disqualified Capital Stock) in accordance with its terms; provided, further, that any failure described under clauses (i) or
(ii) above 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 Article VII; or 

(c) Breach of Certain Covenants. Failure of any Loan Party, as required by the relevant provision, to perform or comply with any term or
condition contained in Section 5.01(e)(i), Section 5.02 (as it applies to the preservation of the existence of the Borrower), or Article VI; provided that, notwithstanding this
clause (c), no breach or default by any Loan Party under Section 6.15(a) will constitute an Event of Default with respect to the Initial Term Loans or any Additional Term Loans unless and until the Required Revolving
Lenders have accelerated the Revolving Loans and any Additional Revolving Loans, terminated the commitments under the Revolving Facility and demanded repayment of, or otherwise accelerated, the Indebtedness or other obligations under the Revolving
Facility; or 
 (d) Breach of Representations, Etc. Any representation, warranty or certification made or deemed made by any Loan
Party 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 and any Perfection Certificate Supplement) being untrue in any material
respect as of the date made or deemed made; or 

  
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 (e) Other Defaults Under Loan Documents. Default by any Loan Party in the performance
of or compliance with any term contained herein or any of the other Loan Documents, other than any such term referred to in any other Section of this Article VII, which default has not been remedied or waived within 30 days after receipt by
the Borrower of written notice thereof from the Administrative Agent; 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 the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) in an involuntary case under any Debtor Relief Law now or
hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal, state or local law; or (ii) the commencement of an involuntary case against the Borrower or any of its
Restricted Subsidiaries (other than any Immaterial Subsidiary) 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 the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary), or over all or a substantial part of its
property; or the involuntary appointment of an interim receiver, trustee or other custodian of the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) for all or a substantial part of its property, which remains
undismissed, unvacated, unbounded or unstayed for 60 consecutive days; or 
 (g) Voluntary Bankruptcy; Appointment of Receiver, Etc.
(i) The entry against the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of an order for relief, the commencement by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial
Subsidiary) of a voluntary case under any Debtor Relief Law, or the consent by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) 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 the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to the appointment of or taking possession by a receiver, receiver
and manager, trustee or other custodian for all or a substantial part of its property, which remains undismissed, unvacated, unbounded or unstayed pending appeal for 60 consecutive days; (ii) the making by the Borrower or any of its Restricted
Subsidiaries (other than any Immaterial Subsidiary) of a general assignment for the benefit of creditors; or (iii) the admission by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) in writing of their
inability to pay their respective 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 self-insurance (if applicable) or by 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 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; or 
 (j) Change of Control. The occurrence of a Change of Control; or 

  
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 (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 to be null
and void or the repudiation in writing by any Loan Party of its obligations thereunder (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 null and void or (iii) the contesting or assertion by any Loan Party of the validity or enforceability of any material provision of any Loan Document in writing 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), including with respect to future advances by the Lenders, under any Loan Document to which it is a party; or 

(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 Indebtedness in excess of the Threshold Amount or any such subordination provision being invalidated or otherwise ceasing, for any
reason, to be valid, binding and enforceable obligations of the parties thereto; 
 then, and in every such event (other than an event with respect to the
Borrower described in clause (f) or (g) of this Article), and at any time thereafter during the continuance of such event, 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, or any Additional Commitments, and thereupon such Commitments and/or Additional 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 Borrower 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 the Borrower and (iii) require that the Borrower deposit in the LC Collateral Account an additional amount in Cash as reasonably requested by the Issuing Banks (not to exceed 103% of the relevant face amount)
of the then outstanding LC Exposure (minus the amount then on deposit in the LC Collateral Account); provided that upon the occurrence of an event with respect to the Borrower described in clause (f) or (g) of this
Article, any such Commitments and/or Additional 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 Borrower 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 the Borrower, and the obligation of the 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. Upon the occurrence and during the continuance of an Event of Default, 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. 

ARTICLE VIII THE ADMINISTRATIVE AGENT 

Each of the Lenders and the Issuing Banks hereby irrevocably appoints DBNY (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 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. 

  
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 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 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 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 laws, including for the avoidance of doubt any action that may be in violation of the
automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief 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 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 IV 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. 

  
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 If any Lender acquires knowledge of a Default or Event of Default, it shall promptly notify
the Administrative Agent and the other Lenders thereof in writing. 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, 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 any 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 any or all 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. 
 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, including Section 363 thereof; 

  
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 (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, 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, 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 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. 

With respect to each contingent or unliquidated claim that is a Secured Obligation, the Administrative Agent is hereby authorized, 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. 

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. 

  
 155 

 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 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. 

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, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the applicable Issuing Bank, 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 or Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with
its legal counsel, 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. 

  
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 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 the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. 

The Administrative Agent may resign at any time by giving ten days’ written notice to the Lenders, the Issuing Banks and the Borrower;
provided that, if at the time of such notice, there is a successor Administrative Agent satisfactory to each of the resigning Administrative Agent and the Borrower, each, in its sole discretion, then the resigning Administrative Agent and the
Borrower may agree to waive or shorten the ten day notice period without the consent of any other Person; provided that during the existence and continuation of an Event of Default, no consent of the Borrower shall be required. If the
Administrative Agent is a Defaulting Lender or an Affiliate of a Defaulting Lender, either the Required Lenders or the Borrower may, upon ten 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 or delayed), to appoint a successor Administrative Agent which shall be a commercial bank or trust
company with offices in the U.S. having combined capital and surplus in excess of $1,000,000,000; provided that during the existence and continuation of an Event of Default under Section 7.01(a) or, with respect to
the Borrower, Section 7.01(f) or (g), no consent of the Borrower shall be required. If no successor shall have been appointed as provided above and accepted such appointment within ten 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 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 VIII. Upon the acceptance of its appointment as Administrative Agent hereunder 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 or fee 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). 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. 

  
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 Notwithstanding anything to the contrary contained herein, any Issuing Bank may, upon ten
days’ prior written notice to the Borrower, each other Issuing Bank and the Lenders, resign as an Issuing Bank, which resignation shall be effective as of the date referenced in such notice (but in no event less than ten days after the delivery
of such written notice); provided that the Issuing Bank shall have identified a successor Issuing Bank willing to accept its appointment as an Issuing Bank and the effectiveness of such resignation shall be conditioned upon such successor
assuming the rights and duties of the retiring Issuing Bank; 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, unless an Event of Default under Section 7.01(a) or, with respect to the Borrower, Section 7.01(f) or
(g) then exists, may also appoint any Revolving Lender that is willing to accept such appointment as a 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 retiring Issuing Bank, and the retiring Issuing Bank shall be discharged from its duties and obligations
in such capacity hereunder. 
 Each of 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 of 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 and other than as set forth in the
proviso below, the Arrangers shall not have any right, power, obligation, liability, responsibility or duty (fiduciary or otherwise) under the Loan Documents, except in their respective capacities, as applicable, as the Administrative Agent, an
Issuing Bank or a Lender hereunder; provided that each Arranger shall be entitled to all indemnification and reimbursement rights that exist in favor of the Administrative Agent. 

Each Secured Party irrevocably authorizes and instructs the Administrative Agent to, and the Administrative Agent shall, 

(a) release any Lien on any property granted to or held by 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 in accordance with Section 9.02; 

  
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 (b) subject to Section 9.22, release any Subsidiary Guarantor from
its obligations under the Loan Guaranty 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 permitted hereunder; provided that the
release of any Subsidiary Guarantor from its obligations under the Loan Guaranty if such Subsidiary Guarantor becomes an Excluded Subsidiary of the type described in clause (a) of the definition thereof shall only be permitted if at the
time such Guarantor becomes an Excluded Subsidiary of such type (1) no Event of Default exists, (2) after giving pro forma effect to such release and the consummation of the transaction that causes such Person to be an Excluded Subsidiary
of such type, the Borrower is deemed to have made a new Investment in such Person for purposes of Section 6.06 (as if such Person were then newly acquired) in an amount equal to the portion of the fair market value of the
net assets of such Person attributable to the Borrower’s equity interest therein as reasonably estimated by the Borrower and such Investment is permitted pursuant to Section 6.06 (other than
Section 6.06(f)) at such time and (3) a Responsible Officer of the Borrower certifies to the Administrative Agent compliance with preceding clauses (1) and (2)); 

(c) release or 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(d), 6.02(e), 6.02(g), 6.02(m), 6.02(n), 6.02(o), 6.02(q), 6.02(r), 6.02(x), 6.02(y), 6.02(z)(i), 6.02(bb),
6.02(cc), 6.02(dd), 6.02(ee) and 6.02(ff) (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 and/or similar agreements with respect to
Indebtedness secured by Liens permitted by Sections 6.02(u) and 6.02(hh) and Indebtedness that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens, and which Indebtedness contemplates an
intercreditor, subordination or collateral trust agreement or as otherwise contemplated hereby. 
 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
Guarantee or its Lien on any Collateral pursuant to this Article VIII. In each case as specified in this Article VIII, the Administrative Agent will (and each Lender, and 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 or 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 VIII. Additionally, upon
reasonable request of the Borrower, the Administrative Agent will return possessory Collateral held by it that is released from the security interests created by the Collateral Documents pursuant to this Article VIII; provided, that in
the event that the Administrative Agent loses or misplaces any possessory collateral delivered to the Administrative Agent by the Borrower, upon reasonable request of Borrower, the Administrative Agent shall provide a loss affidavit to Borrower, in
the form customarily provided by the Administrative Agent in such circumstances. 

  
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 The Administrative Agent is authorized to enter into any intercreditor agreement
contemplated hereby with respect to Indebtedness that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens and which Indebtedness contemplates an intercreditor, subordination or collateral trust agreement (any
such intercreditor agreement, an “Additional Agreement”), and the parties hereto acknowledge that any Additional Agreement is binding upon them. Each Lender and Issuing Bank (a) hereby agrees that it will be bound by, and will
not take any action contrary to, the provisions of any Additional Agreement and (b) hereby authorizes and instructs the Administrative Agent to enter into any Additional 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 Borrower, and the Secured Parties are intended third-party beneficiaries of such provisions and the
provisions of any Additional Agreement. 
 To the extent that the Administrative Agent (or any Affiliate thereof) is not reimbursed and
indemnified by the Borrower, 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 IX
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 Borrower at: 

World Triathlon Corporation, 

2701 North Rocky Point Drive 

Suite 1250 
 Tampa, FL 33607 

Telephone: (813) 868-3565 

Facsimile: (813) 868-5930 

Attention: J. Patrick Gramling 

Email: Patrick.Gramling@ironman.com 

with a copy to (which shall not constitute notice to any Loan Party): 

Latham & Watkins LLP 

885 Third Avenue 
 New York, NY
10022-4834 
 Telephone: (212) 906-2960 

Facsimile: (212) 751-4864 

Email: i.scott.gottdiener@lw.com 

Attention: I. Scott Gottdiener 

  
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 (ii) if to the Administrative Agent, at: 

Deutsche Bank AG New York Branch 

60 Wall Street 
 New York, New
York 10005 
 Attention: Joshua Klinger & Sheila Lee 

Telephone: 212-250-9482 / 904-527-6119 
 Email: ldcm.agencyservicing@db.com 

CC Email: Joshua.Klinger@db.com; Sheila.Lee@db.com; Julianne.Tyrone@db.com 

(iii) if to any Lender, to it at its address or facsimile number 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 received notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if
not given during normal business hours for the recipient, 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). 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail, Internet or Intranet websites or the Platform) 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 or the Platform 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. 

  
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 (d) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS
AVAILABLE.” NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANT THE ACCURACY OR COMPLETENESS OF THE MATERIALS OR INFORMATION PROVIDED THEREBY OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR
OMISSIONS FROM THE MATERIALS OR INFORMATION PROVIDED THEREBY. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE MATERIALS OR INFORMATION PROVIDED ON THE PLATFORM OR THE PLATFORM ITSELF.
In no event shall the Administrative Agent or any of its Related Parties have any liability to the Loan Parties, any Lender, any Issuing Bank or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort,
contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of the information or materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are
determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Person; provided, however, that in no event shall
the Administrative Agent or any of its Related Parties have any liability to any Loan Party, any Lender, any Issuing Bank or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual
damages). 
 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, 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 Loan Party therefrom shall in any event be effective unless the same is permitted by paragraph (b) of this Section, and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, 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 (i), (ii) and (iii) of this Section 9.02(b) and Sections
9.02(c) and (d) below, 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 Documents), 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: 
 (i) except with the consent of each Lender directly
and adversely affected thereby (but without the consent of the Required Lenders), no such agreement shall; 

  
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 (A) increase the Commitment or Additional 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 or Additional Commitments shall constitute an increase of any Commitment or
Additional Commitment of such Lender; 
 (B) reduce or forgive the principal amount of any Loan or any amount due on any Loan
Installment Date; 
 (C) (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 payable hereunder (in each case, other than any extension for administrative reasons agreed to by the Administrative Agent); 

(D) reduce the rate of interest (other than to waive any Default or Event of Default or obligation of the Borrower to pay
interest at the default rate of interest under Section 2.13(d)) or the amount of any fee owed to such Lender; it being understood that no change in 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) shall constitute a reduction in any rate of interest or fee
hereunder; 
 (E) extend the expiry date of such Lender’s Commitment or Additional 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 the Commitments or Additional Commitments
shall constitute an extension of any Commitment or Additional Commitment of any Lender; and 
 (F) waive, amend or modify the
provisions of Sections 2.18(b) or 2.18(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); and 

(ii) no such agreement shall: 

(A) 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” without the prior written consent of each Revolving Lender (it being understood that the consent of the Required Lenders shall not be required in connection with any change to the
definition of “Required Revolving Lenders”); 

  
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 (B) 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 VIII or Section 9.22 hereof), without the prior written consent of each Lender; or

 (C) 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 Section 9.22 hereof), without the prior written consent of each Lender; and 

(iii) 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 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) (other than, in the case of Section 6.15(a), for purposes of determining compliance with such Section as a condition to taking any action under this Agreement). 

provided, further, that no such agreement 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, 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 (x) any waiver, amendment or modification that increases the Commitment of any Defaulting Lender, extends the maturity of any Facility under which any Defaulting Lender is a Lender or forgives or reduces principal
of, or interest on, any Loan owing to any Defaulting Lender shall require the consent of such Defaulting Lender and (y) any other 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 (it being understood that any Commitment, Additional 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 this sentence). Notwithstanding the foregoing, 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 Initial Term Loans or any then-existing Additional Term Loans under the 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 

  
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 (A) the aggregate principal amount of any Replacement Term Loans shall not
exceed the aggregate principal amount of the Replaced Term Loans (plus (1) any additional amounts permitted to be incurred under Section 6.01(a), (q), (u), (w) and/or (z) and, to
the extent any such additional amounts are secured, the related Liens are permitted under Section 6.02(k) (with respect to Liens securing Indebtedness permitted by Section 6.01(a), (q), (u),
(w) or (z)), (u) and/or (hh) and plus (2) the amount of accrued interest and premium (including tender premium) thereon and underwriting discounts, fees (including upfront fees and original issue discount),
commissions and expenses associated therewith), 
 (B) any Replacement Term Loans 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, 

(C) any Replacement Term Loans may be pari passu or junior in right of payment and pari passu or junior with
respect to the Collateral with the remaining portion of the Initial Term Loans or Additional Term Loans (provided that if pari passu or junior as to payment or Collateral, such Replacement Term Loans shall be subject to a customary
intercreditor agreement on terms reasonably satisfactory to the Administrative Agent and the Borrower (which may consist of a payment waterfall) and may be, at the option of the Administrative Agent and the Borrower, 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 of the Loan Parties, 
 (F) any Replacement Term Loans
that are pari passu in right of payment and pari passu in right of security may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory
repayment or prepayment in respect of the Initial Term Loans (and any Additional Term Loans then subject to ratable repayment requirements), in each case as agreed by the Borrower and the Lenders providing the relevant Replacement Term Loans, 

(G) any Replacement Term Loans 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 Term Loans may agree, 

(H) no Default under Sections 7.01(a), 7.01(f) or 7.01(g) or Event of Default shall exist immediately
prior to or after giving effect to the effectiveness of the relevant Replacement Term Loans, and 

  
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 (I) either (i) the other terms and conditions 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 substantially identical to, or (taken as a
whole) no more favorable (as reasonably determined by the Borrower) 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 Term Loan Maturity Date (in each case, as of the date of incurrence of such Replacement Term Loans)) or (ii) such Replacement Term Loans shall be provided on then-current market terms for the applicable type of Indebtedness, and 

(ii) with the written consent of the Borrower and the Lenders (including, if applicable, any issuing bank) providing the
relevant Replacement Revolving Facility to permit the refinancing or replacement of all or any portion of the Revolving Credit Commitment or any Additional Revolving Commitment under the applicable Class (any such Revolving Credit Commitment or
Additional Revolving 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 (x) any additional amounts permitted to be incurred under Section 6.01(a), (q), (u), (w) and/or
(z) and, to the extent any such additional amounts are secured, the related Liens are permitted under Section 6.02(k) (with respect to Liens securing Indebtedness permitted by
Section 6.01(a), (u), (w) or (z)), (u) and/or (hh) and plus (y) the amount of accrued interest and premium thereon, any committed but undrawn amounts and underwriting
discounts, fees (including upfront fees and original issue discount), commissions and expenses associated therewith), 
 (B)
no Replacement Revolving Facility 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, 

(C) any Replacement Revolving Facility may be pari passu or junior in right of payment and pari passu or junior
with respect to the Collateral with the remaining portion of the Revolving Credit Commitments or Additional Revolving Commitments (provided that if pari passu or junior as to payment or Collateral, such Replacement Revolving Facility
shall be subject to a customary intercreditor agreement on terms reasonably satisfactory to the Administrative Agent and the Borrower (which may consist of a payment waterfall) and may be, at the option of the Administrative Agent and the Borrower,
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 of the 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 clause (ii) of Section 2.23(a),
mutatis mutandis, to the same extent as if fully set forth in this Section 9.02(c)(ii), 

  
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 (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, 

(H) no Default under Sections 7.01(a), 7.01(f) or 7.01(g) or Event of Default shall exist immediately
prior to or after giving effect to the effectiveness of the relevant Replacement Revolving Facility, and 
 (I) either
(i) the other terms and conditions 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 substantially identical to, or (taken as a whole) no more favorable (as reasonably determined by the Borrower) 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 Revolving Loan Maturity Date (in each case, as of the date of incurrence of the relevant Replacement Revolving Facility)) or
(ii) such Replacement Revolving Facility shall be provided on then-current market terms for the applicable type of Indebtedness, and 

(J) the commitments in respect of the Replaced Revolving Facility shall be terminated, and all loans outstanding thereunder and
all fees 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 each of clauses (i) and (ii) of this clause (c), any Non-Debt Fund Affiliate and Debt Fund Affiliate shall (x) 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 and (y) any Debt Fund Affiliate (but not any Non-Debt Fund Affiliate) may provide any Replacement Revolving Facility. 
 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. 

  
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 (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 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 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 may, without the input or consent of any other
Lender (other than 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 effect the provisions of Sections 2.22, 2.23, 5.12, 6.13 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 and (iii) if the Administrative Agent and the Borrower have jointly identified any ambiguity, mistake, defect, inconsistency, obvious error or any error or omission of a technical 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 shall be permitted to amend such provision solely to address such matter as reasonably determined by them acting jointly. 

Section 9.03 Expenses; Indemnity. 

(a) The Borrower shall pay (i) all reasonable and documented
out-of-pocket expenses incurred by each Arranger, the Administrative Agent, the Issuing Banks 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 jurisdiction to all such Persons, taken as a whole) in connection with the syndication and distribution (including via the Internet or through the Platform) of the Credit Facilities, 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 Arrangers, 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 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 of an invoice setting forth such expenses in reasonable detail, together with backup documentation supporting the relevant reimbursement request. 

(b) The Borrower shall indemnify each Arranger, the Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of
the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages 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 jurisdiction to all Indemnitees, taken as a whole and solely in the case of an actual or perceived conflict of interest, (x) one additional counsel to all affected Indemnitees, taken as a whole, and (y) one
additional local counsel to all 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 (except for any Taxes, which shall
be governed exclusively by Section 2.17), (ii) the use of the proceeds of the Loans or any Letter of Credit, (iii) any Hazardous Materials Activity, Environmental Claim or Environmental Liability or (iv) 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, to the extent such judgment finds (or such settlement agreement acknowledges) that any such loss, claim, damage, or liability has resulted from such Person’s material breach of
the Loan Documents or (ii) arises out of any claim, litigation, investigation or proceeding brought by such Indemnitee solely against another Indemnitee (other than any claim, litigation, investigation or proceeding that is brought by or
against the Administrative Agent, the Issuing Banks or any Arranger, acting in its capacity as the Administrative Agent, the Issuing Bank or as an Arranger) that does not involve any act or omission of Wanda, Holdings, the Borrower or any of their
respective subsidiaries. All amounts due under this paragraph (b) shall be payable by the Borrower within 30 days (x) after written demand therefor, in the case of any indemnification obligations and (y) in the case of
reimbursement of costs and expenses, after receipt of an invoice, setting forth such costs and expenses in reasonable detail, together with backup documentation supporting the relevant reimbursement request. 

  
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 (c) The Borrower shall not be liable for any settlement of any proceeding effected without
its consent (which consent shall not be unreasonably withheld, delayed or conditioned), but if any proceeding is settled with the Borrower’s written consent, or if there is a final judgment 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 (i) such settlement includes an unconditional release of such
Indemnitee from all liability or claims that are the subject matter of such proceeding and (ii) such settlement does not include any statement as to any admission of fault or culpability of such Indemnitee. 

Section 9.04 Waiver of Claim. To the extent permitted by applicable law, no party to this Agreement shall assert, and each hereby
waives, any claim against any other party hereto or any Related Party 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 any of the Borrower, to
the extent such damages would otherwise be subject to indemnification pursuant to the terms of Section 9.03. 

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, 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). 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 Related Parties of each of the Arrangers, the Administrative Agent,
the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (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 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 or delayed) of: 

(A) the Borrower; provided that the Borrower shall be deemed to have consented to any such assignment unless it has
objected thereto by written notice to the Administrative Agent within 15 Business Days after receiving written notice thereof; provided, further, that no consent of the Borrower shall be required (x) for any assignment of
(1) Revolving Loans, Additional Revolving Loans, Revolving Credit Commitments or Additional Revolving Commitments to another Revolving Lender or (2) Initial Term Loans, Additional Term Loans, Initial Term Loan Commitments or Additional
Term Commitments to another Lender, an Affiliate of any Lender or an Approved Fund, or (y) if an Event of Default under Section 7.01(a) or Sections 7.01(f) or (g) (solely with respect to the Borrower)
exists; 
 (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; and 
 (C) in the case of the Revolving
Facility or any Additional Revolving Facility, each Issuing Bank. 
 (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 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 and Assumption 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 Initial Term Loans, Additional Term Loans, Initial Term Loan Commitments and Additional Term Commitments and (y) $5,000,000 in the case of Revolving Loans, Additional Revolving Loans,
Revolving Credit Commitments or Additional Revolving Commitments unless the Borrower and the Administrative Agent otherwise consent; 

(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; 

  
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 (C) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption 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 

(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 (1) an Administrative Questionnaire and (2) any Internal Revenue Service form required under Section 2.17. 

(iii) 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 and Assumption, the Eligible Assignee thereunder shall be a party hereto and, to the extent of the interest assigned pursuant to such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be (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, if requested by either the assignee or the assigning Lender, the 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. 
 (iv) The Administrative Agent, acting
for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders and 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 Borrower’s obligations in respect of such Loans and LC Disbursements. The entries in the Register shall be
conclusive, absent manifest error, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, 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 and Assumption 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 and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

  
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 (vi) By executing and delivering an Assignment and Assumption, 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 and Assumption; (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, legally authorized to enter into such Assignment and Assumption; (D) such assignee confirms that it has received a copy of this
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 and Assumption; (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. 

(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, any natural Person or, other than with respect to any participation to any Debt Fund Affiliate (any such participations to a Debt Fund Affiliate being subject to
the limitation set forth in the first proviso of the penultimate paragraph set forth in Section 9.05(g), as if the limitation applied to such participations), the Borrower or any of its Affiliates) (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 Borrower, 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 (i) 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) clauses (b)(i), (ii) or (iii) of the first proviso to Section 9.02. 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 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 upon reasonable written request by the Borrower). To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 9.09 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. 

  
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 (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 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 upon reasonable written request by the Borrower). 

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent
of the Borrower, maintain a register on which it enters the name and address of each Participant and 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 U.S. Treasury Regulations and Section 1.163-5(b)
of the United States Proposed Treasury Regulations (or any amended or successor version). 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 or any 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. 
  

  
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 (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 Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to
make any Loan and (ii) if a 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. The making of any Loan by an
SPC hereunder shall utilize the Commitment or Additional 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 Borrower under this Agreement (including its obligations under Section 2.15, 2.16 or
2.17) and no SPC shall be entitled to any greater amount under Section 2.13, 2.14 or 2.15 or any other provision of this Agreement or any other Loan Document than the Granting Lender would have been
entitled to receive, (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 laws 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 Borrower 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. 

(f) 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 and/or the Borrower shall be entitled to seek specific
performance to unwind any such assignment or participation in addition to injunctive relief or any other remedies available to the Borrower at law or in equity. Upon the request of any Lender, the Borrower shall make available to such Lender the
list of Disqualified Institutions at the relevant time and such Lender may provide the list to any potential assignee for the purpose of verifying whether such Person is a Disqualified Institution. 

  
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 (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 Initial Term Loans or Additional Term Loans to an Affiliated Lender on a non-pro rata basis (A) through Dutch Auctions open to all Lenders
holding the relevant Initial Term Loans or such Additional Term Loans, as applicable, on a pro rata basis or (B) through open market purchases, in each case with respect to clauses (A) and (B), without the consent of the
Administrative Agent; provided that: 
 (i) any Initial Term Loans or Additional Term Loans acquired by Holdings, the
Borrower or any of its subsidiaries shall be retired and cancelled immediately upon the acquisition thereof; provided that upon any such retirement and cancellation, the aggregate outstanding principal amount of the Initial Term Loans or
Additional Term Loans, as applicable, shall be deemed reduced by the full par value of the aggregate principal amount of the Initial Term Loans or Additional Term Loans so retired and cancelled, and each principal repayment installment with respect
to the Term Loans 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 Term Loans so cancelled; 

(ii) any Initial Term Loans or Additional Term Loans acquired by any Non-Debt Fund
Affiliate may (but shall not be required to) be contributed to the Borrower or any of its subsidiaries for purposes of cancelling such Indebtedness (it being understood that any such Initial Term Loans or Additional Term Loans shall be retired and
cancelled immediately upon such contribution); provided that upon any such cancellation, the aggregate outstanding principal amount of the Initial Term Loans or Additional Term Loans, as applicable, shall be deemed reduced, as of the date of
such contribution, by the full par value of the aggregate principal amount of the Initial Term Loans or Additional Term Loans so contributed and cancelled, and each principal repayment installment with respect to the Initial Term Loans pursuant to
Section 2.10(a) shall be reduced pro rata by the full par value of the aggregate principal amount of Initial 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 Initial Term Loans and Additional Term Loans then held by all Affiliated Lenders shall not exceed 25% of the aggregate principal amount of the Initial Term Loans and Additional 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 Initial Term Loans and Additional 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; 

(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 Restricted Subsidiaries, (A) the relevant Person may not use the proceeds of any Revolving Loans or Additional Revolving Loans to fund such assignment and (B) no Default or Event of Default shall exist at the
time of acceptance of bids for the Dutch Auction or the confirmation of such open market purchase, as applicable; and 

  
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 (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 disregarded in
both the numerator and denominator in the calculation of any Required Lender or other Lender vote (and 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 disregarded) 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 Initial Term Loans or Additional Term Loans required to be delivered to Lenders pursuant to Article II); and 

(vii) no 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). 
 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 Initial Term Loans, Additional Term Loans, Revolving Credit Commitments or Additional Revolving Commitments to any Debt Fund Affiliate, and any Debt Fund Affiliate
may, from time to time, purchase Initial Term Loans, Additional Term Loans, Revolving Credit Commitments or Additional Revolving Commitments (x) on a non-pro rata basis through Dutch Auctions open to all applicable Lenders or (y) on
a non-pro rata basis through open market purchases without the consent of the Administrative Agent, in each case, notwithstanding the requirements set forth in subclauses (i) through (vii) of this clause (g);
provided that the Initial Term Loans, Additional Term Loans and unused commitments and other Loans of all Debt Fund Affiliates shall not account for more than 49.9% of the amounts included in determining whether the Required Lenders or
Required Revolving 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 subject to the immediately
succeeding paragraph, any plan of reorganization pursuant to the Bankruptcy Code, (B) otherwise acted on any matter related to any Loan Document or (C) 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. Any Initial Term Loans or Additional 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 for purposes of cancelling such Indebtedness (it being understood that any Initial Term Loans or Additional Term Loans so contributed shall be retired and cancelled immediately upon thereof); provided that upon any such
cancellation, the aggregate outstanding principal amount of the Initial Term Loans or Additional 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 Initial Term
Loans or Additional Term Loans so contributed and cancelled, and each principal repayment installment with respect to the Initial Term Loans pursuant to Section 2.10(a) shall be reduced pro rata by the full par value
of the aggregate principal amount of Initial Term Loans so contributed and cancelled. 

  
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 Notwithstanding anything in this Agreement or any other Loan Document to the contrary, each
Affiliated Lender hereby agrees that, if a proceeding under any Debtor Relief Law is commenced by or against the Borrower or any other Loan Party at a time when such Lender is an Affiliated Lender, such Affiliated Lender irrevocably authorizes and
empowers the Administrative Agent to vote on behalf of such Affiliated Lender with respect to the Initial Term Loans or Additional Term Loans held by such Affiliated Lender in any manner in the Administrative Agent’s sole discretion, unless the
Administrative Agent instructs such Affiliated Lender to vote, in which case such Affiliated Lender shall vote with respect to the Initial Term Loans or Additional Term Loans held by it as the Administrative Agent directs; provided that in
connection with any matter that proposes to treat any Obligations held by such Affiliated Lender in a manner that is different than the proposed treatment of similar Obligations held by Lenders that are not Affiliates, (a) such Affiliated
Lender shall be entitled to vote in accordance with its sole discretion (and not in accordance with the direction of the Administrative Agent) and (b) the Administrative Agent shall not be entitled to vote on behalf of such Affiliated Lender.
Each Affiliated Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Affiliated Lender’s
attorney-in-fact, with full authority in the place and stead of such Affiliated Lender and in the name of such Affiliated Lender (solely in respect of Initial Term Loans
or Additional Term Loans and participations therein and not in respect of any other claim or status that such Affiliated Lender may otherwise have), from time to time in the Administrative Agent’s discretion to take any action and to execute
any instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of (but subject to the limitations set forth in) this paragraph. 

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 Loans 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 VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of
the Letters of Credit and the Revolving Credit Commitment or any Additional 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. 

  
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 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 Engagement Letter and any separate letter agreements with respect to fees payable to the Administrative Agent 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 Borrower 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. 

Section 9.08 Severability. To the extent permitted by 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 and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other obligations (in any currency) at any time owing by the Administrative Agent, such Issuing Bank or such Lender or Affiliate (including by branches and agencies of the Administrative Agent, such Issuing
Bank or such Lender, wherever located) to or for the credit or the account of the Borrower or any Loan Party against any of and all the Secured Obligations held by the Administrative Agent, such Issuing Bank or such Lender or Affiliate, irrespective
of whether or not the Administrative Agent, such Issuing Bank or such Lender or Affiliate 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; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off
shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other
funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Any applicable Lender, Issuing Bank or Affiliate 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, the Administrative Agent and each Affiliate under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender, such Issuing Bank,
the Administrative Agent or such Affiliate may have. 

  
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 Section 9.10 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER (INCLUDING BUT NOT
LIMITED TO THE VALIDITY, INTERPRETATION, CONSTRUCTION, BREACH, ENFORCEMENT OR TERMINATION HEREOF OR THEREOF, AND WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE) SHALL (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (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 DOCUMENTS 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 LAW,
FEDERAL COURT. 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 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 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 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 LAW. 

  
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 Section 9.11 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY 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. 

Section 9.13 Confidentiality. Each of the Administrative Agent, each Lender, each Issuing Bank and each Arranger 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’ directors, officers, managers,
employees, independent auditors, agents, service providers, or other experts and advisors, including accountants, legal counsel and other advisors (collectively, the “Representatives”) on a “need to know” basis solely in
connection with the transactions contemplated hereby 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, any Issuing Bank, any Arranger, any Lender or any Affiliate or Representative thereof to any Affiliate or Representative of the Administrative Agent, any Issuing Bank, any Arranger, or any Lender that is a
Disqualified Institution, (b) upon the demand or request of any regulatory or governmental authority (including any self-regulatory body) purporting to have 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 or regulatory or self-regulatory authority exercising examination or regulatory authority, to the extent permitted by law, (i) inform the
Borrower promptly in advance thereof and (ii) use commercially reasonable efforts to 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 otherwise as required by applicable Requirements of Law (in which case such Person shall (i) to the extent permitted by law,
inform the Borrower promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any such 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 the standard syndication process of the Arrangers or 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) to any Derivative Transaction (including any credit default swap) or similar derivative product to which any Loan Party is a party 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 confidential basis in connection with obtaining or maintaining ratings as required under
Section 5.13, (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 or is received it from a third party that is not known by such Person to be in breach of confidentiality obligations to the Borrower or its Affiliates, (h) for purposes of establishing a “due
diligence” defense, (i) to the extent independently developed by it and (j) with respect to the terms of the Credit Facilities, to market data collectors or similar service providers in connection with the arrangement, administration
or management of the Credit Facilities. For purposes of this Section, “Confidential Information” means all information relating to the Borrower and/or any of its subsidiaries and their respective businesses, Wanda or the
Transactions (including any information obtained by the Administrative Agent, any Issuing Bank, any Lender or any Arranger, or any of their respective Affiliates or Representatives, based on a review of the books and records relating to 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 or any Arranger, Issuing Bank, or Lender on
a non-confidential basis prior to disclosure by 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 Person that is a
Disqualified Institution at the time of disclosure. 

  
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 Section 9.14 No Fiduciary Duty. Each of the Administrative Agent, the Arrangers,
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 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 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. 
 Section 9.15 Several Obligations. 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. 
 Section 9.16 USA PATRIOT Act and Beneficial Ownership Regulation. Each Lender that is subject to the requirements
of the USA PATRIOT Act or the Beneficial Ownership Regulation hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information
that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act and the Beneficial Ownership
Regulation. Each Loan Party shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and Beneficial Ownership Regulation. 

  
 181 

 Section 9.17 Disclosure. Each Loan Party, each Issuing Bank and each Lender
hereby acknowledges and agrees that the Administrative Agent 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 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, 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. 

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 “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 law, the rate of interest payable
in respect of such Loan or Letter of Credit hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Loan or Letter of Credit but were not payable as a result of the operation of this Section shall be cumulated and the interest and 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, in the event of
any conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall govern and control. 

  
 182 

 Section 9.22 Release of Guarantors. Notwithstanding anything in
Section 9.02(b) to the contrary, any Subsidiary Guarantor shall automatically be released from its obligations hereunder (and its Loan Guaranty shall be automatically released) (a) upon the consummation of any
permitted transaction or series of related transactions if as a result thereof such Subsidiary Guarantor ceases to be a Restricted Subsidiary (or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions
permitted hereunder; provided that the release of any Subsidiary Guarantor from its obligations under the Loan Guaranty if such Subsidiary Guarantor becomes an Excluded Subsidiary of the type 

described in clause (a) of the definition thereof shall only be permitted if at the time such Guarantor becomes an Excluded Subsidiary of such type
(i) no Event of Default exists, (ii) after giving pro forma effect to such release and the consummation of the transaction that causes such Person to be an Excluded Subsidiary of such type, the Borrower is deemed to have made a new
Investment in such Person for purposes of Section 6.06 (as if such Person were then newly acquired) in an amount equal to the portion of the fair market value of the net assets of such Person attributable to the Borrower’s
equity interest therein as reasonably estimated by the Borrower and such Investment is permitted pursuant to Section 6.06 (other than Section 6.06(f)) at such time and (iii) a Responsible
Officer of the Borrower certifies to the Administrative Agent compliance with preceding clauses (i) and (ii)) and/or (b) upon the occurrence of the Termination Date. 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 documents 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 MIRE Events. No MIRE Event may be closed until the date that is (a) if there are no Material Real Estate Assets
subject to Mortgages located in an area which has been identified by the U.S. Federal Emergency Management Agency (or any successor agency) as a “special flood hazard area,” ten (10) Business Days or (b) if there are any Material
Real Estate Assets subject to Mortgages located in an area which has been identified by the U.S. Federal Emergency Management Agency (or any successor agency) as a “special flood hazard area,” thirty (30) days (in each case, the
“Notice Period”), after the Administrative Agent has delivered to the Lenders the following documents in respect of each such Material Real Estate Asset: (i) a completed Flood Determination Form from a third party vendor,
(ii) if such Material Real Estate Asset is located in a “special flood hazard area,” (A) a notification to the applicable Loan Party of that fact and (if applicable) notification to the applicable Loan Party that flood insurance is
not available and (B) evidence of receipt by the applicable Loan Party of such notice, and (iii) if such notice is required to be provided to the applicable Loan Party and flood insurance is available in the community in which such
Material Real Estate Asset is located, evidence of flood insurance in an amount and in all other respects sufficient to comply with all applicable rules and regulations promulgated under the Flood Laws and otherwise reasonably satisfactory to the
Administrative Agent or as otherwise required from time to time by the Administrative Agent and the Lenders; provided that any such MIRE Event may be closed prior to the Notice Period if the Administrative Agent shall have received written
confirmation from the Arrangers that flood insurance due diligence and flood insurance compliance have been completed by the Arrangers (such written confirmation not to be unreasonably conditioned, withheld or delayed); and provided further
that any obligations any Loan Party may have under Section 5.12 to grant a Mortgage within the 120-day time period described therein shall be extended for so long as is required to
ensure compliance with the requirements set forth in this Section 9.23. 
 Section 9.24 Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each
party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 183 

 (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 9.25
Acknowledgement Regarding Any Supported QFCs. 
 (a) To the extent that the Loan Documents provide support, through a guarantee or
otherwise, for Derivative Transactions or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with
respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed
by the laws of the State of New York and/or of the United States or any other state of the United States). 
 (b) In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the
transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United
States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any
QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the
rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 
 Section 9.26 Certain ERISA Matters.

 (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other
Loan Party, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
or this Agreement; 

  
 184 

 (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] 

  
 185 

 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. 
  

			
	WORLD ENDURANCE HOLDINGS, INC., as Holdings
		
	By:	 	 /s/ Patrick Gramling

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer
	
	WORLD TRIATHLON CORPORATION, as the Borrower
		
	By:	 	 /s/ Patrick Gramling

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer

 Signature Page to Credit Agreement 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as the Administrative Agent, an Issuing Bank, a Revolving Lender and a Term Lender
		
	By:	 	 /s/ Ian Dorrington

	Name:	 	Ian Dorrington
	Title:	 	Managing Director
		
	By:	 	 /s/ Yumi Okabe

	Name:	 	Yumi Okabe
	Title:	 	Vice President

 Signature Page to Credit Agreement 

 
			
	BANK OF AMERICA, N.A., as an Issuing Bank and a Lender
		
	By:	 	 /s/ Cameron Cardozo

	Name:	 	Cameron Cardozo
	Title:	 	Senior Vice President

 Signature Page to Credit Agreement 

 EXECUTION VERSION 

SCHEDULE 1.01(a) 

COMMITMENT SCHEDULE 

Initial Term Loan Commitments 
  

									
	 Lender
	  	Initial Term Loan
Commitment	 	  	Initial Term Loan Commitment
Percentage	 
	 Deutsche Bank AG New York Branch
	  	$	275,000,000	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	275,000,000	 	  	 	100	% 

 Revolving Credit Commitments 

 

									
	 Lender
	  	Revolving Credit
Commitment	 	  	Revolving Credit Commitment
Percentage	 
	 Deutsche Bank AG New York Branch
	  	$	17,500,000	 	  	 	70	% 
	 Bank of America, N.A.
	  	$	7,500,000	 	  	 	30	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	25,000,000	 	  	 	100	% 

 SCHEDULE 1.01(b) 

EXISTING JOINT VENTURES 
  

	1.	 IRONMAN Sweden AB owns 55% of World Triathlon Stockholm AB. 

 

	2.	 Ironman (Asia) Pte. Ltd. owns 48.996% of Ironman Asia (Thailand) Co. Ltd. 

 SCHEDULE 1.01(c) 

MORTGAGES 
 None. 

 SCHEDULE 1.01(d) 

ADJUSTMENTS TO CONSOLIDATED ADJUSTED EBITDA 

None. 

 SCHEDULE 3.05 

FEE OWNED REAL ESTATE ASSETS 
 None. 

 SCHEDULE 3.13 

SUBSIDIARIES 
  

							
	 Subsidiary
	  	 Type of Entity
	  	 Equity Holder
	  	Ownership
Interest
	World Endurance Holdings, Inc.	  	Corporation	  	Wanda Sports Holdings (USA) Inc.	  	100%
				
	World Triathlon Corporation	  	Corporation	  	World Endurance Holdings, Inc.	  	100%
				
	Ironman Holdings I LLC	  	Limited Liability Company	  	World Triathlon Corporation	  	100%
				
	IMU Holdings, LLC	  	Limited Liability Company	  	World Triathlon Corporation	  	100%
				
	World Endurance Africa Holdings (Pty) Ltd	  	Private Limited Company	  	World Triathlon Corporation	  	100%
				
	Ironman New Zealand Ltd	  	Limited Liability Company	  	World Triathlon Corporation	  	100%
				
	World Endurance Holdings Australia Pty Ltd	  	Proprietary Limited Company	  	World Triathlon Corporation	  	100%
				
	World Endurance Cooperatief U.A.	  	Cooperative with excluded liability	  	Ironman Holdings I LLC	  	35%
				
	World Endurance Cooperatief U.A.	  	Cooperative with excluded liability	  	World Triathlon Corporation	  	65%
				
	World Endurance South Africa (Pty) Ltd	  	Private Limited Company	  	World Endurance Africa Holdings (Pty) Ltd	  	100%
				
	IRONMAN South Africa (Pty) Ltd	  	Private Limited Company	  	World Endurance Africa Holdings (Pty) Ltd	  	100%
				
	IRONMAN 70.3 South Africa (Pty) Ltd	  	Private Limited Company	  	World Endurance Africa Holdings (Pty) Ltd	  	100%
				
	IRONMAN 70.3 Durban (Pty) Ltd	  	Private Limited Company	  	World Endurance Africa Holdings (Pty) Ltd	  	100%
				
	IRONMAN 70.3 Cape Town (Pty) Ltd	  	Private Limited Company	  	World Endurance Africa Holdings (Pty) Ltd	  	100%
				
	World Endurance Asia Pacific Pty Ltd  	  	Proprietary Limited Company	  	World Endurance Holdings Australia Pty Ltd	  	100%

							
	 Subsidiary
	  	 Type of Entity
	  	 Equity Holder
	  	Ownership
Interest
				
	World Endurance B.V.	  	Besloten vennootschap	  	World Endurance Cooperatief U.A.	  	100%
				
	World Endurance Malaysia Sdn. Bhd.	  	Sendirian Berhad	  	World Endurance B.V.	  	100%
				
	IRONMAN Canada Inc.	  	Corporation	  	World Endurance B.V.	  	100%
				
	World Endurance Australia Pty Ltd	  	Proprietary Limited Company	  	World Endurance B.V.	  	100%
				
	IRONMAN Sweden AB	  	Aktiebolag	  	World Endurance B.V.	  	100%
				
	IRONMAN Germany GmbH	  	Gesellschaft mit beschränkter Haftung	  	World Endurance B.V.	  	100%
				
	IRONMAN Spain S.L.	  	Sociedad Limitada	  	World Endurance B.V.	  	100%
				
	IRONMAN Switzerland AG	  	Aktiengesellschaft	  	World Endurance B.V.	  	100%
				
	IRONMAN Denmark ApS	  	Anpartsselskab	  	World Endurance B.V.	  	100%
				
	IRONMAN Ltd.	  	Private Limited Company	  	World Endurance B.V.	  	100%
				
	Ironman Italy S.R.L.	  	Società a responsabilità limitata	  	World Endurance B.V.	  	100%
				
	IRONMAN Austria GmbH	  	Gesellschaft mit beschränkter Haftung	  	World Endurance B.V.	  	100%
				
	IRONMAN Luxembourg S.à.r.l.	  	Société à responsabilité limitée	  	World Endurance B.V.	  	100%
				
	USM Events Pty Ltd	  	Proprietary Limited Company	  	World Endurance Australia Pty Ltd	  	100%
				
	IRONMAN Ltd – Ironman Ireland	  	Limited company	  	IRONMAN Ltd.	  	100%
				
	IRONMAN France S.R.L.	  	Société à responsabilité limitée	  	IRONMAN Austria GmbH	  	49.9%
				
	IRONMAN France S.R.L.	  	Société à responsabilité limitée	  	World Endurance B.V.	  	50.1%
				
	IRONMAN Unlimited Events UK Limited	  	Limited Company	  	IRONMAN Ltd.	  	100%
				
	World Triathlon Stockholm AB	  	Aktiebolag	  	IRONMAN Sweden AB	  	55%
				
	IRONMAN Endurance Asia Pte Ltd	  	Private limited company	  	World Triathlon Corporation	  	100%

							
	 Subsidiary
	  	 Type of Entity
	  	 Equity Holder
	  	Ownership
Interest
				
	IRONMAN (Asia) Pte Ltd	  	Private limited company	  	IRONMAN Endurance Asia Pte Ltd	  	100%
				
	IRONMAN Epic Holdings (Pty) Ltd	  	Private Limited Company	  	World Triathlon Corporation	  	100%
				
	Chesapeake Bay Bridge Run, LLC	  	Limited Liability Company	  	World Triathlon Corporation	  	100%
				
	Grandstand Management (Pty) Ltd	  	Private Limited Company	  	IRONMAN Epic Holdings (Pty) Ltd	  	100%
				
	Cape Epic (Pty) Ltd	  	Private Limited Company	  	IRONMAN Epic Holdings (Pty) Ltd	  	100%
				
	Competitor Group Holdings, Inc.	  	Corporation	  	World Triathlon Corporation	  	100%
				
	Competitor Group, Inc.	  	Corporation	  	Competitor Group Holdings, Inc.	  	100%
				
	Competitor Group Events, Inc.	  	Corporation	  	Competitor Group, Inc.	  	100%
				
	Competitor Canada Inc.	  	Corporation	  	Competitor Group, Inc.	  	100%
				
	Competitor Group Europe S.A.R.L.	  	Société à responsabilité limitée	  	Competitor Group, Inc.	  	100%
				
	Competitor Spain S.L.	  	Sociedad Limitada	  	Competitor Group Europe S.A.R.L.	  	100%
				
	CG Portugal LDA	  	Limited Company	  	Competitor Group Europe S.A.R.L.	  	98%
	  	Competitor Spain S.L.	  	2%
				
	Competitor UK Limited	  	Limited Company	  	Competitor Group Europe S.A.R.L.	  	100%
				
	Competitor Sports Ireland Limited	  	Limited Company	  	Competitor Group Europe S.A.R.L.	  	100%
				
	Swiss Epic AG	  	Aktiengesellschaft	  	IRONMAN Switzerland AG	  	100%
				
	Titan Active Limited	  	Private Limited Company	  	IRONMAN Ltd.	  	100%
				
	AROC Sport Pty Ltd	  	Proprietary Limited Company	  	USM Events Pty Ltd	  	100%
				
	Sunrise Events, Inc.	  	Stock Corporation	  	World Endurance B.V.	  	100%

 SCHEDULE 5.10 

UNRESTRICTED SUBSIDIARIES 
 None. 

 SCHEDULE 5.14 

POST-CLOSING ACTIONS 
 Within 60 calendar
days of the Closing Date (or such later date as may be agreed by the Administrative Agent in its sole discretion) the Borrower will deliver to the Administrative Agent (1) originals of all certificated Securities representing or evidencing the
certificated Pledged Collateral of first-tier Foreign Subsidiaries to the extent not delivered on the Closing Date (as indicated on Schedule 3 to the Perfection Certificate delivered on the Closing Date), in each case, accompanied by undated
instruments of transfer or assignment duly executed in blank and (2) evidence of compliance with the second sentence of Section 5.05 of the Credit Agreement. 

 SCHEDULE 6.01 

EXISTING INDEBTEDNESS 
 1. Letters of
Credit: 
  

							
	 Company Name
	  	 Issuing Bank
	  	 Letter of

Credit
 Amount
	  	 Maturity

				
	WORLD TRIATHLON CORPORATION ON BEHALF OF IRONMAN GERMANY GMBH	  	BANK OF AMERICA	  	EUR 45,025.74	  	N/A – FOR A REAL PROPERTY LEASE OF IRONMAN GERMANY GMBH (EXPIRES WHEN THE BANK GUARANTEE IS RETURNED TO BANK OF AMERICA)
				
	WORLD TRIATHLON CORPORATION ON BEHALF OF SUNRISE EVENTS, INC	  	BANK OF AMERICA	  	PHP 1,100,000.00	  	12/31/2019
				
	USM EVENTS PTY LTD	  	WESTPAC	  	AUD 45,100.00	  	1/18/2020
				
	USM EVENTS PTY LTD	  	WESTPAC	  	AUD 4,194.31	  	1/18/2020
				
	USM EVENTS PTY LTD	  	WESTPAC	  	AUD 45,045.00	  	2/12/2024
				
	USM EVENTS PTY LTD	  	WESTPAC	  	AUD 105,000.00	  	6/6/2020
				
	USM EVENTS PTY LTD	  	WESTPAC	  	AUD 107,869.58	  	11/30/2021
				
	IRONMAN NEW ZEALAND LIMITED	  	ASB BANK	  	NZD 67,500.00	  	N/A - OPEN-ENDED (FOR OUR CREDIT CARD FACILITY – FOR AS LONG AS CREDIT CARDS ARE ISSUED TO EMPLOYEES)

 SCHEDULE 6.02 

EXISTING LIENS 
 See letters of credit on
Schedule 6.01. 
  

													
	  	 	 Debtor
	 	 Secured Party
	 	 File

Number
	 	 Filing Date
	 	 Jurisdiction
	 	 Collateral

							
	1	 	World Triathion Corporation 1795 Dogwood St, Ste 300 Louisville, CO 80027 Note: Debtor name misspelled	 	Toyota Industries Commercial Finance, Inc. P.O. Box 9050 Dallas, TX 75019 9050	 	Original 201806694644	 	Original 10/3/2018	 	FL Secured Transaction Registry	 	Leased equipment
							
	2	 	World Triathlon Corporation 2701 North Rocky Point Drive Tampa, FL 33607	 	Imagenet Consulting LLC 913 North Broadway Oklahoma City, OK 73102	 	Original 201503222568	 	Original 3/9/2015	 	FL Secured Transaction Registry	 	Leased equipment
							
	3	 	World Triathlon Corporation 2701 North Rocky Point Drive Tampa, FL 33607	 	Imagenet Consulting LLC 913 North Broadway Oklahoma City, OK 73102	 	Original 201606704530	 	Original 3/8/2016	 	FL Secured Transaction Registry	 	Leased equipment
							
	4	 	World Triathlon Corporation 3407 W. Dr. Martin Luther King Jr Blvd, Suite 100 Tampa, FL 33607	 	Imagenet Consulting LLC 913 North Broadway Oklahoma City, OK 73102	 	Original 201702395780	 	Original 9/6/2017	 	FL Secured Transaction Registry	 	Leased equipment
							
	5	 	World Triathlon Corporation 414 Union St, Suite 1910 Nashville, TN 37219	 	Imagenet Consulting LLC 913 North Broadway Oklahoma City, OK 73102	 	Original 201804466741	 	Original 3/15/2018	 	FL Secured Transaction Registry	 	Leased equipment
							
	6	 	World Triathlon Corporation 3407 W. Dr. Martin Luther King Jr Blvd, Suite 100 Tampa, FL 33607	 	Imagenet Consulting LLC 913 North Broadway Oklahoma City, OK 73102	 	Original 201807213410	 	Original 12/11/2018	 	FL Secured Transaction Registry	 	Leased equipment
							
	7	 	World Triathlon Corporation 3407 W. Dr. Martin Luther King Jr Blvd, Suite 100 Tampa, FL 33607	 	Imagenet Consulting LLC 913 North Broadway Oklahoma City, OK 73102	 	Original 201908181727	 	Original 3/21/2019	 	FL Secured Transaction Registry	 	Leased equipment
							
	8	 	 Competitor Group, Inc. 6420 Sequence Drive, 2nd Floor

San Diego, CA 92121
	 	Craig Blanchette 7979 Ivanhoe Avenue La Jolla, CA 92037	 	Original 18-7636173113	 	Original 3/5/2018	 	CA SOS	 	Notice of Judgment Lien Judgment- $3,200,000.00

 SCHEDULE 6.03 

NEGATIVE PLEDGES 
 None. 

 SCHEDULE 6.06 

EXISTING INVESTMENTS 
 None. 

 SCHEDULE 6.07 

CERTAIN DISPOSITIONS 
 The Board of
Directors of IRONMAN Sweden AB has approved the liquidation of its joint venture World Triathlon Stockholm AB. The liquidation process will begin in the 3rd quarter 2019 and any assets and liabilities will be transferred to IRONMAN Sweden AB. No
other disposition of assets will be undertaken. 

 SCHEDULE 6.09 

TRANSACTIONS WITH AFFILIATES 
 None. 

 EXECUTION VERSION EXHIBIT A-1 

[FORM OF] 
 ASSIGNMENT
AND ASSUMPTION 
 This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below
and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given
to them in the Credit Agreement identified below (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the
Assignee. The Standard Terms and Conditions set forth in Annex I attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i) all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below (including any letters of credit included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action
and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan
transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold
and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). In
the case where the Assigned Interest covers all of the Assignor’s rights and obligations under the Credit Agreement, the Assignor shall cease to be a party thereto but shall continue to be entitled to the benefits of Sections 2.15,
2.16, 2.17 and 9.03 of the Credit Agreement with respect to facts and circumstances occurring on or prior to the Effective Date and subject to its obligations hereunder and under Section 9.13 of the Credit Agreement.
Such sale and assignment is (i) subject to acceptance and recording thereof in the Register by the Administrative Agent pursuant to Section 9.05(b)(v) of the Credit Agreement, (ii) without recourse to the Assignor and
(iii) except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
 1. Assignor: [•] 

2. Assignee: [•] [and is an Affiliate/Approved Fund of [identify Lender]1]  

3. Borrower: World Triathlon Corporation, a Florida corporation 

 

	1 	 Select as applicable. 

  
 A-1-1 

 4. Administrative Agent: Deutsche Bank AG New York Branch, as administrative agent under the Credit
Agreement 
 5. Credit Agreement: That certain Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or
otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a Delaware corporation, the Lenders
from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the Lenders. 

6. Assigned Interest: 
  

													
	 Aggregate Amount of

Commitment/Loans
	  	 Class of

Loans
 Assigned
	  	 Amount of

Commitment/Loans
 Assigned2
	  	Percentage Assigned of
Commitment/Loans under
Relevant Class3	 	  	CUSIP
Number	 
	 $
	  		  	$	  	 	%	 	  			
	 $
	  		  	$	  	 	%	 	  			
	 $
	  		  	$	  	 	%	 	  			

 Effective Date: [•] [•], 20[•] [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR]. 
 [Signature Page Follows] 

 

	2 	 Not to be less than (x) $1,000,000 in the case of Initial Term Loans, Additional Term Loans, Initial Term
Commitments and Additional Term Commitments and (y) $5,000,000 in the case of Revolving Loans, Additional Revolving Loans, Revolving Credit Commitments or Additional Revolving Commitments unless the Borrower and the Administrative Agent
otherwise consent. 

	3 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

  
 A-1-2 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	              

		 	Name:
		 	Title:

  
 A-1-3 

 
			
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	              

		 	Name:
		 	Title:
	
	Consented to and Accepted:
	
	DEUTSCHE BANK AG NEW YORK
	BRANCH, as Administrative Agent4
		
	By:	 	              

		 	Name:
		 	Title:
		
	By:	 	              

		 	Name:
		 	Title:
	
	[ISSUING BANK]5
		
	By:	 	              

		 	Name:
		 	Title:
	
	[Consented to:]6
	
	 WORLD TRIATHLON CORPORATION,
 as
Borrower

		
	By:	 	              

		 	Name:
		 	Title:

  

	4 	 To be added only if the consent of the Administrative Agent is required. 

	5 	 To be added only with respect to an assignment under the Revolving Facility or any Additional Revolving
Facility. 

	6 	 To be added only if the consent of the Borrower is required by Section 9.05(b)(i)(A) of the Credit
Agreement. 

  
 A-1-4 

 Annex I 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it
is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) its Commitment, and the outstanding balances of its Loans, in each case without
giving effect to assignments thereof which have not become effective, are as set forth herein and (iv) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby; and (b) makes no representation or warranty and assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement, any other
Loan Document or any other instrument or document furnished pursuant thereto (other than this Assignment and Assumption) or any collateral thereunder, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of
the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Restricted Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or
observance by Holdings, the Borrower, any of its Restricted Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2 Assignee. The Assignee (a) represents and warrants that (i) it is an Eligible Assignee and has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements,
if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement and the other Loan Documents as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder and (iv) it has received a copy of the Credit Agreement, together with copies of the
most recent financial statements referred to in Section 4.01(c) or the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the
Administrative Agent or any other Lender, (v) it has examined the list of Disqualified Institutions and it is not (A) a Disqualified Institution or (B) an Affiliate of a Disqualified Institution [(other than, in the case of this
Clause (B), a Bona Fide Debt Fund)]7 and (vi) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to Section 2.17 of the Credit Agreement, duly
completed and executed by the Assignee. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have
accrued from and after the Effective Date. 
  

	7 	 Insert bracketed language if Assignee is a Bona Fide Debt Fund and not otherwise identified on the list of
Disqualified Institutions. 

  
 Annex I to Exhibit A-1-1

 3. General Provisions. This Assignment and Assumption shall be binding upon,
and inure to the benefit of, the parties hereto and their respective successors and permitted assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this Assignment and Assumption by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of this Assignment and
Assumption. This Assignment and Assumption and the rights and obligations of the parties hereunder and (including but not limited to the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in
contract or tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. 

  
 A-1-2 

 EXHIBIT A-2 

[FORM OF] 
 AFFILIATED LENDER 

ASSIGNMENT AND ASSUMPTION 
 This
Affiliated Lender Assignment and Assumption (the “Affiliated Lender Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Affiliated Lender] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in
Annex I attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Affiliated Lender Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i) all of the Assignor’s
rights and obligations in its capacity as a Term Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such
outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor
(in its capacity as a Term Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in
any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause
(i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). In the case where the Assigned
Interest covers all of the Assignor’s rights and obligations under the Credit Agreement, the Assignor shall cease to be a party thereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and
9.03 of the Credit Agreement with respect to facts and circumstances occurring on or prior to the Effective Date and subject to its obligations hereunder and under Section 9.13 of the Credit Agreement. Such sale and assignment is
(i) subject to acceptance and recording thereof in the Register by the Administrative Agent pursuant to Section 9.05(b)(v) of the Credit Agreement, (ii) without recourse to the Assignor and (iii) except as expressly
provided in this Affiliated Lender Assignment and Assumption, without representation or warranty by the Assignor. 
 1. Assignor: [•] 

2. Assignee: [•] and is an Affiliated Lender [that is a Non-Debt Fund Affiliate / the Borrower or a subsidiary thereof]. 

3. Borrower: World Triathlon Corporation, a Florida corporation 

4. Administrative Agent: Deutsche Bank AG New York Branch, as administrative agent under the Credit Agreement 

  
 A-2-1 

 5. Credit Agreement: That certain Credit Agreement dated as of August 15, 2019 (as amended, restated,
amended and restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings,
Inc., a Delaware corporation, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the lenders. 

6. Assigned Interest: 
  

													
	 Aggregate Amount of
 Commitment/Term

Loans
	  	 Class of

Term Loans
 Assigned
	  	 Amount of

Commitment/Term
 Loans Assigned8
	  	Percentage Assigned of
Commitment/Term Loans
under Relevant Class9	 	  	CUSIP
Number	 
	 $
	  	$	  		  	 	%	 	  			
	 $
	  	$	  		  	 	%	 	  			
	 $
	  	$	  		  	 	%	 	  			

 Effective Date: [•] [•], 20[•] [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR]. 
 [Signature Page Follows] 

 

	8 	 Not to be less than (x) $1,000,000 in the case of Initial Term Loans, Additional Term Loans, Initial Term
Commitments and Additional Term Commitments and (y) $5,000,000 in the case of Revolving Loans, Additional Revolving Loans, Revolving Credit Commitments or Additional Revolving Commitments unless the Borrower and the Administrative Agent
otherwise consent. 

	9 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

  
 A-2-2 

 The terms set forth in this Affiliated Lender Assignment and Assumption are hereby agreed
to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	
                 

		 	Name:
		 	Title:

  
 A-2-3 

 
			
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	              

		 	Name:
		 	Title:
	
	[Consented to:]10
	
	 WORLD TRIATHLON CORPORATION,
 as
Borrower

		
	By:	 	
                 

		 	Name:
		 	Title:

  

	10 	 To be added only if the consent of the Borrower is required by Section 9.05(b)(i)(A) of the Credit
Agreement. 

  
 A-2-4 

 ANNEX I TO EXHIBIT A-2 

STANDARD TERMS AND CONDITIONS FOR 

AFFILIATED LENDER ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) its Commitment, and the outstanding balances of its Initial Term Loans or Additional Term Loans, in each case without giving
effect to assignments thereof which have not become effective, are as set forth herein, and (iv) it has full power and authority, and has taken all action necessary, to execute and deliver this Affiliated Lender Assignment and Assumption and to
consummate the transactions contemplated hereby; and (b) makes no representation or warranty and assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto (other than this Affiliated Lender Assignment and Assumption) or any collateral thereunder, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Restricted Subsidiaries or Affiliates or any other Person obligated in respect of
any Loan Document or (iv) the performance or observance by Holdings, the Borrower, any of its Restricted Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2 Assignee. The Assignee (a) represents and warrants that (i) it is an Eligible Assignee and has full power and
authority, and has taken all action necessary, to execute and deliver this Affiliated Lender Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies
the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of
the Credit Agreement and the other Loan Documents as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies
of the most recent financial statements referred to in Section 4.01(c) or delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Affiliated Lender Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or
any other Lender, (v) if it is a Foreign Lender, attached to the Affiliated Lender Assignment and Assumption is any documentation required to be delivered by it pursuant to Section 2.17 of the Credit Agreement, duly completed and
executed by the Assignee, (vi) after giving effect to this Affiliated Lender Assignment and Assumption, the aggregate principal amount of all Initial Term Loans and Additional Term Loans then held by all Affiliated Lenders does not exceed the
Affiliated Lender Cap (after giving effect to any substantially simultaneous cancellations thereof) and (vii) in the case of Holdings or any of its subsidiaries, (1) no Indebtedness incurred under the Revolving Facility or any Additional
Revolving Facility has been utilized to fund the purchase of the Assigned Interest and (2) no Default or Event of Default exists at the time of acceptance of bids for any Dutch Auction or the confirmation of any open market purchase; and
(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Loan Documents, (ii) it appoints and authorizes the Administrative Agent to take such action on its behalf and to exercise such powers and discretion under the Credit Agreement, the
other Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent, by the terms thereof, together with such powers as are reasonably incidental thereto, and (iii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. In connection with any Dutch Auction, the Assignor has acknowledged and agreed that in connection
with this Assignment and Assumption, (1) the applicable Affiliated Lender or its Affiliates may have, and later may come into possession of, MNPI, (2) the Assignor has independently, without reliance on the applicable Affiliated Lender,
the Investors, Holdings, the Borrower, any of their respective subsidiaries, the Administrative Agent, the Arrangers or any of their respective Affiliates, made its own analysis and determination to participate in such assignment notwithstanding the
Assignor’s lack of knowledge of the MNPI, (3) none of the applicable Affiliated Lenders, the Investors, Holdings, the Borrower, any of their respective subsidiaries, the Administrative Agent, the Arrangers or any of their respective
Affiliates shall have any liability to the Assignor, and the Assignor hereby waives and releases, to the extent permitted by law, any claims it may have against the applicable Affiliated Lender, the Investors, Holdings, the Borrower, each of their
respective subsidiaries, the Administrative Agent, the Arrangers and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the MNPI and (4) the MNPI may not be available to the Administrative
Agent, the Arrangers or the other Lenders. The Assignee agrees that, solely in its capacity as an Affiliated Lender, it will not be entitled to (a) attend (including by telephone) or participate in any meeting or discussions (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 (b) 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 Initial Term Loans or Additional Term Loans required to be delivered to Lenders pursuant to Article 2 of the Credit
Agreement). 

  
 Annex I to Exhibit A-2-1

 2. Payments. From and after the Effective Date, the Administrative Agent shall
make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have
accrued from and after the Effective Date. 
 3. General Provisions. This Affiliated Lender Assignment and Assumption shall be
binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns. This Affiliated Lender Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Affiliated Lender Assignment and Assumption by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually
executed counterpart of this Affiliated Lender Assignment and Assumption. This Affiliated Lender Assignment and Assumption and the rights and obligations of the parties hereunder and (including but not limited to the validity, interpretation,
construction, breach, enforcement or termination hereof, and whether arising in contract or tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. 

  
 Annex I to Exhibit A-2-2

 EXHIBIT B 

[FORM OF] 
 BORROWING REQUEST 

Deutsche Bank AG New York Branch, 
 as Administrative Agent for
the Lenders referred to below 
 60 Wall Street 
 New York, New
York 10005 
 Attention: Joshua Klinger & Sheila Lee 

Telephone: 212-250-9482 / 904-527-6119 
 Email:
ldcm.agencyservicing@db.com 
 CC Email: Joshua.Klinger@db.com; 

Sheila.Lee@db.com; 

Julianne.Tyrone@db.com 
 [•]
[•], 20[•]11 
 Ladies and Gentlemen: 

Reference is hereby made to that certain Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a Delaware
corporation, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the Lenders. Terms defined in the Credit Agreement are used
herein with the same meanings unless otherwise defined herein. 
 The undersigned hereby gives you notice pursuant to Section 2.03 of the Credit
Agreement that it hereby requests a Borrowing under the Credit Agreement on the below the terms: 
  

					
	(A)	  	Borrower:	  	World Triathlon Corporation
			
	(B)	  	Date of Borrowing (which shall be a Business Day):	  	[•]
			
	(C)	  	Aggregate Principal Amount of Borrowing:12	  	$[•]
			
	(D)	  	Type of Borrowing:13	  	[•]
			
	(E)	  	Class of Borrowing:14	  	[•]
			
	(F)	  	Interest Period15 (in the case of a LIBO Rate Borrowing)	  	[•]
			
	(G)	  	Amount, Account Number and Location	  	

  

	11 	 The Administrative Agent must be notified in writing, which must be received by the Administrative Agent (by
hand delivery, fax or other electronic transmission (including “.pdf” or “.tif”)) not later than (i) 11:00 a.m. three Business Days prior to the requested day of any Borrowing of LIBO Rate Loans (or one Business Day in the
case of any Borrowing of LIBO Rate Loans to be made on the Closing Date) and (ii) 10:00 a.m. on the requested date of any Borrowing of ABR Loans (or, in each case, such later time as shall be acceptable to the Administrative Agent);
provided, however, that if the Borrower wishes to request LIBO 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 11:00 a.m. four Business Days prior to the requested date of such Borrowing, 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, the Administrative Agent shall
notify the Borrower whether or not the requested Interest Period has been consented to by all the appropriate Lenders. 

	12 	 Subject to Section 2.02(c) of Credit Agreement. 

	13 	 State whether a LIBO Rate Borrowing or ABR Borrowing. If no Type of Borrowing is specified, then the requested
Borrowing shall be an ABR Borrowing. 

	14 	 State whether a Borrowing of Initial Term Loans, Revolving Loans or other loans or commitments added pursuant
to Sections 2.22, 2.23 or 9.02(c). 

  
 B-1 

					
	 Wire Transfer Instructions:
	  

	 Amount
	  	$	[	•] 
	 Bank:
	  	 	[	•] 
	 ABA No.:
	  	 	[	•] 
	 Account No.:
	  	 	[	•] 
	 Account Name:
	  	 	[	•] 

 [The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of
the Borrowing: 
 (A) The representations and warranties of the Loan Parties set forth in the Credit Agreement and the
other Loan Documents are true and correct in all material respects on and as of the date of the Borrowing with the same effect as though such representations and warranties had been made on and as of the date of such Borrowing; provided that to the
extent that any representation and warranty specifically refers to an earlier date, it is true and correct in all material respects as of such earlier date. 

(B) At the time of and immediately after giving effect to the Borrowing, no Default or Event of Default exists.]16 
 [Signature Page Follows] 

 

	15 	 One, two, three or six months (or, to the extent available to and agreed by all relevant affected Lenders,
twelve months or a shorter period). If no Interest Period is specified, then the Interest Period shall be of one-month’s duration. 

	16 	 Only applicable to borrowings after the Closing Date. 

  
 B-2 

 
			
	WORLD TRIATHLON CORPORATION
		
	By:	 	
                 

		 	Name:
		 	Title:

  
 B-3 

 EXHIBIT C 

[FORM OF] 
 COMPLIANCE CERTIFICATE

 [•] [•], 20[•] 
  

	To:	 The Administrative Agent and each of the Lenders parties to the Credit Agreement described below

 This Compliance Certificate is furnished pursuant to that certain Credit Agreement dated as of August 15, 2019 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation
(the “Borrower”), World Endurance Holdings, Inc., a Delaware corporation, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and
collateral agent for the Lenders. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement. 

The undersigned hereby certifies, as a Responsible Officer of the Borrower, in such capacity and not in an individual capacity, that: 

1. I am the duly elected [•] of the Borrower and a Responsible Officer of the Borrower; 

2. I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a review in reasonable
detail of the transactions and conditions of the Borrower and its Restricted Subsidiaries, on a consolidated basis, during the [Fiscal Quarter][Fiscal Year] covered by the attached financial statements; 

3. [The attached financial statements fairly present, in all material respects, in accordance with IFRS, the consolidated financial condition
of the Borrower as at the dates indicated and its income and cash flows for the periods indicated, subject to the absence of footnotes and changes resulting from audit and normal year-end
adjustments.]17 
 4. [Except as described in the disclosure set forth below, the][The]
examinations described in paragraph 2 did not disclose, and I have no knowledge of the existence of any condition or event which constitutes a Default or Event of Default that exists as of the date of this Compliance Certificate [and the disclosure
set forth below specifies, in reasonable detail, the nature of any such condition or event and the steps being taken to cure, remedy or waive the same.] 

5. [Schedule 1 attached hereto sets forth reasonably detailed calculations of Excess Cash Flow for such Fiscal Year.]18 
 6. [Attached as Schedule 2 hereto is a list of the subsidiaries of the Borrower that
identifies each subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date hereof.] [There is no change in the list of Restricted Subsidiaries and Unrestricted Subsidiaries since the date of the last Compliance Certificate.]

  

	17 	 Include to the extent the relevant Compliance Certificate is delivered in connection with unaudited quarterly
financials. 

	18 	 Only required to the extent the relevant Compliance Certificate is delivered in connection with audited annual
financial statements, beginning with the financial statements for the Fiscal Year ending December 31, 2019 (it being understood and agreed that for the Fiscal Year ending December 31, 2019, Excess Cash Flow shall be calculated as if such
Fiscal Year begins on the first day of the Fiscal Quarter ending June 30, 2019 and ends on December 31, 2019). 

  
 C-1 

 7. [Attached as Schedule 3 hereto are a summary of the pro forma adjustments
necessary to eliminate the accounts of Unrestricted Subsidiaries from the attached financial statements.]19 

8. [Attached hereto as Schedule 4 is the Narrative Report required to be delivered with the attached financial statements in accordance
with Section 5.01(a) or (b) of the Credit Agreement, as applicable]. 
 9. [Attached as Schedule 5 hereto are
calculations in reasonable detail demonstrating compliance with the covenant set forth in Section 6.15(a) of the Credit Agreement.]20 

10. Attached as Schedule 6 hereto are reasonably detailed calculations of Consolidated Adjusted EBITDA for the Test Period ended on the
last day of the relevant [Fiscal Quarter]/[Fiscal Year][, and any amounts constituting expected cost savings, operating expense reductions and/or synergies that were added back in reliance on clause (x) of the definition of
“Consolidated Adjusted EBITDA” are, in my good faith determination, reasonably identifiable and factually supportable]21. 

11. [Attached as Schedule 7 hereto are reasonably detailed calculations of the Available Amount for such Fiscal Year.]/[There is no
change in the Available Amount for such Fiscal Year since the date of the last Compliance Certificate.]22 

12. [There has been no change to the information in the Beneficial Ownership Certification that would result in a change to the list of
beneficial owners identified in part (c) or (d) of the Beneficial Ownership Certification most recently delivered to the Administrative Agent.] [Attached as Schedule 8 is a list in reasonable detail of any changes in the Beneficial
Ownership Certification that would result in a change to the list of beneficial owners identified in part (c) or (d) of the Beneficial Ownership Certification most recently delivered to the Administrative Agent.]23 
 [The description below sets forth the exceptions to paragraph 4 by listing, in
reasonable detail, the nature of the condition or event, the period during which it has existed and the steps being taken to cure, remedy or waive the same.] 

[Signature Page Follows] 

 

	19 	 Only required if a subsidiary of the Borrower is or has been designated as an Unrestricted Subsidiary at the
time of delivery of the applicable Compliance Certificate. 

	20 	 Only required to the extent the Revolving Facility Test Condition is satisfied on the last day of the relevant
Test Period. 

	21 	 Bracketed language relating to expected cost savings, etc. is only required to extent calculation of
Consolidated Adjusted EBITDA reported pursuant to Schedule 1, Schedule 5 or Schedule 6 hereto includes amounts added back in reliance on clause (x) of the definition thereof. 

	22 	 Only required to the extent the relevant Compliance Certificate is delivered in connection with audited annual
financial statements. 

	23 	 Only required to the extent the relevant Compliance Certificate is delivered in connection with audited annual
financial statements. 

  
 C-2 

 The foregoing certifications, together with the information set forth in the Schedules
hereto and the financial statements delivered with this Compliance Certificate in support hereof, are made and delivered as of the date first written above. 24 

 

			
	WORLD TRIATHLON CORPORATION
		
	By:	 	
                 

		 	Name:
		 	Title:

  

	24 	 Please note the deadlines for satisfaction of the following requirements correspond with the delivery of each
Compliance Certificate (unless otherwise indicated): 

  

	 	1.	 To the extent the relevant Compliance Certificate is delivered in connection with audited annual financials,
delivery of the Perfection Certificate Supplement required by Section 5.01(j) of the Credit Agreement. 

  

	 	2.	 If, as a result of any change in accounting principles and policies from those used in the preparation of the
consolidated financial statements of the Borrower for the Fiscal Year ended December 31, 2018, the attached financial statements will differ in any material respect from the consolidated financial statements that would have been delivered in
the absence of such change, delivery of the statements of reconciliation required by Section 5.01(d) of the Credit Agreement. 

  
 C-3 

 SCHEDULE 1 

Calculation of Excess Cash Flow 

  
 Schedule 1 to Exhibit C

 SCHEDULE 2 

List of Restricted Subsidiaries and Unrestricted Subsidiaries 

  
 Schedule 2 to Exhibit C

 SCHEDULE 3 

Summary of Pro Forma Adjustments/Consolidating Information 

  
 Schedule 3 to Exhibit C

 SCHEDULE 4 

Narrative Report 

  
 Schedule 4 to Exhibit C

 SCHEDULE 5 

Calculation of First Lien Leverage Ratio 

  
 Schedule 5 to Exhibit C

 SCHEDULE 6 

Consolidated Adjusted EBITDA 

  
 Schedule 6 to Exhibit C

 SCHEDULE 7 

Available Amount 

  
 Schedule 7 to Exhibit C

 SCHEDULE 8 

Beneficial Ownership Certification 

  
 Schedule 8 to Exhibit C

 EXHIBIT D 

[FORM OF] 
 INTEREST ELECTION
REQUEST 
 Deutsche Bank AG New York Branch, 
 as
Administrative Agent for the Lenders referred to below 
 60 Wall Street 

New York, New York 10005 
 Attention: Joshua Klinger &
Sheila Lee 
 Telephone: 212-250-9482 / 904-527-6119 
 Email:
ldcm.agencyservicing@db.com 
 CC Email: Joshua.Klinger@db.com; 

  Sheila.Lee@db.com; 

  Julianne.Tyrone@db.com 

[•] [•], 20[•]25 

Ladies and Gentlemen: 
 Reference
is hereby made to that certain Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit
Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a Delaware corporation, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, in
its capacities as an issuing bank and as administrative agent and collateral agent for the Lenders. Terms defined in the Credit Agreement are used herein with the same meanings unless otherwise defined herein. 

The undersigned hereby gives you notice pursuant to Section 2.08 of the Credit Agreement of an interest rate election, and in that
connection sets forth below the terms thereof: 
 (A) [on [insert applicable date] (which is a Business Day), the
undersigned will convert $[•]26 of the aggregate outstanding principal amount of the [Term][Revolving] Loans, bearing interest at the [ABR][LIBO] Rate, into a
[LIBO][ABR] Loan [and, in the case of a LIBO Rate Loan, having an Interest Period of [•] month(s)]27[; and][.]]  

 

	25 	 The Administrative Agent must be notified in writing, which must be received by the Administrative Agent (by
hand delivery, fax or other electronic transmission (including “.pdf” or “.tif”)) not later than (i) 11:00 a.m. three Business Days prior to the requested day of any conversion or continuation of LIBO Rate Loans (or one
Business Day in the case of any conversion or continuation of LIBO Rate Loans on the Closing Date) and (ii) 10:00 a.m. on the requested date of any conversion of any Borrowing to ABR Loans or any continuation of any Borrowing as ABR Loans (or,
in each case, such later time as shall be acceptable to the Administrative Agent); provided, however, that if the Borrower wishes to request a conversion or continuation of LIBO Rate Loans with 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 11:00 a.m. four Business Days prior to
the requested date of such conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request and determine whether the requested Interest Period is acceptable to them and (B) not
later than 10:00 a.m. three Business Days before the requested date of such 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. 

	26 	 Subject to Section 2.02(c) of the Credit Agreement. 

	27 	 One, two, three or six months (or, to the extent available to and agreed by all relevant affected Lenders,
twelve months or a shorter period). If no Interest Period is specified, then the Interest Period shall be of one-month’s duration. 

  
 D-1 

 (B) [on [insert applicable date] (which is a Business Day), the
undersigned will continue $[•] of the aggregate outstanding principal amount of the [Term][Revolving] Loans bearing interest at the LIBO Rate, as LIBO Rate Loans having an Interest Period of [•] month(s)28.] 
 [Signature Page Follows] 

 

	28 	 One, two, three or six months (or, if agreed to by all relevant affected Lenders, twelve months or a shorter
period). If no Interest Period is specified, then the Interest Period shall be of one-month’s duration. 

  
 D-2 

 
			
	WORLD TRIATHLON CORPORATION
		
	By:	 	              

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

FORM OF 
 PERFECTION CERTIFICATE

  
 E-4 

 EXECUTION VERSION 

PERFECTION CERTIFICATE 

August 15, 2019 
 Reference
is hereby made to (i) that certain Credit Agreement dated as of the date hereof (the “Credit Agreement”), by and among, World Endurance Holdings, Inc., a Delaware corporation, World Triathlon Corporation, a Florida corporation,
the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the lenders (in its capacities as administrative and collateral agent, the
“Administrative Agent”) and (ii) that certain Pledge and Security Agreement, dated as of the date hereof (the “Security Agreement”), by and among the Loan Parties from time to time party thereto and the
Administrative Agent. Capitalized terms used but not defined herein have the meanings assigned to such terms in the Credit Agreement or Security Agreement, as applicable. 

As used herein, the term “Companies” means each entity listed on the signature pages hereto. 

As of the date hereof, the undersigned hereby represents and warrants to the Administrative Agent as follows: 

1. Names. (a) The exact legal name of each Company, as such name appears in its respective Organizational Documents filed with the
Secretary of State of such Company’s jurisdiction of organization is set forth in Schedule 1(a). Each Company is the type of entity disclosed next to its name in Schedule 1(a) and is a registered organization except to the extent
disclosed therein. Also set forth in Schedule 1(a) is the organizational identification number, if any, of each Company, the Federal Taxpayer Identification Number of each Company and the jurisdiction of organization of each Company. 

(b) Except as otherwise disclosed in Schedule 1(d), set forth in Schedule 1(b) hereto is any other legal name that any Company
has had in the past five years, together with the date of the relevant change, and any trade name or assumed name currently used by any Company or under which any Company is known or is transacting business. 

(c) Set forth in Schedule 1(c) is a list of the information required by Section 1(a) of this certificate for any other
Person (other than the Federal Taxpayer Identification Number) (i) to which any Company became the successor by merger, consolidation, acquisition or division or (ii) that has been liquidated into, or transferred all or substantially all
of its assets to, any Company, at any time within the past two years. Except as set forth in Schedule 1(d), or as otherwise disclosed in Schedule 1(c), no Company has changed its jurisdiction of organization or form of entity at any
time during the past five years. 
 2. Locations. The chief executive office of each Company is currently located at the addresses set
forth in Schedule 2 hereto. 
 3. Stock Ownership and Other Equity Interests. Attached hereto as Schedule 3 is a true
and correct list of all of the issued and outstanding stock, partnership interests, limited liability company membership interests or other equity interests owned by any Company constituting Pledged Stock, the beneficial owners of such stock,
partnership interests, membership interests or other equity interests and the percentage of the total issued and outstanding stock, partnership interests, membership interests or other equity interests of the relevant issuer represented thereby.

 4. Instruments and Tangible Chattel Paper. Attached hereto as Schedule 4 is a true and correct list of all Instruments
(other than checks to be deposited in the ordinary course of business) and Tangible Chattel Paper, in each case having a face amount exceeding $4,000,000, held by any Company as of the date hereof, including the names of the obligors, amounts owing
and the due dates. 

 5. Intellectual Property. Attached hereto as Schedule 5(a) is a schedule
setting forth all of each Company’s United States Patents and United States Trademarks registered with (or applied for in) and published by the United States Patent and Trademark Office (excluding, for the avoidance of doubt, any United States
Patent or United States Trademark that has expired or been abandoned in the same manner as permitted in the Credit Agreement and any Excluded Assets, but including United States Trademarks that would constitute Collateral upon the filing of a
“Statement of Use” or an “Amendment to Allege Use” with respect thereto), including the name of the registered owner and the registration number (or, if applicable, the applicant and the application number) of each such United
States Patent and United States Trademark. Attached hereto as Schedule 5(b) is a schedule setting forth all of each Company’s Copyrights registered with (or applied for in) the United States Copyright Office (excluding, for the avoidance
of doubt, any Copyright that has expired or been abandoned in the same manner as permitted in the Credit Agreement and any Excluded Assets), including the name of the registered owner and the registration number (or, if applicable, the applicant and
the application number) of each such Copyright. 
 6. Commercial Tort Claims. Attached hereto as Schedule 6 is a true and
correct list of all Commercial Tort Claims with an individual value of at least $4,000,000 (as reasonably determined by the Borrower), held by any Company, including a brief description thereof. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the undersigned have hereunto signed this Perfection Certificate
as of the date first written of above. 
  

			
	WORLD ENDURANCE HOLDINGS, INC.
		
	By:	 	              

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	WORLD TRIATHLON CORPORATION
		
	By:	 	              

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	IMU HOLDINGS, LLC
	By: WORLD TRIATHLON CORPORATION, its sole member
		
	By:	 	              

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	CHESAPEAKE BAY BRIDGE RUN, LLC
	By: WORLD TRIATHLON CORPORATION, its sole member
		
	By:	 	              

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	COMPETITOR GROUP HOLDINGS, INC.
		
	By:	 	              

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer

 [PERFECTION CERTIFICATE] 

 
			
	COMPETITOR GROUP, INC.
		
	By:	 	              

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	COMPETITOR GROUP EVENTS, INC.
		
	By:	 	              

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer

 [PERFECTION CERTIFICATE] 

 SCHEDULE 1(A) 

LEGAL NAMES 
  

									
	 Company
	  	 Jurisdiction
	  	 Type
	  	 Organizational
Number
	  	Federal Taxpayer
Identification
Number
	 World Endurance Holdings, Inc.
	  	Delaware	  	Corporation	  	4591571	  	26-3278808
					
	 World Triathlon Corporation
	  	Florida	  	Corporation	  	L14193	  	59-2965638
					
	 IMU Holdings, LLC
	  	Florida	  	Limited Liability Company	  	L16000001462	  	N/A
					
	 Chesapeake Bay Bridge Run, LLC
	  	Maryland	  	Limited Liability Company	  	W15005648	  	N/A
					
	 Competitor Group Holdings, Inc.
	  	Delaware	  	Corporation	  	4467887	  	26-1511879
					
	 Competitor Group, Inc.
	  	Delaware	  	Corporation	  	4405475	  	26-1399945
					
	 Competitor Group Events, Inc.
	  	California	  	Corporation	  	C1555998	  	33-0300573

  
 1 

 SCHEDULE 1(B) 

PRIOR ORGANIZATIONAL NAMES; CURRENT TRADE NAMES PRIOR ORGANIZATIONAL NAMES 

None. 
 CURRENT TRADE NAMES 

 

									
	 Entity
	  	 Trade Name
	  	 Jurisdiction
	  	 Registration 

Number
	  	File Date
	 World Triathlon Corporation
	  	IRONKIDS	  	Florida	  	G16000028462	  	03/17/2016
					
	 World Triathlon Corporation
	  	IRONMAN	  	Florida	  	G16000042246	  	04/26/2016
					
	 World Triathlon Corporation
	  	IRON GIRL	  	Florida	  	G16000042250	  	04/26/2016
					
	 World Triathlon Corporation
	  	IRONKIDS	  	Indiana	  	2010042700105	  	07/26/2010
					
	 World Triathlon Corporation
	  	IRONMAN	  	Rhode Island	  	000505910	  	04/30/2010
					
	 Competitor Group, Inc.
	  	ROCK N ROLL DENVER	  	California	  	2016-020584	  	08/03/2016
					
	 Competitor Group, Inc.
	  	ROCK N ROLL NEW ORLEANS	  	California	  	2016-020584	  	08/03/2016
					
	 Competitor Group, Inc.
	  	ROCK N ROLL MADRID	  	California	  	2016-020584	  	08/03/2016
					
	 Competitor Group, Inc.
	  	ROCK N ROLL PHILADELPHIA	  	California	  	2016-020584	  	08/03/2016
					
	 Competitor Group, Inc.
	  	ROCK N ROLL PORTLAND	  	California	  	2016-020584	  	08/03/2016
					
	 Competitor Group, Inc.
	  	ROCK N ROLL SAN DIEGO	  	California	  	2016-020584	  	08/03/2016
					
	 Competitor Group, Inc.
	  	ROCK N ROLL SAN JOSE	  	California	  	2016-020584	  	08/03/2016
					
	 Competitor Group, Inc.
	  	ROCK N ROLL SAVANNAH	  	California	  	2016-020584	  	08/03/2016
					
	 Competitor Group, Inc.
	  	ROCK N ROLL MARATHON SERIES	  	California	  	2017-011632	  	04/08/2017
					
	 Competitor Group, Inc.
	  	ROCK N ROLL MONTREAL	  	California	  	2017-011632	  	04/08/2017
					
	 Competitor Group, Inc.
	  	ROCK N ROLL VIRGINIA BEACH	  	California	  	2017-011632	  	04/08/2017

  
 2 

 SCHEDULE 1(C) 

CHANGES IN CORPORATE IDENTITY 
  

									
	 Change
	  	 Disappearing Entity
	  	 Jurisdiction
	  	 Type
	  	Organizational
Number
	Ironman Maryland Events, LLC merged with World Triathlon Corporation, effective December 28, 2018.	  	Ironman Maryland Events, LLC	  	Florida	  	Limited Liability Company	  	L14000059000
					
	Triathlon Group North America, Inc f/k/a VS Publishing, Inc. merged with Competitor Group, Inc., effective December 27, 2018	  	Triathlon Group North America f/k/a VS Publishing, Inc.	  	California	  	Corporation	  	C2295095
					
	Muddy Buddy Events, LLC f/k/a CM Sports, LLC merged with Competitor Group, Inc., effective December 27, 2018	  	Muddy Buddy Events, LLC f/k/a CM Sports, LLC	  	California	  	Limited Liability Company	  	200004510070
					
	US Raceworks, LLC merged with Competitor Group, Inc., effective December 27, 2018	  	US Raceworks, LLC	  	Virginia	  	Limited Liability Company	  	S1443367
					
	Competitor Publishing, Inc. f/k/a Competitor Magazine, Inc. merged with Competitor Group, Inc. effective December 27, 2018	  	Competitor Publishing, Inc. f/k/a Competitor Magazine, Inc.	  	California	  	Corporation	  	C1551473
					
	Inside Communications, Inc. merged with Competitor Group, Inc. effective December 27, 2018	  	Inside Communications, Inc.	  	Colorado	  	Corporation	  	19871714767

  
 3 

 SCHEDULE 1(D) 

CHANGES IN JURISDICTION OR FORM 
 None. 

  
 4 

 SCHEDULE 2 

CHIEF EXECUTIVE OFFICES 
  

			
	 Company
	  	 Address

	World Endurance Holdings, Inc.	  	c/o IRONMAN
		  	3407 W. Dr. Martin Luther King Jr. Blvd,
		  	Suite 100, Tampa, FL 33607
		
	World Triathlon Corporation	  	c/o IRONMAN
		  	3407 W. Dr. Martin Luther King Jr. Blvd,
		  	Suite 100, Tampa, FL 33607
		
	IMU Holdings, LLC	  	c/o IRONMAN
		  	3407 W. Dr. Martin Luther King Jr. Blvd,
		  	Suite 100, Tampa, FL 33607
		
	Chesapeake Bay Bridge Run, LLC	  	c/o IRONMAN
		  	3407 W. Dr. Martin Luther King Jr. Blvd,
		  	Suite 100, Tampa, FL 33607
		
	Competitor Group Holdings, Inc.	  	9330 Scranton Rd, Suite 150, San Diego,
		  	CA 92121
		
	Competitor Group, Inc.	  	9330 Scranton Rd, Suite 150, San Diego,
		  	CA 92121
		
	Competitor Group Events, Inc.	  	9330 Scranton Rd, Suite 150, San Diego,
		  	CA 92121

  
 5 

 SCHEDULE 3 

PLEDGED STOCK 
 * Original stock certificates
notated with an asterisk (*) below cannot be located and will be re-cut post-Closing. 
 ** No record of a stock certificate for Competitor Canada Inc.
has been located. A stock certificate will be issued post-Closing. 
  

													
	 Issuer
	  	 Jurisdiction of Issuer
	  	 Holder
	  	 Certificate No.
	  	 No. of
Shares/Interest
Pledged
	  	% of Issued
and
Outstanding
Shares/Interest
Held by Holder	 	% of Pledged
Issued and
Outstanding
Shares/Interest
Held by Holder
	 World Triathlon Corporation
	  	Florida	  	World Endurance Holdings, Inc.	  	41	  	807,900	  	100%	 	100%
							
	 Ironman Holdings I LLC
	  	Delaware	  	World Triathlon Corporation	  	N/A	  	N/A	  	100%	 	100%
							
	 IRONMAN New Zealand Limited
	  	New Zealand	  	World Triathlon Corporation	  	[001]*	  	[__]*	  	100%	 	100%
							
	 World Endurance Holdings Australia Pty Ltd
	  	Australia	  	World Triathlon Corporation	  	2 and [3]*	  	Certificate 2: 65	  	100%	 	100%
							
	 World Endurance Cooperatief U.A.
	  	The Netherlands	  	World Triathlon Corporation	  	N/A	  	N/A	  	65%	 	65%
							
	 IRONMAN Endurance Asia Pte. Ltd.
	  	Singapore	  	World Triathlon Corporation	  	[2]* and 3	  	Certificate 3: 65	  	100%	 	100%
							
	 IRONMAN Epic Holdings (Pty) Ltd
	  	South Africa	  	World Triathlon Corporation	  	1, 2, and [3]*	  	Certificate 1: 65 Certificate 2: 35	  	100%	 	100%
							
	 World Endurance Africa Holdings (Pty) Ltd
	  	South Africa	  	World Triathlon Corporation	  	[11] * and [12] *	  	[__]*	  	100%	 	100%

  
 6 

													
	 Issuer
	  	 Jurisdiction of Issuer
	  	 Holder
	  	 Certificate No.
	  	 No. of
Shares/Interest
Pledged
	  	% of Issued
and
Outstanding
Shares/Interest
Held by Holder	 	% of Pledged
Issued and
Outstanding
Shares/Interest
Held by Holder
	 IMU Holdings, LLC
	  	Florida	  	World Triathlon Corporation	  	N/A	  	N/A	  	100%	 	100%
							
	 Chesapeake Bay Bridge Run, LLC
	  	Maryland	  	World Triathlon Corporation	  	N/A	  	N/A	  	100%	 	100%
							
	 Competitor Group Holdings, Inc.
	  	Delaware	  	World Triathlon Corporation	  	C-3	  	100	  	100%	 	100%
							
	 Competitor Group, Inc.
	  	Delaware	  	Competitor Group Holdings, Inc.	  	3	  	100	  	100%	 	100%
							
	 Competitor Group Events, Inc.
	  	California	  	Competitor Group, Inc.	  	3	  	100	  	100%	 	100%
							
	 Competitor Canada Inc.
	  	Quebec, Canada	  	Competitor Group, Inc.	  	[___]**	  	[__]**	  	100%	 	100%
							
	 Competitor Group Europe, Sarl
	  	Luxembourg	  	Competitor Group, Inc.	  	N/A	  	N/A	  	100%	 	100%

  
 7 

 SCHEDULE 4 

INSTRUMENTS AND TANGIBLE CHATTEL PAPER 
  

	1.	 Promissory Notes/Instruments: 

 

											
	 Obligee
	  	 Obligor
	  	Principal Amount	 	  	Maturity	 
	 WORLD TRIATHLON CORPORATION
	  	WORLD ENDURANCE COÖPERATIEF U.A.	  	$	11,411,699.65	 	  	 	4/5/2026	 
				
	 WORLD TRIATHLON CORPORATION
	  	WORLD ENDURANCE B.V.	  	$	16,284,580	 	  	 	4/23/2024	 
				
	 WORLD TRIATHLON CORPORATION
	  	USM EVENTS PTY LTD	  	 	AUD 22,538,800	 	  	 	5/4/2025	 

  

	2.	 Tangible Chattel Paper: 

 

	None.	 

  
 8 

 SCHEDULES 5(A) AND 5(B) 

PATENTS, TRADEMARKS AND COPYRIGHTS 
 PATENTS 

None. 
 PATENT APPLICATIONS 

None. 
 TRADEMARKS 

 

									
	 Owner Name
	  	 Mark
	  	Registration #	 	  	Registration Date
	 World Triathlon Corporation
	  	1/2 OF THE HALF	  	 	4,564,014	 	  	07/08/2014
	 World Triathlon Corporation
	  	5150	  	 	4,679,171	 	  	01/27/2015
	 World Triathlon Corporation
	  	5i50 Design	  	 	4,773,136	 	  	07/14/2015
	 World Triathlon Corporation
	  	70.3	  	 	3,298,918	 	  	09/25/2007
	 World Triathlon Corporation
	  	70.3	  	 	3,897,269	 	  	12/28/2010
	 World Triathlon Corporation
	  	ACROSS THE BAY 10K	  	 	5,431,489	 	  	03/27/2018
	 World Triathlon Corporation
	  	ACROSS THE BAY 10K LOGO	  	 	5,431,488	 	  	03/27/2018
	 World Triathlon Corporation
	  	ANYTHING IS POSSIBLE	  	 	2,784,932	 	  	11/18/2003
	 World Triathlon Corporation
	  	AWA IRONMAN ALL WORLD ATHLETE	  	 	5,159,045	 	  	03/14/2017
	 World Triathlon Corporation
	  	BECOME ONE M IRONMAN IN TRAINING M	  	 	5,772,663	 	  	06/11/2019
	 World Triathlon Corporation
	  	BRINGING FUN TO THE RUN	  	 	5,670,572	 	  	02/05/2019
	 World Triathlon Corporation
	  	CAPE EPIC	  	 	5,681,043	 	  	02/19/2019
	 World Triathlon Corporation
	  	CHESAPEAKEMAN	  	 	3,960,900	 	  	05/17/2011
	 World Triathlon Corporation
	  	COMPETITOR	  	 	4,739,362	 	  	05/19/2015
	 World Triathlon Corporation
	  	COMPETITOR	  	 	3,894,056	 	  	12/21/2010
	 World Triathlon Corporation
	  	COMPETITOR	  	 	3,872,509	 	  	11/09/2010
	 World Triathlon Corporation
	  	COMPETITOR	  	 	4,552,172	 	  	06/17/2014
	 World Triathlon Corporation
	  	COMPETITOR GROUP AND DESIGN	  	 	3,837,936	 	  	08/24/2010
	 World Triathlon Corporation
	  	COMPETITOR GROUP AND DESIGN	  	 	3,568,519	 	  	01/27/2009
	 World Triathlon Corporation
	  	COMPETITOR RUNNING LOGO	  	 	5,490,342	 	  	06/12/2018
	 World Triathlon Corporation
	  	COUNTRY MUSIC MARATHON	  	 	2,431,600	 	  	02/27/2001
	 World Triathlon Corporation
	  	COUNTRY MUSIC MARATHON & 1/2 MARATHON	  	 	3,634,161	 	  	06/09/2009
	 World Triathlon Corporation
	  	COUNTRY MUSIC NASHVILLE	  	 	3,854,898	 	  	09/28/2010
	 World Triathlon Corporation
	  	EAGLEMAN	  	 	3,922,393	 	  	02/22/2011
	 World Triathlon Corporation
	  	FEED ZONE	  	 	5,139,781	 	  	02/14/2017
	 World Triathlon Corporation
	  	GRACE LOGO	  	 	2,945,327	 	  	04/26/2005
	 World Triathlon Corporation
	  	GRACE LOGO	  	 	2,908,850	 	  	12/07/2004
	 World Triathlon Corporation
	  	GUITAR DESIGN	  	 	3,821,381	 	  	07/20/2010
	 World Triathlon Corporation
	  	IAMTRI	  	 	3,777,373	 	  	04/20/2010

  
 9 

									
	 Owner Name
	  	 Mark
	  	Registration #	 	  	Registration Date
	 World Triathlon Corporation
	  	IMU	  	 	5,633,192	 	  	12/18/2018
	 World Triathlon Corporation
	  	IRON GIRL	  	 	2,477,113	 	  	08/14/2001
	 World Triathlon Corporation
	  	IRON GIRL	  	 	2,787,785	 	  	12/02/2003
	 World Triathlon Corporation
	  	IRON GIRL	  	 	2,908,851	 	  	12/07/2004
	 World Triathlon Corporation
	  	IRON GIRL GRACE DESIGN	  	 	4,968,236	 	  	05/31/2016
	 World Triathlon Corporation
	  	IRON GIRL GRACE DESIGN	  	 	3,040,767	 	  	01/10/2006
	 World Triathlon Corporation
	  	IRON GIRL GRACE DESIGN	  	 	5,575,976	 	  	10/02/2018
	 World Triathlon Corporation
	  	IRON GIRL GRACE DESIGN	  	 	2,990,637	 	  	08/30/2005
	 World Triathlon Corporation
	  	IRON GIRL GRACE DESIGN	  	 	2,908,849	 	  	12/07/2004
	 World Triathlon Corporation
	  	IRON MAN (WORD)	  	 	2,380,160	 	  	08/29/2000
	 World Triathlon Corporation
	  	IRONBABY	  	 	4,372,928	 	  	07/23/2013
	 World Triathlon Corporation
	  	IRONDAD	  	 	4,955,013	 	  	05/10/2016
	 World Triathlon Corporation
	  	IRONFAN	  	 	4,534,748	 	  	05/20/2014
	 World Triathlon Corporation
	  	IRONKIDS (WORD)	  	 	2,525,563	 	  	01/01/2002
	 World Triathlon Corporation
	  	IRONKIDS (WORD)	  	 	4,088,789	 	  	01/17/2012
	 World Triathlon Corporation
	  	IRONKIDS (WORD)	  	 	3,675,102	 	  	09/01/2009
	 World Triathlon Corporation
	  	IRONKIDS (WORD)	  	 	3,660,080	 	  	07/28/2009
	 World Triathlon Corporation
	  	IRONKIDS (WORD)	  	 	3,505,140	 	  	09/23/2008
	 World Triathlon Corporation
	  	IRONKIDS (WORD)	  	 	4,400,527	 	  	09/10/2013
	 World Triathlon Corporation
	  	IRONKIDS (WORD)	  	 	5,460,222	 	  	05/01/2018
	 World Triathlon Corporation
	  	IRONKIDS DESIGN (new)	  	 	4,964,559	 	  	05/24/2016
	 World Triathlon Corporation
	  	IRONKIDS DESIGN (new)	  	 	5,437,115	 	  	04/03/2018
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	5,296,507	 	  	09/26/2017
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	4,058,644	 	  	11/22/2011
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	4,078,964	 	  	01/03/2012
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	4,466,520	 	  	01/14/2014
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	2,911,298	 	  	12/14/2004
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	5,358,824	 	  	12/19/2017
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	2,902,112	 	  	11/09/2004
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	3,881,590	 	  	11/23/2010
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	3,970,387	 	  	05/31/2011
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	5,523,303	 	  	07/24/2018
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	2,811,990	 	  	02/10/2004
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	2,261,283	 	  	07/13/1999
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	5,441,760	 	  	04/10/2018
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	2,022,721	 	  	12/17/1996
	 World Triathlon Corporation
	  	IRONMAN (WORD)	  	 	5,664,378	 	  	01/29/2019
	 World Triathlon Corporation
	  	IRONMAN 70.3	  	 	5,506,062	 	  	07/03/2018
	 World Triathlon Corporation
	  	IRONMAN 70.3	  	 	5,463,105	 	  	05/08/2018
	 World Triathlon Corporation
	  	IRONMAN 70.3 DESIGN (vertical)	  	 	4,442,095	 	  	12/03/2013
	 World Triathlon Corporation
	  	IRONMAN CERTIFIED COACH	  	 	5,223,864	 	  	06/13/2017

  
 10 

									
	 Owner Name
	  	 Mark
	  	Registration #	 	  	Registration Date
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,296,509	 	  	09/26/2017
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	2,896,856	 	  	10/26/2004
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,451,539	 	  	04/24/2018
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	2,891,454	 	  	10/05/2004
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	2,350,149	 	  	05/16/2000
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	3,040,731	 	  	01/10/2006
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	4,968,645	 	  	05/31/2016
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,295,990	 	  	09/26/2017
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,392,052	 	  	01/30/2018
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,223,884	 	  	06/13/2017
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	4,904,644	 	  	02/23/2016
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	2,998,100	 	  	09/20/2005
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,328,088	 	  	11/07/2017
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	2,902,111	 	  	11/09/2004
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	3,696,596	 	  	10/13/2009
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,246,789	 	  	07/18/2017
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	2,787,455	 	  	11/25/2003
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,513,849	 	  	07/10/2018
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	4,968,795	 	  	05/31/2016
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	2,806,537	 	  	01/20/2004
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	1,353,313	 	  	08/06/1985
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,552,254	 	  	08/28/2018
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	3,328,979	 	  	11/06/2007
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	4,271,080	 	  	01/08/2013
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,328,796	 	  	11/07/2017
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	5,506,063	 	  	07/03/2018
	 World Triathlon Corporation
	  	IRONMAN DESIGN	  	 	3,143,209	 	  	09/12/2006
	 World Triathlon Corporation
	  	IRONMAN DESIGN (BLACK/RED)	  	 	4,927,034	 	  	03/29/2016
	 World Triathlon Corporation
	  	IRONMAN DESIGN (MADRID BASE)	  	 	5,246,787	 	  	07/18/2017
	 World Triathlon Corporation
	  	IRONMAN FITNESS	  	 	5,122,830	 	  	01/17/2017
	 World Triathlon Corporation
	  	IRONMAN FOUNDATION	  	 	4,546,473	 	  	06/10/2014
	 World Triathlon Corporation
	  	IRONMAN FOUNDATION M YOUR JOURNEY, YOUR CAUSE	  	 	4,546,472	 	  	06/10/2014
	 World Triathlon Corporation
	  	IRONMAN PERFORM	  	 	4,053,603	 	  	11/08/2011
	 World Triathlon Corporation
	  	IRONMAN PERFORM	  	 	4,053,604	 	  	11/08/2011
	 World Triathlon Corporation
	  	IRONMAN PRODUCTIONS	  	 	2,845,630	 	  	05/25/2004
	 World Triathlon Corporation
	  	IRONMAN PRODUCTIONS	  	 	2,908,844	 	  	12/07/2004
	 World Triathlon Corporation
	  	IRONMAN STORE	  	 	3,861,092	 	  	10/12/2010
	 World Triathlon Corporation
	  	IRONMAN TRIATHLON	  	 	1,705,114	 	  	08/04/1992
	 World Triathlon Corporation
	  	IRONMAN TRIATHLON	  	 	2,869,852	 	  	08/03/2004
	 World Triathlon Corporation
	  	IRONMAN TRIATHLON	  	 	2,356,232	 	  	06/06/2000

  
 11 

									
	 Owner Name
	  	 Mark
	  	Registration #	 	  	Registration Date
	 World Triathlon Corporation
	  	IRONMAN U Design	  	 	5,065,481	 	  	10/18/2016
	 World Triathlon Corporation
	  	IRONMAN WORLD CHAMPIONSHIP	  	 	5,385,219	 	  	01/23/2018
	 World Triathlon Corporation
	  	IRONMAN XC	  	 	5,296,052	 	  	09/26/2017
	 World Triathlon Corporation
	  	IRONMAN XC	  	 	3,836,900	 	  	08/24/2010
	 World Triathlon Corporation
	  	IRONMANLIVE.COM	  	 	2,343,316	 	  	04/18/2000
	 World Triathlon Corporation
	  	IRONMATE	  	 	2,827,558	 	  	03/30/2004
	 World Triathlon Corporation
	  	IRONMOM	  	 	4,895,884	 	  	02/02/2016
	 World Triathlon Corporation
	  	IRONMOM DESIGN	  	 	4,895,883	 	  	02/02/2016
	 World Triathlon Corporation
	  	IRONSPORT	  	 	5,795,820	 	  	07/02/2019
	 World Triathlon Corporation
	  	IRONWOMAN	  	 	2,450,736	 	  	05/15/2001
	 World Triathlon Corporation
	  	IRONWOMAN	  	 	2,840,470	 	  	05/11/2004
	 World Triathlon Corporation
	  	KDOT	  	 	5,515,448	 	  	07/10/2018
	 World Triathlon Corporation
	  	KDOT (SOLID K)	  	 	4,067,753	 	  	12/06/2011
	 World Triathlon Corporation
	  	KIDS ROCK	  	 	4,211,304	 	  	09/18/2012
	 World Triathlon Corporation
	  	KNOWLEDGE IS POWER	  	 	5,065,649	 	  	10/18/2016
	 World Triathlon Corporation
	  	KONA	  	 	5,512,417	 	  	07/10/2018
	 World Triathlon Corporation
	  	KONA INSPIRED	  	 	4,536,138	 	  	05/27/2014
	 World Triathlon Corporation
	  	KONA QUEST	  	 	4,487,744	 	  	02/25/2014
	 World Triathlon Corporation
	  	LAVA	  	 	3,881,624	 	  	11/23/2010
	 World Triathlon Corporation
	  	LAVA	  	 	3,881,557	 	  	11/23/2010
	 World Triathlon Corporation
	  	M XC LOGO	  	 	3,840,183	 	  	08/31/2010
	 World Triathlon Corporation
	  	MDOT	  	 	5,782,232	 	  	06/18/2019
	 World Triathlon Corporation
	  	MDOT	  	 	5,296,508	 	  	09/26/2017
	 World Triathlon Corporation
	  	MDOT	  	 	2,889,373	 	  	09/28/2004
	 World Triathlon Corporation
	  	MDOT	  	 	5,451,538	 	  	04/24/2018
	 World Triathlon Corporation
	  	MDOT	  	 	3,970,556	 	  	05/31/2011
	 World Triathlon Corporation
	  	MDOT	  	 	1,727,447	 	  	10/27/1992
	 World Triathlon Corporation
	  	MDOT	  	 	4,968,800	 	  	05/31/2016
	 World Triathlon Corporation
	  	MDOT	  	 	5,118,691	 	  	01/10/2017
	 World Triathlon Corporation
	  	MDOT	  	 	5,501,042	 	  	06/26/2018
	 World Triathlon Corporation
	  	MDOT	  	 	5,196,434	 	  	05/02/2017
	 World Triathlon Corporation
	  	MDOT	  	 	2,806,538	 	  	01/20/2004
	 World Triathlon Corporation
	  	MDOT	  	 	2,902,110	 	  	11/09/2004
	 World Triathlon Corporation
	  	MDOT	  	 	5,425,323	 	  	03/13/2018
	 World Triathlon Corporation
	  	MDOT	  	 	4,964,474	 	  	05/24/2016
	 World Triathlon Corporation
	  	MDOT	  	 	1,280,976	 	  	06/05/1984
	 World Triathlon Corporation
	  	MDOT	  	 	5,515,410	 	  	07/10/2018
	 World Triathlon Corporation
	  	MDOT	  	 	4,267,348	 	  	01/01/2013
	 World Triathlon Corporation
	  	MDOT	  	 	5,358,818	 	  	12/19/2017
	 World Triathlon Corporation
	  	QUEST FOR KONA	  	 	5,638,868	 	  	12/25/2018
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL	  	 	4,313,803	 	  	04/02/2013

  
 12 

											
	 Owner Name
	  	 Mark
	  	Registration #	 	  	Registration Date	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL	  	 	4,336,334	 	  	 	05/14/2013	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL	  	 	4,394,562	 	  	 	09/03/2013	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL 1/2 MARATHON	  	 	3,660,153	 	  	 	07/28/2009	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL ARIZONA	  	 	2,700,186	 	  	 	03/25/2003	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL GUITAR DESIGN	  	 	5,579,724	 	  	 	10/09/2018	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL MARATHON	  	 	3,422,420	 	  	 	05/06/2008	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL MARATHON	  	 	2,530,120	 	  	 	01/15/2002	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL MARATHON (MADRID BASE)	  	 	2,131,333	 	  	 	01/20/1998	 
	 World Triathlon Corporation
	  	ROCK ‘N ROLL MARATHON SERIES	  	 	5,594,648	 	  	 	10/30/2018	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL MARATHON SERIES	  	 	3,781,158	 	  	 	04/27/2010	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL MARATHON SERIES DESIGN	  	 	3,698,614	 	  	 	10/20/2009	 
	 World Triathlon Corporation
	  	RUNNOW	  	 	3,837,643	 	  	 	08/24/2010	 
	 World Triathlon Corporation
	  	SERIOUS TRIATHLON	  	 	3,884,338	 	  	 	11/30/2010	 
	 World Triathlon Corporation
	  	STRIP AT NIGHT	  	 	4,932,660	 	  	 	04/05/2016	 
	 World Triathlon Corporation
	  	STRIP AT NIGHT	  	 	4,386,278	 	  	 	08/20/2013	 
	 World Triathlon Corporation
	  	SUPERFROG	  	 	4,186,784	 	  	 	08/07/2012	 
	 World Triathlon Corporation
	  	THE HEART OF ROCK ‘N’ ROLL	  	 	4,115,473	 	  	 	03/20/2012	 
	 World Triathlon Corporation
	  	TIME TO TRI	  	 	5,605,084	 	  	 	11/13/2018	 
	 World Triathlon Corporation
	  	VELOTHON	  	 	4,315,300	 	  	 	04/09/2013	 
	 World Triathlon Corporation
	  	VINEMAN	  	 	2,706,940	 	  	 	04/15/2003	 
	 World Triathlon Corporation
	  	WHY RUNNING ROCKS DESIGN	  	 	4,893,136	 	  	 	01/26/2016	 
	 World Triathlon Corporation
	  	WOMEN FOR TRI	  	 	5,000,289	 	  	 	07/12/2016	 
	 World Triathlon Corporation
	  	WOMEN FOR TRI LOGO	  	 	5,034,227	 	  	 	09/06/2016	 
	 World Triathlon Corporation
	  	WOMEN FOR TRI LOGO	  	 	5,034,226	 	  	 	09/06/2016	 
	 World Triathlon Corporation
	  	YOUR JOURNEY, YOUR CAUSE	  	 	4,465,870	 	  	 	01/14/2014	 
	 World Triathlon Corporation
	  	MUDDY BUDDY1	  	 	2398589	 	  	 	10/24/2000	 
	 World Triathlon Corporation
	  	BOULDER TRIATHLON2	  	 	3596859	 	  	 	03/24/2009	 
	 World Triathlon Corporation
	  	ROCK ‘N’ ROLL RELAY3	  	 	3636766	 	  	 	06/09/2009	 
	 World Triathlon Corporation
	  	GEARBUZZ4	  	 	4237320	 	  	 	11/06/2012	 
	 World Triathlon Corporation
	  	LATIN MUSIC MIAMI BEACH 1⁄2 MARATHON5	  	 	4309781	 	  	 	03/26/2013	 
	 World Triathlon Corporation
	  	A BETTER YOU STARTS AT THE FINISH LINE6	  	 	4466519	 	  	 	01/14/2014	 
	 World Triathlon Corporation
	  	KONA QUEST7	  	 	4606701	 	  	 	09/16/2014	 

  

	1	 Note that the Borrower is allowing this registration to lapse. 

	2	 Note that the Borrower is allowing this registration to lapse. It will expire on September 25, 2019. 3
Note that the Borrower is allowing this registration to lapse. It will expire on December 10, 2019. 

	4	 Note that the Borrower is abandoning this registration. 

	5	 Note that the Borrower is allowing this registration to lapse. It will expire on September 27, 2019.

	6	 Note that the Borrower is abandoning this registration. It will expire on July 15, 2020.

	7	 Note that the Borrower is allowing this registration to lapse. It will expire on March 16, 2021.

  
 13 

 TRADEMARK APPLICATIONS 
  

											
	 Entity
	  	 Mark
	  	Application #	  	File Date	  	Status	  	Allowance Date
	 World Triathlon Corporation IRONMAN
70.38
	  		  	87/589,439	  	08/30/2017	  	ALLOWED	  	09/4/2018
	 World Triathlon Corporation CAPE EPIC
	  		  	87/421,290	  	04/22/2017	  	ALLOWED	  	10/24/2017
	 World Triathlon Corporation
	  	DIAPER DOT DASH	  	88/269,578	  	01/21/2019	  	PENDING	  	
	 World Triathlon Corporation EPIC LEGEND
	  		  	88/144,485	  	10/05/2018	  	ALLOWED	  	04/23/2019
	 World Triathlon Corporation EPIC SERIES
	  		  	87/725,869	  	12/19/2017	  	ALLOWED	  	01/08/2019
	 World Triathlon Corporation
	  	EPIC SERIES LOGO (Horizontal)	  	88/289,094	  	02/05/2019	  	PUBLISHED	  	
	 World Triathlon Corporation I CAN
	  		  	87/976,361	  	08/10/2017	  	ALLOWED	  	07/03/2018
	 World Triathlon Corporation IDOT
	  		  	87/563,203	  	08/10/2017	  	ALLOWED	  	01/09/2018
	 World Triathlon Corporation IRON GIRL
	  		  	88/365,220	  	04/01/2019	  	PUBLISHED	  	
	 World Triathlon Corporation IRON GIRL
	  		  	87/657,757	  	10/24/2017	  	ALLOWED	  	04/03/2018
	 World Triathlon Corporation
	  	IRON GIRL GRACE DESIGN	  	87/589,273	  	08/30/2017	  	ALLOWED	  	04/03/2018
	 World Triathlon Corporation IRONAID
	  		  	88/329,712	  	03/07/2019	  	PUBLISHED	  	
	 World Triathlon Corporation
	  	IRONKIDS DESIGN (new)	  	86/781,523	  	10/08/2015	  	ALLOWED	  	09/13/2016
	 World Triathlon Corporation
	  	IRONKIDS DESIGN (new)	  	88/358,734	  	03/27/2019	  	PUBLISHED	  	
	 World Triathlon Corporation IRONKIDS ESSENTIALS
	  		  	87/498,909	  	06/21/2017	  	ALLOWED	  	01/09/2018
	 World Triathlon Corporation IRONKIDS NUTRITION
	  		  	87/499,064	  	06/21/2017	  	ALLOWED	  	08/21/2018
	 World Triathlon Corporation IRONMAN
	  		  	88/011,275	  	06/22/2018	  	ALLOWED	  	01/15/2019
	 World Triathlon Corporation IRONMAN (WORD)
	  		  	88/289,087	  	02/05/2019	  	ALLOWED	  	07/23/2019
	 World Triathlon Corporation IRONMAN DESIGN
	  		  	88/461,874	  	06/06/2019	  	PENDING	  	
	 World Triathlon Corporation IRONMAN DESIGN
	  		  	88/289,090	  	02/05/2019	  	ALLOWED	  	07/23/2019
	 World Triathlon Corporation IRONMAN DESIGN
	  		  	88/410,439	  	05/01/2019	  	PUBLISHED	  	
	 World Triathlon Corporation IRONMAN DESIGN
	  		  	87/929,608	  	05/21/2018	  	ALLOWED	  	11/06/2018
	 World Triathlon Corporation IRONMAN DESIGN
	  		  	88/011,297	  	06/22/2018	  	ALLOWED	  	01/15/2019
	 World Triathlon Corporation IRONSPORT
	  		  	88/416,770	  	05/06/2019	  	PENDING	  	

  

	8	 Note that the Borrower is allowing this application to lapse. 

  
 14 

											
	 Entity
	  	 Mark
	  	Application #	  	File Date	  	Status	  	Allowance Date
	 World Triathlon Corporation
	  	IRONSPORT	  	88/053,892	  	07/26/2018	  	ALLOWED	  	12/25/2018
	 World Triathlon Corporation
	  	IRONSPORT (MADRID BASE 25)	  	87/460,116	  	05/23/2017	  	ALLOWED	  	03/06/2018
	 World Triathlon Corporation
	  	IRONSPORT (MADRID BASE)	  	88/283,823	  	01/31/2019	  	ALLOWED	  	07/23/2019
	 World Triathlon Corporation KDOT
	  		  	88/358,731	  	03/27/2019	  	PUBLISHED	  	
	 World Triathlon Corporation LAZYMAN IRONMAN
	  		  	87/749,627	  	01/10/2018	  	ALLOWED	  	06/19/2018
	 World Triathlon Corporation MDOT
	  		  	87/781,299	  	02/02/2018	  	ALLOWED	  	06/19/2018
	 World Triathlon Corporation MDOT
	  		  	88/011,307	  	06/22/2018	  	ALLOWED	  	12/18/2018
	 World Triathlon Corporation ROCK THIS TOWN
	  		  	88/253,101	  	01/08/2019	  	ALLOWED	  	07/09/2019
	 World Triathlon Corporation
	  	TODDLER DOT TROT	  	88/269,574	  	01/21/2019	  	PUBLISHED	  	
	 World Triathlon Corporation
	  	V DESIGN (VELOTHON)	  	87/422,199	  	04/24/2017	  	ALLOWED	  	03/06/2018

 COPYRIGHTS 
  

							
	 ENTITY
	  	 COPYRIGHT
	  	 COPYRIGHT NO.
	  	 DATE

	 World Triathlon Corporation
	  	Ironman: the original world triathlon.	  	VA0000122706	  	February 8, 1983
	 World Triathlon Corporation
	  	Ironman: the original world.	  	VA0000122705	  	February 8, 1983
	 World Triathlon Corporation
	  	Ironman: Triathlon World Championship.	  	VA0000122708	  	February 8, 1983
	 World Triathlon Corporation
	  	Ironman: Triathlon World Championship.	  	VA0000122709	  	February 8, 1983
	 World Triathlon Corporation
	  	Ironman: the original world triathlon.	  	VA0000122707	  	February 8, 1983
	 World Triathlon Corporation
	  	2006 Ford Ironman World Championship 70.3 Inaugural Edition	  	PA0001590852	  	October 4, 2007
	 World Triathlon Corporation
	  	“CAN” The Dick and Rick Hoyt Story	  	PA0001636741	  	November 14, 2007
	 World Triathlon Corporation
	  	The Dick and Rick Hoyt Story	  	PA0001370730	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon championship, 1996	  	PA0000901893	  	December 23, 1998
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 1991	  	PA0001370736	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 1992	  	PA0001370746	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 1993	  	PA0001370733	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 1994	  	PA0001370742	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 1995	  	PA0001370748	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship 1997	  	PA0000925301	  	January 29, 2009
	 World Triathlon Corporation
	  	Ironman triathlon world championship 1998	  	PA0000932630	  	February 2, 1999
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 1999	  	PA0001370747	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 2000	  	PA0001370734	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 2001	  	PA0001370735	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 2002	  	PA0001370732	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 2003	  	PA0001370745	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 2004	  	PA0001370744	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 2005	  	PA0001370743	  	January 16, 2007
	 World Triathlon Corporation
	  	Ironman triathlon world championship: 2006	  	PA0001370731	  	January 16, 2007
	 World Triathlon Corporation
	  	Tim DeBoom finish: file no. 01021	  	VA0001201147	  	August 26, 2003
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2010	  	PA0001898406	  	April 14, 2014
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2009	  	PA0001902871	  	April 14, 2014
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2011	  	PA0001906496	  	May 5, 2014
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2012	  	PA0001903992	  	April 17, 2014
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2013	  	PA0001902819	  	April 14, 2014
	 World Triathlon Corporation
	  	FORD IRONMAN WORLD CHAMPIONSHIP: 2008	  	PA0001904734	  	April 14, 2014
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2014	  	PA0002129507	  	June 6, 2018
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2015	  	PA0002129503	  	June 6, 2018
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2016	  	PA0002129508	  	June 6, 2018
	 World Triathlon Corporation
	  	IRONMAN World Championship: 2017	  	PA0002129506	  	June 6, 2018

  
 15 

 SCHEDULE 6 

COMMERCIAL TORT CLAIMS 
 None.

  
 16 

 EXHIBIT F 

[FORM OF] 
 PERFECTION CERTIFICATE
SUPPLEMENT 
 [Insert date] 

Reference is hereby made to (i) that certain Credit Agreement, dated as August 15, 2019 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation (the “Borrower”),
World Endurance Holdings, Inc., a Delaware corporation (“WEH”), as a guarantor, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch (“DB”), in its capacities as an issuing bank and as
administrative agent and collateral agent for the Lenders (in its capacities as administrative and collateral agent, the “Administrative Agent”), (ii) that certain Pledge and Security Agreement, dated as of August 15, 2019
(as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the “Security Agreement”), by and among the Loan Parties from time to time party thereto and the Administrative Agent,
and (iii) the Perfection Certificate, dated as of August 15, 2019 (as supplemented by any perfection certificate and/or perfection certificate supplement delivered prior to the date hereof, the “Prior Perfection
Certificate”), executed by the Loan Parties signatory thereto. Capitalized terms used but not defined herein have the meanings assigned to such terms in the Security Agreement. 

As used herein, the term “Company” means the Loan Parties party to the Security Agreement as of the date hereof. 

As of the date hereof, the undersigned hereby represents and warrants to each Administrative Agent as follows: 

1. Names. Except as set forth on Schedule 1 hereto, (a) the exact legal name of each Company, as such name appears in its
respective Organizational Documents filed with the Secretary of State of such Company’s jurisdiction of organization is set forth in Schedule 1(a) to the Prior Perfection Certificate, (b) each Company is the type of entity disclosed
next to its name in Schedule 1(a) to the Prior Perfection Certificate and is a registered organization except to the extent disclosed therein and (c) the organizational identification number, if any, of each Company, the Federal Taxpayer
Identification Number of each Company and the jurisdiction of organization of each Company are set forth in Schedule 1(a) to the Prior Perfection Certificate. Except as otherwise disclosed in Schedule 1 hereto, (i) any other legal name that any
Company has had in the past five years, together with the date of the relevant change, and any trade name or assumed name currently used by any Company or under which any Company is known or is transacting business is set forth on Schedule 1(b) to
the Prior Perfection Certificate, (ii) set forth in Schedule 1(c) to the Prior Perfection Certificate is a list of the information required by Section 1(a) of the Prior Perfection Certificate for any other Person (other than the Federal
Taxpayer Identification Number) (x) to which any Company became the successor by merger, consolidation, acquisition or division or (y) that has been liquidated into, or transferred all or substantially all of its assets to, any Company, at
any time within the past two years and (iii) no Company has changed its jurisdiction of organization or form of entity at any time during the past five years except as set forth in Schedule 1(d) to the Prior Perfection Certificate, or as
otherwise disclosed in Schedule 1(c) to the Prior Perfection Certificate. 
 2. Locations. Except as set forth on Schedule
2 hereto, the chief executive office of each Company is currently located at the addresses set forth in Schedule 2 to the Prior Perfection Certificate. 

  
 F-1 

 3. Stock Ownership and Other Equity Interests. Except as set forth on Schedule 3
hereto, Schedule 3 to the Prior Perfection Certificate sets forth a true and correct list of all of the issued and outstanding stock, partnership interests, limited liability company membership interests or other equity interests owned by any
Company constituting Pledged Stock, the beneficial owners of such stock, partnership interests, membership interests or other equity interests and the percentage of the total issued and outstanding stock, partnership interests, membership interests
or other equity interests of the relevant issuer represented thereby. 
 4. Instruments and Tangible Chattel Paper. Except as set
forth on Schedule 4 hereto, Schedule 4 to the Prior Perfection Certificate sets forth a true and correct list of all Instruments (other than checks to be deposited in the ordinary course of business) and Tangible Chattel Paper, in each case
having a face amount exceeding $4,000,000, held by any Company as of the date hereof, including the names of the obligors, amounts owing and the due dates. 

5. Intellectual Property. Except as set forth on Schedule 5(a) hereto, Schedule 5(a) to the Prior Perfection Certificate
sets forth all of each Company’s United States Patents and United States Trademarks registered with (or applied for in) and published by the United States Patent and Trademark Office (excluding, for the avoidance of doubt, any United States
Patent or United States Trademark that has expired or been abandoned in the same manner as permitted in the Credit Agreement and Excluded Assets, but including United States Trademarks that would constitute Collateral upon the filing of a
“Statement of Use” or an “Amendment to Allege Use” with respect thereto), including the name of the registered owner and the registration number (or, if applicable, the applicant and the application number) of each such United
States Patent and United States Trademark. Except as set forth on Schedule 5(b) hereto, Schedule 5(b) to the Prior Perfection Certificate sets forth all of each Company’s Copyrights registered with (or applied for in) the United States
Copyright Office (excluding, for the avoidance of doubt, any Copyright that has expired or been abandoned in the same manner as permitted in the Credit Agreement and Excluded Assets), including the name of the registered owner and the registration
number (or, if applicable, the applicant and the application number) of each such Copyright. 
 6. Commercial Tort Claims. Except as
set forth on Schedule 6 hereto, Schedule 6 to the Prior Perfection Certificate sets forth all Commercial Tort Claims with an individual value of at least $4,000,000 (as reasonably determined by the Borrower), held by any Company,
including a brief description thereof. 
 [Signature Page Follows] 

  
 F-2 

 IN WITNESS WHEREOF, the undersigned have signed this Perfection Certificate as of the
date first written of above. 
  

					
	[•]	 		 	
		
	By:	 	  

		 	Name:	 	[•]
		 	Title:	 	[•]

  
 F-3 

 SCHEDULE 1 

SCHEDULE 1(A) 

LEGAL NAMES 
  

																	
	 	  	 	 	  	 	 	  	 	 	  	Federal Taxpayer	 
	 	  	 	 	  	 	 	  	Organizational	 	  	Identification	 
	 Company
	  	Jurisdiction	 	  	Type	 	  	Number	 	  	Number	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 F-4 

 SCHEDULE 1(B) 

PRIOR ORGANIZATIONAL NAMES 
  

					
	 Company
	 	 Prior Legal Name
	 	 Date of Change

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 CURRENT TRADE NAMES 
  

																	
	 Entity
	  	Trade Name	 	  	Jurisdiction	 	  	Registration
Number	 	  	File Date	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 F-5 

 SCHEDULE 1(C) 

CHANGES IN CORPORATE IDENTITY 
  

																	
	 Change
	  	Disappearing Entity	 	  	Jurisdiction	 	  	Type	 	  	Organizational
Number	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 F-6 

 SCHEDULE 1(D) 

CHANGES IN JURISDICTION OR FORM 
  

							
	 Company
	 	 Current Jurisdiction of
Organization/Form
	 	 Prior Jurisdiction of

Organization/Form
	 	 Date of Change

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
 F-7 

 SCHEDULE 2 

CHIEF EXECUTIVE OFFICES 
  

			
	 Company
	 	 Address

		 	
		 	
		 	
		 	
		 	

  
 F-8 

 SCHEDULE 3 

PLEDGED STOCK 
  

																									
	 Issuer
	  	Jurisdiction of
Issuer	 	  	Holder	 	  	Certificate No.	 	  	No. of
Shares/Interest
Pledged	 	  	% of Issued and
Outstanding
Shares/Interest
Held by Holder	 	  	% of Pledged
Issued and
Outstanding
Shares/Interest
Held
by Holder	 
		  				  				  				  				  				  			
		  				  				  				  				  				  			
		  				  				  				  				  				  			
		  				  				  				  				  				  			

  
 F-9 

 SCHEDULE 4 

INSTRUMENTS AND TANGIBLE CHATTEL PAPER 
  

	1.	 Promissory Notes/Instruments: 

 

							
	 Obligee
	 	 Obligor
	 	 Principal Amount
	 	 Maturity

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  

	2.	 Tangible Chattel Paper: 

  
 F-10 

 SCHEDULE 5(A) AND 5(B) 

PATENTS, TRADEMARKS AND COPYRIGHTS 
 ISSUED
PATENTS 
  

					
	 OWNER
	 	 PATENT NUMBER
	 	 TITLE

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 PATENT APPLICATIONS 

 

					
	 OWNER
	 	 APPLICATION NUMBER
	 	 TITLE

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 REGISTERED TRADEMARKS 
  

									
	 	  	 	  	 	  	REGISTRATION	 
	 OWNER
	  	 MARK
	  	 REGISTRATION NUMBER
	  	DATE	 
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  			

 TRADEMARK APPLICATIONS 

 

									
	 OWNER
	  	 MARK
	  	 APPLICATION NUMBER
	  	FILING
DATE	 
		  		  		  			
		  		  		  			
		  		  		  			

  
 F-11 

 COPYRIGHTS 
  

									
	 OWNER
	  	 TITLE
	  	 REGISTRATION

NUMBER
	  	REGISTRATION
DATE	 
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  			

 COPYRIGHT APPLICATIONS 

 

									
	 OWNER
	  	 TITLE
	  	 REGISTRATION

NUMBER
	  	REGISTRATION
DATE	 
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  			
		  		  		  			

  
 F-12 

 SCHEDULE 6 

COMMERCIAL TORT CLAIMS 

  
 F-13 

 EXHIBIT G 

[FORM OF] 
 PROMISSORY NOTE 

 

			
	$[•]	  	New York, New York
		  	[•][•],20[•]

 FOR VALUE RECEIVED, the undersigned WORLD TRIATHLON CORPORATION, a Florida corporation (the
“Borrower”), hereby promises to pay to [•] (the “Lender”) or its registered permitted assigns, at the office of Deutsche Bank AG New York Branch (“DB”) at 60 Wall Street New York, NY 10005,
[Term] [Revolving] Loans in the principal amount of $[•] or such lesser amount as is outstanding from time to time, on the dates and in the amounts set forth in the Credit Agreement, dated as of August 15, 2019 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among, inter alios, the Borrower, World Endurance Holdings, Inc., a Delaware corporation, the lenders from time to
time party thereto and DB, in its capacities as an issuing bank and as administrative agent and collateral agent for the lenders (in such capacity, the “Administrative Agent”). The Borrower also promises to pay interest from the
date of such Loans on the principal amount thereof from time to time outstanding, in like Dollars, at such office, in each case, in the manner and at the rate or rates per annum and payable on the dates provided in the Credit Agreement. Terms used
but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 The Borrower promises to pay interest on
any overdue principal and, to the extent permitted by Requirements of Law, overdue interest from the relevant due dates, in each case, in the manner, at the rate or rates and under the circumstances provided in the Credit Agreement. 

The Borrower hereby waives diligence, presentment, demand, protest and notice of any kind to the extent possible under any Requirements of
Law. The non-exercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

All Borrowings evidenced by this Promissory Note and all payments and prepayments of the principal hereof and interest hereon and the
respective dates thereof shall be endorsed by the holder hereof on the schedules attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its
internal records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower under this Note. 

This Promissory Note is one of the Promissory Notes referred to in the Credit Agreement that, among other things, contains provisions for the
acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all
upon the terms and conditions therein specified. This Promissory Note is entitled to the benefit of the Credit Agreement, and the obligations hereunder are guaranteed and secured as provided therein and in the other Loan Documents referred to in the
Credit Agreement. 
 If any assignment by the Lender holding this Promissory Note occurs after the date of the issuance hereof, the Lender
agrees that it shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender this Promissory Note to the Administrative Agent for cancellation. 

  
 G-1 

 THE ASSIGNMENT OF THIS PROMISSORY NOTE AND ANY RIGHTS WITH RESPECT THERETO ARE SUBJECT TO
THE PROVISIONS OF THE CREDIT AGREEMENT, INCLUDING THE PROVISIONS GOVERNING, THE REGISTER AND THE PARTICIPANT REGISTER. 
 THIS PROMISSORY
NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND (INCLUDING BUT NOT LIMITED TO THE VALIDITY, INTERPRETATION, CONSTRUCTION, BREACH, ENFORCEMENT OR TERMINATION HEREOF, AND WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE) SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 [Remainder of Page Intentionally Left
Blank] 

  
 G-2 

 
			
	WORLD TRIATHLON CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 G-3 

 SCHEDULE A 

LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS 
  

																					
	 Date
	 	 Amount of ABR
Loans
	 	 Amount Converted to
ABR Loans
	  	Amount of Principal
of ABR Loans Repaid	 	  	Amount of ABR
Loans Converted to
LIBO Rate Loans	 	  	Unpaid Principal
Balance of ABR
Loans	 	  	Notation Made
By	 
		 		 		  				  				  				  			
		 		 		  				  				  				  			
		 		 		  				  				  				  			
		 		 		  				  				  				  			
		 		 		  				  				  				  			
		 		 		  				  				  				  			
		 		 		  				  				  				  			
		 		 		  				  				  				  			
		 		 		  				  				  				  			

 Schedule A to Note 

 SCHEDULE B 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF LIBO RATE LOANS 
  

																									
	 Date
	 	 Amount of LIBO
Rate Loans
	 	 Amount Converted to
LIBO Rate Loans
	  	Interest Period and
LIBO Rate with
Respect Thereto	 	  	Amount of
Principal of LIBO
Rate Loans
Repaid	 	  	Amount of LIBO
Rate Loans
Converted to
ABR Loans	 	  	Unpaid
Principal
Balance of
LIBO Rate
Loans	 	  	Notation
Made By	 
		 		 		  				  				  				  				  			
		 		 		  				  				  				  				  			
		 		 		  				  				  				  				  			
		 		 		  				  				  				  				  			
		 		 		  				  				  				  				  			
		 		 		  				  				  				  				  			
		 		 		  				  				  				  				  			
		 		 		  				  				  				  				  			

 Schedule B to Note 

 EXHIBIT H-1 

[FORM OF] 
 TRADEMARK SECURITY
AGREEMENT 
 This TRADEMARK SECURITY AGREEMENT is entered into as of [●] [●], 20[●], (this “Agreement”),
among [●] ([each, a][the] “Grantor”) and Deutsche Bank AG New York Branch (“DB”), as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties. 

Reference is made to that certain Pledge and Security Agreement, dated as of August 15, 2019 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the Collateral Agent. The Lenders (as defined below) have extended credit to
the Borrower (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain Credit Agreement, dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a Delaware corporation, the
lenders from time to time party thereto (collectively, the “Lenders”) and DB, in its capacities as an issuing bank and as administrative agent and collateral agent for the Lenders. Consistent with the requirements set forth in
Sections 4.01 and 5.12 of the Credit Agreement and Section 4.03(c) of the Security Agreement, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the
Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and complete payment or performance,
as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the Collateral Agent, its successors and
permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all of its right, title or interest in, to or under all of the following assets, whether now owned or at any time hereafter
acquired by or arising in favor of [such][the] Grantor and regardless of where located (collectively, the “Trademark Collateral”): 

A. all Trademarks, including those Trademark registrations and registration applications in the United States Patent and
Trademark Office listed on Schedule I hereto; 
 B. all renewals of the foregoing; 

C. all goodwill associated with or symbolized by the Trademarks; 

D. all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without
limitation, damages, claims, and payments for past and future infringements thereof; 
 E. all rights to sue for past,
present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; 

F. all domestic rights corresponding to any of the foregoing; and 

G. all Proceeds and products of the foregoing; 

  
 H-1-1 

 in each case to the extent the foregoing the foregoing items constitute Collateral. 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the
Trademark Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and
the Security Agreement, the terms of the Security Agreement shall govern. 
 SECTION 4. Governing Law. This Agreement and the
rights and obligations of the parties hereunder and (including but not limited to the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in contract or tort or otherwise) shall be governed by, and
construed and interpreted in accordance with, the laws of the State of New York. 
 SECTION 5. Counterparts. This Agreement
may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by email as a “.pdf” or “.tif” attachment
shall be effective as delivery of a manually executed counterpart of this Agreement. 
 [Signature Pages Follow] 

  
 H-1-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	[●]
		
	By:	 	  

		 	Name: [●]
		 	Title:   [●]

  
 H-1-3 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 H-1-4 

 SCHEDULE I 

REGISTERED TRADEMARKS 
  

							
	 OWNER
	  	MARK	  	REGISTRATION NUMBER	  	REGISTRATION DATE

 TRADEMARK
APPLICATIONS 
  

							
	 OWNER
	  	MARK	  	APPLICATION NUMBER	  	FILING DATE

  

  
 Schedule I 

 EXHIBIT A 

[FORM OF] 
 TRADEMARK SECURITY
AGREEMENT SUPPLEMENT 
 This TRADEMARK SECURITY AGREEMENT SUPPLEMENT is entered into as of [●] [●], 20[●] (this
“Trademark Security Agreement Supplement”), among [●] ([each, a][the] “Grantor”) and Deutsche Bank AG New York Branch (“DB”), as collateral agent (in such capacity, the
“Collateral Agent”) for the Secured Parties. 
 Reference is made to that certain Pledge and Security Agreement, dated as
of August 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the
Collateral Agent. The Lenders (as defined below) have extended credit to the Borrower (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain Credit Agreement, dated as of August 15,
2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a
Florida corporation, World Endurance Holdings, Inc., a Delaware corporation, the lenders from time to time party thereto (collectively, the “Lenders”) and DB, in its capacities as an issuing bank and as administrative agent and
collateral agent for the Lenders. Consistent with the requirements set forth in Sections 4.01 and 5.12 of the Credit Agreement, the [Grantor][Grantors] and the Collateral Agent have entered into that certain Trademark
Security Agreement, dated as of [●] [●], 20[●] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Trademark Security
Agreement”). Under the terms of the Security Agreement, the Grantor has granted to the Collateral Agent for the benefit of the Secured Parties as security interest in the Additional Trademark Collateral (as defined below) and have agreed,
consistent with the requirements of Section 4.03(c) of the Security Agreement, to execute this Trademark Security Agreement Supplement. Now, therefore, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Trademark Security Agreement Supplement and not otherwise defined herein have
the meanings specified in the Security Agreement. 
 SECTION 2. Grant of Security Interest. As security
for the prompt and complete payment or performance, as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer
and grant to the Collateral Agent, its successors and permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all of its right, title or interest in, to or under all of the following
assets, whether now owned or at any time hereafter acquired by or arising in favor of the [such][the] Grantor and regardless of where located (collectively, the “Additional Trademark Collateral”): 

A. the Trademark registrations and registration applications in the United States Patent and Trademark Office listed on
Schedule I hereto; 
 B. all renewals of the foregoing; 

C. all goodwill associated with or symbolized by the Trademarks; 

 

  
 Exhibit A 

 D. all income, royalties, damages, and payments now or hereafter due or
payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; 

E. all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits
involving claims and demands for royalties owing; 
 F. all domestic rights corresponding to any of the foregoing; and 

G. all Proceeds and products of the foregoing; in each case to the extent the foregoing items constitute Collateral. 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the
Additional Trademark Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this
Trademark Security Agreement Supplement and the Security Agreement, the terms of the Security Agreement shall govern. 
 SECTION 4.
Governing Law. This Agreement and the rights and obligations of the parties hereunder and (including but not limited to the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in
contract or tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. 

SECTION 5. Counterparts. This Trademark Security Agreement Supplement may be executed in any number of counterparts, which
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Trademark Security Agreement Supplement by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as
delivery of a manually executed counterpart of this Trademark Security Agreement Supplement. 
 [Signature Pages Follow] 

  
 Exhibit A 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Trademark Security Agreement
Supplement as of the day and year first above written. 
  

			
	[●]
		
	By:	 	  

		 	Name: [●]
		 	Title:   [●]

  
 Exhibit A 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit A 

 SCHEDULE I 

REGISTERED TRADEMARKS 
  

							
	 OWNER
	  	MARK	  	REGISTRATION NUMBER	  	REGISTRATION DATE

 TRADEMARK
APPLICATIONS 
  

							
	 OWNER
	  	MARK	  	APPLICATION NUMBER	  	FILING DATE

  

  
 Schedule I 

 EXHIBIT H-2 

[FORM OF] 
 PATENT SECURITY
AGREEMENT 
 This PATENT SECURITY AGREEMENT is entered into as of [●] [●], 20[●] (this “Agreement”),
among [●] ([each, a][the] “Grantor”) and Deutsche Bank AG New York Branch (“DB”), as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties. 

Reference is made to that certain Pledge and Security Agreement, dated as of August 15, 2019 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the Collateral Agent. The Lenders (as defined below) have extended credit to
the Borrower (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain Credit Agreement, dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a Delaware corporation, the
lenders from time to time party thereto (collectively, the “Lenders”) and DB, in its capacities as an issuing bank and as administrative agent and collateral agent for the Lenders. Consistent with the requirements set forth in
Sections 4.01 and 5.12 of the Credit Agreement and Section 4.03(c) of the Security Agreement, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the
Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and complete payment or performance,
as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the Collateral Agent, its successors and
permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all right, title or interest in, to or under all of the following assets, whether now owned or at any time hereafter acquired by or
arising in favor of such Grantor and regardless of where located (collectively, the “Patent Collateral”): 

A. all Patents, including those Patent registrations and pending applications in the United States Patent and Trademark Office
listed on Schedule I hereto; 
 B. all reissues, divisions, continuations, renewals, extensions and continuations in
part thereof; 
 C. all income, royalties, damages, claims, and payments now or hereafter due or payable under and with
respect thereto, including, without limitation, damages and payments for past and future infringements thereof; 
 D. all
rights to sue for past, present, and future infringements thereof; 
 E. all rights corresponding to any of the foregoing;
and 
 F. all Proceeds and products of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. 
  

  
 H-2-1 

 SECTION 3. Security Agreement. The security interests granted to the
Collateral Agent herein are granted in furtherance, and not in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the
rights and remedies of the Collateral Agent with respect to the Patent Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the
event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security Agreement shall govern. 

SECTION 4. Governing Law. This Agreement and the rights and obligations of the parties hereunder and (including but not limited
to the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in contract or tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New
York. 
 SECTION 5. Counterparts. This Agreement may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of
this Agreement. 
 [Signature Pages Follow] 

  
 H-2-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	[●]
		
	By:	 	  

		 	Name: [●]
		 	Title:   [●]

  
 H-2-3 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 H-2-4 

 SCHEDULE I 

ISSUED PATENTS 
  

					
	 OWNER
	 	 PATENT NUMBER
	 	 TITLE

PATENT APPLICATIONS 
  

					
	 OWNER
	 	 APPLICATION NUMBER
	 	 TITLE

  
 Schedule I 

 EXHIBIT A 

[FORM OF] 
 PATENT SECURITY
AGREEMENT SUPPLEMENT 
 This PATENT SECURITY AGREEMENT SUPPLEMENT is entered into as of [●] [●], 20[●] (this
“Patent Security Agreement Supplement”), among [●] ([each, a][the] “Grantor”) and Deutsche Bank AG New York Branch (“DB”), as collateral agent (in such capacity, the
“Collateral Agent”) for the Secured Parties. 
 Reference is made to that certain Pledge and Security Agreement, dated as of
August 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the
Collateral Agent. The Lenders (as defined below) have extended credit to the Borrower (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain Credit Agreement, dated as of August 15,
2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a
Florida corporation, World Endurance Holdings, Inc., a Delaware corporation, the lenders from time to time party thereto (collectively, the “Lenders”) and DB, in its capacities as an issuing bank and as administrative agent and
collateral agent for the Lenders. Consistent with the requirements set forth in Sections 4.01 and 5.12 of the Credit Agreement, the [Grantor][Grantors] and the Collateral Agent have entered into that certain Patent
Security Agreement, dated as of [●] [●], 20[●] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Patent Security Agreement”).
Under the terms of the Security Agreement, the Grantor has granted to the Collateral Agent for the benefit of the Secured Parties as security interest in the Additional Patent Collateral (as defined below) and have agreed, consistent with the
requirements of Section 4.03(c) of the Security Agreement, to execute this Patent Security Agreement Supplement. Now, therefore, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Patent Security Agreement Supplement and not otherwise defined herein have the
meanings specified in the Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and
complete payment or performance, as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the
Collateral Agent, its successors and permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all right, title or interest in, to or under all of the following assets, whether now owned or
at any time hereafter acquired by or arising in favor of [such][the] Grantor and regardless of where located (collectively, the “Additional Patent Collateral”): 

A. the Patent registrations and pending applications in the United States Patent and Trademark Office listed on Schedule
I hereto; 
 B. all reissues, divisions, continuations, renewals, extensions and continuations in part thereof; 

  
 Exhibit A 

 C. all income, royalties, damages, claims, and payments now or hereafter due
or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; 

D. all rights to sue for past, present, and future infringements thereof; 

E. all rights corresponding to any of the foregoing; and 

F. all Proceeds and products of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the
Additional Patent Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this
Patent Security Agreement Supplement and the Security Agreement, the terms of the Security Agreement shall govern. 
 SECTION 4.
Governing Law. This Agreement and the rights and obligations of the parties hereunder and (including but not limited to the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in
contract or tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. 

SECTION 5. Counterparts. This Patent Security Agreement Supplement may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Patent Security Agreement Supplement by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a
manually executed counterpart of this Patent Security Agreement Supplement. 
 [Signature Pages Follow] 

  
 Exhibit A 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Patent Security Agreement
Supplement as of the day and year first above written. 
  

			
	[●]
		
	By:	 	  

		 	Name: [●]
		 	Title:   [●]

  
 Exhibit A 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit A 

 SCHEDULE I 

ISSUED PATENTS 
  

					
	 OWNER
	 	 PATENT NUMBER
	 	 TITLE

PATENT APPLICATIONS 
  

					
	 OWNER
	 	 APPLICATION NUMBER
	 	 TITLE

 

  
 Schedule I 

 EXHIBIT H-3 

[FORM OF] 
 COPYRIGHT SECURITY
AGREEMENT 
 This COPYRIGHT SECURITY AGREEMENT is entered into as of [●] [●], 20[●] (this “Agreement”),
among [●] ([each, a][the] “Grantor”) and Deutsche Bank AG New York Branch (“DB”), as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties. 

Reference is made to that certain Pledge and Security Agreement, dated as of August 15, 2019 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the Collateral Agent. The Lenders (as defined below) have extended credit to
the Borrower (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain Credit Agreement, dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a Delaware corporation, the
lenders from time to time party thereto (collectively, the “Lenders”) and DB, in its capacities as an issuing bank and as administrative agent and collateral agent for the Lenders. Consistent with the requirements set forth in
Sections 4.01 and 5.12 of the Credit Agreement and Section 4.03(c) of the Security Agreement, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the
Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and complete payment or performance,
as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the Collateral Agent, its successors and
permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all right, title or interest in, to or under all of the following assets, whether now owned or at any time hereafter acquired by
[such][the] Grantor and regardless of where located (collectively, the “Copyright Collateral”): 

A. all Copyrights, including those Copyright registrations and pending applications for registration in the United States
Copyright Office listed on Schedule I; 
 B. all renewals of any of the foregoing; 

C. all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including,
without limitation, damages or payments for past or future infringements for any of the foregoing; 
 D. the right to sue
third parties for past, present and future infringements of any Copyright; 
 E. all rights corresponding to any of the
foregoing; and 
 F. all Proceeds and products of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. 
  

  
 H-3-1 

 SECTION 3. Security Agreement. The security interests granted to the
Collateral Agent herein are granted in furtherance, and not in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the
rights and remedies of the Collateral Agent with respect to the Copyright Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In
the event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security Agreement shall govern. 

SECTION 4. Governing Law. This Agreement and the rights and obligations of the parties hereunder and (including but not limited
to the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in contract or tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New
York. 
 SECTION 5. Counterparts. This Agreement may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of
this Agreement. 
 [Signature Pages Follow] 
  

  
 H-3-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	[●]
		
	By:	 	  

		 	Name: [●]
		 	Title:   [●]

  

  
 H-3-3 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 H-3-4 

 SCHEDULE I 

COPYRIGHTS 
  

							
	 OWNER
	 	 TITLE
	 	 REGISTRATION

NUMBER
	 	 REG. DATE

COPYRIGHT APPLICATIONS 
  

							
	 OWNER
	 	 TITLE
	 	 COPYRIGHT

NUMBER
	 	 DATE

 

  
 Schedule I 

 EXHIBIT A 

[FORM OF] 
 COPYRIGHT SECURITY
AGREEMENT SUPPLEMENT 
 This COPYRIGHT SECURITY AGREEMENT SUPPLEMENT is entered into as of [●] [●], 20[●] (this
“Copyright Security Agreement Supplement”), among [●] ([each, a][the] “Grantor”) and Deutsche Bank AG New York Branch (“DB”), as Collateral Agent (the “Collateral
Agent”) for the Secured Parties. 
 Reference is made to that certain Pledge and Security Agreement, dated as of August 15,
2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the Collateral Agent. The
Lenders (as defined below) have extended credit to the Borrower (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain Credit Agreement, dated as of August 15, 2019 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation,
World Endurance Holdings, Inc., a Delaware corporation, the lenders from time to time party thereto (collectively, the “Lenders”) and DB, in its capacities as an issuing bank and as administrative agent and collateral agent for the
Lenders. Consistent with the requirements set forth in Sections 4.01 and 5.12 of the Credit Agreement, the [Grantor][Grantors] and the Collateral Agent have entered into that certain Copyright Security Agreement, dated as
of [●] [●], 20[●] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Copyright Security Agreement”). Under the terms of
the Security Agreement, the Grantor has granted to the Collateral Agent for the benefit of the Secured Parties as security interest in the Additional Copyright Collateral (as defined below) and have agreed, consistent with the requirements of
Section 4.03(c) of the Security Agreement, to execute this Copyright Security Agreement Supplement. Now, therefore, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Copyright Security Agreement Supplement and not otherwise defined herein have
the meanings specified in the Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and
complete payment or performance, as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the
Collateral Agent, its successors and permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all right, title or interest in, to or under all of the following assets, whether now owned or
at any time hereafter acquired by [such][the] Grantor and regardless of where located (collectively, the “Additional Copyright Collateral”): 

A. the Copyright registrations and pending applications for registration in the United States Copyright Office listed on
Schedule I hereto; 
 B. all renewals of any of the foregoing; 

 

  
 Exhibit A 

 C. all income, royalties, damages, and payments now or hereafter due and/or
payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; 

D. the right to sue third parties for past, present and future infringements of any Copyright; 

E. all rights corresponding to any of the foregoing; and 

F. all Proceeds and products of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the
Additional Copyright Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this
Copyright Security Agreement Supplement and the Security Agreement, the terms of the Security Agreement shall govern. 
 SECTION 4.
Governing Law. This Agreement and the rights and obligations of the parties hereunder and (including but not limited to the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in
contract or tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. 

SECTION 5. Counterparts. This Copyright Security Agreement Supplement may be executed in any number of counterparts, which
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Copyright Security Agreement Supplement by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as
delivery of a manually executed counterpart of this Copyright Security Agreement Supplement. 
 [Signature Pages Follow] 

 

  
 Exhibit A 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Copyright Security Agreement
Supplement as of the day and year first above written. 
  

			
	[●]
		
	By:	 	  

		 	Name: [●]
		 	Title:   [●]

  

  
 Exhibit A 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 Exhibit A 

 SCHEDULE I 

COPYRIGHTS 
  

							
	 OWNER
	 	 TITLE
	 	 REGISTRATION

NUMBER
	 	 REG. DATE

COPYRIGHT APPLICATIONS 
  

							
	 OWNER
	 	 TITLE
	 	 COPYRIGHT

NUMBER
	 	 DATE

 

  
 Schedule I 

 EXHIBIT I 

FORM OF 
 GUARANTY AGREEMENT 

 

  
 I-1 

 EXECUTION VERSION 

LOAN GUARANTY 
 THIS LOAN
GUARANTY (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Loan Guaranty”) is entered into as of August 15, 2019 by and among World Endurance Holdings, Inc., a
Delaware corporation (“Holdings”), World Triathlon Corporation, a Florida corporation (the “Borrower”), the Subsidiary Parties (as defined below) from time to time party hereto (Holdings, Borrower and the Subsidiary
Parties, collectively, the “Loan Guarantors”) and DEUTSCHE BANK AG NEW YORK BRANCH, in its capacity as administrative agent and collateral agent for the lenders party the Credit Agreement referred to below (in such
capacity, the “Administrative Agent”). 
 PRELIMINARY STATEMENT 

Reference is hereby made to that certain Credit Agreement dated as of the date hereof (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among, inter alios, Holdings, the Borrower, the Lenders (as defined therein) and the Administrative Agent. 

The Loan Guarantors are entering into this Loan Guaranty in order to induce the Lenders to enter into and extend credit to the Borrower under
the Credit Agreement and to guarantee the Secured Obligations (as defined in the Credit Agreement). 
 Each Loan Guarantor will obtain
benefits from the incurrence of Loans (as defined in the Credit Agreement) by the Borrower and the issuance of, and participation in, Letters of Credit for the account of the Borrower and its subsidiaries and Joint Ventures and the incurrence by the
Loan Parties of Secured Hedging Obligations and Banking Services Obligations (each as defined in the Credit Agreement). 
 ACCORDINGLY, the
parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.01.
Definitions of Certain Terms Used Herein. As used in this Loan Guaranty, in addition to the terms defined in the preamble and Preliminary Statement above, the following terms shall have the following meanings: 

“Accommodation Payments” has the meaning assigned to such term in Section 2.09. 

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

“Article” means a numbered article of this Loan Guaranty, unless another document is specifically referenced. 

“Borrower” has the meaning assigned to such term in the Preliminary Statement. 

“Credit Agreement” has the meaning assigned to such term in the Preliminary Statement. 

“Exhibit” refers to a specific exhibit to this Loan Guaranty, unless another document is specifically referenced. 

 “Guaranteed Obligations” has the meaning assigned to such term in
Section 2.01. 
 “Guarantor Percentage” has the meaning assigned to such term in
Section 2.09. 
 “Guaranty Supplement” has the meaning assigned to such term in
Section 3.04. 
 “Holdings” has the meaning set forth in the preamble. 

“Loan Guarantors” has the meaning assigned to such term in the preamble. 

“Loan Guaranty” has the meaning assigned to such term in the preamble. 

“Maximum Liability” has the meaning assigned to such term in Section 2.09. 

“Non-Paying Guarantor” has the meaning assigned to such term in
Section 2.09. 
 “Obligated Party” has the meaning assigned to such term in
Section 2.02. 
 “Paying Guarantor” has the meaning assigned to such term in
Section 2.09. 
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan
Party that has total assets exceeding $10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Section” means a numbered section of this Loan Guaranty,
unless another document is specifically referenced. 
 “subsidiary” has the meaning assigned to such term in the Credit
Agreement. 
 “Subsidiary Parties” means (a) as of the date hereof, the Restricted Subsidiaries of the Borrower
identified on Exhibit A hereto and (b) each other Restricted Subsidiary that becomes a party to this Loan Guaranty as a Subsidiary Party after the date hereof, in accordance with Section 3.04 herein and
Section 5.12 of the Credit Agreement. 
 “UFCA” has the meaning assigned to such term in
Section 2.09. 
 “UFTA” has the meaning assigned to such term in
Section 2.09. 
 The foregoing definitions shall be equally applicable to both the singular and plural forms of
the defined terms. Capitalized terms used in this Loan Guaranty and not otherwise defined herein shall have the meanings set forth in the Credit Agreement. 

  
 2 

 ARTICLE 2 

LOAN GUARANTY 
 Section 2.01.
Guaranty. Except as otherwise provided for herein (including under Section 3.14), each Loan Guarantor hereby agrees that it is jointly and severally liable for, and, as primary obligor and not merely as surety, and
absolutely and unconditionally and irrevocably guarantees to the Administrative Agent (acting as agent for the Secured Parties, pursuant to Article 8 of the Credit Agreement) for the ratable benefit of the Secured Parties, the full and prompt
payment, when and as the same shall become due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations (excluding, for the avoidance of doubt, any Excluded Swap Obligations), together with
any and all expenses which may be incurred by the Administrative Agent and the other Secured Parties in collecting any of the Guaranteed Obligations that are reimbursable in accordance with Section 9.03 of the Credit
Agreement; provided that no Loan Guarantor shall guarantee (x) in the case of the Borrower, its direct obligations in its capacity as the Borrower under the Credit Agreement and (y) in the case of any other Loan Guarantor, its own
obligations as a counterparty or direct obligor with respect to any Secured Hedging Obligations or Banking Services Obligation (collectively, the “Guaranteed Obligations”). Each Loan Guarantor further agrees that the Guaranteed
Obligations may be extended, increased, amended, modified or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension, increase, amendment, modification
or renewal. If any or all of the Guaranteed Obligations becomes due and payable hereunder, each Loan Guarantor, unconditionally and irrevocably, promises to pay such Guaranteed Obligations to the Administrative Agent for the benefit of the Secured
Parties, on demand. Each Loan Guarantor unconditionally and irrevocably guarantees the payment of any and all of the Guaranteed Obligations whether or not due or payable by the Borrower upon the occurrence of any of the Events of Default specified
in Sections 7.01(f) or 7.01(g) of the Credit Agreement and thereafter irrevocably and unconditionally promises to pay such Guaranteed Obligations to the Administrative Agent for the benefit of the Secured Parties. This Loan Guaranty is
a continuing guaranty and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon. 

Section 2.02. Guaranty of Payment. This Loan Guaranty is a guaranty of payment and performance and not of collection. Each Loan
Guarantor waives any right to require the Administrative Agent or any Lender to sue the Borrower, any Loan Guarantor, any other guarantor, or any other Person obligated for all or any part of the Guaranteed Obligations (each of the Borrower, each
Loan Guarantor, each other guarantor or such other Person, an “Obligated Party”), or otherwise to enforce its rights in respect of any Collateral securing all or any part of the Guaranteed Obligations. The Administrative Agent may
enforce this Loan Guaranty at any time when an Event of Default exists. 
 Section 2.03. No Discharge or Diminishment of Loan
Guaranty. 
 (a) To the fullest extent permitted by applicable law and except as otherwise provided for herein (including
under Section 3.14), the obligations of each Loan Guarantor hereunder are unconditional, irrevocable and absolute and not subject to any reduction, limitation, impairment or termination for any reason, including:
(i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or
ownership of the Borrower or any Obligated Party; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any other Obligated Party, or their assets or any resulting release or discharge of any obligation of any
Obligated Party; (iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, any Lender or any other Person, whether in connection herewith or in
any unrelated transactions; (v) any direction as to application of payments by the Borrower or by any other party; (vi) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the
Guaranteed Obligations; (vii) any payment on or in reduction of any such other guaranty or undertaking; (viii) any dissolution, termination or increase, decrease or change in personnel by the Borrower or (ix) any payment made to any
Secured Party on the Guaranteed Obligations which any such Secured Party repays to the Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each Loan Guarantor waives any
right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 

  
 3 

 (b) Except for termination of a Loan Guarantor’s obligations hereunder
or as expressly permitted by Section 3.14, the obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity,
illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof. 

(c) Further, the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by:
(i) the failure of the Administrative Agent to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement
relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or any part of the Guaranteed
Obligations or any obligations of any other guarantor of or other Person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent with respect to any Collateral securing any part of the
Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent
vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than as set forth in Section 3.14). 

Section 2.04. Defenses Waived. To the fullest extent permitted by applicable law, and except for termination of a Loan
Guarantor’s obligations hereunder or as otherwise provided for herein (including under Section 3.14), each Loan Guarantor hereby waives any defense based on or arising out of any defense of the Borrower or any other
Loan Guarantor or arising out of the disability of the Borrower or any other Loan Guarantor or any other party or the unenforceability of all or any part of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any
cause of the liability of the Borrower or any other Loan Guarantor. Without limiting the generality of the foregoing, each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law,
any notice not provided for herein or in any other Loan Document, including notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Loan Guaranty, and notices of the existence, creation or incurring of new
or additional Guaranteed Obligations, as well as any requirement that at any time any action be taken by any Person against any Obligated Party, or any other Person, including any right (except as may be required by applicable law and to the extent
the relevant requirement cannot be waived) to require the Administrative Agent to (i) proceed against the Borrower, any other guarantor or any other party, (ii) proceed against or exhaust any security held from the Borrower, any other Loan
Guarantor or any other party or (iii) pursue any other remedy in the Administrative Agent’s power whatsoever. The Administrative Agent may, at its election and in accordance with the terms of the applicable Loan Documents, foreclose on any
Collateral held by it by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent permitted by applicable law), accept an assignment of any such Collateral in lieu of
foreclosure or otherwise act or fail to act with respect to any Collateral securing all or a part of the Guaranteed Obligations, and the Administrative Agent may, at its election, compromise or adjust any part of the Guaranteed Obligations, make any
other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, or any security, without affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty,
except as otherwise provided in Section 3.14. To the fullest extent permitted by applicable law, each Loan Guarantor waives any defense arising out of any such election even though such election may operate, pursuant to
applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated Party or any security. In accordance with Section 2856 of the California Civil Code each Loan
Guarantor waives any and all rights and defenses available to it by reason of Sections 2787 to 2855, inclusive, of the California Civil Code (this sentence is included solely out of an abundance of caution, and shall not be construed to mean that
any of the above-referenced provisions of California law are in any way applicable to this Loan Guaranty or to any of the Guaranteed Obligations). 

  
 4 

 Section 2.05. Authorization. Each Loan Guarantor authorizes the Administrative
Agent without notice or demand (except as may be required by applicable law and to the extent the relevant requirement cannot be waived), and without affecting or impairing its liability hereunder (except as set forth in
Section 3.14), from time to time to: 
 (a) change the manner, place or terms of payment of, and/or
change or extend the time of payment of, renew, increase, accelerate or alter, any of the Guaranteed Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or fees thereon), any security therefor, or
any liability incurred directly or indirectly in respect thereof, and this Loan Guaranty shall apply to the Guaranteed Obligations as so changed, extended, renewed or altered; 

(b) take and hold security for the payment of the Guaranteed Obligations and sell, exchange, release, impair, surrender,
realize upon or otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder)
incurred directly or indirectly in respect thereof or hereof, and/or any offset there against; 
 (c) exercise or refrain
from exercising any rights against the Borrower, any other Loan Party or others or otherwise act or refrain from acting; 

(d) release or substitute any endorser, any guarantor, the Borrower, any other Loan Party and/or any other obligor; 

(e) settle or compromise any of the Guaranteed Obligations, any security therefor or any liability (including any of those
hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrower to its creditors other than the Secured Parties;

 (f) apply any sums by whomsoever paid or howsoever realized to any liability or liabilities of the Borrower to the Secured
Parties regardless of what liability or liabilities of the Borrower remain unpaid; 
 (g) consent to or waive any breach of,
or any act, omission or default under, this Loan Guaranty, the Credit Agreement, any other Loan Document, any Hedge Agreement with respect to any Secured Hedging Obligation or any of the instruments or agreements referred to herein or therein, or
otherwise amend, modify or supplement this Loan Guaranty, the Credit Agreement, any other Loan Document, any Hedge Agreement with respect to any Secured Hedging Obligation or any of such other instruments or agreements; and/or 

  
 5 

 (h) take any other action which would, under otherwise applicable principles
of common law, give rise to a legal or equitable discharge of the Loan Guarantors from their respective liabilities under this Loan Guaranty. 

Section 2.06. Rights of Subrogation. No Loan Guarantor will assert any right, claim or cause of action, including a claim of
subrogation, contribution or indemnification that it has against any Loan Party in respect of this Loan Guaranty until the occurrence of the Termination Date; provided that if any amount shall be paid to such Loan Guarantor on account of such
subrogation rights at any time prior to the Termination Date, then unless such Loan Guarantor has already discharged its liabilities under this Loan Guaranty in an amount equal to such Loan Guarantor’s Maximum Liability as of such date, such
amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Administrative Agent to be credited and applied to the Guaranteed Obligations, whether matured or unmatured, in accordance with
Section 2.18(b) of the Credit Agreement. 
 Section 2.07. Reinstatement; Stay of Acceleration. If at
any time any payment of any portion of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, each Loan Guarantor’s obligations under
this Loan Guaranty with respect to that payment shall be reinstated at such time as though the payment had not been made. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or
reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the other Loan Guarantors forthwith on demand by the
Administrative Agent. 
 Section 2.08. Information. Each Loan Guarantor assumes all responsibility for being and keeping itself
informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Loan Guarantor assumes and
incurs under this Loan Guaranty, and agrees that none of the Administrative Agent, any Lender or any other Secured Party shall have any duty to advise any Loan Guarantor of information known to it regarding those circumstances or risks. 

Section 2.09. Contribution; Subordination; Maximum Liability. 

(a) In the event any Loan Guarantor (a “Paying Guarantor”) makes any payment or payments under this Loan
Guaranty or suffers any loss as a result of any realization upon any Collateral granted by it to secure its obligations under this Loan Guaranty (each such payment or loss, an “Accommodation Payment”), each other Loan Guarantor
(each a “Non-Paying Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s
“Guarantor Percentage” of such Accommodation Payments by such Paying Guarantor. For purposes of this Article 2, each Non-Paying Guarantor’s “Guarantor Percentage”
with respect to any such Accommodation Payments by a Paying Guarantor shall be determined as of the date on which such Accommodation Payment was made by reference to the ratio of (a) such
Non-Paying Guarantor’s Maximum Liability (as defined below) as of such date to (b) the aggregate Maximum Liability of all Loan Guarantors hereunder (including such Paying Guarantor) as of such date.
As of any date of determination, the “Maximum Liability” of each Loan Guarantor shall be equal to the maximum amount of liability which could be asserted against such Loan Guarantor hereunder and under the Credit Agreement without
(i) rendering such Loan Guarantor “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform Fraud
Conveyance Act (“UFCA”), (ii) leaving such Loan Guarantor with unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA or Section 5 of the UFCA, or
(iii) leaving such Loan Guarantor unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA or Section 5 of the UFCA. Nothing in this provision shall affect any
Loan Guarantor’s several liability for the entire amount of the Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan Guarantors covenants and agrees that its right to receive any contribution under this
Loan Guaranty from a Non- Paying Guarantor shall be subordinate and junior in right of payment to the Secured Obligations until the Termination Date. If, prior to the Termination Date, any such contribution
payments are received by a Paying Guarantor at any time when an Event of Default exists, such contribution payments shall be collected, enforced and received by such Loan Guarantor as trustee for the Secured Parties and be paid over to the
Administrative Agent on account of the Secured Obligations, but without affecting or impairing in any manner the liability of such Loan Guarantor under the other provisions of this Loan Guaranty. This provision is for the benefit of the
Administrative Agent, the Lenders and the other Secured Parties. 

  
 6 

 (b) It is the desire and intent of the Loan Guarantors and the Secured
Parties that this Loan Guaranty shall be enforced against the Loan Guarantors to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. The provisions of this Loan Guaranty are
severable, and in any action or proceeding involving any state corporate law, or any state, Federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Loan Guarantor
under this Loan Guaranty would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of such Loan Guarantor’s liability under this Loan Guaranty, then, notwithstanding any other provision of this
Loan Guaranty to the contrary, the amount of such liability shall, without any further action by the Loan Guarantors or the Secured Parties, be automatically limited and reduced to such Loan Guarantor’s Maximum Liability. Each Loan Guarantor
agrees that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of each Loan Guarantor without impairing this Loan Guaranty or affecting the rights and remedies of the Administrative Agent hereunder;
provided that nothing in this sentence shall be construed to increase any Loan Guarantor’s obligations hereunder beyond its Maximum Liability. 

Section 2.10. Representations and Warranties. As and when required in accordance with the terms of the Credit Agreement, each Loan
Guarantor hereby makes each representation and warranty made in the Loan Documents by the Borrower with respect to such Loan Guarantor, as applicable. Each Loan Guarantor hereby further acknowledges and agrees with respect to such Loan Guarantor
that such Loan Guarantor has, independently and without reliance upon any Secured Party and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Loan Guaranty and each
other Loan Document to which it is or is to be a party, and such Loan Guarantor has established adequate means of obtaining from each other Loan Guarantor on a continuing basis information pertaining to the business, condition (financial or
otherwise), operations, performance, properties and prospects of each other Loan Guarantor. 
 Section 2.11. Covenants. Each
Loan Guarantor covenants and agrees that until the Termination Date, such Loan Guarantor will perform and observe, and cause each of its respective Restricted Subsidiaries to perform and observe, all of the terms, covenants and agreements set forth
in the Loan Documents that the Borrower has agreed to cause such Loan Guarantor or such Restricted Subsidiaries to perform or observe. 

  
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 ARTICLE 3 

GENERAL PROVISIONS 

Section 3.01. Liability Cumulative. The liability of each Loan Guarantor under this Loan Guaranty is in addition to and shall be
cumulative with all liabilities of such Loan Guarantor to the Administrative Agent and the Lenders under the Credit Agreement and the other Loan Documents to which such Loan Guarantor is a party or in respect of any obligations or liabilities of the
other Loan Guarantors, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 

Section 3.02. No Waiver; Amendments. No delay or omission of the Administrative Agent to exercise any right or remedy granted
under this Loan Guaranty shall impair such right or remedy or be construed to be a waiver of any Default or Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or
further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Loan Guaranty whatsoever shall be valid unless in writing signed by the Loan Guarantors and
the Administrative Agent with the concurrence or at the direction of the Lenders to the extent required under Section 9.02 of the Credit Agreement and then only to the extent specifically set forth in such writing. 

Section 3.03. Severability of Provisions. To the fullest extent permitted by law, any provision of this Loan Guaranty 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 of this Loan Guaranty; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 3.04. Additional Subsidiaries. Certain Restricted Subsidiaries of the Borrower may be required to enter into this Loan
Guaranty as a Subsidiary Party pursuant to and in accordance with Section 5.12 of the Credit Agreement. Upon execution and delivery by the Administrative Agent and such Restricted Subsidiary of an instrument in
substantially the form of Exhibit B hereto (each, a “Guaranty Supplement”), such Restricted Subsidiary shall become a Subsidiary Party hereunder with the same force and effect as if originally named as a Subsidiary Party
herein. The execution and delivery of any such instrument shall not require the consent of any other Loan Guarantor hereunder. The rights and obligations of each Loan Guarantor hereunder shall remain in full force and effect notwithstanding the
addition of any new Loan Guarantor as a party to this Loan Guaranty. 
 Section 3.05. Headings. The titles of and section
headings in this Loan Guaranty are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Loan Guaranty. 

Section 3.06. Entire Agreement. This Loan Guaranty and the other Loan Documents 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. 

  
 8 

 Section 3.07. CHOICE OF LAW. THIS LOAN GUARANTY AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER (INCLUDING BUT NOT LIMITED TO THE VALIDITY, INTERPRETATION, CONSTRUCTION, BREACH, ENFORCEMENT OR TERMINATION HEREOF, AND WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 3.08. CONSENT TO JURISDICTION; CONSENT TO SERVICE OF PROCESS.

 (a) 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS LOAN GUARANTY 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 LAW, IN SUCH FEDERAL COURT. 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 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 SUCH COURT. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING 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 LAW. 

(b) TO THE EXTENT PERMITTED BY 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 OF THE CREDIT AGREEMENT. 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 THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS LOAN GUARANTY WILL
AFFECT THE RIGHT OF ANY PARTY TO THIS LOAN GUARANTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

  
 9 

 Section 3.09. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS LOAN GUARANTY, 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 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 LOAN GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 Section 3.10. Indemnity. Each Loan Guarantor hereby agrees to indemnify the Administrative
Agent and the other Indemnitees, and their respective successors, permitted assigns, agents and employees, as set forth in Section 9.03 of the Credit Agreement. 

Section 3.11. Counterparts. This Loan Guaranty 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. Delivery of an executed counterpart of a signature page of this Loan Guaranty by facsimile or by email as a
“.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of this Loan Guaranty. 

Section 3.12. Successors and Assigns. Whenever in this Loan Guaranty any of the parties hereto is referred to, such reference
shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Loan Guarantor or the Administrative Agent that are contained in this Loan Guaranty shall bind and inure
to the benefit of their respective successors and permitted assigns. Except in a transaction permitted under the Credit Agreement, no Loan Guarantor may assign any of its rights or obligations hereunder without the written consent of the
Administrative Agent. 
 Section 3.13. Survival of Agreement. Without limitation of any provision of the Credit Agreement or
Section 3.10 hereof, all covenants, agreements, indemnities, representations and warranties made by the Loan Guarantors in the Loan Documents and in the certificates or other instruments delivered in connection with or
pursuant to this Loan Guaranty or any other Loan Document shall be considered to have been relied upon by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation
made by any such Lender or on its behalf and notwithstanding that the Administrative Agent or any Lender 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
under the Credit Agreement, and shall continue in full force and effect until the Termination Date, or with respect to any individual Loan Guarantor until such Loan Guarantor is otherwise released from its obligations under this Loan Guaranty in
accordance with Section 3.14. 
 Section 3.14. Release of Loan Guarantors. A Subsidiary Party shall
automatically be released from its obligations hereunder and its Loan Guaranty shall be automatically released in the circumstances described in Article 8 and Section 9.22 of the Credit Agreement. In connection with
any such release, the Administrative Agent shall promptly execute and deliver to any Loan Guarantor, at such Loan Guarantor’s expense, all documents that such Loan Guarantor shall reasonably request to evidence such termination or release. Any
execution and delivery of documents pursuant to the preceding sentence of this Section 3.14 shall be without recourse to or warranty by the Administrative Agent. 

Section 3.15. Payments. All payments made by any Loan Guarantor hereunder will be made without setoff, counterclaim or other
defense and on the same basis as payments are made by the Borrower under Sections 2.17 and 2.18 of the Credit Agreement. 

  
 10 

 Section 3.16. Notice, etc. All notices and other communications provided for
hereunder 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: 

(a) if to any Loan Guarantor, addressed to it in care of the Borrower at its address specified in
Section 9.01 of the Credit Agreement; 
 (b) if to the Administrative Agent or any Lender, at its
address specified in Section 9.01 of the Credit Agreement; 
 (c) if to any Secured Party in respect of
any Secured Hedging Obligations, at its address specified in the Hedge Agreement to which it is a party; or 
 (d) if to any
Secured Party in respect of any Banking Services Obligations, at its address specified in the relevant documentation to which it is a party. 

Section 3.17. Set Off. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any
such rights, while an Event of Default exists, the Administrative Agent, each Lender, each Issuing Bank and each of their respective Affiliates shall be entitled to rights of setoff to the extent provided in Section 9.09 of
the Credit Agreement. 
 Section 3.18. Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, none of
the Loan Guarantors nor the Secured Parties shall assert, and each hereby waives, any claim against each other or any Related Party 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 Loan Guaranty or any agreement or instrument contemplated hereby, except, in the case of any claim by any Indemnitee against any of the Loan Guarantors, to the extent
such damages would otherwise be subject to indemnification pursuant to the terms of Section 3.10. 

Section 3.19. Recourse. This Loan Guaranty is made with full recourse to each Loan Guarantor and pursuant to and upon all the
representations, warranties, covenants and agreements on the part of such Loan Guarantor contained herein and in the other Loan Documents and otherwise in writing in connection herewith or therewith. It is the desire and intent of each Loan
Guarantor and the Secured Parties that this Loan Guaranty shall be enforced against each Loan Guarantor to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is sought. 

Section 3.20. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Agreement in respect of Swap Obligations (provided, however, that each Qualified
ECP Guarantor shall only be liable under this Section 3.20 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 3.20, or
otherwise under this Loan Guaranty, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full
force and effect until the Termination Date. Each Qualified ECP Guarantor intends that this Section 3.20 constitute, and this Section 3.20 shall be deemed to constitute, a “keepwell, support,
or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

[SIGNATURE PAGE FOLLOWS] 

  
 11 

 IN WITNESS WHEREOF, each Loan Guarantor and the Administrative Agent have executed this Loan
Guaranty as of the date first above written. 
  

			
	WORLD ENDURANCE HOLDINGS, INC.
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer
	
	WORLD TRIATHLON CORPORATION
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer
	
	IMU HOLDINGS, LLC
	By: WORLD TRIATHLON CORPORATION, its sole member
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	CHESAPEAKE BAY BRIDGE RUN, LLC
	By: WORLD TRIATHLON CORPORATION, its sole member
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	COMPETITOR GROUP HOLDINGS, INC.
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer

  
 Signature Page to
Guaranty Agreement 

			
	COMPETITOR GROUP, INC.
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer
	
	COMPETITOR GROUP EVENTS, INC.
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer

  

  
 Signature Page to
Guaranty Agreement 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

  
 Signature Page to
Guaranty Agreement 

 EXHIBIT A 

SUBSIDIARY PARTIES 
 IMU HOLDINGS, LLC 

CHESAPEAKE BAY BRIDGE RUN, LLC 
 COMPETITOR GROUP HOLDINGS, INC.

 COMPETITOR GROUP, INC. 
 COMPETITOR GROUP EVENTS, INC. 

 

  
 A-1 

 EXHIBIT B 

JOINDER AGREEMENT 
 THIS
JOINDER AGREEMENT (this “Agreement”), dated as of [●] [●], 20[●], is entered into among [●], a [●] (the “New Subsidiary”), and DEUTSCHE BANK AG NEW YORK BRANCH, as administrative agent
(in such capacity, the “Administrative Agent”) pursuant to that certain Loan Guaranty dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
“Loan Guaranty”), by and among World Endurance Holdings, Inc., a Delaware corporation (“Holdings”), World Triathlon Corporation, a Florida corporation (the “Borrower”), the Subsidiary Parties (as
defined below) from time to time party thereto (Holdings, the Borrower and the Subsidiary Parties, collectively, the “Loan Guarantors”) and DEUTSCHE BANK AG NEW YORK BRANCH, in its capacity as administrative agent and collateral
agent for the lenders party the Credit Agreement referred to below (in such capacity, the “Administrative Agent”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Loan Guaranty.

 The New Subsidiary and the Administrative Agent, for the benefit of the Secured Parties, hereby agree as follows: 

1. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to
be a Loan Guarantor under the Loan Guaranty and a Loan Guarantor for all purposes of the Loan Documents and shall have all of the rights, benefits, duties and obligations of a Loan Guarantor thereunder as if it had executed the Loan Guaranty. The
New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Loan Guaranty. Without limiting the generality of the foregoing terms of this paragraph 1, the New
Subsidiary hereby absolutely and unconditionally guarantees, jointly and severally with the other Loan Guarantors, to the Administrative Agent and the Secured Parties, the prompt payment of the Guaranteed Obligations in full when due (whether at
stated maturity, upon acceleration or otherwise) to the extent of and in accordance with the Loan Guaranty. Except as expressly supplemented hereby, the Loan Guaranty shall remain in full force and effect. 

2. The New Subsidiary hereby waives acceptance by the Administrative Agent and the Secured Parties of the guaranty by the New Subsidiary upon
the execution of this Agreement by the New Subsidiary. 
 3. The undersigned hereby (x) makes, as of the date hereof, each
representation and warranty set forth in Section 2.10 of the Loan Guaranty and (y) agrees to perform and observe, and to cause each of its Restricted Subsidiaries to perform and observe, the covenants set forth in
Section 2.11 of the Loan Guaranty. 
 4. From and after the execution and delivery hereof by the parties hereto,
this Agreement shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. Each reference to a “Loan Guarantor” in the Loan Guaranty and the other Loan Documents shall be deemed to
include the New Subsidiary as if originally named therein as a Loan Guarantor. The Loan Guaranty (as modified hereby) is hereby incorporated herein by reference. 

5. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of
which shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of 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. 

  
 B-2 

 6. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING BUT NOT
LIMITED TO THE VALIDITY, INTERPRETATION, CONSTRUCTION, BREACH, ENFORCEMENT OR TERMINATION HEREOF, AND WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. 
 [Signature Page Follows] 
  

  
 B-3 

 IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed by its
authorized officer and the Administrative Agent, for the benefit of the Secured Parties, has caused the same to be accepted by its authorized officer, as of the day and year first above written. 

 

			
	[NEW SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 B-4 

 
			
	  Acknowledged and accepted:
	
	 DEUTSCHE BANK AG NEW YORK

BRANCH,
 as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 B-5 

 EXHIBIT J 

FORM OF 
 SECURITY AGREEMENT 

 

  
 J-1 

 EXECUTION VERSION 

PLEDGE AND SECURITY AGREEMENT 

THIS PLEDGE AND SECURITY AGREEMENT (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to
time, this “Security Agreement”) is entered into as of August 15, 2019 by and among World Endurance Holdings, Inc., a Delaware corporation (“Holdings”), World Triathlon Corporation, a Florida corporation (the
“Borrower”), the Subsidiary Parties from time to time party hereto and Deutsche Bank AG New York Branch, in its capacity as administrative agent and collateral agent for the Secured Parties (in such capacities, the
“Agent”). 
 PRELIMINARY STATEMENT 

Holdings, the Borrower, the Lenders (as defined below) and others are entering into that certain Credit Agreement dated as of the date hereof
(as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Grantors (as defined below) are entering into this Security Agreement in order to induce the Lenders to
enter into and extend credit to the Borrower under the Credit Agreement and to secure the Secured Obligations, including their obligations under the Loan Guaranty. 

ACCORDINGLY, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Terms Defined in Credit Agreement. All capitalized terms used herein and not otherwise defined shall have the
meanings assigned to such terms in the Credit Agreement. 
 Section 1.02. Terms Defined in UCC. Terms defined in the UCC that
are not otherwise defined in this Security Agreement or the Credit Agreement are used herein as defined in Articles 8 or 9 of the UCC, as the context may require (including without limitation, as if such terms were capitalized in Article 8 or 9 of
the UCC, as the context may require, the following terms: “Account,” “Chattel Paper,” “Commercial Tort Claim,” “Commodities Account,” “Deposit Accounts,” “
Document,” “Electronic Chattel Paper,” “Equipment,” “Financial Asset,” “Fixture,” “General Intangible,” “Goods,”
“Instruments,” “Inventory,” “Investment Property,” “Letter-of-Credit Right,” “Securities
Account,” “Securities Entitlement,” “Supporting Obligation” and “Tangible Chattel Paper”). 

Section 1.03. Definitions of Certain Terms Used Herein. As used in this Security Agreement, in addition to the terms defined in
the preamble and the Preliminary Statement above, the following terms shall have the following meanings: 
 “Agent” has the
meaning set forth in the preamble. 
 “Article” means a numbered article of this Security Agreement, unless another
document is specifically referenced. 
 “Borrower” has the meaning set forth in the preamble. 

“Collateral” has the meaning set forth in Article 2. 

 

  
 1 

 “Contract Rights” means all rights of any Grantor under any Contract,
including, without limitation, (i) any and all rights to receive and demand payments under such Contract, (ii) any and all rights to receive and compel performance under such Contract and (iii) any and all other rights, interests and
claims now existing or in the future arising in connection with such Contract. 
 “Contracts” means all contracts between
any Grantor and one or more additional parties (including, without limitation, any Hedge Agreement, licensing agreement and any partnership agreement, joint venture agreement and/or limited liability company agreement). 

“Control” has the meaning set forth in Article 8 or, if applicable, in
Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC. 

“Copyrights” means, with respect to any Grantor, all Copyrights. 

“Credit Agreement” has the meaning set forth in the Preliminary Statement. 

“Domain Names” means all Internet domain names and associated URL addresses in or to which any Grantor now or hereafter has
any right, title or interest. 
 “Exhibit” refers to a specific exhibit to this Security Agreement, unless another document
is specifically referenced. 
 “Grantors” means Holdings, the Borrower and each of the Subsidiary Parties. 

“Holdings” has the meaning set forth in the preamble. 

“Intellectual Property Security Agreement Supplements” means (a) a Trademark Security Agreement Supplement, (b) a
Patent Security Agreement Supplement or (c) a Copyright Security Agreement Supplement, in each case, substantially in the form of Exhibit A to the relevant Intellectual Property Security Agreement, as applicable. 

“Lenders” means the “Lenders” under and as defined in the Credit Agreement. 

“Licenses” means (a) any and all licensing agreements or similar arrangements granting any right to any third party
under any owned (1) Patent, (2) Copyright, (3) Trademark, (4) Trade Secret or (5) Software owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any (1) Patent,
(2) Copyright, (3) Trademark, (4) Trade Secret or (5) Software now or hereafter owned by any third party, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto,
including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“Money” has the meaning set forth in Article 1 of the UCC. 

“Patents” means, with respect to any Grantor, all Patents. 

“Permits” shall mean, to the extent permitted to be assigned by the terms thereof or by applicable law, all licenses,
permits, rights, orders, variances, franchises or authorizations of or from any governmental authority or agency. 
  

  
 2 

 “Pledged Collateral” means all Pledged Stock, including all stock
certificates, options or rights of any nature whatsoever in respect of the Pledged Stock that may be issued or granted to, or held by, any Grantor while this Security Agreement is in effect, all Instruments, Securities and other Investment Property
owned by any Grantor, whether or not physically delivered to the Agent pursuant to this Security Agreement, whether now owned or hereafter acquired by such Grantor and any and all Proceeds thereof, excluding any items constituting Excluded Assets.

 “Pledged Stock” means, with respect to any Grantor, the shares of or interests in Capital Stock (including but not
limited to those described in Schedule 3 to the Perfection Certificate as such Schedule may be supplemented from time to time pursuant to Sections 5.01(j) or 5.12 of the Credit Agreement or otherwise) as held by such Grantor
from time to time, together with any other shares of or interests in Capital Stock required to be pledged by such Grantor pursuant to the terms hereof or Section 5.12 of the Credit Agreement, excluding any items
constituting Excluded Assets. 
 “Proceeds” has the meaning assigned in Article 9 of the UCC and, in any event, shall also
include but not be limited to (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Agent or any Grantor from time to time with respect to any of the Collateral, (ii) any and all payments (in any form
whatsoever) made or due and payable to any Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any Person acting under
color of governmental authority), (iii) any and all Stock Rights and (iv) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 

“Receivables” means any Account, Chattel Paper, Document, Investment Property, Instrument and/or any General Intangible, in
each case, that is a right or claim to receive money or that is otherwise included as Collateral, but in any case, excluding any item constituting an Excluded Asset. 

“Section” means a numbered section of this Security Agreement, unless another document is specifically referenced. 

“Security Agreement” has the meaning set forth in the preamble. 

“Software” means computer programs, source code, object code and supporting documentation including “software” as
such term is defined in Article 9 of the UCC, as well as computer programs that may be construed as included in the definition of “goods” in Article 9 of the UCC, any licensed rights to Software, and all media that may contain Software or
recorded data of any kind. 
 “Stock Rights” means all dividends, instruments or other distributions and any other right or
property which any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Capital Stock constituting Collateral, any right to receive any Capital Stock
constituting Collateral and any right to receive earnings, in which such Grantor now has or hereafter acquires any right, issued by an issuer of such Capital Stock, excluding any items constituting Excluded Assets. 

“Subsidiary Parties” means (a) the Subsidiaries of the Borrower party hereto on the Closing Date and (b) each
Domestic Subsidiary that becomes a party to this Security Agreement after the date hereof in accordance with Section 7.10 hereof and Section 5.12 of the Credit Agreement. 

  
 3 

 “Trade Secrets” means, with respect to any Grantor, all of such
Grantor’s right, title and interest in and to the following: (a) confidential and proprietary information, including unpatented inventions, invention disclosures, engineering or other data, information, production procedures, know-how, financial data, customer lists, supplier lists, business and marketing plans, processes, schematics, algorithms, techniques, analyses, proposals, source code, and data collections; (b) all income,
royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims and payments for past and future infringements thereof; (c) all rights to sue for past, present and future
infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (d) all rights corresponding to any of the foregoing. 

“Trademarks” means, with respect to any Grantor, all Trademarks. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or such other jurisdiction as
the context may require. 
 The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined
terms. 
 ARTICLE 2 

GRANT OF SECURITY INTEREST 

Section 2.01. Grant of Security Interest. (a) As security for the prompt and complete payment or performance, as the case may
be, in full of the Secured Obligations, each Grantor hereby pledges, collaterally assigns, mortgages, transfers and grants to the Agent, its successors and permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a
continuing security interest in all of its right, title and interest in, to and under all personal property, fixtures and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Grantor or in which or to
which such Grantor has any rights, and regardless of where located (all of which are collectively referred to as the “Collateral”), including: 

(i) all Accounts; 
 (ii) all
Chattel Paper (including, without limitation, all Tangible Chattel Paper and all Electronic Chattel Paper); 
 (iii) all Copyrights, Patents,
Trademarks and Trade Secrets; 
 (iv) all Documents; 

(v) all Equipment; 
 (vi) all
Fixtures; 
 (vii) all Financial Assets; 

(viii) all General Intangibles; 

(ix) all Goods; 
 (x) all
Instruments; 
 (xi) all Inventory; 

(xii) all Investment Property, Pledged Stock and other Pledged Collateral; 

  
 4 

 (xiii) all Money, cash and cash equivalents; 

(xiv) all letters of credit and Letter-of-Credit Rights; 

(xv) all Deposit Accounts, Securities Accounts, Commodities Accounts and all other demand, deposit, time, savings, cash management, passbook
and similar accounts maintained by such Grantor with any bank or other financial institution and all monies, securities, Instruments and other investments deposited or required to be deposited in any of the foregoing; 

(xvi) all Security Entitlements in any or all of the foregoing; 

(xvii) all Commercial Tort Claims; 

(xviii) all Permits; 
 (xix) all
Software and all recorded data of any kind or nature, regardless of the medium of recording; 
 (xx) all Domain Names; 

(xxi) all Contracts, together with all Contract Rights arising thereunder; 

(xxii) all Licenses; 
 (xxiii) all
other personal property and fixtures not otherwise described in clauses (i) through (xxii) above; 
 (xxiv) all Supporting
Obligations; and 
 (xxv) all accessions to, substitutions and replacements for and Proceeds and products of the foregoing, together with all
books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the foregoing. 
 (b) Notwithstanding the foregoing, the
term “Collateral” (and any component definition thereof) shall not include any Excluded Asset. Notwithstanding anything to the contrary contained herein, immediately upon the ineffectiveness, lapse or termination of any restriction or
condition set forth in the definition of “Excluded Assets” in the Credit Agreement, the Collateral shall include, and the relevant Grantor shall be deemed to have granted a security interest in, all relevant previously restricted or
conditioned rights, interests or other assets, as the case may be, as if such restriction or condition had never been in effect. For the avoidance of doubt, “Excluded Assets” shall not include any proceeds, products, substitutions or
replacements of Excluded Assets (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Assets). 

(c) The security interest of the Agent under this Security Agreement extends to all Collateral which any Grantor may acquire,
or with respect to which any Grantor may obtain rights during the term of this Security Agreement. 
  

  
 5 

 (d) Nothing herein shall be construed to make the Agent or any other Secured
Party liable as a member of any limited liability company or as a partner of any partnership and neither the Agent nor any other Secured Party by virtue of this Security Agreement or otherwise (except as referred to in the following sentence) shall
have any of the duties, obligations or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Agent shall become the absolute owner of Collateral consisting of
a limited liability company interest or a partnership interest pursuant hereto and is admitted as a member or partner of the respective limited liability company or partnership, this Security Agreement shall not be construed as creating a
partnership or joint venture among the Agent, any other Secured Party, any Grantor and/or any other Person. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

The Grantors, jointly and severally, represent and warrant to the Agent on the Closing Date and as of the date of each Credit Extension after
the Closing Date, for the benefit of the Secured Parties, that: 
 Section 3.01. Title, Perfection and Priority; Filing
Collateral. Subject to the Legal Reservations, this Security Agreement is effective to create a legal, valid and enforceable Lien on and security interest in the Collateral in which a security interest may be perfected by filing a financing
statement under the UCC in favor of the Agent for the ratable benefit of the Secured Parties and, subject to the Perfection Requirements, the Agent will have a fully perfected First Priority Lien on such Collateral. 

Section 3.02. Names, Type and Jurisdiction of Organization, Organizational and Identification Numbers. 

(a) (i) As of the Closing Date, the exact legal name of each Grantor, as such name appears in its respective
Organizational Documents filed with the Secretary of State of such Grantor’s jurisdiction of organization, is set forth in Schedule 1(a) to the Perfection Certificate and (ii) as of the Closing Date, each Grantor is the type of entity
disclosed next to its name in Schedule 1(a) to the Perfection Certificate and is a registered organization except to the extent disclosed therein. Also, as of the Closing Date, set forth in Schedule 1(a) to the Perfection
Certificate is the organizational identification number, if any, of each Grantor, the Federal Taxpayer Identification Number of each Grantor and the jurisdiction of organization of each Grantor. 

(b) Except as otherwise disclosed in Schedule 1(c) to the Perfection Certificate, as of the Closing Date, set forth in
Schedule 1(b) to the Perfection Certificate is any other legal name that any Grantor has had in the past two years, together with the date of the relevant change, and any trade name or assumed name used by any Grantor or under which any
Grantor is known or is transacting business as of the Closing Date. 
 (c) As of the Closing Date, set forth in Schedule
1(c) to the Perfection Certificate is a list of the information required by Section 1(a) of the Perfection Certificate (excluding the Federal Taxpayer Identification Number) for any other Person (i) to which any
Grantor became the successor by merger, consolidation, acquisition or division (ii) that has been liquidated into, or transferred all or substantially all of its assets to, any Grantor, at any time within the two years preceding the Closing
Date. 
 (d) As of the Closing Date, except as set forth in Schedule 1(d) to the Perfection Certificate or as
otherwise disclosed in Schedule 1(c) to the Perfection Certificate, no Grantor has changed its jurisdiction of organization or form of entity at any time during the past five years. 

 

  
 6 

 Section 3.03. Locations. The address of each Grantor’s chief executive
office as of the Closing Date is accurately disclosed on Schedule 2 to the Perfection Certificate. 
 Section 3.04.
Intellectual Property. 
 (a) As of the Closing Date, attached as Schedule 5(a) to the Perfection Certificate
is a schedule setting forth all of each Grantor’s United States Patents and United States Trademarks registered with (or which registration has been applied for in) and published by the United States Patent and Trademark Office (excluding, for
the avoidance of doubt, any Patent or Trademark that has expired or been abandoned and any Excluded Assets, but including United States Trademarks that would constitute Collateral upon the filing of a “Statement of Use” or an
“Amendment to Allege Use” with respect thereto), including the name of the registered owner and the registration number (or, if applicable, the applicant and the application number) of each such United States Patent and United States
Trademark. 
 (b) As of the Closing Date, attached as Schedule 5(b) to the Perfection Certificate is a schedule
setting forth all of each Grantor’s United States Copyrights registered with (or for which registration has been applied for in) the United States Copyright Office (excluding, for the avoidance of doubt, any Copyright that has expired or been
abandoned and any Excluded Assets), including the name of the registered owner and the registration number (or, if applicable, the applicant and the application number) of each such United States Copyright. 

(c) Upon filing of appropriate financing statements with the Secretary of State (or equivalent office) of the state of
organization of such Grantor and the filing of the applicable Intellectual Property Security Agreement with the United States Copyright Office or the United States Patent and Trademark Office, as applicable, the Agent shall have a fully perfected
First Priority Lien on the Collateral constituting United States registered Patents, Trademarks and Copyrights under the UCC (and applications therefor) under the laws of the United States for the ratable benefit of the Secured Parties, and such
perfected security interests shall be enforceable as such as against any and all creditors of and purchasers from the Grantors, subject to the Legal Reservations. 

(d) As of the Closing Date, no Grantor is aware of (i) any third-party claim (A) that any of its owned Patent,
Trademark or Copyright registrations or applications is invalid or, solely with respect to registrations, unenforceable, or (B) challenging such Grantor’s rights to such registrations and applications or (ii) any basis for such
claims, other than, in each case, to the extent any such third-party claims would not reasonably be expected to have a Material Adverse Effect. 

Section 3.05. Pledged Collateral; Instruments and Chattel Paper. 

(a) As of the Closing Date, attached as Schedule 3 to the Perfection Certificate is a true and correct list of all of
the issued and outstanding stock, partnership interests, limited liability company membership interests or other equity interests owned by any Grantor constituting Pledged Stock, the beneficial owner of such stock, partnership interests, membership
interests or other equity interests and the percentage of the total issued and outstanding stock, partnership interests, membership interests or other equity interests of the relevant issuer represented thereby. 

(b) As of the Closing Date, attached as Schedule 4 to the Perfection Certificate is a true and correct list of all
Instruments (other than checks to be deposited in the ordinary course of business) and Tangible Chattel Paper, in each case having a face amount exceeding $4,000,000 held by any Grantor as of the date of the Perfection Certificate, including the
names of the obligors, amounts owing and due dates. 

  
 7 

 (c) (i) All Pledged Stock has been duly authorized and validly issued
(to the extent such concepts are relevant with respect to such Pledged Stock) by the issuer thereof and is fully paid and non-assessable (to the extent such concept is applicable, other than any assessment on
the equity holders of such Person that may be imposed as a matter of law), (ii) each Grantor is the direct owner, beneficially and of record, of the Pledged Stock described in Schedule 3 to the Perfection Certificate as held by such Grantor,
(iii) each Grantor holds the Pledged Stock described in Schedule 3 to the Perfection Certificate free and clear of all Liens (other than Permitted Liens), (iv) with respect to any certificates delivered to the Agent (or its bailee)
representing Capital Stock, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, the relevant Grantor has so informed the Agent and
taken the necessary steps so that the Agent may perfect its security interest therein as a General Intangible and (v) as of the Closing Date, subject to the terms of the last paragraph of Section 4.01 of the Credit
Agreement and the Perfection Requirements, all certificates or instruments representing or evidencing the Pledged Collateral which are required to be delivered pursuant to Section 4.02 hereof have been delivered to the
Agent in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank and that the Agent has a perfected First Priority security interest therein. 

Section 3.06. Commercial Tort Claims. As of the Closing Date, attached as Schedule 6 to the Perfection Certificate is a
true and correct list of all Commercial Tort Claims with an individual value (as reasonably estimated by the Borrower) in excess of $4,000,000, held by any Grantor, including a brief description thereof. 

Section 3.07. Recourse. This Security Agreement is made with full recourse to each Grantor and pursuant to and upon all the
warranties, representations, covenants and agreements on the part of such Grantor contained herein, in the Loan Documents and otherwise in writing in connection herewith and therewith. 

ARTICLE 4 

COVENANTS 
 From
the date hereof, and thereafter until the Termination Date: 
 Section 4.01. General. 

(a) Authorization to File Financing Statements; Ratification. Each Grantor hereby authorizes the Agent to file
Intellectual Property Security Agreement Supplements, all financing statements with respect to the Collateral naming such Grantor as debtor and the Agent as secured party, in form appropriate for filing under the UCC of the relevant jurisdiction
and, subject to the terms of the Loan Documents, to take such other actions as may from time to time be reasonably requested by the Agent in order to establish and maintain a First Priority, valid, enforceable (subject to the Legal Reservations) and
perfected security interest in and subject, in the case of Pledged Collateral, to Section 4.02 hereof, Control of, the Collateral. Each Grantor shall pay any applicable filing fees, recordation fees and related expenses
relating to its Collateral in accordance with Section 9.03(a) of the Credit Agreement. Any financing statement filed by the Agent may be filed in any filing office in any applicable UCC jurisdiction and may
(i) indicate the Collateral (A) as all assets of the applicable Grantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC of such jurisdiction,
or (B) by any other description which reasonably approximates the description contained in this Security Agreement and (ii) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office
acceptance of any financing statement or amendment, including (A) in each case to the extent applicable, whether the Grantor is an organization, the type of organization and any organization identification number issued to the Grantor and
(B) in the case of a financing statement filed as a fixture filing, a sufficient description of the relevant real property to which the Collateral relates. Each Grantor agrees to furnish any such information that is necessary for perfection to
the Agent promptly upon the Agent’s reasonable written request. No Grantor shall be required to complete any filings or other action with respect to the perfection of any security interests created hereby in any Patents, Copyrights, or
Trademarks subsisting in any jurisdiction outside of the United States. 

  
 8 

 (b) Further Assurances. Each Grantor agrees, at its own expense, to
take any and all actions reasonably necessary to defend title to the Collateral against all Persons (other than Persons holding Permitted Liens on such Collateral that are permitted under the Credit Agreement to have priority over the
Agent’s Lien) and to defend the security interest of the Agent in the Collateral and the priority thereof against any Lien that is not a Permitted Lien or that is a Permitted Lien but is not permitted under the Credit Agreement to have priority
over the Agent’s Lien. 
 (c) Change of Name, Etc. Following delivery of any notice required by
Section 5.01(i) of the Credit Agreement, the relevant Grantor shall promptly make all filings required under the UCC or other applicable law and take all other actions reasonably requested by the Agent in writing
and deemed by the Agent to be necessary or advisable to ensure that the Agent shall continue at all times following such change to have a valid, legal, enforceable (subject to the Legal Reservations) and perfected First Priority Lien in such
Collateral for its benefit and the benefit of the other Secured Parties. 
 Section 4.02. Pledged Collateral. 

(a) Delivery of Certificated Securities, Tangible Chattel Paper, Instruments and Documents. Each Grantor will
(i) on the Closing Date (or such later date as may be agreed to by the Agent in its sole discretion), deliver to the Agent for the benefit of the Secured Parties, the originals of all (x) certificated Securities and
(y) Tangible Chattel Paper and Instruments, in each case under this clause (y), having a face amount in excess of $4,000,000, in each case under clauses (x) and (y), constituting Collateral owned by such Grantor as of the
Closing Date, accompanied by undated instruments of transfer or assignment duly executed in blank, (ii) after the Closing Date, hold in trust for the Agent upon receipt and, within 60 days (or such longer period as may be agreed to by the Agent
in its reasonable discretion) of receipt, deliver to the Agent for the benefit of the Secured Parties any (1) certificated Securities representing or evidencing Pledged Collateral and (2) Tangible Chattel Paper and Instruments (A) in each
case under this clause (2), having an outstanding balance in excess of $4,000,000 and (B) in each case under clauses (1) and (2), constituting Collateral received after the date hereof, accompanied by undated
instruments of transfer or assignment duly executed in blank and (iii) at any time when an Event of Default exists and promptly following the Agent’s request, deliver to the Agent, and thereafter hold in trust for the Agent upon receipt
and promptly deliver to the Agent any other Document evidencing or constituting Collateral. 

  
 9 

 (b) Uncertificated Securities and Pledged Collateral. With respect to
any partnership interest or limited liability company interest of any Grantor required to be pledged to the Agent pursuant to the terms hereof (other than a partnership interest or limited liability company interest held by a Clearing
Corporation, Securities Intermediary or other financial intermediary of any kind) which is not represented by a certificate and which is not a Security for purposes of the UCC, such Grantor shall not permit any issuer of such partnership interests
or limited liability company interests to (i) enter into any agreement with any Person, other than the holder of a Permitted Lien (to the extent such interest that is permitted under the Credit Agreement to have priority over the Agent’s
Lien), whereby such issuer effectively delivers “control” of such partnership interests or limited liability company interests (as applicable) under the UCC to such Person, or (ii) allow such partnership interests or limited liability
company interests (as applicable) to become Securities unless such Grantor complies with the procedures set forth in Section 4.02(a) within the time period prescribed therein. Each Grantor which is an issuer of any
uncertificated Pledged Collateral described in this Section 4.02(b) hereby agrees to comply with all instructions from the Agent without such Grantor’s further consent, in each case subject to the notice requirements
set forth in Section 5.01(a)(iv) hereof. 
 (c) Registration in Nominee Name; Denominations.
The Agent, on behalf of the Secured Parties, shall hold certificated Pledged Collateral required to be delivered to the Agent under clause (a) above in the name of the applicable Grantor, endorsed or assigned in blank or in favor
of the Agent, but at any time when an Event of Default exists and upon three Business Days’ prior written notice to the Borrower, the Agent shall have the right (in its sole and absolute discretion) to hold the Pledged Collateral in its own
name as pledgee, or in the name of its nominee (as pledgee or as sub-agent). At any time when an Event of Default exists, the Agent shall have the right to exchange the certificates representing Pledged
Collateral for certificates of smaller or larger denominations for any purpose consistent with this Security Agreement. 

(d) Exercise of Rights in Pledged Collateral. 

(i) without in any way limiting the foregoing and subject to clause (ii) below, each Grantor shall have the right
to exercise all voting rights or other rights relating to the Pledged Collateral for any purpose not prohibited by this Security Agreement, the Credit Agreement or any other Loan Document; 

(ii) each Grantor will permit the Agent or its nominee at any time when an Event of Default exists to exercise the rights and
remedies provided under Section 5.01(a)(iv) (subject to the notice requirements set forth therein); and 

(iii) subject to Section 5.01(a)(iv), each Grantor shall be entitled to receive and retain any and
all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Collateral; provided that any non-cash dividends or other distributions that would constitute
Pledged Collateral, whether resulting from a subdivision, combination or reclassification of the outstanding Capital Stock of the issuer of any Pledged Collateral or received in exchange for Pledged Collateral or any part thereof, or in redemption
thereof, or as a result of any merger, consolidation, acquisition, division or other exchange of assets to which such issuer may be a party or otherwise, shall, to the extent constituting Collateral, be and become part of the Pledged Collateral,
and, if received by any Grantor, shall be delivered to the Agent as and to the extent required by clause (a) above. So long as no Event of Default then exists, the Agent shall promptly deliver to the applicable Grantor (without recourse
and without any representation or warranty) any Pledged Collateral in its possession if requested to be delivered to the issuer thereof in connection with any redemption or exchange of such Pledged Collateral permitted by the Credit Agreement. 

  
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 Section 4.03. Intellectual Property. (a) At any time when an Event of
Default exists and upon the written request of the Agent, each Grantor will (i) use its commercially reasonable efforts to obtain all consents and approvals necessary or appropriate for the assignment to or for the benefit of the Agent of any
License held by such Grantor in the U.S. to enable the Agent to enforce the security interests granted hereunder and (ii) to the extent required pursuant to any material License in the U.S. under which such Grantor is the licensee, deliver to
the licensor thereunder any notice of the grant of security interest hereunder or such other notices required to be delivered thereunder in order to permit the security interest created or permitted to be created hereunder pursuant to the terms of
such License. 
 (b) Each Grantor shall notify the Agent promptly if it knows or reasonably expects that any registration of
any material Patent, Trademark, or Copyright (now or hereafter existing) constituting Collateral may become abandoned or dedicated to the public, or of any determination or development (including the institution of, or any such determination or
development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court) abandoning such Grantor’s ownership of any such Patent, Trademark or Copyright, its right to register the same, or
to keep and maintain the same, except, in each case, for Dispositions permitted under the Credit Agreement or where such occurrences individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

(c) In the event that any Grantor files an application for the registration of any material Patent, Trademark or Copyright with
the United States Patent and Trademark Office or the United States Copyright Office, or acquires any such application or registration by purchase or assignment, in each case, after the Closing Date (and other than as a result of an application that
is then subject to an Intellectual Property Security Agreement or Intellectual Property Security Agreement Supplement becoming registered), it shall, within 60 days (or such longer period as may be agreed to by the Agent in its reasonable
discretion) of filing such application or acquisition of such application or registration, execute and deliver to the Agent, at such Grantor’s expense, any Intellectual Property Security Agreement or Intellectual Property Security Agreement
Supplement, as applicable, to evidence the Agent’s security interest in such registered Patent, Trademark or Copyright (or application therefor). 

(d) Each Grantor shall take all actions necessary to maintain and pursue each application and to obtain and maintain the
registration of each material Patent, Trademark, and Copyright constituting Collateral (now or hereafter existing), including by filing applications for renewal, affidavits of use, affidavits of noncontestability, except where failure to do so
(i) would not reasonably be expected to result in a Material Adverse Effect, or (ii) is otherwise permitted under the Credit Agreement. 

(e) Each Grantor shall promptly notify the Agent of any material infringement or misappropriation of such Grantor’s
Patents, Trademarks, Copyrights or Trade Secrets of which it becomes aware and shall take such actions as it deems in its business judgment reasonable and appropriate under the circumstances to protect such Patent, Trademark, Copyright or Trade
Secret, except where such infringement, misappropriation or dilution would not reasonably be expected to result in a Material Adverse Effect. 

Section 4.04. Commercial Tort Claims. After the Closing Date, each relevant Grantor shall notify the Agent within 60 days (or such
longer period as may be agreed to by the Agent in its reasonable discretion) of filing such Commercial Tort Claim of any Commercial Tort Claim with an individual value (as reasonably estimated by the Borrower) in excess of $ 4,000,000 acquired by
it, together with an update to Schedule 6 to the Perfection Certificate describing the details thereof, and such Commercial Tort Claim (and the Proceeds thereof) shall automatically constitute Collateral, all upon the terms of this Security
Agreement. 

  
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 Section 4.05. Insurance. Except to the extent otherwise permitted to be retained
by any Grantor or applied by any Grantor pursuant to the terms of the Loan Documents, the Agent shall, at the time any proceeds of any insurance are distributed to the Agent for the benefit of the Secured Parties, apply such proceeds in accordance
with Section 5.04 hereof. Each Grantor assumes all liability and responsibility in connection with the Collateral acquired by it, and the liability of such Grantor to pay the Secured Obligations shall in no way be affected
or diminished by reason of the fact that such Collateral may be lost, destroyed, stolen, damaged or for any reason whatsoever unavailable to such Grantor. 

Section 4.06. Grantors Remain Liable Under Contracts. Each Grantor (rather than the Agent or any Secured Party) shall remain
liable (as between itself and any relevant counterparty) to observe and perform all the conditions and obligations to be observed and performed by it under any Contract relating to the Collateral, all in accordance with the terms and conditions
thereof. Neither the Agent nor any other Secured Party shall have any obligation or liability under any Contract by reason of or arising out of this Security Agreement or the receipt by the Agent or any other Secured Party of any payment relating to
such Contract pursuant hereto, nor shall the Agent or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Contract, to make any payment, to make any inquiry as to the nature or
sufficiency of any performance or to collect the payment of any amounts which may have been assigned to them or to which they may be entitled at any time or times. 

Section 4.07. Grantors Remain Liable Under Accounts. Notwithstanding anything herein to the contrary, the Grantors shall remain
liable under each of the Accounts to observe and perform all of the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise to such Accounts. Neither the Agent nor any
other Secured Party shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Security Agreement or the receipt by the Agent or any other Secured Party of any payment relating
to such Account pursuant hereto, nor shall the Agent or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Account (or any agreement giving rise thereto), to make any payment,
to make any inquiry as to the nature or the sufficiency of any payment received by them or as to the sufficiency of any performance by any party under any Account (or any agreement giving rise thereto), to present or file any claim, to take any
action to enforce any performance or to collect the payment of any amounts which may have been assigned to them or to which they may be entitled at any time or times. 

ARTICLE 5 
 REMEDIES

 Section 5.01. Remedies. (a) Each Grantor agrees that, at any time when an Event of Default exists, the Agent may
exercise any or all of the following rights and remedies (in addition to the rights and remedies existing under applicable law): 

(i) the rights and remedies provided in this Security Agreement, the Credit Agreement, or any other Loan Document;
provided that this Section 5.01(a) shall not limit any rights available to the Agent prior to an Event of Default; 

(ii) the rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected
Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ Lien) when a debtor is in default under a security agreement; 

  
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 (iii) without notice (except as specifically provided in
Section 7.01 or elsewhere herein), demand or advertisement of any kind to any Grantor or any other Person, personally, or by agents or attorneys, enter the premises of any Grantor where any Collateral is located (through
self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or
more parcels at one or more public or private sales (which sales may be adjourned or continued from time to time with or without notice and may take place at such Grantor’s premises or elsewhere), for cash, on credit or for future delivery
without assumption of any credit risk, and upon such other terms as the Agent may deem commercially reasonable; 
 (iv) upon
three Business Days’ prior written notice to the Grantors, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exercise the voting and all other rights as a holder with respect
thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Agent was the outright owner thereof; and 

(v) to take possession of the Collateral or any part thereof, by directing such Grantor in writing to deliver the same to the
Agent at any reasonable place or places designated by the Agent, in which event such Grantor shall at its own expense: 
 (1) forthwith
cause the same to be moved to the place or places so designated by the Agent and there delivered to the Agent; 
 (2) store and keep any
Collateral so delivered to the Agent at such place or places pending further action by the Agent; and 
 (3) while the Collateral shall be
so stored and kept, provide such security and maintenance services as shall be reasonably necessary to protect the same and to preserve and maintain it in good condition. 

(b) Each Grantor acknowledges and agrees that compliance by the Agent, on behalf of the Secured Parties, with any applicable state or federal
law requirements in connection with a disposition of the Collateral will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

(c) The Agent shall have the right in any public sale and, to the extent permitted by law, in any private sale, to purchase for the benefit of
the Agent and the Secured Parties, all or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption each Grantor hereby expressly releases. 

(d) Until the Agent is able to effect a sale, lease, transfer or other disposition of any particular Collateral under this
Section 5.01, the Agent shall have the right to hold or use such Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving such Collateral or the value of such Collateral, or for
any other purpose deemed reasonably appropriate by the Agent. At any time when an Event of Default exists, the Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of any Collateral and to enforce any of the
Agent’s remedies (for the benefit of the Agent and Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment. 
  

  
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 (e) Notwithstanding the foregoing, the Agent shall not be required to
(i) make any demand upon, or pursue or exhaust any of their rights or remedies against, the Grantors, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any
of their rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any
particular order, or (iii) effect a public sale of any Collateral. 
 (f) Each Grantor recognizes that the Agent may be
unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof. Each Grantor also acknowledges that any private sale may result in prices and other terms less favorable to the
seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that no such private sale shall be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. The Agent
shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer of any Pledged Collateral to register such securities for public sale under the Securities Act of
1933, as amended, or under applicable state securities laws, even if any Grantor and the issuer would agree to do so. 
 (g)
Notwithstanding the foregoing, any rights and remedies provided in this Section 5.01 with respect to any Pledged Collateral that constitutes membership interests in any limited liability company, shall be subject to the transfer
restrictions set forth in the relevant limited liability company operating agreement. 
 Section 5.02. Grantors’ Obligations
Upon Default. Upon the request of the Agent at any time when an Event of Default exists, each Grantor will: 
 (a) at its
own cost and expense (i) assemble and make available to the Agent, the Collateral and all books and records relating thereto at any place or places reasonably specified by the Agent, whether at such Grantor’s premises or elsewhere,
(ii) deliver all tangible evidence of its Accounts and Contract Rights (including, without limitation, all documents evidencing the Accounts and all Contracts evidencing such Contract Rights) and such books and records to the Agent or to its
representatives (copies of which evidence and books and records may be retained by such Grantor) and (iii) if the Agent so directs and in a form and in a manner reasonably satisfactory to the Agent, legend the Accounts and the Contracts, as
well as books, records and documents (if any) of such Grantor evidencing or pertaining to such Accounts and Contracts with an appropriate reference to the fact that such Accounts and Contracts have been assigned to the Agent and that the Agent has a
security interest therein; and 
 (b) permit the Agent and/or its representatives and/or agents, to enter, occupy and use any
premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part
of the Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay any Grantor for such use and occupancy. 

  
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 Section 5.03. Intellectual Property Remedies. (a) For the purpose of
enabling the Agent to exercise the rights and remedies under this Article 5 at any time when an Event of Default exists, each Grantor hereby grants to the Agent a power of attorney to sign any document which may be required by the United
States Patent and Trademark Office, the United States Copyright Office or similar registrar in order to effect an absolute assignment of all right, title and interest in each registered Patent, Trademark, Domain Name and Copyright and each
application for any such registration, and record the same. At any time when an Event of Default exists, the Agent may (i) declare the entire right, title and interest of such Grantor in and to each Patent, Trademark, Domain Name, Copyright or
Trade Secret to be vested in the Agent for the benefit of the Secured Parties, in which event such right, title and interest shall immediately vest in the Agent for the benefit of the Secured Parties, and the Agent shall be entitled to exercise the
power of attorney referred to in this Section 5.03 to execute, cause to be acknowledged and notarized and record such absolute assignment with the applicable agency or registrar; (ii) sell any Grantor’s Inventory
directly to any Person, including without limitation Persons who have previously purchased any Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the Agent’s rights under this Security
Agreement and subject to any restrictions contained in applicable third party licenses entered into by such Grantor, sell Inventory which bears any Trademark owned by or licensed to any Grantor and any Inventory that is covered by any Copyright
owned by or licensed to any Grantor, and the Agent may finish any work in process and affix any relevant Trademark owned by or licensed to such Grantor and sell such Inventory as provided herein; (iii) direct such Grantor to refrain, in which
event such Grantor shall refrain, from using any Patent, Trademark, Domain Name, Copyright, and Trade Secret in any manner whatsoever, directly or indirectly; and (iv) assign or sell any Patent, Trademark, Copyright, Domain Name, and/or Trade
Secret, as well as the goodwill of such Grantor’s business symbolized by any such Trademark and the right to carry on the business and use the assets of such Grantor in connection with which any such Trademark or Domain Name has been used. 

(b) For the purpose of enabling the Agent to exercise the rights and remedies under this Article 5 at any time when an
Event of Default exists and at such time as the Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Agent an irrevocable (until the Termination Date), nonexclusive license to its right to use,
license or sublicense any Patent, Trademark, Copyright, Domain Name and/or Trade Secret now owned or hereafter acquired by such Grantor, wherever the same may be located, and including in such license access to all media in which any of the licensed
items may be recorded or stored and (to the extent not prohibited by any applicable license) to all computer software and programs used for compilation or printout thereof. In the case of Trademarks, such rights are subject to sufficient rights to
quality control and inspection in favor of such Grantor to avoid the risk of abandonment, invalidation, unenforceability or dilution of such Trademark. The use of the license granted to the Agent pursuant to the preceding sentence may be exercised,
at the option of the Agent, only when an Event of Default exists; provided that, any license, sublicense or other transaction entered into by the Agent in accordance with this clause (b) shall be binding upon each Grantor
notwithstanding any subsequent cure of an Event of Default. 
 Section 5.04. Application of Proceeds. (a) The Agent shall
apply the proceeds of any collection, sale, foreclosure or other realization upon any Collateral, as well as any Collateral consisting of Cash, as set forth in Section 2.18(b) of the Credit Agreement. 

(b) Except as otherwise provided herein or in any other Loan Document, the Agent shall have absolute discretion as to the time
of application of any such proceeds, money or balance in accordance with this Security Agreement. Upon any sale of Collateral by the Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), a receipt by the
Agent or of the officer making the sale of such proceeds, moneys or balances shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application
of any part of the purchase money paid over to the Agent or such officer or be answerable in any way for the misapplication thereof. It is understood that the Grantors shall remain jointly and severally liable to the extent of any deficiency between
the amount of the proceeds of the Collateral and the aggregate amount of the Secured Obligations. 
  

  
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 ARTICLE 6 

ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY 

Section 6.01. Account Verification. The Agent may at any time and from time to time when an Event of Default exists, in the
Agent’s own name, in the name of a nominee of the Agent, or in the name of any Grantor, communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to Contracts with such Grantor and obligors in
respect of Instruments of such Grantor to verify with such Persons, to the Agent’s reasonable satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Contracts, Instruments, Chattel Paper, payment intangibles
and/or other Receivables that constitute Collateral. 
 Section 6.02. Authorization for the Agent to Take Certain Action.
(a) Each Grantor hereby irrevocably authorizes the Agent and appoints the Agent (and all officers, employees or agents designated by the Agent) as its true and lawful attorney in fact (i) at any time and from time to time in its sole
discretion (A) to execute (to the extent necessary under the law of the applicable jurisdiction) on behalf of such Grantor as debtor and to file financing statements necessary or desirable in the Agent’s reasonable discretion to perfect and to
maintain the perfection and priority of the Agent’s security interest in the Collateral, (B) to file a carbon, photographic or other reproduction of this Security Agreement as a financing statement and to file any amendment of a financing
statement with respect to the Collateral (which would not add new collateral or add a debtor, except as otherwise provided for herein or in any other Loan Document) in such offices as the Agent in its reasonable discretion deems necessary or
desirable to perfect and to maintain the perfection and priority of the Agent’s security interest in the Collateral, and (C) to contact and enter into one or more agreements with the issuers of uncertificated securities that constitute
Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give the Agent Control over such Pledged Collateral in accordance with the terms hereof; (ii) at any time when an Event of
Default exists in the sole discretion of the Agent (in the name of such Grantor or otherwise), (A) to endorse and collect any cash proceeds of the Collateral and to apply the proceeds of any Collateral received by the Agent to the Secured
Obligations as provided herein or in the Credit Agreement or any other Loan Document, (B) to demand payment or enforce payment of any Receivable in the name of the Agent or such Grantor and to endorse any check, draft and/or any other
instrument for the payment of money relating to any such Receivable, (C) to sign such Grantor’s name on any invoice or bill of lading relating to any Receivable, any draft against any Account Debtor of such Grantor, and/or any assignment
and/or verification of any Receivable, (D) to exercise all of any Grantor’s rights and remedies with respect to the collection of any Receivable and any other Collateral, (E) to settle, adjust, compromise, extend or renew any
Receivable, (F) to settle, adjust or compromise any legal proceedings brought to collect any Receivable, (G) to prepare, file and sign such Grantor’s name on a proof of claim in bankruptcy or similar document against any Account Debtor of
such Grantor, (H) to prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with any Receivable, (I) to change the address for delivery of mail addressed to
such Grantor to such address as the Agent may designate and to receive, open and dispose of all mail addressed to such Grantor (provided copies of such mail are provided to such Grantor), (J) to discharge past due taxes, assessments, charges, fees
or Liens on the Collateral (except for Permitted Liens), (K) to make, settle and adjust claims in respect of Collateral under policies of insurance and endorse the name of such Grantor on any check, draft, instrument or other item of payment for the
proceeds of such policies of insurance, (L) to make all determinations and decisions with respect thereto and (M) to obtain or maintain the policies of insurance of the types referred to in Section 5.05 of the Credit
Agreement or to pay any premium in whole or in part relating thereto; and (iii) to do all other acts and things or institute any proceedings which the Agent may reasonably deem to be necessary or advisable (pursuant to this Security Agreement
and the other Loan Documents and in accordance with applicable law) to carry out the terms of this Security Agreement and to protect the interests of the Secured Parties; and, when and to the extent required pursuant to
Section 9.03(a) of the Credit Agreement, such Grantor agrees to reimburse the Agent for any payment made in connection with this paragraph or any expense (including attorneys’ fees, court costs and expenses) and other
charges related thereto incurred by the Agent in connection with any of the foregoing (it being understood that any such sums shall constitute additional Secured Obligations); provided that, this authorization shall not relieve such Grantor
of any of its obligations under this Security Agreement or under the Credit Agreement. 

  
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 (b) All acts of such attorney or designee are hereby ratified and approved
by each Grantor. The powers conferred on the Agent, for the benefit of the Agent and Secured Parties, under this Section 6.02 are solely to protect the Agent’s interests in the Collateral and shall not impose any duty
upon the Agent or any Secured Party to exercise any such powers. 
 Section 6.03. PROXY. EACH GRANTOR HEREBY IRREVOCABLY (UNTIL
THE TERMINATION DATE) CONSTITUTES AND APPOINTS THE AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.02 ABOVE) WITH RESPECT TO THE PLEDGED
COLLATERAL, INCLUDING THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL, WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL, THE APPOINTMENT OF THE AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN
CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE
RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), IN EACH CASE ONLY WHEN AN EVENT OF DEFAULT EXISTS AND UPON THREE BUSINESS DAYS’ PRIOR WRITTEN NOTICE TO THE
GRANTORS. 
 Section 6.04. NATURE OF APPOINTMENT; LIMITATION OF DUTY. THE APPOINTMENT OF THE AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE 6 IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS TERMINATED IN ACCORDANCE WITH
SECTION 7.12. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER THE AGENT, NOR ANY SECURED PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR
POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT TO THE EXTENT SUCH DAMAGES ARE ATTRIBUTABLE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH
PERSON AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION IN A FINAL AND NON-APPEALABLE DECISION SUBJECT TO SECTION 7.19 HEREOF; PROVIDED, THAT THE FOREGOING EXCEPTION SHALL NOT BE
CONSTRUED TO OBLIGATE THE AGENT TO TAKE OR REFRAIN FROM TAKING ANY ACTION WITH RESPECT TO THE COLLATERAL. 

  
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 ARTICLE 7 

GENERAL PROVISIONS 

Section 7.01. Waivers. To the maximum extent permitted by applicable law, each Grantor hereby waives notice of the time and place
of any judicial hearing in connection with the Agent’s taking possession of the Collateral or of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made, including without
limitation, any and all prior notice and hearing for any prejudgment remedy or remedies. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to any Grantor, addressed as set forth in
Article 8, at least 10 days prior to (a) the date of any such public sale or (b) the time after which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor waives all
claims, damages, and demands against the Agent arising out of the repossession, retention or sale of the Collateral, except those arising out of the gross negligence or willful misconduct of the Agent as determined by a court of competent
jurisdiction in a final and non-appealable judgment. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to
assert against the Agent, any valuation, stay (other than an automatic stay under any applicable Debtor Relief Law), appraisal, extension, moratorium, redemption or similar law and any and all rights or defenses it may have as a surety now or
hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise.
Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest, any notice (to the maximum extent permitted by applicable law) of any kind or all other requirements as to the time, place and terms of sale
in connection with this Security Agreement or any Collateral. 
 Section 7.02. Limitation on Agent’s Duty with Respect to the
Collateral. The Agent shall not have any obligation to clean or otherwise prepare the Collateral for sale. The Agent shall use reasonable care with respect to the Collateral in its possession; provided that the Agent shall be deemed to
have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to which it accords its own property. The Agent shall not have any other duty as to any
Collateral in its possession or control or in the possession or control of any agent or nominee of the Agent, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that
applicable law imposes duties on the Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it would be commercially reasonable for the Agent (a) to fail to incur expenses to prepare Collateral
for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if
not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (c) to fail to exercise collection remedies against Account Debtors or other
Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (d) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection
agencies and other collection specialists, (e) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (f) to contact other Persons, whether or
not in the same business as any Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (g) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of
a specialized nature, (h) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of
assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (k) to purchase insurance or credit enhancements to insure the Agent
against risks of loss in connection with any collection or disposition of Collateral or to provide to the Agent a guaranteed return from the collection or disposition of Collateral or (l) to the extent deemed appropriate by the Agent, to obtain
the services of other brokers, investment bankers, consultants and other professionals to assist the Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this
Section 7.02 is to provide non-exhaustive indications of what actions or omissions by the Agent would be commercially reasonable in the Agent’s exercise of remedies with respect
to the Collateral and that other actions or omissions by the Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 7.02. Without limitation upon the foregoing, nothing
contained in this Section 7.02 shall be construed to grant any rights to any Grantor or to impose any duties on the Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the
absence of this Section 7.02. 

  
 18 

 Section 7.03. Compromises and Collection of Collateral. Each Grantor and the
Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense
and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any Receivable. In view of the foregoing, each Grantor agrees that the Agent may at any time and
from time to time, if an Event of Default exists, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Agent in its sole discretion shall determine or abandon any Receivable, and any such action
by the Agent shall be commercially reasonable so long as the Agent acts in good faith based on information known to it at the time it takes any such action. 

Section 7.04. Agent Performance of Debtor Obligations. Without having any obligation to do so, the Agent may, at any time when an
Event of Default exists, perform or pay any obligation which any Grantor has agreed to perform or pay under this Security Agreement and which obligation is due and unpaid and not being contested by such Grantor in good faith, and such Grantor shall
reimburse the Agent for any amounts paid by the Agent pursuant to this Section 7.04. Each Grantor’s obligation to reimburse the Agent pursuant to the preceding sentence shall be a Secured Obligation payable in
accordance with Section 9.03(a) of the Credit Agreement. 
 Section 7.05. No Waiver; Amendments;
Cumulative Remedies. No delay or omission of the Agent (subject to the provisions of Section 8.01 of the Credit Agreement) to exercise any right or remedy granted under this Security Agreement shall impair such right or
remedy or be construed to be a waiver of any Default or an acquiescence therein, and no single or partial exercise of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other right or remedy. No
waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Grantors and the Agent with the concurrence or at the direction of the Lenders to the
extent required under Section 9.02 of the Credit Agreement and then only to the extent in such writing specifically set forth. All rights and remedies contained in this Security Agreement or afforded by law shall be
cumulative and all shall be available to the Agent until the Termination Date. 
 Section 7.06. Limitation by Law; Severability of
Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all of the provisions of this Security Agreement
are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that such provisions do not render this Security Agreement invalid, unenforceable or not entitled to be
recorded or registered, in whole or in part. To the extent permitted by law, any provision of this Security Agreement 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 of this Security Agreement; and the invalidity of a particular provision in a particular jurisdiction shall not
invalidate such provision in any other jurisdiction. 

  
 19 

 Section 7.07. Security Interest Absolute. All rights of the Agent hereunder, the
security interests granted hereunder and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement
with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or
any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument relating to the foregoing, (c) any exchange, release or nonperfection of any Lien on any
Collateral, or any release or amendment or waiver of or consent under or departure from any guaranty, securing or guaranteeing all or any of the Secured Obligations, (d) any bankruptcy, insolvency, reorganization, arrangement, readjustment,
composition, liquidation or the like of any Grantor, (e) any exercise or non-exercise, or any waiver of, any right, remedy, power or privilege under or in respect of this Security Agreement or any other
Loan Document or (f) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this Security Agreement (other than a termination of any Lien
contemplated by Section 7.12 or the occurrence of the Termination Date). 
 Section 7.08. Benefit of
Security Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of each Grantor, the Agent and the Secured Parties and their respective successors and permitted assigns (including all
Persons who become bound as a debtor to this Security Agreement). No sales of participations, assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest therein shall in any
manner impair the Lien granted to the Agent hereunder for the benefit of the Agent and the Secured Parties. 
 Section 7.09.
Survival of Representations. All representations and warranties of each Grantor contained in this Security Agreement shall survive the execution and delivery of this Security Agreement. 

Section 7.10. Additional Subsidiaries. Upon the execution and delivery by the Agent and any Restricted Subsidiary of an instrument
in the form of Exhibit A in accordance with Section 5.12(a) of the Credit Agreement, such Restricted Subsidiary shall become a Subsidiary Party hereunder with the same force and effect as if such Restricted
Subsidiary was originally named as a Subsidiary Party herein. The execution and delivery of any such instrument shall not require the consent of any other Loan Party hereunder. The rights and obligations of each Loan Party hereunder shall remain in
full force and effect notwithstanding the addition of any new Loan Party as a party to this Security Agreement. 
 Section 7.11.
Headings. The titles of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 

Section 7.12. Termination or Release. (a) This Security Agreement shall continue in effect until the Termination Date, and
the Liens granted hereunder shall automatically be released in the circumstances described in Article 8 of the Credit Agreement. 

(b) In connection with any termination or release pursuant to paragraph (a) above, the Agent shall promptly execute
(if applicable) and deliver to any Grantor, at such Grantor’s expense, all UCC termination statements and similar documents that such Grantor shall reasonably request to evidence such termination or release. Any execution and delivery of
documents pursuant to this Section 7.12 shall be without recourse to or representation or warranty by the Agent or any Secured Party. The Borrower shall reimburse the Agent for all costs and expenses, including any fees and
expenses of counsel, incurred by it in connection with any action contemplated by this Section 7.12 pursuant to and to the extent required by Section 9.03(a) of the Credit Agreement. 

(c) At any time that any Grantor desires that the Agent take any action to acknowledge or give effect to any release of
Collateral pursuant to this Section 7.12, such Grantor shall deliver to the Agent a certificate signed by a Responsible Officer of such Grantor (or the Borrower on behalf of such Grantor) stating that the release of the
respective Collateral is permitted pursuant to this Section 7.12 and the terms of the Credit Agreement. At any time that any Grantor desires that a Restricted Subsidiary of such Grantor be released hereunder, it shall
deliver to the Agent a certificate signed by a Responsible Officer of such Grantor (or the Borrower on behalf of such Grantor) stating that the release of such Grantor (and its Collateral) is permitted pursuant to this
Section 7.12 and the terms of the Credit Agreement. 

  
 20 

 (d) The Agent shall have no liability whatsoever to any other Secured Party
as the result of any release of Collateral by it in accordance with (or which the Agent in good faith believes to be in accordance with) the terms of this Section 7.12. 

Section 7.13. Entire Agreement. This Security Agreement, together with the other Loan Documents, embodies the entire agreement and
understanding between each Grantor and the Agent relating to the Collateral and supersedes all prior agreements and understandings between any Grantor and the Agent relating to the Collateral. 

Section 7.14. CHOICE OF LAW. THIS SECURITY AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
(INCLUDING BUT NOT LIMITED TO THE VALIDITY, INTERPRETATION, CONSTRUCTION, BREACH, ENFORCEMENT OR TERMINATION HEREOF, AND WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 Section 7.15. CONSENT TO JURISDICTION; CONSENT TO SERVICE OF PROCESS. 

(a) 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 THIS SECURITY AGREEMENT AND
AGREES THAT ALL CLAIMS, CONTROVERSIES OR DISPUTES 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 LAW, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENTS 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
OF THE PARTIES 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 LAW. 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 SECURITY AGREEMENT IN ANY SUCH COURT.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT. EACH PARTY HERETO AGREES THAT THE
AGENT AND LENDERS RETAIN THE RIGHT TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS IN RESPECT OF THE COLLATERAL UNDER THIS SECURITY AGREEMENT. 

  
 21 

 (b) TO THE EXTENT PERMITTED BY LAW, EACH PARTY TO THIS SECURITY AGREEMENT
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 OF THE CREDIT AGREEMENT. EACH PARTY TO THIS SECURITY AGREEMENT 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 THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS SECURITY AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS SECURITY AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

Section 7.16. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 7.17. Indemnity. Each Grantor hereby agrees to indemnify the Indemnitees, as, and to the extent, set forth in
Section 9.03 of the Credit Agreement. 
 Section 7.18. Counterparts. This Security 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. Delivery of an executed counterpart of a
signature page of this Security Agreement by facsimile or by email as a “.pdf” or “.tif” attachment or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Security Agreement.

 Section 7.19. Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, none of the Grantors or
Secured Parties shall assert, and each hereby waives, any claim against each other or any Related Party 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 Security Agreement or any agreement or instrument contemplated hereby, except, in the case of any claim by any Indemnitee against any of the Grantors, to the extent such damages would otherwise be
subject to indemnification pursuant to the terms of Section 7.17. 
 Section 7.20. Mortgages. In the
case of a conflict between this Security Agreement and any Mortgage with respect to any Material Real Estate Asset that is also subject to a valid and enforceable Lien under the terms of such Mortgage (including Fixtures), the terms of such Mortgage
shall govern. 
 Section 7.21. Successors and Assigns. Whenever in this Security Agreement any party hereto is referred to, such
reference shall be deemed to include the successors and permitted assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Agent in this Security Agreement shall bind and inure to the benefit of their
respective successors and permitted assigns. Except in a transaction expressly permitted under the Credit Agreement, no Grantor may assign any of its rights or obligations hereunder without the written consent of the Agent. 

  
 22 

 Section 7.22. Survival of Agreement. Without limiting any provision of the
Credit Agreement or Section 7.17 hereof, all covenants, agreements, indemnities, representations and warranties made by the Grantors in the Loan Documents and in the certificates or other instruments delivered in connection
with or pursuant to this Security Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any
investigation made by any such Lender or on its behalf and notwithstanding that the Agent or any Lender 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
under the Credit Agreement, and shall continue in full force and effect until the Termination Date, or with respect to any individual Grantor until such Grantor is otherwise released from its obligations under this Security Agreement in accordance
with the terms hereof. 
 ARTICLE 8 

NOTICES 
 Section 8.01.
Sending Notices. Any notice required or permitted to be given under this Security Agreement shall be delivered in accordance with Section 9.01 of the Credit Agreement (it being understood and agreed that references
in such Section to “herein”, “hereunder” and other similar terms shall be deemed to be references to this Security Agreement). 

Section 8.02. Change in Address for Notices. The Agent, any Grantor and any Lender may change the address or facsimile number for
service of notice upon it by a notice in writing to the other parties hereto. 
 ARTICLE 9 

THE AGENT 
 Deutsche Bank AG New
York Branch has been appointed Agent for the Lenders hereunder pursuant to Article 8 of the Credit Agreement. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Agent
hereunder is subject to the terms of the delegation of authority made by the Lenders to the Agent pursuant to the Credit Agreement, and that the Agent has agreed to act (and any successor Agent shall act) as such hereunder only on the express
conditions contained in such Article 8. Any successor Agent appointed pursuant to Article 8 of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Agent hereunder. 

By accepting the benefits of this Security Agreement and each other Loan Document, each Secured Party expressly acknowledges and agrees that
this Security Agreement and each other Loan Document may be enforced only by the action of the Agent, and that such Secured Party shall not have any right individually to seek to enforce or to enforce this Security Agreement or to realize upon the
security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Agent for the benefit of the Secured Parties upon the terms of this Security Agreement and the other Loan Documents. 

[SIGNATURE PAGES FOLLOW] 

 

  
 23 

 IN WITNESS WHEREOF, each Grantor and the Agent have executed this Security Agreement as of
the date first above written. 
  

			
	WORLD ENDURANCE HOLDINGS, INC.
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer
	
	WORLD TRIATHLON CORPORATION
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	IMU HOLDINGS, LLC
	By: WORLD TRIATHLON CORPORATION, its sole member
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	CHESAPEAKE BAY BRIDGE RUN, LLC
	By: WORLD TRIATHLON CORPORATION, its sole member
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer & Treasurer
	
	COMPETITOR GROUP HOLDINGS, INC.
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer

 Signature Page to Security Agreement 

 
			
	COMPETITOR GROUP, INC.
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer
	
	COMPETITOR GROUP EVENTS, INC.
		
	By:	 	  

	Name:	 	Patrick Gramling
	Title:	 	Chief Financial Officer

 Signature Page to Security Agreement 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Agent

 
			
		
	By:	 	  

	Name:
	Title:

 
			
		
	By:	 	  

	Name:
	Title:

 Signature Page to Security Agreement 

 EXHIBIT A 

[FORM OF] SECURITY AGREEMENT JOINDER 

A. SUPPLEMENT dated as of [•] (this “Supplement”), to the Pledge and Security Agreement dated as of August 15, 2019
(as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”), by and among World Endurance Holdings, a Delaware corporation (“Holdings”), World
Triathlon Corporation, a Florida corporation (the “Borrower”), the Subsidiary Parties from time to time party thereto (the foregoing, collectively, the “Loan Parties”) and Deutsche Bank AG New York Branch, in
its capacity as administrative agent and collateral agent for the Secured Parties (in such capacities, the “Agent”). 

B. Reference is made to the Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among, inter alios, Holdings, the Borrower, the Lenders from time to time party thereto and the Agent. 

C. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement or the
Security Agreement, as applicable. 
 D. The Grantors have entered into the Security Agreement in order to induce the Lenders to make Loans.
Section 7.10 of the Security Agreement and Section 5.12 of the Credit Agreement provide that additional Domestic Subsidiaries of the Borrower may become Subsidiary Parties under the Security
Agreement by executing and delivering an instrument in the form of this Supplement. The undersigned Restricted Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit
Agreement to become a Subsidiary Party under the Security Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. 

Accordingly, the Agent and the New Subsidiary agree as follows: 

SECTION 1. In accordance with Section 7.10 of the Security Agreement, the New Subsidiary by its signature below
becomes a Subsidiary Party and a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Subsidiary Party, and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Security
Agreement applicable to it as a Subsidiary Party and Grantor thereunder and (b) represents and warrants as of the date hereof that the representations and warranties made by it as a Grantor thereunder that are qualified as to materiality are
true and correct in all respects on and as of the date hereof and those that are not so qualified are true and correct in all material respects on and as of the date hereof; it being understood and agreed that any representation or warranty that
expressly relates to an earlier date shall be deemed to refer to the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Secured Obligations, does hereby create and grant to
the Agent, its successors and permitted assigns, for the benefit of the Secured Parties, their successors and permitted assigns, a security interest in and Lien on all of the New Subsidiary’s right, title and interest in and to the Collateral
of the New Subsidiary. Each reference to a “Grantor” and “Subsidiary Party” in the Security Agreement shall be deemed to include the New Subsidiary. The Security Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Subsidiary represents and warrants to the Agent and the other Secured Parties that this Supplement has been duly
authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to the Legal Reservations. 

  
 A-1 

 SECTION 3. This Supplement 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 Supplement shall become effective when the Agent shall have received a counterpart of this
Supplement that bears the signature of the New Subsidiary and the Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission or by email as a “.pdf” or “.tif”
attachment shall be as effective as delivery of a manually signed counterpart of this Supplement. 
 SECTION 4. Attached hereto is a duly
prepared, completed and executed Perfection Certificate with respect to the New Subsidiary, and the New Subsidiary hereby represents and warrants that the information set forth therein is correct and complete in all material respects as of the date
hereof. 
 SECTION 5. Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect. 

SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING BUT NOT LIMITED TO THE VALIDITY,
INTERPRETATION, CONSTRUCTION, BREACH, ENFORCEMENT OR TERMINATION HEREOF, AND WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 7. In case any one or more of the provisions contained in this Supplement is invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein and in the Security Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 8. All
communications and notices hereunder shall be in writing and given as provided in Section 8.01 of the Security Agreement. 

SECTION 9. The New Subsidiary agrees to reimburse the Agent for its expenses in connection with this Supplement, including the fees, other
charges and disbursements of counsel in accordance with Section 9.03(a) of the Credit Agreement. 
 SECTION 10.
This Supplement shall constitute a Loan Document, under and as defined in, the Credit Agreement. 
 [Signature pages follow] 

 

  
 A-2 

 IN WITNESS WHEREOF, the New Subsidiary and the Agent have duly executed this Supplement to
the Security Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK AG NEW YORK BRANCH, as Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 A-3 

 EXHIBIT K 

[FORM OF] 
 LETTER OF
CREDIT REQUEST 
 [Deutsche Bank AG New York Branch, 
 as
an Issuing Bank 
 60 Wall Street 
 New York, New York 10005

 Attention: Iris Figueroa 
 Telephone: 904-596-1940 
 Email: LDCM.SBLCS@db.com 

CC Email: iris.figueroa@db.com; Joshua.Klinger@db.com] 
 / 

[Bank of America, N.A., as an Issuing Bank 
 1 Fleet Way

 Scranton, Pennsylvania 18407 
 Attention: Jennifer Whitlock

 Telephone: 1-570-496-9697 

       
  1-800-370-7519 
 Email: scranton_standby_lc@bankofamerica.com] 

/ 
 [other applicable Issuing Bank]29 
 with a copy to: 

Deutsche Bank AG New York Branch, 
 as Administrative Agent for
the Lenders referred to below 60 Wall Street 
 New York, New York 10005 

Attention: Joshua Klinger & Sheila Lee 
 Telephone: 212-250-9482 / 904-527-6119 

Email: ldcm.agencyservicing@db.com 
 CC Email:
Joshua.Klinger@db.com; 
          Sheila.Lee@db.com; 

         Julianne.Tyrone@db.com 

 
  

	29	 Insert name and address of the applicable Issuing Bank. 

  
 K-1 

 [[•] [•], 20[•]]30 

Ladies and Gentlemen: 
 We hereby request that
[•]31, as an Issuing Bank, in its individual capacity, [issue, amend, renew, extend][a/an] [existing] [Standby] [Commercial] Letter of Credit on
[•] 32 (the “Date of Issuance”), which Letter of Credit shall be in the aggregate amount of [•]33
and shall be for the account of [•]34. The beneficiary of the requested Letter of Credit is [•]35, and such Letter of
Credit will be in support of [•]36 and will have a stated expiration date of [•]37. For the purposes of this Letter of Credit
Request, unless otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the
date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a Delaware corporation, the lenders from time to time party thereto and
Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the lenders. 
 We hereby
certify that: 
  

	(A)	 The representations and warranties of the Loan Parties set forth in the Credit Agreement and the other Loan
Documents are true and correct in all material respects on and as of the Date of Issuance with the same effect as though such representations and warranties had been made on and as of the Date of Issuance; provided that to the extent that a
representation and warranty specifically refers to an earlier date, it is true and correct in all material respects as of such earlier date. 

  

	(B)	 As of the Date of Issuance and immediately after giving effect to the requested Letter of Credit, no Default or
Event of Default exists. 

 [Signature Page Follows] 

 
  

	30	 Must be delivered to the applicable Issuing Bank and the Administrative Agent, at least three Business Days in
advance of the requested date of issuance, amendment, extension or renewal (or such shorter period as is acceptable to the applicable Issuing Bank). 

	31	 Insert name of the applicable Issuing Bank. 

	32	 Insert date of issuance, which must be a Business Day. 

	33	 Insert aggregate initial amount of Letter of Credit. 

	34	 Insert name of account party. 

	35	 Insert name and address of beneficiary. 

	36	 Insert brief description of obligations(s) to be supported by the Letter of Credit. 

	37	 Date may not be later than the date referred to in Section 2.05(c) of the Credit
Agreement. 

  
 K-2 

 
			
	WORLD TRIATHLON CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 K-3 

 EXHIBIT L-1 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a
Delaware corporation, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the lenders. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the Loan(s) (as well as any Promissory Notes evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (iii) it is not a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation”
related to the Borrower as described in Section 871(h)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and
the Borrower with a duly executed certificate of its non-U.S. Person status on IRS Form W-8BEN or
W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so
inform each of the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished each of the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the
calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 [NAME OF LENDER] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Date: [•] [•], 20[•] 
  

  
 L-1-1 

 EXHIBIT L-2 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a
Delaware corporation, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the lenders. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
“10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a “controlled foreign corporation” related to the Borrower as described in
Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender and the Administrative Agent with a duly
executed certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and the Administrative Agent in writing, and (2) the undersigned
shall have at all times furnished such Lender and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
 [NAME OF PARTICIPANT] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Date: [•] [•], 20[•] 
  

  
 L-2-1 

 EXHIBIT L-3 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a
Delaware corporation, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the lenders. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such
participation, neither the undersigned nor any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender and the Administrative Agent with a duly executed IRS Form W-8IMY accompanied by one of
the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or
W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and the Administrative Agent and (2) the undersigned shall have at all times furnished such Lender and the
Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 [NAME OF PARTICIPANT] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Date: [•] [•], 20[•] 
  

  
 L-3-1 

 EXHIBIT L-4 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain Credit Agreement dated as of August 15, 2019 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among, inter alios, World Triathlon Corporation, a Florida corporation, World Endurance Holdings, Inc., a
Delaware corporation, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and collateral agent for the lenders. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the Loan(s) (as well as any Promissory Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of
such Loan(s) (as well as any Promissory Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect
partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a “controlled foreign corporation”
related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and
the Borrower with a duly executed IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W- 8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 [Signature Page Follows] 
  

  
 L-4-1 

 [NAME OF LENDER] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Date: [•] [•], 20[•] 
  

  
 L-4-2 

 EXHIBIT M 

[FORM OF] 
 SOLVENCY CERTIFICATE

 [•] [•], 20[•] 

This Solvency Certificate (this “Solvency Certificate”) is being executed and delivered pursuant to
Section 4.01(h) of that certain Credit Agreement, dated as of August 15, 2019 (the “Credit Agreement”), among, inter alios, World Triathlon Corporation, a Florida corporation
(“Borrower”), World Endurance Holdings, Inc., a Delaware corporation, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacities as an issuing bank and as administrative agent and
collateral agent for the lenders (in such capacity, the “Administrative Agent”). Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

I, [•], the Chief Financial Officer of Borrower, in such capacity and not in an individual capacity, hereby certify as follows: 

 

	1.	 I am generally familiar with the businesses and assets of the Borrower and its Restricted Subsidiaries, taken
as a whole, and am duly authorized to execute this Solvency Certificate on behalf of the Borrower pursuant to the Credit Agreement; and 

  

	2.	 As of the date hereof and after giving effect to the Transactions on the Closing Date and the incurrence of the
indebtedness and obligations on the Closing Date in connection with the Credit Agreement and the Transactions, that, (i) the sum of the debt (including contingent liabilities) of the Borrower and its Restricted Subsidiaries, taken as a whole,
does not exceed the fair value of the assets of the Borrower and its Restricted Subsidiaries, taken as a whole; (ii) the present fair saleable value of the assets of the Borrower and its Restricted Subsidiaries, taken as a whole, is not less
than the amount that will be required to pay the probable liabilities of the Borrower and its Restricted Subsidiaries, taken as a whole, on their debts as they become absolute and matured; (iii) the capital of the Borrower and its Restricted
Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Borrower and its Restricted Subsidiaries, taken as a whole, contemplated as of the date hereof and (iv) the Borrower and its Restricted 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 liabilities meet the criteria for accrual under IFRS). 

[Signature Page Follows] 
  

  
 M-1 

 EXHIBIT M 

IN WITNESS WHEREOF, I have executed this Solvency Certificate on the date first above written. 

 

			
	WORLD TRIATHLON CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page To Solvency Certificate] 

 EXHIBIT N 

FORM OF 
 INTERCOMPANY NOTE 

 

  
 N-1 

 EXECUTION VERSION 

INTERCOMPANY NOTE 
 Date:
August 15, 2019 
 FOR VALUE RECEIVED, each of the undersigned (and its successors), to the extent a borrower from time to time with
respect to any loan (a “Loan”) from any other entity party to this intercompany note (this “Note”) from time to time (each, in such capacity, a “Payor”), hereby promises to pay on demand to such
other entity party to this Note from time to time (each, in such capacity, a “Payee”) or its assigns, in immediately available funds in the currencies as shall be agreed from time to time between such Payor and Payee (or its
assigns) at such location as the applicable Payee (or its assigns) shall from time to time designate, the unpaid principal amount of all Loans made by such Payee to such Payor. Each Payor promises also to pay interest, if any, on the unpaid
principal amount of all such loans in like money at said location from the date of such loans and advances until paid at such rate per annum as shall be agreed upon from time to time by such Payor and such Payee (or its assigns). 

This intercompany note (“Note”) is an Intercompany Note referred to in the Credit Agreement, dated as of August 15, 2019
(as amended, restated, amended and restated, extended, refinanced, replaced, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among World Triathlon Corporation, a Florida Corporation (the
“Borrower”), World Endurance Holdings, Inc., a Delaware Corporation (“Holdings”), Deutsche Bank AG New York Branch (the “Administrative Agent”) and each lender from time to time party thereto
(collectively, the “Lenders” and, individually, a “Lender”). Capitalized terms used in this Note and not otherwise defined herein have the meanings specified in the Credit Agreement. 

Each Payee is hereby authorized (but not required) to record all loans made by it to any Payor (all of which shall be evidenced by this Note),
and all repayments or prepayments thereof, in its books and records, such books and records constituting prima facie evidence of the accuracy of the information contained therein absent manifest error. 

This Note has been pledged and hereby is pledged by each party hereto that is a Grantor (as defined in the Security Agreement) to the
Administrative Agent for the benefit of the Secured Parties, pursuant to the Security Agreement, as security for the prompt and complete payment or performance, as the case may be, in full of the Secured Obligations. The Payors and the Payees hereby
acknowledge and agree that the Administrative Agent on behalf of the Secured Parties may exercise all rights provided under the Security Agreement and the other Loan Documents in respect to this Note. 

Each Payee hereby acknowledges and agrees that after the occurrence of and during the continuance of an Event of Default under and as defined
in the Credit Agreement, the Administrative Agent may, in addition to the other rights and remedies provided pursuant to the Loan Documents and otherwise available to it, exercise all rights of the Payees that are Loan Parties in respect of this
Note. 

 Upon commencement of any insolvency or bankruptcy proceeding, or any receivership,
liquidation (voluntary or otherwise), reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, winding up or other similar proceeding in connection therewith (such proceeding, an “Insolvency or Liquidation
Proceeding”), relating to any Payor owing any amounts evidenced by this Note to any Grantor, or to any property of any such Payor, all amounts evidenced by this Note owing to such Payor to any and all Loan Parties shall become immediately
due and payable, without presentment, demand, protest or notice of any kind. 
 Anything in this Note to the contrary notwithstanding, the
indebtedness evidenced by this Note owed by any Payor that is a Loan Party to any Payee that is not a Loan Party (any such Payor and Payee with respect to any such indebtedness, an “Affected Payor” or “Affected
Payee”, as relevant) shall be subordinate and junior in right of payment, to the extent and in the manner hereinafter set forth, to all Obligations (as defined in the Credit Agreement) of such Affected Payor, including, without
limitation, where applicable, under such Affected Payor’s guarantee of the Obligations (such Obligations (including any Obligations accruing after the commencement of any proceedings referred to in clause (i) below, whether or not such
interest is an allowed or allowable claim in such proceeding) being hereinafter collectively referred to as “Senior Indebtedness”): 

(i) In the event of any Insolvency or Liquidation Proceeding relative to any Affected Payor or to its creditors, as such, or to
its property, and in the event of any Insolvency or Liquidation Proceeding of such Affected Payor (except as permitted under the Credit Agreement), then (x) the holders of Senior Indebtedness shall be paid in full in respect of all amounts
constituting Senior Indebtedness (including, without limitation, post-petition interest at the rate provided in the documentation with respect to the Senior Indebtedness, whether or not such post-petition interest is an allowed or allowable claim
against the debtor in any Insolvency or Liquidation Proceeding) (other than contingent obligations and Letters of Credit which have been backstopped or Cash collateralized) and no Letter of Credit shall remain outstanding (other than Letters of
Credit in which the Outstanding Amount of the LC Obligations related thereto have been Cash collateralized or otherwise backstopped, including by “grandfathering” into any future credit facilities, in each case, on terms reasonably
satisfactory to the relevant Issuing Bank in its reasonable discretion) before any Affected Payee is entitled to receive (whether directly or indirectly), or make any demands for, any payment on account of this Note and (y) until the holders of
Senior Indebtedness are paid in full in respect of all amounts constituting Senior Indebtedness (including, without limitation, post-petition interest at the rate provided in the documentation with respect to the Senior Indebtedness, whether or not
such post-petition interest is an allowed or allowable claim against the debtor in any Insolvency or Liquidation Proceeding) (other than contingent obligations and Letters of Credit which have been backstopped or Cash collateralized), any payment or
distribution to which such Affected Payee would otherwise be entitled (other than (A) equity securities or (B) debt securities of such Affected Payor that are subordinated, to at least the same extent as this Note, to the payment of all
Senior Indebtedness then outstanding (such securities being hereinafter referred to as “Restructured Debt Securities”)) in respect of this Note shall be made to the holders of Senior Indebtedness; 

 (ii) (x) if any Event of Default under Sections 7.01(a),
7.01(f) or 7.01(g) of the Credit Agreement occurs and is continuing with respect to any Senior Indebtedness and (y) the Administrative Agent delivers written notice to the Borrower instructing the Borrower that the Administrative Agent
is thereby exercising its rights pursuant to this clause (ii) (provided that no such notice shall be required to be given in the case of any Event of Default arising under Section 7.01(f) or 7.01(g) of the
Credit Agreement), then no payment or distribution of any kind or character shall be made by or on behalf of the Affected Payor or any other Person on its behalf with respect to this Note unless and until (A) the holders of Senior Indebtedness are
paid in full in respect of all amounts constituting Senior Indebtedness (other than contingent obligations and Letters of Credit which have been backstopped or Cash collateralized) or (B) such Event of Default shall have been cured or waived in
accordance with the Credit Agreement and no other Event of Default is then occurring and continuing; 
 (iii) if any payment
or distribution of any character, whether in cash, securities or other property (other than Restructured Debt Securities), in respect of this Note shall (despite these subordination provisions) be received by any Affected Payee in violation of the
foregoing clause (i) or (ii) before all Senior Indebtedness shall have been paid in full (other than contingent obligations not yet accrued and payable and Letters of Credit backstopped or Cash collateralized), such payment or distribution
shall be held for the benefit of, and shall be paid over or delivered to the Administrative Agent, on behalf of the Secured Parties; and 

(iv) each Affected Payee agrees to file all claims against each relevant Affected Payor in any Insolvency or Liquidation
Proceeding in which the filing of claims is required by law in respect of any Senior Indebtedness and the Administrative Agent shall be entitled to all of such Affected Payee’s rights thereunder. If for any reason an Affected Payee fails to
file such claim at least ten (10) days prior to the last date on which such claim should be filed, such Affected Payee hereby irrevocably appoints the Administrative Agent as is true and lawful attorney-in-fact and the Administrative Agent is hereby authorized to act as attorney-in-fact in such Affected Payee’s name
to file such claim, or, in the Administrative Agent’s discretion, to assign such claim to and cause proof of claim or a statement of interest to be filed in the name of the Administrative Agent or its nominee. In all such cases, the person or
person authorized to pay such claim shall pay to the Administrative Agent the full amount payable on the claim in such Insolvency or Liquidation Proceeding, and, to the full extent necessary for that purpose, each Affected Payee hereby assigns to
the Administrative Agent all of such Affected Payee’s rights to any payments or distributions to which such Affected Payee otherwise would be entitled. In addition, upon the occurrence and during the continuance of an Event of Default, each
Affected Payee hereby irrevocably appoints the Administrative Agent as its attorney-in-fact to exercise all of such Affected Payee’s voting rights in connection
with any Insolvency or Liquidation Proceeding or any plan of reorganization of each relevant Affected Payee. 
 Except as set forth in this
Note and the Credit Agreement, any Payor is permitted to pay, and any Payee is entitled to receive, any payment of principal and interest on the Indebtedness evidenced by this Note, in each case, to the extent set forth in this Note and the Credit
Agreement. 

 To the fullest extent permitted by law and subject to the terms of the Credit Agreement, no
present or future holder of Senior Indebtedness shall be prejudiced in its right to enforce the subordination of this Note by any act or failure to act on the part of any Affected Payor or by any act or failure to act on the part of such holder or
any trustee or agent for such holder. Each Affected Payee and each Affected Payor hereby agree that the subordination of this Note is for the benefit of the Administrative Agent, each Issuing Bank, the Lenders and the other Secured Parties (the
“Senior Facility Creditors”), and the Senior Facility Creditors are obligees under this Note to the same extent as if their names were written herein as such, and the Administrative Agent on behalf of itself or the other Senior
Facility Creditors, as applicable, may proceed to enforce the subordination provisions herein to the extent applicable and to the extent provided in this Note and the Loan Documents. 

The holders of the Senior Indebtedness may, without in any way affecting the obligations of the holders of this Note with respect hereto, at
any time or from time to time and in their absolute discretion, change the manner, place or terms of payment of, change or extend the time of payment of, or renew or alter, any Senior Indebtedness or amend, modify or supplement any agreement or
instrument governing or evidencing such Senior Indebtedness or any other document referred to therein, or exercise or refrain from exercising any other of their rights under the Senior Indebtedness including, without limitation, the waiver of
default thereunder and the release of any collateral securing such Senior Indebtedness, all without notice to or assent from the holder of the Note. 

Nothing contained in the subordination provisions set forth above is intended to or will impair, as between each Payor and each Payee, the
obligations of such Payor, which are absolute and unconditional, to pay to such Payee the principal of and interest, if any, on this Note as and when due and payable in accordance with its terms, or is intended to or will affect the relative rights
of such Payee and other creditors of such Payor other than the holders of Senior Indebtedness. For the avoidance of doubt, this Note as between each Payor and each Payee contains additional terms to any intercompany loan agreement between them and
this Note does not in any way replace such intercompany loans between them nor does this Note in any way change the principal amount of any intercompany loans between them and to the extent permitted by applicable law, from and after the date
hereof, each such intercompany loan shall be deemed to incorporate the terms set forth in this Note to the extent applicable and shall be deemed to be evidenced by this Note together with any documents and instruments executed prior to the date
hereof in connection with such intercompany indebtedness. 
 Each Payor hereby waives (to the fullest extent permitted by applicable law)
presentment, demand, protest or notice of any kind in connection with this Note. Except to the extent of any taxes required by law to be withheld, all payments under this Note shall be made without offset, counterclaim or deduction of any kind. 

This Note shall be binding upon each Payor and its successors and permitted assigns, and the terms and provisions of this Note shall inure to
the benefit of each Payee and its successors and permitted assigns, including subsequent holders hereof. 
 It is understood that this Note
shall evidence only indebtedness and not amounts owing in respect of accounts payable incurred in connection with goods sold or services rendered in the ordinary course of business and not in connection with the borrowing of money. 

 From time to time after the date hereof, additional Subsidiaries of Holdings may become
parties hereto (as Payor and/or Payee, as the case may be) by executing a counterpart signature page to this Note, which shall automatically be incorporated into this Note (each additional subsidiary, an “Additional Party”). Upon
delivery of such counterpart signature page to the Payees, notice of which is hereby waived by the other Payors and Payees, each Additional Party shall be a Payor and/or a Payee, as the case may be, and shall be as fully a party hereto as if such
Additional Party were an original signatory hereof. Each Payor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Payor or Payee hereunder. This Note shall be fully
effective as to any Payor or Payee that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Payor or Payee hereunder. 

Indebtedness governed by this Note shall be maintained in “registered form” within the meaning of Section 163(f) of the
Internal Revenue Code of 1986, as amended. The Payor or its designee (which shall, at the Administrative Agent’s request, be the Administrative Agent acting solely for the purposes as agent of the Payor) shall record the transfer of the right
to payments of principal and interest on the indebtedness governed by this Note to holders of the Senior Indebtedness in a register (the “Register”), and no such transfer shall be effective until entered in the Register;
provided that for the avoidance of doubt, nothing in this paragraph shall affect the subordination provisions in favor of the holders of the Senior Indebtedness as set forth herein. 

THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING BUT NOT LIMITED TO THE VALIDITY, INTERPRETATION, CONSTRUCTION,
BREACH, ENFORCEMENT OR TERMINATION HEREOF, AND WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

This Note may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Note by telecopy or other electronic imaging (including in .pdf format) means shall be
effective as delivery of a manually executed counterpart of this Note. 
 The Secured Parties and the Administrative Agents shall be third
party beneficiaries hereof and shall be entitled to enforce the subordination provisions hereof in accordance with the terms of the Loan Documents. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, each Payor and Payee has caused this Intercompany Note to be executed
and delivered by its proper and duly authorized officer as of the date set forth above. 
  

			
	AS PAYORS AND PAYEES

 
			
	
	WORLD ENDURANCE HOLDINGS, INC.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer

 
			
	
	WORLD TRIATHLON CORPORATION

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer & Treasurer

 
			
	
	IMU HOLDINGS, LLC
	By: WORLD TRIATHLON CORPORATION, its sole member

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer & Treasurer

 
			
	
	CHESAPEAKE BAY BRIDGE RUN, LLC
	By: WORLD TRIATHLON CORPORATION, its sole member

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer & Treasurer

 Signature Page to Intercompany Note 

 
			
	COMPETITOR GROUP HOLDINGS, INC.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer
	
	COMPETITOR GROUP, INC.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer
	
	COMPETITOR GROUP EVENTS, INC.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer

 Signature Page to Intercompany Note 

 
			
	WORLD ENDURANCE AFRICA HOLDINGS
	(PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN 70.3 DURBAN (PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director
	
	IRONMAN 70.3 SOUTH AFRICA (PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN 70.3 CAPE TOWN (PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	WORLD ENDURANCE SOUTH AFRICA
	(PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN SOUTH AFRICA (PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 Signature Page to Intercompany Note 

 
			
	IRONMAN EPIC HOLDINGS (PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	GRANDSTAND MANAGEMENT (PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	CAPE EPIC (PTY) LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	WORLD ENDURANCE HOLDINGS
	AUSTRALIA PTY LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	WORLD ENDURANCE ASIA PACIFIC PTY
	LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN NEW ZEALAND LIMITED

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 Signature Page to Intercompany Note 

 
			
	IRONMAN ENDURANCE ASIA PTE. LTD.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director
	
	IRONMAN (ASIA) PTE. LTD.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN HOLDINGS I LLC

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer & Treasurer

 
			
	
	WORLD ENDURANCE MALAYSIA Sdn.
	Bhd.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN LUXEMBOURG S.A.R.L.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Manager

 
			
	
	IRONMAN CANADA INC.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer

 Signature Page to Intercompany Note 

 
			
	WORLD ENDURANCE AUSTRALIA PTY
	LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	USM EVENTS PTY LTD

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN SWITZERLAND AG

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	SWISS EPIC AG

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN GERMANY GmbH

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Managing Director

 
			
	
	IRONMAN DENMARK ApS

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 Signature Page to Intercompany Note 

 
			
	IRONMAN LTD.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN ITALY S.R.L.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN SPAIN S.L.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	IRONMAN AUSTRIA GmbH

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Managing Director

 
			
	
	IRONMAN FRANCE S.A.R.L.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Director

 
			
	
	COMPETITOR CANADA INC.

 
			
		
	By:	 	  

 
			
	Name: Patrick Gramling
	Title: Chief Financial Officer

 Signature Page to Intercompany Note 

 
			
	WORLD ENDURANCE COÖPERATIEF U.A.

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Managing Director

 
			
	
	WORLD ENDURANCE B.V.

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Authorized Signatory

 
			
	
	AROC SPORT PTY LTD

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 
			
	
	IRONMAN SWEDEN AB

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 
			
	
	TITAN ACTIVE LIMITED

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 
			
	
	IRONMAN UNLIMITED EVENTS UK
	LIMITED

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 Signature Page to Intercompany Note 

 
			
	CG PORTUGAL LDA

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 
			
	
	COMPETITOR SPAIN S.L.

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 
			
	
	COMPETITOR SPORTS IRELAND LIMITED

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 
			
	
	COMPETITOR UK LIMITED

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 
			
	
	SUNRISE EVENTS, INC.

 
			
		
	By:	 	  

 
			
	Name: Steven L. Johnston
	Title: Director

 
			
	
	IRONMAN LTD – IRONMAN IRELAND

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 Signature Page to Intercompany Note 

 
			
	WORLD TRIATHLON STOCKHOLM AB
		
	By:	 	  

		 	Name:
		 	Title:
	
	COMPETITOR GROUP EUROPE S.A.R.L.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Intercompany NoteExhibit 10.1

EXECUTION VERSION

 

AMENDMENT NO. 3 AND LIMITED WAIVER
TO SECOND AMENDED AND

RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT

 

This AMENDMENT NO. 3
AND LIMITED WAIVER TO SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”),
dated as of May 21, 2020, is made with respect to the Second Amended and Restated Senior Secured Revolving Credit Agreement, dated
as of March 1, 2019 (as amended by that certain Amendment No. 1 to Second Amended and Restated Senior Secured Revolving Credit
Agreement, dated as of March 20, 2019, as further amended by that certain Amendment No. 2 to Second Amended and Restated Senior
Secured Revolving Credit Agreement, dated as of September 27, 2019, and as further amended, restated, supplemented or otherwise
modified from time to time prior to the date hereof, the “Credit Agreement”), among MONROE CAPITAL CORPORATION,
a Maryland corporation (the “Borrower”), the lenders party to the Credit Agreement from time to time (the “Lenders”),
and ING CAPITAL LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors
in such capacity, the “Administrative Agent”). Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Credit Agreement (as amended hereby).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Credit Agreement, the Lenders have made certain loans and other extensions of credit to the Borrower; and

 

WHEREAS, the Borrower
has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and waive certain
limited Defaults and Events of Default under the Credit Agreement and the Lenders signatory hereto and the Administrative Agent
have agreed to do so on the terms and subject to the conditions contained in this Amendment.

 

NOW THEREFORE, in consideration
of the promises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION
I AMENDMENTS AND LIMITED WAIVER TO CREDIT AGREEMENT

 

1.1.
         Amendments and Limited Waiver. Effective as of the Amendment No. 3 Effective
Date (as defined below), and subject to the terms and conditions set forth in Section 2.1 and in reliance upon the representations
and warranties made by the Obligors in Section 2.3, the Administrative Agent and the Lenders party hereto hereby agree as
follows:

 

(a)  
The Credit Agreement is hereby amended to delete the bold, red stricken text (indicated textually in the same manner as
the following example: stricken text) and to add the bold, blue double-underlined
text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the Credit Agreement attached as Annex A hereto.

 

     

     

    

 

(b)  
The Schedules to the Credit Agreement (other than Schedules 1.01(a), 1.01(b), 1.01(c), 1.01(d) and 1.01(e) of the Credit
Agreement, which are subject to Section 1.1(a) above) are hereby amended by deleting such Schedules in their entirety and
substituting the replacement Schedules attached hereto as Annex B therefor.

 

(c)  
Exhibits B and F to the Credit Agreement are hereby amended by deleting such Exhibits in their entirety and substituting
the replacement Exhibits attached hereto as Annex C therefor.

 

(d)  
Commencing on the Amendment No. 3 Effective Date, the Borrowing Base Certificate delivered pursuant to Section 2.1(a)(vi)
shall be deemed the most recently delivered Borrowing Base Certificate under the Credit Agreement and the other Loan Documents
until the next Borrowing Base Certificate is delivered thereunder.

 

(e)  
The Administrative Agent and the Lenders hereby waive any Default or Event of Default prior to the Amendment No. 3 Effective
Date that resulted solely from (a) (i) subject to the delivery of the Borrowing Base Certificate required pursuant to Section
2.1(a)(vi), the Borrower’s failure to deliver a Borrowing Base Certificate pursuant to Section 5.01(d) of the Credit
Agreement with respect to the monthly accounting period ending on April 30, 2020 and the occurrence of a Borrowing Base Deficiency
(as calculated prior to giving effect to this Amendment) at any time from April 30, 2020 until the Amendment No. 3 Effective Date
and (ii) the Borrower’s failure with respect to any Subsidiaries set forth on Schedule 3.12(a) of the Credit Agreement (as
in effect after giving effect to this Amendment) (x) to designate any such Subsidiaries that were SBIC Subsidiaries or Structured
Subsidiaries, as applicable, as SBIC Subsidiaries or Structured Subsidiaries, as applicable, pursuant to certificates of a Financial
Officer delivered to the Administrative Agent to the extent required under the definition of “SBIC Subsidiary” or “Structured
Subsidiaries” (each as defined in the Credit Agreement prior to giving effect to this Amendment) and (y) to cause any such
applicable Subsidiaries that were not CFCs, Transparent Subsidiaries, SBIC Subsidiaries or Structured Subsidiaries (each as defined
in the Credit Agreement prior to giving effect to this Amendment) to become a “Subsidiary Guarantor” (and, thereby,
an “Obligor”) under the Guarantee and Security Agreement pursuant to a Guarantee Assumption Agreement and to take such
other actions with respect to such applicable Subsidiaries required under Section 5.08(a) of the Credit Agreement (as in effect
prior to giving effect to this Amendment) and Section 7.05 of the Guarantee and Security Agreement (as in effect prior to giving
effect to Amendment No. 2 to Guarantee and Security Agreement (as defined below)) and (b) (i) the taking of any action, or the
failure to take any action, when a Default or Event of Default has occurred and is continuing, in each case, not permitted under
the Credit Agreement and the other Loan Documents solely as a result of the occurrence and continuance of a Default or Event of
Default described in the preceding clause (a) or the foregoing clause (b)(ii) and (ii) the failure to give notice
of (or other information (including any Borrowing Base Certificate required under Sections 5.01(e) and 5.12(b)(ii)(F)
of the Credit Agreement) with respect to) a Default or Event of Default described in the preceding clauses (a) or (b)(i).
The limited waiver in this Section 1.1(d) shall be effective only in this specific instance and for the specific purpose
set forth in this Section 1.1(d) and does not allow for any other or further departure from the terms and conditions of
the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.

 

    	 	2	 

     

    

 

SECTION
II MISCELLANEOUS

 

2.1.
         Conditions to Effectiveness of Amendment. This Amendment shall become
effective as of the date (the “Amendment No. 3 Effective Date”) on which the Obligors shall have satisfied each
of the following conditions precedent:

 

(a)  
Documents. Administrative Agent shall have received each of the following documents, each of which shall be reasonably
satisfactory to the Administrative Agent (and to the extent specified below to each Lender) in form and substance:

 

(i)                
Executed Counterparts. Lenders holding not less than two-thirds of the total Revolving Credit Exposures and unused
Commitments and from each Obligor, either (1) a counterpart of this Amendment signed on behalf of such party or (2) written
evidence satisfactory to the Administrative Agent (which may include telecopy transmission or electronic mail of a signed signature
page to this Amendment) that such party has signed a counterpart of this Amendment.

 

(ii)             
Guarantee and Security Agreement. An amendment to the Guarantee and Security Agreement, duly executed and delivered
by each of the parties thereto, and all other documents or instruments required to be delivered by the Guarantee and Security Agreement
in connection with the execution thereof.

 

(iii)           
Opinion of Counsel to the Obligors. A favorable written opinion (addressed to the Administrative Agent and the Lenders
and dated the Amendment No. 3 Effective Date) of Nelson Mullins Riley & Scarborough LLP, counsel for the Obligors, in form
and substance reasonably acceptable to the Administrative Agent and covering such matters as the Administrative Agent may reasonably
request (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent).

 

(iv)            
Corporate Documents. A certificate of the secretary or assistant secretary (or other senior officer) of each Obligor,
dated the Amendment No. 3 Effective Date, certifying that attached thereto are (1) true and complete copies of the organizational
documents of each Obligor certified as of a recent date by the appropriate governmental official, (2) signature and incumbency
certificates of the officers of such Person executing the Loan Documents to which it is a party, (3) true and complete resolutions
of the Board of Directors of each Obligor approving and authorizing the execution, delivery and performance of this Amendment and
the other Loan Documents to which it is a party or by which it or its assets may be bound as of the Amendment No. 3 Effective Date,
and certified as of the Amendment No. 3 Effective Date by its secretary or an assistant secretary (or other senior officer) that
such resolutions are in full force and effect without modification or amendment, (4) a good standing certificate from the
applicable Governmental Authority of each Obligor’s jurisdiction of incorporation, organization or formation, each dated
a recent date prior to the Amendment No. 3 Effective Date, and (5) such other documents and certificates as the Administrative
Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Obligor, and the
authorization of the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

    	 	3	 

     

    

 

(v)              
Officer’s Certificate. A certificate, dated the Amendment No. 3 Effective Date and signed by a Financial Officer,
confirming compliance with the conditions set forth in Sections 2.1(c), (d), (g) and (i).

 

(vi)            
Borrowing Base Certificate. A Borrowing Base Certificate dated the Amendment No. 3 Effective Date, showing a calculation
of the Borrowing Base as of the Amendment No. 3 Effective Date immediately after giving effect to this Amendment and specifying
the portion of the Borrowing Base that is the Unadjusted Borrowing Base and the portion that is the Borrowing Base Flex, in form
and substance reasonably satisfactory to the Administrative Agent.

 

(vii)         
Fee Letter. The fee letter, dated as of the Amendment No. 3 Effective Date, duly executed and delivered by each of
the parties thereto.

 

(viii)       
Existing Investments Certificate. The Existing Investments Certificate, which shall be dated the Amendment No. 3
Effective Date and signed by a Financial Officer.

 

(b)  
Liens. The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction
with respect to the Obligors, confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security
Documents and revealing no liens on any of the assets of the Borrower or its Subsidiaries except for Liens permitted under Section 6.02
of the Credit Agreement or Liens to be discharged on or prior to the Amendment No. 3 Effective Date pursuant to documentation satisfactory
to the Administrative Agent. All UCC financing statements, control agreements, stock certificates and other documents or instruments
required to be filed or executed and delivered in order to create in favor of the Collateral Agent, for the benefit of the Administrative
Agent and the Lenders, a first priority perfected (subject to Eligible Liens or any Liens described in clause (b) of the definition
of “Permitted Liens” in the Credit Agreement) security interest in the Collateral (to the extent that such a security
interest may be perfected by filing, possession or control under the Uniform Commercial Code) shall have been properly filed (or
provided to the Administrative Agent) or executed and delivered in each jurisdiction required.

 

(c)  
Consents. Each Obligor shall have obtained and delivered to the Administrative Agent certified copies of all consents,
approvals, authorizations, registrations, or filings required to be made or obtained by such Obligor and all guarantors in connection
with this Amendment (other than any filing related to this Amendment required to be made after the Amendment No. 3 Effective Date
in the ordinary course pursuant to the Exchange Act or the rules or regulations promulgated thereunder, including, without limitation,
any filing required on Form 8-K), such consents, approvals, authorizations, registrations, filings and orders shall be in full
force and effect and all applicable waiting periods shall have expired and no investigation or inquiry by any Governmental Authority
regarding this Amendment or any transaction being financed with the proceeds of the Loans shall be ongoing.

 

    	 	4	 

     

    

 

(d)  
No Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or
regulatory developments pending or threatened in any court or before any arbitrator or Governmental Authority that relates to the
Transactions or that could reasonably be expected to have a Material Adverse Effect.

 

(e)  
Solvency Certificate. On the Amendment No. 3 Effective Date, the Administrative Agent shall have received a solvency
certificate of the chief financial officer of the Borrower dated as of the Restatement Effective Date and addressed to the Administrative
Agent and the Lenders, and in form, scope and substance reasonably satisfactory to Administrative Agent, with appropriate attachments
and demonstrating that both before and after giving effect to the Transactions, (a) the Borrower will be Solvent on an unconsolidated
basis, and (b) each Obligor will be Solvent on a consolidated basis with the other Obligors.

 

(f)   
Fees and Expenses. The Administrative Agent shall have received all costs, fees and expenses required to be paid
on the Amendment No. 3 Effective Date pursuant to this Amendment, the Credit Agreement, the fee letter referred to above or as
otherwise agreed by the parties hereto (and, in the case of costs and expenses, to the extent invoiced on or prior to the Amendment
No. 3 Effective Date).

 

(g)  
Default. After giving effect to Section 2.1 of this Amendment, no Default or Event of Default shall have occurred
and be continuing under the Credit Agreement or this Amendment, nor any default or event of default that permits acceleration of
any Material Indebtedness, immediately before and after giving effect to this Amendment, any incurrence of Indebtedness hereunder
or thereunder and the use of proceeds hereof or thereof on a pro forma basis.

 

(h)  
 Insurance Certificates. The Administrative Agent shall have received certificates from the Borrower’s insurance
broker or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to the Loan Documents
is in full force and effect.

 

(i)    
Representations and Warranties. After giving effect to this Amendment (including, without limitation, Section
2.1 hereof), the representations and warranties of the Borrower or any other Obligor set forth in this Amendment, in the Credit
Agreement and in the other Loan Documents shall be true and correct in all material respects (other than any representation or
warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as
of the Amendment No. 3 Effective Date, or, as to any such representation or warranty that refers to a specific date, as of such
specific date.

 

(j)    
Other Documents. The Administrative Agent shall have received such other documents as the Administrative Agent may
reasonably request in form and substance satisfactory to the Administrative Agent.

 

2.2.
         [Reserved].

 

2.3.
         Representations and Warranties. To induce the other parties hereto to
enter into this Amendment, each Obligor represents and warrants to the Administrative Agent and each of the Lenders that, as of
the date hereof and after giving effect to this Amendment:

 

    	 	5	 

     

    

 

(a)  
This Amendment and the Credit Agreement (as amended by this Amendment) have been duly authorized, executed and delivered
by each Obligor and constitutes a legal, valid and binding obligation of such Obligor enforceable in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings
in equity or at law).

 

(b)  
After giving effect to this Amendment (including, without limitation, Section 2.1 hereof), the representations and
warranties of the Borrower or any other Obligor set forth in this Amendment, in the Credit Agreement and in the other Loan Documents
are true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material
Adverse Effect, which shall be true and correct in all respects) on and as of the Amendment No. 3 Effective Date, or, as to any
such representations and warranties that that refer to a specific date, as of such specific date.

 

2.4.
         Counterparts. This Amendment may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Amendment constitutes the entire contract between and among the parties relating to the subject
matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof. Delivery of an executed counterpart of this Amendment by telecopy or electronic mail shall be effective as delivery of
a manually executed counterpart of this Amendment.

 

2.5.
         Payment of Expenses. The Borrower agrees to pay and reimburse, pursuant
to Section 9.03 of the Credit Agreement (as amended by this Amendment), the Administrative Agent, the Collateral Agent and their
Affiliates for all of their reasonable, documented and out-of-pocket fees, costs and expenses incurred in connection with this
Amendment and the other Loan Documents.

 

2.6.
         GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

2.7.
         WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

 

2.8.
         Incorporation of Certain Provisions. The provisions of Sections 1.03,
9.01, 9.07, 9.09 and 9.12 of the Credit Agreement (as amended hereby) are hereby incorporated by reference mutatis mutandis
as if fully set forth herein.

 

    	 	6	 

     

    

 

2.9.
         Effect of Amendment. Except as expressly set forth herein, this Amendment
shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the
Lenders, the Administrative Agent, the Collateral Agent, any Lender, any other Secured Party or any Obligor under the Credit Agreement
or any other Loan Document, and, except as expressly set forth herein, shall not alter, modify, amend or in any way affect any
of the other terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document,
all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed
to entitle any Person to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This
Amendment shall apply and be effective only with respect to the provisions amended or otherwise modified herein of the Credit Agreement
and the other Loan Documents. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,”
 “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to
the Credit Agreement as amended and otherwise modified by this Amendment and each reference in any other Loan Document shall mean
the Credit Agreement as amended and otherwise modified hereby. This Amendment shall constitute a Loan Document.

 

2.10.
     Consent and Affirmation. Without limiting the generality of the foregoing, by its execution hereof,
each Obligor hereby, as of the date hereof, (i) consents to this Amendment and the transactions contemplated hereby, (ii) agrees
that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii) affirms its
obligations under the Guarantee and Security Agreement and confirms its grant of a security interest in its assets as Collateral
for the Secured Obligations, and (iv) acknowledges and affirms that such grant is in full force and effect in respect of, and to
secure, the Secured Obligations.

 

2.11.
     Release. Each Obligor hereby acknowledges and agrees that: (a) neither it nor any of its Affiliates
has any claim or cause of action against the Administrative Agent, the Collateral Agent, any Lender or any other Secured Party
(or any of their respective Affiliates, officers, directors, employees, attorneys, consultants or agents) under the Credit Agreement
and the other Loan Documents (and each other document entered into in connection therewith), and (b) the Administrative Agent,
the Collateral Agent, each Lender and each other Secured Party has heretofore properly performed and satisfied in a timely manner
all of its obligations to the Obligors and their Affiliates under the Credit Agreement and the other Loan Documents (and each other
document entered into in connection therewith) that are required to have been performed on or prior to the date hereof. Accordingly,
for and in consideration of the agreements contained in this Amendment and other good and valuable consideration, each Obligor
(for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively,
the “Releasors”) does hereby fully, finally, unconditionally and irrevocably release and forever discharge the
Administrative Agent, the Collateral Agent, each Lender, each other Secured Party and each of their respective Affiliates, officers,
directors, employees, attorneys, consultants and agents (collectively, the “Released Parties”) from any and
all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes
of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description,
and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter
can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done
on or prior to the date hereof directly arising out of, connected with or related to this Amendment, the Credit Agreement or any
other Loan Document (or any other document entered into in connection therewith).

 

2.12.
     Post-Closing. Within fifteen (15) days (or such later date agreed to by the Administrative Agent
in its sole discretion) of the Amendment No. 3 Effective Date, the Administrative Agent shall have received endorsements naming
the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, as additional insured and lender’s loss
payee, as applicable, under all insurance required to have such endorsements pursuant to the Loan Documents.

 

[Signature pages follow]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the day and year first above written.

 

	 	MONROE CAPITAL CORPORATION,
 as Borrower
	 	 
	 	By:	/s/ Aaron D. Peck
	 	Name: Aaron D. Peck
	 	Title:   Chief Financial Officer
	 	 
	 	MRCC HOLDING COMPANY I, LLC,
 MRCC HOLDING COMPANY II, LLC,
 MRCC HOLDING COMPANY III, LLC,
 MRCC HOLDING COMPANY IV, LLC,
 MRCC HOLDING COMPANY V, LLC,
 MRCC HOLDING COMPANY VI, LLC, and
 MRCC HOLDING COMPANY VII, LLC,
 each as a Subsidiary Guarantor
	 	 
	 	By:	/s/ Aaron D. Peck
	 	Name: Aaron D. Peck
	 	Title:   Chief Financial Officer

 

[Signature Page to Amendment No. 3 to Second
Amended and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	ING CAPITAL LLC, as Administrative Agent, Collateral Agent and a Lender
	 	 
	 	By:	/s/ Patrick Frisch
	 	Name:  Patrick Frisch
	 	Title:    Managing Director
	 	 
	 	By:	/s/ Dina Kook
	 	Name: Dina Kook
	 	Title:   Director

 

[Signature Page to Amendment No. 3 to Second
Amended and Restated Senior Secured Revolving Credit Agreement]

 

     

     

    

 

	 	CIBC BANK USA, as a Lender
	 	 
	 	By:	/s/ Rob Dmowski
	 	Name:  Rob Dmowski
	 	Title:    Managing Director 

 

[Signature Page to Amendment No. 3 to Second
Amended and Restated Senior Secured Revolving Credit Agreement]

 

     

     

    

 

	 	CADENCE BANK, N.A., as successor by merger with State Bank and Trust Company, successor by merger with AloStar Bank of Commerce, as a Lender
	 	 
	 	By:	/s/
    Daryn Venéy       
	 	Name:  Daryn Venéy
	 	Title:    Vice President

 

[Signature Page to Amendment No. 3 to Second
Amended and Restated Senior Secured Revolving Credit Agreement]

 

     

     

    

 

	 	CITY NATIONAL BANK, as a Lender
	 	 
	 	By:	/s/ Andrew
    Miller                          
	 	Name:  Andrew
    Miller
	 	Title:    VP

 

[Signature Page to Amendment No. 3 to Second
Amended and Restated Senior Secured Revolving Credit Agreement]

 

     

     

    

 

	 	CUSTOMERS BANK, as a Lender
	 	 
	 	By:	/s/ Lyle P. Cunningham
	 	Name: Lyle P. Cunningham
	 	Title:   Executive Vice President

 

[Signature Page to Amendment No. 3 to Second
Amended and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	TIAA, FSB, as successor in interest to certain assets of EverBank Commercial Finance, Inc., as a Lender
	 	 
	 	By:	/s/ Joshua LaDean Kinsey
	 	Name:  Joshua LaDean Kinsey
	 	Title:    Vice President

 

[Signature Page to Amendment No. 3 to Second
Amended and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	THE HUNTINGTON NATIONAL BANK, as a Lender
	 	 
	 	By:	/s/ Stephanie
    Wagner
	 	Name:   Stephanie
    Wagner
	 	Title:     Vice President

 

[Signature Page to Amendment No. 3 to Second
Amended and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

Annex A

 

Credit Agreement

 

(See attached)

 

     

     

    

 

 

ANNEX A

EXECUTION
VERSION

 

 

 

 

SECOND AMENDED AND RESTATED

SENIOR SECURED

REVOLVING CREDIT AGREEMENT

 

dated as of

 

March 1, 2019

 

as amended by Amendment No. 1 to Second
Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 20, 2019 and,
Amendment No. 2 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 27, 2019,
and Amendment No. 3 and Limited Waiver to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of May
21, 2020

 

among

 

MONROE CAPITAL CORPORATION

as Borrower

 

The LENDERS Party Hereto

 

and

 

ING CAPITAL LLC

as Administrative Agent,

Arranger and Bookrunner

 

 

 

 

26644570.126644570.11.BUSINESS

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page

	Article I	 
	 	 	 
	DEFINITIONS	 
	 	 	 
	Section 1.01.	Defined Terms	1
	Section 1.02.	Classification of Loans and Borrowings	4044
	Section 1.03.	Terms Generally	4044
	Section 1.04.	Accounting Terms; GAAP	4144
	Section 1.05.	Currencies Generally	4145
	Section 1.06.	Special Provisions Relating to Euro	4246
	Section 1.07.	Times of Day; Interest Rates	4346
	Section 1.08.	Divisions	4347
	Section 1.09.	Issuers	4347
	Section 1.10.	Public Health Events	47
	 	 	 
	Article II	 
	 	 	 
	THE CREDITS	 
	 	 	 
	Section 2.01.	The Commitments	4347
	Section 2.02.	Loans and Borrowings	4448
	Section 2.03.	Requests for Borrowings	4549
	Section 2.04.	Funding of Borrowings	4650
	Section 2.05.	Interest Elections	4751
	Section 2.06.	Termination, Reduction or Increase of the Commitments	4852
	Section 2.07.	Repayment of Loans; Evidence of Debt	5156
	Section 2.08.	Prepayment of Loans	5257
	Section 2.09.	Fees	5661
	Section 2.10.	Interest	5762
	Section 2.11.	Eurocurrency Borrowing Provisions	5763
	Section 2.12.	Increased Costs	6066
	Section 2.13.	Break Funding Payments; Foreign Currency Losses	6167
	Section 2.14.	Taxes	6268
	Section 2.15.	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	6773
	Section 2.16.	Defaulting Lenders	6975
	Section 2.17.	Mitigation Obligations; Replacement of Lenders	7177
	 	 	 
	Article III	 
	 	 	 
	REPRESENTATIONS AND WARRANTIES	 
	 	 	 
	Section 3.01.	Organization; Powers	7278
	Section 3.02.	Authorization; Enforceability	7278

 

    i

     

    

 

	Section 3.03.	Governmental Approvals; No Conflicts	7278
	Section 3.04.	Financial Condition; No Material Adverse Effect	7379
	Section 3.05.	Litigation.	7379
	Section 3.06.	Compliance with Laws and Agreements.	7379
	Section 3.07.	Taxes.	7480
	Section 3.08.	ERISA.	7480
	Section 3.09.	Disclosure.	7480
	Section 3.10.	Investment Company Act; Margin Regulations.	7581
	Section 3.11.	Material Agreements and Liens	7581
	Section 3.12.	Subsidiaries and Investments	7682
	Section 3.13.	Properties	7682
	Section 3.14.	Solvency	7683
	Section 3.15.	Affiliate Agreements	7783
	Section 3.16.	No Default	7783
	Section 3.17.	Use of Proceeds	7783
	Section 3.18.	Security Documents	7783
	Section 3.19.	Compliance with Sanctions.	7784
	Section 3.20.	Anti-Money Laundering Program	7884
	Section 3.21.	Anti-Corruption Laws	7884
	Section 3.22.	Structured Subsidiaries	7884
	Section 3.23.	EEAAffected Financial Institutions	7885
	Section 3.24.	Beneficial Ownership Certification	7985
	 	 	 
	Article IV	 
	 	 	 
	CONDITIONS	 
	 	 	 
	Section 4.01.	Restatement Effective Date	7985
	Section 4.02.	Conditions to Loans	8288
	 	 	 
	Article V	 
	 	 	 
	AFFIRMATIVE COVENANTS	 
	 	 	 
	Section 5.01.	Financial Statements and Other Information	8390
	Section 5.02.	Notices of Material Events	8793
	Section 5.03.	Existence; Conduct of Business	8794
	Section 5.04.	Payment of Obligations	8794
	Section 5.05.	Maintenance of Properties; Insurance	8794
	Section 5.06.	Books and Records; Inspection and Audit Rights	8895
	Section 5.07.	Compliance with Laws and Agreements	8995
	Section 5.08.	Certain Obligations Respecting Subsidiaries; Further Assurances	8996
	Section 5.09.	Use of Proceeds	9399
	Section 5.10.	Status of RIC and BDC	9399
	Section 5.11.	Investment Policies	93100
	Section 5.12.	Portfolio Valuation and Diversification Etc.; Risk Factor Ratings	93100
	Section 5.13.	Calculation of Borrowing Base	97104

 

    ii

     

    

 

	Section 5.14.	Anti-Hoarding of Assets at Non-Pledged Financing Subsidiaries	110117
	Section 5.15.	Taxes	111118
	Section 5.16.	Operations	111118
	Article VI	 
	 	 	 
	NEGATIVE COVENANTS	 
	 	 	 
	Section 6.01.	Indebtedness	111118
	Section 6.02.	Liens	113120
	Section 6.03.	Fundamental Changes	113120
	Section 6.04.	Investments	115123
	Section 6.05.	Restricted Payments	116125
	Section 6.06.	Certain Restrictions on Subsidiaries	117126
	Section 6.07.	Certain Financial Covenants	117126
	Section 6.08.	Transactions with Affiliates	118127
	Section 6.09.	Lines of Business	118127
	Section 6.10.	No Further Negative Pledge	119127
	Section 6.11.	Modifications of Certain Documents	119128
	Section 6.12.	Payments of Indebtedness	120128
	Section 6.13.	Modification of Investment Policies	120129
	Section 6.14.	SBIC Guarantee	120129
	Section 6.15.	Derivative Transactions	120129
	Section 6.16.	Convertible Indebtedness	120129
	Section 6.17.	Financing Subsidiaries and Restricted Investments	129
	 	 	 
	Article VII	 
	 	 	 
	EVENTS OF DEFAULT	 
	 	 	 
	Section 7.01.	Events of Default	120130
	 	 	 
	Article VIII	 
	 	 	 
	THE ADMINISTRATIVE AGENT	 
	 	 	 
	Section 8.01.	Appointment	125134
	Section 8.02.	Capacity as Lender	125135
	Section 8.03.	Limitation of Duties; Exculpation	125135
	Section 8.04.	Reliance	126136
	Section 8.05.	Sub-Agents	127136
	Section 8.06.	Resignation; Successor Administrative Agent	127136
	Section 8.07.	Reliance by Lenders	127137
	Section 8.08.	Modifications to Loan Documents	128137
	Section 8.09.	[Reserved]	128137
	Section 8.10.	Certain ERISA Matters	128137
	Section 8.11.	Agents 129Arranger and Bookrunner	139

 

    iii

     

    

 

	Section 8.12.	Collateral Matters	129139
	Section 8.13.	Third Party Beneficiaries	130140
	Section 8.14.	Administrative Agent May File Proofs of Claim	130140
	Section 8.15.	Credit Bidding	131140
	 	 	 
	Article IX	 
	 	 	 
	MISCELLANEOUS	 
	 	 	 
	Section 9.01.	Notices; Electronic Communications	132142
	Section 9.02.	Waivers; Amendments	136146
	Section 9.03.	Expenses; Indemnity; Damage Waiver	139149
	Section 9.04.	Successors and Assigns	141151
	Section 9.05.	Survival	146156
	Section 9.06.	Counterparts; Integration; Effectiveness; Electronic Execution	147156
	Section 9.07.	Severability	147156
	Section 9.08.	Right of Setoff	147157
	Section 9.09.	Governing Law; Jurisdiction; Etc	148157
	Section 9.10.	WAIVER OF JURY TRIAL	149158
	Section 9.11.	Judgment Currency	149158
	Section 9.12.	Headings	149159
	Section 9.13.	Treatment of Certain Information; Confidentiality	150159
	Section 9.14.	USA PATRIOT Act	151160
	Section 9.15.	Termination	151160
	Section 9.16.	Amendment and Restatement	151161
	Section 9.17.	Acknowledgment and Consent to Bail-In of EEAAffected Financial Institutions	152161
	Section 9.18.	Interest Rate Limitation	153162
	Section 9.19.	Release	153162
	Section 9.20.	Acknowledgment Regarding Any Supported QFCs	153163

 

	SCHEDULE 1.01(a)-	Approved Dealers and Approved Pricing Services
	SCHEDULE 1.01(b)-	Commitments
	SCHEDULE 1.01(c) -	Risk Factors
	SCHEDULE 1.01(d) -	Eligibility Criteria
	SCHEDULE 1.01(e) -	Industry Classification Groups
	SCHEDULE 1.01(f)	Non-Core Assets
    Criteria and Valuations
	SCHEDULE 3.11(a)-	Material Agreements
	SCHEDULE 3.11(b)-	Liens
	SCHEDULE 3.12(a)-	Subsidiaries
	SCHEDULE 3.12(b)-	Investments
	SCHEDULE 6.08-	Certain Affiliate Transactions

 

	EXHIBIT A	-	Form of Assignment and Assumption
	EXHIBIT B	-	Form of Borrowing Base Certificate

 

    iv

     

    

 

	EXHIBIT C	-	Form of Promissory Note
	EXHIBIT D 	-	Form of Borrowing Request
	EXHIBIT E	-	Form of Interest Election Request
	EXHIBIT F	-	Form of Quarterly Compliance Certificate
	EXHIBIT G	-	Form of Monthly Compliance Certificate

 

    v

     

    

 

SECOND AMENDED AND RESTATED
SENIOR SECURED REVOLVING CREDIT AGREEMENT dated as of March 1, 2019 (this “Agreement”), among MONROE CAPITAL
CORPORATION, a Maryland corporation (the “Borrower”), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative
Agent (in such capacity, the “Administrative Agent”).

 

WHEREAS, the Borrower
and the Administrative Agent entered into that certain Amended and Restated Senior Secured Revolving Credit Agreement dated as
of December 14, 2015 (as the same has been amended, supplemented or otherwise modified from time to time until the date hereof,
the “Existing Credit Agreement”) with the lenders party thereto from time to time (the “Existing Lenders”),
pursuant to which the Existing Lenders extended certain commitments and made certain loans to the Borrower (the “Existing
Loans”);

 

WHEREAS, the Borrower
desires to amend and restate the Existing Credit Agreement to make certain changes, including to extend the maturity date and to
provide for increased commitments from certain of the Existing Lenders (the “Increasing Existing Lenders”);
and

 

WHEREAS, the Existing
Lenders are willing to make such changes to the Existing Credit Agreement, and the Increasing Existing Lenders are willing to provide
new commitments, each upon the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree that, effective
as of the Restatement Effective Date, the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

Article I

DEFINITIONS

 

Section 1.01.       
Defined Terms. As used in this Agreement,
the following terms have the meanings specified below and the terms defined in Section 5.13 have the meanings assigned thereto
in such section:

 

“2023 Notes”
shall mean the Borrower’s 5.75% Notes due October 31, 2023 in an aggregate principal amount of up to $109,000,000 outstanding
at any time, and without giving effect to any other amendment or modification thereto made after the Amendment No. 1 Effective
Date (other than any modification made no later than one (1) Business Day after the Amendment No. 1 Effective Date, the sole purpose
of which is to issue additional notes under the relevant indenture, subject to the aforementioned aggregate principal amount limitation).

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan is,
or the Loans constituting such Borrowing, are,
denominated in Dollars and bearing interest at a rate determined by reference to the Alternate Base Rate.

 

    1

     

    

 

“Accretive Value”
shall mean, with respect to Preferred Stock, the dollar amount equal to the accretion to the Liquidation Preference, including
accrued or declared and unpaid dividends, dividends paid in kind or other amounts (including any multiple payable on capital) otherwise
owing to the holder thereof in excess of the initial Liquidation Preference.

 

“ACR
Relief Fee” has the meaning assigned to such term in Section 2.09(a)(ii).

 

“Adjusted Borrowing
Base” means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing
Base.

 

“Adjusted Covered
Debt Balance” means, on any date, the aggregate Covered Debt Amount on such date minus the aggregate amount of
Cash and Cash Equivalents included in the Borrowing Base.

 

“Adjusted LIBO
Rate” means, for the Interest Period for any Eurocurrency Borrowing, an interest rate per annum (rounded upwards, if
necessary, to the next 1/16 of 1%) equal to the greater of (i) (a) the LIBO Rate for such Interest Period multiplied
by (b) the Statutory Reserve Rate for such Interest Period and (ii) zero.

 

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

 

“Administrative
Agent’s Account” means, for each Currency, an account in respect of such Currency designated by the Administrative
Agent in a notice to the Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Advance Rate”
has the meaning assigned to such term in Section 5.13.

 

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

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the
term “Affiliate” of an Obligor shall not include any Person that constitutes a Portfolio Investment held by any Obligor
in the ordinary course of business. For the avoidance of doubt, the term “Affiliate” shall include the Investment Advisor.

 

“Affiliate Agreements”
means, collectively, (a) the Investment Advisory and Management Agreement, dated as of October 22, 2012 between the Borrower and
the Investment Advisor, (b) the Staffing Agreement, dated as of October 22, 2012, by and between Monroe Capital Management Advisors,
LLC and Investment Advisor, (c) the Administration Agreement, dated as of October 22, 2012 by and between Borrower and Monroe Capital
Management Advisors, LLC and (d) the Trademark License Agreement, dated as of October 22, 2012, by and between Monroe Capital,
LLC and Borrower.

 

    2

     

    

 

“Affiliate Investment”
means any Investment in a Person in which the Borrower or any of its Subsidiaries owns or controls more than 25% of the Equity
Interests.

 

“Agency Account”
has the meaning assigned to such term in Section 5.08(c)(v).

 

“Agent”
means, collectively, the Administrative Agent and the Collateral Agent.

 

“Agreed Foreign
Currency” means, at any time, any of Canadian Dollars, Euros, AUD and Pounds Sterling and, with the prior consent of
each Multicurrency Lender, any other Foreign Currency, so long as, in respect of any such Foreign Currency, at such time (a) such
Foreign Currency is dealt with in the London interbank deposit market or, in the case of Canadian Dollars or AUD, the relevant
local market for obtaining quotations, (b) such Foreign Currency is freely transferable and convertible into Dollars in the London
foreign exchange market and (c) no central bank or other governmental authorization in the country of issue of such Foreign Currency
(including, in the case of the Euro, any authorization by the European Central Bank) is required to permit use of such Foreign
Currency by any Multicurrency Lender for making any Loan hereunder and/or to permit the Borrower to borrow and repay the principal
thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and effect.

 

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

 

“Alternate Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
Federal Funds Effective Rate for such day plus 1/2 of 1%, (c) the Adjusted
LIBO Rate for deposits in Dollars for a period of three (3) months plus 1% and (d) zero. Any change in the Alternate
Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or such LIBO Rate shall be effective from and including
the effective date of such change in the Prime Rate, the Federal Funds Effective Rate, or such LIBO Rate, as the case may be.

 

“Amendment No.
1 Effective Date” means March 20, 2019.

 

“Amendment
No. 3” means that certain Amendment No. 3 and Limited Waiver to Second Amended and Restated Senior Secured Revolving Credit
Agreement, dated as of the Amendment No. 3 Effective Date, which amends this Agreement.

 

“Amendment
No. 3 Effective Date” means May 21, 2020.

 

“Anti-Corruption
Laws” has the meaning assigned to such term in Section 3.21.

 

“Applicable
Commitment Fee Rate” means, with respect to any Lender, a rate per annum equal to (x) 1.00%, if the utilized portion
of such Lender’s aggregate Commitments as of the close of business on such day (after giving effect to borrowings, prepayments
and commitment reductions on such day) is less than or equal to an amount equal to thirty five percent (35%) of such Lender’s
aggregate Commitments and (y) 0.50% if the utilized portion of such Lender’s aggregate Commitments as of the close of business
on such day (after giving effect to borrowings, prepayments and commitment reductions on such day) is greater than an amount equal
to thirty five percent (35%) of such Lender’s aggregate Commitments.

 

    3

     

    

 

“Applicable
Margin” means (a) with respect to any ABR Loan, 1.3751.625%
per annum, and (b) with respect to any Eurocurrency Loan, 2.3752.625%
per annum.

 

“Applicable
Parties” has the meaning assigned to such term in Section 9.01(c).

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitments. If the Commitments have terminated or expired in full, the Applicable Percentages shall be determined based upon the
Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04(b).

 

“Approved Dealer”
means (a) in the case of any Eligible Portfolio Investment that is not a U.S. Government Security, a bank or a broker-dealer
registered under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof as set forth on
Schedule 1.01(a), (b) in the case of a U.S. Government Security, any primary dealer in U.S. Government Securities as
set forth on Schedule 1.01(a), (c) in the case of any foreign Portfolio Investment, any foreign broker-dealer of internationally
recognized standing as set forth on Schedule 1.01(a) or any Affiliate thereof, in the case of each of clauses (a), (b) and
(c) above or (d) any other bank or broker-dealer acceptable to the Administrative Agent in its reasonable determination.

 

“Approved
Electronic Platform” has the meaning assigned to such term in Section 9.01(c).

 

“Approved Pricing
Service” means (a) a pricing or quotation service as set forth in Schedule 1.01(a) or (b) any other pricing
or quotation service (i) approved by the Board of Directors of the Borrower, (ii) designated in writing by the Borrower to the
Administrative Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower
that such pricing or quotation service has been approved by the Borrower) and (iii) acceptable to the Administrative Agent in its
reasonable determination.

 

“Approved Third-Party
Appraiser” means any independent nationally recognized third-party appraisal firm (a) designated by the Borrower in writing
to the Administrative Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the
Borrower that such firm has been approved by the Borrower for purposes of assisting the Board of Directors of the Borrower in making
valuations of portfolio assets to determine the Borrower’s compliance with the applicable provisions of the Investment Company
Act) and (b) acceptable to the Administrative Agent. It is understood and agreed that Houlihan Lokey, Duff & Phelps LLC, Murray,
Devine and Company, Lincoln Partners Advisors, LLC and Valuation Research Corporation are acceptable to the Administrative Agent.
As used in Section 5.12 hereof, an “Approved Third-Party Appraiser retained by the Administrative Agent” shall
mean any of the firms identified in the preceding sentence and any other independent nationally recognized third-party appraisal
firm identified by the Administrative Agent and consented to by the Borrower (such consent not to be unreasonably withheld).

 

    4

     

    

 

“Asset Coverage
Ratio” means, on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total assets, less
all liabilities and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing
indebtedness of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders of the
SEC issued to the Borrower thereunder, in each case as in effect on
the Amendment No. 3 Effective Date but excluding the effect of Release No. 33837). For clarity, the calculation of the
Asset Coverage Ratio shall be made in accordance with any exemptive order issued by the Securities
and Exchange CommissionSEC under Section 6(c)
of the Investment Company Act relating to the exclusion of any Indebtedness of any SBIC Subsidiary from the definition of Senior
Securities only so long as (a) such order is in effect, (b) no obligations have become due and owing pursuant to the
terms of any Permitted SBIC Guarantee and (c) such Indebtedness is owed to the SBA.

 

“Asset Sale”
means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition
to, or any exchange of property with, any Person, in one transaction or a series of transactions, of all or any part of any Obligor’s
assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter
acquired; provided, however, the term “Asset Sale” as used in this Agreement shall
not include the disposition of Portfolio Investments originated by the Borrower and immediately transferred to a Financing Subsidiary
pursuant to the terms of Section 6.03(e) or
(f) hereof..

 

“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 9.04), and accepted by the Administrative Agent, in the form of Exhibit A
or any other form approved by the Administrative Agent.

 

“Assuming Lender”
has the meaning assigned to such term in Section 2.06(f).

 

“AUD”
and “A$” denote the lawful currency of The Commonwealth of Australia.

 

“AUD Screen
Rate” means, with respect to any Interest Period, the average bid reference rate administered by the Australian Financial
Markets Association (or any other Person that takes over the administration of such rate) for AUD bills of exchange with a tenor
equal in length to such Interest Period as displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear
on such Reuters page, on any successor or substitute on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable
discretion) on or about 11:00 a.m. (Sydney, Australia time) on the first day of such Interest Period. If the AUD Screen Rate shall
be less than zero, the AUD Screen Rate shall be deemed to be zero for purposes of this Agreement.

 

“Availability
Period” means the period from and including the Original Effective Date to but excluding the earlier of the Revolver
Termination Date and the date of termination of the Commitments.

 

    5

     

    

 

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

 

“Bail-In Legislation”
means, (a)
with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law, regulation, rule or requirement
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
and (b) with respect to the United Kingdom, Part I of the United Kingdom
Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating
to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).

 

“Bank Loans”
has the meaning assigned to such term in Section 5.13.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as in effect from time to time, or any
successor statute.

 

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

 

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

 

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

 

    6

     

    

 

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

 

(1) in the
case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the LIBO Rate permanently
or indefinitely ceases to provide the LIBO Rate; or

 

(2) in the
case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

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

 

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

 

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

 

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

 

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

 

    7

     

    

 

“Benchmark Unavailability
Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x)
beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced
the LIBO Rate for all purposes hereunder in accordance with Section 2.11(c) and (y) ending at the time that a Benchmark Replacement
has replaced the LIBO Rate for all purposes hereunder pursuant to Section 2.11(c).

 

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

 

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

 

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

 

“Board of Directors”
means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person, (b) in the case of
any limited liability company, the board of managers (or the equivalent)
of such Person, or if there is none, the Board of Directors of the managing member of such Person, (c) in the case of any partnership,
the general partner and the Board of Directors (or the equivalent)
of the general partner of such Person and (d) in any other case, the functional equivalent of the foregoing.

 

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

 

“Borrowing”
means (a) all ABR Loans of the same Class made, converted or continued on the same date or (b) all Eurocurrency Loans
of the same Class denominated in the same Currency that have the same Interest Period.

 

“Borrowing Base”
has the meaning assigned to such term in Section 5.13.

 

“Borrowing Base
Certificate” means a certificate of a Financial Officer, substantially in the form of Exhibit B and appropriately
completed.; provided
that, from the Amendment No. 3 Effective Date until the Covid Relief Termination Date, each Borrowing Base Certificate shall (i)
specify the portion of the Borrowing Base that is the Unadjusted Borrowing Base and the portion of the Borrowing Base that is the
Borrowing Base Flex and (ii) include an updated identification of all Non-Core Assets, specifying the Value of each such Non-Core
Asset; provided further that, so long as the Rockdale Blackhawk Loans are a part of the Borrowing Base Flex, each Borrowing Base
Certificate delivered on and after the Amendment No. 3 Effective Date shall specify the amount outstanding under the Rockdale Blackhawk
Loans and the amount, if any, of the payments that have been received by an Obligor on account of the Rockdale Blackhawk Loans
and a certification (made in the good faith business judgment of the Borrower) that cash payments specified in the interim award
in connection therewith are reasonably likely to be paid.

 

    8

     

    

 

“Borrowing Base
Deficiency” means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered
Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

 

“Borrowing
Base Flex” means, subject to Schedule 1.01(f), the lesser of (i) 30% of the sum of the Value of each Non-Core Asset and (ii)
15.0% of the Unadjusted Borrowing Base (calculated without taking into account Cash and Cash Equivalents (including Short-Term
U.S. Government Securities)).

 

“Borrowing
Base Flex Fee” has the meaning assigned to such term in Section 2.09(a)(iii).

 

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

 

“Business Day”
means any day (a) 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, (b) if such day relates to a borrowing of, a payment or prepayment of principal of or
interest on, a continuation or conversion of or into, or the Interest Period for, a Eurocurrency Borrowing denominated in Dollars,
or to a notice by the Borrower with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period,
that is also a day on which dealings in deposits denominated in Dollars are carried out in the London interbank market and (c)
if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of
or into, or the Interest Period for, any Borrowing denominated in any Foreign Currency, or to a notice by the Borrower with respect
to any such borrowing, continuation, conversion, payment, prepayment or Interest Period, that is also a day on which commercial
banks and the London foreign exchange market settle payments in the Principal Financial Center for such Foreign Currency.

 

“CAM Exchange”
means the exchange of the Lenders’ interests provided for in Section 7.01.

 

“CAM Exchange
Date” means the first date on which there shall occur (a) any event referred to in Section 7.01(h) or 7.01(i)
or (b) an acceleration of Loans pursuant to Section 7.01.

 

“CAM Percentage”
means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate Dollar Equivalent
of the Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange
Date and (b) the denominator shall be the aggregate Dollar Equivalent amount of the Designated Obligations owed to all the Lenders
(whether or not at the time due and payable) immediately prior to the CAM Exchange Date.

 

“Canadian Dollar”
means the lawful money of Canada.

 

    9

     

    

 

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

 

“Cash”
means any immediately available funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar Equivalent
thereof) which is a freely convertible currency.

 

“Cash Equivalents”
means investments (other than Cash) that are one or more of the following obligations:

 

(a)         Short-Term U.S. Government Securities (as defined in Section 5.13);

 

(b)        investments in commercial paper maturing within 180 days from the date of acquisition thereof and having, at such date of
acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

(c)         investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date
of acquisition thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by,
any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof or under
the laws of Canada or any province thereof or, if consented to by the Administrative Agent in its sole discretion, the jurisdiction
or any constituent jurisdiction thereof of any other Agreed Foreign Currency, provided that such certificates of deposit,
banker’s acceptances and time deposits are held in a securities account (as defined in the Uniform Commercial Code) through
which the Collateral Agent can perfect a security interest therein and (ii) having, at such date of acquisition, a credit
rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

(d)         fully collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof for
U.S. Government Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of
this definition or (ii) an Approved Dealer having (or being a member of a consolidated group having) at such date of
acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

(e)         certificates of deposit or bankers’ acceptances with a maturity of ninety (90) days or less of any financial institution
that is a member of the Federal Reserve System having combined capital and surplus and undivided profits of not less than $1,000,000,000;
and

 

(f)          investments in money market funds and mutual funds which invest substantially all of their assets in Cash or assets of the
types described in clauses (a) through (e) above;

 

    10

     

    

 

provided,
that (i) in no event shall Cash Equivalents include any obligation that provides for the payment of interest alone (for example,
interest-only securities or “IOs”); (ii) if any of Moody’s or S&P changes its rating system, then any
ratings included in this definition shall be deemed to be an equivalent rating in a successor rating category of Moody’s
or S&P, as the case may be; (iii) Cash Equivalents (other than U.S. Government Securities, certificates of deposit or
repurchase agreements) shall not include any such investment representing more than 25% of total assets of the Obligors in
any single issuer; and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in Dollars.

 

“CDOR Rate”
means, with respect to any Interest Period, the rate per annum equal to the average of the annual yield rates applicable to Canadian
Dollar bankers’ acceptances at or about 10:00 a.m. (Toronto, Ontario time) on the day that is two Business Days prior to
the first day of the Interest Period as reported on the “CDOR Page” (or any display substituted therefor) of Reuters
Monitor Money Rates Service (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian
Dollar bankers’ acceptances as may be designated by the Administrative Agent from time to time in its reasonable discretion)
for a term equivalent to such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent
to the number of months closest to such Interest Period); provided that if the CDOR Rate is less than zero, such rate shall
be zero for purposes of this Agreement.

 

“CFC”
means any Subsidiary of the Borrower designated in writing by the Borrower (as provided below) as a CFC, so long as:

 

“CFC”
means(a)such
Subsidiary is an entity that is a “controlled foreign corporation” of any Obligor within the meaning of
Section 957 of the Code, but only to the extent the Obligor or a subsidiarySubsidiary
thereof is a “United States Shareholder” (within the meaning of Section 951(b) of the Code) of such entity.;
and

 

(b)       in
the good faith business judgment of the Borrower at the time of the formation, incorporation or acquisition of such Subsidiary,
structuring such Subsidiary as a controlled foreign corporation was intended to maximize tax efficiencies for the Obligors and
their Subsidiaries (considered in the aggregate).

 

Any
designation by the Borrower under this definition shall be effected pursuant to a certificate of a Financial Officer delivered
to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of such Financial Officer’s
knowledge, such designation complied with the foregoing conditions.

 

“Change in Control”
means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of shares representing
more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Borrower, (b) occupation
of a majority of the seats (other than vacant seats) on the Board of Directors of the Borrower by Persons who were neither
(i) nominated by the requisite members of the Board of Directors of the Borrower nor (ii) appointed by a majority of
the directors so nominated, (c) the Investment Advisor shall cease to be the investment adviser of the Borrower, (d) the acquisition
of direct or indirect Control of the Borrower by any Person or group other than the Investment Advisor or (e) the Investment Advisor
ceases to be Controlled by at least two of the Permitted Holders.

 

    11

     

    

 

“Change
in Law” means (a) the adoption or taking effect of any law, rule or regulation or treaty after the Original Restatement
Effective Date, (b) any change in any law, rule or regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority after the Original Restatement Effective Date or (c) compliance by any Lender
(or, for purposes of Sections 2.12(b) or 2.17(a), by any lending office of such Lender or by such Lender’s parent, if any)
with any request, guideline, requirements or directive (whether or not having the force of law) of any Governmental Authority made
or issued after the Original Restatement Effective Date, provided that, notwithstanding anything herein to the contrary,
(I) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives
in connection therewith and (II) 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 the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless
of the date enacted, adopted, issued, promulgated or implemented.

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Dollar
Loans or Multicurrency Loans; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender or a Multicurrency
Lender; and, when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or a Multicurrency
Commitment.

 

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

 

“Collateral”
has the meaning assigned to such term in the Guarantee and Security Agreement.

 

“Collateral
Agent” means ING Capital LLC in its capacity as Collateral Agent and any of its successors in such capacity under the
Guarantee and Security Agreement.

 

“Commitments”
means, collectively, the Dollar Commitments and the Multicurrency Commitments.

 

“Commitment
Increase” has the meaning assigned to such term in Section 2.06(f).

 

“Commitment
Increase Date” has the meaning assigned to such term in Section 2.06(f).

 

“Commitments”
means, collectively, the Dollar Commitments and the Multicurrency Commitments.

 

“Constituent
Documents” means, for any Person, its constituent or organizational documents, including: (a) in the case of any limited
partnership, the certificate of limited partnership and limited partnership agreement for such Person; (b) in the case of any limited
liability company, the articles of formation and operating agreement for such Person; and (c) in the case of a corporation, the
certificate or articles of incorporation and the bylaws or memorandum and articles of association for such Person.

 

    12

     

    

 

“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.

 

“Control Account”
has the meaning assigned to such term in Section 5.08(c)(ii).

 

“Covered Debt
Amount” means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus
(y) the aggregate principal amount (including any increase in the aggregate principal amount resulting from payable-in-kind
interest) of Other Covered Indebtedness outstanding on such date.

 

“Covered Taxes”
means (i) Taxes other than Excluded Taxes and (ii) Other Taxes.

 

“Covid
Relief Borrowing Base Condition” means the condition that the Covered Debt Amount shall be less than 85% of the Unadjusted
Borrowing Base (with respect to each applicable date in a period, immediately after giving effect to any Loans (as well as any
substantially concurrent acquisitions of Portfolio Investments, distributions or payment of outstanding Loans or Indebtedness)
on such date, to the extent applicable).

 

“Covid
Relief Financial Officer’s Certificate” means a certificate of a Financial Officer delivered to the Administrative
Agent in form and substance reasonably satisfactory to the Administrative Agent, which certificate shall certify that (i) the Covid
Relief Borrowing Base Condition has been satisfied for each date in the applicable period required to be covered by such certificate
and provide such certifications, information and calculations set forth in a Borrowing Base Certificate reasonably required to
demonstrate such satisfaction, (ii) the condition that the Asset Coverage Ratio shall be greater than the applicable ratio has
been satisfied for each date in the applicable period required to be covered by such certificate and provide such certifications,
information and calculations in form and substance reasonably satisfactory to the Administrative Agent to demonstrate such satisfaction,
(iii) the Covid Relief Termination Date has occurred (provided that this clause (iii) shall not be required to be certified in
connection with a Covid Relief Financial Officer’s Certificate delivered pursuant to the definition of “Covid Relief
Termination Date”) and (iv) no Default has occurred and is continuing on the date of such certificate (or would result from
any transactions on such date).

 

“Covid
Relief Termination Date” means the date that is the earliest to occur of:

 

(a)         the date that is the nine (9) month anniversary of the Amendment No. 3 Effective
Date;

 

(b)        the date on which the Borrower elects to deliver to the Administrative Agent
a Covid Relief Financial Officer’s Certificate certifying that (i) on the date of such certificate no Default has occurred
and is continuing (or would result from any transactions on such date) and (ii) each of the Covid Relief Borrowing Base Condition
and the condition that the Asset Coverage Ratio shall be greater than 1.70 to 1 has been satisfied for each date in the thirty
(30) consecutive day period ending on such date; and 

 

    13

     

    

 

(c)         the termination in full of the Commitments in accordance with this Agreement.

 

“Currency”
means Dollars or any Foreign Currency.

 

“Currency Valuation
Notice” has the meaning assigned to such term in Section 2.08(b).

 

“Custodian”
means U.S. Bank National Association, or any other financial institution mutually agreeable to the Collateral Agent and the Borrower,
as custodian holding documentation for Portfolio Investments, and accounts of the Obligors holding Portfolio Investments, on behalf
of the Obligors and, pursuant to the Custodian Agreement, the Collateral Agent. The term “Custodian” includes any agent
or sub-custodian acting on behalf of the Custodian.

 

“Custodian Account”
means an account subject to a Custodian Agreement.

 

“Custodian Agreement”
means a control agreement entered into by and among an Obligor, the Collateral Agent and a Custodian, in form and substance acceptable
to the Collateral Agent.

 

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

 

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

 

    14

     

    

 

“Defaulting
Lender” means any Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any
portion of its Loans within two (2) Business Days of the date required to be funded by it hereunder, unless, in the case of any
Loans, such Lender notifies the Administrative Agent in writing that such Lender’s failure is based on such Lender’s
reasonable determination that the conditions precedent to funding such Loan under this Agreement have not been met, such conditions
have not otherwise been waived in accordance with the terms of this Agreement and such Lender has advised the Administrative Agent
in writing (with reasonable detail of those conditions that have not been satisfied) prior to the time at which such funding was
to have been made, (b) notified the Borrower, the Administrative Agent, or any other Lender in writing that it does not intend
to comply with any of its funding obligations under this Agreement or has made a public statement that it does not intend to comply
with its funding obligations under this Agreement (unless such writing or public statement states that such position is based on
such Lender’s determination that one or more conditions precedent to funding (which conditions precedent, together with the
applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) failed,
within three (3) Business Days after request by the Administrative Agent or the Borrower to confirm in writing to the Administrative
Agent and the Borrower that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent and the Borrower), (d) otherwise failed to pay over to the Administrative Agent or
any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, unless
the subject of a good faith dispute, or (e) other than via an Undisclosed Administration, either (i) has been adjudicated
as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or
has a parent company that has been adjudicated as, or determined by any Governmental Authority having regulatory authority over
such Person or its assets to be, insolvent, (ii) 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, or has a parent company that 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 or
(iii) become the subject of a Bail-In Action (unless in the case of any Lender referred to in this clause (e), the Borrower
and the Administrative Agent shall be satisfied in the exercise of their respective reasonable discretion that such Lender intends,
and has all approvals required to enable it, to continue to perform its obligations as a Lender hereunder) or
(iii) become the subject of a Bail-In Action; provided that a Lender shall not qualify as a Defaulting Lender
solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or of the exercise
of control over such Lender or any Person controlling such Lender, by a Governmental Authority or instrumentality thereof, or solely
as a result of an Undisclosed Administration, so long as such ownership interest or Undisclosed Administration does not result
in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting
Lender under any one or more of clauses (a) through (e) above, and of the effective date of such status, shall be conclusive and
binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender as of the date established therefor by
the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the
Borrower and each Lender promptly following such determination.

 

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

 

“Designated
Obligations” means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b)
accrued and unpaid fees under the Loan Documents.

 

    15

     

    

 

“Disqualified
Equity Interests” means Equity Interests of the Borrower that after issuance are subject to any agreement between the
holder of such Equity Interests and the Borrower whereby the Borrower is required to purchase, redeem, retire, acquire, cancel
or terminate such Equity Interests, other than (x) as a result of a change of control or (y) in connection with any purchase, redemption,
retirement, acquisition, cancellation or termination with, or in exchange for, shares of Equity Interests that are not Disqualified
Equity Interests.

 

“Dollar Commitment”
means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Loans denominated in Dollars hereunder,
as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.06 or reduced from time to
time pursuant to Section 2.08 or as otherwise provided in this Agreement and (b) reduced or increased from time to
time pursuant to assignments by or to such Lender pursuant to Section 9.04 and the other provisions of this Agreement (including
the last two paragraphs of Section 7.01). The aggregate amount of each Lender’s Dollar Commitment as of the Restatement Effective
Date is set forth on Schedule 1.01(b), or in the Assignment and Assumption pursuant to which such Lender shall have
assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Commitments as of the Restatement Effective
Date is $110,000,000.

 

“Dollar Equivalent”
means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to
an amount denominated in any Foreign Currency, the amount of Dollars that would be required to purchase such amount of such Foreign
Currency on the date two Business Days prior to such date, based upon the spot selling rate at which the Administrative Agent (or
other foreign currency broker reasonably acceptable to the Administrative Agent) offers to sell such Foreign Currency for Dollars
in the London foreign exchange market at approximately 11:00 a.m., London time, for delivery two Business Days later.

 

“Dollar Lender”
means the Persons listed on Schedule 1.01(b) (as amended pursuant to Section 2.06) as having Dollar Commitments and any
other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar
Commitment or to acquire Revolving Dollar Credit Exposure, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Assumption.

 

“Dollar Loan”
means a Loan denominated in Dollars made pursuant to a Dollar Commitment.

 

“Dollars”
or “$” refers to lawful money of the United States of America.

 

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

 

(1) (i) a
determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy
to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed
at such time, or that include language similar to that contained in Section 2.11(c) are being executed or amended, as applicable,
to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

 

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

 

    16

     

    

 

“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.

 

“Eligible Liens”
means, any right of offset, banker’s lien, security interest or other like right against the Portfolio Investments held by
the Custodian pursuant to or in connection with its rights and obligations relating to the Custodian Account provided that such
rights are subordinated, pursuant to the terms of the Custodian Agreement, to the first priority perfected security interest in
the Collateral created in favor of the Collateral Agent, except to the extent expressly provided therein.

 

“Eligible Portfolio
Investment” means any Portfolio Investment held by any Obligor (and solely for purposes of determining the Borrowing
Base, Cash and Cash Equivalents held by any Obligor) on any date
that, in each case, meets all of the criteria set forth on Schedule 1.01(d) hereto on
such date; provided, that no Portfolio Investment, Cash or Cash Equivalent shall constitute an Eligible
Portfolio Investment or be included in the Borrowing Base if the Collateral Agent does not at all times maintain a first priority,
perfected Lien (subject to no other Liens other than Eligible Liens) on such Portfolio Investment, Cash or Cash Equivalent or if
such Portfolio Investment, Cash or Cash Equivalent has not been or does not at all times continue to be Delivered (as defined in
the Guarantee and Security Agreement). Without limiting the generality of the foregoing, it is understood and agreed that any Portfolio
Investments that have been contributed or sold, purported to be contributed or sold or otherwise transferred to any Financing Subsidiary,
or held by any Financing Subsidiary, or which secure obligations of any Financing Subsidiary, shall not be treated as Eligible
Portfolio Investments until distributed, sold or otherwise transferred to the Borrower free and clear of all Liens (other than
Eligible Liens). Notwithstanding the foregoing, nothing herein shall limit the provisions of Section 5.12(b)(i),
which provide that, for purposes of this Agreement, all determinations of whether an Investment is to be included as an Eligible
Portfolio Investment shall be determined on a settlement-date basis (meaning that any Investment that has been purchased will not
be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has
been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided that no such Investment
shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full.

 

    17

     

    

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such equity interest. As used in this Agreement, “Equity Interests” shall not include convertible
debt unless and until such debt has been converted to capital stock.

 

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

 

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

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan that
is intended to qualify under Section 401(a) of the Code, the occurrence of any event that could reasonably be expected to prevent
or cause the loss of such qualification; (c) with respect to any Plan, the failure to satisfy the applicable minimum funding standard
(as defined in Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA), whether or not waived; (d) the
filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (e) the incurrence by the Borrower or any ERISA Affiliate of any liability under
Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Borrower or any ERISA Affiliate from
the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee
to administer any Plan; (g) the incurrence by the Borrower or any ERISA Affiliate of any Withdrawal Liability; (h) the occurrence
of any nonexempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA with respect to
any Plan; (i) the failure to make any required contribution to a Multiemployer Plan or failure to make by its due date any required
contribution to any Plan; (j) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer
Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination
that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or
in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (k) the incurrence with
respect to any “employee benefit plan” as defined in Section 3(3) of ERISA that is sponsored or maintained by the Borrower
or any ERISA Affiliate of any liability for post-retirement health or welfare benefits, except as may be required by 4980B of the
Code or similar laws; or (l) a determination that any Plan is, or expected to be, in “at risk” status (within the meaning
of Section 430 of the Code or Section 303 of ERISA).

 

“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.

 

    18

     

    

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are,
bearing interest at a rate determined by reference to the Adjusted LIBO Rate. For clarity, a Loan or Borrowing bearing interest
by reference to clause (c) of the definition of “Alternate Base Rate” shall not be a Eurocurrency Loan or Eurocurrency
Borrowing.

 

“Event of Default”
has the meaning assigned to such term in Section 7.01.

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended from time to time.

 

“Excluded
Subsidiary” means MCC Holdco Equity Manager I, LLC, a Delaware limited liability company.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to the Administrative Agent or any Lender or required
to be withheld or deducted from a payment to the Administrative Agent or any Lender, (a) Taxes imposed on (or measured by) its
net income or franchise Taxes, in each case, imposed (i) by the jurisdiction (or any political subdivision thereof) 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) as a result of a present or former connection between such recipient and the
jurisdiction imposing such Tax (other than connections solely arising from such recipient having executed, delivered, become a
party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in
any other transaction pursuant to or enforced any Loan Documents, or sold or assigned an interest in any Loan or Loan Document),
(b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction in which
the Borrower is located, (c) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17(b)),
any U.S. federal withholding Tax that is imposed on amounts payable to such Lender pursuant to a law in effect at the time
such Lender becomes a party to this Agreement (or designates a new lending office), except 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 the Borrower with respect to such withholding Tax pursuant to Section 2.14(a), (d) Taxes attributable to such recipient’s
failure to comply with Section 2.14(f), and (e) any U.S. federal withholding Taxes imposed under FATCA.

 

“Existing Credit
Agreement” has the meaning assigned to such term in the recitals to this Agreement.

 

“Existing
Investments Certificate” has the meaning ascribed to such term in Section 3.12(b).

 

“Existing Lender”
has the meaning assigned to such term in the recitals to this Agreement.

 

“Existing Loans”
has the meaning assigned to such term in the recitals to this Agreement.

 

    19

     

    

 

“External Quoted
Value” has the meaning set forth in Section 5.12(b)(ii).

 

“External Unquoted
Value” has the meaning set forth in Section 5.12(b)(ii).

 

“Extraordinary
Receipts” means any cash received by or paid to any Obligor on account of any foreign, United States, state or local
tax refunds, pension plan reversions, judgments, proceeds of settlements or other consideration of any kind in connection with
any cause of action, condemnation awards (and payments in lieu thereof), indemnity payments received not in the ordinary course
of business and any purchase price adjustment received not in the ordinary course of business in connection with any purchase agreement
and proceeds of insurance (excluding, however, for the avoidance of doubt, proceeds of any issuance of Equity Interests by the
Borrower and issuances of Indebtedness by any Obligor), provided, however, that Extraordinary Receipts shall
not include any (x) amounts that the Borrower receives from the Administrative Agent or any Lender pursuant to Section 2.14(h),
or (y) cash receipts to the extent received from proceeds of insurance, condemnation awards (or payments in lieu thereof), indemnity
payments or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds,
awards or payments are received by any Person in respect of any unaffiliated third party claim against or loss by such Person and
promptly applied to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of
such Person with respect thereto.

 

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

 

“FCPA”
has the meaning assigned to such term in Section 3.21.

 

“Federal Funds
Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of
the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business
Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions
received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided that
if the Federal Funds Effective Rate is less than zero, such rate shall be zero for purposes of this Agreement.

 

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

 

“Financial Officer”
means the chief executive officer, president, co-president, chief financial officer, principal accounting officer, treasurer or
controller of the Borrower.

 

    20

     

    

 

“Financing Subsidiary”
means (a) any Structured Subsidiary or (b) any SBIC Subsidiary.

 

“Financing
Subsidiary Limitation Period” shall have the meaning ascribed to that term in Section 6.17.

 

“Foreign
Currency” means at any time any currency other than Dollars.

 

“Foreign Currency
Equivalent” means, with respect to any amount in Dollars to be converted into a Foreign Currency, the amount of such
Foreign Currency that could be purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified
in the definition of the term “Dollar Equivalent”, as determined by the Administrative Agent.

 

“Foreign Eligible
Portfolio Investments” means any Eligible Portfolio Investment of a Permitted Foreign Issuer with respect to which the
requirements of paragraph 13 of Schedule 1.01(d) hereto are met by reference to any Permitted Foreign Jurisdiction.

 

“Foreign Lender”
means any Lender that is not (a) a citizen or resident of the United States, (b) a corporation, partnership or other entity created
or organized in or under the laws of the United States (or any jurisdiction thereof) or (c) any estate or trust that is subject
to U.S. federal income taxation regardless of the source of its income.

 

“GAAP”
means generally accepted accounting principles in the United States of America.

 

“Governmental
Authority” means the government of the United States of America, or of any other nation, or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank).

 

“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 obligation of any other Person (the “primary obligor”) in
any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (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 obligation or (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not
include endorsements for collection or deposit in the ordinary course of business or customary indemnification agreements entered
into in the ordinary course of business in connection with obligations that do not constitute Indebtedness. The amount of any Guarantee
at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect
of which such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such
Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount
equal to such lesser amount).

 

    21

     

    

 

“Guarantee and
Security Agreement” means the Amended and Restated Guarantee, Pledge and Security Agreement, dated as of the Original
Restatement Effective Date, between the Borrower, the Subsidiary Guarantors party thereto, the Administrative Agent, each holder
(or a representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness, and the Collateral Agent,
as the same shall be amended, restated, modified and supplemented from time to time.

 

“Guarantee Assumption
Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and Security
Agreement between the Collateral Agent and an entity that pursuant to Section 5.08 is required to become a “Subsidiary
Guarantor” under the Guarantee and Security Agreement (with such changes as the Administrative Agent shall request consistent
with the requirements of Section 5.08).

 

“Hedging Agreement”
means any interest rate protection agreement, foreign currency exchange protection agreement, commodity price protection agreement
or other interest or currency exchange rate or commodity price hedging arrangement entered into in the ordinary course of business
and not for speculative purposes. For the avoidance of doubt, in no event shall a Hedging Agreement include a total return swap.

 

“HMT”
means Her Majesty’s Treasury (United Kingdom).

 

“Increasing
Existing Lenders” has the meaning assigned to such term in the recitals to this Agreement.

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.06(f).

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits,
loans or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar debt instruments,
(c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired
by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (other
than trade accounts payable and accrued expenses in the ordinary course of business not past due for more than 90 days after the
date on which such trade account payable was due), (e) all Indebtedness of others secured by any Lien on property owned or
acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with the value of such debt being the
lower of the outstanding amount of such debt and the fair market value of the property subject to such Lien), (f) all Guarantees
by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent
or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (i) the amount such Person
would be obligated for under any Hedging Agreement if such Hedging Agreement was terminated at the time of determination, (j) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, and (k) all obligations, contingent
or otherwise, with respect to Disqualified Equity Interests. The Indebtedness of any Person shall include the Indebtedness of any
other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor (or such Person is not otherwise liable for such Indebtedness).
Notwithstanding the foregoing, “Indebtedness” shall not include (x) purchase price holdbacks arising in the ordinary
course of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of
the seller of such asset or Investment, (y) a commitment arising in the ordinary course of business to make a future Portfolio
Investment or (z) indebtedness of the Borrower on account of the sale by the Borrower of the first out tranche of any First Lien
Bank Loan that arises solely as an accounting matter under ASC 860, provided that such indebtedness (i) is non-recourse
to the Borrower and its Subsidiaries and (ii) would not represent a claim against the Borrower or any of its Subsidiaries in a
bankruptcy, insolvency or liquidation proceeding of the Borrower or its Subsidiaries, in each case in excess of the amount sold
or purportedly sold.

 

    22

     

    

 

“Industry Classification
Group” means any of the classification groups that are currently in effect by Moody’s or may be subsequently
established by Moody’s and provided by the Borrower to the Lenders (including, without limitation, those set forth on Schedule
1.01(e) on the Restatement Effective Date).

 

“ING”
means ING Capital LLC.

 

“Interest
Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section
2.05, substantially in the form of Exhibit E hereto or such other form as reasonably satisfactory to the Administrative
Agent.

 

“Interest Payment
Date” means (a) with respect to any ABR Loan, each Quarterly Date and (b) with respect to any Eurocurrency
Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three months’ duration,
each day prior to the last day of such Interest Period that occurs at three-month intervals after the first day of such Interest
Period.

 

“Interest Period”
means, for any Eurocurrency Loan or Eurocurrency Borrowing, the period commencing on the date of such Loan or Borrowing and ending
on the numerically corresponding day in the calendar month that is one, three or six months thereafter or, with respect to such
portion of any Eurocurrency Loan or Eurocurrency Borrowing that is scheduled to be repaid on the Maturity Date, a period of less
than one month’s duration commencing on the date of such Loan or Borrowing and ending on the Maturity Date, as specified
in the applicable Borrowing Request or Interest Election Request; provided, that (a) 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 (b) any Interest Period (other than an Interest Period that ends on the Maturity Date that is permitted
to be of less than one month’s duration as provided in this definition) 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 Loan initially
shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Loan, and the date of a Borrowing comprising Loans that have been converted or continued shall be the effective date of
the most recent conversion or continuation of such Loans.

 

    23

     

    

 

“Internal Value”
has the meaning set forth in Section 5.12(b)(ii).

 

“Investment”
means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person (including convertible
securities) or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person
(including any “short sale” or any sale of any securities at a time when such securities are not owned by the Person
entering into such sale); (b) deposits, advances, loans or other extensions of credit made to any other Person (including
purchases of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property
to such Person); or (c) Hedging Agreements.

 

“Investment
Advisor” means Monroe Capital BDC Advisors, LLC, a Delaware limited liability company, or an Affiliate thereof.

 

“Investment
Allocation Policy” means the written statement, approved by the Board of Directors of the Borrower and reasonably acceptable
to the Administrative Agent, of the Borrower’s investment allocation
policy between affiliated investment vehicles managed directly or indirectly by Monroe Capital BDC Advisors, LLC.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended from time to time.

 

“Investment
Policies” means the credit policies and procedures of Monroe Capital BDC Advisors, LLC and the Investment Allocation Policy, each as in existence on the Original Effective Date.

 

“Lenders”
means the Persons listed on Schedule 1.01(b) (as amended from time to time pursuant to Section 2.06) as having
Commitments and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for
it to assume a Commitment or to acquire Revolving Credit Exposure, other than any such Person that ceases to be a party hereto
pursuant to an Assignment and Assumption.

 

“LIBO Quoted
Currency” means (x) Dollars and (y) Euro and English Pounds Sterling (but in the case of this clause (y), only if such
Currency is an Agreed Foreign Currency), in each case so long as there is a published LIBO Rate with respect thereto.

 

    24

     

    

 

“LIBO Rate”
means, for any Interest Period:

 

(a)       for
any Eurocurrency Borrowing denominated in a LIBO Quoted Currency, (i) the Intercontinental Exchange Benchmark Administration Ltd.
LIBOR Rate (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making such rates
available) per annum for deposits in such Currency for a period equal to the Interest Period appearing on the display designated
as Reuters Screen LIBOR01 Page (or such other page on that service or such other service designated by the Intercontinental Exchange
Benchmark Administration Ltd. (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer
making such rates available) for the display of such Administration’s Interest Settlement Rates for deposits in such Currency)
as of 11:00 a.m., London time on the day that is two Business Days prior to the first day of the Interest Period (or if such
Reuters Screen LIBOR01 Page is unavailable for any reason at such time, the rate which appears on the Reuters Screen ISDA Page
as of such date and such time); or (ii) if the Administrative Agent determines that the sources set forth in clause (i) are unavailable
for the relevant Interest Period, LIBO Rate for purposes of this clause (a) shall mean the rate of interest determined by the Administrative
Agent to be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rates per annum at which
deposits in such Currency are offered to the Administrative Agent two (2) business days preceding the first day of such Interest
Period by leading banks in the London interbank market as of 11:00 a.m. for delivery on the first day of such Interest Period,
for the number of days comprised therein and in an amount comparable to the amount of the Administrative Agent’s portion
of the relevant Eurocurrency Borrowing;

 

(b)       in
the case of any Eurocurrency Borrowings denominated in Canadian Dollars, the CDOR Rate per annum;

 

(c)       in
the case of any Eurocurrency Borrowings denominated in AUD, the AUD Screen Rate per annum plus 0.20%; and

 

(d)       for
all Non-LIBO Quoted Currencies (other than Canadian Dollars and AUD), the calculation of the applicable reference rate shall be
determined in accordance with market practice;

 

provided,
in each case, that if the LIBO Rate is less than zero0.50%,
such rate shall be deemed to be zero0.50%
for purposes of this Agreement.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities, except in favor of the issuer thereof (and, in the case of Portfolio Investments that are equity securities,
excluding customary drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of
the same issuer). For the avoidance of doubt, in the case of Investments that are loans or other debt obligations, customary restrictions
on assignments or transfers thereof on customary and market based terms pursuant to the underlying documentation relating to such
Investment shall not be deemed to be a “Lien”.

 

    25

     

    

 

“Loan Documents”
means, collectively, this Agreement, any promissory notes delivered pursuant to Section 2.07(f) and the Security Documents,
and such other agreements and operative documents, and any amendments or supplements thereto or modification thereof, executed
and/or delivered pursuant to the terms of this Agreement or any of the other Loan Documents.

 

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Margin Stock”
means “margin stock” within the meaning of Regulations T, U and X.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, Portfolio Investments of the Obligors (taken as a whole)
and other assets, liabilities (actual or contingent), operations or condition (financial or otherwise) of the Borrower and its
Subsidiaries (other than the Financing Subsidiaries), taken as a whole, or (b) the validity or enforceability of any of the
Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder or the ability of the Obligors
to perform their respective obligations thereunder.

 

“Material Indebtedness”
means (a) Indebtedness (other than the Loans and Hedging Agreements), of any one or more of the Borrower and its Subsidiaries
(including any Financing Subsidiary) in an aggregate principal amount exceeding $5,000,000 and (b) obligations in respect
of one or more Hedging Agreements or other swap or derivative transactions under which the maximum aggregate amount (after giving
effect to any netting agreements) that the Borrower and/or
its Subsidiaries would be required to pay if such Hedging Agreement(s) were terminated at such time would exceed $5,000,000.

 

“Maturity Date”
means the earliest of: (a) the Stated Maturity Date, (b) the date upon which the Administrative Agent declares the Obligations,
or the Obligations become, due and payable after the occurrence of an Event of Default and (c) the date upon which the Commitments
are terminated in full pursuant to Section 2.06(b).

 

“Maximum
Rate” has the meaning assigned to such term in Section 9.18.

 

“Modified
Asset Coverage Ratio” means, if the Borrower has elected to use the relief offered by Release No. 33837, the Asset Coverage
Ratio determined after giving effect to Release No. 33837 as in effect on the Amendment No. 3 Effective Date.

 

“Monroe
Joint Venture” means MRCC Senior Loan Fund I, LLC, a Delaware limited liability company.

 

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

 

“Multicurrency
Commitments” means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Loans
denominated in Dollars and in Agreed Foreign Currencies hereunder, as such commitment may be (a) reduced or increased from time
to time pursuant to Section 2.06 or reduced from time to time pursuant to Section 2.08 or as otherwise provided in
this Agreement and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section
9.04 and the other provisions of this Agreement (including the last two paragraphs of Section 7.01). The aggregate amount of
each Lender’s Multicurrency Commitment as of the Restatement Effective Date is set forth on Schedule 1.01(b),
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate
amount of the Lenders’ Multicurrency Commitments as of the Restatement Effective Date is $145,000,000.

 

    26

     

    

 

“Multicurrency
Lender” means the Persons listed on Schedule 1.01(b) (as amended pursuant to Section 2.06) as having Multicurrency
Commitments and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for
it to assume a Multicurrency Commitment or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that
ceases to be a party hereto pursuant to an Assignment and Assumption.

 

“Multicurrency
Loan” means a Loan denominated in Dollars or an Agreed Foreign Currency made pursuant to a Multicurrency Commitment.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA that is contributed to
by (or to which there is an obligation to contribute of) the Borrower, any of its Subsidiaries or any of their ERISA Affiliates,
and each such plan for the six-year period immediately following the latest date on which the Borrower, any of its Subsidiaries
or any of their ERISA Affiliates contributed to or had an obligation to contribute to such plan.

 

“National Currency”
means the currency, other than the Euro, of a Participating Member State.

 

“Net Asset Sale
Proceeds” means, with respect to any Asset Sale, an amount equal to (a) the sum of any Cash payments and Cash Equivalents
(and net Cash or Cash Equivalent proceeds of any noncash amount) received by the Obligors from such Asset Sale (including (i)
any Cash amount received by an Obligor from a disposition to a Financing Subsidiary and (ii) any Cash or Cash Equivalents
(and net Cash or Cash Equivalent proceeds of any noncash amount) received by way of deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, but only as and when so received), minus (b) any costs, fees, commissions, premiums
and expenses actually incurred by any Obligor directly incidental to such Asset Sale and paid in cash to a Person that is not an
Affiliate of any Obligor (or if paid in cash to an Affiliate, only to the extent such expenses are reasonable and customary), minus
(c) all taxes paid or reasonably estimated to be payable by any Obligor as a result of such Asset Sale (after taking into account
any available tax credits or deductions).

 

“Net
Cash Proceeds” means Cash proceeds net of underwriting
discounts and commissions or other similar payments and other costs, fees, premiums,
commissions and expenses directly associated therewith,
including, without limitation, reasonable legal fees and expenses.

 

“No External
Review Assets” means Portfolio Investments that are Unquoted Investments with a fair value of less than $4,000,000 and
which an Approved Third-Party Appraiser is not assisting the Board of Directors of the Borrower in determining the fair market
value of such Unquoted Investment in accordance with Section 5.12 as of the end of the applicable fiscal quarter; provided
that the aggregate fair value of all such Unquoted Investments does not exceed 10% of the Borrowing Base.

 

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“Non-Consenting
Lender” has the meaning assigned to such term in Section 9.02(d).

 

“Non-Core
Asset” means, on any date, (i) the portion of any Eligible Portfolio Investment that is excluded from the Borrowing Base
at any time whether before or after the Amendment No. 3 Effective Date, (ii) any Portfolio Investment that is not an Eligible Portfolio
Investment and is designated as a “Non-Core Asset” on the Borrowing Base Certificate delivered on the Amendment No.
3 Effective Date or on any subsequent Borrowing Base Certificate delivered to the Administrative Agent from time to time
pursuant to the terms of this
Agreement (which specifically shall be permitted to include any Portfolio Investment that constitutes an Eligible Portfolio Investment
on the Amendment No. 3 Effective Date but thereafter ceases to qualify as an Eligible Portfolio Investment) and (iii) any follow
on investments and protective advances made with respect to such Portfolio Investments, in each case, that meets all of the criteria
set forth on Schedule 1.01(f) hereto on such date; provided, that no Portfolio Investment shall constitute a Non-Core Asset or
be included in the Borrowing Base Flex if the Collateral Agent does not at all times maintain a first priority, perfected Lien
(subject to no other Liens other than Eligible Liens) on such Non-Core Asset or if such Non-Core Asset has not been or does not
at all times continue to be Delivered (as defined in the
Guarantee and Security Agreement).

 

“Non-LIBO Quoted
Currency” means any currency other than a LIBO Quoted Currency.

 

“Non-Pledged
Financing Subsidiary” means, with respect to any Financing Subsidiary, the Equity Interest of such Financing
Subsidiary is not subject to a first priority perfected security interest in favor of the Collateral Agent securing the Secured
Obligations.

 

“Obligations”
means all present and future indebtedness, obligations, and liabilities of the Obligors to the Administrative Agent and/or any
other Secured Party, and all renewals and extensions thereof, or any part thereof, arising pursuant to this Agreement (including,
without limitation, the indemnity provisions hereof), and all interest accruing thereon, and attorneys’ fees incurred in
the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect,
fixed, contingent, joint, several, or joint and several; together with all indebtedness, obligations, and liabilities of the Obligors
to the Administrative Agent and/or any other Secured Party evidenced or arising pursuant to any of the other Loan Documents, and
all renewals and extensions thereof, or any part thereof.

 

“Obligors”
means, collectively, the Borrower and the Subsidiary Guarantors.

 

“Obligors’
Net Worth” means, at any date, the Total Net Assets at such date, exclusive of the net asset value held by any Obligor
in any non-Obligor Subsidiary.

 

“OFAC”
has the meaning assigned to such term in Section 3.19.

 

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“Original Effective
Date” means October 23, 2012.

 

“Original Restatement
Effective Date” means December 14, 2015.

 

“Other Covered
Indebtedness” means, collectively, (i) Secured Longer-Term Indebtedness, (ii) Unsecured Shorter-Term Indebtedness and
(iii) from and after the date that is 9 months prior to their scheduled maturity, the 2023 Notes; provided that to the extent
any portion of any such Indebtedness is subject to a contractually scheduled amortization payment,or
other required principal payment or redemption earlier than the scheduled maturity date of such Indebtedness, such portion of such
Indebtedness shall be included in the calculation of Other Covered Indebtedness beginning upon the date that is the later of (x)
9 months prior to such scheduled amortization payment, other required principal payment or redemption and (y) the date the Borrower
becomes aware that such Indebtedness is required to be paid or redeemed.

 

“Other Permitted
Indebtedness” means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any
Obligor’s business that are overdue for a period of more than 90 days and which are being contested in good faith by appropriate
proceedings, (b) Indebtedness (other than Indebtedness for borrowed money) arising in connection with transactions in the
ordinary course of any Obligor’s business in connection with its purchasing of securities, Hedging Agreements entered into
for financial planning purposes and not for speculative purposes, reverse repurchase agreements or dollar rolls to the extent such
transactions are permitted under the Investment Company Act and the Borrower’s Investment Policies,;
provided that such Indebtedness does not arise in connection with the purchase of Eligible
Portfolio Investments other than Cash Equivalents and U.S. Government Securities,;
(c) Indebtedness in respect of judgments or awards that have been in force for less than the applicable period for taking
an appeal so long as such judgments or awards do not constitute an Event of Default under Section 7.01(k), (d) Indebtedness
incurred in the ordinary course of business to finance equipment and fixtures; provided that such Indebtedness does not exceed
$5,000,000 in the aggregate at any time outstanding; and (e) other Indebtedness not to exceed $3,000,000 in the aggregate.

 

“Other Taxes”
means any and all present or future stamp, court, documentary, intangible, recording or filing Taxes or any other excise or property
Taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery, performance,
enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any
Loan Document, except any such Taxes that are imposed with respect to an assignment (other than an assignment made pursuant to
Section 2.17(b)) and as a result of a present or former connection between such Lender and the jurisdiction imposing such
Tax (other than connections solely arising from such Lender having executed, delivered, become a party to, performed is obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or
enforced any Loan Documents, or sold or assigned an interest in any Loan or Loan Document).

 

“Participating
Member State” means any member state of the European Union that adopts or has adopted a common single currency as its
lawful currency in accordance with the legislation of the European Union relating to the European Monetary Union.

 

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

 

“Permitted Equity
Interests” means common stock of the Borrower that after its issuance is not subject to any agreement between the holder
of such common stock and the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate
any such common stock.

 

“Permitted Foreign
Issuer” shall mean any Person (i) organized under the laws of a Permitted Foreign Jurisdiction or any province thereof,
(ii) domiciled in a Permitted Foreign Jurisdiction, or (iii) with principal operations or any other material property or other
material assets pledged as collateral and located in a Permitted Foreign Jurisdiction.

 

“Permitted Foreign
Jurisdiction” means Canada, Australia and the United Kingdom.

 

“Permitted Holders”
means Theodore Koenig, Michael Egan, Jeremy VanDerMeid, Thomas Aronson and Aaron Peck, or any other individual manager of Monroe
Management Holdco, LLC reasonably acceptable to the Administrative Agent and the Required Lenders after the death, disability,
resignation or termination for cause by the Board of Directors of any of the foregoing.

 

“Permitted Liens”
means (a) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due or that are being contested
in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower
in accordance with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course
of business, provided that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure
only obligations incurred in connection with such purchase or sale, and not any obligation in connection with margin financing;
(c) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmens’, storage, landlord,
and repairmen’s Liens and other similar Liens arising in the ordinary course of business and securing obligations (other
than Indebtedness for borrowed money) not yet due or that are being contested in good faith and by appropriate proceedings if adequate
reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (d) Liens incurred or pledges
or deposits made to secure obligations incurred in the ordinary course of business under workers’ compensation laws, unemployment
insurance or other similar social security legislation (other than in respect of employee benefit plans subject to ERISA) or
to secure public or statutory obligations; (e) Liens securing the performance of, or payment in respect of, bids, insurance
premiums, deductibles or co-insured amounts, tenders, government or utility contracts (other than for the repayment of borrowed
money), surety, stay, customs and appeal bonds and other obligations of a similar nature incurred in the ordinary course of business;
(f) Liens arising out of judgments or awards that have been in force for less than the applicable period for taking an appeal
so long as such judgments or awards do not constitute an Event of Default; (g) customary rights of setoff and liens upon (i) deposits
of cash in favor of banks or other depository institutions in which such cash is maintained in the ordinary course of business,
(ii) cash and financial assets held in securities accounts in favor of banks and other financial institutions with which such
accounts are maintained in the ordinary course of business and (iii) assets held by a custodian in favor of such custodian
in the ordinary course of business, in the case of each of clauses (i) through (iii) above, securing payment of fees, indemnities,
charges for returning items and other similar obligations; (h) Liens arising solely from precautionary filings of financing
statements under the Uniform Commercial Code of the applicable jurisdictions in respect of operating leases entered into by the
Borrower or any of its Subsidiaries in the ordinary course of business; (i) zoning restrictions, easements, licenses, or other
restrictions on the use of any real estate (including leasehold title), in each case which do not interfere with or affect in any
material respect the ordinary course conduct of the business of the Borrower and its Subsidiaries; (j) purchase money Liens on
specific equipment and fixtures provided that (i) such Liens only attach to such equipment and fixtures, (ii) the Indebtedness
secured thereby is incurred pursuant to clause (d) of the definition of “Other Permitted Indebtedness” and (iii) the
Indebtedness secured thereby does not exceed the lesser of the cost and the fair market value of such equipment and fixtures at
the time of the acquisition thereof; (k) deposits of money securing leases to which Borrower is a party as lessee made in the ordinary
course of business; and (l) Eligible Liens.

 

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“Permitted Policy
Amendment” is an amendment, modification, termination or restatement of the Investment Policies, that is either (a) approved
in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law or Governmental
Authority, or (c) not material.

 

“Permitted SBIC
Guarantee” means a guarantee by the Borrower of SBA Indebtedness of an SBIC Subsidiary on SBA’s then applicable
form, provided that the recourse to the Obligors thereunder is expressly limited only to periods after the occurrence of
an event or condition that is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided
in Section 7.01(q), it shall be an Event of Default hereunder if any such event or condition giving rise to such recourse
occurs).

 

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

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (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 respect of which the Borrower, any
of its Subsidiaries or any of its or their respective ERISA Affiliates is (or would under Section 4069 of ERISA be deemed to be)
an “employer” as defined in Section 3(5) of ERISA.

 

“Portfolio Company”
means the issuer or obligor under any Portfolio Investment held by any Obligor.

 

“Portfolio Company
Data” means the most recently available historic
(not to exceed 6 monthsone
full fiscal quarter) and pro-forma financial information and market data associated with a Portfolio Company which has
been delivered by such Portfolio Company to the Borrower (which the Borrower has no reason to believe is inaccurate in any material
respect), which may include pro-forma financial information in connection with, among other things, (a) an Investment that was
originated by the Borrower within the preceding twelve month period, (b) a Portfolio Company that has, within the preceding twelve
month period, been the acquirer of substantially all of the business assets or stock of another Person, (c) a Portfolio Company
that has, within the preceding twelve month period, been the target of an acquisition of substantially all of its business assets
or stock, and/or (d) a Portfolio Company that does not have an entire fiscal year under its current capital structure. For the
avoidance of doubt, Portfolio Company Data shall exclude any adjustments to the historical results of the applicable Portfolio
Company to the extent such adjustments are inconsistent with the methodologies of RiskCalc.

 

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“Portfolio Investment”
means any Investment held by the Borrower and its Subsidiaries in their asset portfolio and included on the schedule of investments
on the financial statements of the Borrower delivered pursuant to Section 5.01(a) or (b) (and, for the avoidance
of doubt, shall not include any Subsidiary of the Borrower).

 

“Prime Rate”
means the rate of interest quoted in The Wall Street Journal, Money Rates Section, as the “U.S. Prime Rate”
(or its successor), as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest
or best rate actually charged to any customer. The Administrative Agent or any Lender may make commercial loans or other loans
at rates of interest at, above, or below the Prime Rate. Each change in the Prime Rate shall be effective from and including the
date such change is publicly announced or quoted as being effective.

 

“Principal Financial
Center” means, in the case of any Currency, the principal financial center where such Currency is cleared and settled,
as determined by the Administrative Agent.

 

“Public
Health Event” means (i) any epidemic, pandemic, disease outbreak (including COVID-19), other health crisis and/or public
health event and/or (ii) any adverse economic, financial and/or social conditions resulting from, arising out of or relating to
the foregoing clause (i).

 

“QFC”
has the meaning assigned to such term in Section 9.20.

 

“QFC Credit
Support” has the meaning assigned to such term in Section 9.20.

 

“Quarterly Dates”
means the last Business Day of March, June, September and December in each year, commencing on December 31, 2015.

 

“Quoted Investments”
has the meaning set forth in Section 5.12(b)(ii).

 

“Register”
has the meaning set forth in Section 9.04(c).

 

“Regulations
D, T, U and X” means, respectively, Regulations D, T, U and X of the Board of Governors
of the Federal Reserve System (or any successor), as the same may be modified and supplemented and in effect from
time to time.

 

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

 

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“Release
No. 33837” means Release No. IC-33837 issued by the SEC on April 8, 2020.

 

“Relevant
Governmental Body” means (a) the Federal
Reserve Board and/or the Federal Reserve Bank of New York, or acentral
bank for the currency in which the LIBO Rate is denominated or any central bank or other supervisor which is responsible for supervising
either the LIBO Rate or the administrator of the LIBO Rate or (b) any working group or committee officially endorsed
or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor
thereto.(i) the central bank for the currency in which
the LIBO Rate is denominated, (ii) any central bank or other supervisor which is responsible for supervising either the LIBO Rate
or the administrator of the LIBO Rate, (iii) a group of those central banks or other supervisors or (iv) the Financial Stability
Board or any part thereof.

 

“Required Lenders”
means, at any time, subject to Section 2.16(b), Lenders having Revolving Credit Exposures and unused Commitments representing more
than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided, that, (a) if
there are only three (3) Lenders at such time, “Required Lenders” shall mean Lenders having Revolving Credit
Exposures and unused Commitments representing at least two-thirds of the sum of the total Revolving Credit Exposures and unused
Commitments at such time and (b) if there are only two (2) Lenders at such time, “Required Lenders”
shall mean all Lenders. Solely for purposes of Section 2.11(a)(ii) and the last sentence of Section 9.02(b), the
Required Lenders of a Class means Lenders having Revolving Credit Exposures and unused Commitments of such Class representing more
than 50% (or, if there are only three (3) Lenders of such Class at such time, at least two-thirds, and, if there are only two (2)
Lenders of such Class at such time, all such Lenders) of the sum of the total Revolving Credit Exposures and unused Commitments
of such Class at such time.

 

“Required Multicurrency
Lenders” means Multicurrency Lenders having Revolving Multicurrency Credit Exposures and unused Multicurrency Commitments
representing more than 50% (or, if there are only three (3) Multicurrency Lenders at such time, at least two-thirds, and, if there
are only two (2) Multicurrency Lenders at such time, all such Multicurrency Lenders) of the sum of the total Revolving Multicurrency
Credit Exposures and unused Multicurrency Commitments at such time.

 

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

 

“Restatement
Effective Date” means March 1, 2019.

 

“Restricted
Investment” means (i) the Monroe Joint Venture, (ii) any other joint venture that the Borrower or any of its Subsidiaries,
directly or indirectly, has an interest in and (iii) any Subsidiary of the Monroe Joint Venture or any such other joint venture.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any shares of any class of capital stockEquity
Interests of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such shares of capital stockEquity
Interests of the Borrower or any of its Subsidiaries
or any option, warrant or other right to acquire any such shares of capital stockEquity
Interests of the Borrower or any of its Subsidiaries,
provided, for clarity, neither the conversion of convertible debt into Permitted Equity Interests nor the purchase, redemption,
retirement, acquisition, cancellation or termination of convertible debt made solely with Permitted Equity Interests shall be a
Restricted Payment hereunder.

 

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“Return of Capital”
means an amount equal to (a) any cash amount (and net cash proceeds of any noncash amount) received by any Obligor at any time
in respect of the outstanding principal of any Portfolio Investment (whether at stated maturity, by acceleration or otherwise),
plus (b) without duplication of amounts received under clause (a), any net cash proceeds (including net cash proceeds of any noncash
consideration) received by any Obligor at any time from the sale of any property or assets pledged as collateral in respect of
any Portfolio Investment to the extent such net cash proceeds are less than or equal to the outstanding principal balance of such
Portfolio Investment, plus (c) any cash amount (and net cash proceeds of any noncash amount) received by any Obligor at any time
in respect of any Portfolio Investment that is an Equity Interest (x) upon the liquidation or dissolution of the issuer of such
Portfolio Investment, (y) as a distribution of capital made on or in respect of such Portfolio Investment, or (z) pursuant to the
recapitalization or reclassification of the capital of the issuer of such Portfolio Investment or pursuant to the reorganization
of such issuer, plus (d) any similar return of capital received by any Obligor in cash (and net cash proceeds of any noncash amount)
in respect of any Portfolio Investment.

 

“Revolver Termination
Date” means the date that is the earlier to occur of (i) the date that is the four (4) year anniversary of the Restatement
Effective Date, and (ii) the termination in full of the Commitments in accordance with this Agreement, in each case unless
extended with the consent of each Lender in its sole and absolute discretion.

 

“Revolving Credit
Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Revolving Dollar Credit Exposure and Revolving Multicurrency Credit Exposure at such time.

 

“Revolving Dollar
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Dollar Loans at such time.

 

“Revolving Multicurrency
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Multicurrency Loans at such time.

 

“RIC”
means a Person qualifying for treatment as a “regulated investment company” under the Code.

 

“Risk
Factor” means, with respect to any Portfolio Investment (other than an ABL Transaction), for any calendar quarter, the
risk factor set forth on Schedule 1.01(c) corresponding to the Risk Factor Rating that has been most recently assigned to
such Portfolio Investment by the Borrower in accordance with the definition of Risk Factor Rating.

 

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“Risk
Factor Rating” means, with respect to any Portfolio Investment (other than an ABL Transaction), a rating assigned by
the Borrower from time to time to such Portfolio Investment by, at the Borrower’s option, either (i) using a public or private
rating of the Portfolio Company from Moody’s; (ii) using a comparable shadow rating performed by a Moody’s analyst
with respect to the Portfolio Investment; (iii) if such a public or private rating or comparable shadow rating referred to in clauses
(i) and (ii) above is not available, using a comparable rating determined by the Borrower inputting the Portfolio Company Data
relating to such Portfolio Investment into RiskCalc (Moody’s KMV Expected Default Frequency model); or (iv) determining a
rating by another method that has been approved for such Portfolio Investment by the Administrative Agent and Lenders (which approval,
for the avoidance of doubt, may be given electronically) holding at least two-thirds of the total Revolving Credit Exposures and
unused Commitments.

 

“Rockdale
Blackhawk Loans” means those loans and other financial accommodations set forth in the Existing Investments Certificate made
in connection with that certain Credit Agreement dated as of March 31, 2015 (as amended, restated, supplemented and/or otherwise
modified from time to time) by and among Rockdale Blackhawk, LLC (or any of its affiliates), Monroe Capital Management Advisors,
LLC, as administrative agent, the lenders party thereto and certain other parties, including, without limitation, any right to
receive any funds or distributions of assets with respect thereto in connection with the Chapter 7 bankruptcy case of Little River
Healthcare Holdings, LLC, et al., pending as Case No. 18-60526 in the United States Bankruptcy Court for the Western District of
Texas, Waco Division (whether by settlement therein or otherwise).

 

“S&P”
means S&P Global Ratings, a division of S&P Global, Inc., a New York corporation, or any successor thereto.

 

“Sanctioned
Country” means, at any time, a country, territory or region that is, or whose government is, the subject or target of
any Sanctions.

 

“Sanctions”
has the meaning assigned to such term in Section 3.19.

 

“SBA”
means the United States Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.

 

“SBIC Subsidiary”
means any Subsidiary of the Borrower (or such Subsidiary’s general partner or manager entity) that is (x) a “small
business investment company” licensed by the SBA (or that has applied for such a license and is actively pursuing the granting
thereof by appropriate proceedings promptly instituted and diligently conducted) under the Small Business Investment Act of 1958,
as amended, and (y) designated in writing by the Borrower (as provided below) as an SBIC Subsidiary, so long as:

 

(a)       other
than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Borrower make an equity or capital contribution
to the SBIC Subsidiary in connection with its incurrence of SBA Indebtedness (provided that such contribution is permitted by Section
6.03(e) as in effect at the time of such contribution and
is made substantially contemporaneously with such incurrence), no portion of the Indebtedness or any other obligations (contingent
or otherwise) of such Person (i) is Guaranteed by the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary),
(ii) is recourse to or obligates the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary) in any way, or (iii) subjects
any property of the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary) to the satisfaction thereof;

 

    35

     

    

 

(b)       other
than pursuant to a Permitted SBIC Guarantee, neither the Borrower nor any of its Subsidiaries has any material contract, agreement,
arrangement or understanding with such Person other than on terms no less favorable to the Borrower or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of the Borrower or such Subsidiary;

 

(c)       neither
the Borrower nor any of its Subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve
its financial condition or cause it to achieve certain levels of operating results; and

 

(d)       such
Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure,
and the Equity Interests it has issued are not pledged to secure, in each case, any indebtednessIndebtedness,
liabilities or obligations of any one or more of the Obligors.

 

Any designation by the
Borrower under clause (y) above shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative
Agent, which certificate shall include a statement to the effect that, to the best of such Financial Officer’s knowledge,
such designation complied with the foregoing conditions.

 

“SEC”
means the United States Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the functions
thereof.

 

“Secured Longer-Term
Indebtedness” means, as at any date, Indebtedness for borrowed money (other than Indebtedness hereunder) of the Borrower
(which may be Guaranteed by Subsidiary Guarantors) that;

 

(a) has no amortization
or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Stated
Maturity Date (it being understood that any mandatory amortization, redemption, repurchase or prepayment obligation or put right
that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a change of control
or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a) (notwithstanding
the foregoing, the Borrower acknowledges that any payment prior to the Termination Date in respect of any such obligation or right
shall only be made to the extent permitted by Section 6.12));

 

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(b)
is incurred pursuant to documentation containing (i) financial covenants, covenants governing the borrowing base, if any,
portfolio valuations and events of default (other than events of default customary in indentures or similar instruments that have
no analogous provisions in this Agreement or credit agreements generally) that are no more restrictive upon the Borrower and its
Subsidiaries than those set forth in this Agreement (provided that, upon the Borrower’s written notice to the Administrative
Agent at least five Business Days prior to the incurrence of any Secured Longer-Term Indebtedness that otherwise would not meet
the requirements of this clause (b)(i), this Agreement will be deemed automatically amended (and, upon the request of the
Administrative Agent or the Required Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment),
mutatis mutandis, solely to the extent necessary that the financial covenants, covenants governing the borrowing base, if
any, portfolio valuations and events of default, as applicable, in this Agreement shall be at least as restrictive as such covenants
in the Secured Longer-Term Indebtedness) and (ii) other terms (other than interest and any commitment or related fees) that are
no more restrictive in any material respect upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set
forth in this Agreement (it being understood that put rights or repurchase or redemption obligations (x) in the case of convertible
securities, in connection with the suspension or delisting of the Capital Stock of the Borrower or the failure of the Borrower
to satisfy a continued listing rule with respect to its Capital Stock or (y) arising out of circumstances that would constitute
a “fundamental change” (as such term is customarily defined in convertible note offerings) or be Events of Default
under this Agreement shall not be deemed to be more restrictive for purposes of this definition); and

 

(c) ranks pari passu
with the obligations under this Agreement and is not secured by any assets of any Person other than any assets of any Obligor pursuant
to the Security Documents and the holders of which, or the agent, trustee or representative of such holders have agreed to be bound
by the provisions of the Security Documents in a manner reasonably satisfactory to the Administrative Agent and the Collateral
Agent. For the avoidance of doubt, (i) Secured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal
or extension of any Secured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues
to satisfy the requirements of this definition and (ii) any payment on account of Secured Longer-Term Indebtedness shall be
subject to Section 6.12.

 

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

 

“Secured Parties”
has the meaning specified in the Guarantee and Security Agreement.

 

“Security Documents”
means, collectively, the Guarantee and Security Agreement, the Custodian Agreement, all Uniform Commercial Code financing statements
filed with respect to the security interests in personal property created pursuant to the Guarantee and Security Agreement, and
all other assignments, pledge agreements, security agreements, intercreditor agreements, control agreements and other instruments
executed and delivered at any time by any of the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing
or relating to any collateral security for any of the Secured Obligations.

 

“Senior Coverage
Ratio” means the ratio of (A) the aggregate fair value (with regard to (i)
Eligible Portfolio Investments, as determined in accordance with Section 5.12(b)(ii))
and (ii) Non-Core Assets, as determined in accordance with Schedule 1.01(f)) of the Collateral of the Obligors (exclusive
of Collateral that represents Equity Interests in Financing Subsidiaries and Equity Interests in joint ventures that in the aggregate
exceed 20% of the total value of the Collateral) to (B) the Covered Debt Amount (excluding solely for this purpose any unsecured
Indebtedness included therein not maturing within 90 days of the date of determination).

 

    	 	37	 

     

    

 

“Senior Securities”
means senior securities (as such term is defined and determined pursuant to the Investment Company Act and any orders of the SEC
issued to the Borrower thereunder).

 

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

 

“Solvent”
means, with respect to any Obligor, that as of the date of determination, both (a) (i) the sum of such Obligor’s debt
and liabilities (including contingent liabilities) does not exceed the present fair saleable value of such Person’s present
assets, (ii) such Obligor’s capital is not unreasonably small in relation to its business as contemplated on the Restatement
Effective Date and reflected in any projections delivered to the Lenders or with respect to any transaction contemplated or undertaken
after the Restatement Effective Date, and (iii) such Obligor has not incurred and does not intend to incur, or believe (nor
should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity
or otherwise); and (b) such Obligor is “solvent” within the meaning given to such term and similar terms under
applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, 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
liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

“Standard Securitization
Undertakings” means, collectively, (a) customary arms-length servicing obligations (together with any related performance
guarantees), (b) obligations (together with any related performance guarantees) to refund the purchase price or grant
purchase price credits for breach of representations and warranties referred to in clause (c), and (c) representations,
warranties, covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary
in commercial loan securitizations (in each case in clauses (a), (b) and (c) excluding obligations related to the collectability
of the assets sold or the creditworthiness of the underlying obligors and excluding obligations that constitute credit recourse).

 

“Stated Maturity
Date” means the date that is the one year anniversary of the Revolver Termination Date.

 

“Statutory Reserve
Rate” means, for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed as a decimal), the numerator
of which is the number one and the denominator of which is the number one minus the arithmetic mean, taken over each day
in such Interest Period, of the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding
(currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve percentages shall include those
imposed pursuant to Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such
reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time
to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and
as of the effective date of any change in any reserve percentage.

 

    	 	38	 

     

    

 

“Structured
Subsidiaries” means a direct or indirect Subsidiary of the Borrower to which any Obligor sells, conveys or otherwise
transfers (whether directly or indirectly) Portfolio Investments, which is formed in connection with, and which continues to exist
for the sole purpose of, such Subsidiary obtaining and maintaining third-party financing from unaffiliated third parties, and which
engages in no material activities other than in connection with the purchase and financing of such assets from the Obligors or
any other Person, and which is designated by the Borrower (as provided below) as a Structured Subsidiary; and, so long as:

 

(a)          no
portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any
Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor
in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor, directly
or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings
or any Guarantee thereof;

 

(b)          no
Obligor has any material contract, agreement, arrangement or understanding with such Subsidiary other than on terms no less favorable
to such Obligor than those that might be obtained at the time from Persons that are not Affiliates of any Obligor, other than fees
payable in the ordinary course of business in connection with servicing loan assets;

 

(c)          no
Obligor has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain
levels of operating results;

 

(d)          definitive
documentation relating to a third party financing provided to such Subsidiary by an unaffiliated third party (1) remains in full
force and effect at all times and (2) does not permit such Subsidiary to become an Obligor hereunder;

 

(e)          [reserved];

 

(f)           in
the good faith judgment of the Borrower, such Structured Subsidiary reasonably expects to utilize, in the ordinary course of business,
its assets to obtain or maintain a secured financing from an unaffiliated third party.

 

Any such designation
by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which
certificate shall include a statement to the effect that, to the best of such Financial Officer’s knowledge, such designation
complied with the foregoing conditions. Each Subsidiary of a Structured Subsidiary shall be deemed to be a Structured Subsidiary
and shall comply with the foregoing requirements of this definition.

 

    	 	39	 

     

    

 

“Subject to
Sanctions” with respect to any Person means that such Person is: (a) currently the subject of, or subject to, any
Sanctions; (b) included on OFAC’s list of Specially Designated Nationals or HMT’s Consolidated List of Financial Sanctions
Targets; (c) located, organized or resident in a Designated Jurisdiction; or (d) (i) an agency of the government of a Designated
Jurisdiction, (ii) an organization controlled by a Designated Jurisdiction, or (iii) a Person located, organized or resident
in a Designated Jurisdiction.

 

“Subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company,
partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as
any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other
ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a
partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that
is, as of such date, otherwise Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more
subsidiaries of the parent. Anything herein to the contrary notwithstanding, the term “Subsidiary” shall not include
any Person that constitutes a Portfolio Investment held by any Obligor in the ordinary course of business and that is not, under
GAAP, consolidated on the financial statements of the Borrower and its Subsidiaries. Unless otherwise specified, “Subsidiary”
means a Subsidiary of the Borrower.

 

“Subsidiary
Guarantor” means any Subsidiary that is or is required to be a Guarantor under the Guarantee and Security Agreement.
It is understood and agreed that, subject to Section 5.08(a), (i) no CFC or Transparent Subsidiary shall be required to
be a Subsidiary Guarantor and (ii), no Financing Subsidiary shall be required
to be a Subsidiary Guarantor, in each case, as long as it
remains a Financing Subsidiary, CFC or Transparent Subsidiary, as the case may be, as defined and described herein.

 

“Supported QFC”
has the meaning set forth in Section 9.20.

 

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

 

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

 

“Termination
Date” means the date on which the Commitments have expired or been terminated and the principal of and accrued interest
on each Loan and all fees and other amounts payable hereunder shall have been paid in full (excluding, for the avoidance of doubt,
any amount in connection with any contingent, unasserted indemnification and
expense reimbursement obligations).

 

“Total Net Assets”
means, at any date, the total net assets of the Borrower and its Subsidiaries determined on a consolidated basis, without duplication,
in accordance with GAAP.

 

    	 	40	 

     

    

 

“Transactions”
means the execution, delivery and performance by the Borrower of this Agreement and the
other Loan Documents, the borrowing of Loans, and the use of the proceeds thereof.

 

“Transferred
Asset” has the meaning assigned to such term in Section 6.03(f).

 

“Transparent
Subsidiary” means an entityany
Subsidiary of the Borrower designated in writing by the Borrower as a Transparent Subsidiary, so long as such Subsidiary is
directly or indirectly owned by an Obligor thatand
has no material assets other than Equity Interests (held directly or indirectly through other Transparent Subsidiaries) in one
or more CFCs.

 

“Two Largest
Industry Classification Groups” means, as of any date of determination, each of the two Industry Classification Groups
that a greater portion of the Borrowing Base has been assigned to each such Industry Classification Group pursuant to Section 5.12(a)
than any other single Industry Classification Group.

 

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

 

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

 

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

 

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

 

“Unadjusted
Borrowing Base” has the meaning assigned to such term in Section 5.13.

 

“Undisclosed Administration”
means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the
law in the country where such Lender or its direct or indirect parent company is subject to home jurisdiction supervision if applicable
law requires that such appointment is not to be publicly disclosed and such appointment has not been publicly disclosed (including,
without limitation, under the Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation)).

 

“Uniform Commercial
Code” or “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

 

    	 	41	 

     

    

 

“Unquoted Investments”
has the meaning set forth in Section 5.12(b)(ii).

 

“Unsecured Longer-Term
Indebtedness” means

 

(A) any Indebtedness
for borrowed money of the Borrower that:

 

(a) has
no amortization or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than, six months
after the Maturity Date (it being understood that (i) the conversion features into Permitted Equity Interests under convertible
notes (as well as the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests, except in
the case of interest or expenses (which may be payable in cash)) shall not constitute “amortization”, “redemption”,
 “repurchase” or “repayment” for the purposes of this definition and (ii) any mandatory amortization,
redemption, repurchase or prepayment obligation or put right that is contingent upon the happening of an event that is not certain
to occur (including, without limitation, a change of control or bankruptcy) shall not in and of itself be deemed to disqualify
such Indebtedness under this clause (a) (notwithstanding the foregoing in this clause (ii), the Borrower acknowledges that
any payment prior to the Termination Date in respect of any such obligation or right shall only be made to the extent permitted
by Section 6.12)).

 

(b) is incurred
pursuant to terms that are substantially comparable to market terms for substantially similar debt of other similarly situated
borrowers as reasonably determined in good faith by Borrower (other than financial covenants and events of default (other than
events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit
agreements generally), which shall be no more restrictive upon the Borrower and its Subsidiaries, prior to the Termination Date,
than those set forth in this Agreement; provided that, upon the Borrower’s written notice to the Administrative Agent at
least five Business Days prior to the incurrence of any Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements
set forth in this parenthetical of this clause (B), this Agreement will be deemed automatically amended (and, upon the request
of the Administrative Agent or the Required Lenders, the Borrower shall promptly enter into a written amendment evidencing such
amendment), mutatis mutandis, solely to the extent necessary such that the financial covenants and events of default, as
applicable, in this Agreement shall be at least as restrictive as such provisions in the Unsecured Longer-Term Indebtedness) (it
being understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection
with the suspension or delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing
rule with respect to its Capital Stock or (y) arising out of circumstances that would constitute a “fundamental change”
(as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement, shall not be
deemed to be more restrictive for purposes of this definition), and

 

(c) is not
secured by any assets of any Person. For the avoidance of doubt, Unsecured Longer-Term Indebtedness shall also include any refinancing,
refunding, renewal or extension of any Unsecured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended
Indebtedness continues to satisfy the requirements of this definition; and

 

    	 	42	 

     

    

 

(B) the 2023 Notes
up until the date that is 9 months prior to the scheduled maturity of the 2023 Notes, provided that the 2023 Notes otherwise comply
with the provisions of the immediately preceding clause (A).

 

For the avoidance of
doubt, (a) Unsecured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured
Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements
of this definition and (b) any payment on account of Unsecured Longer-Term Indebtedness shall be subject to Section 6.12.

 

“Unsecured Shorter-Term
Indebtedness” means, collectively, (a) any Indebtedness of the Borrower or any of its Subsidiaries that is not secured
by any assets of any Person and that does not constitute Unsecured Longer-Term Indebtedness and (b) any Indebtedness of the
Borrower or any of its Subsidiaries that is designated as “Unsecured Shorter-Term Indebtedness” pursuant to Section 6.11(a).
For the avoidance of doubt, Unsecured Shorter-Term Indebtedness shall also include any refinancing, refunding, renewal or extension
of any Unsecured Shorter-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to
satisfy the requirements of clause (a).

 

“USA
PATRIOT Act” has the meaning assigned to such term in Section 3.20.

 

“U.S. Government
Securities” means securities that are direct obligations of, and obligations the timely payment of principal and interest
on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which
are backed by the full faith and credit of the United States and in the form of conventional bills, bonds, and notes.

 

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

 

“U.S. Special
Resolution Regimes” has the meaning assigned to such term in Section 9.20.

 

“USA
PATRIOT Act” has the meaning assigned to such term in Section 3.20.

 

“Value”
has the meaning assigned to such term in Section 5.13.

 

“wholly owned
Subsidiary” of any person shall mean a Subsidiary of such person, all of the Equity Interests of which (other than directors’
qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person and/or one or
more wholly owned Subsidiaries of such person. Unless the context otherwise requires, “wholly owned Subsidiary Guarantor”
shall mean a wholly owned Subsidiary that is a Subsidiary Guarantor.

 

    	 	43	 

     

    

 

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

 

“Withholding
Agent” means the Borrower or the Administrative Agent, as applicable.

 

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

 

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 Loan” or a “Multicurrency Loan”), by
Type (e.g., an “ABR Loan”) or by Class and Type (e.g., a “Multicurrency Eurocurrency Loan”). Borrowings
also may be classified and referred to by Class (e.g., a “Dollar Borrowing” or a “Multicurrency Borrowing”),
by Type (e.g., an “ABR Borrowing”) or by Class and Type (e.g., a “Multicurrency Eurocurrency Borrowing”).
Loans and Borrowings may also be identified by Currency.

 

Section 1.03.       Terms
Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed
to have the same meaning and effect as the word “shall” and vice versa. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, restated, amended and restated, supplemented, renewed or otherwise
modified (subject to any restrictions on such amendments, supplements, renewals or modifications set forth herein or therein),
(b) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject
to any restrictions on such successors and assigns set forth herein), (c) the words “herein”, “hereto”,
 “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement
and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and
to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
Solely for purposes of this Agreement, any references to “obligations” owed by any Person under any Hedging Agreement
shall refer to the amount that would be required to be paid by such Person if such Hedging Agreement were terminated at such time
(after giving effect to any netting agreement).

 

    	 	44	 

     

    

 

Section 1.04.        Accounting
Terms; GAAP. Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time;
provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the Restatement Effective Date in GAAP or in the application or interpretation
thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request
an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change
in GAAP or in the application thereof, then the Borrower, Administrative Agent and the Lenders agree to enter into negotiations
in good faith in order to amend such provisions of the Agreement so as to equitably reflect such change to comply with GAAP with
the desired result that the criteria for evaluating the Borrower'sBorrower’s
financial condition shall be the same after such change to comply with GAAP as if such change had not been made; provided,
however, until such amendments to equitably reflect such changes are effective and agreed to by the Borrower, Administrative
Agent and the Required Lenders, the Borrower’s compliance with such financial covenants shall be determined on the basis
of GAAP as in effect and applied immediately before such change in GAAP becomes effective. Notwithstanding the foregoing or anything
herein to the contrary, the Borrower covenants and agrees with the Lenders that whether or not the Borrower may at any time adopt
Financial Accounting Standard Board Accounting Standards Codification 825, all determinations relating to fair value accounting
for liabilities or compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has
not adopted Accounting Standard Codification 825. Notwithstanding any other provision contained herein, all terms of an accounting
or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made,
without giving effect to any election under Statement of Financial Accounting Standards 159, The Fair Value Option for Financial
Assets and Financial Liabilities, or any successor thereto (including pursuant to Financial Accounting Standard Board Accounting
Standard Codifications), to value any Indebtedness of the Borrower or any Subsidiary at “fair market value”, as defined
therein. In addition, notwithstanding Accounting Standards Update 2015-03, GAAP or any other matter, for purposes of calculating
any financial or other covenants hereunder, debt issuance costs shall not be deducted from the related debt obligation.

 

Section 1.05.        Currencies
Generally. At any time, any reference in the definition
of the term “Agreed Foreign Currency” or in any other provision of this Agreement to the Currency of any particular
nation means the lawful currency of such nation at such time whether or not the name of such Currency is the same as it was on
the date hereof. Except as provided in Section 2.08(b) and the last sentence of Section 2.15(a), for purposes of
determining (i) whether the amount of any Borrowing under the Multicurrency Commitments, together with all other Borrowings under
the Multicurrency Commitments then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate
amount of the Multicurrency Commitments, (ii) the aggregate unutilized amount of the Multicurrency Commitments, (iii) the Revolving
Credit Exposure, (iv) the Covered Debt Amount and (v) the Borrowing Base or the Value or the fair market value of any Portfolio
Investment, the outstanding principal amount of any Borrowing that is denominated in any Foreign Currency or the Value or the
fair market value of any Portfolio Investment that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent
of the amount of the Foreign Currency of such Borrowing or Portfolio Investment, as the case may be, determined as of the date
of such Borrowing (determined in accordance with the last sentence of the definition of the term “Interest Period”)
or the date of valuation of such Portfolio Investment, as the case may be; provided that in connection with the delivery of any
Borrowing Base Certificate pursuant to Section 5.01(d) or (e), such amounts shall be determined as of the date of
the delivery of such Borrowing Base Certificate. Where any amount is denominated in Dollars under this Agreement but requires
for its determination an amount which is denominated in a Foreign Currency, such amounts shall be converted into the Foreign Currency
Equivalent on the date of determination. Wherever in this Agreement in connection with a Borrowing or Loan an amount, such as
a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan is denominated in a Foreign Currency,
such amount shall be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such
Foreign Currency).

 

    	 	45	 

     

    

 

Section 1.06.        Special
Provisions Relating to Euro. If at any time after
the Restatement Effective Date the Euro becomes an Agreed Foreign Currency then, from and after such date, each obligation hereunder
of any party hereto that is denominated in the National Currency of a state that is not a Participating Member State on the date
hereof shall, effective from the date on which such state becomes a Participating Member State, be redenominated in Euro in accordance
with the legislation of the European Union applicable to the European Monetary Union; provided that, if and to the extent that
any such legislation provides that any such obligation of any such party payable within such Participating Member State by crediting
an account of the creditor can be paid by the debtor either in Euros or such National Currency, such party shall be entitled to
pay or repay such amount either in Euros or in such National Currency. If the basis of accrual of interest or fees expressed in
this Agreement with respect to an Agreed Foreign Currency of any country that becomes a Participating Member State after the date
on which such currency becomes an Agreed Foreign Currency shall be inconsistent with any convention or practice in the interbank
market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace such expressed
basis effective as of and from the date on which such state becomes a Participating Member State; provided that, with respect
to any Borrowing denominated in such currency that is outstanding immediately prior to such date, such replacement shall take
effect at the end of the Interest Period therefor.

 

Without prejudice to
the respective liabilities of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement,
each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent and the
Borrower shall reasonably agree from time to time, to the extent necessary or appropriate to reflect the introduction or changeover
to the Euro in any country that becomes a Participating Member State after the Restatement Effective Date; provided that
the Administrative Agent shall provide the Lenders with prior notice of the proposed change with an explanation of such change
in sufficient time to permit the Lenders an opportunity to respond to such proposed change.

 

Section 1.07.        Times
of Day; Interest Rates. Unless otherwise specified
in the Loan Documents, time references are to Eastern time (daylight or standard, as applicable). The Administrative Agent does
not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission or
any other matter related to the rates in the definition of “LIBO Rate” or with respect to any comparable or successor
rate thereto, or replacement rate therefor.

 

    	 	46	 

     

    

 

Section 1.08.       Divisions.
For all purposes under the Loan Documents, in connection with any division or,
plan of division or creation or reorganization into one
or more series under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any
asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person (and
for all purposes of this Section 1.08, any series of a Person shall constitute a separate and different “Person”),
then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person
comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders
of its equity interestsEquity
Interests at such time.

 

Section 1.09.        Issuers.
For all purposes of this Agreement, all issuers of Eligible Portfolio Investments
that are Affiliates of one another shall be treated as a single issuer, unless such issuers are Affiliates of one another solely
because they are under the common Control of the same private equity sponsor or similar sponsor.

 

Section 1.10.        Public
Health Events. Notwithstanding any other
provision contained herein, unless otherwise agreed to by the Required Lenders in their sole discretion, all terms of an accounting
or financial nature used herein and all calculations of any financial or other covenants (including with respect to the Asset
Coverage Ratio (except as expressly provided in Section 6.07(a)) and the definitions therein) hereunder and all covenants limiting
or prohibiting transactions not permitted by law shall be determined, construed and/or calculated, in each case, without giving
effect to any temporary or permanent amendments, supplements, waivers, other modifications and/or other forms of relief since
December 31, 2019 of the Financial Accounting Standards Board (FASB), the Governmental Accounting
Standards Board and/or any Governmental Authority (including Release No. 33837 and other rules, regulations and orders
issued by the SEC) that arose in connection with, or as a result of, any Public Health Event.

 

Article II

THE CREDITS

 

Section 2.01.        The
Commitments. Subject to the terms and conditions
set forth herein, 

 

(a)          each Dollar Lender severally agrees to make Dollar
Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in
(a) such Lender’s Revolving Dollar Credit Exposure exceeding such Lender’s Dollar Commitment, (b) the aggregate
Revolving Dollar Credit Exposure of all of the Dollar Lenders exceeding the aggregate Dollar Commitments or (c) the total
Covered Debt Amount exceeding the Borrowing Base then in effect; and

 

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(b)          each Multicurrency Lender severally agrees to make
Multicurrency Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will
not result in (a) such Lender’s Revolving Multicurrency Credit Exposure exceeding such Lender’s Multicurrency
Commitment, (b) the aggregate Revolving Multicurrency Credit Exposure of all of the Multicurrency Lenders exceeding the aggregate
Multicurrency Commitments or (c) the total Covered Debt Amount exceeding the Borrowing Base then in effect.

 

Within the foregoing
limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.

 

Section 2.02.       
Loans and Borrowings.

 

(a)          Obligations
of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Currency and Type made by
the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender
to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that
the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans
as required.

 

(b)          Type
of Loans. Subject to Section 2.11, each Borrowing of a Class shall be constituted entirely of ABR Loans or of Eurocurrency
Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each ABR Loan shall be
denominated in Dollars. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of
the Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c)           Minimum
Amounts. Each Eurocurrency Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000, and each
ABR Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000; provided that an ABR Borrowing
of a Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Class. Borrowings
of more than one Class, Currency or Type may be outstanding at the same time.

 

(d)          Limitations
on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request
(or to elect to convert to or continue as a Eurocurrency Borrowing) any Borrowing if the Interest Period requested therefor
would end after the Maturity Date.

 

(e)          [Reserved].

 

(f)           Restatement Effective Date Adjustments.

 

(i)              On
the Restatement Effective Date Borrower shall (A) prepay the Existing Loans (if any) in full and (B) simultaneously
borrow new Loans hereunder in an amount equal to such prepayment; provided that with respect to subclauses (A) and
(B), (x) the prepayment to, and borrowing from, any Existing Lender shall be effected by book entry to the extent that any
portion of the amount prepaid to such Existing Lender will be subsequently borrowed from such Existing Lender and (y) the
Existing Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that,
after giving effect thereto, the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders
(as set forth in Schedule 1.01(b)). Each of the Lenders consents to any non-pro rata commitment reduction or payment
that is a result of the reallocation. Each of the Lenders agrees to waive repayment of the amounts, if any, payable under Section
2.13 as a result of, and solely in connection with, any such prepayment.

 

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(ii)             On
the Restatement Effective Date, substantially contemporaneously with the reallocation described in Section 2.02(f)(i),
each Increasing Existing Lender shall make a payment to the Administrative Agent, for the account of the other Lenders, in an
amount calculated by the Administrative Agent in accordance with such section, so that after giving effect to such payment and
to the distribution thereof to the other Lenders, the Loans are held ratably by the Lenders.

 

Section 2.03.       
Requests for Borrowings.

 

(a)          Notice
by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by delivery of
a signed Borrowing Request or by telephone or e-mail (in each case, followed promptly by delivery (including by e-mail) of a signed
Borrowing Request) (i) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than noon, New York
City time, three Business Days before the date of the proposed Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated
in a Foreign Currency, not later than noon, New York City time, four (4) Business Days before the date of the proposed Borrowing,
or (iii) in the case of an ABR Borrowing, not later than noon, New York City time, one (1) Business Day before the date of
the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery
or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed
by the Borrower. It is the intention of the Borrower to use its commercially reasonable efforts to make Borrowings hereunder in
a manner such that, after giving effect to each extension of credit hereunder, each Lender’s outstanding principal amount
of its Loans as a percentage of the aggregate outstanding principal amount of all Loans outstanding is in accordance with its
Applicable Percentage.

 

(b)          Content
of Borrowing Requests. Each telephonic and written (including an e-mail request) Borrowing Request shall specify the following
information in compliance with Section 2.02:

 

(i)              whether
such Borrowing is to be made under the Dollar Commitments, the Multicurrency Commitments or both (and, if both, the amount of
the Borrowing under each Class);

 

(ii)             the
aggregate amount and Currency of each Class of the requested Borrowing;

 

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

 

(iv)            in
the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

(v)             in
the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of
the term “Interest Period” and permitted under Section 2.02(d); and

 

(vi)         the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.04.

 

(c)          Notice
by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section,
the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender’s
Loan to be made as part of the requested Borrowing.

 

(d)          Failure
to Elect. If no election as to the Class of a Borrowing denominated in Dollars is specified, then the requested Borrowing
shall be deemed to be under both the Multicurrency Commitments and Dollar Commitments, provided however, that if no election as
to a Class is specified but an Agreed Foreign Currency has been specified then the requested Borrowing shall be deemed to be under
the Multicurrency Commitments. If no election as to the Currency of a Borrowing is specified, then the requested Borrowing shall
be denominated in Dollars. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall be a
Eurocurrency Borrowing having an Interest Period of one month and, if an Agreed Foreign Currency has been specified, the requested
Borrowing shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period of one (1)
month. If a Eurocurrency Borrowing is requested but no Interest Period is specified, (i) if the Currency specified for such Borrowing
is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a Eurocurrency Borrowing denominated in
Dollars having an Interest Period of one (1) month’s duration, and (ii) if the Currency specified for such Borrowing is
an Agreed Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration.

 

Section 2.04.       
Funding of Borrowings.

 

(a)          Funding
by Lenders. 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 1:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by
it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly
crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing
Request.

 

(b)          Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a 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, in reliance upon such assumption, the Administrative Agent may (in its sole discretion
and without any obligation to do so) make available to the Borrower a corresponding amount. In such event, if a Lender has not
in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate and (ii) in the case of the Borrower, the
interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute
such Lender’s Loan included in such Borrowing.

 

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Section 2.05.       
Interest Elections.

 

(a)          Elections
by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be
of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest
Period specified in such Borrowing Request. Thereafter, subject to Section 2.05(e), the Borrower may elect to convert such Borrowing
to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency
Borrowing, may elect the Interest Period therefor, all as provided in this Section; provided, however, that (i)
the Borrower may only continue or convert a Borrowing of a Class into a Borrowing of the same Class, (ii) the Borrower may not
continue or convert a Borrowing denominated in one Currency as or to a Borrowing in a different Currency, (iii) the Borrower may
not continue a Eurocurrency Borrowing denominated in a Foreign Currency if, after giving effect thereto, the aggregate Revolving
Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) the Borrower may not convert a Eurocurrency
Borrowing denominated in a Foreign Currency to a Borrowing of a different Type. 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 of the respective Class holding the Loans constituting such Borrowing (except as provided under Section 2.11(b)), and
the Loans constituting each such portion shall be considered a separate Borrowing.

 

(b)          Notice
of Elections. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election
by delivery of a signed Interest Election Request or by telephone (followed promptly, but no later than the close of business
on the date of such request, by a signed Interest Election Request) 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. Each such Interest Election Request shall be irrevocable.

 

(c)          Content
of Interest Election Requests. Each Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i)              the Borrowing (including the Class) 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) of this paragraph shall be specified for each
resulting Borrowing);

 

    	 	51	 

     

    

 

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

 

(iii)            whether,
in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;
and

 

(iv)            if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d);
provided that there shall be no more than ten (10) separate interest rate contracts (either tenor or benchmark) outstanding at
any one time; provided further, that if a Dollar Loan and a Multicurrency Loan have Interest Periods beginning and ending on the
same dates, they shall be deemed to be a single interest rate contract for the purpose of the limit set forth in this clause (iv),
and for the avoidance of doubt, any ABR Loans do not count against such limit.

 

(d)          Notice
by the Administrative Agent to the Lenders. 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)          Failure
to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect
to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided
herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be converted
to a Eurocurrency Borrowing of the same Class having an Interest Period of one (1) month, and (ii) if such Borrowing is denominated
in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration. Notwithstanding
any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request
of the Required Lenders, so notifies the Borrower, (i) any Eurocurrency Borrowing denominated in Dollars shall, at the end of
the applicable Interest Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing, (ii) the Borrower
shall not be entitled to elect to convert or continue any Borrowing into or as a Eurocurrency Borrowing and (iii) any Eurocurrency
Borrowing denominated in a Foreign Currency shall not have an Interest Period of more than one (1) month’s duration.

 

Section 2.06.       
Termination, Reduction or Increase of the Commitments.

 

(a)          Scheduled
Termination. On the Revolver Termination Date the Commitments of each Class shall automatically be reduced to an amount equal
to the aggregate principal amount of the Loans of all Lenders of such Class outstanding on the Revolver Termination Date and thereafter
to an amount equal to the aggregate principal amount of the Loans of such Class outstanding after giving effect to each payment
of principal hereunder; provided that, for clarity, no Lender shall have any obligation to make new Loans on or after the
Revolver Termination Date, and any outstanding amounts shall be due and payable on the Maturity Date in accordance with Section
2.07.

 

    	 	52	 

     

    

 

(b)          Voluntary
Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Commitments ratably among
each Class, so long as no Borrowing Request is outstanding, the Borrowing under which would cause the aggregate amount of all
outstanding Loans (including such Borrowing) to exceed the reduced amount of the Commitments; provided that (i) each
reduction of the Commitments pursuant to this Section 2.06(b) shall be in an amount (when considered in the aggregate with all
reductions being applied contemporaneously to the Classes being reduced) that is $5,000,000 or a larger multiple of $1,000,000
in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent
prepayment of the Loans of any Class in accordance with Section 2.08, the total Revolving Credit Exposures of such
Class would exceed the total Commitments of such Class.

 

(c)          Notice
of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or
reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date
of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice,
the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant
to this Section shall be irrevocable; provided that a notice of termination of the Commitments of a Class delivered
by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such
notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if
such condition is not satisfied.

 

(d)          Effect
of Termination or Reduction. Any termination or reduction of the Commitments of a Class shall be permanent. Each reduction
of the Commitments of a Class shall be made ratably among the Lenders of such Class in accordance with their respective Commitments.

 

(e)          [Intentionally
omitted]

 

(f)           Increase of the Commitments.

 

(i)             
Requests for Increase by Borrower. The Borrower may, at any time prior to the Revolver Termination Date, propose
that the Commitments hereunder of a Class be increased (each such proposed increase being a “Commitment Increase”) by
notice to the Administrative Agent specifying each existing Lender (each an “Increasing Lender”) and/or
each additional lender (each an “Assuming Lender”) that shall have agreed to an additional Commitment and
the date on which such increase is to be effective (the “Commitment Increase Date”), which shall be a Business
Day at least three Business Days (or such lesser period as the Borrower and the Administrative Agent may reasonably agree) after
delivery of such notice and 30 days prior to the Revolver Termination Date; provided that each Lender may determine in its
sole discretion whether or not it chooses to participate in a Commitment Increase; provided, further that:

 

    	 	53	 

     

    

 

(A)            the
minimum amount of the Commitment (in the aggregate for all relevant Classes) of any Assuming Lender, and the minimum amount of
the increase of the Commitment (in the aggregate for all relevant Classes) of any Increasing Lender, as part of such Commitment
Increase shall be $5,000,000 or a largerwhole
multiple of $1,000,000 in excess thereof (or, in each case, in such other amounts as agreed to
by the Borrower and the Administrative Agent, in its sole discretion),

 

(B)            immediately
after giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder shall not exceed $400,000,000;

 

(C)   
         each Assuming Lender and the Commitment Increase shall be consented to by the Administrative Agent
(which consent shall not be unreasonably withheld);

 

(D)           no
Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase;
and

 

(E)             the
representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material
respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be
true and correct in all respects) on and as of the Commitment Increase Date as if made on and as of such date (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

 

For
the avoidance of doubt, no Lender shall be obligated to agree to an additional Commitment requested by the Borrower pursuant to
this Section 2.06(f).

 

(ii)             Effectiveness
of Commitment Increase by Borrower. TheOn
the Commitment Increase Date for any Commitment Increase, each Assuming Lender part
of such Commitment Increase, if any, shall become a Lender hereunder as of such Commitment Increase Date with
a Commitment in the amount set forth in the agreement referred to in Section 2.06(f)(ii)(y) and the Commitment of the
respective Class of any Increasing Lender and such Assuming Lender shall be increased
as of such Commitment Increase Date to the amount set forth in the
agreement referred to in Section 2.06(e)(ii)(y); provided that:

 

(x)             the
Administrative Agent shall have received on or prior to noon, New York City time, on such Commitment Increase Date (or on
or prior to a time on an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer of the
Borrower stating that each of the applicable conditions to such Commitment Increase set forth in the foregoing paragraph (i) has
been satisfied; and

 

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(y)             each
Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to noon, New York City
time on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent), an agreement,
in form and substance satisfactory to the Borrower and the Administrative Agent, pursuant to which such Lender shall, effective
as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment, in each case of the respective Class,
as applicable, duly executed by such Assuming Lender or Increasing
Lender, as applicable, and the Borrower and acknowledged by the Administrative Agent.

 

Promptly following satisfaction
of such conditions, the Administrative Agent shall notify the Lenders of such Class (including any Assuming Lenders) thereof
and of the occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system.

 

(iii)            Recordation
into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by aneach
Assuming Lender or anyand
each Increasing Lender part of such Commitment Increase,
as applicable, together with the certificate referred to in clause (ii)(x) above, the Administrative Agent
shall, if such agreement referred to in clause (ii)(y) has
been completed, (x) accept such agreement, (y) record the information contained therein in the Register and (z) give
prompt notice thereof to the Borrower.

 

(iv)            Adjustments of Borrowings upon Effectiveness of Increase. On each Commitment Increase Date, the Borrower shall (A) prepay
the outstanding Loans (if any) of such Class in full, (B) simultaneously borrow new Loans of such Class hereunder in
an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to,
and borrowingBorrowing
from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will
be subsequently borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall
make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto,
the Loans of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Lenders
of such Class (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts,
if any, payable under Section 2.13 as a result of any such prepayment. Notwithstanding the foregoing, unless otherwise consented
in writing by the Borrower, no Commitment Increase Date shall occur on any day other than the last day of an Interest Period. The
Administrative Agent shall amend Schedule 1.01(b) to reflect the aggregate amount of each Lender’s Dollar Commitments
and Multicurrency Commitments (including Increasing Lenders and Assuming Lenders). Each reference to Schedule 1.01(b) in
this Agreement shall be to Schedule 1.01(b) as amended pursuant to this Section.

 

(v)             Terms
of Loans issued on the Commitment Increase Date. For the avoidance of doubt, the terms and provisions of any new Loans issued
by any Assuming Lender or Increasing Lender, and the Commitment Increase of any Assuming Lender or Increasing Lender, shall be
identical to the terms and provisions of Loans of
the applicable Class issued by, and the Commitments of the
applicable Class of, the Lenders immediately prior to the applicable Commitment Increase Date.

 

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Section 2.07.       
Repayment of Loans; Evidence of Debt.

 

(a)          Repayment.
Subject to, and in accordance with, the terms of this Agreement, the Borrower hereby unconditionally promises to pay to the Administrative
Agent for the account of the Lenders of each Class the outstanding
principal amount of the Loans of such Class and all other amounts due and owing hereunder and under the other Loan Documents on
the Maturity Date.

 

(b)          Manner of Payment. Subject to Section 2.08(d), prior to any repayment or prepayment of any Borrowings of any
Class hereunder, the Borrower shall select the Borrowing or Borrowings of such Class to be paid and shall notify the Administrative
Agent by telephone (confirmed by telecopy or e-mail) of such selection not later than the time set forth in Section 2.08(e)
prior to the scheduled date of such repayment; provided that each repayment of Borrowings of a Class shall be applied to
repay any outstanding ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to make a timely
selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding
ABR Borrowings of such Class and, second, to any remaining Borrowings of such Class in the order of the remaining duration of their
respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Borrowing
of a Class shall be applied ratably to the Loans of such Class included in such Borrowing (except as otherwise provided in Section
2.11(b)).

 

(c)          Maintenance
of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtednessIndebtedness
of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency of
principal and interest payable and paid to such Lender from time to time hereunder.

 

(d)          Maintenance
of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record (i) the
amount and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount
and Currency of any principal or interest due and payable or to become due and payable from the Borrower to each Lender of such
Class hereunder and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for the
account of the Lenders and each Lender’s share thereof.

 

(e)          Effect
of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section shall
be prima facie evidence, absent manifest error, of the existence and amounts of the obligations recorded therein; provided
that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any
manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. In the event of
any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent
in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

 

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(f)          
Promissory Notes. Any Lender may request that Loans of any Class made by it be evidenced by a promissory note;
in. In such event, the Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and
its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter, the Loans evidenced by such
promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented
by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note,
to such payee and its permitted registered assigns).

 

Section 2.08.       
Prepayment of Loans.

 

(a)         
Optional Prepayments. The Borrower shall have the right at any time and from time to time (but subject to Section
2.08(e)) to prepay any Borrowing in whole or in part, without premium or fee (but subject to Section 2.13), subject
to the requirements of this Section. Each prepayment in part under this Section 2.08 shall be in a minimum amount of $1,000,000
(or, if the total amount of such Borrowing is less than $1,000,000, the entire remaining outstanding amount of such Borrowing)
or a larger multiple of $100,000.

 

(b)         
Mandatory Prepayments dueDue
to Changes in Exchange Rates.

 

(i)                
Determination of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative
Agent of a Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency
Credit Exposure. For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any
Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as
of such Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m.,
New York City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received,
on the first Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative
Agent shall promptly notify the Multicurrency Lenders and the Borrower thereof.

 

(ii)             
Prepayment. If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure exceeds 105%
of the aggregate amount of the Multicurrency Commitments as then in effect, the Borrower shall, promptly (but in no event later
than ten (10) Business Days following the Borrower’s receipt of the notice from the Administrative Agent described in clause
(i) above) prepay the Multicurrency Loans in such amounts as shall be necessary so that after giving effect thereto the aggregate
Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments.

 

For purposes hereof, “Currency Valuation
Notice” means a notice given by the Required Multicurrency Lenders to the Administrative Agent stating that such notice is
a “Currency Valuation Notice” and requesting that the Administrative Agent determine the aggregate Revolving Multicurrency
Credit Exposure. The Administrative Agent shall not be required to make more than one valuation determination pursuant to Currency
Valuation Notices within any rolling three month period.

 

    	 	57	 

     

    

 

(c)         
Mandatory Prepayments due to Borrowing Base Deficiency. In the event that the amount of total Revolving Credit Exposure
exceeds the total Commitments, the Borrower shall prepay (subject to Section 2.08(e)) Loans in such amounts as shall be
necessary so that the amount of total Revolving Credit Exposure does not exceed the total Commitments. In the event that at any
time any Borrowing Base Deficiency shall exist, within 5 Business Days, the Borrower shall either prepay (x) the Loans so that
the Borrowing Base Deficiency is promptly cured or (y) the Loans and the Other Covered Indebtedness in such amounts as shall be
necessary so that such Borrowing Base Deficiency is promptly cured (and, as among the Loans and the Other Covered Indebtedness,
at least ratably (based on the outstanding principal amount of such Indebtedness) as to payments of Loans in relation to Other
Covered Indebtedness); provided, that,
if within such 5 Business Day period, the Borrower shall present to the Administrative Agent a reasonably feasible plan, which
plan is reasonably satisfactory to the Administrative Agent, that will enable any such Borrowing Base Deficiency to be cured within
30 Business Days of the occurrence of such Borrowing Base Deficiency (which 30-Business Day period shall include the 5 Business
Days permitted for delivery of such plan) (provided, however, that with
respect to any Borrowing Base Deficiency occurring during the period from and including the Amendment No. 3 Effective Date to and
including the Covid Relief Termination Date, instead of a 30-Business Day cure period, a 10 Business Day cure period shall apply),
then such prepayment or reduction shall be effected in accordance with such plan (subject, for the avoidance of doubt, to the limitations
set forth above in this Section 2.08(c)). Notwithstanding the foregoing, the Borrower shall pay interest in accordance with
Section 2.10(c) for so long as the Covered Debt Amount exceeds the Borrowing Base during such 30-Business Day period. For
clarity, in the event that the Borrowing Base Deficiency is not cured prior to the end of such 5-Business Day period (or, if applicable,
such 30-Business Day period), it shall constitute an immediate
Event of Default under Section 7.01(a).

 

(d)         
Mandatory Prepayments due to Certain Events Following Availability Period. Subject to Section 2.08(e) below:

 

(i)                
Asset Sales. In the event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability
Period, the Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay
the Loans in an amount equal to 100% of such Net Asset Sale Proceeds (and the Commitments shall be permanently reduced by such
amount); provided, that with respect to Asset Sales of assets that are not Portfolio Investments, the Borrower shall not
be required to prepay the Loans unless and until (and to the extent that) the aggregate Net Asset Sale Proceeds relating to all
such Asset Sales are greater than $2,000,000.

 

    	 	58	 

     

    

 

(ii)             
Extraordinary Receipts. In the event (but only to the extent) that the aggregate amount of all Extraordinary Receipts
received by the Obligors at any time after the Availability Period exceeds $2,000,000, the Borrower shall, no later than the third
Business Day following the receipt of such excess Extraordinary Receipts, prepay the Loans in an amount equal to such excess Extraordinary
Receipts (and the Commitments shall be permanently reduced by such amount); provided, that if the Loans to be prepaid are
Eurocurrency Loans, the Borrower may defer such prepayment (and permanent Commitment reduction) until the last day of the Interest
Period applicable to such Loans, so long as the Borrower deposits an amount equal to such excess Extraordinary Receipts, no later
than the third Business Day following the receipt of such excess Extraordinary Receipts, into a segregated collateral account
in the name and under the dominion and control of the Administrative Agent pending application of such amount to the prepayment
of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period.

 

(iii)           
Returns of Capital. In the event that any Obligor shall receive any Return of Capital at any time after the Availability
Period, the Borrower shall, no later than the third Business Day following the receipt of such Return of Capital, prepay the Loans
in an amount equal to 100% of such Return of Capital (and the Commitments shall be permanently reduced by such amount); provided,
that if the Loans to be prepaid are Eurocurrency Loans, the Borrower may defer such prepayment (and permanent Commitment reduction)
until the last day of the Interest Period applicable to such Loans, so long as the Borrower deposits an amount equal to 100% of
such Return of Capital, no later than the third Business Day following the receipt of such Return of Capital, into a segregated
collateral account in the name and under the dominion and control of the Administrative Agent pending application of such amount
to the prepayment of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period.

 

(iv)            
Equity Issuances. In the event that the Borrower shall receive any Net
Cash proceedsProceeds
from the issuance of Equity Interests of the Borrower at any time after the Availability PeriodAmendment
No. 3 Effective Date, the Borrower shall, no later than the third Business Day following the receipt of such Net
Cash proceedsProceeds,
prepay the Loans in an amount equal to fifty percent (50%) of such Cash proceeds, net
of underwriting discounts and commissions or other similar payments and other costs, fees, premiums and expenses directly associated
therewith, including, without limitation, reasonable legal fees and expenses (and(x)
if such Net Cash Proceeds are received at any time from the Amendment No. 3 Effective Date until the end of the Availability Period,
the lesser of (a) 100% of such Net Cash Proceeds and (b) the amount required for the Covid Relief Borrowing Base Condition to be
satisfied immediately after giving effect to such prepayment and (y) if such Net Cash Proceeds are received at any time after the
Availability Period, the greater of (I) 50% of such Net Cash Proceeds and (II) the lesser of (a) 100% of such Net Cash Proceeds
and (b) the amount required for the Covid Relief Borrowing Base Condition to be satisfied immediately after giving effect to such
prepayment (and, solely in the case of this clause (y), the Commitments shall be permanently reduced by such amount).
In connection with any such prepayment prior to the end of the Availability
Period, the Borrower shall deliver an updated Borrowing Base Certificate as of the date of such prepayment (immediately after giving
effect to any prepayment of Loans (as well as any substantially concurrent acquisitions of Portfolio Investments, distributions
or payment of outstanding Indebtedness) on such date, to the extent applicable).

 

    	 	59	 

     

    

 

(v)              
Indebtedness. In the event that any Obligor shall receive any Net
Cash proceedsProceeds
from the issuance of Indebtedness at any time after the Availability PeriodAmendment
No. 3 Effective Date, such Obligor shall, no later than the third Business Day following the receipt of such Net
Cash proceedsProceeds,
prepay the Loans in an amount equal to 100% of such Cash proceeds, net of underwriting discounts
and commissions or other similar payments and other costs, fees, commissions, premiums and expenses directly associated therewith,
including, without limitation, reasonable legal fees and expenses (and(x)
if such Net Cash Proceeds are received at any time from the Amendment No. 3 Effective Date until the end of the Availability Period,
the lesser of (a) 100% of such Net Cash Proceeds and (b) the amount required for the Covid Relief Borrowing Base Condition to be
satisfied and (y) if such Net Cash Proceeds are received at any time after the Availability Period, 100% of such Net Cash Proceeds
(and, solely in the case of this clause (y), the Commitments shall be permanently reduced by such amount). In
connection with any such prepayment prior to the end of the Availability Period, the Borrower shall deliver an updated Borrowing
Base Certificate as of the date of such prepayment (immediately after giving effect to any prepayment of Loans (as well as any
substantially concurrent acquisitions of Portfolio Investments, distributions or payment of outstanding Indebtedness) on such date,
to the extent applicable).

 

(vi)            
Revolver Termination Date. Not later than the third Business Day following
the end of the Availability Period, the Borrower shall use the excess of (A) Cash and Cash Equivalents of the Borrower and its
Subsidiaries over (B) the sum of (i) the amount of the Borrower’s existing commitments (which include revolving loan or delayed
draw term loan commitments the funding of which are not at the discretion or consent of the Borrower or its Subsidiaries) to make
Portfolio Investments as of such date, (ii) any follow on advances or protective advances anticipated by the Borrower to be made
within ninety (90) days after the end of the Availability Period, (iii) the amount of the Borrower’s existing obligations
or the amount of Cash the Borrower reasonably intends to use to make distributions and dividends within ninety (90) days after
the end of the Availability Period that are permitted under Section 6.05(b) , (d) or (e), (iv) other payments in Cash by the Borrower
for operating expenses and other Cash needs (other than for making new Investments) in the ordinary course of business reasonably
expected to occur within ninety (90) days after the end of the Availability Period, in each case under the foregoing clauses (i),
(ii), (iii) and (iv) the calculation of which shall be demonstrated to the reasonable satisfaction of the Administrative Agent,
and (v) $3,000,000, to prepay the Loans (and the Commitments shall be permanently reduced by such amount).

 

Notwithstanding the foregoing,
and subject to clause (e) below, if, in connection with any of the events specified in this Section 2.08(d), the
Borrower receives any proceeds or Return of Capital in an Agreed Foreign Currency, the Borrower shall be permitted to pay just
the then outstanding Loans denominated in such Agreed Foreign Currency (applied ratably among just the Multicurrency Lenders);
provided that any such proceeds or Return of Capital remaining after the Loans denominated in such Agreed Foreign Currency
have been paid in full shall be converted to Dollars and paid ratably among the Dollar Lenders and the Multicurrency Lenders in
accordance with clause (e) below.

 

    	 	60	 

     

    

 

(e)         
Notices, Etc. The Borrower shall notify the Administrative Agent by telephone (followed promptly by written confirmation) of
any repayment or prepayment hereunder (i) in the case
of repayment or prepayment of a Eurocurrency Borrowing denominated
in Dollars under Section 2.08(a), not later than 11:00 a.m., New York City time, three Business Days before the date
of repayment or prepayment, (ii) in the case of a
repayment or prepayment of a Eurocurrency Borrowing denominated in Foreign Currency under Section 2.08(a), not
later than 11:00 a.m., London time, four (4) Business Days before the date of repayment
or prepayment and (iii) in the case of a repayment or
prepayment of an ABR Borrowing under Section 2.08(a), or any prepayment under Section 2.08(b) or (c), not
later than 11:00 a.m., New York City time, one (1) Business Day before the date of repayment
or prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of
each Borrowing or portion thereof to be repaid or prepaid
and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided,
that, (1) if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated
by Section 2.06(c), then such notice of prepayment may be revoked if such notice of termination is revoked in accordance
with Section 2.06(c) and (2) any such notices given in connection with any of the events specified in Section 2.08(d)
may be conditioned upon (x) the consummation of the issuance of Equity Interests or Indebtedness (as applicable) or (y) the receipt
of net cash proceeds from Extraordinary Receipts or Returns of Capital. Promptly following receipt of any such notice relating
to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each prepayment of a Borrowing shall
be applied ratably to the Loans included in the prepaid Borrowing. Subject to clause (b) above and to the proviso of Section
2.15(c), each repayment and prepayment in Dollars shall
be applied ratably (based on the outstanding principal amounts of such indebtedness) between the Dollar Lenders and the Multicurrency
Lenders based on the then outstanding Loans denominated in Dollars and each repayment
and prepayment in an Agreed Foreign Currency (including as a result of the Borrower’s receipt of proceeds from
a prepayment event in such Agreed Foreign Currency) shall be applied ratably just among the Multicurrency Lenders. In the event
the Borrower is required to make any concurrent prepayments under both paragraph (b) and another paragraph of this Section 2.08,
any such prepayments shall be applied toward a prepayment pursuant to paragraph (b) before any prepayment pursuant to any
other paragraph of this Section 2.08. Prepayments

 

(f)          
Repayment and prepayments shall be accompanied by
accrued interest to the extent required by Section 2.10 and shall be made in the manner specified in Section 2.07(b).

 

Section 2.09.       
Fees.

 

(a)         
Commitment Fee, ACR Relief Fee and Borrowing Base Flex Fee.
The Borrower agrees to pay to the Administrative Agent for the
account of each Lender:

 

(i)          
a commitment fee, which shall accrue at the Applicable Commitment Fee Rate on the unused amount of the Dollar Commitment
and Multicurrency Commitment of such Lender, as applicable, on each day during the period from and including the Original Restatement
Effective Date to the earlier of the date the Commitments terminate and the Revolver Termination Date.;

 

    	 	61	 

     

    

 

(ii)         
for the period commencing on the Amendment No. 3 Effective Date and ending
on the date in which the Commitments terminate and the Obligations are paid in full (other than contingent, unasserted indemnification
and expense reimbursement obligations), an ACR relief fee (the “ACR Relief Fee”) shall accrue on the Borrowings at
a rate per annum equal to 2.00% on each day in which each of (x) the Covid Relief Borrowing Base Condition is not satisfied and
(y) the Asset Coverage Ratio is not greater than 1.50 to 1; and

 

(iii)        
for the period commencing on the Amendment No. 3 Effective Date and ending
on the date in which the Commitments terminate and the Obligations are paid in full (other than contingent, unasserted indemnification
and expense reimbursement obligations), a borrowing base flex fee (the “Borrowing Base Flex Fee”) shall accrue on each
day at a rate per annum equal to 1.375% on the aggregate amount (which, if less than $0 on any day, shall be deemed $0 for such
day) on each day by which the Covered Debt Amount exceeds the Unadjusted Borrowing Base.

 

Accrued commitment fees shall be payable in
arrears on the following dates (commencing on the first such dates to occur after the Original Restatement Effective Date): (x)
within one Business Day after each Quarterly Date (calculated as of the most recent Quarterly Date); and (y) on the earlier of
the date the Commitments terminate and the Revolver Termination Date. Accrued
ACR Relief Fees and Borrowing Base Flex Fees shall be payable in arrears on the following dates (commencing on the first such dates
to occur after the Amendment No. 3 Effective Date): (x) within ten (10) days after the end of each calendar quarter; and (y) on
the date in which the Commitments terminate and the Obligations are paid in full (other than contingent, unasserted indemnification
and expense reimbursement obligations). All commitment fees,
ACR Relief Fees and Borrowing Base Flex Fees shall be computed on the basis of a year of 360 days and shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). For
purposes of determining the Unadjusted Borrowing Base when calculating any ACR Relief Fees or Borrowing Base Flex Fees, the value
of assets with respect to any date in such calculation will be based on the most recent Borrowing Base Certificate delivered before
such date of calculation by the Borrower pursuant to Section 2.1(a)(vi) of the Amendment No. 3 or Section 5.01(d) or (e), as applicable
(but if no such Borrowing Base Certificate is timely delivered, as determined by the Administrative Agent in its sole discretion).

 

(b)         
Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

 

(c)         
Payment of Fees. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available
funds, to the Administrative Agent for distribution, in the case of commitment fees, ACR
Relief Fees, and Borrowing Base Flex Fees, to the Lenders entitled thereto. Fees paid shall not be refundable under
any circumstances absent manifest error. Any fees representing the Borrower’s reimbursement obligations of expenses, to the
extent requirements of invoice are not otherwise specified in this Agreement, shall be due (subject to the other terms and conditions
contained herein) within ten (10) Business Days of the date that the Borrower receives from the Administrative Agent an invoice
for such reimbursement obligations. On the Restatement Effective Date, the Borrower shall pay (i) all fees required to be paid
on the Restatement Effective Date under that certain amended and restated fee letter, dated March 1, 2019, by and between the Borrower
and ING and (ii) all costs and expenses outstanding on such date and required to be paid pursuant to Section 9.03(a)(i).

 

    	 	62	 

     

    

 

Section 2.10.       
Interest.

 

(a)         
ABR Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate
Base Rate plus the Applicable Margin.

 

(b)         
Eurocurrency Loans. The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal
to the Adjusted LIBO Rate for the related Interest Period for such Borrowing plus the Applicable Margin.

 

(c)         
Default Interest. Notwithstanding the foregoing, if any Event of Default described in Section 7.01(a), (b),
(d) (only with respect to Section 6.07), (h), (i), (j) or (o) has occurred and is continuing,
or on the written demand of the Administrative Agent or the
Required Lenders if any Event of Default described in any other clause of Section 7.01 has occurred and is continuing, or if the
Covered Debt Amount exceeds the Borrowing Base during the 5-Business Day period (or, if applicable, the 30-Business Day or
10-Business Day period) referred to in Section 2.08(c), the interest applicable to the Loans shall accrue,
and any fee or other amount payable by the Borrower hereunder shall bear interest, after as well as before judgment, at a rate
per annum equal to (i) in the case of principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan
as provided above, or (ii) in the case of any fee or other amount, 2.00% plus the rate applicable to ABR Loans as provided
in paragraph (a) of this Section.

 

(d)         
Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for
such Loan in the Currency in which such Loan is denominated and upon termination in full of the applicable
Lender’s Commitments; 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 Loan
prior to the Maturity Date), 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 Borrowing prior to the end of the Interest Period
therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion.

 

(e)          
Computation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed
by reference to the Alternate Base Rate at times when the Alternate Base Rate is 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 Adjusted LIBO Rate shall be determined
by the Administrative Agent and such determination shall be conclusive absent manifest error.

 

Section 2.11.       
Eurocurrency Borrowing Provisions. 

 

    	 	63	 

     

    

 

(a)         
Alternate Rate of Interest. If prior to the commencement of the Interest Period for any Eurocurrency Borrowing of
a Class (the Currency of such Borrowing herein called the “Affected Currency”):

 

(i)             
the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for the Affected Currency for such Interest
Period; or

 

(ii)             
the Administrative Agent is advised by the Required Lenders of such Class that the Adjusted LIBO Rate for the Affected Currency
for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective
Eurocurrency Loans included in such Borrowing for such Interest
Period;

 

and, in each case, the provisions of Section
2.11(c) are not applicable, then the Administrative Agent shall give notice thereof to the Borrower and the affected Lenders by
telephone, telecopy or e-mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and
such Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests
the conversion of any Borrowing to, or the continuation of any Borrowing as, a Eurocurrency Borrowing denominated in the Affected
Currency shall be ineffective and, if the Affected Currency is Dollars, such Borrowing (unless prepaid) shall be continued
as, or converted to, an ABR Borrowing and, if the Affected Currency is a Foreign Currency, such Borrowing shall be converted to
Dollars based on the Dollar Equivalent at such time and shall be an
ABR Borrowing, (ii) if the Affected Currency is Dollars and any Borrowing Request requests a Eurocurrency Borrowing
denominated in Dollars, such Borrowing shall be made as an ABR Borrowing, and (iii) if the Affected Currency is a Foreign Currency,
any Borrowing Request that requests a Eurocurrency Borrowing denominated in the Affected Currency shall be ineffective.

 

(b)         
Illegality. Without duplication of any other rights that any Lender has hereunder, if any Lender determines that
any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful for any Lender to make, maintain
or fund Loans whose interest is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the
LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell,
or to take deposits of, any LIBO Quoted Currency in the London interbank market or any Non-LIBO Quoted Currency in any relevant
market, then, on notice thereof by such Lender to the Borrower and the Administrative Agent, (i) any obligation of such Lender
to make or continue Eurocurrency Borrowings or to convert ABR Borrowings to Eurocurrency Borrowings shall be suspended, and (ii)
if such notice asserts the illegality of such Lender making or maintaining Eurocurrency Borrowings the interest rate on which is
determined by reference to the LIBO Rate component of the Alternate Base Rate, the interest rate on which ABR Borrowings of such
Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO Rate
component of the Alternate Base Rate, in each case until such Lender revokes such notice and advises the Administrative Agent and
the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) (A) all
Eurocurrency Borrowings denominated in Dollars of such Lender
shall automatically convert to ABR Borrowings (the interest rate on which ABR Borrowings of such Lender shall, if necessary to
avoid such illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of the Alternate
Base Rate) and (B) all Eurocurrency Borrowings in an Agreed Foreign Currency of such Lender shall accrue interest at the rate equal
to the cost to each Lender to fund its pro rata share of such Eurocurrency Borrowing (from whatever source and using whatever methodologies
as such Lender may select in its reasonable discretion), in each case, either on the last day of the Interest Period therefor,
if such Lender may lawfully continue to maintain such Eurocurrency Borrowings to such day, or immediately, if such Lender may not
lawfully continue to maintain such Eurocurrency Borrowings (in which event Borrower shall not be required to pay any yield maintenance,
breakage or similar fees) and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based
upon the 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 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 LIBO Rate. Upon any such
conversion, the Borrower shall also pay accrued interest on the amount so converted. To the extent any Eurocurrency Borrowing so
converted is in an Agreed Foreign Currency, such Eurocurrency Borrowing shall be converted to Dollars based on the Dollar Equivalent
of such Borrowing at the time of such conversion.

 

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(c)          
Effect of Benchmark Transition Event.

 

(i)                
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend
this Agreement to replace the LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition
Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed
amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of
objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election
will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written
notice that such Required Lenders accept such amendment. No replacement of the LIBO Rate with a Benchmark Replacement pursuant
to this Section 2.11(c) will occur prior to the applicable Benchmark Transition Start Date.

 

(ii)             
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative
Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the
contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Agreement (other than the Borrower, whose consent shall
not be unreasonably withheld or delayed).

 

    	 	65	 

     

    

 

(iii)           Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and
the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness
of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.11(c),
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may
be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required
pursuant to this Section 2.11(c).

 

(iv)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period,
the Borrower may revoke any request for a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be
made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) in the case of any request for
a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be made in Dollars, the Borrower will be deemed
to have converted any such request into a request for a Borrowing of or conversion to ABR Loans, (ii) in the case of any request
for a Eurocurrency Borrowing of or conversion to Eurocurrency Loans to be made in any Foreign Currency based
on the LIBO Rate, such request will be deemed to be ineffective and (iii) in the case of any request for a continuation
of Eurocurrency Loans to be made in any Foreign Currency based on the
LIBO Rate, such Borrowing shall be converted to Dollars based on the Dollar Equivalent at such time and
shall be an ABR Borrowing. During any Benchmark Unavailability Period, the component of ABR based upon the LIBO Rate
will not be used in any determination of ABR.

 

Section 2.12.       Increased Costs.

 

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

 

(i)             
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement
reflected in the Adjusted LIBO Rate);

 

(ii)           
subject any Lender to any Taxes (other than Covered Taxes and Taxes described in clauses (a)(ii), (c), (d) and (e) of the
definition of “Excluded Taxes”) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)          
impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Eurocurrency Loans made by such Lender or participation therein;

 

    	 	66	 

     

    

 

and the result of any of the foregoing
shall be to increase the cost to such Lenders of making, continuing, converting into or maintaining any Eurocurrency Loan (or of
maintaining its obligation to make any such Eurocurrency Loan) or to reduce the amount of any sum received or receivable by such
Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, in Dollars, such additional
amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

 

(b)         
Capital Requirements. If any Lender determines that any Change in Law regarding capital or liquidity requirements
has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s
parent, if any (or would have the effect of reducing the liquidity of such Lender or such Lender’s parent, if any), as a
consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s
parent could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies
of such Lender’s parent with respect to capital adequacy or liquidity position), by an amount deemed to be material by such
Lender, then from time to time the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate
such Lender or such Lender’s parent for any such reduction suffered.

 

(c)         
Certificates from Lenders. A certificate of a Lender setting forth the amount or amounts, in Dollars, necessary to
compensate such Lender or its parent, as the case may be, as specified in paragraph (a) or (b) of this Section shall
be promptly delivered to the Borrower and shall be conclusive absent manifest error (it being understood that no Lender shall be
required to disclose (i) any confidential or price sensitive information or (ii) any information to the extent prohibited by applicable
law). The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)         
Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be
required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions
suffered more than six months prior to the date that such Lender notifies the Borrower in writing of any such Change in Law giving
rise to such increased costs or reductions (except that, if the Change in Law giving rise to such increased costs is retroactive,
then the six-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

Section 2.13.       
Break Funding Payments; Foreign Currency Losses.
(a) In the event of (i) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period
therefor (including as a result of the occurrence of any Commitment Increase Date or an Event of Default), (ii) the conversion
of any Eurocurrency Loan other than on the last day of an Interest Period therefor, (iii) the failure to borrow, convert,
continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (including in connection
with any Commitment Increase Date and regardless of whether such notice is permitted to be revocable under Section 2.08(e) and
is revoked in accordance herewith), (iv) the assignment as a result of a request by the Borrower pursuant to Section 2.17(b) of
any Eurocurrency Loan other than on the last day of an Interest Period therefor or (v) the conversion of any Eurocurrency Loan
(other than on the last day of an Interest Period therefor) as a result of the occurrence of a CAM Exchange or otherwise, including
without limitation in connection with Section 2.15, then, in any such event, the Borrower shall compensate each Lender for the
loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, the loss to any Lender attributable to any
such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of

 

    	 	67	 

     

    

 

(1)       the
amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan referred to in clauses (i),
(ii), (iii), (iv) or (v) of this Section 2.13 denominated in the Currency of such Loan for the period from the date of such payment,
conversion, failure or assignment to the last day of the then current Interest Period for such Eurocurrency Loan (or, in the case
of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing,
conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Currency
for such Interest Period, over

 

(2)       the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal
amount for such period at the interest rate that would be bid by such Lender (or an Affiliate of such Lender) for deposits denominated
in such Currency from other banks in the Eurocurrency market (or, in the case of any Non-LIBO Quoted Currency, in the relevant
market for such Non-LIBO Quoted Currency) at the commencement of such period.

 

Payments under this Section shall
be made upon written request of a Lender delivered not later than five Business Days following the payment, conversion, or failure
to borrow, convert, continue or prepay that gives rise to a claim under this Section accompanied by a written certificate
of such Lender setting forth in reasonable detail the amount or amounts that such Lender is entitled to receive pursuant to this
Section, which certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due
on any such certificate within 10 days after receipt thereof.

 

(a)         
In the event that any Loan not denominated in Dollars is converted to, or redenominated in Dollars (including, without limitation,
pursuant to Section 2.15, a CAM Exchange or otherwise), then in any such event, the Borrower shall compensate each Lender for the
loss, cost or expense attributable to such event.

 

Section 2.14.       
Taxes.

 

(a)         
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under
any other Loan Document shall be made free and clear of and without deduction for any Taxes, unless otherwise required by applicable
law; provided that if an applicable Withholding Agent shall be required to deduct or withhold any Taxes from such payments
(as determined in the good faith discretion of such Withholding Agent), then (i) the applicable Withholding Agent shall be
entitled to make such deductions or withholdings, (ii) the applicable Withholding Agent shall timely pay the full amount deducted
or withheld to the relevant Governmental Authority in accordance with applicable law and (iii) if such Tax is a Covered Tax, the
sum payable by the Borrower shall be increased as necessary so that after making all required deductions and withholdings (including
deductions and withholdings applicable to additional sums payable under this Section 2.14) the Administrative Agent
or Lender receives an amount equal to the sum it would have received had no such deductions or withholdings been made.

 

    	 	68	 

     

    

 

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

 

(c)         
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender for and, within
ten (10) Business Days after written demand therefor, pay the full amount of any Covered Taxes (including Covered Taxes imposed
or asserted on or attributable to amounts payable under this Section 2.14) payable or paid by the Administrative Agent or
such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Covered Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
setting forth in reasonable detail a calculation and explanation of the amount of such payment or liability delivered to the Borrower
by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(d)         
Indemnification by the Lenders. To the extent required by any applicable law, the Administrative Agent may withhold
from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting the provisions of Section 2.14(a)
or (c), each Lender shall, and does hereby, agree severally
to indemnify the Administrative Agent, and shall make payable in respect thereof within ten (10) Business Days after demand therefor,
(i) against any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and
disbursements of any counsel for the Administrative Agent) (collectively, “Tax Damages”) incurred by or asserted
against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure
of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including
because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative
Agent of a change in circumstance that rendered the exemption from, or reduction of withholding tax ineffective) and (ii) Tax
Damages attributable to such Lender’s failure to comply with the provisions of Section 9.04 relating to the maintenance
of a Participant Register. A certificate setting forth in reasonable detail a calculation and explanation of the amount of such
payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this
Agreement or any other Loan Document against any amount due to the Administrative Agent under this paragraph. The agreements in
this paragraph shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the
replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other obligations.

 

    	 	69	 

     

    

 

(e)          
Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority
pursuant to this Section 2.14, the Borrower shall deliver to the Administrative Agent the original or a certified copy of
a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent. If the Borrower fails to pay any U.S. federal withholding
Taxes that are Excluded Taxes when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent
the required receipts or other required documentary evidence on account of such Excluded Taxes, the Borrower shall indemnify the
Administrative Agent and each Lender for any incremental Taxes that may become payable by the Administrative Agent or such Lender
as a result of such failure.

 

(f)          
Status of Lenders.

 

(i)          
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments under this Agreement
or any other Loan Documents shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by applicable
law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed
by applicable law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative
Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 2.14(f)(ii)(A) or (B)
or Section 2.14(g) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender.

 

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

 

(A)       any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed originals 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, but, in any event, only if such Foreign
Lender is legally entitled to do so) whichever of the following is applicable:

 

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

 

		(2)	duly completed executed originals of Internal Revenue Service Form W-8ECI or any successor form
certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business
in the United States,

 

		(3)	in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate, signed under penalties of perjury, to the effect that such Foreign Lender
is not (I) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (II) a “10 percent
shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (III) a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed executed originals of
Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable (or any successor form), certifying
that the Foreign Lender is not a U.S. Person, or

 

		(4)	any other form as prescribed by applicable law as a basis for claiming exemption from or a reduction
in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by
applicable law to permit the Borrower to determine the withholding or deduction required to be made, including, to the extent a
Foreign Lender is not the beneficial owner, duly completed executed originals of Internal Revenue Service Form W-8IMY accompanied
by Internal Revenue Service Form W-8ECI, Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable,
a certificate substantially similar to the certificate described in Section 2.14(f)(ii)(B)(3)(x) above, Internal Revenue
Service Form W-9 and/or other certification documents from each beneficial owner, as applicable.

 

    	 	71	 

     

    

 

(C)          any
Foreign Lender shall upon the expiration or invalidity of any form previously delivered by such Foreign Lender, to the extent it
is legally entitled to do so, deliver to the Borrower and the Administrative Agent at any time that it becomes aware that it no
longer satisfies the legal requirements to provide any previously delivered form or certificate (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any
other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax,
duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or
the Administrative Agent to determine the withholding or deduction required to be made.

 

(g)          
If a payment made to a Lender under this Agreement 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 Administrative Agent and the Borrower such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Administrative Agent or the Borrower, at the time or times prescribed by law and at such time or times
reasonably requested by the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower
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 any such payment. Solely for purposes of this Section 2.14(g),
 “FATCA” shall include any amendment made to FATCA after the Restatement Effective Date. Each Lender agrees that if
any form or certification it previously delivered under this Agreement expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal
inability to do so.

 

(h)         
Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion exercised
in good faith, that it has received a refund (including any credit of any Taxes in lieu of a refund) of any Covered Taxes as to
which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.14, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments
made, or additional amounts paid, by the Borrower under this Section with respect to the Covered Taxes giving rise to such
refund), net of all reasonable out-of-pocket expenses of the Administrative Agent or any Lender, as the case may be, and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower,
upon the request of the Administrative Agent or any Lender, agrees to repay the amount paid over to the Borrower pursuant to this
paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent or any Lender in the event the Administrative Agent or any Lender is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (h), in no event will the Administrative Agent or any Lender be
required to pay any amount to the Borrower pursuant to this paragraph (h) the payment of which would place the Administrative
Agent or such Lender in a less favorable net position after-Taxes than the Administrative Agent or such Lender would have been
in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and
the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph (h) shall
not be construed to require the Administrative Agent or any Lender to make available its Tax returns or its books or records (or
any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

 

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(i)          
Survival. Each party’s obligations under this Section 2.14 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and
the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

(j)          
Defined Terms. For purposes of this Section 2.14, the term “applicable law” includes FATCA.

 

Section 2.15.       
Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)         
Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest, fees, or under Section 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except to the extent
otherwise provided therein) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds,
without set-off, deduction 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 at the Administrative Agent’s Account, except as otherwise expressly provided
in the relevant Loan Document and except payments pursuant to Sections 2.12, 2.13, 2.14 and 9.03, which shall be made directly
to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the
account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be
due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the
case of any payment accruing interest, interest thereon shall be payable for the period of such extension.

 

All amounts owing under
this Agreement (including commitment fees, ACR Relief Fees, Borrowing
Base Flex Fees and payments required under Sections 2.12 and 2.13, and payments required under Section 2.14 relating
to any Loan denominated in Dollars, but not including principal of and interest on any Loan denominated in any Foreign Currency
or payments relating to any such Loan required under Section 2.14, which are payable in such Foreign Currency) or under any other
Loan Document (except to the extent otherwise provided therein) are payable in Dollars. Notwithstanding the foregoing, if
the Borrower shall fail to pay any principal of any Loan when due (whether at stated maturity, by acceleration, by mandatory prepayment
or otherwise), the unpaid portion of such Loan shall, if such Loan is not denominated in Dollars, automatically be redenominated
in Dollars on the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the
last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such
principal shall be payable on demand; and if the Borrower shall fail to pay any interest on any Loan that is not denominated in
Dollars, such interest shall automatically be redenominated in Dollars on the due date therefor after giving effect to any applicable
grace period (or, if such date is a day other than the last day of the Interest Period therefor, on the last day of such Interest
Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable
on demand.

 

    	 	73	 

     

    

 

(b)         
Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, interest and fees of a Class then due hereunder, such funds shall be applied (i) first,
to pay interest and fees of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of interest and fees of such Class then due to such parties, and (ii) second, to pay principal of such Class then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 

(c)         
Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a Class shall be made
from the Lenders of such Class, each payment of commitment feefees,
ACR Relief Fees and Borrowing Base Flex Fees under Section 2.09 shall be made for the
account of the Lenders of the applicable Class, and each termination or reduction of the amount of the Commitments of a Class under
Section 2.06, Section 2.08 or otherwise shall be applied to the respective Commitments of the Lenders of such
Class, pro rata according to the amounts of their respective Commitments of such Class; (ii) each Borrowing of a Class shall
be allocated pro rata among the Lenders according to the amounts of their respective Commitments of such Class (in the case of
the making of Loans) or their respective Loans of such Class that are to be included in such Borrowing (in the case of conversions
and continuations of Loans), subject to Section 2.02(e); (iii) each payment or prepayment of principal of Loans of a Class
by the Borrower shall be made for the account of the Lenders
of such Class pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class held by them (and,
with respect to the pro rata treatment of prepayments between Classes, any such prepayments shall be made in accordance with the
provisions of Section 2.08(e)); and (iv) each payment of interest on Loans of a Class by the Borrower shall be made
for the account of the Lenders pro rata in accordance with
the amounts of interest on such Loans of such Class then due and payable to the respective Lenders; provided however that,
notwithstanding anything to the contrary contained herein, in the event that the Borrower wishes to make a Multicurrency Borrowing
in an Agreed Foreign Currency and the Multicurrency Commitments are fully utilized, the Borrower may make a Borrowing under the
Dollar Commitments (if otherwise permitted hereunder) and may use the proceeds of such Borrowing to prepay the Multicurrency Loans
(without making a ratable prepayment to the Dollar Loans) solely to the extent that the Borrower concurrently utilizes any Multicurrency
Commitments made available as a result of such prepayment to make (subject to the terms and conditions contained herein) a Multicurrency
Borrowing in an Agreed Foreign Currency.

 

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(d)         
Sharing of Payments by Lenders. If any Lender of a Class shall, by exercising any right of set-off or counterclaim
or otherwise, obtain payment in respect of any principal of or interest on any of its Loans, resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Loans, and accrued interest thereon then due than the proportion
received by any other Lender of such Class, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Loans of other Lenders of such Class 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; provided that (i) if any such participations are purchased and all or any portion
of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by
a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant,
other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The
Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring
a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with
respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

(e)         
Presumptions of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the
account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders
the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender 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 Federal Funds Effective Rate.

 

(f)          
Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made
by it pursuant to Section 2.04, 2.15(e) or 9.03(c), 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.

 

Section 2.16.       
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)         
commitment fees pursuant to Section 2.09(a) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting
Lender to the extent and during the period such Lender is a Defaulting Lender;

 

(b)         
the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all
Lenders, two-thirds of the Lenders or the Required Lenders have taken or may take any action hereunder or under any other Loan
Document (including any consent to any amendment or waiver pursuant to Section 9.02, except for any amendment or waiver
described in Section 9.02(b)(i), (ii), (iii) or (iv)); provided that any waiver, amendment or modification
requiring the consent of all Lenders, two-thirds of the Lenders or each affected Lender which affects such Defaulting Lender differently
than other Lenders or affected Lenders (as applicable) shall require the consent of such Defaulting Lender.

 

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In the event that the
Administrative Agent and the Borrower agree in writing that a Defaulting Lender has adequately remedied all matters that caused
such Lender to be a Defaulting Lender, then, on the date of such agreement, such Lender shall purchase at par the portion of the
Loans of the other Lenders and take such other actions as the Administrative Agent shall determine may be necessary in order for
such Lender to hold such Loans in accordance with its Applicable Percentage whereupon such Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrower while such Lender was a Defaulting Lender; provided further that, except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from such Lender’s having been a Defaulting Lender.

 

Any payment of principal,
interest, fees or other amounts received by Administrative Agent for the account of such Defaulting Lender (whether voluntary or
mandatory, at maturity, pursuant to Section 7.01 or otherwise) or received by Administrative Agent from a Defaulting Lender,
will be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of
any amounts owing by such Defaulting Lender to Administrative Agent hereunder; second, as Borrower may request (so long
as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof
as required by this Agreement, as determined by Administrative Agent; third, if so determined by Administrative Agent and
Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential
future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to Lenders
as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default exists, to
the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if:
(x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully
funded its appropriate share; and (y) notwithstanding anything to the contrary contained herein, such Loans were made at a
time when the conditions set forth in Section 4.02 were satisfied or waived, such payment will be applied solely to pay
the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting
Lender until such time as all Loans are held by Lenders pro rata in accordance with the Revolving Credit Exposures hereunder.
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender pursuant to this Section 2.16 are hereby deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

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Section 2.17.       
Mitigation Obligations; Replacement of Lenders.

 

(a)              
Designation of a Different Lending Office. If any Lender exercises its rights under Section 2.11(b) or
requests compensation under Section 2.12, or if the Borrower is required to pay any Covered Taxes or additional amount
to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.14, then such Lender shall (at the request of the Borrower) use reasonable efforts
(subject to overall policy considerations of such Lender) to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the sole
reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 2.12 or 2.14, as the case may be, in the future, or eliminate the circumstance giving rise to such
Lender exercising its rights under Section 2.11(b) and (ii) would not subject such Lender to any cost or expense
not required to be reimbursed by the Borrower and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees
to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)              
Replacement of Lenders. If any Lender exercises its rights under Section 2.11(b) or requests compensation
under Section 2.12, or if the Borrower is required to pay any Covered Taxes or additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant
to Section 2.14 and, in each case, such Lender has declined or is unable to designate a different lending office in
accordance with Section 2.17(a), or if any Lender becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting
Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower
shall have received the prior written consent of the Administrative Agent which consent shall not be unreasonably withheld, conditioned
or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case
of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant
to Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be
required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

(c)               
Defaulting Lenders. If any Lender shall fail to make any payment required to be made by it pursuant to Section
2.04, 2.15(e) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary
provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the
benefit of the Administrative Agent to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations
are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future
funding obligations of such Lender under such Sections, in the case of each of clauses (i) and (ii) above, in any order as determined
by the Administrative Agent in its discretion.

 

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Article III

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents
and warrants to the Lenders that:

 

Section 3.01.       
Organization; Powers. Each of the Borrower
and its Subsidiaries is duly organized, formed or incorporated, as applicable, validly existing and in good standing under the
laws of the jurisdiction of its organization, formation or incorporation, as applicable, has all requisite power and authority
to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction
where the failure to do so could reasonably be expected to result in a Material Adverse Effect. There is no existing default under
any charter, by-laws or other organizational documentsConstituent
Documents of Borrower or its Subsidiaries or any event which, with the giving of notice or passage of time or both,
would constitute a default by any party thereunder.

 

Section 3.02.       
Authorization; Enforceability. The Transactions
are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, by
all necessary stockholder action and the Board of Directors of the Borrower and its Subsidiaries have approved the transactions
contemplated in this Agreement. This Agreement has been duly executed and delivered by the Borrower and each of the other Loan
Documents to which the Borrower and/or any of its Subsidiaries is a party have been duly executed and delivered by the Borrower
and/or such Subsidiary, as applicable. This Agreement constitutes, and each of the other Loan Documents to which the Borrower or
any of its Subsidiaries is a party when executed and delivered will constitute, a legal, valid and binding obligation of the Borrower
or such Subsidiary, as applicable, enforceable in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights
and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

Section 3.03.       
Governmental Approvals; No Conflicts.
The Transactions (a) do not require any consent or approval of registration
or filing with, or any other action by, any Governmental Authority, except for (i) such as have been or will be obtained or
made and are in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to the Security
Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational
documentsConstituent Documents of the Borrower
or any of its Subsidiaries or any order of any Governmental Authority (including the Investment
Company Act and the rules, regulations and orders issued by the SEC thereunder), (c) will not violate or result in a default
in any material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries
or assets, or give rise to a right thereunder to require any payment to be made by any such Person, and (d) except for the
Liens created pursuant to the Security Documents, will not result in the creation or imposition of any Lien on any asset of the
Borrower or any of its Subsidiaries.

 

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Section 3.04.       
Financial Condition; No Material Adverse Effect.

 

(a)              
Financial Statements.(i) The financial statements delivered to the Administrative Agent and the Lenders by the
Borrower pursuant to Section 4.01(c) present fairly, in all material respects, the consolidated financial position and results
of operations and cash flows of the Borrower and its consolidated Subsidiaries as of the end of and for the applicable period in
accordance with GAAP applied on a consistent basis. None of the Borrower or any of its Subsidiaries has any material contingent
liabilities, material liabilities for taxes, material unusual forward or material long-term commitments or material unrealized
or anticipated losses from any unfavorable commitments not reflected in the financial statements referred to above.

 

(ii)               The
financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Sections 5.01(a) and (b)
present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower
and its consolidated Subsidiaries as of the end of and for the applicable period in accordance with GAAP applied on a consistent
basis. None of the Borrower or any of its Subsidiaries has any material contingent liabilities, material liabilities for taxes,
material unusual forward or material long-term commitments or material unrealized or anticipated losses from any unfavorable commitments
not reflected in the financial statements referred to above.

 

(b)               
No Material Adverse Effect. Since December 31, 2017, there has not been any event, development or circumstance that
has had or could reasonably be expected to have a Material Adverse Effect.

 

Section 3.05.       
Litigation. There are no actions, suits,
investigations or proceedings by or before any arbitrator or Governmental Authority now pending against or, to the knowledge of
the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (a) that could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect or (b) that involve this Agreement or the Transactions.

 

Section 3.06.       
Compliance with Laws and Agreements. Each
of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable
to it (including rules, regulations and orders issued by the SEC) or its property and all indentures, agreements and other instruments
binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is subject to any contract or other arrangement,
the performance of which by the Borrower could reasonably be expected to result in a Material Adverse Effect. Neither the
Borrower nor any of its Subsidiaries is in default in any
manner under any provision of any agreement or instrument to which it is a party or by which it or any of its property is or may
be bound, and no condition exists which, with the giving of notice or the lapse of time or both, would constitute such a default,
in each case where such default could reasonably be expected to result in a Material Adverse Effect. Each of the Borrower and its
Subsidiaries is in compliance with its respective Constituent Documents in all material respects.

 

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Section 3.07.       
Taxes. Each of the Borrower and its Subsidiaries
has timely filed or has caused to be timely filed all U.S. federal, state and material local Tax returns that are required to be
filed by it and all other material Tax returns that are required to be filed by it and has paid all material Taxes for which it
is directly or indirectly liable and any assessments made against it or any of its property and all other material Taxes, fees
or other charges imposed on it or any of its property by any Governmental Authority, other than any Taxes, fees or other charges
the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which
reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be. The charges,
accruals and reserves on the books of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental charges
are adequate in accordance with GAAP. Neither the Borrower nor any of its Subsidiaries has given or been requested to give a waiver
of the statute of limitations relating to the payment of any federal, state, local and foreign Taxes or other impositions, and
no Tax lien has been filed with respect to the Borrower or any of its Subsidiaries. There is no proposed Tax assessment against
the Borrower or any of its Subsidiaries, and there is no basis for such assessment. The period within which United States federal
income Taxes may be assessed against any of the Borrower or any of its Subsidiaries has expired for all taxable years ending on
or before December 31, 2014.

 

Section 3.08.       
ERISA. No ERISA Event has occurred or is
reasonably expected to occur that, when taken together with all other such ERISA Events that have occurred or are reasonably expected
to occur, could reasonably be expected to result in a Material Adverse Effect.

 

Section 3.09.       
Disclosure.

 

(a)              
All written reports, financial statements, certificates and other written information (other than projected financial information,
other forward looking information, information relating to third parties and information of a general economic or general industry
nature) which has been made available to the Administrative Agent or any Lender by or on behalf of the Borrower, any of its Subsidiaries
or any of their respective representatives in connection with the transactions contemplated by this Agreement or delivered under
any Loan Document, taken as a whole, is complete, true and correct in all material respects and will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements contained therein at the time made
and taken as a whole not misleading in light of the circumstances under which such statements were made; and

 

(b)              
All financial projections, pro forma financial information and other forward-looking information which have been delivered
to the Administrative Agent or any Lender by or on behalf of Borrower, any of its Subsidiaries or any of their respective representatives
in connection with the transactions contemplated by this Agreement or delivered under any Loan Document are based upon good faith
assumptions and, in the case of financial projections and pro forma financial information, good faith estimates, in each case,
believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to future events
is subject to significant uncertainty and contingencies (many of which are beyond the control of the Borrower) and are therefore
not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information may materially
differ from the results set forth therein.

 

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(c)              
All information of a general economic nature (excluding the specific historical economic performance of the Borrower or
its Subsidiaries or their respective Affiliates) or relating generally to the industry in which the Borrower or its or their Subsidiaries
or their respective Affiliates operate made available to the Administrative Agent or any Lender by or at the direction of the Borrower
are believed by the Borrower in good faith to be true and accurate in all material respects, but without independent investigation
by the Borrower of the accuracy thereof.

 

Section 3.10.       
Investment Company Act; Margin Regulations.

 

(a)              
Status as Business Development Company. The Borrower is an “investment company” that has elected to be
regulated as a “business development company” within the meaning of the Investment Company Act and qualifies as a RIC
and has qualified as a RIC at all times since the Borrower’s taxable year ended December 31, 2013.

 

(b)              
Compliance with Investment Company Act. The business and other activities of the Borrower and its Subsidiaries (including,
without limitation, entering into this Agreement and the other Loan Documents to which each is a party, the borrowing of the Loans
hereunder, the application of the proceeds and repayment thereof by the Borrower and the consummation of the Transactions contemplated
by the Loan Documents) do not result in a violation or breach of the provisions of the Investment Company Act or any
other rules, regulations or orders issued by the SEC thereunder,
except where such breaches or violations, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.

 

(c)              
Investment Policies. The Borrower is in compliance in all material respects with the Investment Policies.

 

(d)              
Use of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying
Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock. Neither
the Borrower nor any of its Subsidiaries own or intend to carry or purchase any Margin Stock or to extend “purpose credit”
within the meaning of Regulation U.

 

Section 3.11.       
Material Agreements and Liens.

 

(a)              
Material Agreements. Schedule 3.11(a) is a complete and correct list of each credit agreement, loan agreement,
indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness
or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its Subsidiaries
outstanding on the RestatementAmendment
No. 3 Effective Date, and the aggregate principal or face amount outstanding or that is, or may become, outstanding
under each such arrangement is correctly described in Schedule 3.11(a).

 

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(b)              
Liens. Schedule 3.11(b) is a complete and correct list of each Lien securing Indebtedness of any Person
outstanding on the RestatementAmendment
No. 3 Effective Date covering any property of the Borrower or any of its Subsidiaries, and the aggregate principal amount
of such Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the
RestatementAmendment
No. 3 Effective Date is correctly described in Schedule 3.11(b).

 

Section 3.12.       
Subsidiaries and Investments.

 

(a)              
Subsidiaries. Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries
of the Borrower as of the RestatementAmendment
No. 3 Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary,
(ii) each Person holding ownership interests in such Subsidiary and,
(iii) the nature of the ownership interests held by each such Person and the percentage of ownership of such Subsidiary represented
by such ownership interests and (iv) whether or not such Subsidiary
is a SBIC Subsidiary, a Structured Subsidiary, a CFC, a Transparent Subsidiary or the Excluded Subsidiary. Except as
disclosed in Schedule 3.12(a), as of the RestatementAmendment
No. 3 Effective Date, (x) the Borrower owns, free and clear of Liens, and has the unencumbered right to vote, all
outstanding ownership interests in each Subsidiary shown to be held by it in Schedule 3.12(a), and (y) all of
the issued and outstanding capital stock of each such Subsidiary organized as a corporation is validly issued, fully paid and nonassessable.
The Excluded Subsidiary does not own any material assets other than
Equity Interests in TPP Operating, Inc., or engage in any material activities other than its ownership of such Equity Interests
and activities incidental thereto.

 

(b)              
Investments. Set forth in Schedule 3.12(b) is
The Borrower has delivered on the Amendment No. 3 Effective
Date, a certification to the Administrative Agent and the
Lenders containing a complete and correct list
of all Investments (other than Investments of the types referred to in clauses (b),
and (c), (d) and
(e) of Section 6.04) held by the Borrower or any of its Subsidiaries in any Person on the RestatementAmendment
No. 3 Effective Date and, for each such Investment, (i) the identity of the Person or Persons holding such Investment,
(ii) the nature of such Investment, (iii) the amount of such Investment, (iv) the rate of interest charged for such Investment,
(v) the value assigned to such Investment by the Board of Directors of the Borrower and value with respect to such Investment set
forth in the Third-Party Valuation Opinion and (vi) the transferor of such Investment (the
certificate containing such certification, the “Existing Investments Certificate”). Except as disclosed
in Schedule 3.12(b)on
the Existing Investments Certificate, as of the RestatementAmendment
No. 3 Effective Date, each of the Borrower and
its Subsidiaries owns, free and clear of all Liens (other than Liens permitted pursuant to Section 6.02),
all such Investments.

 

Section 3.13.       
Properties.

 

(a)              
Title Generally. Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all
its real and personal property material to its business, except for minor defects in title that do not interfere with its ability
to conduct its business as currently conducted or to utilize such properties for their intended purposes.

 

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(b)              
Intellectual Property. Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries
does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

Section 3.14.       
Solvency(a).
On each of the Restatement Effective
Date and the Amendment No. 3 Effective Date, and upon the incurrence of any extension of credit hereunder, on any date
on which this representation and warranty is made, (a) the Borrower will be Solvent on an unconsolidated basis, and (b) each Obligor
will be Solvent on a consolidated basis with the other Obligors.

 

Section 3.15.       
Affiliate Agreements. As of the Restatement
Effective Date and the Amendment No. 3 Effective Date, the
Borrower has heretofore delivered to the Administrative Agent and each of the Lenders true and complete copies of each of the Affiliate
Agreements (including any schedules and exhibits thereto, and any amendments, supplements or waivers executed and delivered thereunder)
and as of the Restatement Effective Date, and
the Amendment No. 3 Effective Date, other than the Affiliate Agreements, there is no contract, agreement or understanding
between the Borrower or any of its Subsidiaries on one hand, and any Affiliate of the Borrower or any of its Subsidiaries on the
other hand. As of the Restatement Effective Date and the Amendment No.
3 Effective Date, the Affiliate Agreements are in full force and effect.

 

Section 3.16.       
No Default. No Default or Event of Default
has occurred and is continuing under this Agreement or under any Material Indebtedness.

 

Section 3.17.       
Use of Proceeds. The proceeds of the Loans
shall be used for the general corporate purposes of the Borrower and its Subsidiaries (other than Financing Subsidiaries except
as expressly permitted under Section 6.03(e)) in the ordinary course of its business, including making distributions not
prohibited by this Agreement and the acquisition and funding (either directly or through one or more wholly owned Subsidiary Guarantors)
of leveraged loans, mezzanine loans, high yield securities, convertible securities, preferred stock and other Portfolio Investments,
but excluding, for clarity, Margin Stock.

 

Section 3.18.       
Security Documents. The Guarantee and Security
Agreement is effective to create in favor of the Collateral Agent for the benefit of the Secured Parties (as
defined in the Guarantee and Security Agreement),,
legal, valid and enforceable first priority Liens (subject to Eligible Liens or any Liens described in clause (b) of the definition
of “Permitted Liens”) on, and security interests in, the Collateral and, when (i) all appropriate filings or recordings
are made in the appropriate offices as may be required under applicable law and, as applicable, (ii) upon the taking of possession
or control by the Collateral Agent of the Collateral with respect to which a security interest may be perfected by possession or
control (which possession or control shall be given to the Collateral Agent to the extent possession or control by the Collateral
Agent is required by the Guarantee and Security Agreement), the Liens created by the Guarantee and Security Agreement shall constitute
fully perfected Liens on, and security interests in, all right, title and interest of the grantors in the Collateral (other than
such Collateral in which a security interest cannot be perfected under the UCC as in effect at the relevant time in the relevant
jurisdiction), in each case subject to no Liens other than Permitted Liens.

 

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Section 3.19.       
Compliance with Sanctions. Neither the
Borrower nor any of its Subsidiaries, or any officer or director thereof, nor, to the knowledge of any Financial Officer, any Affiliate
of the Borrower, (i) is subject to, or subject of, sanctions (collectively, “Sanctions”) administered by the
United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), any other United
States of America Governmental Authority, the U.S. Department of State, the European Union, HMT or the United Nations Security
Council, or (ii) is located, has a place of business or is organized or resident in a Sanctioned Country. Furthermore, no part
of the proceeds of a Loan will be used, directly or indirectly, by the Borrower or to the knowledge of the Borrower, any Affiliate
of the Borrower to finance or facilitate a transaction with a person that is Subject to Sanctions or is located, has a place of
business or is organized or resident in a Sanctioned Country. Each Obligor has instituted and maintained policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, compliance with all applicable Sanctions.

 

Section 3.20.       
Anti-Money Laundering Program. The Borrower
has implemented an anti-money laundering program to the extent required by the Uniting And Strengthening America By Providing Appropriate
Tools Required To Intercept And Obstruct Terrorism, as amended (the “USA PATRIOT Act”), and the rules and regulations
thereunder and maintains in effect and enforces policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries
(and, when acting on behalf of the Borrower and its Subsidiaries, their respective directors, officers, employees and agents) with
applicable Sanctions.

 

Section 3.21.       
Anti-Corruption Laws. None of the Borrower
or, to the Borrower’s knowledge, any director, officer, agent, employee, Affiliate or other person associated with or acting
on behalf of the Borrower or any Affiliate of the Borrower has: (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity or to influence official action; (ii) made any direct or
indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) violated or is in violation of any provision of
the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”)
and any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions (collectively with the FCPA, the “Anti-Corruption Laws”); and each of the Borrower and
any Affiliate of the Borrower has conducted its businesses in compliance with the Anti-Corruption Laws and have instituted and
maintained policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance therewith.
Furthermore, no part of the proceeds of a Loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower,
or by any of their respective directors, officers, agents, employees or Affiliates, to finance or facilitate a transaction in violation
of the Anti-Corruption Laws.

 

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Section 3.22.       
Structured Subsidiaries 

 

(a)              
There are no agreements or other documents relating to any Structured Subsidiary binding upon the Borrower or any of its
Subsidiaries (other than such Structured Subsidiary) other than as permitted under the definition thereof.

 

(b)              
The Borrower has not Guaranteed the Indebtedness or other obligations in respect of any credit facility relating to the
Structured Subsidiaries, other than pursuant to Standard Securitization Undertakings.

 

Section 3.23.       
EEAAffected Financial
Institutions. No Obligor is an EEAAffected
Financial Institution.

 

Section 3.24.       
Beneficial Ownership Certification. As
of the Restatement Effective Date, to the best knowledge of the Borrower, the information included in any Beneficial Ownership
Certification provided on or prior to the Restatement Effective Date to any Lender in connection with this Agreement is true and
correct in all respects.

 

Article IV

CONDITIONS

 

Section 4.01.       
Restatement Effective Date. The effectiveness
of this Agreement on the Restatement Effective Date and of the obligations of the Lenders to make Loans hereunder shall not become
effective until completion of each of the following conditions precedent (unless a condition shall have been waived in accordance
with Section 9.02):

 

(a)         
Documents. Administrative Agent shall have received each of the following documents, each of which shall be reasonably
satisfactory to the Administrative Agent (and to the extent specified below to each Lender) in form and substance:

 

(i)             
Executed Counterparts. From each party hereto either (1) a counterpart of this Agreement signed on behalf of
such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy or e-mail transmission
of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement.

 

(ii)            
Guarantee and Security Agreement; Custodian Agreement. An amendment to the Guarantee and Security Agreement and an
amendment to the Custodian Agreement with respect to the Borrower’s Custodian Account, each duly executed and delivered by
each of the parties thereto, and all other documents or instruments required to be delivered by the Guarantee and Security Agreement
and such Custodian Agreement in connection with the execution thereof.

 

(iii)           
Opinion of Counsel to the Obligors. A favorable written opinion (addressed to the Administrative Agent and the Lenders
and dated the Restatement Effective Date) of Nelson Mullins Riley & Scarborough LLP, counsel for the Obligors, in form and
substance reasonably acceptable to the Administrative Agent and covering such matters as the Administrative Agent may reasonably
request (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent).

 

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(iv)           
Corporate Documents. A certificate of the secretary or assistant secretary of each Obligor, dated the Restatement
Effective Date, certifying that attached thereto are (1) true and complete copies of the organizational documents of each Obligor
certified as of a recent date by the appropriate governmental official, (2) signature and incumbency certificates of the officers
of such Person executing the Loan Documents to which it is a party, (3) true and complete resolutions of the Board of Directors
of each Obligor approving and authorizing the execution, delivery and performance of this Agreement and the other Loan Documents
to which it is a party or by which it or its assets may be bound as of the Restatement Effective Date, and, in the case of the
Borrower, authorizing and approving the borrowings hereunder, and certified as of the Restatement Effective Date by its secretary
or an assistant secretary that such resolutions are in full force and effect without modification or amendment, (4) a good
standing certificate from the applicable Governmental Authority of each Obligor’s jurisdiction of incorporation, organization
or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated
a recent date prior to the Restatement Effective Date, and (5) such other documents and certificates as the Administrative
Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Obligor, and the
authorization of the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

(v)            
Officer’s Certificate. A certificate, dated the Restatement Effective Date and signed by a Financial Officer,
confirming compliance with the conditions set forth in Sections 4.01(d), (e), (h) and (m).

 

(vi)           
Borrowing Base Certificate. A Borrowing Base Certificate dated the Restatement Effective Date, showing a calculation
of the Borrowing Base as of the Restatement Effective Date immediately after giving effect to the Transactions, in form and substance
reasonably satisfactory to the Administrative Agent.

 

(vii)          
Fee Letter. The amended and restated fee letter, duly executed and delivered by each of the parties thereto.

 

(b)          
Liens. The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction
with respect to the Obligors, confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security
Documents and revealing no liens on any of the assets of the Borrower or its Subsidiaries except for Liens permitted under Section 6.02
or Liens to be discharged on or prior to the Restatement Effective Date pursuant to documentation satisfactory to the Administrative
Agent. All UCC financing statements, control agreements, stock certificates and other documents or instruments required to be filed
or executed and delivered in order to create in favor of the Collateral Agent, for the benefit of the Administrative Agent and
the Lenders, a first priority perfected (subject to Eligible Liens or any Liens described in clause (b) of the definition of “Permitted
Liens”) security interest in the Collateral (to the extent that such a security interest may be perfected by filing, possession
or control under the Uniform Commercial Code) shall have been properly filed (or provided to the Administrative Agent) or executed
and delivered in each jurisdiction required.

 

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(c)              
Financial Statements. The Administrative Agent and the Lenders shall have received prior to the execution of this
Agreement the final version, approved by the Board of Directors of the Borrower, of the consolidated statement of assets and liabilities
and the related consolidated statements operations, changes in net assets and cash flows and related schedule of investments of
the Borrower and its consolidated Subsidiaries as of and for the fiscal period ended September 30, 2018, all certified in writing
by a Financial Officer as presenting fairly in all material respects the financial condition and results of operations of the Borrower
and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes. The Administrative Agent and the Lenders shall have received any other financial statements of the
Borrower and its Subsidiaries as they shall reasonably request.

 

(d)              
Consents. The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents,
approvals, authorizations, registrations, or filings (other than any filing required under the Exchange Act or the rules or regulations
promulgated thereunder, including, without limitation, any filing required on Form 8-K) required to be made or obtained by the
Borrower and all other Obligors in connection with the Transactions and any other evidence reasonably requested by, and reasonably
satisfactory to, the Administrative Agent as to compliance with all material legal and regulatory requirements applicable to the
Obligors, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and
all applicable waiting periods shall have expired and no investigation or inquiry by any Governmental Authority regarding the Transactions
or any transaction being financed with the proceeds of the Loans shall be ongoing.

 

(e)               
No Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or
regulatory developments pending or threatened in any court or before any arbitrator or Governmental Authority that relates to the
Transactions or that could reasonably be expected to have a Material Adverse Effect.

 

(f)                
Solvency Certificate. On the Restatement Effective Date, the Administrative Agent shall have received a solvency
certificate of the chief financial officer of the Borrower dated as of the Restatement Effective Date and addressed to the Administrative
Agent and the Lenders, and in form, scope and substance reasonably satisfactory to Administrative Agent, with appropriate attachments
and demonstrating that both before and after giving effect to the Transactions, (a) the Borrower will be Solvent on an unconsolidated
basis, and (b) each Obligor will be Solvent on a consolidated basis with the other Obligors.

 

(g)               
Interest, Fees, Expenses and Other Amounts. The Borrower shall have paid in full (i) to the Administrative Agent
and the Lenders all fees and expenses related to this Agreement owing on or prior to the Restatement Effective Date, including
any up-front fee due to any Lender on the Restatement Effective Date and (ii) to the Administrative Agent and the Existing Lenders
all accrued and unpaid interest, commitment fees, fees, expenses and other amounts owing under the Existing Credit Agreement.

 

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(h)              
Default. No Default or Event of Default shall have occurred and be continuing under this Agreement, nor any default
or event of default that permits (or which upon notice, lapse of time or both, would permit) the acceleration of any Material Indebtedness,
immediately before and after giving effect to the Transactions, any incurrence of Indebtedness hereunder and the use of the proceeds
hereof on a pro forma basis.

 

(i)               
USA PATRIOT Act. The Administrative Agent and each Lender shall have received all documentation and other information
required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act, as reasonably requested by the Administrative Agent and each Lender.

 

(j)               
Insurance. The Administrative Agent shall have received (i) customary insurance certificates, or (ii) confirmation
that there have been no changes to the underlying insurance policies since the Original Effective Date and that the insurance certificates
and endorsements delivered in connection with the Original Effective Date are in full force and effect.

 

(k)              
Investment Policies. The Administrative Agent shall have received the Investment Policies as in effect on the Restatement
Effective Date in form and substance satisfactory to the Administrative Agent.

 

(l)               
Beneficial Ownership Regulation. To the extent the Borrower qualifies as a “legal entity customer” under
the Beneficial Ownership Regulation, at least one (1) day prior to the Restatement Effective Date, any Lender that has requested,
in a written notice to the Borrower at least three (3) days prior to the Restatement Effective Date, a Beneficial Ownership Certification
in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and
delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (l) shall be deemed to
be satisfied).

 

(m)             
Representations and Warranties. The representations and warranties of the Borrower or any other Obligor set forth
in this Agreement and in the other Loan Documents shall be true and correct in all material respects (other than any representation
or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and
as of the Restatement Effective Date, or, as to any such representation or warranty that refers to a specific date, as of such
specific date.

 

(n)              
Other Documents. The Administrative Agent shall have received such other documents, instruments, certificates and
information as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.

 

The contemporaneous exchange and release
of executed signature pages by each of the Persons contemplated to be a party hereto shall render this Agreement effective and
any such exchange and release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as
applicable) of any condition precedent to such effectiveness set forth above.

 

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Section 4.02.       
Conditions to Loans. 

 

(a)         
[Intentionally omitted].

 

(b)         
Each Credit Event. The obligation of each Lender to make any Loan, including any such extension of credit on the
Restatement Effective Date, is additionally subject to the satisfaction of the following conditions:

 

(i)           
the representations and warranties of the Borrower or any other Obligor set forth in this Agreement and in the other Loan
Documents shall be true and correct in all material respects (other than any representation or warranty already qualified by materiality
or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date of such Loan, or, as to any
such representation or warranty that refers to a specific date, as of such specific date;

 

(ii)           
at the time of and immediately after giving effect to such Loan, no Default shall have occurred and be continuing or would
result from such Loan after giving effect thereto and to the use of proceeds thereof on a pro forma basis;

 

(iii)          
no Borrowing Base Deficiency shall exist at the time of and immediately after giving effect to such Loan (as well as giving
effect to any substantially concurrent acquisitions of Portfolio Investments, distributions or payment of outstanding Loans or
Indebtedness), and either (i) the aggregate Covered Debt Amount (after giving effect to such Loan) shall not exceed the
Borrowing Base reflected on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the
Borrower shall have delivered an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect
to such Loan) shall not exceed the Borrowing Base after giving effect to such Loan as well as any concurrent acquisitions
of Portfolio Investments, distributions or payment of outstanding Loans or Other Covered Indebtedness;

 

(iv)           
after giving effect to such extension of credit, the Borrower shall be in pro forma compliance with each of the covenants
set forth in Section 6.07;

 

(v)            
the Custodian Agreement shall have been duly executed and delivered by the Borrower, the Collateral Agent and the Custodian
and all other control arrangements required at the time by Section 5.08(c)(ii) with respect to the Obligors’ other deposit
accounts and securities accounts shall have been entered into; and

 

(vi)           
the proposed date of such extension of credit shall take place during the Availability Period.

 

Each Borrowing Request
submitted by the Borrower shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to
the matters specified in this Section 4.02.

 

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Article V

AFFIRMATIVE COVENANTS

 

Until the Termination
Date, the Borrower covenants and agrees with the Lenders that:

 

Section 5.01.       
Financial Statements and Other Information.
The Borrower will furnish to the Administrative Agent for distribution to each Lender (provided that, the Administrative Agent
shall not be required to distribute any document or report to any Lender to the extent such distribution would cause the Administrative
Agent to breach or violate any agreement that it has with another Person (including any non-reliance or non-disclosure letter with
any Approved Third-Party Appraiser), subject to any applicable exceptions contained in such agreement, including the entry by such
Lender into an additional agreement with such Person):

 

(a)            
within 90 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2015),
the audited consolidated statement of assets and liabilities and the related audited consolidated statements of operations, changes
in net assets and cash flows and related audited consolidated schedule of investments of the Borrower and its Subsidiaries on a
consolidated basis as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
fiscal year (to the extent full fiscal year information is available), all reported on by RSM US LLP (formerly McGladrey LLP) or
other independent public accountants of recognized national standing to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries
on a consolidated basis in accordance with GAAP consistently applied (which report shall be unqualified as to going concern and
scope of audit and shall not contain any explanatory paragraph or paragraph of emphasis with respect to going concern); provided
that the requirements set forth in this clause (a) may be fulfilled by providing to the Administrative Agent for distribution
to each Lender the report filed by the Borrower with the SEC on Form 10-K for the applicable fiscal year;

 

(b)            
within 45 days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower (commencing
with the fiscal quarter ending March 31, 2016), the consolidated statement of assets and liabilities and the related consolidated
statements of operations, changes in net assets and cash flows and related schedule of investments of the Borrower and its Subsidiaries
on a consolidated basis as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth
in each case in comparative form the figures for (or, in the case of the statement of assets and liabilities, as of the end of) the
corresponding period or periods of the previous fiscal year (to the extent such information is available for the previous fiscal
year), all certified by a Financial Officer as presenting fairly in all material respects the financial condition and results of
operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of footnotes; provided that the requirements set forth in this clause
(b) may be fulfilled by providing to the Administrative Agent for distribution to each Lender the report filed by the Borrower
with the SEC on Form 10-Q for the applicable quarterly period;

 

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(c)            
concurrently with any delivery of financial statements under clause (a) or (b) of this Section, a certificate
of a Financial Officer substantially in the form of Exhibit F hereto or such other form as is reasonably acceptable to the
Administrative Agent (i) to the extent the requirements in clause (a) and (b) are not fulfilled by the Borrower delivering
the applicable report delivered to (or filed with) the SEC, certifying that such statements are consistent with the financial statements
filed by the Borrower with the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has occurred during
the most recent period covered by such financial statement (and such Default has not previously been disclosed in writing pursuant
to Section 5.02(a)) and, if such a previously undisclosed Default has occurred during such period (or has occurred and is
continuing from a prior period), specifying the details thereof and any action taken or proposed to be taken with respect thereto,
(iii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.01(b), (c),
(d) and (e), 6.02(f), 6.03(e), and (h), 6.04(i), 6.05(b) and 6.07, (iv) stating whether any change in GAAP as applied by (or in the
application of GAAP by) the Borrower has occurred since the Original Restatement Effective Date (but only if the Borrower has not
previously reported such change to the Administrative Agent and if such change has had a material effect on the financial statements)
and, if any such change has occurred (and has not been previously reported to the Administrative Agent), specifying the effect
of such change on the financial statements accompanying such certificate, (v) attaching a list of Subsidiaries as of the date of
delivery of such certificate or a confirmation that there is no change in such information since the date of the last such list
and (vi) providing a reconciliation of any difference between the assets and liabilities of the Borrower and its consolidated Subsidiaries
presented in such financial statements and the assets and liabilities of the Borrower and its Subsidiaries for purposes of calculating
the financial covenants in Section 6.07;

 

(d)            
as soon as available and in any event not later than twenty (20) calendar days after the end of each monthly accounting
period (ending on the last day of each calendar month and commencing with the month ended December 31, 2015) of the Borrower
and its Subsidiaries, a Borrowing Base Certificate as of the last day of such accounting period, including an Excel schedule containing
such additional information consistent with past practice
as shall have been mutually agreed with the Administrative Agent;

 

(e)            
(i) promptly but no later than two Business Days after
the Borrower shall at any time be aware (based upon facts and circumstances known to it) that there is a Borrowing Base Deficiency
or be aware (based upon facts and circumstances known to it) that the Borrowing Base has declined by more than 15% (or,
with respect to the period from the Amendment No. 3 Effective Date to the Covid Relief Termination Date, the lesser of (x) 10%
and (y) if applicable, the percentage by which the Borrowing Base exceeded the Covered Debt Amount in the Borrowing Base Certificate
most recently delivered under this Agreement) from the Borrowing Base as of the end of the most recently ended calendar
month, a Borrowing Base Certificate as at the date the Borrower has knowledge of such Borrowing Base Deficiency or decline indicating
the amount of the Borrowing Base Deficiency or decline as at the date the Borrower obtained knowledge of such deficiency or
decline and the amount of the Borrowing Base Deficiency or decline as of the date not earlier than two Business Days
prior to the date the Borrowing Base Certificate is delivered pursuant to this paragraph;
and (ii) on the Covid Relief Termination Date, a Borrowing Base Certificate
as of the Covid Relief Termination Date, including an Excel schedule containing such additional information consistent with past
practice as shall have been mutually agreed with the Administrative Agent; provided that, for the avoidance of doubt, such Borrowing
Base Certificate under this clause (ii) shall calculate the Borrowing Base based solely on the Unadjusted Borrowing Base and excluding
the Borrowing Base Flex;

 

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(f)             
promptly upon receipt thereof copies of all significant written reports submitted to the management or board of directors
of the Borrower by the Borrower’s independent public accountants in connection with each annual, interim or special audit
or review of any type of the financial statements or related internal control systems of the Borrower or any of its Subsidiaries
delivered by such accountants to the management or board of directors of the Borrower;

 

(g)            
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other
materials sent to stockholders and filed by the Borrower or any of its Subsidiaries with the SEC or with any national securities
exchange, as the case may be;

 

(h)            
within 45 days after the last day of each fiscal quarter of the Borrower, all internal and external valuation reports relating
to the Eligible Portfolio Investments and
Non-Core Assets (including all valuation reports delivered by the Approved Third-Party Appraiser in connection with
the quarterly appraisals of Unquoted Investments in accordance with Section 5.12(b)(ii)(B)), and any other information
relating to the Eligible Portfolio Investments and
Non-Core Assets as reasonably requested by the Administrative Agent or any Lender;

 

(i)              
within 45 days after the initial closing of each Eligible Portfolio Investment and
each Non-Core Asset that is acquired, made or entered into after the Original Restatement Effective Date, all underwriting
memoranda for such Eligible Portfolio Investment and such Non-Core Asset;

 

(j)              
to the extent not otherwise provided by the Custodian, within thirty (30) days after the end of each month, substantially
in the form of Exhibit G hereto or such other form as is reasonably acceptable to the Administrative Agent, full, correct
and complete updated copies of custody reports (including (i) activity reports with respect to cash and Cash Equivalents included
in the calculation of the Borrowing Base and (ii) to the extent available, an itemized list of each Portfolio Investment held in
any Custodian Account owned by the Borrower or any Subsidiary) reflecting all assets being held in any Custodian Account owned
by the Borrower or any of its Subsidiaries or otherwise subject to a Custodian Agreement;

 

(k)             
within 45 days after the end of each fiscal quarter of the Borrower commencing with the first fiscal quarter to end on or
after the date on which the Borrower has any Financing Subsidiary, a certificate of a Financial Officer certifying that attached
thereto is a complete and correct description of all Portfolio Investments as of the date thereof, including, with respect to each
such Portfolio Investment, the name of the Borrower or Subsidiary holding such Portfolio Investment and the name of the issuer
of such Portfolio Investment;

 

(l)              
promptly following any request therefor, (i) such other information regarding the operations, business affairs and financial
condition of any Obligor or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents,
as the Administrative Agent or any Lender may reasonably request and (ii) information and documentation reasonably requested
by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer”,
anti-corruption and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership
Regulation;

 

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(m)             
to the extent required by the Beneficial Ownership Regulation, any change in the information provided in the Beneficial
Ownership Certification delivered to a Lender that would result in a change to the list of beneficial owners identified in such
certificate; and

 

(n)              
to the extent such information is not otherwise available in the financial statements delivered pursuant to clause (a) or
(b) of this Section 5.01, upon the reasonable request of the Administrative Agent prior to the end of the applicable fiscal quarter
or year, the Borrower shall deliver within 45 days after the end of each of the first three (3) fiscal quarters of each fiscal
year of the Borrower and ninety (90) days after the end of each fiscal year of the Borrower, a schedule setting forth in reasonable
detail with respect to each Portfolio Investment where there has been a realized gain or loss in the most recently completed fiscal
quarter, (i) the cost basis of such Portfolio Investment, (ii) the realized gain or loss associated with such Portfolio Investment,
(iii) the associated reversal of any previously unrealized gains or losses associated with such Portfolio Investment, (iv) the
proceeds received with respect to such Portfolio Investment representing repayments of principal during the most recently ended
fiscal quarter, and (v) any other amounts received with respect to such Portfolio Investment representing exit fees or prepayment
penalties during the most recently ended fiscal quarter.;
and 

 

(o)              
if the Borrower has elected to use the relief offer by Release No. 33837,
within two (2) Business Days after the end of each calendar month (commencing with the first calendar month ending after the Amendment
No. 3 Effective Date in which the Borrower has elected to use the relief offered by Release No. 33837), a certificate of a Financial
Officer in form and substance reasonably satisfactory to the Administrative Agent demonstrating the calculation of the Asset Coverage
Ratio as of the last day of the applicable calendar month and certifying that as of the end of each day during such calendar month,
the Asset Coverage Ratio (i) was at a level that did not violate any of the provisions of this Agreement and (ii) was or was not,
as applicable, greater than 1.50 to 1.

 

Section 5.02.       
Notices of Material Events. The Borrower
will furnish to the Administrative Agent and each Lender prompt written notice of the following:

 

(a)              
the occurrence of any Default (provided that if such Default is subsequently cured within the time periods set forth herein,
the failure to provide notice of such Default shall not itself result in an Event of Default hereunder);

 

(b)              
the filing or commencement of(or
threat in writing of the filing or commencement) of, or any material development in, any action, suit,
claim, dispute or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower
or any of its Affiliates that, (i)
pertains to, or arises in connection with, this Agreement, any of the Loan Documents or any of the Transactions, or (ii)
if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

 

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(c)              
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Borrower or any ERISA Affiliate in an aggregate amount exceeding $2,500,000; and

 

(d)              
any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.;
and

 

(e)              
its electing to use the relief offered by Release No. 33837.

 

Each notice delivered
under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting
forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

Section 5.03.       
Existence; Conduct of Business. The Borrower
will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full
force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its
business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted
under Section 6.03.

 

Section 5.04.       
Payment of Obligations. The Borrower will,
and will cause each of its Subsidiaries to, pay its obligations, including tax liabilities and material contractual obligations
before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested
in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves
with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably
be expected to result in a Material Adverse Effect.

 

Section 5.05.       
Maintenance of Properties; Insurance. The
Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its
business in good working order and condition, ordinary wear and tear excepted, (b) maintain, with financially sound and reputable
insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the
same or similar business, operating in the same or similar locations (including, without limitation, directors and officers liability
insurance) and (c) after the request of the Administrative Agent, promptly deliver to the Administrative Agent any certificate
or certificates from the Borrower’s insurance broker or other documentary evidence, in each case, demonstrating the effectiveness
of, or any changes to, such insurance. Each such policy of insurance (other than any director and officer liability insurance policy)
shall name the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, as additional insured with respect
to liability policies (and, with respect to casualty policies, to the extent Borrower owns any material tangible Collateral other
than documentation evidencing Portfolio Investments, loss payee) thereunder.

 

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Section 5.06.       
Books and Records; Inspection and Audit Rights.

 

(a)              
Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep, or cause
to kept, books of record and account in accordance with GAAP. The Borrower will, and will cause each of its Subsidiaries to, permit
any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice to the Borrower, at the
sole expense of the Borrower, to (i) visit and inspect its properties, to examine and make extracts from its books and records,
and (ii) discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times
and as often as reasonably requested; provided that the Borrower or such Subsidiary shall be entitled to have its representatives
and advisors present during any inspection of its books and records; provided, further, that the Borrower shall not
be required to pay for more than two such visits and inspections in any calendar year unless an Event of Default has occurred and
is continuing at the time of any subsequent visits and inspections during such calendar year.

 

(b)              
Audit Rights. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated
by Administrative Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to
conduct evaluations and appraisals of the Borrower’s computation of the Borrowing Base (and any components thereof) and the
assets included in the Borrowing Base (and any components thereof, including, for clarity, audits of any Agency Accounts, funds
transfers and custody procedures), all at such reasonable times and as often as reasonably requested. The Borrower shall pay the
reasonable, documented fees and expenses of representatives retained by the Administrative Agent to conduct any such evaluation
or appraisal; provided that the Borrower shall not be required to pay such fees and expenses for more than one such evaluation
or appraisal during any calendar year unless an Event of Default has occurred and is continuing at the time of any subsequent evaluation
or appraisal during such calendar year. The Borrower also agrees to modify or adjust the computation of the Borrowing Base and/or
the assets included in the Borrowing Base, to the extent required by the Administrative Agent or the Required Lenders as a result
of any such evaluation or appraisal indicating that such computation or inclusion of assets is not consistent with the terms of
this Agreement, provided that if the Borrower demonstrates that such evaluation or appraisal is incorrect, the Borrower
shall be permitted to re-adjust its computation of the Borrowing Base.

 

(c)              
Notwithstanding the foregoing, nothing contained in this Section 5.06 shall impair or affect the rights of the Administrative
Agent under Section 5.12(b)(ii)(I) in any respect.

 

Section 5.07.       
Compliance with Laws and Agreements. The
Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, including the Investment Company
Act (if applicable to such Person), and orders of any Governmental Authority applicable to it (including rules, regulations and
orders issued by the SEC) or its property and all indentures, agreements and other instruments binding upon it or its property,
except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. The Borrower will maintain and enforce policies and procedures that are designed in good faith and in a commercially reasonable
manner to promote and achieve compliance, in the reasonable judgment of the Borrower, by the Borrower and each of its Subsidiaries
and (when acting on behalf of the Borrower or any of its Subsidiaries) their respective directors, officers, employees and agents
with any applicable Anti-Corruption Laws and applicable Sanctions, in each case, giving due regard to the nature of such Person’s
business and activities.

 

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Section 5.08.       
Certain Obligations Respecting Subsidiaries; Further Assurances.

 

(a)         
Subsidiary Guarantors.

 

(i)               
InWithout limiting
Section 6.17, in the event that (1) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary
(other than a Financing Subsidiary, a CFC or a Transparent Subsidiary), or that any other Person shall become a “Subsidiary”
within the meaning of the definition thereof (other than a Financing Subsidiary, a CFC or a Transparent Subsidiary), (2) any SBIC
Subsidiary shall no longer constitute a “SBIC Subsidiary” pursuant to the definition thereof (in which case such Person
shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08), (3) any Structured Subsidiary shall
no longer constitute a “Structured Subsidiary” pursuant to the definition thereof (including, for the avoidance of
doubt, if such Structured Subsidiary ceases to have, in full force and effect, financing provided by an unaffiliated third party)
(in which case such Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08),
(4) any CFC shall no longer constitute a “CFC” pursuant to the definition thereof (in which case such Person shall
be deemed to be a “new” Subsidiary for purposespurpose
of this Section 5.08) orand
(5) any Transparent Subsidiary shall no longer constitute a “Transparent Subsidiary” pursuant to the definition thereof
(in which case such Person shall be deemed to be a “new” Subsidiary
for purposes of this Section 5.08), the Borrower will, in each case, (i)
promptly provide notice thereof to the Administrative Agent and (ii) on or before thirty (30) days following such Person
becoming a Subsidiary or such Financing Subsidiary, CFC or Transparent Subsidiary, as the case may be, no longer qualifying as
such, cause such new Subsidiary or former Financing Subsidiary, former CFC or former Transparent Subsidiary, as the case may be,
to become a “Subsidiary Guarantor” (and, thereby, an “Obligor”) under the Guarantee and Security Agreement
pursuant to a Guarantee Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions
of counsel and other documents as the Administrative Agent shall have reasonably requested.

 

(ii)             
The Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each Structured Subsidiary,
each SBIC Subsidiary, each CFC and each Transparent Subsidiary as an Obligor only for so long as such Person qualifies as a “Structured
Subsidiary”, “SBIC Subsidiary”, “CFC” or “Transparent Subsidiary”, respectively, pursuant
to the definition thereof, and thereafter such Person shall no longer constitute a “Structured Subsidiary”, “SBIC
Subsidiary”, “CFC” or “Transparent Subsidiary”, respectively, for any purpose of this Agreement or
any other Loan Document; provided, however,
that, notwithstanding anything to the contrary contained herein, so long as (1) no Default exists, (2) the Borrowing Base is at
least 115% of the Covered Debt Amount at all times during the period in which such Subsidiary no longer constitutes a “Structured
Subsidiary”, (3) such Subsidiary no longer constitutes a “Structured Subsidiary” solely for failing to satisfy
clause (d)(1) of the definition thereof and (4) the Borrower delivers to the
Administrative Agent a certificate of a Financial Officer certifying as to each of the foregoing
conditions, such Subsidiary may be redesignated a “Structured Subsidiary”, “SBIC Subsidiary”, “CFC”
or “Transparent Subsidiary”, respectively, to the extent that (x) at the time such Subsidiary fails to qualify as a
 “Structured Subsidiary”, “SBIC Subsidiary”, “CFC” or “Transparent Subsidiary”,
respectively, such Subsidiary is in good faith negotiating with an unaffiliated third party to provide such Subsidiary with third
party financing and (y) within thirty (30) days of the date on which such Subsidiary fails to qualify as a “Structured Subsidiary”,
 “SBIC Subsidiary”, “CFC” or “Transparent Subsidiary”, respectively, such Subsidiary enters
into definitive documentation relating to such third party financing; provided,
further, that it is expressly agreed that if such third party financing is not obtained
within such 30-day period, the Borrower shall immediately cause such Subsidiary to become a “Subsidiary Guarantor”
in accordance with Section 5.08(a)(i) (and it will be an Event of Default hereunder if such Subsidiary has not become a “Subsidiary
Guarantor” in accordance with Section 5.08(a)(i) on such 30th day)..

 

(iii)           
The Borrower acknowledges that the Administrative
Agent and the Lenders have agreed to exclude each SBIC Subsidiary as an Obligor only for so long
as such Person qualifies as an “SBIC Subsidiary” pursuant to the definition thereof, and thereafter such Person shall
no longer constitute an “SBIC Subsidiary” for any purpose ofNotwithstanding
anything to the contrary in this Agreement or any other Loan Document,
the Excluded Subsidiary shall not become a Subsidiary Guarantor.

 

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(b)          
Ownership of Subsidiaries. The Borrower will, and will cause each of its Subsidiaries to, take such action from time
to time as shall be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary.

 

(c)          
Further Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from
time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement.
Without limiting the generality of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors, to:

 

(i)           
take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing
and delivering such assignments, security agreements and other instruments) as shall be reasonably requested by the Administrative
Agent to create, in favor of the Collateral Agent for the benefit of the Lenders (and any affiliateAffiliate
thereof that is a party to any Hedging Agreement entered into with the Borrower) and the holders of any Secured Longer-Term Indebtedness,
perfected first-priority security interests and Liens in the Collateral (subject to Eligible Liens or any Liens described in clause
(b) of the definition of “Permitted Liens”); provided that any such security interest or Lien shall be subject
to the relevant requirements of the Security Documents;

 

(ii)          
with respect to each deposit account or securities account of the Obligors (other than (A) any such accounts that are maintained
by the Borrower in its capacity as “servicer” for a Financing Subsidiary or any Agency Account, (B) any such accounts
which hold solely money or financial assets of a Financing Subsidiary, (C) any payroll account so long as such payroll account
is coded as such, (D) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of a Portfolio Investment,
(E) checking accounts of the Obligors that do not contain, at any one time, an aggregate balance in excess of $1,000,000, provided
that Borrower will, and will cause each of its Subsidiary Guarantors to, use commercially reasonable efforts to obtain control
agreements governing any such account in this clause (E), and (F) any account in which the aggregate value of deposits therein,
together with all other such accounts under this clause (F), does not at any time exceed $75,000, provided that in the case
of each of the foregoing clauses (A) through (F), no other Person (other than the depository institution at which
such account is maintained) shall have “control” (within the meaning of the Uniform Commercial Code) over such account),
cause each bank or securities intermediary (within the meaning of the Uniform Commercial Code) to enter into such arrangements
with the Collateral Agent as shall be appropriate in order that the Collateral Agent has “control” (within the meaning
of the Uniform Commercial Code) over each such deposit account or securities account (each, a “Control Account”)
and in that connection, the Borrower agrees, subject to Sections 5.08(c)(iv) and (v) below, to cause all cash and
other proceeds of Portfolio Investments received by any Obligor to be immediately deposited into a Control Account (or otherwise
delivered to, or registered in the name of, the Collateral Agent) and, both prior to and following such deposit, delivery
or registration such cash and other proceeds shall be held in trust by the Borrower for the benefit and as the property of the
Collateral Agent and shall not be commingled with any other funds or property of such Obligor or any other Person (including with
any money or financial assets of the Borrower in its capacity as “servicer” for a Structured Subsidiary, or any money
or financial assets of a Structured Subsidiary, or any money or financial assets of the Borrower in its capacity as an “agent”
or “administrative agent” for any other Bank Loans subject to Section 5.08(c)(v) below));

 

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(iii)          
cause the Financing Subsidiaries to execute and deliver to the Administrative Agent such certificates and agreements, in
form and substance reasonably satisfactory to the Administrative Agent, as it shall determine are necessary to confirm that such
Financing Subsidiary qualifies or continues to qualify as a “Structured Subsidiary” or an “SBIC Subsidiary”,
as applicable, pursuant to the definitions thereof;

 

(iv)          
in the case of any Portfolio Investment consisting of a Bank Loan (as defined in Section 5.13) that does not constitute
all of the credit extended to the underlying borrower under the relevant underlying loan documents and a Financing Subsidiary or
Restricted Investment holds any interest in the loans or other extensions of credit under such loan documents, (x)(1)
cause the interest owned by such Financing Subsidiary or such Restricted
Investment, as applicable, to be evidenced by separate execution of relevant loan documentation by, or assignment documentation
in the name of, such Financing Subsidiary or such Restricted Investment,
as applicable, and, if such interest is evidenced by notes, cause such interest to be evidenced by a separate note or
notes, which note or notes are either (A) in the name of such Financing Subsidiary or such
Restricted Investment, as applicable, or (B) in the name of the Borrower, endorsed in blank and delivered to the
applicable Financing Subsidiary or applicable Restricted Investment
and beneficially owned by thesuch
Financing Subsidiary or such Restricted Investment, as applicable,
and (2) not permit such Financing Subsidiary or such Restricted Investment,
as applicable, to have a participation acquired from an Obligor in such underlying loan documents and the extensions
of credit thereunder or any other indirect interest therein acquired from an Obligor; and (y) ensure that, subject to Section
5.08(c)(v) below, all amounts owing to any Obligor by the underlying borrower or other obligated party are remitted by such
borrower or obligated party (or the applicable administrative agents, collateral agents or equivalent Person) directly to the Custodian
Account and no other amounts owing by such underlying borrower or obligated party are remitted to the Custodian Account;

 

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(v)          
in the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any
Bank Loan (or is acting in an analogous agency capacity under any agreement related to any Portfolio Investment) and such Obligor
does not hold all of the credit extended to the underlying borrower or issuer under the relevant underlying loan documents or other
agreements, ensure that (1) all funds held by such Obligor in such capacity as agent or administrative agent are segregated from
all other funds of such Obligor and clearly identified as being held in an agency capacity (an “Agency Account”);
(2) all amounts owing on account of such Bank Loan or Portfolio Investment by the underlying borrower or other obligated party
are remitted by such borrower or obligated party to either (A) such Agency Account or (B) directly to an account in the name
of the underlying lender to whom such amounts are owed (for the avoidance of doubt, no funds representing amounts owing to more
than one underlying lender may be remitted to any single account other than the Agency Account); and (3) within two (2) Business
Days after receipt of such funds, such Obligor acting in its capacity as agent or administrative agent shall distribute any such
funds belonging to any Obligor to the Custodian Account (provided that if any distribution referred to in this clause (c) is not
permitted by applicable bankruptcy law to be made within such two-Business Day period as a result of the bankruptcy of the underlying
borrower, such Obligor shall use commercially reasonable efforts to obtain permission to make such distribution and shall make
such distribution as soon as legally permitted to do so);

 

(vi)         
cause the documentation relating to each Investment in Indebtedness described in paragraph 1 of Schedule 1.01(d) and
Schedule 1.01(f) to be delivered to the Custodian as provided therein; and

 

(vii)         
in the case of any Portfolio Investment held by any Financing Subsidiary or
any Restricted Investment, including any cash collection related thereto, ensure that such Portfolio Investment shall
not be held in any Custodian Account, or any other account of any Obligor,
and shall be segregated from the accounts holding Collateral.

 

Section 5.09.         
Use of Proceeds. The Borrower will use
the proceeds of the Loans only for general corporate purposes of the Borrower and its Subsidiaries (other than the Financing Subsidiaries
except as expressly permitted under Section 6.03(e) or (f)) in the ordinary
course of business, including making distributions not prohibited by this Agreement and the acquisition and funding (either directly
or through one or more wholly owned Subsidiary Guarantors) of leveraged loans, mezzanine loans, high-yield securities, convertible
securities, preferred stock, common stock and other Portfolio Investments; provided that neither the Administrative Agent
nor any Lender shall have any responsibility as to the use of any of such proceeds. No part of the proceeds of any Loan will be
used in violation of applicable law or, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of
buying or carrying any Margin Stock. On the first day (if any) an Obligor acquires any Margin Stock or at any other time requested
by the Administrative Agent or any Lender, the Borrower shall furnish to the Administrative Agent and each Lender a statement to
the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation
U. Margin Stock shall be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by
Margin Stock (within the meaning of Regulation U), or with the proceeds of equity capital of the Borrower. No Obligor will,
to its actual knowledge, directly or indirectly use the proceeds of the Loans or otherwise make available such proceeds (I) to
any Person for the purpose of financing the activities of any Person currently (A) subject to, or the subject of, any Sanctions
or (B) organized or resident in a Sanctioned Country or (II) for any payments to any governmental official or employee, political
party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to
obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Laws. 

 

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Section 5.10.         
Status of RIC and BDC. The Borrower shall
at all times maintain its status as a RIC under the Code, and as a “business development company” under the Investment
Company Act.

 

Section 5.11.         
Investment Policies. The Borrower shall
at all times be in compliance in all material respects with its Investment Policies.

 

Section 5.12.         
Portfolio Valuation and Diversification Etc.; Risk Factor Ratings.

 

(a)          
Industry Classification Groups. For purposes of this Agreement and
the other Loan Documents, the Borrower shall assign each Eligible Portfolio Investment to an Industry Classification
Group as reasonably determined by the Borrower. To the extent that the Borrower reasonably determines that any Eligible Portfolio
Investment is not adequately correlated with the risks of other Eligible Portfolio Investments in an Industry Classification Group,
such Eligible Portfolio Investment may be assigned by the Borrower to anthe
Industry Classification Group that is moremost
closely correlated to such Eligible Portfolio Investment.

 

(b)          
Portfolio Valuation Etc.

 

(i)            
Settlement-Date Basis. For purposes of this Agreement, all determinations of whether an investment is to be included
as an Eligible Portfolio Investment or a Non-Core Asset shall
be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as an Eligible
Portfolio Investment or a Non-Core Asset until such purchase
has settled, and any Eligible Portfolio Investment or any Non-Core Asset
which has been sold will not be excluded as an Eligible Portfolio Investment or
a Non-Core Asset until such sale has settled), provided that no such investment shall be included as an Eligible Portfolio
Investment or a Non-Core Asset to the extent it has not been
paid for in full.

 

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(ii)           
Determination of Values. The Borrower will conduct reviews of the value to be assigned to each of its Eligible Portfolio
Investments (and, as required on Schedule 1.01(f), each of its Non-Core
Assets), as follows:

 

(A)          Quoted
Investments External Review. With respect to Eligible Portfolio Investments (including Cash Equivalents) for which market quotations
are readily available and are reflective of an actual trade executed within a reasonable period of such quotation (“Quoted
Investments”), the Borrower shall, not less frequently than once each calendar week, determine the market value of such
Quoted Investments which shall, in each case, be determined in accordance with one of the following methodologies as selected by
the Borrower (each such value, an “External Quoted Value”):

 

(w)      in
the case of public and Rule 144A securities, the average
of the recent bid prices as determined by two Approved Dealers selected by the Borrower,

 

(x)       in
the case of Bank Loans, the average of the recent bid prices as determined by two Approved Dealers selected by the Borrower or
an Approved Pricing Service which makes reference to at least two Approved Dealers with respect to such Bank Loans,

 

(y)      in
the case of any Quoted Investment traded on an exchange, the closing price for such Quoted Investment most recently posted on such
exchange, and

 

(z)       in
the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service.

 

(B)           Unquoted
Investments External Review. With respect to Eligible Portfolio Investments for which market quotations are not readily available
(“Unquoted Investments”), other than No External Review Assets, the Borrower shall request an Approved Third-Party
Appraiser to assist the Board of Directors of the Borrower in determining the fair market value of such Unquoted Investments, as
at the last day of each fiscal quarter following the Original Effective Date (each such value, an “External Unquoted Value”)
and to provide the Board of Directors with a written independent valuation report as part of that assistance each quarter. Each
such valuation report shall also include the information required to comply with paragraph 8 and paragraph 22 of Schedule 1.01(d).

 

(C)           Internal
Review. The Borrower shall conduct internal reviews to determine the value of all Eligible Portfolio Investments at least once
each calendar week which shall take into account any events of which the Borrower has knowledge that adversely affect the value
of any Eligible Portfolio Investment (each such value, an “Internal Value”).

 

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(D)           Value
of Quoted Investments. Subject to clauses (G), (H) and (I) of this Section 5.12(b)(ii), the “Value” of each
Quoted Investment for all purposes of this Agreement shall be the lowest of (1) the Internal Value of such Quoted Investment
as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (2) the External Quoted Value of such
Quoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(A) and (3) 102% of the par or face value
of the such Quoted Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account
any Accretive Value).

 

(E)            Value
of Unquoted Investments. Subject to clauses (G), (H) and (I) of this Section 5.12(b)(ii),

 

(I)       if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
falls below the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of
(i) the Internal Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock,
the Liquidation Preference thereof without taking into account any Accretive Value);

 

(II)      if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
falls above the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of
(i) the midpoint of the range of the External Unquoted Value and (ii) 102% of the par or face value of such Unquoted Investment
(or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); and

 

(III)     if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
is within the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of
(i) the Internal Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock,
the Liquidation Preference thereof without taking into account any Accretive Value);

 

except that:

 

(w)      if
the difference between the highest and lowest External Unquoted Value in such range exceeds an amount equal to 6% of the midpoint
of such range, the “Value” of such Unquoted Investment shall instead be deemed to be the lowest of (i) the lowest External
Unquoted Value in such range, (ii) the Internal Value determined pursuant to Section 5.12(b)(ii)(C), and (iii) 102% of the
par or face value of such Unquoted Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking
into account any Accretive Value); and

 

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(x)       [intentionally
omitted]; and

 

(y)      the
 “Value” of any Unquoted Investment acquired during a fiscal quarter shall be deemed to be equal to the lower of the
cost of such Unquoted Investment and the Internal Value of such Unquoted Investment until such time as the External Unquoted Value
of such Unquoted Investment is determined in accordance with the provisions of Section 5.12(b)(ii)(E) as at the last
day of such fiscal quarter.

 

(F)           Actions
Upon a Borrowing Base Deficiency. If, based upon such weekly internal review (including,
as required on Schedule 1.01(f), such weekly internal review of each of its Non-Core Assets), the Borrower determines
that a Borrowing Base Deficiency exists or that the Borrowing Base has declined by more than 15% (or,
with respect to the period from the Amendment No. 3 Effective Date to the Covid Relief Termination Date, the lesser of (x) 10%
and (y) the amount, if any, that the Borrowing Base exceeded the Covered Debt Amount in the Borrowing Base Certificate most recently
delivered under this Agreement) from the Borrowing Base stated in the Borrowing Base Certificate last delivered by the
Borrower to the Administrative Agent, then the Borrower shall, promptly and in any event within two Business Days as provided in
Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base and shall take the actions,
and make the payments and prepayments (if any), all as more specifically set forth in Section 2.08(c).

 

(G)           Failure
to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date
pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then the “Value”
of such Eligible Portfolio Investment as at such date shall be deemed to be zero.

 

(H)           Adjustment
of Values. Notwithstanding anything herein to the contrary, the Administrative Agent, in its sole and absolute discretion exercised
in good faith, may, and upon the request of Required Lenders, shall, revise the Value of any Eligible Portfolio Investment (in
which case the “Value” of such Eligible Portfolio Investment shall for all purposes hereof be deemed to be the Value
assigned by the Administrative Agent) and/or exclude any Eligible Portfolio Investment from the Borrowing Base entirely, so long
as the aggregate reduction in the Borrowing Base resulting from all such revisions and exclusions in any fiscal quarter does not
exceed 7.5%. Any such revision or exclusion shall be effective ten Business Days after the Administrative Agent’s delivery
of notice thereof to the Borrower.

 

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(I)            Testing
of Values; Valuation Dispute Resolution. Notwithstanding the foregoing, the Administrative Agent shall at any time have the
right to request any Unquoted Investment be independently valued by an Approved Third-Party Appraiser retained by the Administrative
Agent. There shall be no limit on the number of such appraisals requested by the Administrative Agent and the costs of any such
valuation shall be at the expense of the Borrower. If the difference between the Borrower’s valuation pursuant to Section
5.12(b)(ii)(E) and the valuation of any Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this
Section 5.12(b)(ii)(I) is (1) less than 7.5% of the value thereof, then the Borrower’s valuation pursuant to Section
5.12(b)(ii)(E) shall be used, (2) between 7.5% and 20% of the value thereof, then the valuation of such Portfolio Investment
shall be the average of the value determined by the Borrower pursuant to Section 5.12(b)(ii)(E) and the value determined
by the Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this Section 5.12(b)(ii)(I) and (3)
greater than 20% of the value thereof, then the valuation of such Portfolio Investment shall be the lesser of the Borrower’s
valuation pursuant to Section 5.12(b)(ii)(E) and the valuation of any Approved Third-Party Appraiser retained by the Administrative
Agent pursuant to this Section 5.12(b)(ii)(I).

 

(c)         
Investment Company Diversification Requirements. The Borrower (together with its Subsidiaries to the extent required
by the Investment Company Act) will at all times comply with the portfolio diversification and similar requirements set forth in
the Investment Company Act applicable to business development companies. The Borrower will at all times, subject to applicable
grace periods set forth in the Code, comply with the portfolio diversification and similar requirements set forth in the Code applicable
to RICs.

 

Section 5.13.         
Calculation of Borrowing Base. For purposes
of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum without
duplication of (i) the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment
by (y) the applicable Advance Rate, expressed as a fraction (the amount
calculated in this clause (i) as adjusted pursuant to the proviso below, the “Unadjusted Borrowing Base”) plus (ii)
solely from the Amendment No. 3 Effective Date to the Covid Relief Termination Date, the Borrowing Base Flex; provided
that:

 

(a)          
the Advance Rate applicable to the aggregate Value of all Eligible Portfolio Investments in their entirety shall be 0% at
any time when the Unadjusted Borrowing Base is composed entirely
of Eligible Portfolio Investments issued by less than 15 different issuers;

 

(b)          
with respect to all Eligible Portfolio Investments issued by a single issuer, the Advance Rate applicable to that portion
of the Value of such Eligible Portfolio Investments that exceeds 7.5% of the Obligors’ Net Worth shall be 0%; provided
that, with respect to each of the six (6) largest Portfolio Companies (based on the fair value of the Eligible Portfolio Investments),
only that portion of the Eligible Portfolio Investments issued by such Portfolio Company that exceeds 10% of the Obligors’
Net Worth shall have an Advance Rate of 0%;

 

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(c)           
if at any time the weighted average Risk Factor of all Eligible Portfolio Investments (other than Eligible Portfolio Investments
that are ABL Transactions) in the Unadjusted Borrowing Base
(based on the fair value of such Eligible Portfolio Investments) exceeds 3490, the Unadjusted
Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent
necessary to cause the weighted average Risk Factor of all Eligible Portfolio Investments (other than Eligible Portfolio Investments
that are ABL Transactions) in the Unadjusted Borrowing Base
to be no greater than 3490 (subject to all other constraints, limitations and restrictions set forth herein);

 

(d)          
the portion of the Unadjusted Borrowing Base attributable
to Eligible Portfolio Investments (other than Eligible Portfolio Investments that are ABL Transactions) with a Risk Factor higher
than 3490 shall not exceed 25% of the Unadjusted Borrowing
Base and the Unadjusted Borrowing Base shall be reduced by
removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed
25% of the Unadjusted Borrowing Base;

 

(e)          
the portion of the Unadjusted Borrowing Base attributable
to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S. Government Securities or First Lien Bank
Loans (including, for clarity, LTV Transactions that are not Indirect Real Estate LTV Transactions) shall not exceed 40% of the
Unadjusted Borrowing Base and the Unadjusted
Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent
such portion would otherwise exceed 40% of the Unadjusted
Borrowing Base; provided, that, (i) at any time that the Asset Coverage Ratio is less than 2.00 to 1, such contribution
shall not exceed 35% and (ii) at any time that the Asset Coverage Ratio is less than 1.67 to 1, such contribution shall not exceed
30%;

 

(f)           
if at any time the Weighted Average Recurring Revenue Ratio is greater than 2.40 to 1.00, the Unadjusted
Borrowing Base shall be reduced by removing Recurring Revenue Transactions therefrom (but not from the Collateral) to the extent
necessary to cause the Weighted Average Recurring Revenue Ratio to be no greater than 2.40 to 1.00 (subject to all other constraints,
limitations and restrictions set forth herein);

 

(g)          
if at any time the Weighted Average Leverage Ratio is greater than 4.75 to 1.00, the Unadjusted
Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the
extent necessary to cause the Weighted Average Leverage Ratio to be no greater than 4.75 to 1.00 (subject to all other constraints,
limitations and restrictions set forth herein); provided that any LTV Transactions shall be excluded from such calculation;

 

(h)          
the portion of the Unadjusted Borrowing Base attributable
to Eligible Portfolio Investments in each of the Industry Classification Groups that are part of the Two Largest Industry Classification
Groups shall, in each case, not exceed 20% of the Unadjusted
Borrowing Base and the Unadjusted Borrowing Base shall be
reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise
exceed 20% of the Unadjusted Borrowing Base;

 

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(i)           
the portion of the Unadjusted Borrowing Base attributable
to Eligible Portfolio Investments in any single Industry Classification Group (other than each of the Industry Classification Groups
that are part of the Two Largest Industry Classification Groups) shall not exceed 15% of the Unadjusted
Borrowing Base and the Unadjusted Borrowing Base shall be
reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise
exceed 15% of the Unadjusted Borrowing Base;

 

(j)           
if at any time the weighted average maturity of all Debt Eligible Portfolio Investments (based on the fair value of such
Eligible Portfolio Investments to the extent included in the Unadjusted
Borrowing Base) exceeds 5.0 years, the Unadjusted Borrowing
Base shall be reduced by removing Debt Eligible Portfolio Investments
that are Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the
weighted average maturity of all Debt Eligible Portfolio Investments included in the Unadjusted
Borrowing Base to be no greater than 5.0 years (subject to all other constraints, limitations and restrictions set forth herein);

 

(k)          
the portion of the Unadjusted Borrowing Base attributable
to Debt Eligible Portfolio Investments with a maturity greater than 7 years shall not exceed 15% of the Unadjusted
Borrowing Base and the Unadjusted Borrowing Base shall be
reduced by removing Debt Eligible Portfolio Investments therefrom
(but not from the Collateral) to the extent such portion would otherwise exceed 15% of the Unadjusted
Borrowing Base;

 

(l)           
the portion of the Unadjusted Borrowing Base attributable
to PIK Obligations, DIP Loans, Covenant-Lite Loans and Preferred Stock shall not exceed 20% of the Unadjusted
Borrowing Base and the Unadjusted Borrowing Base shall be
reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise
exceed 20% of the Unadjusted Borrowing Base; provided,
that the portion of the Unadjusted Borrowing Base attributable
to Preferred Stock in the aggregate shall not exceed 10% of the Unadjusted
Borrowing Base and the Unadjusted Borrowing Base shall be
reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise
exceed 10% of the Unadjusted Borrowing Base;

 

(m)         
if at any time the Weighted Average Fixed Coupon (after giving effect to any Hedging Agreement) is less than the greater
of (i) 8% and (ii) the one-month LIBO Rate plus 4.5%, the Unadjusted
Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the
extent necessary to cause the Weighted Average Fixed Coupon to be at least equal to the greater of (x) 8% and (y) LIBO Rate plus
4.5% (subject to all other constraints, limitations and restrictions set forth herein);

 

(n)         
if at any time the Weighted Average Floating Spread (after giving effect to any Hedging Agreement) is less than 4.5%, the
Unadjusted Borrowing Base shall be reduced by removing Debt
Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Floating
Spread to be at least 4.5% (subject to all other constraints, limitations and restrictions set forth herein);

 

    106

     

    

 

(o)          
the portion of the Unadjusted Borrowing Base attributable
to Eligible Portfolio Investments that are Low Risk Assets shall be at least 65% of the Unadjusted
Borrowing Base, and the Unadjusted Borrowing Base shall be
reduced by removing therefrom (but not from the Collateral) Eligible Portfolio Investments that are not Low Risk Assets so that
the portion of the Unadjusted Borrowing Base attributable
to Low Risk Assets will be at least 65% of the Unadjusted
Borrowing Base;

 

(p)          
no portion of the Unadjusted Borrowing Base shall
be attributable to (a) any (i) Equity Interests (other than Preferred Stock), (ii) warrants, options or other rights for the purchase
or acquisition of Equity Interests or (iii) securities convertible into or exchangeable for shares of Equity Interests, (b) any
Affiliate Investment or (c) any Structured Finance Obligation;

 

(q)          
[reserved];

 

(r)           
to the extent that the fair value of the No External Review Assets included in the Unadjusted
Borrowing Base exceeds 10% of the Unadjusted Borrowing Base
(without taking into account any No External Review Assets), the Unadjusted
Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent
the fair value of the No External Review Assets included in the Unadjusted
Borrowing Base would otherwise exceed 10% of the Unadjusted
Borrowing Base;

 

(s)          
the portion of the Unadjusted Borrowing Base attributable
to Foreign Eligible Portfolio Investments shall not exceed 10% of the Unadjusted
Borrowing Base and the Unadjusted Borrowing Base shall be
reduced by removing Foreign Eligible Portfolio Investments
therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 10% of the Unadjusted
Borrowing Base;

 

(t)           
the portion of the Unadjusted Borrowing Base attributable
to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S. Government Securities, First Lien Bank Loans
(including, for clarity, LTV Transactions that are not Indirect Real Estate LTV Transactions), Last Out Loans or Second Lien Bank
Loans shall not exceed 20% of the Unadjusted Borrowing Base
and the Unadjusted Borrowing Base shall be reduced by removing
Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 20% of
the Unadjusted Borrowing Base; and

 

(u)         
the portion of the Unadjusted Borrowing Base attributable
to Eligible Portfolio Investments that are LTV Transactions shall not exceed 40% of the Unadjusted
Borrowing Base and the Unadjusted Borrowing Base shall be
reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise
exceed 40% of the Unadjusted Borrowing Base; provided
that the contribution to the Unadjusted Borrowing Base of
Eligible Portfolio Investments that are LTV Transactions shall at no time exceed the aggregate contribution to the Unadjusted
Borrowing Base of (x) Eligible Portfolio Investments that are First Lien Bank Loans (including Covenant-Lite Loans that are First
Lien Bank Loans and excluding LTV Transactions), plus (y) Cash and Cash Equivalents plus (z) Long-Term U.S. Government Securities;
provided further that the portion of the Unadjusted
Borrowing Base attributable to Eligible Portfolio Investments that are Real Estate LTV Transactions shall not exceed 10% of the
Unadjusted Borrowing Base and the Unadjusted
Borrowing Base shall be reduced by removing Eligible Portfolio Investments that
are Real Estate LTV Transactions therefrom (but not from the Collateral) to the extent such portion would otherwise
exceed 10% of the Unadjusted Borrowing Base; provided
further that, (x) Recurring Revenue Transactions in the aggregate shall not exceed 25% of the Unadjusted
Borrowing Base and (y) ABL Transactions in the aggregate shall not exceed 20% of the Unadjusted
Borrowing Base; and provided further that the portion of the Unadjusted
Borrowing Base attributable to Eligible Portfolio Investments that are Recurring Revenue Transactions that are Last Out Loans shall
not exceed 6.25% of the Unadjusted Borrowing Base.

 

    107

     

    

 

For the avoidance of
doubt, no Portfolio Investment shall be an Eligible Portfolio Investment unless, among the other requirements set forth in this
Agreement, (i) such Investment is subject only to Eligible Liens and (ii) such Investment is Transferable. In addition, as used
herein, the following terms have the following meanings:

 

“ABL Transactions”
has the meaning assigned to such term in the definition of LTV Transaction.

 

“Advance Rate”
means, as to any Eligible Portfolio Investment and subject to adjustment as provided above, the following percentages with respect
to such Eligible Portfolio Investment:

 

	Eligible Portfolio Investment	 	Unquoted	 	 	Quoted	 
	Cash and Cash Equivalents (including Short-Term U.S. Government Securities)	 	 	n/a	 	 	 	100	%
	Long-Term U.S. Government Securities	 	 	n/a	 	 	 	85	%
	Performing First Lien Bank Loans	 	 	67.5	%	 	 	72.5	%
	Performing Last Out Loans and Performing LTV Transactions	 	 	60	%	 	 	65	%
	Performing Last Out Loans that are both Recurring Revenue Transactions and Last Out Loans	 	 	55	%	 	 	55	%
	Performing Second Lien Bank Loans	 	 	50	%	 	 	60	%
	Performing High Yield Securities	 	 	45	%	 	 	55	%
	Performing Mezzanine Investments, Performing Indirect Real Estate LTV Transactions and Performing Covenant-Lite Loans	 	 	40	%	 	 	50	%
	Performing DIP Loans	 	 	50	%	 	 	50	%
	Performing PIK Obligations and Performing Preferred Stock	 	 	35	%	 	 	40	%

 

provided,
that, at any time the Asset Coverage Ratio is less than 1.67 to 1 and the contribution
of First Lien Bank Loans (including, for clarity,
LTV Transactions that are not Indirect Real Estate LTV Transactions) to the Borrowing Base is
less than 70% (in each case, as reported in the most recently delivered monthly Borrowing Base
Certificate) every Advance Rate in the table above that is below the line for “Performing
First Lien Bank Loans” shall be 5% less than the applicable rate indicated in the table. For the avoidance of doubt,
the above categories are intended to be indicative of the traditional investment types in
a fully capitalized issuer. All determinations of whether a particular Portfolio Investment belongs
to one category or another shall be made by the Borrower on a consistent basis with the
foregoing. For example, a secured bank loan solely at a holding company, the only assets
of which are the shares of an operating company, may constitute Mezzanine Investments, but
would not ordinarily constitute a First Lien Bank Loan.

 

    108

     

    

 

“Bank Loans”
means debt obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded
portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans,
bridge loans and senior subordinated loans) that are generally provided under a credit facility or syndicated loan.

 

“Capital Stock”
of any Person means any and all shares of corporate stock (however designated) of and any and all other Equity Interests and participations
representing ownership interests (including membership interests and limited liability company interests) in, such Person.

 

“Cash” has
the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Cash Equivalents”
has the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Covenant-Lite
Loan” means a Bank Loan that does not require the Portfolio Company thereunder to comply with any financial maintenance covenants
(including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement), in
each case regardless of whether compliance with one or more incurrence covenants is otherwise required by such Bank Loan.

 

“Debt Eligible
Portfolio Investment” means an Eligible Portfolio Investment which is an Investment in Indebtedness.

 

“Defaulted Obligation”
means:

 

(a)          
any Debt Eligible Portfolio Investment as to which (x) a default as to the payment of principal and/or interest has occurred and
is continuing for a period of thirty-two (32) consecutive days with respect to such debt (without regard to any grace period applicable
thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such debt have accelerated
all or a portion of the principal amount thereof as a result of such default;

 

(b)          
any Eligible Portfolio Investment that is Preferred Stock as to which the applicable Portfolio Company has failed, with respect
to any class of Preferred Stock of such Portfolio Company, to meet any scheduled redemption obligations or pay its latest declared
cash dividend after the applicable due date (and after giving effect to the expiration of any applicable grace period);

 

    109

     

    

 

(c)         
any Eligible Portfolio Investment (i) as to which a default as to the payment of principal and/or interest has occurred and is
continuing for a period of the lesser of the applicable grace period or five (5) consecutive days on another material debt obligation
of the applicable Portfolio Company which is senior or pari passu in right of payment to such Eligible Portfolio Investment (without
regard to any waiver thereof); (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing
for a period of the lesser of the applicable grace period or five (5) consecutive days on another material debt obligation of the
applicable Portfolio Company which is junior in right of payment to such Eligible Portfolio Investment (without regard to any waiver
thereof); or (iii) that is a Debt Eligible Portfolio Investment and the Portfolio Company of such Eligible Portfolio Investment
has issued preferred stock and such Portfolio Company has failed to meet, with respect to such class of preferred stock, any scheduled
redemption obligations or pay its latest declared cash dividend after the applicable due date (and after giving effect to the expiration
of any applicable grace period);

 

(d)          
any Eligible Portfolio Investment (i) as to which, with respect to such Eligible Portfolio Investment or any material debt obligation
of the applicable Portfolio Company, a default rate of interest has been and continues to be charged for more than 120 consecutive
days, or a default has occurred and the holders of such debt have accelerated all or a portion of the principal amount thereof
as a result of such default, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf
of the holders thereof; (ii) as to which the applicable Portfolio Company or others have (A) engaged in an out-of-court restructuring
process (including through any provision of the Uniform Commercial Code or other law) in the past ninety (90) days or (B) instituted
proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have
not been stayed or dismissed or such obligor has filed for protection under Chapter 11 of the United
States Bankruptcy Code or under any foreign 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 (unless, in the case of clause (A) or (B), such Eligible Portfolio Investment is a DIP
Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); or (iii) as to which (A) written
notice declaring such Indebtedness in default has been delivered by any lender or agent under such Indebtedness and such default
has not been remedied, cured or waived within 90 days after delivery of such notice; or (B) any lender or agent under such Eligible
Portfolio Investment otherwise exercises significant remedies following a default; and

 

(e)          
any Eligible Portfolio Investment that the Borrower has otherwise declared to be a Defaulted Obligation.

 

    110

     

    

 

“DIP Loan”
means any Bank Loan (whether revolving or term) originated after the commencement of a case under Chapter 11 of the Bankruptcy
Code by the Portfolio Company, which is a debtor-in-possession as described in Section 1107 of the Bankruptcy Code or a debtor
as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of
the United States or any state therein and domiciled in the United States, which loan satisfies the following criteria: (a) the
DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions
of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under
the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and
has not been dismissed or converted to a case under the provisions of Chapter 7 of Title
11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed,
in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions
of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district
court in relation to the Loan are super-priority Liens and have not been subordinated or junior to, or are pari passu with,
in whole or in part, the Liens of any other lender or creditor under the provisions of 11 U.S.C. Section 364(d) or otherwise;
(e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed
a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate
the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail
to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair,
in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; (h)
the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds
of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up”
or similar transaction; (i) no portion of the DIP Loan is payable in consideration other than cash; and (j) no portion of the
DIP Loan has been credit bid under Section 363(k) of the Bankruptcy Code or otherwise. For the purposes of this definition,
an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect
of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable
bankruptcy court or federal district court or the clerk thereof.

 

“Direct
Real Estate LTV Transaction” has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d)
hereto.

 

“EBITDA”
means the consolidated net income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent
excluded in the definition of “EBITDA” in the relevant agreement relating to the applicable Eligible Portfolio Investment))
for the relevant period plus, without duplication, the following to the extent deducted in calculating such consolidated net income
in the relevant agreement relating to the applicable Eligible Portfolio Investment for such period: (i) consolidated interest
charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable for such period, (iii)
depreciation and amortization expense for such period, and (iv) such other adjustments included in the definition of “EBITDA”
(or similar defined term used for the purposes contemplated herein) in the relevant agreement relating to the applicable Eligible
Portfolio Investment, provided that such adjustments are usual and customary and substantially comparable to market terms for
substantially similar debt of other similarly situated borrowers at the time such relevant agreements are entered into as reasonably
determined in good faith by the Borrower; provided
that, unless otherwise agreed to by the Administrative Agent, no such adjustments shall be made solely due to the impact of any
Public Health Event.

  

“Eligible
Liens” has the meaning assigned to such term in Section 1.01 of this Agreement.

 

    111

     

    

 

“First Lien Bank
Loan” means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on
all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the
most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings in such
collateral, provided, however, that, in the case of accounts receivable and inventory (and the proceeds thereof),
such lien and security interest may be second in priority to a Permitted Prior Working Capital Lien; and further provided that
(other than for an LTV Transaction) any portion (and only such portion) of such a Bank Loan which has a total debt to EBITDA ratio
above 4.50x will have the advance rate of a Second Lien Bank Loan applied to such portion and any portion of such a Bank Loan which
has a total debt to EBITDA ratio above 6.00x will have the advance rate of a Mezzanine Investment applied to such portion. For
the avoidance of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan.

 

“Fixed Rate Portfolio
Investment” means a debt Eligible Portfolio Investment that bears interest at a fixed rate.

 

“Floating Rate
Portfolio Investment” means a debt Eligible Portfolio Investment that bears interest at a floating rate.

 

“High Yield Securities”
means debt Securities, in each case (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement
or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) and (c) that are not Cash Equivalents,
Mezzanine Investments (described under clause (i) of the definition thereof) or Bank Loans.

 

“Indirect Real
Estate LTV Transactions” has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d) hereto.

 

“Last Out Loan”
shall mean, with respect to any Bank Loan that is a term loan structured in a first out tranche and a last out tranche (with the
first out tranche entitled to a lower interest rate but priority with respect to payments), that portion of such Bank Loan that
is the last out tranche; provided that:

 

(a) such last out tranche is entitled (along
with the first out tranche) to the benefit of a first lien and first priority perfected security interest on all or substantially
all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition
priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings;

 

(b) the ratio of (x) the amount of the
first out tranche to (y) EBITDA of the underlying obligor does not at any time exceed 2.25x;

 

(c) such last out tranche (i) gives the
holders of such last out tranche full enforcement rights during the existence of an event of default (subject to customary exceptions
if the holders of the first out tranche have previously exercised enforcement rights), (ii) shall have the same maturity date as
the first out tranche, (iii) is entitled to the same representations, covenants and events of default as the holders of the first
out tranche, and (iv) provides the holders of such last out tranche with customary protections (including, without limitation,
consent rights with respect to (1) any increase of the principal balance of the first out tranche, (2) any increase of the margins
applicable to the interest rates with respect to the first out tranche, (3) any reduction of the final maturity of the first out
tranche, and (4) amending or waiving any provision in the underlying loan documents that is specific to the holders of such last
out tranche); and

 

    112

     

    

 

(d) such first out tranche is not subject
to multiple drawings (unless, at the time of such drawing and after giving effect thereto, the ratio referenced in clause (b) above
is not exceeded).

 

“Liquidation Preference”
means, with respect to Preferred Stock, the dollar amount required to be paid to the holder thereof upon any voluntary or involuntary
liquidation, dissolution or winding up of the issuer of such Preferred Stock or the distribution of assets of such issuer that
represents a return of capital or the purchase price paid for such Preferred Stock at the time of issuance of such Preferred Stock
by such issuer.

 

“Long-Term U.S.
Government Securities” means U.S. Government Securities maturing more than three months from the applicable date of determination,
so long as such securities have a credit rating of at least AAA from S&P and Aaa from Moody’s.

 

“Low
Risk Assets” means each of Cash Equivalents, Long-Term U.S. Government Securities, First Lien Bank Loans (including,
for clarity, LTV Transactions that are not Indirect Real Estate LTV Transactions) and Last Out Loans.

 

“LTV
Transaction” means any transaction that (i) is either (a) structured in a way that would customarily be considered a specialized
asset-backed transaction supported by receivables, inventory or other assets (“ABL Transactions”) or (b) structured
as a recurring revenue loan that (1) is in a high-growth industry or industry that customarily has businesses with revenue
derived from perpetual licenses, subscription agreements, maintenance streams or other similar and perpetual cash flow streams
(as reasonably determined in good faith by the Borrower) (“Recurring Revenue Transactions”), (2) has a loan to enterprise
value ratio (determined in a manner consistent with the methodology outlined in paragraph (8) of Schedule 1.01(d)) of less
than 65% and (3) at the time of the origination of the loan, does not have a debt to recurring revenue ratio of greater than 3.00
to 1.00, (ii) does not include and would not customarily be expected to include (at the time of the origination of the loan) a
financial covenant based on debt to EBITDA, debt to EBIT or a similar multiple of debt to operating cash flow, (iii) is a First
Lien Bank Loan or Last Out Loan (or, with respect to an Indirect Real Estate LTV Transaction, is a Mezzanine Investment), (iv)
is not subject to a Permitted Prior Working Capital Lien and (v) is designated as an LTV Transaction by the Borrower at the time
of the initial investment, provided that any portion (and only such portion) of such LTV Transaction (a) if it is an ABL
Transaction, in excess of an alternative financial covenant or ratio mutually agreeable to the Borrower and the Administrative
Agent, or (b) if it is a Recurring Revenue Transaction, which has a loan to enterprise value ratio that is greater than 35% but
does not exceed 50%, such portion will, in each case, be deemed, solely for the purposes of determining the applicable Advance
Rate pursuant to clause (y) of the definition of “Borrowing Base” and not for any other purpose herein, to be a Second
Lien Bank Loan, and provided further that the Advance Rate applicable to that portion of such Recurring Revenue Transaction representing
a loan to enterprise value (determined in a manner consistent with the methodology outlined in paragraph (8) of Schedule 1.01(d))
equal to or greater than 50% shall have an Advance Rate of 0%.

 

    113

     

    

 

“Mezzanine Investments”
means (i) debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)),
in each case (a) issued by public or private Portfolio Companies, (b) issued without registration under the Securities Act, (c)
not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents
and (e) contractually subordinated in right of payment to other debt of the same Portfolio Company and (ii) a Bank Loan that is
not a First Lien Bank Loan, Last Out Loan, Second Lien Bank Loan, High Yield Security or a Covenant-Lite Loan.

 

“Performing”
means with respect to any Eligible Portfolio Investment, such Eligible Portfolio Investment (i) is not a Defaulted Obligation,
(ii) other than with respect to DIP Loans, does not represent debt or Capital Stock of an issuer that has issued a Defaulted Obligation,
and (iii) is not on non-accrual.

 

“Performing Covenant-Lite
Loans” means funded Covenant-Lite Loans that (a) are not PIK Obligations and (b) are Performing.

 

“Performing DIP
Loans” means funded DIP Loans that (a) are not PIK Obligations and (b) are not Defaulted Obligations.

 

“Performing First
Lien Bank Loans” means funded First Lien Bank Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans,
Second Lien Bank Loans or Last Out Loans and (b) are Performing.

 

“Performing High
Yield Securities” means funded High Yield Securities that (a) are not PIK Obligations and (b) are Performing.

 

“Performing Indirect
Real Estate LTV Transactions” means funded Indirect Real Estate LTV Transactions that are Performing.

 

“Performing Last
Out Loans” means funded Last Out Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or Second Lien Bank
Loans and (b) are Performing.

 

“Performing LTV
Transactions” means funded LTV Transactions that (a) are not Indirect Real Estate LTV Transactions and (b) are Performing.

 

“Performing Mezzanine
Investments” means funded Mezzanine Investments that (a) are not PIK Obligations and (b) are Performing.

 

“Performing PIK
Obligations” means funded PIK Obligations that are Performing.

 

“Performing Second
Lien Bank Loans” means funded Second Lien Bank Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or
Last Out Loans and (b) are Performing.

 

    114

     

    

 

“Permitted Prior
Working Capital Lien” means, with respect to a Portfolio Company that is a borrower under a Bank Loan, a security interest
to secure a working capital facility for such Portfolio Company in the accounts receivable and inventory (and all accounts and
other assets associated therewith and the proceeds thereof) of such Portfolio Company and any of its subsidiaries that are guarantors
of such working capital facility; provided that (i) such Bank Loan has a second priority lien on such accounts receivable and inventory,
(ii) such working capital facility is not secured by any other assets (other than a second priority lien, subject to the first
priority lien of the Bank Loan, on any other assets) and does not benefit from any standstill rights or other agreements with respect
to any other assets and (iii) the maximum principal amount of such working capital facility is not at any time greater than 15%
of the aggregate enterprise value of the Portfolio Company (as determined in accordance with the valuation methodology for determining
the enterprise value of the applicable Portfolio Company as established by an Approved Third-Party Appraiser).

 

“PIK Obligation”
means an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity
thereof is, or at the option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and
accrued rather than being paid in cash, provided that any such obligation shall not constitute a PIK Obligation if it (a) is a
fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 8% per
annum or (b) is not a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate
of not less than 4.5% per annum in excess of the applicable index.

 

“Preferred Stock”,
as applied to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated)
that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation,
dissolution or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person, and shall include,
without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Capital Stock;
provided, that such Preferred Stock (i) pays a cash dividend on a monthly or quarterly basis, (ii) has a maturity date or
is subject to mandatory redemption on a date certain that is not greater than ten (10) years from the date of initial issuance
of such Preferred Stock and (iii) has a Liquidation Preference.

 

“Real Estate LTV
Transaction” has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d) hereto.

 

“Recurring Revenue
Transaction” has the meaning assigned to such term in the definition of LTV Transaction.

 

“Restructured Investment”
means, as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation within the past six months,
(b) any Portfolio Investment that has in the past six months been on cash non-accrual, or (c) any Portfolio Investment that
has in the past six months been amended or subject to a deferral or waiver the effect of which is to (i) change the amount of previously
required scheduled debt amortization (or, in the case of Preferred Stock, required payments on such Preferred Stock (other than
by reason of repayment thereof)) or (ii) extend the tenor of previously required scheduled debt amortization (or, in the case of
Preferred Stock, required payments on such Preferred Stock), in each case such that the remaining weighted average life of such
Portfolio Investment is extended by more than 20%. A DIP Loan shall not be deemed to be a Restructured Investment, so long as it
does not meet the conditions of the definition of Restructured Investment.

 

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“Second Lien Bank
Loan” means a Bank Loan (other than a First Lien Bank Loan and a Last Out Loan) that is entitled to the benefit of a first
and/or second lien and first and/or second priority perfected security interest on all or substantially all of the assets of the
respective borrower and guarantors obligated in respect thereof; provided that any portion of such a Loan which has a total
debt to EBITDA ratio above 6.00x will have the advance rate of a Mezzanine Investment applied to such portion.

 

“Securities”
means common and preferred stock, units and participations, member interests in limited liability companies, partnership interests
in partnerships, notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtednessIndebtedness,
including debt instruments of public and private issuers and tax-exempt securities (including warrants, rights, put and call options
and other options relating thereto, representing rights, or any combination thereof) and other property or interests commonly regarded
as securities or any form of interest or participation therein, but not including Bank Loans.

 

“Securities Act”
means the United States Securities Act of 1933, as amended.

 

“Short-Term U.S.
Government Securities” means U.S. Government Securities maturing within three (3) months of the applicable date of determination.

 

“Spread”
means, with respect to a Floating Rate Portfolio InvestmentsInvestment,
the cash interest spread of such Floating Rate Portfolio Investment over the applicable LIBO Rate; provided, that, in the
case of any Floating Rate Portfolio Investment that does not bear interest by reference to the LIBO Rate, “Spread”
shall mean the cash interest spread of such Floating Rate Portfolio Investment over the LIBO Rate in effect as of the date of determination
for deposits in Dollars for a period of three (3) months.

 

“Structured Finance
Obligation” means any obligation issued by a special purpose vehicle (or any similar obligor in the principal business of
offering, originating, financing or warehousing pools of receivables or other financial assets) and secured directly by, referenced
to, or representing ownership of or investment in, a pool of receivables or other financial assets of any obligor, including collateralized
loan obligations, collateralized debt obligations and mortgage-backed securities, or any finance lease. For the avoidance of doubt,
if an obligation satisfies this definition of “Structured Finance Obligation”, such obligation (a) shall not qualify
as any other category of Portfolio Investment and (b) shall not be included in the Borrowing Base.

 

“U.S. Government
Securities” has the meaning assigned to such term in Section 1.01 of this Agreement.

 

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“Value” means,
(i) with respect to any Eligible Portfolio Investment, the
value thereof determined for purposes of the Loan Documents in accordance with Section 5.12(b)(ii) and
(ii) with respect to any Non-Core Asset, the value thereof determined for purposes of the Loan Documents as required by Schedule
1.01(f).

 

“Weighted Average
Fixed Coupon” means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products
obtained by multiplying the cash interest coupon of each Fixed Rate Portfolio Investment included in the Unadjusted
Borrowing Base as of such date by the outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference
or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of such Fixed Rate Portfolio Investment
included in the Unadjusted Borrowing Base as of such date,
dividing such sum by the aggregate outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference
or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of all such Fixed Rate Portfolio Investments
included in the Unadjusted Borrowing Base and rounding up
to the nearest 0.01%. For the purpose of calculating the Weighted Average Fixed Coupon, all Fixed Rate Portfolio Investments included
in the Unadjusted Borrowing Base that are not currently paying cash interest shall have an interest rate of 0%.

 

“Weighted Average
Floating Spread” means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products
obtained by multiplying, in the case of each Floating Rate Portfolio Investment included in the Unadjusted
Borrowing Base, on an annualized basis, the Spread of such Floating Rate Portfolio Investment included
in the Unadjusted Borrowing Base, by the outstanding principal balance (or, in the case of Preferred Stock, the Liquidation
Preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of such Floating Rate Portfolio
Investment included in the Unadjusted Borrowing Base as of
such date and dividing such sum by the aggregate outstanding principal balance (or, in the case of Preferred Stock, the Liquidation
Preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of all such Floating Rate Portfolio
Investments included in the Unadjusted Borrowing Base and
rounding the result up to the nearest 0.01%.

 

“Weighted Average
Leverage Ratio” means, as of any date of determination, the number obtained by summing the products obtained by multiplying,
in the case of each Debt Eligible Portfolio Investment included in the Unadjusted
Borrowing Base (but, for the avoidance of doubt, excluding any Debt Eligible Portfolio Investments that are LTV Transactions),
the leverage ratio (expressed as a number) for the Portfolio Company of such Eligible Portfolio Investment of all Indebtedness
(or, as applicable, Preferred Stock) that has a ranking of payment or lien priority senior to or pari passu with and including
the tranche that includes the Borrower’s Eligible Portfolio Investment included
in the Unadjusted Borrowing Base, by the fair value of such Eligible Portfolio Investment as of such date and dividing
such sum by the aggregate of the fair values of all such Eligible Portfolio Investments including
in the Unadjusted Borrowing Base as of such date and rounding the result up to the nearest 0.01.

 

“Weighted Average
Recurring Revenue Ratio” means, as of any date of determination, the number obtained by summing the products obtained by
multiplying, in the case of each Recurring Revenue Transaction included in the Unadjusted
Borrowing Base, the debt to recurring revenue ratio (expressed as a number) for the Portfolio Company of such Eligible Portfolio
Investment of all Indebtedness that has a ranking of payment or lien priority senior to or pari passu with and including the tranche
that includes the Borrower’s Eligible Portfolio Investment, by the fair value of such Eligible Portfolio Investment as of
such date and dividing such sum by the aggregate of the fair values of all such Eligible Portfolio Investments and rounding the
result up to the nearest 0.01.

 

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Section 5.14.       
Anti-Hoarding of Assets at Non-Pledged Financing Subsidiaries.
If any Non-Pledged Financing Subsidiary is not prohibited by any law, rule or
regulation or by any contract or agreement relating to indebtedness from distributing all or any portion of its assets to an Obligor,
then such Non-Pledged Financing Subsidiary shall, if the Borrowing Base is not
at least 115% of the Covered Debt Amount at the time of determination, distribute to an Obligor the amount of assets held by such
Non-Pledged Financing Subsidiary that such Non-Pledged
Financing Subsidiary is permitted to distribute and that, in the good faith judgment of the Borrower, such Non-Pledged
Financing Subsidiary does not reasonably expect to utilize, in the ordinary course of business, to obtain or maintain
a financing from an unaffiliated third party.

 

Section 5.15.       
Taxes. Each of the Borrower and its Subsidiaries
will timely file or cause to be timely filed all U.S. federal, state and local Tax returns that are required to be filed by it
and all other Tax returns that are required to be filed by it and will pay all Taxes for which it is directly or indirectly liable
and any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it or any of its
property by any Governmental Authority, except Taxes that are being contested in good faith by appropriate proceedings, and with
respect to which reserves in conformity with GAAP are provided on the books of the Borrower or its Subsidiaries, as the case may
be. The charges, accruals and reserves on the books of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental
charges will be adequate in accordance with GAAP.

 

Section 5.16.       
Operations. The Borrower will, and will
cause each of its Subsidiaries to, act, in all material respects, in accordance with their respective Constituent Documents.

 

Article VI

 

NEGATIVE
COVENANTS

 

Until the Termination
Date, the Borrower covenants and agrees with the Lenders that:

 

Section 6.01.        
Indebtedness. The Borrower will not nor
will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except:

 

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(a)              
Indebtedness created hereunder or under any other Loan Document;

 

(b)              
(i) Unsecured Shorter-Term Indebtedness in an aggregate principal amount not to exceed $5,000,000, so long as no Default
exists at the time of the incurrence thereof (or immediately after the incurrence thereof) and (ii) Secured Longer-Term Indebtedness,
in each case, so long as (w) no Default exists at the time of the incurrence thereof (and immediately after the incurrence thereof),
(x) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each
of the covenants set forth in Section 6.07 after giving effect to the incurrence thereof and on the date of such incurrence the
Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, (y) prior to and immediately
after giving effect to the incurrence thereof, the Covered Debt Amount does not or would not exceed the Borrowing Base then in
effect; and (z) on the date of the incurrence thereof, the Borrower delivers to the Administrative Agent and each Lender a
Borrowing Base Certificate as at such date demonstrating compliance with (or a certification that the Borrower is in compliance
with) subclause (y) after giving effect to such incurrence. For purposes of preparing such Borrowing Base Certificate, (A) the
fair market value of Quoted Investments shall be the most recent quotation available for such Eligible Portfolio Investment and
(B) the fair market value of Unquoted Investments shall be the Value set forth in the Borrowing Base Certificate most recently
delivered by the Borrower to the Administrative Agent pursuant to Section 5.01(d) or if an Unquoted Investment is acquired
after the delivery of the Borrowing Base Certificate most recently delivered, then the Value of such Unquoted Investment shall
be the lower of the cost of such Unquoted Investment and the Internal Value of such Unquoted Investment; provided, that
the Borrower shall reduce the Value of any Eligible Portfolio Investment referred to in this sub-clause (B) to the
extent necessary to take into account any events of which the Borrower has knowledge that adversely affect the value of such Eligible
Portfolio Investment.;
provided further that, no Unsecured Shorter-Term Indebtedness or Secured Longer-Term Indebtedness shall be incurred from the Amendment
No. 3 Effective Date until the date on which the Borrower delivers to the Administrative Agent a Covid Relief Financial Officer’s
Certificate certifying that each of the Covid Relief Borrowing Base Condition and the condition that the Asset Coverage Ratio shall
be greater than 1.70 to 1 has been satisfied for each date in the two (2) consecutive month period ending on such date (or, if
such date is not the end of the month, the date of the month then most recently ended).

 

(c)              
Unsecured Longer-Term Indebtedness, so long as (x) no Default exists at the time of the incurrence thereof (or immediately
after the incurrence thereof) and,
(y) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each
of the covenants set forth in Section 6.07 and on the date of such incurrence the Borrower delivers to the Administrative
Agent a certificate of a Financial Officer to such effect and (z) the
Net Cash Proceeds of such Unsecured Longer-Term Indebtedness are applied to the Loans pursuant to Section 2.08(d)(v);

 

(d)              
Indebtedness of Financing Subsidiaries,;
provided that (i) on the date that such Indebtedness is incurred (for clarity, with respect to any and all revolving loan facilities,
term loan facilities, staged advance loan facilities or any other credit facilities, “incurrence” shall be deemed to
take place at the time such facility is entered into, and not upon each borrowing thereunder), prior to and immediately after giving
effect to the incurrence thereof, the Borrower is in pro forma compliance with each of the covenants set forth in Section 6.07
and on the date of such incurrence Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect,
and (ii) in the case of revolving loan facilities or staged advance loan facilities, upon each borrowing thereunder, the Borrower
is in pro forma compliance with each of the covenants set forth in Section 6.07.;

 

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(e)              Other Permitted Indebtedness in an aggregate principal amount not to exceed $5,000,000;

 

(f)               
repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities;

 

(g)              obligations payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the
ordinary course of business;

 

(h)              obligations
of the Borrower under a Permitted SBIC Guarantee and obligations (including Guarantees) in respect of Standard Securitization
Undertakings; and

 

(i)                the 2023 Notes.

 

Section 6.02.        
Liens. The Borrower will not, nor will
it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset (including Equity
Interests in any Financing Subsidiary or any other Subsidiary) now owned or hereafter acquired by it, or assign or sell any income
or revenues (including accounts receivable) or rights in respect of any thereof except:

 

(a)              
any Lien on any property or asset of the Borrower existing on the RestatementAmendment
No. 3 Effective Date and set forth in Schedule 3.11(b), provided that (i) no such Lien shall
extend to any other property or asset of the Borrower or any of its Subsidiaries, and (ii) any such Lien shall secure only
those obligations which it secures on the RestatementAmendment
No. 3 Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal
amount thereof;

 

(b)              
Liens created pursuant to the Security Documents;

 

(c)              
Liens on assets owned by Financing Subsidiaries securing Indebtedness
permitted under Section 6.01(d);

 

(d)               Liens
created pursuant to the Security Documents securing Secured Longer-Term Indebtedness incurred pursuant to Section 6.01(b);

 

(e)              
Permitted Liens;

 

(f)              
additional Liens securing Indebtedness not to exceed $3,000,000 in the aggregate provided such Indebtedness is not
otherwise prohibitedincurred under Section
6.01(e) of this Agreement; and

 

(g)              
Liens on Equity Interests in any SBIC Subsidiary created in favor of the SBA.

 

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Section 6.03.        
Fundamental Changes. The Borrower will
not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to,
enter into any transaction of merger, division, consolidation or amalgamation, or liquidate or provisionally liquidate, wind up
or dissolve itself (or suffer any liquidation, provisional liquidation or dissolution). The Borrower will not, nor will it permit
any of its Subsidiaries to reorganize under the laws of a jurisdiction other than any jurisdiction in the United States. The Borrower
will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to,to,
acquire any business or property from,
or capital stock of, or be a party to any acquisition of, any Person, except for purchases or acquisitions of Portfolio Investments
and other assets in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries and not in violation
of the terms and conditions of this Agreement or any other Loan Document. The Borrower will not, nor will it permit any of its
Subsidiaries (other than Financing Subsidiaries) to, convey, sell, lease, transfer
or otherwise dispose of, in one transaction or a series of transactions, any part of its assets (including, without limitation,
Cash, Cash Equivalents and Equity Interests), whether now owned or hereafter acquired, but excluding (x)
assets (including Cash and Cash Equivalents but excluding Portfolio Investments) sold or disposed of in the ordinary
course of business of the Borrower and its Subsidiaries (other than the Financing Subsidiaries)
(including to make expenditures of cash in the normal course of the day-to-day business activities of the Borrower
and its Subsidiaries (other than the Financing Subsidiaries)) and (y) subject to the provisions of clauses (d) and (e)
below, Portfolio Investments),
in each case, other than sales or dispositions to any Financing Subsidiary, any CFC, any Transparent Subsidiary, the Excluded
Subsidiary or any Restricted Investment. The Borrower will
not, nor will it permit any of its Subsidiaries to, change its name, jurisdiction of formation, chief executive office and/or
principal place of business without giving the Administrative Agent a minimum of thirty (30) days’ (or such lesser period
as the Administrative Agent may reasonably agree) written notice thereof. The Borrower will not, nor will it permit any of its
Subsidiaries to, (x)
file a certificate of division; adopt a plan of division
or otherwise take any action to effectuate a division pursuant to Section 18-217 of the Delaware Limited Liability Company Act
(or any analogous action taken pursuant to applicable law with respect to any corporation, limited liability company, partnership
or other entity). or
(y) create or reorganize into one or more series under Section 18-215 or 18-218 of the Delaware Limited Liability Company Act
(or any analogous action pursuant to applicable law with respect to any corporation, limited liability company or other entity).

 

Notwithstanding the foregoing
provisions of this Section:

 

(a)             
any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower or any other Subsidiary Guarantor;
provided that if any such transaction shall be (i) between a Subsidiary or a wholly owned Subsidiary Guarantor and the Borrower,
the Borrower shall be the continuing or surviving entity and (ii) between a Subsidiary and a wholly owned Subsidiary Guarantor,
the wholly owned Subsidiary Guarantor shall be the continuing or surviving entity;

 

(b)             
any Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary
liquidation or otherwise) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower;

 

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(c)               the
capital stock of any Subsidiary of the Borrower may be sold, transferred or otherwise disposed of to the Borrower or any wholly
owned Subsidiary Guarantor of the Borrower;

 

(d)               the Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than to a Financing Subsidiary,
a Restricted Investment or the Excluded Subsidiary) so long as prior to and after giving effect to such sale, transfer
or other disposition (and any concurrent acquisitions of Portfolio Investments or payment of outstanding Loans or Other Covered
Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base and, on the date
of; provided that, with respect to any such sale, transfer
or other disposition of Portfolio Investments to any CFC or any Transparent Subsidiary, such sale, transfer or other disposition
shall only be permitted if (i) in the Borrower’s good faith business judgment, such sale, transfer or other disposition is
anticipated to maximize tax efficiencies for the Obligors and their Subsidiaries (considered in the aggregate) and (ii) no Default
exists at the time of making such sale, transfer or disposition,
the Borrower delivers to the Administrative Agent and each Lender a
Borrowing Base Certificate as at such date demonstrating compliance with (or a certification that the Borrower is in compliance
with) the foregoing after giving effect to(or immediately
after making such sale, transfer or disposition);

 

(e)              
so long as no Default exists at the time of making such sale,
transfer or disposition (or immediately after making such sale, transfer or disposition), the Obligors may sell, transfer
or otherwise dispose of Portfolio Investments (other thanbut
may not sell, transfer or dispose of ownership interests in Financing Subsidiaries),
Restricted Investments or the Excluded Subsidiary) or Cash
and Cash Equivalents to a Financing Subsidiary or a Restricted Investment
so long as both immediately prior to and immediately after giving effect to such sale, transfer or other disposition (and any concurrent
acquisitions of Portfolio Investments or payment of outstanding Loans or Other Covered Indebtedness) (i) the Covered Debt
Amount does not exceed the Borrowing Base and no Default exists, and the Borrower delivers to the Administrative Agent a certificate
of a Financial Officer to such effect, (ii) either (x) the amount by which the Borrowing Base exceeds the Covered Debt
Amount immediately prior to such release is not diminished as a result of such release or (y) the Borrowing Base immediately
after giving effect to such release is at least 115% of the Covered Debt Amount, (iii) the sum of (x) all sales, transfers or other
dispositions under this clause (e) that occur after the Revolver Termination Date and do not result in Net Asset Sale Proceeds
for fair value that are applied in accordance with Section 2.08(d)(i) and (y) all Investments under Section 6.04(e) that
occur after the Revolver Termination Date, shall not exceed 20% of the Commitments onaggregate
principal amount of the Loans outstanding immediately after the Revolver Termination Date, and (iv) the Asset Coverage
Ratio is not less than 1.67 to 1 (and the Borrower delivers to the Administrative Agent a certificate of a Financial Officer with
respect to each of clauses (i) through (iv) of this clause (e)); provided
that, from the Amendment No. 3 Effective Date until the date set forth in the final proviso of this clause (e), no Obligor shall
sell, transfer or otherwise dispose of Portfolio Investments or Cash and Cash Equivalents to a Financing Subsidiary or a Restricted
Investment other than sales, transfers and other dispositions otherwise permitted under this Section 6.03(e) to the Monroe Joint
Venture in an aggregate amount not to exceed $5,000,000; provided, further, that the aggregate amount of such sales, transfers
and other dispositions to the Monroe Joint Venture shall be deemed to be equal to the aggregate amount of all sales, transfers
and other dispositions made to the Monroe Joint Venture after the Amendment No. 3 Effective Date less the amount of Cash received
after the Amendment No. 3 Effective Date by the Borrower from the Monroe Joint Venture on account of such sales, transfers and
other dispositions; provided, further, that the foregoing provisos will only remain effective until the date on which the Borrower
delivers to the Administrative Agent a Covid Relief Financial Officer’s Certificate certifying that each of the Covid Relief
Borrowing Base Condition and the condition that the Asset Coverage Ratio shall be greater than 1.70 to 1 has been satisfied for
each date in the two (2) consecutive month period ending on such date (or, if such date is not the end of the month, the date of
the month then most recently ended);

 

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(f)               
other than during the Financing Subsidiary Limitation Period,
an Obligor may transfer assets to a Financing Subsidiary for the sole purpose of facilitating the transfer of assets from one Financing
Subsidiary (or a Subsidiary that was a Financing Subsidiary immediately prior to such disposition) to another Financing Subsidiary,
directly or indirectly through such Obligor (such assets, the “Transferred Assets”); provided that (i) no Default
exists or is continuing at such time, and the Covered Debt Amount shall not exceed the Borrowing Base at such time and the Borrower
delivers to the Administrative Agent a certificate of a Financial Officer to such effect, and (ii) the Transferred Assets were
transferred to such Obligor by the transferor Financing Subsidiary on the same Business Day that such assets are transferred by
such Obligor to the transferee Financing Subsidiary;

 

(g)              
the Borrower may merge or consolidate with any other Person, so long as (i) the Borrower is the continuing or surviving
entity in such transaction and (ii) at the time thereof and after giving effect thereto, no Default shall have occurred orand
be continuing;

 

(h)              
the Borrower and its Subsidiaries may sell, lease, transfer or otherwise dispose of equipment or other property or assets
that do not consist of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions
does not exceed $5,000,000 in any fiscal year; and

 

(i)                any
Subsidiary of the Borrower may be liquidated or dissolved; provided that (i) in connection with such liquidation or dissolution,
any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to the Borrower or any wholly owned
Subsidiary Guarantor of the Borrower and (ii) the Borrower determines in good faith that such liquidation is in the best interests
of the Borrower and is not materially disadvantageous to the Lenders.;

 

(j)                any
Financing Subsidiary may sell or dispose of Portfolio Investments in the ordinary course of business of such Financing Subsidiary;
and

 

(k)               the
Borrower may transfer Cash (other than Portfolio Investments) to the Excluded Subsidiary in an aggregate amount not to exceed
$10,000 after the Amendment No. 3 Effective Date.

 

Section 6.04.        
Investments. The Borrower will not, nor
will it permit any of its Subsidiaries to, acquire, make or enter into, or hold, any Investments except:

 

(a)              
operating deposit accounts with banks;

 

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(b)              
Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;

 

(c)              
Hedging Agreements entered into in the ordinary course of the Borrower’s business for financial planning and not for
speculative purposes;

 

(d)               Portfolio
Investments (other than Restricted Investments) by the Borrower
and its Subsidiaries to the extent such Portfolio Investments are permitted under the Investment Company Act (to the extent such
applicable Person is subject to the Investment Company Act) and the Borrower’s Investment Policies; provided
that, from the Amendment No. 3 Effective Date until the date set forth in the below proviso, the Borrower will not, nor will it
permit any of its Subsidiaries, to acquire, make, or enter into any Portfolio Investments other than Portfolio Investments consisting
solely of the following with respect to Investments existing on the Amendment No. 3 Effective Date and described on the Existing
Investments Certificate, (x) revolving loan or delayed draw term loan commitments the funding of which are not at the sole discretion
or sole consent of the Borrower or its Subsidiaries and (y) the making of (i) follow on advances and (ii) any protective advances
(other than protective advances with respect to any Restricted Investment) consisting of payments customarily made by lenders
for purposes of preserving and protecting collateral, in each case under the forgoing clauses (x) and (y), in an aggregate amount
for all such Portfolio Investments collectively not to exceed $30,000,000; provided, further, that, solely with respect to any
Portfolio Investments consisting of a revolving loan, the aggregate amount of an Investment in such revolving loan after the Amendment
No. 3 Effective Date shall be deemed to be equal to the aggregate amount of all Investments made after the Amendment No. 3 Effective
Date with respect to such revolving loan less the amount of Cash received after the Amendment No. 3 Effective Date by the Borrower
from the underlying obligor on account of principal payments on such revolving loan; provided, further, that the foregoing proviso
will only remain effective until the date on which the Borrower
delivers to the Administrative Agent a Covid Relief Financial
Officer’s Certificate certifying that each of the Covid Relief Borrowing Base Condition and the condition that the Asset
Coverage Ratio shall be greater than 1.67 to 1 has been satisfied for each date in the thirty (30) consecutive day period ending
on such date;

 

(e)              Equity Interests in (or capital contribution tox)
Financing Subsidiaries acquiredformed
after the Original RestatementAmendment
No. 3 Effective Date to the extent not prohibitedexpressly
permitted under Section 6.03(e) and (y) Restricted Investments formed after the Amendment No. 3 Effective Date to the extent expressly
permitted by Section 6.03(e) or (f);

 

(f)               
Investments by any Financing Subsidiary;

 

(g)              
Investments in Cash and Cash Equivalents;

 

(h)               Investments described
on Schedule 3.12(b) hereto; andexisting on the
Amendment No. 3 Effective Date and described on the Existing Investments Certificate, but excluding any follow on or
additional interests in such Investments unless expressly permitted under Section 6.04(d); 

 

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(i)              
additional Investmentsso
long as no Default exists at the time of making such Investment (or immediately after making such Investment), other Investments
(excluding, for the avoidance of doubt, any Investments in Portfolio Investments, any Financing Subsidiary, any Restricted Investment
or the Excluded Subsidiary) up to but not exceeding $5,000,000 in the aggregate for
all such other Investments made since the Restatement Effective Date; provided, that, the Borrower will not, nor will it permit
any of its Subsidiaries to, acquire, make or enter into any Investments pursuant to this Section 6.04(i) from the Amendment No.
3 Effective Date until the date on which the Borrower delivers
to the Administrative Agent a Covid Relief Financial Officer’s
Certificate certifying that each of the Covid Relief Borrowing Base Condition and the condition that the Asset Coverage Ratio shall
be greater than 1.67 to 1 has been satisfied for each date in the thirty (30) consecutive day period ending on such date
(for purposes of this clause (i), the aggregate amount of an Investment at any time shall be deemed to be equal to (A) the
aggregate amount of cash, together with the aggregate fair market value of property loaned, advanced, contributed, transferred
or otherwise invested that gives rise to such Investment, minus (B) the aggregate amount of dividends, distributions or
other payments received in cash in respect of such Investment after
the Amendment No. 3 Effective Date; provided that in no event shall the aggregate amount of any Investment be
less than zero, and provided further that the amount of any Investment shall not in any event be reduced by reason of any
write-off of such Investment, nor increased by way of any increase in the amount of earnings retained in the Person in which such
Investment is made that have not been dividended, distributed or otherwise paid out).;
and

 

(j)               Cash
Investments in the Excluded Subsidiary to the extent permitted by Section 6.03(k).

 

Section 6.05.       
Restricted Payments. The Borrower will
not, nor will it permit any of its Subsidiaries (other than the Financing Subsidiaries) to, declare or make, or agree to pay or
make, directly or indirectly, any Restricted Payment, except that:

 

(a)               the
Borrower may declare and pay dividends with respect to the capital stock of the Borrower payable solely in additional shares of
the Borrower’s common stock;

 

(b)               provided
that the Asset Coverage Ratio exceeds 1.50 to 1 on a pro forma basis both immediately before and immediately after giving effect
thereto, the Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding for
this purpose the Borrower’s common stock) in or with respect to any taxable year of the Borrower (or any calendar year,
as relevant) in amounts not to exceed 115% of the amounts that are required to be distributed to: (i) allow the Borrower to satisfy
the minimum distribution requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility
to be taxed as a RIC for any such taxable year, (ii) reduce to zero for any such taxable year its liability for federal income
taxes imposed on (yx)
its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (zy)
its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero its liability
for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto); provided
that, notwithstanding the foregoing, from the Amendment No. 3 Effective Date to the Covid Relief Termination Date, in no event
shall the amount of such dividends and distributions pursuant to this paragraph (b) exceed the greater of (i) $9,000,000 and (ii)
the minimum amount required to be payable in cash to maintain the Borrower’s eligibility to be taxed as a RIC);

 

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(c)              
the Subsidiaries of the Borrower may make Restricted Payments to the Borrower or to any Subsidiary Guarantor;

 

(d)             
Obligors may make Restricted Payments to repurchase Equity Interests of the Borrower from officers, directors and employees
of the Investment Advisor or the Borrower or any of its Subsidiaries or their authorized representatives upon the death, disability
or termination of employment of such employees or termination of their seat on the Board of Directors of the Investment Advisor
or the Borrower or any of its Subsidiaries; provided that (i) no Default or Event of Default shall have occurred and be
continuing or would result therefrom, (ii) such Equity Interests are not registered on Form S-8 or other registration statement
or are not transferable under Rule 144 of the Securities Exchange Act of 1934, and (iii) the aggregate amount of all repurchases
in any calendar year shall not exceed $500,000, with unused amounts in any calendar year being carried over to succeeding calendar
years subject to a maximum of $1,000,000 in any calendar year; and

 

(e)              
the Borrower may make other Restricted Payments, including the repurchase by Borrower of its Equity Interests, so long as,
(i) on the date of such payment and immediately prior to and immediately after giving effect thereto, no Default shall have occurred
and be continuing, (ii) prior to and immediately after giving effect to such payment, the Covered Debt Amount does not exceed 85%
of the Borrowing Base and (iii) on the date of such Restricted Payment, the Borrower delivers to the Administrative Agent a Borrowing
Base Certificate as of such date demonstrating compliance with the foregoing immediately after giving effect to such Restricted
Payment; provided that, solely in the case of Restricted Payments made
pursuant to this Section 6.05(e) consisting of the repurchase by the Borrower of its Equity Interests, such compliance
may be demonstrated on the next Borrowing Base Certificate delivered pursuant to Section 5.01(d).;
provided further, that, the Borrower may not make Restricted Payments pursuant to this Section 6.05(e) from the Amendment No. 3
Effective Date until the date on which the Borrower delivers to the Administrative Agent a Covid Relief Financial Officer’s
Certificate certifying that each of the Covid Relief Borrowing Base Condition and the condition that the Asset Coverage Ratio shall
be greater than 1.75 to 1 has been satisfied for each date in the three (3) consecutive month period ending on such date (or, if
such date is not the end of the month, the date of the month then most recently ended).

 

For the avoidance of
doubt, the Borrower shall not declare any dividend to the extent such declaration violates the provisions of the Investment Company
Act applicable to it.

 

Section 6.06.      
Certain Restrictions on Subsidiaries. The
Borrower will not permit any of its Subsidiaries (other than Financing Subsidiaries) to
enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits
or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of
Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments
or the sale, assignment, transfer or other disposition of property, except for any prohibitions or restraints contained in (i)
any Indebtedness permitted under Section 6.01(b) or (c), (ii) any Indebtedness permitted under Section 6.01(e)
secured by a Lien permitted under Section 6.02(f) provided that such prohibitions and restraints are applicable by their
terms only to the assets that are subject to such Lien and (iii) any Indebtedness permitted under Section 6.01(f) or (g)
secured by a Permitted Lien provided that such prohibitions and restraints are applicable by their terms only to the assets that
are subject to such Lien.

 

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Section 6.07.       
Certain Financial Covenants.

 

(a)              Minimum Total Net Assets. The Borrower will not permit Total Net Assets at the last day of any fiscal quarter of
the Borrower to be less than the sum of (x) $175,000,000150,000,000
plus (y) 65% of the aggregate net proceeds of all sales of Equity Interests by the Borrower and its Subsidiaries after
the Restatement Effective Date (other than the proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries).

 

(b)              Asset
Coverage RatioRatios.
After the Restatement Effective Date, the Borrower will not permit the Asset Coverage Ratio and/or
the Modified Asset Coverage Ratio to be less than 1.50 to 1 at any time.,
provided that, if the Borrower elects to use the relief offered by Release No. 33837 for the purposes of any public reporting
of its financial performance, then, with respect to the period from the Amendment No. 3 Effective Date to the earlier of (x) the
date Release No. 33837 is no longer in effect with respect to the Borrower and (y) December 31, 2020, the Asset Coverage Ratio
shall not be less than 1.35 to 1 at any time.

 

(c)              Senior
Coverage Ratio. After the Restatement Effective Date, the Borrower will not permit the Senior Coverage Ratio to be less than
2.00 to 1 at any time.

 

(d)              Liquidity
Test. After the Restatement Effective Date, the Borrower will not permit the aggregate Value of the Eligible
Portfolio Investments that can be converted to Cash in fewer than 10 Business Days without more than a 5% change in price to be
less than 10% of the Covered Debt Amount for more than 30 Business Days during any period when the Adjusted Covered Debt Balance
is greater than 90% of the Adjusted Borrowing Base.[Reserved].

 

(e)              Obligors’ Net Worth Test. After the Restatement Effective Date, the Borrower will not permit the Obligors’
Net Worth at the last day of any fiscal quarter to be less than an amount equal to $125,000,000110,000,000.

 

Section 6.08.       
Transactions with Affiliates. (a) The Borrower
will not, and will not permit any of its Subsidiaries to, enter into any transactions with any of its Affiliates, even if otherwise
permitted under this Agreement, except (i) transactions in the ordinary course of business at prices and on terms and conditions
not less favorable to the Borrower or such Subsidiary (or, in the case of a transaction between an Obligor and a non-Obligor Subsidiary,
not less favorable to such Obligor) than could be obtained at the time on an arm’s-length basis from unrelated third parties,
(ii) transactions between or among the Obligors not involving any other Affiliate, (iii) transactions between or among the Obligors
and any SBIC Subsidiary or any “downstream affiliate” (as such term is used under the rules promulgated under the Investment
Company Act) company of an Obligor at prices and on terms and conditions not less favorable to the Obligors than could be obtained
at the time on an arm’s-length basis from unrelated third parties, (iv) Restricted Payments permitted by Section 6.05,
(v) the transactions provided in the Affiliate Agreements as the same may be amended in accordance with Section 6.11(b)
or (vi) existing transactions with Affiliates existing
on the Amendment No. 3 Effective Date as set forth in Schedule 6.08.

 

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(b)              The
Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with any issuer of an Affiliate
Investment (including any Investment that becomes an Affiliate Investment as a result of such transaction or any modification,
supplement or waiver to an existing Affiliate Investment), even if otherwise permitted under this Agreement, except transactions
in the ordinary course of business that are either (i) on terms and conditions not less favorable to the Borrower or such Subsidiary
than could be obtained at the time on an arm's-lengtharm’s-length
basis from unrelated third parties or (ii) in the nature of an amendment, supplement or modification to any such Affiliate Investment
on terms and conditions that are similar to those obtained by debt or equity investors in similar types of investments in which
such investors do not have the controlling equity interest, in each case, as reasonably determined in good faith by the Borrower.

 

Section 6.09.        
Lines of Business. The Borrower will not,
nor will it permit any of its Subsidiaries to, engage in any business other than in accordance with its Investment Policies.

 

Section 6.10.         No Further Negative Pledge. The Borrower
will not, and will not permit any of its Subsidiaries to, enter into any agreement, instrument, deed or lease which prohibits or
limits the ability of any Obligor to create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues,
whether now owned or hereafter acquired, or which requires the grant of any security for an obligation if security is granted for
another obligation, except the following: (a) this Agreement and the other Loan Documents; (b) covenants in documents
creating Liens permitted by Section 6.02 prohibiting further Liens on the assets encumbered thereby; (c) customary
restrictions contained in leases not subject to a waiver; and (d) any other agreement that does not restrict in any manner (directly
or indirectly) Liens created pursuant to the Loan Documents on any Collateral securing the Secured Obligations and does not require
the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on
or pledge of property of any Obligor to secure the Loans or any Hedging Agreement.

 

Section 6.11.       
Modifications of Certain Documents. The
Borrower will not, and will not permit any of its Subsidiaries to:

 

(a)               consent
to any modification, supplement or waiver of any of the provisions of any agreement, instrument or other document evidencing or
relating to any Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or Unsecured Shorter-Term Indebtedness that
would result in such Indebtedness not meeting the requirements of the definition of “Secured Longer-Term Indebtedness”,
 “Unsecured Longer-Term Indebtedness” or “Unsecured Shorter-Term Indebtedness”, as applicable, set forth
in Section 1.01 of this Agreement, unless, in the case of Unsecured Longer-Term Indebtedness, such Indebtedness would have
been permitted to be incurred as Unsecured Shorter-Term Indebtedness at the time of such modification, supplement or waiver and
the Borrower so designates such Indebtedness as “Unsecured Shorter-Term Indebtedness” (whereupon such Indebtedness
shall be deemed to constitute “Unsecured Shorter-Term Indebtedness” for all purposes of this Agreement);

 

(b)               consent to any modification, supplement or waiver of any of the Affiliate Agreements, unless such
modification, supplement or waiver is not less favorable to the Borrower than could be obtained on an arm’s-length
basis from unrelated third parties;

 

(c)               consent to any modification, supplement or waiver of any Constituent Document of the Borrower
or any of its Subsidiaries to the extent such modification, supplement or waiver would be materially adverse to the Agent or
any of the Lenders; or

 

(d)               enter into or maintain any advisory or investment management agreement other than the Affiliate Agreements.

 

The Administrative Agent
hereby acknowledges and agrees that the Borrower may, at any time and from time to time, without the consent of the Administrative
Agent, freely amend, restate, terminate, or otherwise modify any documents, instruments and agreements evidencing, securing or
relating to Indebtedness permitted pursuant to Section 6.01(d) and (e), including increases in the principal amount
thereof, modifications to the advance rates and/or modifications to the interest rate, fees or other pricing terms, so
long as such Indebtedness continues to be permitted under Section 6.01(d) or (e); provided that no such amendment,
restatement, termination or modification shall, unless Borrower complies with the terms of Section 5.08(a)(i) hereof, cause
a Financing Subsidiary to fail to be a “Financing Subsidiary” in accordance with the definition thereof.

 

Section 6.12.       
Payments of Indebtedness. The Borrower
will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to,
purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund
for the purchase, redemption, retirement or other acquisition of or make any voluntary or
involuntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Secured
Longer-Term Indebtedness, any Unsecured Longer-Term Indebtedness
or the 2023 Notes (other than, so long as no Default has occurred and
is continuing or would result therefrom, (i) the refinancing of any
Secured Longer-Term Indebtedness, any Unsecured Longer-Term Indebtedness or the 2023 Notes with the Net Cash Proceeds of any Indebtedness
permitted under Section 6.01(b)(ii) and (c) and (ii) with the Net Cash Proceeds of any issuance of Equity Interests after
the Amendment No. 3 Effective Date so long as such Net Cash Proceeds are promptly used to purchase any such Secured
Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or the 2023 Notes with Indebtedness
permitted under Section 6.01(b) and (c)at a discount
to the applicable par value of the applicable Indebtedness, in each case under the foregoing clauses (i) and (ii), solely to the
extent not required to be used to prepay Loans and such refinanced or purchased debt is immediately discharged, extinguished or
terminated), except for (a) regularly scheduled payments of interest in respect thereof required pursuant to the
instruments evidencing such Indebtedness and the payment when due of the types of fees and expenses that are customarily paid in
connection with such Indebtedness (it being understood that: (w) the conversion features into Permitted Equity Interests under
convertible notes; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and
(y) any cash payment on account of interest or expenses on such convertible notes made by the Borrower in respect of such triggering
and/or settlement thereof, shall be permitted under this clause (a)), or (b) payments and prepayments of Secured Longer-Term
Indebtedness required to comply with requirements of Section 2.08(c).

 

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Section 6.13.         Modification
of Investment Policies. Other than with respect
to Permitted Policy Amendments, the Borrower will not amend, supplement, waive or otherwise modify in any material respect the
Investment Policies as in effect on the Restatement Effective Date.

 

Section 6.14.         SBIC
Guarantee. The Borrower will not, nor will it permit
any of its Subsidiaries to, cause or permit the occurrence of any event or condition that would result in any recourse to any
Obligor under any Permitted SBIC Guarantee.

 

Section 6.15.         Derivative
Transactions. The Borrower will not, nor will it
permit any of its Subsidiaries (other than Financing Subsidiaries) to, enter
into any derivative, swap or other similar transactions or agreements, except for Hedging Agreements to the extent permitted pursuant
to Sections 6.01(e) and 6.04(c).

 

Section 6.16.       
Convertible Indebtedness. The Borrower
will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness that is convertible
into Equity Interests other than Permitted Equity Interests.

 

Section 6.17.       
Financing Subsidiaries and Restricted Investments.
The Borrower will not, nor will it permit any of its Subsidiaries to, create any new Financing Subsidiaries, CFCs, Transparent
Subsidiaries or Restricted Investments for the period (the “Financing Subsidiary Limitation Period”) from and after
the Amendment No 3. Effective Date until the date on which the Borrower delivers to the Administrative Agent a Covid Relief Financial
Officer’s Certificate certifying that each of the Covid Relief Borrowing Base Condition and the condition that the Asset
Coverage Ratio shall be greater than 1.70 to 1 has been satisfied for each date in the two (2) consecutive month period ending
on such date (or, if such date is not the end of the month, the date of the month then most recently ended).

 

Article VII

 

EVENTS
OF DEFAULT

 

Section 7.01.        
Events of Default. If any of the following
events (“Events of Default”) shall occur and be continuing:

 

(a)               the
Borrower shall fail to pay any principal of any Loan (including, without limitation, any principal payable under Section 2.08(b),
(c) or (d)) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed
for prepayment thereof or otherwise;

 

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

 

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(c)              
any representation or warranty made or deemed made by or on behalf of any Obligor or any of its or their Subsidiaries in
or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report,
certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan
Document or any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any
material respect (except that such materiality qualifier shall not be applicable to any representation or warranty already qualified
by materiality or Material Adverse Effect);

 

(d)              
the Borrower or any of its Subsidiaries shall fail to observe or perform any covenant, condition or agreement contained
in

 

(i)               
Section 5.01(d), Section 5.01(e), Section
5.02(a), Section 5.03 (with respect to the Borrower’s and its Subsidiaries’ existence only, and not
with respect to the Borrower’s and its Subsidiaries’ rights, licenses, permits, privileges or franchises), Sections 5.08(a)
or (b), Section 5.09, Section 5.10, Section 5.12(c) or in Article VI;

 

(ii)             
Section 7 of the Guarantee and Security Agreement solely to the extent such covenant, condition or agreement
is not also contained in this Agreement (and if also contained in this Agreement, such covenant, condition or agreement shall be
subject to the relevant provision (including any cure or grace period with respect thereto) in this Section 7.01 applicable
thereto and not this clause (ii)); or

 

(iii)            
Section 5.01(f) or Sections 5.02(b), (c) or (d) and, in the case of this clause (iii),
such failure shall continue unremedied for a period of five or more days after the Borrower has knowledge of such failure;

 

(e)              
the Borrower or any Obligor shall fail to observe or perform any covenant, condition or agreement applicable to it contained
in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document and such
failure shall continue unremedied for a period of thirty (30) or more days after the earlier of (i) notice thereof from the Administrative
Agent (given at the request of any Lender) to the Borrower and (ii) the Borrower having obtained actual knowledge thereof;

 

(f)               
the Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless
of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account
(other than with respect to payments of principal) any applicable grace period;

 

(g)              any
event or condition occurs that (i) results in all or any portion of any Material Indebtedness becoming due prior to its scheduled
maturity, or (ii) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or
holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, unless, in the
case of this clause (ii), such event or condition is no longer continuing or has been waived in accordance with the terms of such
Material Indebtedness such that the holder or holders thereof or any trustee or agent on its or their behalf are no longer enabled
or permitted to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance
thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to (1) secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (2) convertible
debt that becomes due as a result of a contingent mandatory conversion or redemption event provided such conversion or redemption
is effectuated only in capital stock that is not Disqualified Equity Interests.

 

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(h)              an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Borrower or any of its Subsidiaries or itsany
of their respective debts, or of a substantial part of itsany
of their respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law
now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Borrower or any of its Subsidiaries or for a substantial part of itsany
of their respective assets, and, in any such case, such proceeding or petition shall continue undismissed and unstayed
for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered;

 

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

 

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

 

(k)              
(x) there is rendered against the Borrower or any of its Subsidiaries or any combination thereof (i) one or more judgments
or orders for the payment of money in an aggregate amount (as to all such judgments and orders) in excess of $5,000,000 (to the
extent not covered by independent third-party insurance as to which the insurer has been notified of the potential claim and does
not dispute coverage) or (ii) any one or more non-monetary judgments that, individually or in the aggregate, has resulted in or
could reasonably be expected to result in a Material Adverse Effect and, in either case, (1) enforcement proceedings, actions or
collection efforts are commenced by any creditor upon such judgment or order, or (2) there is a period of thirty (30) consecutive
days during which such judgment is undischarged or a stay of enforcement of such judgment, by reason of a pending appeal or otherwise,
is not in effect or (y) any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the
Borrower or any of its Subsidiaries to enforce any such judgment;

 

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(l)               
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Borrower or any ERISA Affiliate in an aggregate amount exceeding $2,500,000; and

 

(m)              a Change in Control shall occur;

 

(n)               any SBIC Subsidiary shall become the subject of an enforcement action and be transferred into liquidation status by the
SBA;

 

(o)               the Liens created by the Security Documents shall, at any time with respect to Portfolio Investments held by Obligors having
an aggregate Value in excess of 5% of the aggregate Value of all Portfolio Investments held by Obligors, not be, valid and perfected
(to the extent perfection by filing, registration, recordation, possession or control is required herein or therein) in favor
of the Collateral Agent (or any Obligor or any Affiliate of an Obligor shall so assert in writing), free and clear of all other
Liens (other than Liens permitted under Section 6.02 or under the respective Security Documents), except to the extent that
any such loss of perfection results from the failure of the Collateral Agent to maintain possession of certificates representing
securities pledged under the Guarantee and Security Agreement; provided that if such default is as a result of any action
of the Administrative Agent or Collateral Agent or a failure of the Administrative Agent or Collateral Agent to take any action
within its control, then there shall be no Default or Event of Default hereunder unless such default shall continue unremedied
for a period of ten (10) consecutive Business Days after the earlier of (i) the Borrower becoming aware of such default and (ii)
the Borrower’s receipt of written notice of such default thereof from the Administrative Agent, unless, in each case, the
continuance thereof is a result of a failure of the Collateral Agent or Administrative Agent to take an action within their control
(and the Borrower has requested that the Collateral Agent or Administrative Agent take such action);

 

(p)             
except for expiration in accordance with its terms, any of the Security Documents shall for whatever reason be terminated
or cease to be in full force and effect in any material respect, or the enforceability thereof shall be contested by any Obligor,
or declared ineffective, illegal or inoperative in any material respect or in any way whatsoever cease to give or provide the respective
material rights, titles, interest remedies, powers or privileges intended to be created thereby, or there shall be any actual invalidity
of any guaranty thereunder or any Obligor or any Affiliate of an Obligor shall so assert in writing; or

 

(q)               the
Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result in any recourse
to any Obligor under any Permitted SBIC Guarantee.

 

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then, and in every such event (other than
an event described in clause (h), (i) or (j) of this Article), and at any time thereafter during the
continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower,
take any or all of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the
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 Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event described
in clause (h), (i) or (j) of this Article, the 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 Borrower accrued
hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by the Borrower and (iii) without notice of default or demand, pursue
and enforce any of the Administrative Agent’s or the Lender’s rights and remedies under the Loan Document, or as otherwise
provided under or pursuant to any applicable law or agreement.

 

Notwithstanding anything
to the contrary contained herein, on the CAM Exchange Date, to the extent not otherwise prohibited by law, (a) the Commitments
shall automatically and without further act be terminated, the Lenders shall automatically and without further act be deemed to
have exchanged interests in the Designated Obligations such that, in lieu of the interests of each Lender in the Designated Obligations
under each Loan in which it shall participate as of such date, such Lender shall own an interest equal to such Lender’s CAM
Percentage in the Designated Obligations under each of the Loans, whether or not such Lender shall previously have participated
therein, and (b) simultaneously with the deemed exchange of interests pursuant to clause (a) above, the interests in the Designated
Obligations to be received in such deemed exchange shall, automatically and with no further action required, be converted into
the Dollar Equivalent of such amount (as of the Business Day immediately prior to the CAM Exchange Date) and on and after such
date all amounts accruing and owed to the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars
at the rate otherwise applicable hereunder. Each Lender, each Person acquiring a participation from any Lender as contemplated
by Section 9.04 and the Borrower hereby consents and agrees to the CAM Exchange. It is understood and agreed that the CAM
Exchange, in itself, will not affect the aggregate amount of Designated Obligations owing by the Obligors. The Borrower and the
Lenders agree from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments
and documents as the Administrative Agent shall reasonably request to evidence and confirm the respective interests and obligations
of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received
by it in connection with its Loans hereunder to the Administrative Agent against delivery of any promissory notes so executed and
delivered; provided that the failure of the Borrower to execute or deliver or of any Lender to accept such promissory note,
instrument or document shall not affect the validity or effectiveness of the CAM Exchange.

 

As a result of the
CAM Exchange, on and after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to any Loan Document
in respect of the Designated Obligations shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages
(to be redetermined as of each such date of payment). Any direct payment received by a Lender on or after the CAM Exchange Date,
including by way of set-off, in respect of a Designated Obligation shall be paid over to the Administrative Agent for distribution
to the Lenders in accordance herewith.

 

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Article VIII

 

THE
ADMINISTRATIVE AGENT

 

Section 8.01.       
Appointment. 

 

(a)              
Appointment of the Administrative Agent. Each of the Lenders hereby irrevocably appoints the Administrative Agent
as its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf
and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto.

 

(b)             
Appointment of the Collateral Agent. The Collateral Agent is hereby confirmed and reaffirmed as having been appointed
as the collateral agent hereunder and under the other Loan Documents and in such capacity has been and is authorized to have all
the rights and benefits hereunder and thereunder (including Section 9 of the Guarantee and Security Agreement), and to take
such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. In addition to the rights, privileges and immunities
in the Guarantee and Security Agreement, the Collateral Agent has been and shall be entitled to all rights, privileges, immunities,
exculpations and indemnities of the Administrative Agent for such purpose and each reference to the Administrative Agent in this
Article VIII shall be deemed to include the Collateral Agent.

 

Section 8.02.       
Capacity as Lender. The Person serving
as an Agent hereunder and under any other Loan Document shall have the same rights and powers in its capacity as a Lender as any
other Lender and may exercise the same as though it were not an Agent, and such Person and its Affiliates may (without having to
account therefor to any other Lender) accept deposits from, lend money to, make investments in and generally engage in any kind
of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent hereunder, and such Person
and its Affiliates may accept fees and other consideration from the Borrower or any Subsidiary or other Affiliate thereof for services
in connection with this Agreement or otherwise without having to account for the same to the other Lenders.

 

Section 8.03.       
Limitation of Duties; Exculpation. No Agent
shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting
the generality of the foregoing, (a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action or exercise any
discretionary powers, except, solely in the case of the Administrative Agent, discretionary rights and powers expressly contemplated
hereby or by the other Loan Documents that the Administrative Agent is required to exercise upon receipt of and pursuant to specific
instruction in writing to do so delivered by the Required Lenders (or such other number or percentage of Lenders as is expressly
provided for herein or in the other Loan Documents); provided that the Administrative Agent is not required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable law, including, for the avoidance of doubt, any action that may be in violation of the automatic stay
under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in
violation of any Debtor Relief Law, and (c) except as expressly set forth herein and in the other Loan Documents, no Agent
shall have any duty to disclose, nor shall any Agent be liable for the failure to disclose, any information relating to the Borrower
or any of its Subsidiaries that is communicated to or obtained by the Person serving as an Agent or any of its Affiliates in any
capacity. No Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be
necessary, including under the circumstances as provided in Section 9.02 or Article VIII of this Agreement) or in
the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable
judgment. No Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given to such Agent
by the Borrower or a Lender, and no Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument
or document, (v) the creation, perfection or priority of any Lien purported to be created by the Loan Documents or the value
or the sufficiency of any Collateral or (vi) the satisfaction of any condition set forth in Article IV or elsewhere
herein or therein, other than to confirm receipt of items expressly required to be delivered to such Agent.

 

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Section 8.04.       
Reliance. Each Agent shall be entitled
to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed or sent by or on behalf of the proper Person. Each Agent also may rely upon any statement
made to it orally or by telephone and believed by it to be made by or on behalf of the proper Person or Persons, 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. Each 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.

 

Section 8.05.       
Sub-Agents. Each Agent may perform any
and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by such Agent. Each Agent
and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties.
The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of any Agent
and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as an Agent. The Administrative Agent is not responsible for the negligence or misconduct
of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

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Section 8.06.       
Resignation; Successor Administrative Agent.
Any Agent may resign at any time by notifying the Lenders and, solely in the case of the Administrative Agent, the Borrower. Upon
any such resignation, the Required Lenders shall have the right, with, solely in the case of the Administrative Agent, the consent
of the Borrower not to be unreasonably withheld (provided that no such consent shall be required if an Event of Default has occurred
and is continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after any retiring Agent gives notice of its resignation, then, solely with respect to
the Administrative Agent, the Administrative Agent’s resignation shall nonetheless become effective except that in the case
of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring
or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent
is appointed and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the
Required Lenders shall perform the duties of the Administrative Agent (and all payments and communications provided to be made
by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the Required
Lenders appoint a successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as an Agent hereunder
by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of such retiring
(or retired) Agent and such retiring Agent shall be discharged from its duties and obligations hereunder (if not already discharged
therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor. After any Agent’s resignation
hereunder or under any other Loan Document, the provisions of this Article VIII and Section 9.03 shall
continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as an Agent.
The Collateral Agent may resign in accordance with the Guarantee and Security Agreement.

 

Section 8.07.       
Reliance by Lenders. Each Lender acknowledges
that it has, independently and without reliance upon any Agent or any other Lender and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges
that it will, independently and without reliance upon any Agent or any other Lender 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 any related agreement or any document furnished hereunder or thereunder.

 

Section 8.08.      
Modifications to Loan Documents. Except
as otherwise provided in Section 9.02(b) or 9.02(c) with respect to this Agreement, the Administrative
Agent may, with the prior consent of the Required Lenders (or such other number or percentage of Lenders as is expressly provided
for herein or in the other Loan Documents) (but not otherwise), consent to any modification, supplement or waiver under any of
the Loan Documents; provided that, without the prior consent of each Lender, no Agent shall (except as provided herein or
in the Security Documents) release all or substantially all of the Collateral or otherwise terminate all or substantially
all of the Liens under any Security Document providing for collateral security, agree to additional obligations being secured by
all or substantially all of such collateral security, or alter the relative priorities of the obligations entitled to the benefits
of the Liens created under the Security Documents with respect to all or substantially all of the Collateral, except that no such
consent shall be required, and each Agent is hereby authorized, to release any Lien covering property that is the subject of either
a disposition of property permitted hereunder or a disposition to which the Required Lenders (or such other number or percentage
of Lenders as is expressly provided for herein or in the other Loan Documents) have consented.

 

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Section 8.09.       
[Reserved].

 

Section 8.10.       
Certain ERISA Matters.

 

(a)      
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Obligor, 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 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 Commitments and this Agreement,

 

(iii)     
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to
enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part
I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Commitments and this Agreement, or

 

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(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) subclause (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 subclause (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
Obligor, 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 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 to hereto or thereto).

 

For purposes of this Section 8.10,
the following definitions apply to each of the capitalized terms below:

 

“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”.

 

“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.

 

Section 8.11.       
AgentsArranger
and Bookrunner(a).
The Arranger and
the Bookrunner shall not have obligations or duties
whatsoever in such capacitycapacities
under this Agreement or any other Loan Document and
shall incur no liability hereunder or thereunder in such capacitycapacities,
but the
Arranger and the Bookrunner shall have the benefit of
the indemnities provided for hereunder.

 

Section 8.12.       
Collateral Matters. (a) Except with respect
to the exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party’s right to file a proof
of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral
or to enforce any Guarantee of the Guaranteed Obligations (as defined in the Guarantee and Security Agreement), it being understood
and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent and/or
the Collateral Agent on behalf of the Secured Parties in accordance with the terms thereof.

 

(a)      
In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of any Hedging Agreement, the
obligations under which constitute Hedging Agreement Obligations, will create (or be deemed to create) in favor of any Secured
Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of
any Obligor under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such
arrangement in respect of Hedging Agreements shall be deemed to have appointed the Administrative Agent and Collateral Agent to
serve as administrative agent and collateral agent, respectively, under the Loan Documents and agreed to be bound by the Loan Documents
as a Secured Party thereunder, subject to the limitations set forth in this paragraph.

 

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(b)     
Neither the Administrative Agent nor the Collateral Agent shall be responsible for or have a duty to ascertain or inquire
into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority
or perfection of the Administrative Agent’s or the Collateral Agent’s Lien thereon or any certificate prepared by any
Obligor in connection therewith, nor shall the Administrative Agent or the Collateral Agent be responsible or liable to the Lenders
or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.

 

(c)     
Without limiting the provisions of Section 8.13, any Lien on any property granted to or held by the Administrative
Agent under any Loan Document shall be automatically released, and the Lenders irrevocably authorize the Administrative Agent to
take any action with respect to such release: (a) upon termination of the Commitments and payment in full of all Obligations
(other than contingent, unasserted indemnification and
expense reimbursement obligations); (b) that is sold or otherwise disposed of or to be sold or otherwise disposed
of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document; or (c) subject
to Section 9.02, if approved, authorized or ratified in writing by the Required Lenders (or such other number or percentage
of Lenders as is expressly provided for herein or in the other Loan Documents). Upon request by the Administrative Agent at any
time, the Required Lenders (or such other number or percentage of Lenders as is expressly provided for herein (including, without
limitation, Section 9.02) or in the other Loan Documents) will confirm in writing the Administrative Agent’s authority
to release its interest in particular types or items of property pursuant to this Section 8.11.

 

Section 8.13.       
Third Party Beneficiaries. The provisions
of this Article VIII are solely for the benefit of the Secured Parties, and no Obligor will have rights as a third party
beneficiary of any of such provisions.

 

Section 8.14.       
Administrative Agent May File Proofs of Claim.
In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan
will then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent has made any demand on the Borrower) will be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans 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 Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured
Parties and their respective agents and counsel and all other amounts due the Secured Parties under Section 2.09 and otherwise
hereunder) allowed in such judicial proceeding; and

 

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(b)       to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent consents to the making
of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent hereunder.

 

Nothing contained herein
is deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan
of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section 8.15.       
Credit Bidding. The Secured Parties hereby
irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured
Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant
to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition
vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including
under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which an Obligor is
subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or
at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection
with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be,
credit bid by the Collateral Agent at the direction of the Required Lenders on a ratable basis (with Secured Obligations with respect
to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon
the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating
the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition
vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Collateral Agent
shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle
or vehicles, (ii) each of the Secured Parties’ ratable interests in the Secured Obligations which were credit bid shall be
deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such
sale, (iii) the Collateral Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle
or vehicles (provided that any actions by the Collateral Agent with respect to such acquisition vehicle or vehicles, including
any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents
shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or
the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination
of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of
this Agreement), (iv) the Collateral Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue
to each of the Secured Parties, ratably on account of the relevant Secured Obligations which were credit bid, interests, whether
as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments
issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action,
and (v) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for
any reason (as a result of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition
vehicle exceeds the amount of Secured Obligations credit bid by the acquisition vehicle or otherwise), such Secured Obligations
shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Secured Obligations and
the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Secured Obligations shall automatically
be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that
the ratable portion of the Secured Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles
as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured
Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition
vehicle) as the Collateral Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation
or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

 

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Article IX

 

MISCELLANEOUS

 

Section 9.01.       
Notices; Electronic Communications.

 

(a)      
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone,
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 telecopy or to the extent permitted by Section 9.01(b) or otherwise
herein, e-mail, as follows:

 

(i)      
if to the Borrower, to it at:

 

	Monroe Capital Corporation
	311 South Wacker Drive, Suite 6400
	Chicago, Illinois 60606
	Attention: Aaron D. Peck
	Telephone: (312) 523-2363
	Fax: (312) 258-8350
	E-mail: apeck@monroecap.com

 

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	With a copy to:
	 
	Monroe Capital BDC Advisors, LLC
	311 South Wacker Drive, Suite 6400
	Chicago, Illinois 60606
	Attention: Aaron D. Peck
	Telephone: (312) 523-2363
	Fax: (312) 258-8350
	E-mail: apeck@monroecap.com
	 
	With a copy to:
	 
	Monroe Capital, LLC
	311 South Wacker Drive, Suite 6400
	Chicago, Illinois 60606
	Attention: Aaron D. Peck
	Telephone: (312) 523-2363
	Fax: (312) 258-8350
	E-mail: apeck@monroecap.com
	 
	With a copy to:
	 
	Nelson Mullins Riley & Scarborough LLP
	101 Constitution Avenue, NW, Suite 900
	Washington, DC 20001
	Attention: Jonathan H. Talcott
	Telephone: (202) 689-2806
	Fax: (202) 689-2862
	E-mail: jon.talcott@nelsonmullins.com

 

(ii)     
if to the Administrative Agent, to it at:

 

	ING Capital LLC
	1133 Avenue of the Americas
	New York, New York 10036
	Attention:  Patrick Frisch
	Telephone Number: (646) 424-6912
	Telecopy Number: (646) 424-6919
	E-mail: Patrick.Frisch@ing.com

 

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	with a copy to:
	 
	Dechert LLP
	1095 Avenue of the Americas
	New York, New York 10036
	Attention: Jay R. Alicandri, Esq.
	Telephone Number: (212) 698-3500
	Telecopy Number: (212) 698-3599
	E-mail: Jay.Alicandri@dechert.com
	 

 

(iii)    
if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Any party hereto may
change its address or telecopy number or e-mail address for notices and other communications hereunder by notice to the other parties
hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt. Notices delivered through electronic communications to the extent provided
in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)          
Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Section 2.03 if such Lender
has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited
to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipientBusiness
Day, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon
the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.

 

(c)           
Posting of Communications.

 

(i)            
For so long as a DebtdomainTM or an
equivalent website is available to each of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents
to the Administrative Agent or the Lenders under Section 5.01 by delivering either an electronic copy or a notice identifying
the website where such information is located for posting by the Administrative Agent on DebtdomainTM or such equivalent website
(and, at the request of the Administrative Agent, one hard copy thereof to the Administrative Agent); provided that the
Administrative Agent shall have no responsibility to maintain access to DebtdomainTM or an equivalent website.

 

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(ii)          
The Obligors agree that the Administrative Agent may, but shall not be obligated to, make any Communications available to
the Lenders by posting the Communications on IntraLinksTM, DebtdomainTM, SyndTrak, ClearPar or any other electronic platform
chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

 

(iii)         
Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures
and policies implemented or modified by the Administrative Agent from time to time (including, as of the Restatement Effective
Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization
method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and each
of the Obligors acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure,
that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are
added to the Approved Electronic Platform, and that there are confidentiality and other risks associated with such distribution.
Each of the Lenders and each Obligor hereby approves distribution of the Communications (as
defined below) through the Approved Electronic Platform and understands and assumes the risks of such distribution.

 

(iv)         
THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”.
THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF
THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND
THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE
APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE
AGENT, ANY LEAD ARRANGER,
ANY BOOKRUNNER OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY
LIABILITY TO ANY OBLIGOR, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL,
INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY OBLIGOR’S
OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM, EXCEPT
FOR DIRECT DAMAGES THAT A COURT OF COMPETENT JURISDICTION DETERMINES IN A FINAL AND NON-APPEALABLE JUDGMENT THAT THE ADMINISTRATIVE
AGENT ACTED WITH GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN THE SELECTION OF SUCH SUB-AGENTS.

 

    145

     

    

 

“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Obligor pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent
or any Lender by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

 

(v)          
Each Lender and Administrative Agent agrees that notice to it (as provided in the next sentence) specifying that Communications
have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender and
Administrative Agent for purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent in writing (which
could be in the form of electronic communication) from time to time of such Lender’s email address to which the foregoing
notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

 

(vi)         
Each of the Lenders and the Obligors agree that the Administrative Agent may, but (except as may be required by applicable
law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally applicable document retention procedures and policies.

 

(vii)       
Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication
pursuant to any Loan Document in any other manner specified in such Loan Document.

 

Section 9.02.       
Waivers; Amendments.

 

(a)           
No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in exercising
any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such 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 and the Lenders hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement
or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any
Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

 

    	 	146	 

     

    

 

(b)              
Amendments to this Agreement. Neither this Agreement nor any provision hereof may be waived, amended or modified
except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower
and the Administrative Agent with the consent of the Required Lenders; provided that, subject to Section 2.16(b), no such
agreement shall

 

(i)                
increase the Commitment of any Lender without the written consent of such Lender,

 

(ii)             
reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without
the written consent of each Lender directly affected thereby,

 

(iii)           
postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees or other
amounts payable to a Lender hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date
of expiration of any Commitment, without the written consent of each Lender directly affected thereby (other than any waiver of
the default rate of interest),

 

(iv)            
change Section 2.15(b), (c) or (d) (or other sections referred to therein to the extent relating
to pro rata payments) in a manner that would alter the pro rata reduction of commitments, sharing of payments, or making of disbursements,
required thereby without the written consent of each Lender directly affected thereby,

 

(v)              
change any of the provisions of this Section or the percentage in the definition of the term “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder
or make any determination or grant any consent hereunder, without the written consent of each Lender,

 

(vi)            
change any of the provisions of the definition of the term “Agreed Foreign Currency” or any other provision
hereof specifying the Foreign Currencies in which each Multicurrency Lender must make Multicurrency Loans, or make any determination
or grant any consent hereunder with respect to the definition of “Agreed Foreign Currencies” without the written consent
of each Multicurrency Lender, or

 

(vii)         
permit the assignment or transfer by any Obligor of any of its rights or obligations under any Loan Document without the
written consent of each Lender;

 

provided
further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of any Agent hereunder without
the prior written consent of such affected Agent, and (y) the consent of Lenders holding not less than two-thirds of the total
Revolving Credit Exposures and unused Commitments will be required for (A) any change adverse to the Lenders affecting the
provisions of this Agreement relating to the Borrowing Base (including the definitions used therein), or the provisions of Section 5.12(b)(ii),
and (B) any release of any material portion of the Collateral other than for fair value or as otherwise permitted hereunder or
under the other Loan Documents. Anything in this Agreement to the contrary notwithstanding, no waiver or modification of any provision
of this Agreement or any other Loan Document that could reasonably be expected to adversely affect the Lenders of any Class in
a manner that does not affect all Classes in the same manner shall be effective against the Lenders of such Class unless the Required
Lenders of such Class shall have concurred with such waiver, amendment or modification as provided above; provided, however,
for the avoidance of doubt, in no other circumstances shall the concurrence of the Required Lenders of a particular Class be required
for any waiver, amendment or modification of any provision of this Agreement or any other Loan Document.

 

    	 	147	 

     

    

 

For purposes of this
Section, the “scheduled date of payment” of any amount shall refer to the date of payment of such amount specified
in this Agreement, and shall not refer to a date or other event specified for the mandatory or optional prepayment of such amount.
In addition, whenever a waiver, amendment or modification requires the consent of a Lender “affected” thereby, such
waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes
effective as to any other Lender, so long as the Required Lenders consent to such waiver, amendment or modification as provided
above.

 

(c)              
Amendments to Security Documents.  No Security Document nor any provision thereof may be waived, amended or
modified, except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement or the Custodian Agreement,
as applicable, and the Liens granted under the Guarantee and Security Agreement may not be spread to secure any additional obligations
(including any increase in Loans hereunder, but excluding (i) any such increase pursuant to a Commitment Increase under Section 2.06(f) to
an amount not greater than the amount specified in Section 2.06(f)(i)(B)(x) and (ii) any Secured Longer-Term Indebtedness
permitted hereunder) except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement and except
pursuant to an agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent with the consent of
the Required Lenders; provided that, subject to Section 2.16(b), (i) without the written consent of the holders
of at least two-thirds of the total Revolving Credit Exposures and unused Commitments, no such waiver, amendment or modification
to the Guarantee and Security Agreement shall (A) release any Obligor representing more than 10% of the Total Net Assets of the
Borrower from its obligations under the Security Documents, (B) release any guarantor representing more than 10% of the Total Net
Assets of the Borrower under the Guarantee and Security Agreement from its guarantee obligations thereunder, or (C) amend the definition
of “Collateral” under the Security Documents (except to add additional collateral) and (ii) without the written
consent of each Lender, no such agreement shall (W) release all or substantially all of the Obligors from their respective obligations
under the Security Documents, (X) release all or substantially all of the collateral security or otherwise terminate all or substantially
all of the Liens under the Security Documents, (Y) release all or substantially all of the guarantors under the Guarantee and Security
Agreement from their guarantee obligations thereunder, or (Z) alter the relative priorities of the obligations entitled to the
Liens created under the Security Documents (except in connection with securing additional obligations equally and ratably with
the Loans and other obligations hereunder) with respect to the collateral security provided thereby; except that no such consent
described in clause (i) or (ii) above shall be required, and the Administrative Agent is hereby authorized (and so agrees with
the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement, to release any Lien covering property
(and to release any such guarantor) that is the subject of either a disposition of property permitted hereunder or a disposition
to which the Required Lenders (or such other number or percentage of Lenders as is expressly provided for herein or in the other
Loan Documents) have consented, or otherwise in accordance with Section 9.15.

 

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(d)              
Replacement of Non-Consenting Lender. If, in connection with any proposed amendment, waiver or consent requiring
(i) the consent of “each Lender” or “each Lender affected thereby,” or (ii) the consent of “two-thirds
of the holders of the total Revolving Credit Exposures and unused Commitments”, the consent of the Required Lenders is obtained,
but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred
to herein as a “Non-Consenting Lender”), then the Borrower shall have the right, at its sole cost and expense,
to replace each such Non-Consenting Lender or Lenders with one or more replacement Lenders pursuant to Section 2.17(b) so
long as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination.

 

(e)              
Ambiguity, Omission, Mistake or Typographical Error. Notwithstanding the foregoing, if the Administrative Agent and
the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of
this Agreement or any other Loan Document that, without correction, would materially affect the intent of such provision, would
cause more credit to be available to the Borrower or would adversely affect the Lenders in any way; provided that any amendment
that would require the consents set forth in clauses (i) through (vi) of Section 9.02(b) or the proviso thereto
shall be material for purposes of this Section 9.02(e), then the Administrative Agent and the Borrower shall be permitted
to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and
such amendment shall become effective without any further action or consent of any other party to this Agreement; provided
that the Administrative Agent shall promptly provide each Lender with a copy of such amendment.

 

Section 9.03.       
Expenses; Indemnity; Damage Waiver.

 

(a)              
Costs and Expenses. The Borrower shall pay (i) all reasonable documented and out-of-pocket fees, costs and expenses
incurred by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements
of up to one firm of outside counsel (plus any necessary special or local outside counsel in each jurisdiction where the nature
of the Collateral requires such additional counsel and, solely in the case of an actual or reasonably perceived conflict of interest,
one additional counsel in each applicable jurisdiction to the affected Persons) for the Administrative Agent and the Collateral
Agent collectively (other than the allocated costs of internal counsel), in connection with the syndication of the credit facilities
provided for herein, the preparation and administration (other than internal overhead charges) of this Agreement and the other
Loan Documents and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket fees, costs and expenses incurred by the Administrative
Agent, the Collateral Agent or any Lender, including the
reasonable and documented fees, charges and disbursements of any counsel for the Administrative Agent,
the Collateral Agent or any Lender, in connection with the enforcement or protection of its rights in connection with
this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made, including
all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof and (iii) and
all reasonable out-of-pocket costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration,
recording or perfection of any security interest contemplated by any Security Document or any other document referred to therein.

 

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(b)              
Indemnification by the Borrower. The Borrower shall indemnify each Agent and each Lender, and each Related Party
of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (other than Taxes or Other Taxes
which shall only be indemnified by the Borrower to the extent provided in Section 2.14), including the reasonable and documented
fees, charges and disbursements of any counsel for any Indemnitee (other than the allocated costs of internal counsel), incurred
by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery
of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan
or the use of the proceeds therefrom or (iii) 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 whether brought by the Borrower, any Indemnitee
or a third party and regardless of whether any Indemnitee is a party thereto IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING,
IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity
shall not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the willful misconduct
or gross negligence of such Indemnitee.

 

The Borrower shall not
be liable to any Indemnitee for any special, indirect, consequential or punitive damages (as opposed to direct or actual damages
(other than in respect of any such damages incurred or paid by an Indemnitee to a third party)) arising out of, in connection with,
or as a result of the Transactions asserted by an Indemnitee against the Borrower or any other Obligor; provided that the foregoing
limitation shall not be deemed to impair or affect the obligations of the Borrower under the preceding provisions of this subsection.

 

(c)              
Reimbursement by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to any
Agent under paragraph (a) or (b) of this Section (and without limiting its obligation to do so), each Lender severally
agrees to pay to such Agent, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
such Agent in its capacity as such or against any Related Party of any of the foregoing acting for any Agent (or any sub-agent)
in connection with such capacity.

 

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(d)              
Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, no party to this Agreement shall
assert, and each hereby waives, any claim against any other party to this Agreement 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 the use of the proceeds thereof.
No party to this Agreement shall be liable for any damages arising from the use by unintended recipients of any information or
other materials distributed by it through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent caused
by the willful misconduct or gross negligence of such Person, as determined by a final, non-appealable judgment of a court of competent
jurisdiction.

 

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

 

(f)               
No Fiduciary Relationship. Each Agent, each Lender and each of their respective Affiliates (collectively, solely
for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower
or any of its Subsidiaries, their equityholders and/or their affiliates. The Borrower, on behalf of itself and each of its Subsidiaries,
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 the Lender, on the one hand, and the Borrower or any of its Subsidiaries, its equityholders
or its Affiliates, on the other. The Borrower and each of its Subsidiaries each acknowledge and agree 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 Borrower and its Subsidiaries, on the other, and (ii) in
connection therewith and with the process leading thereto, (x) except as otherwise expressly provided in any of the Loan Documents,
no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower or any of its Subsidiaries, any of their
equityholders or affiliates (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower
or any of its Subsidiaries, their equityholders or their affiliates on other matters) and (y) each Lender is acting hereunder solely
as principal and not as the agent or fiduciary of the Borrower or any of its Subsidiaries, their management, equityholders, creditors
or any other Person. The Borrower and each Obligor each acknowledge and agree that it has consulted its own legal 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. The Borrower and each Obligor each agree that it will not claim that any Lender
has rendered advisory services hereunder of any nature or respect, or owes a fiduciary duty to the Borrower or any of its Subsidiaries,
in each case, in connection with such transactions contemplated hereby or the process leading thereto.

 

Section 9.04.       
Successors and Assigns.

 

(a)              
Assignments Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer
by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except in accordance with this Section (and any attempted assignment or transfer by any Lender
which is not in accordance with this Section shall be treated as provided in the last sentence of Section 9.04(b)(iii)).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each
of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)              
Assignments by Lenders.

 

(i)                
Assignments Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one
or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned
or delayed) of:

 

(A)       the
Borrower, provided that (i) no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender,
or, if an Event of Default has occurred and is continuing, any other assignee, and (ii) the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received written notice thereof; and

 

(B)       the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment by a Lender
to a Lender or an Affiliate of a Lender with prior written notice by such assigning Lender to the Administrative Agent.

 

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

 

(A)       except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans of a Class, the amount of the Commitment or Loans of such Class of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise
consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B)       each
partial assignment of any Class of Commitments or Loans shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement in respect of such Class of Commitments and Loans;

 

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(C)       the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially
the form of Exhibit A hereto, together with a processing and recordation fee of $3,500 (which fee shall not be payable
in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Subsidiary
Guarantors shall not be obligated (except in the case of an assignment pursuant to Section 2.17(b)); and

 

(D)       the
assignee, if it shall not already be a Lender of the applicable Class, shall deliver to the Administrative Agent an Administrative
Questionnaire.

 

(iii)           
Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this
Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all
of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall
continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.03 with respect to
facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise
expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender). Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (f) of
this Section.

 

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

 

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

 

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(e)              
Special Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting
Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the
option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that
(i) nothing herein shall constitute a commitment to make any Loan by any SPC, (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, subject to the terms of this Agreement,
make such Loan pursuant to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting
Lender, and such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC
shall be entitled to the benefits of Sections 2.12 (or any other increased costs protection provision), 2.13 or 2.14. Each
SPC shall be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights
hereunder in a manner which is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative
Agent, the Lenders and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans
made by or through its SPC. The making of a 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 the Granting Lender.

 

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 senior indebtednessIndebtedness
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 or similar proceedings under the laws of the United States or any State thereof,
in respect of claims arising out of this Agreement; provided that the Granting Lender for each SPC hereby agrees to indemnify,
save and hold harmless each other party hereto for any loss, cost, damage and expense arising out of their inability to institute
any such proceeding against its SPC. In addition, notwithstanding anything to the contrary contained in this Section, any SPC may
(i) without the prior written consent of the Borrower and the Administrative Agent and without paying any processing fee therefor,
assign all or a portion of its interests in any Loans to its Granting Lender or to any financial institutions providing liquidity
and/or credit facilities to or for the account of such SPC to fund the Loans made by such SPC or to support the securities (if
any) issued by such SPC to fund such Loans (but nothing contained herein shall be construed in derogation of the obligation
of the Granting Lender to make Loans hereunder); provided that neither the consent of the SPC ornor
of any such assignee shall be required for amendments or waivers hereunder except for those amendments or waivers for which the
consent of participants is required under paragraph (f) below, and (ii) disclose on a confidential basis (in the same
manner described in Section 9.13(b)) any non-public information relating to its Loans to any rating agency, commercial
paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC.

 

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(f)               
Participations. Any Lender may sell participations to one or more banks or other entities (a “Participant”) in
all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all
or a portion of its Commitments and the Loans owing to it); provided that (i) such Lender’s obligations under this
Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve
any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to
paragraph (g) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.12,
2.13 and 2.14 (subject to the requirements and limitations therein, including Sections 2.14(f) and (g)
(it being understood that the documentation required under Sections 2.14(f) and (g) shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section; provided that such Participant agrees to be subject to the provisions of Section 2.17 as if it were an assignee
under paragraph (b) of this Section 9.04. Each Lender that sells a participation agrees, at the Borrower’s request
and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.17 with
respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08
as though it were a Lender, provided such Participant agrees to be subject to Section 2.15(d) as though it were
a Lender hereunder. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts and stated
interest of each Participant’s interest in the Loans or other obligations under the Loan Documents (each a “Participant
Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register
(including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans,
letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is
necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in each Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent
(in its capacity as the Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(g)              
Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.12
or 2.13 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless such Participant
agrees to comply with Section 2.14(f) as though it were a Lender (it being understood that that the documentation required
under Section 2.14(f) shall be delivered to the participating Lender).

 

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(h)              
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or
any other central bank having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment
of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any
of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.

 

(i)                
No Assignments or Participations to the Borrower or Affiliates or Certain Other Persons. Anything in this Section to
the contrary notwithstanding, no Lender may (i) assign or participate any interest in any Commitment or Loan held by it hereunder
to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender, or (ii) assign any interest
in any Commitment or Loan held by it hereunder to a natural person (or a holding company, investment vehicle or trust for, or owned
and operated for the primary benefit of, a natural person) or to any Person known by such Lender at the time of such assignment
to be a Defaulting Lender, a Subsidiary of a Defaulting Lender or a Person who, upon consummation of such assignment would be a
Defaulting Lender.

 

(j)                
Multicurrency Lenders. Any assignment by a Multicurrency Lender, so long as no Event of Default has occurred and
is continuing, must be to a Person that is able to fund and receive payments on account of each outstanding Agreed Foreign Currency
at such time without the need to obtain any authorization referred to in clause (c) of the definition of “Agreed Foreign
Currency.”

 

Section 9.05.       
Survival. All covenants, agreements, representations
and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant
to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its
behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default or incorrect representation
or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and
so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14
and 9.03 and Article VIII 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 Commitments or the termination
of this Agreement or any provision hereof.

 

Section 9.06.       
Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)              
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 any separate letter agreements with respect to fees payable to
the Administrative Agent constitute the entire contract between and among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as
provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent
and when the Administrative Agent shall have received counterparts hereof 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 assigns. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronic mail
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

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(b)        Electronic Execution of Assignments. The words “execution,” “signed,” “signature,”
and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 9.07.       Severability.
Any provision of this Agreement 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 hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

Section 9.08.       Right
of Setoff. In addition to any rights and remedies
of the Agents and the Lenders provided by law, if an Event of Default shall have occurred and be continuing, each Agent, each
Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, without prior notice to
the Borrower or any other Obligor, any such notice being waived by the Borrower (on its own behalf, on behalf of its Subsidiaries
and on behalf of each Obligor) to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate
to or for the credit or the account of any Obligor against any of and all the obligations of any Obligor now or hereafter existing
under this Agreement or under any other Loan Document held by such Lender, irrespective of whether or not such Lender shall have
made any demand under this Agreement or any other Loan Document and although such obligations may be contingent or unmatured,
or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit
or obligated on such Indebtedness; provided that such Lender shall not exercise any right of setoff given in this Section
9.08 without obtaining the prior written consent of the Administrative Agent. The rights of each Lender and
their respective Affiliates under this Section are in addition to other rights and remedies (including other rights
of setoff) which such Lender may have; provided that in the event any Defaulting Lender exercises any such right of
setoff, (a) all amounts so set off will be paid over immediately to the Administrative Agent for further application in accordance
with the provisions of Section 2.15 and, pending such payment, will be segregated by such Defaulting Lender from its other
funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (b) the Defaulting Lender will
provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and
the Administrative Agent after any such set-off and application made by such Lender; provided that the failure
to give such notice shall not affect the validity of such set-off and application.

 

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Section 9.09.       Governing
Law; Jurisdiction; Etc.

 

(a)         Governing
Law. This Agreement and each of the other Loan Documents
(unless otherwise set forth therein) shall be construed
in accordance with and governed by the law of the State of New York.

 

(b)         Submission
to Jurisdiction. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District
Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or any other Loan DocumentsDocument
(unless otherwise set forth therein), or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent
or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties
in the courts of any jurisdiction.

 

(c)         Waiver of Venue. The Borrower 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 in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

(d)         Service
of Process. Each party to this Agreement (i) irrevocably consents to service of process in the manner provided for notices
in Section 9.01 and (ii) agrees that service as provided in the manner provided for notices in Section 9.01 is sufficient
to confer personal jurisdiction over such party in any proceeding in any court and otherwise constitutes effective and binding
service in every respect. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any
other manner permitted by law.

 

Section 9.10.       WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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Section 9.11.       Judgment
Currency. This is an international loan transaction
in which the specification of Dollars or any Foreign Currency, as the case may be (the “Specified Currency”)
and payment in New York City or the country of the Specified Currency (the “Specified Place”) is of the
essence, and the Specified Currency shall be the currency of account in all events relating to Loans denominated in the Specified
Currency. Subject to Section 2.15(a), the payment obligations of the Borrower under this Agreement shall not be discharged or
satisfied by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent
that the amount so paid on conversion to the Specified Currency and transfer to the Specified Place under normal banking procedures
does not yield the amount of the Specified Currency in the Specified Place due hereunder. If for the purpose of obtaining judgment
in any court it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the “Other
Currency”), the rate of exchange that shall be applied shall be the rate at which in accordance with normal banking
procedures the Administrative Agent could purchase the Specified Currency with the Other Currency on the Business Day next preceding
the day on which such judgment is rendered. The obligation of the Borrower in respect of any such sum due from it to the Administrative
Agent or any Lender hereunder or under any other Loan Document (in this Section called an “Entitled Person”) shall,
notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the
Business Day following receipt by such Entitled Person of any sum adjudged to be due hereunder in the Other Currency such Entitled
Person may in accordance with normal banking procedures purchase and transfer to the Specified Place the Specified Currency with
the amount of the Other Currency so adjudged to be due; and the Borrower hereby, as a separate obligation and notwithstanding
any such judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in the Specified
Currency, the amount (if any) by which the sum originally due to such Entitled Person in the Specified Currency hereunder
exceeds the amount of the Specified Currency so purchased and transferred.

 

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.

 

Section 9.13.       Treatment
of Certain Information; Confidentiality.

 

(a)         Treatment
of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other
services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by
any Agent or Lender or by one or more subsidiaries or affiliates of such Agent or Lender and the Borrower hereby authorizes each
Agent and Lender to share any information delivered to such Agent or Lender by the Borrower or its Subsidiaries pursuant to this
Agreement, or in connection with the decision of such Agent or Lender to enter into this Agreement, to any such subsidiary or
affiliate, it being understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions
of paragraph (b) of this Section as if it were an Agent or Lender (as applicable) hereunder. Such authorization shall
survive the repayment of the Loan, the expiration or termination of the Commitments or the termination of this Agreement or any
provision hereof. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph,
the “Lender”), may have economic interests that conflict with those of the Borrower or any of its Subsidiaries
and/or their Affiliates.

 

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(b)         Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its Affiliates and consultants
and to its and its Affiliates’ and consultants’
respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over
it or its Affiliates (including any self-regulatory authority), (c) to the extent required by applicable laws or regulations
or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same
as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement, (ii) any actual or prospective counterparty (or its advisors) to
any swap or,
derivative or securitization transaction relating to the
Borrower and its obligations, or (iii) any insurer, (g) with the consent of the Borrower, (h) on a confidential basis to
(i) any insurer, (ii) any rating agency in connection with rating the Borrower or its Subsidiaries or the Loans and (iii)
the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to
the Loans, (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this
Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a
nonconfidential basis from a source other than the Borrower or (j) in connection with the Lenders’ right to grant a security
interest pursuant to Section 9.04(h) to the Federal Reserve Bank or any other central bank, or subject to an agreement
containing provisions substantially the same as those of this Section, to any other pledgee or assignee pursuant to Section
9.04(h).

 

For purposes of this Section, “Information”
means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries
or any of their respective businesses (including, without limitation, any Portfolio Investments), other than any such information
that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any
of its Subsidiaries, provided that, in the case of information received from the Borrower or any of its Subsidiaries after
the Original Effective Date, such information is clearly identified at the time of delivery as confidential. Any Person required
to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation
to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information.

 

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Section 9.14.       USA PATRIOT Act. Each Lender hereby notifies
the Obligors that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information
that identifies each Obligor, which information includes the name and address of each Obligor and other information that will allow
such Lender to identify such Obligor in accordance with said Act. The Obligors shall, promptly following a request by the Administrative
Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order
to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act and the Beneficial Ownership Regulation (including
delivery to such Lender of a Beneficial Ownership Certification).

 

Section 9.15.       Termination.
Promptly upon the Termination Date, the Administrative Agent shall direct the Collateral Agent to, on behalf of the Administrative
Agent, the Collateral Agent and the Lenders, deliver to Borrower such termination statements and releases and other documents
necessary or appropriate to evidence the termination of this Agreement, the other
Loan Documents, and each of the documents securing the obligations hereunder as the Borrower may reasonably request,
all at the sole cost and expense of the Borrower.

 

Section 9.16.       Amendment
and Restatement. 

 

(a)        On
the Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement,
and the Existing Credit Agreement shall thereafter be of no further force and effect, except to evidence (i) the incurrence by
the Borrower of the obligations under the Existing Credit Agreement (whether or not such obligations are contingent as of the
Restatement Effective Date), (ii) the representations and warranties made by the Borrower prior to the Restatement Effective Date
and (iii) any action or omission performed or required to be performed pursuant to such Existing Credit Agreement prior to the
Restatement Effective Date (including any failure, prior to the Restatement Effective Date, to comply with the covenants contained
in such Existing Credit Agreement). The amendments and restatements set forth herein shall not cure any breach thereof or any
 “Default” or “Event of Default” under and as defined in the Existing Credit Agreement prior to the Restatement
Effective Date.

 

(b)        It is the intention of each of the parties hereto that the Existing Credit Agreement be amended and restated hereunder so
as to preserve the perfection and priority of all Liens securing the “Secured Obligations” under the Loan Documents
and that all “Secured Obligations” of the Borrower and the Subsidiary Guarantors hereunder shall continue to be secured
by Liens evidenced under the Security Documents, and that this Agreement does not in any way constitute a novation or termination
of the Indebtedness, obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any
portion of such obligations and liabilities.

 

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(c)         The
terms and conditions of this Agreement and the Administrative Agent’s and the Lenders’ rights and remedies under this
Agreement and the other Loan Documents shall apply to all of the obligations incurred under the Existing Credit Agreement.

 

(d)         On
and after the Restatement Effective Date, (i) all references to the Existing Credit Agreement in the Loan Documents (other than
this Agreement) shall be deemed to refer to the Existing Credit Agreement, as amended and restated hereby, (ii) all references
to any Article, Section or sub-clause of the Existing Credit Agreement in any Loan Document (other than this Agreement) shall
be deemed to be references to the corresponding provisions of this Agreement and (iii) except as the context otherwise provides,
on or after the Restatement Effective Date, all references to this Agreement herein (including for purposes of indemnification
and reimbursement of fees) shall be deemed to be references to the Existing Credit Agreement, as amended and restated hereby.

 

(e)         This
amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver, whether or
not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents
remain in full force and effect unless otherwise specifically amended hereby or by any other Loan Document.

 

Section 9.17.       Acknowledgment
and Consent to Bail-In of EEAAffected
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 EEAAffected
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
EEAthe
applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)         the
application of any Write-Down and Conversion Powers by an EEAthe
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto
that is an EEAAffected
Financial Institution; and

 

(b)         the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)              a
reduction in full or in part or cancellation of any such liability;

 

(ii)             a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEAAffected
Financial Institution, its parent entity, 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 EEAthe applicable
Resolution Authority.

 

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Section 9.18.       Interest
Rate Limitation. Notwithstanding anything to the
contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If Administrative Agent
or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal
of the Loans or, if it exceeds such unpaid principal, refunded to the
Borrower. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude
voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts
the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

Section 9.19.       Release. The Borrower hereby acknowledges
and agrees that: (a) neither it nor any of its Affiliates has any claim or cause of action against the Administrative Agent, the
Collateral Agent or any Lender (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants or
agents) under this Agreement and the other Loan Documents (and each other document entered into in connection therewith), and (b)
the Administrative Agent, the Collateral Agent and each Lender has heretofore properly performed and satisfied in a timely manner
all of its obligations to the Obligors and their Affiliates under this Agreement and the other Loan Documents (and each other document
entered into in connection therewith) that are required to have been performed on or prior to the Transactions on the date hereof.
Accordingly, for and in consideration of the agreements contained in this Agreement and other good and valuable consideration,
the Borrower (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively,
the “Releasors”) does hereby fully, finally, unconditionally and irrevocably release and forever discharge the
Administrative Agent, the Collateral Agent, each Lender and each of their respective Affiliates, officers, directors, employees,
attorneys, consultants and agents (collectively, the “Released Parties”) from any and all debts, claims, obligations,
damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether
known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity,
under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against
any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done on or prior to the Transactions
on the date hereof directly arising out of, connected with or related to this Agreement or any other Loan Document (or any other
document entered into in connection therewith).

 

Section 9.20.       Acknowledgment Regarding Any Supported QFCs.
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging
Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit
Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect
to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of
New York and/or of the United States or any other state of the United States):

 

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(a)         In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event
a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the
parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported
QFC or any QFC Credit Support.

 

(b)         As used in this Section 9.20, the following terms have the following meanings:

 

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

 

(ii)         “Covered Entity” means any of the following:

 

(x) a “covered entity” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(y) a “covered bank” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(z) a “covered FSI” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

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

 

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

 

[Signature pages follow]

 

    	 	164	 

     

    

 

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.

 

 

	 	MONROE CAPITAL
    CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Second Amended and
Restated Senior Secured Revolving Credit Agreement]

 

     

     

    

 

	 	ING CAPITAL
    LLC, as Administrative Agent and a Lender
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Second Amended and
Restated Senior Secured Revolving Credit Agreement]

 

     

     

    

 

Schedule 1.01(a)

 

Approved Dealers and
Approved Pricing Services

 

	APPROVED DEALERS
	Ally Financial
	American Capital Corporation
	Antares Capital, LP
	Apollo Global Management, LLC and Affiliates
	Ares Capital Corporation
	Babson Capital
	Banc of America Securities LLC
	Bank of Ireland
	Bank of Montreal
	Bank of New York
	Bank of Nova Scotia
	Barclays Capital Inc.
	BNP Paribas Securities Corp.
	BofA Distributors, Inc.
	Cantor Fitzgerald & Co.
	CapitalSource Finance
	CIT Group
	Citicorp Securities Services, Inc.
	Citigroup Global Markets Inc.
	Citizens
	City National Bank
	Comerica
	Credit Suisse Securities (USA) LLC
	Daiwa Capital Markets America Inc.
	Deutsche Bank Securities Inc.
	FBR Capital Markets
	Fidelity Brokerage Services LLC
	Fifth Third Bank
	GE Capital
	Gleacher and Company
	Goldman, Sachs & Co.
	Golub Capital
	GSO
	Guggenheim Securities
	HSBC Securities (USA) Inc.
	Imperial Capital
	ING Financial Markets LLC
	J.P. Morgan Securities Inc.
	Jeffries & Company, Inc.
	KeyBanc Capital Markets
	KKR
	Macquarie Securities

 

     

     

    

 

	Madison Capital Funding
	Merrill Lynch Government Securities Inc.
	Merrill Lynch, Pierce, Fenner & Smith Incorporated
	Midcap Financials
	Mizuho Securities USA Inc.
	Morgan Stanley & Co. Incorporated
	Morgan Stanley Smith Barney
	Natixis
	Nomura Securities International, Inc.
	NXT Capital Corporation
	PNC
	Prudential
	RBC Capital Markets
	RBS Securities Inc.
	Regions Bank
	Sankaty Advisors
	Santander
	Scotia Capital
	Seaport Capital
	Societe Generale
	Sumitomo
	SunTrust
	CIBC Bank USA (f/k/a The PrivateBank and Trust Company)
	Toronto-Dominion Bank
	UBS Financial Services Inc.
	UBS Securities LLC
	US Bank
	Wells Fargo Advisors, LLC
	Wells Fargo Investments, LLC
	Wells Fargo Securities, LLC
	 
	APPROVED PRICING SERVICES
	Bloomberg
	FT Interactive Data Corporation
	Loan Pricing Corporation
	Markit Group Limited

 

     

     

    

 

Schedule
1.01(b)

 

Dollar
Commitments

 
	Lender	 	Commitment
    Amount	 
	TIAA, FSB as successor in interest to certain assets of EverBank Commercial Finance, Inc.	 	$	30,000,000	 
	Customers Bank	 	$	20,000,000	 
	CIBC Bank USA (f/k/a The PrivateBank and Trust Company)	 	$	35,000,000	 
	Wintrust Bank	 	$	15,000,000	 
	AloStar Bank of Commerce	 	$	10,000,000	 

 

Multicurrency
Commitments

 

	Lender	 	Commitment
    Amount	 
	ING Capital LLC	 	$	75,000,000	 
	The Huntington National Bank	 	$	50,000,000	 
	City National Bank	 	$	20,000,000	 

 

     

     

    

 

Schedule
1.01(c)

 

Risk
Factors

 

[INTENTIONALLY OMITTED]

 

     

     

    

 

Schedule
1.01(d)

 

Eligibility
Criteria

 

A Portfolio Investment shall not be an
Eligible Portfolio Investment on any date of determination unless it meets all of the following criteria:

 

		1)	If an Investment in Indebtedness, (a) all documentation evidencing or otherwise relating to such
Portfolio Investment has been duly authorized and executed, is in full force and effect and is the legal, binding and enforceable
obligation of the parties thereto; (b) the Custodian shall have received and credited to the Custodian Account pursuant to the
terms of the Custodian Agreement an original or a copy of any transfer document or instrument relating to such Indebtedness, which,
in the case of a transfer document, evidences the assignment of such Indebtedness from the prior third party owner thereof directly
to the Obligor (together with the consent of each party required under the applicable loan documentation); and (c) the Custodian
shall have received originals or copies of each of the following, to the extent applicable (and, in the case of any syndicated,
club or multi-lender transaction, to the extent originals or copies of such loan documentation have been distributed to other lenders;
provided that the Borrower shall have used commercially reasonable efforts to obtain such documents): any related loan agreement,
credit agreement, note purchase agreement, security agreement (if separate from any mortgage), acquisition agreement pursuant to
which such Investment was acquired, subordination agreement, intercreditor or similar instruments, guarantee, assumption or substitution
agreement or similar material operative document, in each case together with any amendment or modification thereto;

 

		2)	[Reserved];

 

		3)	Such Portfolio Investment, whether originated directly or purchased, was underwritten and closed
or acquired in all material respects in accordance with the Investment Policies;

 

		4)	If the issuer of such Portfolio Investment is a “Debtor” (as defined in the definition
of “DIP Loan”) and such Portfolio Investment is a Bank Loan, such Portfolio Investment meets the other criteria set
forth in the definition of DIP Loan;

 

		5)	Such Portfolio Investment is Transferable (as defined below);

 

		6)	Such Portfolio Investment (other than an ABL Transaction) has been assigned a Risk Factor Rating
(which Risk Factor Rating shall be updated at least once every six monthsfiscal
quarter with Portfolio Company Data that is not more than six monthsone
full fiscal quarter old) and the corresponding Risk Factor is not greater than 6500;

 

		7)	Such Portfolio Investment is not a Defaulted Obligation or a Restructured Investment;

 

		8)	Other than an LTV Transaction, any Portfolio Company of such Portfolio Investment satisfies at
least one of the following two conditions at all times: (i) a trailing 24-month EBITDA of at least $8,000,000 as calculated by
the Borrower in a commercially reasonable manner, or (ii) a loan (through the Borrower or Obligor’s exposure) to enterprise
value ratio of not more than 65%, where enterprise value shall be the value determined by the Approved Third-Party Appraiser in
its most recent valuation report provided in connection with such Portfolio Investment (except that, prior to the delivery of the
first valuation report of the Approved Third-Party Appraiser to be delivered after the Borrower’s acquisition of such Portfolio
Investment, if such Portfolio Investment is acquired by the Borrower in connection with or at the time of an applicable transaction
involving the equity of the related issuer, the enterprise value of such Portfolio Company may be imputed from such transaction
by the Borrower in a commercially reasonable manner);

 

     

     

    

 

		9)	Such Portfolio Investment does not represent an investment in any issuer in which Monroe Capital,
LLC, Monroe Capital Management LLC, Monroe Capital Management Advisors LLC, Monroe Capital Fund Advisors Inc., Monroe Capital Partners
Fund LP, any Obligor or any of their respective Affiliates, or any entities advised by any of the foregoing, holds any investment
other than an investment (a) that is in the same class as
such Portfolio Investment (and, in the case of multiple classes, such Investment shall represent a ratable strip of each class)
and, (b)
is (a) made in accordance with the requirements of an effective SEC exemptive
order allowing such co-investment or joint follow-on investment or (bc)
is made in compliance with the Massachusetts Mutual Life
Insurance Co., SEC No-Action Letter (pub. avail. June 7, 2000), and
other interpretive guidance issued by the SEC or the Investment Company Act;

 

		10)	Such Portfolio Investment does not represent an investment in any Financing Subsidiary, investment
fund, Structured Finance Obligation, or similar off balance sheet financing vehicle, or any joint venture or other Person that
is in the principal business of making debt or equity investments in other unaffiliated Persons (other than investments in LTV
Transactions);

 

		11)	(x) Such Portfolio Investment is owned by the Borrower or any Obligor, free and clear of any liens
and Collateral Agent holds a first priority, perfected security interest in the Portfolio Investment (subject to no other Lien
other than any Eligible Liens), (y) the Collateral Agent or the Custodian as bailee on behalf of the Collateral Agent is holding
all documents evidencing or otherwise relating to such Portfolio Investment (which may be copies, except as required in paragraph
(1)(x) above) and (z) the other steps to ensure that the Collateral Agent has “control” or other customary protection
of the relevant Portfolio Investment set forth in Section 5.08 and in the Guarantee and Security Agreement have been taken;

 

		12)	Such Portfolio Investment and related documents are in compliance, in all material respects, with
applicable laws, rules and regulations (including relating
to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices
and privacy, OFAC and USA PATRIOT Act);

 

		13)	Such Portfolio Investment is denominated and payable only in Dollars or an Agreed Foreign Currency
and the issuer of such Portfolio Investment is organized under the laws of the United States or any state, commonwealth, province
or territory thereof (including the District of Columbia) or any Permitted Foreign Jurisdiction or any province thereof, is domiciled
in the United States or any Permitted Foreign Jurisdiction, and its principal operations and any property or other assets of the
issuer thereunder pledged as collateral are primarily located in the United States or a Permitted Foreign Jurisdiction and the
only place of payment of such loans is the United States or a Permitted Foreign Jurisdiction; provided, however, that no credit
shall be given to the Borrowing Base for any Portfolio Investment issued by a Permitted Foreign Issuer if any Obligor does not
qualify for zero withholding for loans made to such Permitted Foreign Issuer;

 

     

     

    

 

		14)	Such Portfolio Investment, if a debt investment, bears interest which is due and payable no less
frequently than semi-annually and provides for a fixed amount of principal payable on a scheduled payment date and or at maturity
and does not have a final maturity greater than 10 years;

 

		15)	Such Portfolio Investment includes a contractual provision requiring all payments to be made without
set off, defense or counterclaim, and does not include a contractual provision granting rights of rescission, set off, counterclaim
or defense in favor of the obligor in respect of such Portfolio Investment, and no material dispute has been asserted with respect
to such Portfolio Investment;

 

		16)	(x) Such Portfolio Investment (other than an LTV Transaction) is not (i) secured primarily by a
mortgage, deed of trust or similar lien on real estate, (ii) issued by a Person whose primary asset is real estate, or whose value
is otherwise primarily derived from real estate or (iii) secured primarily by a pledge of stock issued by a holding company that,
directly or indirectly through one or more subsidiaries, owns assets primarily comprised of real estate and, (y) if such Portfolio
Investment is an LTV Transaction and is (i) secured primarily by a mortgage, deed of trust or similar lien on real estate (a “Direct
Real Estate LTV Transaction”) or (ii) (a) secured primarily by a pledge of stock issued by a holding company that, directly
or indirectly through one or more subsidiaries, owns assets primarily comprised of real estate (it being the understanding that
with respect to any holding company whose value is primarily derived from real estate, an Obligor must have a pledge of all of
the Equity Interests of the operating company that is the fee owner of such real estate) or (b) issued by a Person whose primary
asset is real estate, or whose value is otherwise primarily derived from real estate (the LTV Transactions described in this subclause
(ii), each, an “Indirect Real Estate LTV Transaction” and, collectively, together with the Direct Real Estate LTV Transactions,
 “Real Estate LTV Transactions”), (1) the Borrower has received a Phase I Environmental Site Assessment (and, if such
Phase I Environmental Site Assessment recommends that testing or sampling be performed, a Phase II Environmental Site Assessment)
confirming that the underlying real estate has no currently recognized environmental conditions or documenting that any identified
recognized environmental conditions either would not have a material adverse effect on the condition, use and value of the property
or that no further action, including investigation or remediation, is required by applicable law and any regulatory authority with
jurisdiction with respect to such recognized environmental condition, (2) the Borrower has received an appraisal as of a recent
date on or prior to the date of its initial investment and (3) the loan to fair market value (determined pursuant to the most recent
appraisal) ratio of such Portfolio Investment does not exceed 80% as of the date of the Borrower’s initial investment;

 

		17)	Such Portfolio Investment does not represent a consumer obligation (including, without limitation,
a mortgage loan, auto loan, credit card loan or personal loan);

 

     

     

    

 

		18)	No payment in respect of such Portfolio Investment, if a debt investment, is subject to withholding
in respect to taxes of any nature, unless the issuer is required to make customary and market-based gross-up payments on an after
tax basis for the full amount of such tax;

 

		19)	Such Portfolio Investment is not a derivative instrument;

 

		20)	The issuer of such Portfolio Investment (or an agent on its behalf) is required to make payments
directly into an account of the Borrower or any Obligor over which the Collateral Agent has “control” and no other
person’s assets are commingled in such account;

 

		21)	No Person acting as administrative agent, collateral agent or in a similar capacity shall be an
Affiliate of the Borrower unless such person is an Obligor; and,

 

		22)	If such Portfolio Investment for which market quotations are not readily available is a Bank Loan
and the issuer of such Portfolio Investment has issued a Permitted Prior Working Capital Lien, the Borrower has delivered to the
Administrative Agent a written valuation report of an Approved Third-Party Appraiser determining the enterprise value of such issuer
to be used for purposes of the conditions outlined in clause (iii) of the definition of Permitted Prior Working Capital Lien (except
that, prior to the delivery of the first valuation report of the Approved Third-Party Appraiser to be delivered after the Borrower’s
acquisition of such Portfolio Investment, the enterprise value of such issuer of such Portfolio Investment may be calculated by
the Borrower in a commercially reasonable manner).

 

For purposes of paragraph (5)
above, “Transferable” means, in the case of any Portfolio Investment, both that:

 

(i)              the applicable Obligor may create a security interest in or pledge all of its rights under and interest in such Portfolio
Investment to secure its obligations under this Agreement or any other Loan Document, and that such pledge or security interest
may be enforced in any manner permitted under applicable law; and

 

(ii)            such
Portfolio Investment (and all documents related thereto) contains no provision that directly or indirectly restricts the assignment
of such Obligor’s, or any assignee of Obligor’s, rights under such Portfolio Investment (including any requirement
that any Obligor maintain a minimum ownership percentage of such Portfolio Investment); provided that, such Portfolio Investment
may contain the following restrictions on customary and market based terms: (a) restrictions pursuant to which assignments may
be subject to the consent of the obligor or Portfolio Company or agent under the Portfolio Investment so long as the applicable
provision also provides that such consent may not be unreasonably withheld, (b) restrictions on transfer to parties that are not
 ‘eligible assignees’ within the customary and market based meaning of the term, and (c) restrictions on transfer to
the applicable obligor or Portfolio Company under the Portfolio Investment or its equity holders or financial sponsor entities.

 

     

     

    

 

Schedule
1.01(e)

 

Industry
Classification Groups

 

		1)	Aerospace & Defense

		2)	Automotive

		3)	Banking

		4)	Beverage, Food, & Tobacco

		5)	Capital Equipment

		6)	Chemicals, Plastics, & Rubber

		7)	Construction & Building

		8)	Consumer Goods: Durable

		9)	Consumer Goods: Non-Durable

		10)	Containers, Packaging, & Glass

		11)	Energy: Electricity

		12)	Energy: Oil & Gas

		13)	Environmental Industries

		14)	FIRE: Finance

		15)	FIRE: Insurance

		16)	FIRE: Real Estate

		17)	Forest Products & Paper

		18)	Healthcare & Pharmaceuticals

		19)	High Tech Industries

		20)	Hotel, Gaming, & Leisure

		21)	Media: Advertising, Printing & Publishing

		22)	Media: Broadcasting & Subscription

		23)	Media: Diversified & Production

		24)	Metals & Mining

		25)	Retail

		26)	Services: Business

		27)	Services: Consumer

		28)	Sovereign & Public Finance

		29)	Telecommunications

		30)	Transportation: Cargo

		31)	Transportation: Consumer

		32)	Utilities: Electric

		33)	Utilities: Oil & Gas

		34)	Utilities: Water

		35)	Wholesale

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