Document:

Exhibit 10.1

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT
(the “Agreement”) is made as of July 2, 2019 (the “Effective Date”), by and between DPW Holdings,
Inc., a Delaware corporation (the “Company”) and [●], a Delaware limited partnership (the “Investor”).

 

WHEREAS, the Company
issued to the Investor that certain Secured Promissory Note on January 23, 2019 (“Original Note”) in the principal
amount of $650,973.56, pursuant to an Exchange Agreement of even date therewith by and between the Company and the Investor, which
Original Note was due and payable on April 15, 2019;

 

WHEREAS, subject to
the satisfaction of the conditions set forth herein, the Company and the Investor desire to enter into a transaction wherein the
Company shall issue the Investor a new Secured Convertible Promissory Note in the principal amount of $1,250,000, including a default
premium of $261,109.74 (the “Default Premium”), as reduced pursuant to the terms hereof pursuant to prepayment
or otherwise, the “Principal”, in the form attached hereto as Exhibit A (the “New Note”),
in exchange for the Original Note.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.            Exchange;
Forbearance. The closing of the Exchange (the “Closing”) will occur on or before July 2, 2019 (or such later
date as the parties hereto may agree in writing) following the satisfaction or waiver of the conditions set forth herein (such
date, the “Closing Date”). Pending the Closing up to and through 5:00 pm Eastern Standard time on July 5, 2019,
the Investor shall take no action to enforce its rights under the Original Note. On the Closing Date, subject to the terms and
conditions of this Agreement, the Investor and the Company shall exchange the Original Note for the New Note. At the Closing, the
following transactions shall occur (such transactions in this Section 1, the “Exchange”):

 

1.1.       On
the Closing Date, the Company shall issue the New Note to the Investor. Promptly after the Closing Date, but in no event more than
one Trading Day after the Closing Date, the Company shall deliver an executed original New Note to the Investor. On the Closing
Date, the Investor shall be deemed for all purposes to have become the holder of record of the New Note, irrespective of the date
the Company delivers the New Note to the Investor. Upon receipt of the executed original of the New Note in accordance with this
Section 1.1, all of the Investor’s rights under the Original Note shall be extinguished (including, without limitation, the
rights to receive, as applicable, any premium, make-whole amount, accrued and unpaid interest or dividends thereon or any other
shares of the Common Stock of the Company with respect thereto).

 

1.2.       It
shall be a condition to the obligation of the Investor, on the one hand, and the Company, on the other hand, to consummate the
Exchange contemplated hereunder that the other party’s representations and warranties contained herein are true and correct
on the Closing Date with the same effect as though made on such date, unless waived in writing by the party to whom such representations
and warranties are made.

 

    	 	 	 

    	 

    

 

1.3.       The
Investor’s rights under the Security and Pledge Agreement entered into as of August 16, 2018 by and among Digital Farms,
Inc. (t/k/a as SuperCrypto Mining, Inc.), the Company and the Investor (the “Security Agreement”) remain in
effect and no event has occurred which impairs the effectiveness of the security interest created thereunder. SuperCrypto Mining,
Inc. shall enter into a letter agreement in the form annexed as Exhibit B as a condition of the Company and the Investor
consummating the Exchange.

 

2.            Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investor that:

 

2.1       Organization.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
The Company is not in violation nor default of any of the provisions of its certificate of incorporation, bylaws or other organizational
or charter documents. The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
and no claim, action or proceeding of any kind has been instituted in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or qualification.

 

2.2       Authorization.
This Agreement has been duly and validly authorized, executed and delivered on behalf of the Company and shall constitute the legal,
valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, except
as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies. The execution, delivery and performance by the Company of this Agreement and the consummation by the Company
of the transactions contemplated hereby and thereby will not: (i) conflict with, or constitute a default (or an event which with
notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Company is a party or by which it is bound; or (ii) result
in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities or “blue sky”
laws) applicable to the Company, provided Exchange Approval (as hereinafter defined) is obtained in a timely manner.

 

2.3       Valid
Issuance of the New Note. The New Note when issued and delivered in accordance with the terms of this Agreement, for the consideration
expressed herein, and the Common Stock when issued in accordance with the terms of this Agreement will be duly and validly issued,
fully paid and non-assessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided
for in the Transaction Documents. 

 

2.4       Issuance
of Common Stock. Upon the issuance of any Common Stock pursuant to the terms of this Agreement and the New Note, the Common
Stock shall be freely tradable under Section 3(a)(9) of the Securities Act of 1933 and Rule 144 thereunder as more fully described
in the New Note.

 

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2.5          Reservation
of Common Stock.

 

2.5.1       So
long as the New Note remains outstanding, the Company shall reserve five (5) million shares of Common Stock (the “Required
Reserve Amount”) to be issued to the Investor in accordance with the terms set forth in the New Note.

 

2.5.2       If,
notwithstanding Section 2.5.1, and not in limitation thereof, at any time while the New Note remains outstanding the Company does
not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve 5 million
shares of its Common Stock for issuance pursuant to the terms of this Agreement, (an “Authorized Share Failure”),
then the Company shall as practicable as possible take all action necessary to increase the Company’s authorized shares of
Common Stock or effectuate a reverse split of the Common Stock to an amount sufficient to allow the Company to reserve the Required
Reserve Amount. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence
of an Authorized Share Failure, but in no event later than 60 days after the occurrence of such Authorized Share Failure, the Company
shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In
connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts
to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors
to recommend to the stockholders that they approve such proposal. In the event that the Company is prohibited from issuing shares
of Common Stock pursuant to the terms of this Agreement due to the failure by the Company to have sufficient shares of Common Stock
available out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common Stock, the “Authorized
Failure Shares”), in lieu of delivering such Authorized Failure Shares to the Investor, the Company shall pay to the Investor,
in cash, an amount equal to the sum of (i) the product of (x) such number of Authorized Failure Shares and (y) the greatest Closing
Sale Price of the Common Stock on any Trading Day during the period commencing on the date the Investor delivers the applicable
Issuance Notice with respect to such Authorized Failure Shares to the Company and ending on the date of such issuance and payment
under this Section 2.5.2; and (ii) to the extent the Investor purchases (in an open market transaction or otherwise) shares of
Common Stock to deliver in satisfaction of a sale by the Investor of Authorized Failure Shares, any brokerage commissions and other
out-of-pocket expenses, if any, of the Investor incurred in connection therewith.

 

2.6          Compliance
With Laws. The Company has complied in all material respects with all laws, rules, and regulations applicable to it and its
business, and the Company has not received notice of any such violation. 

 

2.7          Consents;
Waivers. No consent, waiver, approval or authority of any nature, or other formal action, by any person or entity, not already
obtained, other than Exchange Approval, is required in connection with the execution and delivery of this Agreement by the Company
or the consummation by the Company of the transactions provided for herein and therein.

 

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2.8          Acknowledgment
Regarding Investor’s Purchase of the New Note. The Company acknowledges and agrees that the Investor is acting solely
in the capacity of arm’s length purchaser with respect to this Agreement and the Exchange and the transactions contemplated
hereby and thereby and that the Investor is not: (i) an officer or director of the Company; (ii) an “affiliate” of
the Company (as defined in Rule 144 promulgated under the Securities Act); or (iii) to the knowledge of the Company, a “beneficial
owner” of 4.99% or more of the shares of Common Stock (as defined for purposes of Rule 13d-3 under the Securities Exchange
Act of 1934 (the “Exchange Act”). The Company further acknowledges that the
Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Exchange,
this Agreement, any other document or agreement delivered in connection herewith or therewith or the transactions contemplated
hereby and thereby, and any advice given by the Investor or any of its representatives or agents in connection with the Exchange,
this Agreement, any other document or agreement delivered in connection herewith or therewith or the transactions contemplated
hereby and thereby is merely incidental to the Investor’s acceptance of the New Note. The Company further represents to the
Investor that the Company’s decision to enter into the Exchange has been based solely on the independent evaluation by the
Company and its representatives.

 

2.9          Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or threatened against or affecting the Company, the Common Stock, the Original
Note, the New Note or any of the Company’s officers or directors in their capacities as such, other than what is disclosed
in the Company’s public filings.

 

2.10        Authorized
Capital. Schedule 2.10 sets forth all capital stock and derivative securities of the Company that are authorized for
issuance and that are issued and outstanding. All issued and outstanding shares of Common Stock have been duly authorized and validly
issued and are fully paid and nonassessable. The Company has sufficient authorized and unissued shares of Common Stock as may be
necessary to effect the issuance of the Common Stock issuable under this Agreement, assuming the prior issuance and exercise, exchange
or conversion, as the case may be, of all derivative securities authorized, as indicated in Schedule 2.10. 

 

2.11        Disclosure.
Upon receipt or delivery by the Company of any notice or other document in accordance with the terms of this Agreement, unless
the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall within one Trading Day after any such receipt or delivery
publicly disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company
believes that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company
so shall indicate to the Investor contemporaneously with delivery of such notice, and in the absence of any such indication, the
Investor shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries. If the Company or any of its Subsidiaries provides material non-public information
to the Investor that is not simultaneously filed in a Current Report on Form 8-K and the Investor has not agreed to receive such
material non-public information, the Company hereby covenants and agrees that the Investor shall not have any duty of confidentiality
to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, Affiliates or agents with respect
to, or a duty to any of the foregoing not to trade on the basis of, such material non-public information.

 

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2.12       
Indebtedness. Except as listed on Schedule 2.12 hereto, the Company does not have any indebtedness other than Permitted
Liens. “Permitted Liens” shall have the same meaning as in the New Note.

 

3.           Representations
and Warranties of the Investor. The Investor hereby represents, warrants and covenants that:

 

3.1.         Organization.
The Investor is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware,
with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
The Investor is not in violation nor default of any of the provisions of its certificate of limited partnership, limited partnership
agreement or other organizational or charter documents. The Investor is duly qualified to conduct business and is in good standing
as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by
it makes such qualification necessary, and no claim, action or proceeding of any kind has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

3.2.         Authorization.
This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and shall constitute the
legal, valid and binding obligations of the Investor enforceable against the Investor in accordance with their respective terms,
except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies. The execution, delivery and performance by the Investor of this Agreement and the Security Agreement and the
consummation by the Investor of the transactions contemplated hereby and thereby will not: (i) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Investor is a party or by which
it is bound; or (ii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state
securities or “blue sky” laws) applicable to the Investor.

 

3.3.         Accredited
Investor Status; Investment Experience. The Investor is an “accredited investor” as that term is defined in Rule
501(a) of Regulation D. The Investor can bear the economic risk of its investment in the New Note, and has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of an investment in the New Note.

 

3.4.         No
Governmental Review. The Investor understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the New Note or the fairness or suitability of the investment
in the New Note nor have such authorities passed upon or endorsed the merits of the offering of the New Note.

 

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3.5.         Ownership
of Securities. The Investor owns and holds, beneficially and of record, the entire right, title, and interest in and to the
Original Note free and clear of all rights and liens (other than pledges or security interests (x) arising by operation of applicable
securities laws and (y) that the Investor may have created in favor of a prime broker under and in accordance with its prime brokerage
agreement with such broker). The Investor has full power and authority to transfer and dispose of the Original Note to the Company
free and clear of any right or lien. Other than the transactions contemplated by this Agreement, there is no outstanding, plan,
pending proposal, or other right of any person or entity to acquire all or any part of the Original Note or any shares of Common
Stock issuable upon the delivery of the Issuance Notice and corresponding deduction of the face amount of the New Note.

 

3.6.         No
Short Sales or Hedging Transactions. The Investor covenants and agrees that neither it, nor any Affiliate acting on its behalf
or pursuant to any understanding with it will execute any Short Sales of the Common Stock or (ii) hedging transaction, which establishes
a net short position with respect to the Common Stock, during the period commencing with the execution of this Agreement and ending
on the earlier of the Maturity Date of the New Note; provided that this provision shall not operate to restrict the Investor's
trading under any prior securities purchase agreement containing contractual rights that explicitly protects such trading in respect
of the previously issued securities.

 

4.            Additional
Covenants

 

4.1.         Disclosure.
The Company shall, on or before 8:30 a.m., New York, New York time, within one Trading Day after the date of this Agreement, file
with the Securities and Exchange Commission a Current Report on Form 8-K disclosing all material terms of the transactions contemplated
hereby and attaching the form of this Agreement and the New Note as exhibits thereto (collectively with all exhibits attached thereto,
the “8-K Filing”). From and after the issuance of the 8-K Filing, the Investor shall not be in possession of
any material, nonpublic information received from the Company or any of its Subsidiaries or any of their respective officers, directors,
employees, affiliates or agents, that is not disclosed in the 8-K Filing. The Company shall not, and shall cause its officers,
directors, employees, affiliates and agents, not to, provide the Investor with any material, nonpublic information regarding the
Company from and after the filing of the 8-K Filing without the express written consent of the Investor. To the extent that the
Company delivers any material, non-public information to the Investor without the Investor’s express prior written consent,
the Company hereby covenants and agrees that the Investor shall not have any duty of confidentiality to the Company, any of its
subsidiaries or any of their respective officers, directors, employees, affiliates or agent with respect to, or a duty to the Company,
any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agent. The Company shall not disclose
the name of the Investor in any filing, announcement, release or otherwise, unless such disclosure is required by law or regulation.
In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its subsidiaries or any of their
respective officers, directors, affiliates, employees or agents, on the one hand, and the Investor or any of its affiliates, on
the other hand, shall terminate and be of no further force or effect. The Company understands and confirms that the Investor will
rely on the foregoing representations in effecting transactions in securities of the Company.

 

4.2.         Reserved.

 

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4.3.         Blue
Sky. The Company shall make all filings relating to the Exchange required by Regulation D under the Securities Act and under
applicable securities or “blue sky” laws of the states of the United States following the date hereof.

 

4.4.         Fees
and Expenses. Except as otherwise set forth above, each party to this Agreement shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement. Notwithstanding the foregoing, the Company has agreed to reimburse the Investor
for up to $15,000 of documented attorneys’ fees, which sum is part of the principal of the New Note.

 

4.5.         Reserved.

 

4.6.         Noncircumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of the Company’s certificate of incorporation
or other charter documents, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement,
dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Agreement or the Security Agreement, and will at all times in good faith carry out all of the provisions
of this Agreement and the Security Agreement take all action as may be required to protect the rights of the Investor under this
Agreement and the Security Agreement. Without limiting the generality of the foregoing or any other provision of this Agreement
and the Security Agreement, the Company (a) shall not increase the par value of any shares of Common Stock issuable pursuant
to the terms of this Agreement above the Conversion Price (as defined in the New Note) then in effect, and (b) shall take
all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable
shares of Common Stock upon issuance of such Common Stock to the Investor pursuant to the terms of this Agreement. Notwithstanding
anything herein to the contrary, if at any time the Investor is not permitted receive all the shares of Common Stock the Investor
is entitled to receive pursuant to the terms of this Agreement for any reason, the Company shall use its best efforts to promptly
remedy such failure, including, without limitation, obtaining such consents or approvals as necessary to permit the issuance of
such shares of Common Stock.

 

5.            Miscellaneous

 

5.1.         Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the parties hereto and the respective successors and assigns of the parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

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5.2.         Governing
Law; Exclusive Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of
any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state or federal courts sitting in New York County, New York, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

5.3.         Notices.
All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently
given if delivered to the addressees in person, by FedEx or similar overnight next business day delivery, or by email followed
by overnight next business day delivery, to the address as provided for on the signature page to this agreement.

 

5.4.         Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Investor.

 

5.5.         Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms so long as this Agreement as so modified continues to express, without material change, the original
intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s)
in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical
realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations
to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close
as possible to that of the prohibited, invalid or unenforceable provision(s).

 

5.6.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

5.7.         Survival.
The representations, warranties and covenants of the Company and the Investor contained herein shall survive the Closing and delivery
of the New Note.

 

6.            Definitions.
For purposes of this Agreement, the following words and terms shall have the following meanings:

 

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6.1.       “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

6.2.       “Bloomberg”
means Bloomberg, L.P., or any successor.

 

6.3.       “Closing
Sale Price” means, for any security as of any date, the last closing trade price for such security on the Principal Market,
as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing
trade price (as the case may be) then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Bloomberg,
or, if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price
of such security on the principal securities exchange or trading market where such security is listed or traded as reported by
Bloomberg, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic
bulletin board for such security as reported by Bloomberg, or, if no last trade price, is reported for such security by Bloomberg,
the average of the ask prices, respectively, of any market makers for such security as reported by OTC Markets Group Inc. If the
Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price
of such security on such date shall be the fair market value as mutually determined by the Company and the Investor. If the Company
and the Investor are unable to agree upon the fair market value of such security, the determination of the Company made in good
faith shall be the fair market value of such security. All such determinations shall be appropriately adjusted for any stock splits,
stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

 

6.4.       “Current
Subsidiary” means any Person in which the Company on the Effective Date, directly or indirectly, (i) owns any of the
outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of
the business, operations or administration of such Person, and all of the foregoing, collectively, “Current Subsidiaries”.

 

6.5.       “Exchange
Act” means the Securities Exchange Act of 1934.

 

6.6.       “Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

6.7.       “New
Subsidiary” means, as of any date of determination, any Person in which the Company after the Effective Date, directly
or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest of such Person
or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing,
collectively, “New Subsidiaries”.

 

6.8.       “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

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6.9.       “Principal
Market” means any of The New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Select
Market, the Nasdaq Global Market, the OTCQB, the OTCQX, the OTC Pink or any other market operated by the OTC Markets Group Inc.
or any successors of any of these exchanges or markets.

 

6.10.       “Security
Agreement” has the meaning contained in Section 1.3.

 

6.11.       “Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act.

 

6.12.       
“Subsidiaries” means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries,
and each of the foregoing, individually, a “Subsidiary.”

 

6.13.       “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock,
any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded,
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange
or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on
such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange
or market, then during the hour ending at 4:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in
writing by the Investor or (y) with respect to all determinations other than price determinations relating to the Common Stock,
any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

6.14.       “Transaction
Documents” means this Agreement, the New Note, the Security Agreement and all exhibits and schedules thereto and hereto
and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

6.15.       “Transfer
Agent” means Computershare Trust Company, N.A., and any successor transfer agent of the Company.

 

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

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IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	COMPANY:   	 
	 	 	 
	 	DPW HOLDINGS, INC.   	 
	 	 	 
	 	 	 
	 	 	 
	 	By:  		 
	 	Name:	Milton C. Ault, III   	 
	 	Title:	Chief Executive Officer   	 
	 	 	 
	 	 	 
	 	Address for Notices:   	 
	 	 	 
	 	201 Shipyard Way   	 
	 	Suite E   	 
	 	Newport Beach, CA 92663   	 

 

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IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

 

	 	INVESTOR:   	 
	 	 	 
	 	[●]	 
	 	 	 
	 	By: 	 	 
	 	Name:		 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	Address for Notices:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Email:	 	 
	 	EIN#:	 	 

  

    	 	 12	 

    	 

    

  

EXHIBIT A

Secured Convertible Promissory Note

 

 

 

 

 

  

    	 	 	 

    	 

    

 

EXHIBIT B

Form of Letter AgreementExhibit 10.1

 

 

LOAN AGREEMENT

dated as of July 1, 2019

among

Spark Networks SE,

as Administrative Borrower and as a Borrower,

 

Spark
Networks, Inc.,

as a Borrower,

 

Zoosk,
Inc., 

as a Borrower,

 

and the GUARANTORS from time to time party
hereto,

the LENDERS from time to time party hereto,

BLUE TORCH FINANCE LLC,

as Administrative Agent,

and

BLUE TORCH FINANCE LLC,

as Collateral Agent

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page(s)
	 	 
	ARTICLE I DEFINITIONS	1
	 	 
	Section 1.01	Defined Terms	1
	Section 1.02	Other Interpretive Provisions	45
	Section 1.03	Accounting Terms and Principles	46
	Section 1.04	Rounding	47
	Section 1.05	References to Agreements, Laws, etc	47
	Section 1.06	Times of Day	47
	Section 1.07	Timing of Payment of Performance	47
	Section 1.08	Corporate Terminology	47
	Section 1.09	Independence of Provisions	47
	Section 1.10	Currency Translation; Rates	47
	Section 1.11	Language	48
	 	 	 
	ARTICLE II AMOUNT AND TERMS OF CREDIT FACILITIES	48
	 	 
	Section 2.01	Loans	48
	Section 2.02	Disbursement of Funds	50
	Section 2.03	Payment of Loans; Notes	51
	Section 2.04	Pro Rata Borrowings	52
	Section 2.05	Interest	52
	Section 2.06	Increased Costs, Illegality, etc	53
	Section 2.07	Compensation	55
	Section 2.08	Change of Lending Office	56
	Section 2.09	Conversion and Continuation Elections.	56
	Section 2.10	Defaulting Lenders.	57
	Section 2.11	Joint Borrower Provisions; Administrative Borrower.	59
	 	 	 
	ARTICLE III FEES, PREMIUMS AND COMMITMENT TERMINATIONS	62
	 	 
	Section 3.01	Fees	62
	Section 3.02	Prepayment Premiums	62
	Section 3.03	[Reserved]	63

 

    i

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	Section 3.04	Termination of Commitments	63
	 	 	 
	ARTICLE IV PAYMENTS	63
	 	 
	Section 4.01	Voluntary Prepayments	63
	Section 4.02	Mandatory Prepayments	64
	Section 4.03	Payment of Obligations; Method and Place of Payment	68
	Section 4.04	Taxes	69
	Section 4.05	Right to Decline Payments	74
	Section 4.06	Computations of Interest and Fees	74
	Section 4.07	Debt	74
	 	 	 
	ARTICLE V CONDITIONS PRECEDENT TO TERM LOANS	75
	 	 
	Section 5.01	Loan Documents	75
	Section 5.02	Lien and Other Searches; Filings	75
	Section 5.03	Stock Pledges	76
	Section 5.04	Legal Opinions	76
	Section 5.05	Secretary’s Certificates	76
	Section 5.06	Other Documents and Certificates	77
	Section 5.07	Solvency	78
	Section 5.08	Borrowing Notice	78
	Section 5.09	Capitalization	78
	Section 5.10	Closing Date Acquisition	78
	Section 5.11	Financial and Other Information	79
	Section 5.12	Insurance	79
	Section 5.13	Payment of Outstanding Indebtedness	79
	Section 5.14	Material Adverse Effect	80
	Section 5.15	Pro Forma Financial Statements	80
	Section 5.16	Fees and Expenses	80
	Section 5.17	Patriot Act Compliance	80
	Section 5.18	Know Your Customer	80
	Section 5.19	Subsidiaries	80
	Section 5.20	Funding Not Prohibited	80

 

    ii

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	Section 5.21	Representations and Warranties	81
	Section 5.22	UK Formalities Certificates	81
	Section 5.23	German Formalities Certificates	81
	 	 	 
	ARTICLE VI Conditions Precedent to RevolvING LoanS	82
	 	 
	Section 6.01	Revolving Loan Conditions Precedent	82
	 	 	 
	ARTICLE VII REPRESENTATIONS AND WARRANTIES	83
	 	 
	Section 7.01	Status	83
	Section 7.02	Power and Authority; Execution and Delivery	83
	Section 7.03	Enforceability	83
	Section 7.04	No Violation	83
	Section 7.05	Approvals, Consents, etc	84
	Section 7.06	Use of Proceeds; Regulations T, U and X	84
	Section 7.07	Investment Company Act; etc	84
	Section 7.08	Litigation, Labor Controversies, etc	84
	Section 7.09	Capitalization; Subsidiaries	85
	Section 7.10	Accuracy of Information	85
	Section 7.11	Financial Condition; Financial Statements	86
	Section 7.12	Tax Returns and Payments	86
	Section 7.13	Compliance with ERISA	86
	Section 7.14	Intellectual Property; Licenses, etc	87
	Section 7.15	Ownership of Properties; Title; Real Property; Leases	87
	Section 7.16	Environmental Matters	88
	Section 7.17	Solvency	88
	Section 7.18	[Reserved]	88
	Section 7.19	Security Documents; Perfection	88
	Section 7.20	Compliance with Laws and Permits; Authorizations	89
	Section 7.21	No Material Adverse Effect	89
	Section 7.22	[Reserved]	89
	Section 7.23	No Brokers	89
	Section 7.24	Insurance	89

 

    iii

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	Section 7.25	[Reserved]	89
	Section 7.26	Deposit Accounts, Securities Accounts and Commodity Accounts	89
	Section 7.27	[Reserved]	90
	Section 7.28	Absence of any Undisclosed Liabilities; Absence of Liens	90
	Section 7.29	Related Transactions	90
	Section 7.30	[Reserved]	90
	Section 7.31	Anti-Terrorism Laws; the Patriot Act	90
	Section 7.32	Economic Sanctions/OFAC	91
	Section 7.33	Foreign Corrupt Practices Act	91
	Section 7.34	[Reserved]	91
	Section 7.35	[Reserved]	91
	Section 7.36	[Reserved]	91
	Section 7.37	[Reserved]	91
	Section 7.38	Centre of Main Interests and Establishments	91
	 	 	 
	ARTICLE VIII AFFIRMATIVE COVENANTS	92
	 	 
	Section 8.01	Financial Information, Reports, Certificates and Other Information	92
	Section 8.02	Books, Records and Inspections	96
	Section 8.03	Maintenance of Insurance	97
	Section 8.04	Payment of Tax Liabilities	97
	Section 8.05	Maintenance of Existence; Compliance with Laws, etc	97
	Section 8.06	Environmental Compliance	98
	Section 8.07	ERISA	99
	Section 8.08	Maintenance of Properties	99
	Section 8.09	[Reserved]	100
	Section 8.10	Additional Collateral, Guarantors and Grantors	100
	Section 8.11	Pledges of Additional Stock and Indebtedness	100
	Section 8.12	Use of Proceeds	100
	Section 8.13	Mortgages	101
	Section 8.14	Accounts; Control Agreements	101

 

    iv

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	Section 8.15	Further Assurances	101
	Section 8.16	Lender Meetings	102
	Section 8.17	Changes in Legal Form, etc.	102
	Section 8.18	Payment of Contractual Obligations	102
	Section 8.19	[Reserved]	103
	Section 8.20	Security Interests; Perfection, etc	103
	Section 8.21	Post-Closing Obligations	103
	Section 8.22	Guarantor Coverage Test	103
	Section 8.23	People with Significant Control Regime	103
	 	 	 
	ARTICLE IX NEGATIVE COVENANTS	104
	 	 
	Section 9.01	Limitation on Indebtedness	104
	Section 9.02	Limitation on Liens	106
	Section 9.03	Consolidation, Merger, etc	109
	Section 9.04	Permitted Dispositions	109
	Section 9.05	Investments	111
	Section 9.06	Restricted Payments	112
	Section 9.07	Payments of Indebtedness	113
	Section 9.08	Modification of Certain Agreements	113
	Section 9.09	Sale and Leaseback	113
	Section 9.10	Transactions with Affiliates	114
	Section 9.11	Restrictive Agreements, etc	114
	Section 9.12	Changes in Business and Fiscal Year	115
	Section 9.13	Financial Covenants	115
	Section 9.14	[Reserved]	118
	Section 9.15	[Reserved]	118
	Section 9.16	[Reserved]	118
	Section 9.17	[Reserved]	118
	Section 9.18	Economic Sanctions/OFAC	118
	Section 9.19	Anti-Terrorism Laws; Foreign Corrupt Practices Act	118
	Section 9.20	Use of Proceeds	119

 

    v

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	ARTICLE X EVENTS OF DEFAULT	119
	 	 
	Section 10.01	Listing of Events of Default	119
	Section 10.02	Remedies Upon Event of Default	122
	 	 	 
	ARTICLE XI THE AGENTS	125
	 	 
	Section 11.01	Appointments	125
	Section 11.02	Delegation of Duties	126
	Section 11.03	Exculpatory Provisions	126
	Section 11.04	Reliance by Agents	127
	Section 11.05	Notice of Default	127
	Section 11.06	Non-Reliance on Agents and Other Lenders	128
	Section 11.07	Indemnification by Lenders	128
	Section 11.08	Agents in their Individual Capacities	128
	Section 11.09	Successor Agents	129
	Section 11.10	Agents Generally	129
	Section 11.11	Restrictions on Actions by Secured Parties; Sharing of Payments	129
	Section 11.12	Agency for Perfection	130
	Section 11.13	Credit Bid	130
	Section 11.14	One Lender Sufficient	131
	Section 11.15	Release	131
	 	 	 
	ARTICLE XII MISCELLANEOUS	131
	 	 
	Section 12.01	Amendments, Waivers and Extensions	131
	Section 12.02	Notices and Other Communications	136
	Section 12.03	No Waiver; Cumulative Remedies	138
	Section 12.04	Survival of Representations and Warranties	138
	Section 12.05	Payment of Expenses and Taxes; Indemnification	138
	Section 12.06	Successors and Assigns; Participations and Assignments	139
	Section 12.07	Replacements of Lenders under Certain Circumstances	144
	Section 12.08	[Reserved]	145
	Section 12.09	Adjustments; Set-Off	145

 

    vi

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	Section 12.10	Effectiveness of Facsimile Documents and Signatures	146
	Section 12.11	Counterparts	146
	Section 12.12	Severability	146
	Section 12.13	Integration	146
	Section 12.14	GOVERNING LAW	146
	Section 12.15	Waiver of Certain Rights	147
	Section 12.16	Acknowledgments	147
	Section 12.17	No Arranger Duties	147
	Section 12.18	Confidentiality	148
	Section 12.19	Press Releases, etc	149
	Section 12.20	Releases of Guaranties and Liens	149
	Section 12.21	USA Patriot Act	150
	Section 12.22	No Fiduciary Duty	150
	Section 12.23	Reliance on Certificates	150
	Section 12.24	No Waiver	150
	Section 12.25	The Administrative Borrower as the Loan Parties’ Representative	151
	Section 12.26	Funding Losses.	151
	Section 12.27	Acknowledgement and Consent to Bail-in of EEA Financial Institutions	152
	Section 12.28	Parallel Debt	152
	 	 	 
	ARTICLE XIII JURISDICTION; VENUE, SERVICE OF PROCESS; JURY TRIAL WAIVER	153
	 	 
	Section 13.01	JURISDICTION	153
	Section 13.02	VENUE	153
	Section 13.03	SERVICE OF PROCESS	154
	Section 13.04	JURY TRIAL WAIVER	154

 

    vii

     

    

 

	SCHEDULES	 
	 	 
	Schedule 1.01(a)	Term Loan Commitments
	Schedule 1.01(b)	Revolving Loan Commitments
	Schedule 1.01(c)	Historical Consolidated Adjusted EBITDA
	Schedule 5.13	Existing Indebtedness
	Schedule 5.19	Subsidiaries
	Schedule 7.08	Litigation
	Schedule 7.09	Capitalization and Subsidiaries
	Schedule 7.14	Intellectual Property
	Schedule 7.15	Real Property
	Schedule 7.19	Security Filings and Filing Offices
	Schedule 7.23	Brokers
	Schedule 7.24	Insurance
	Schedule 7.26	Deposit Accounts, Securities Accounts and Commodity Accounts
	Schedule 9.02	Liens
	Schedule 9.05	Investments
	Schedule 9.10	Transactions with Affiliates
	 	 
	EXHIBITS	 
	 	 
	Exhibit A-1	Form of Term Loan Note
	Exhibit A-2	Form of Revolving Note
	Exhibit B	Form of Guaranty and Security Agreement
	Exhibit C	Form of Collateral Assignment of Closing Date Acquisition Documents
	Exhibit D	Form of Compliance Certificate
	Exhibit E	Form of Perfection Certificate
	Exhibit F	Form of Assignment and Acceptance
	Exhibit G	Form of Notice of Conversion/Continuation
	Exhibit H	Form of Solvency Certificate
	Exhibit I	Form of Borrowing Notice

 

    viii

     

    

 

LOAN AGREEMENT

 

LOAN AGREEMENT dated
as of July 1, 2019 (as amended, amended and restated, supplemented or otherwise modified, renewed or replaced from time to time,
this “Agreement”) among Spark Networks SE, a Societas Europaea
(Europäische Gesellschaft) with registered seat in Munich, Federal Republic of Germany, registered with the commercial
register (Handelsregister) of the local court (Amtsgericht) of Berlin, Federal Republic of Germany (“Spark”),
Spark Networks, Inc., a Delaware corporation (“Spark Inc.”),
and Zoosk, Inc., a Delaware corporation (“Zoosk” and, together
with Spark and Spark Inc., each a “Borrower”, and collectively, the “Borrowers”), the Subsidiaries
of Spark that are Guarantors or become Guarantors hereunder pursuant to Section 8.10 hereof, the Lenders from time to time
party hereto, BLUE TORCH FINANCE LLC, a Delaware limited liability company, as administrative agent for the Lenders (in such capacity,
together with its successors and assigns in such capacity, the “Administrative Agent”) and as collateral agent
for the Secured Parties (in such capacity, together with its successors and assigns in such capacity, the “Collateral
Agent”, and together with the Administrative Agent, each an “Agent” and collectively the “Agents”).

 

Introductory Statement

 

WHEREAS, pursuant to
that certain Agreement and Plan of Merger, dated as of March 21, 2019 (together with the schedules and exhibits thereto, the “Closing
Date Acquisition Agreement”), Spark will acquire, directly or indirectly Zoosk, Inc. and its Subsidiaries (collectively,
the “Closing Date Target”) (as set forth in the Closing Date Acquisition Agreement) (the “Closing Date
Acquisition”); and

 

WHEREAS, the Borrowers
have requested that (a) the Term Loan Lenders extend term loans to the Borrowers on the Closing Date in the aggregate principal
amount of $120,000,000 and (b) the Revolving Lenders provide commitments for revolving loans in an amount up to $5,000,000, in
each case, the proceeds of which the Borrowers will use in accordance with Section 8.12; and

 

WHEREAS, the Lenders
desire to extend such term loans to the Borrowers and provide revolving loan commitments to the Borrowers, the Administrative Agent
desires to act as administrative agent for the Lenders, and the Collateral Agent desires to act as collateral agent for the Secured
Parties, in each case on and subject to the terms and conditions of this Loan Agreement.

 

NOW, THEREFORE, in
consideration of the premises and the agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the parties hereto, and intending to be legally bound, the parties hereto agree
as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01         Defined
Terms. As used herein, the following terms have the meanings specified in this Section 1.01 unless the context otherwise
requires:

 

     

     

    

 

“Acceptable
Bank” means:

 

(a)          a
bank or financial institution which has (i) a rating for its long-term unsecured and non-credit-enhanced debt obligations of A
or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or A-2 or higher by Moody's Investors Service Limited or
a comparable rating from an internationally recognized credit rating agency and (ii) a combined capital and surplus greater than
$500,000,000; or

 

(b)          any
other bank or financial institution approved by the Administrative Agent in its reasonable discretion.

 

“Account Control
Agreement” means, with respect to a deposit account or a securities account located in the United States (other than
an Excluded Deposit Account), an account control agreement in form and substance reasonably satisfactory to the Collateral Agent,
executed and delivered by the Loan Party owning such account, the Collateral Agent, and the applicable depositary bank or securities
intermediary, as applicable, which account control agreement provides the Collateral Agent with, among other things, “control”
over such account (as defined in, and for purposes of, the UCC) and the cash or investment property therein, as applicable.

 

“Accounts”
or “accounts” means “Accounts”, as such term is defined in the UCC as in effect on the date hereof.

 

“Acquired
EBITDA” means, with respect to any Acquired Entity or Business for any period, the amount for such period of Consolidated
Adjusted EBITDA of such Acquired Entity or Business.

 

“Acquired
Entity or Business” has the meaning specified in the definition of the term “Consolidated Adjusted EBITDA”.

 

“Acquisition”
means the purchase or other acquisition by a Loan Party or Subsidiary thereof of all of the Capital Stock in, or all or substantially
all of the property and assets of (or all or substantially all of the property and assets representing a business unit or business
line of or customer base of) any Person that, upon the consummation thereof, will be wholly-owned (other than director’s
qualifying shares) directly or indirectly by a Loan Party (including, without limitation, as a result of a merger or consolidation
or the purchase or other acquisition of all or a substantial portion of the property and assets of a Person).

 

“Acquisition
Consideration” means the consideration for any Acquisition and all other payments, directly or indirectly, by any Loan
Party or any of its Subsidiaries in exchange for, or as part of, or in connection with, any Acquisition, whether paid in cash or
by exchange of properties (including capital expenditures used to fund any portion of a purchase price and any assumptions of Indebtedness)
or otherwise (but excluding transaction costs and expenses, exchange of capital stock and any portion of the purchase price attributable
to cash on the balance sheet of the target), and whether payable at or prior to the consummation of such Acquisition or deferred
for payment at any future time (including all Earn-Out Obligations), and whether or not any such future payments (including all
Earn-Out Obligations) are subject to the occurrence of any contingency (calculated, in the case of Earn-Out Obligations, at the
maximum amount payable in respect thereof).

 

    2

     

    

 

“Administrative
Agent” has the meaning set forth in the preamble to this Loan Agreement.

 

“Administrative
Borrower” has the meaning set forth in Section 2.11(j).

 

“Affiliate”
means, with respect to any Person, (i) any other Person that directly, or indirectly (through one or more intermediaries or otherwise),
Controls or is Controlled by or is under common Control with such Person, and (ii) such Person’s officers, directors and
other Persons functioning in substantially similar roles. The term “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; provided that, for purposes of this definition, any Person which owns
directly or indirectly ten percent (10%) or more of the Capital Stock having ordinary voting power for the election of directors
or other members of the governing body of a Person, or ten percent (10%) or more of the Capital Stock of a Person (other than as
a limited partner of such Person) shall be deemed an Affiliate of such Person. The terms “Controlling” and “Controlled”
have meanings correlative thereto. Notwithstanding anything herein to the contrary, neither Agent nor any Lender, nor any of their
respective Affiliates, shall be deemed an Affiliate of any Loan Party solely by virtue of the transactions contemplated by this
Loan Agreement and the other Loan Documents.

 

“Agents”
and “Agent” each has the meaning set forth in the preamble to this Loan Agreement.

 

“Aggregate
Revolving Loan Commitment” means the commitment, if any, of the Revolving Lenders to make Revolving Loans to the Borrowers
hereunder, which as of the Closing Date shall be in an aggregate principal amount of $5,000,000.

 

“Alternative
Interest Rate Election Event” has the meaning given to such term in Section 2.06(c).

 

“Anti-Terrorism
Laws” has the meaning given to such term in Section 7.31.

 

“Applicable
Accounting Standards” means (a) prior to the GAAP Election, IFRS, and (b) upon and at all times after the GAAP Election,
GAAP; provided, that, with respect to Historical Financial Statements, “Applicable Accounting Standards” shall
refer to the accounting standards pursuant to which such Historical Financial Statements were prepared (as specified in the definition
thereof).

 

“Applicable
Laws” means, as to any Person, any Laws applicable to, or otherwise binding upon, such Person or any of its property,
products, business, assets or operations, or to which such Person or any of its property, products, business, assets or operations
is subject.

 

“Applicable
Margin” means, (a) with respect to any LIBOR Rate Loan, eight percent (8.00%) per annum, and (b) with respect to any
Base Rate Loan, seven percent (7.00%) per annum.

 

    3

     

    

 

“Approved
Fund” means any Person (other than a natural person) that is or will be engaged in making, purchasing, holding or investing
in one or more debt securities, bank loans, other commercial loans, or other similar extensions of credit in the Ordinary Course
of Business, and which Person either: (a) is administered, managed, advised or underwritten by (i) a Lender, (ii) an Affiliate
of a Lender or (iii) an entity or an Affiliate of an entity that administers, manages, advises or underwrites a Lender; or (b)
purchases, holds or invests in, or was formed for the purpose of purchasing, holding or investing in, one or more debt securities,
bank loans, other commercial loans, or other similar extensions of credit originated by (i) a Lender or (ii) an Affiliate of a
Lender.

 

“Assignment
and Acceptance” means an assignment and acceptance substantially in the form of Exhibit F or such other form as
acceptable to the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that
would appear as a liability on a balance sheet of such Person prepared as of such date in accordance with Applicable Accounting
Standards.

 

“Authorized
Officer” means, with respect to any Person, the president, board member (Vorstand), director (Geschäftsführer),
chief executive officer, chief financial officer, chief operating officer or secretary of such Person (or a manager, in the case
of a Person that is a limited liability company), provided that, with respect to financial reporting and other financial
matters (including Compliance Certificates, Consolidated Excess Cash Flow, and Solvency Certificates), “Authorized Officer”
means the chief financial officer of the applicable Loan Party or such other officer or similar Person performing such duties for
such Loan Party.

 

“Availability”
means, subject to the provisions of Section 6.01, at any time, an amount equal to (i) the Aggregate Revolving Loan Commitment
minus (ii) the aggregate Revolving Exposure of all Revolving Lenders.

 

“Availability
Period” means the period beginning on the first Business Day occurring after the Closing Date and ending on the earliest
to occur of (i) June 30, 2023 and (ii) the date on which the Revolving Loans become due and payable in accordance with Section
10.02.

 

“AWG”
has the meaning given such term in Section 7.32.

 

“AWV”
has the meaning given such term in Section 7.32.

 

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

 

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

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time.

 

    4

     

    

 

 

“Base Rate”
means, for any day, a rate per annum equal to the highest of (a) the rate last quoted by The Wall Street Journal (or another
national publication selected by Administrative Agent) as the “Prime Rate” in the United States 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 determined by Administrative Agent in good faith) or any similar
release by the Federal Reserve Board (as determined by Administrative Agent in good faith), (b) the sum of one-half of one percent
(0.50%) per annum and the Federal Funds Rate, and (c) the sum of (x) the LIBOR Rate calculated for each such day based on an Interest
Period of one month determined two (2) Business Days prior to such day (but for the avoidance of doubt, not less than one and one
half percent (1.50%) per annum), plus (y) one percent (1.00%) per annum, in each instance, as of such day. Any change in the Base
Rate due to a change in any of the foregoing shall be effective on the effective date of such change in the “bank prime loan”
rate, the Federal Funds Rate or LIBOR for an Interest Period of one month.

 

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

 

“BGB”
means the German Civil Code (Bürgerliches Gesetzbuch).

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States, or any successor thereto.

 

“Borrower”
and “Borrowers” have the meaning set forth in the preamble to this Loan Agreement.

 

“Borrowing
Notice” means a written notice in the form of Exhibit I, which shall be delivered by an Authorized Officer of
the Administrative Borrower.

 

“Budget”
has the meaning given to such term in Section 8.01(f).

 

“Business”
means the business of online dating, online matchmaking, dating events, advertising and businesses that are reasonably supplemental,
complementary or incidental thereto.

 

“Business
Day” means (a) any day that is not a Saturday, Sunday or other day on which commercial banks in the City of New York
and Munich are required, authorized or otherwise permitted by law or other governmental actions to close, and (b) with respect
to any notices or determinations in connection with any LIBOR Rate established hereunder, any day that is also a day for trading
by and between banks in Dollar deposits in the London Interbank Eurodollar market.

 

“Capital Stock”
means any and all shares, interests, participations, units or other equivalents (however designated) of capital stock of a corporation,
membership interests in a limited liability company, partnership interests of a limited partnership, any and all equivalent ownership
interests in a Person, and in each case any and all warrants, rights or options to purchase, and all conversion or exchange rights,
voting rights, calls or rights of any character with respect to, any of the foregoing.

 

    5

     

    

 

 

“Capitalized
Lease Obligations” means, as applied to any Person, subject to Section 1.03, all obligations under Capitalized
Leases of such Person or any of its Subsidiaries, in each case taken at the amount thereof accounted for as liabilities on the
balance sheet (excluding the footnotes thereto) of such Person in accordance with Applicable Accounting Standards.

 

“Capitalized
Leases” means, as applied to any Person, all leases of property (real or personal) that have been or should be, in accordance
with Applicable Accounting Standards, classified as capitalized leases on the balance sheet of such Person or any of its Subsidiaries,
on a consolidated basis.

 

“Cash Equivalents”
means:

 

(a)          any
direct obligation of, or unconditional guaranty by, the government of the United Kingdom, any member state of the European Economic
Area or any Participating Member State or the United States of America (or any agency or political subdivision thereof, to the
extent such obligations are supported by the full faith and credit of the United States of America) maturing not more than one
year after the date of acquisition thereof;

 

(b)          commercial
paper maturing not more than one hundred eighty (180) days from the date of issue and issued by a corporation (other than an Affiliate
of any Loan Party) organized under the laws of the United Kingdom, any member state of the European Economic Area, any Participating
Member State, any state of the United States of America or of the District of Columbia and, at the time of acquisition thereof,
rated A 1 or higher by S&P or P 1 or higher by Moody’s;

 

(c)          any
certificate of deposit, time deposit or bankers’ acceptance, maturing not more than one year after its date of issuance,
which is issued by an Acceptable Bank;

 

(d)          any
repurchase agreement having a term of thirty (30) days or less entered into with any Acceptable Bank which (i) is secured by a
fully perfected security interest in any obligation of the type described in clause (a), and (ii) has a market value at
the time such repurchase agreement is entered into of not less than 100% of the repurchase obligation of such commercial banking
institution thereunder;

 

(e)          mutual
funds with assets in excess of $5,000,000, substantially all of which are of the type described in clauses (a) through (d)
of this definition; and

 

(f)           other
short term liquid investments approved in writing by the Administrative Agent.

 

“Casualty
Event” means the damage, destruction or condemnation, as the case may be, of property of any Person or any of its Subsidiaries.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601, et seq.), as amended,
and all rules, regulations and binding standards issued thereunder.

 

    6

     

    

 

“Change in
Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any
Applicable Law; (b) any change in any Applicable Law or in the administration, implementation, interpretation or application thereof
by any Governmental Authority; or (c) the making or issuance of any request, rule, guideline or directive (whether or not having
the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives
thereunder or issued in connection therewith (whether or not having the force of Applicable Law) and (y) all requests, rules, regulations,
guidelines, interpretations 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 (whether or not having
the force of law), 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.

 

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

 

(a)          any
Person, “person” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) or “group” (within
the meaning of Section 13(d) or 14(d) of the Exchange Act), shall at any time have acquired direct or indirect beneficial
ownership of a percentage of the voting power of the outstanding Voting Stock of Spark that exceeds 35% thereof;

 

(b)          other
than as permitted under Sections 9.03 and 9.04, Spark or any other Loan Party at any time ceases (i) to own and control directly,
beneficially and of record, on a fully diluted basis, 100% of the outstanding voting and economic Capital Stock of any of its Subsidiaries
or (ii) to be the managing member of, or have or exercise the power to elect a majority of the board of directors or other managing
body of any of its Subsidiaries; or

 

(c)          any
sale of all or substantially all of the property or assets of Spark and its Subsidiaries other than in a sale or transfer to another
Loan Party.

 

“Claims”
has the meaning set forth in the definition of Environmental Claims.

 

“Closing Date”
means the first date upon which all conditions precedent listed in Article V have been satisfied or waived by no later
than 1:00 p.m. pursuant to the terms thereof (i.e., July 1, 2019).

 

“Closing Date
Acquisition” has the meaning set forth in the Introductory Statement to this Loan Agreement.

 

“Closing Date
Acquisition Agreement” has the meaning set forth in the Introductory Statement to this Loan Agreement.

 

“Closing Date
Target” has the meaning set forth in the Introductory Statement to this Loan Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and all rules, regulations, standards and guidelines issued
thereunder. Section references to the Code are to the Code as in effect at the date of this Loan Agreement, and any subsequent
provisions of the Code amendatory thereof, supplemental thereto or substituted therefor.

 

    7

     

    

 

“Collateral”
means any assets of any Loan Party or other assets upon which the Collateral Agent and/or the Secured Parties has been granted
a Lien in connection with this Loan Agreement, including pursuant to the Security Documents.

 

“Collateral
Agent” has the meaning set forth in the preamble to this Loan Agreement.

 

“Collateral
Assignee” has the meaning given to such term in Section 12.06(d).

 

“Collateral
Assignment of Closing Date Acquisition Documents” means an assignment by Spark to the Collateral Agent (for the benefit
of the Secured Parties) of all of Sparks’ rights under the Closing Date Acquisition Agreement and each other material agreement,
document or instrument executed pursuant to, or delivered in connection with, such agreement, including each Joinder Agreement
(as defined in the Closing Date Acquisition Agreement), in each case together with all schedules and exhibits thereto, substantially
in the form of Exhibit C.

 

“Collections”
means all cash, checks, credit card slips or receipts, notes, instruments, and other items of payment (including insurance proceeds,
proceeds of cash sales, rental proceeds, and tax refunds) of the Loan Parties.

 

“Commitment”
means, with respect to (a) each Term Loan Lender, such Lender’s Term Loan Commitment and (b) each Revolving Lender, such
Revolving Lender’s Revolving Loan Commitment.

 

“Commitment
Fee Rate” means a per annum rate equal to three quarters of one percent (0.75%).

 

“Commitment
Percentage” means for any Revolving Lender, the percentage identified as its Commitment Percentage on Schedule 1.01(b),
as such percentage may be modified in connection with any assignment made in accordance with the terms of this Loan Agreement.

 

“Compliance
Certificate” means a certificate duly completed and executed by an Authorized Officer of the Administrative Borrower
substantially in the form of Exhibit D, together with such changes thereto or departures therefrom as the Administrative
Agent may reasonably request or approve from time to time.

 

“Confidential
Information” has the meaning given to such term in Section 12.18.

 

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

 

“Consolidated
Adjusted EBITDA” means, for a specified period, an amount determined for the Consolidated Companies equal to, on a trailing
twelve month basis (including, subject to the established Consolidated Adjusted EBITDA amounts provided below, any months that
precede the Closing Date):

 

    8

     

    

 

(a)          Consolidated
Net Income of the Consolidated Companies, plus

 

(b)          to
the extent reducing Consolidated Net Income (other than in respect of clauses (x), (xiv), (xv), (xviii) and (xxi)), the sum of,
without duplication, amounts for:

 

(i)          Consolidated
Interest Expense during such measurement period,

 

(ii)         all
Taxes on or measured by income (but excluding tax refunds), the provision for federal, state, local and foreign income taxes, taxes
on profit or capital, including, without limitation, state franchise and similar taxes and withholding taxes,

 

(iii)        total
depreciation expense,

 

(iv)        total
amortization expense (including amortization of intangible assets, including goodwill, lease assets, deferred financing costs and
software),

 

(v)         other
non-cash charges and expenses reducing Consolidated Net Income (excluding any such non-cash item to the extent that it represents
an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that was paid in a prior
period),

 

(vi)        transaction
costs, fees and expenses incurred in connection with the consummation of the Transactions, including amendments, modifications
and waivers relating to the Transactions,

 

(vii)       transaction
costs, fees and expenses incurred in connection with the issuance of Indebtedness or Capital Stock, Investments (including Permitted
Acquisitions), and Dispositions, in each case to the extent permitted by the Loan Documents and whether consummated or unconsummated;
provided that the amount added back pursuant to this clause (vii) relating to transactions that are not consummated shall
not exceed $1,000,000 in the aggregate during any trailing twelve month period,

 

(viii)      the
amount of any Earn-Out Obligations and other contingent consideration obligations in connection with any Permitted Acquisition
(including the Deferred Merger Payment), other Investments permitted by the Loan Documents, and similar acquisitions and Investments
completed prior to the Closing Date, in each case that are paid or accrued during the applicable period, and

 

(ix)         the
amount of extraordinary, nonrecurring or unusual costs, charges, expenses or losses (including any legal settlements and including
all fees and expenses relating thereto); provided, that the aggregate amount added back for cash costs, charges, expenses
or losses pursuant to this clause (ix) shall not exceed an amount equal to 7.5% of Consolidated Adjusted EBITDA for any measurement
period (calculated before giving effect to such add-back),

 

    9

     

    

 

(x)          pro
forma “run rate” cost savings, operating expense reductions, operating improvements and synergies that result (or that
are expected in good faith to result in the following twelve months, net of the amount of actual benefits realized from such actions
during such period) from the Transactions, Acquisitions, Dispositions, recapitalizations, other similar transactions, operating
improvements or changes, restructurings, cost-savings and similar initiatives, plans or other actions; provided, that (A)
such cost savings, operating expense reductions, operating improvements and synergies are reasonably identifiable, factually supportable
and reasonably attributable to the actions specified, (B) such actions have been taken or are expected to be taken (in the good
faith determination of the Administrative Borrower) within twelve months of the date of determination, and (C) the aggregate amount
added back pursuant to this clause (x) and the following clause (xi) shall not exceed an amount equal to 25% of Consolidated Adjusted
EBITDA for any measurement period (calculated before giving effect to such add-backs),

 

(xi)         all
restructuring costs, integration costs, business optimization expenses or costs, expenses and losses relating to the undertaking
of cost-saving initiatives, operating expense reductions and other synergies and similar initiatives, retention, recruiting, relocation
and signing bonuses and expenses, severance costs, transaction fees and expenses, any one-time expense relating to enhanced accounting
function or other transaction costs; provided, that the aggregate amount added back pursuant to this clause (xi) and the
foregoing clause (x) shall not exceed an amount equal to 25% of Consolidated Adjusted EBITDA for any measurement period (calculated
before giving effect to such add-backs),

 

(xii)       all
(A) costs or expenses incurred pursuant to any management equity plan or stock option plan, share-based incentive compensation
plan or any other management or employee benefit plan or arrangement, pension plan, any stock subscription or stockholders agreement
or any distributor equity plan or agreement, including any charges arising from the grant or settlement of virtual stock option
programs, stock appreciation or similar rights, and (B) the Permitted Cash VSOP Payments,

 

(xiii)       payments
to employees or officers (x) made prior to the Closing Date in connection with the Liquidity Bonus Plan (as defined in the Closing
Date Acquisition Agreement) and (y) in connection with the Retention Plan (as defined in the Closing Date Acquisition Agreement),

 

(xiv)      all
adjustments set forth in the (A) quality of earnings report in respect of the Closing Date Target delivered to the Administrative
Agent on February 28, 2019 and (B) quality of earnings report in respect of Spark and its Subsidiaries delivered to the Administrative
Agent on March 1, 2019,

 

(xv)       proceeds
of business interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended
to replace to the extent received in cash during such period (to the extent not otherwise included in Consolidated Net Income)
or reasonably and in good faith expected to be received within 60 days of the end of such period; provided that any amount
added back pursuant to this clause (xv) for amounts reasonably expected to be received within 120 days of the end of such period
shall be added back in the period during which the lost income related to such business interruption insurance proceeds was incurred,
and, to the extent not actually received during such 120 day period, shall be deducted from Consolidated Adjusted EBITDA in the
subsequent period of measurement; provided, further, that the amounts added back under this clause (xv) but not received
in cash during the applicable period, when aggregated with all amounts added back pursuant to clause (xx)(C), shall not exceed
an amount equal to 5.0% of Consolidated Adjusted EBITDA for any measurement period (calculated before giving effect to such add-back),

 

    10

     

    

 

(xvi)      [reserved],

 

(xvii)     any
purchase accounting effects, including, without limitation, any write-downs of deferred revenue,

 

(xviii)    solely
for the purpose of determining compliance with Section 9.13 (and for no other purpose under any Loan Document) in respect of any
Test Period in which there is a Financial Covenant Default, the amount of proceeds of any Equity Cure Investment received by the
Borrowers,

 

(xix)       [reserved],

 

(xx)        losses,
expenses and payments that are covered by indemnification, reimbursement, guaranty or purchase price adjustment provisions in any
agreement entered into by the Borrowers or any of their respective Subsidiaries to the extent such losses, expenses and payments
have been (or are reasonably and in good faith anticipated by the Administrative Borrower to be) reimbursed pursuant to the applicable
third-party insurance, indemnity, guaranty or acquisition agreement in (A) such period, (B) an earlier period if not added back
to Consolidated Adjusted EBITDA in such earlier period or (C) within 120 days of the end of such period; provided that,
in the case of clause (C), to the extent such amounts are not so reimbursed within such 120 day period, such amounts shall reduce
Consolidated Adjusted EBITDA in the next measurement period (unless such amounts are later so reimbursed), provided, further
that the aggregate amount added back pursuant to clause (C) of this clause (xx), when aggregated with amounts not received in cash
during the applicable period under clause (xv), shall not exceed an amount equal to 5.0% of Consolidated Adjusted EBITDA for any
measurement period (calculated before giving effect to such add-backs), and

 

(xxi)       all
adjustments set forth in the Spark Model delivered to the Administrative Agent on March 4, 2019; minus

 

(c)          to
the extent increasing Consolidated Net Income for such measurement period, the sum of, without duplication:

 

(i)          amounts
for other non-cash gains (excluding any such non-cash item to the extent it represents the reversal of an accrual or reserve for
potential cash item in any prior period); and

 

(ii)         the
amount of extraordinary, nonrecurring or unusual gains received during the specified period.

 

    11

     

    

 

There shall be included in determining
Consolidated Adjusted EBITDA for any measurement period, without duplication (other than for purposes of calculating Consolidated
Excess Cash Flow), the Acquired EBITDA of any Person, all or substantially all of the assets of a Person, or any business unit,
line of business or division of any Person acquired by a Loan Party or Subsidiary of a Loan Party during such period (but not the
Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired), to the extent not subsequently
sold, transferred or otherwise disposed of by a Loan Party or Subsidiary thereof during such period (each such Person, property,
business or asset acquired and not subsequently so disposed of, an “Acquired Entity or Business”), based on
the actual Acquired EBITDA of such Acquired Entity or Business for such period (including the portion thereof occurring prior to
such acquisition).

 

There shall be excluded in determining
Consolidated Adjusted EBITDA for any period, without duplication, the Disposed EBITDA of any Person, all or substantially all of
the assets of a Person, or any business unit, line of business or division of any Person sold, transferred or otherwise disposed
of by a Loan Party or Subsidiary of a Loan Party during such period (each such Person, property, business or asset so sold or disposed,
a “Sold Entity or Business”), based on the actual Disposed EBITDA of such Sold Entity or Business for such period
(including the portion thereof occurring prior to such sale, transfer or disposition).

 

Notwithstanding anything herein
to the contrary, proceeds of an Equity Cure Investment shall not be included in the calculation of Consolidated Adjusted EBITDA
for purposes of any calculation of Consolidated Excess Cash Flow.

 

Consolidated Adjusted
EBITDA for each of the certain historical periods shall be deemed to be the amounts set forth in Schedule 1.01(c).

 

“Consolidated
Capital Expenditures” means, for any specified period, the sum of, without duplication, all expenditures made, directly
or indirectly, by the Consolidated Companies during such period, determined on a consolidated basis in accordance with Applicable
Accounting Standards, that are or should be reflected as additions to property, plant or equipment or similar items reflected in
the consolidated statement of cash flows of the Consolidated Companies, or have a useful life of more than one year, but excluding
(i) expenditures made in connection with the acquisition, replacement, substitution, improvement, expansion or restoration of assets
to the extent financed (a) from insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the
assets being replaced or restored, (b) with cash awards of compensation arising from the taking by eminent domain or condemnation
of the assets being replaced, (c) with cash proceeds of Dispositions that are reinvested in accordance with this Loan Agreement,
(d) with proceeds of landlord financed leasehold improvements, or (e) to the extent financed with the Net Equity Proceeds of an
equity issuance (other than the Net Equity Proceeds from any Equity Cure Investment) by Spark to the extent not prohibited by this
Loan Agreement, and (ii) expenditures made to fund the purchase price for assets acquired in Permitted Acquisitions or other permitted
Investments in all or substantially all of the equity or assets of another Person or business unit or division.

 

    12

     

    

 

“Consolidated
Companies” means the Loan Parties and their Subsidiaries on a consolidated basis in accordance with Applicable Accounting
Standards.

 

“Consolidated
Excess Cash Flow” means, for a specified period, the excess (if any), of:

 

(a)          Consolidated
Adjusted EBITDA for such period, plus

 

(b)          the
amount of cash gains excluded in the calculation of Consolidated Adjusted EBITDA (other than such excluded cash gains resulting
from any tax refunds), minus

 

(c)          the
sum for such period (without duplication and to the extent that the following amounts have not already been deducted in determining
Consolidated Adjusted EBITDA for such period) of:

 

(i)          Consolidated
Interest Expense paid in cash, plus

 

(ii)         scheduled
principal amortization payments of Indebtedness and payments at maturity actually made during such period, plus

 

(iii)        all
non-cash items that were added back to Consolidated Adjusted EBITDA (or that were included in and not deducted from Consolidated
Net Income), plus

 

(iv)        Taxes
paid in cash by the Consolidated Companies, plus

 

(v)         Consolidated
Capital Expenditures not financed with the proceeds of long term Indebtedness, plus

 

(vi)        unfinanced
expenditures actually paid in cash using internally generated cash with respect to or in connection with any Permitted Acquisition
or other permitted Investments during such period (including payments of Earn-Out Obligations, or other similar obligations, retention
payments and the Deferred Merger Payment), plus

 

(vii)       cash
payments during such period in respect of long-term liabilities (including pension and similar obligations) (other than the payments
in respect of the Obligations), plus

 

(viii)      any
cash add-backs that were added back to Consolidated Adjusted EBITDA (or that were included in and not deducted from Consolidated
Net Income) or cash losses that were excluded from the calculation of Consolidated Adjusted EBITDA, plus

 

(ix)         insurance
proceeds (other than any insurance proceeds that are not reinvested within the allotted 360-day period pursuant to Section 4.02(a)),
plus

 

(x)          cash
payments in respect of Restricted Payments made during such period in accordance with Sections 9.06(a), (e),(f)
or (g), provided, that cash payments of Restricted Payments in accordance with Section 9.06(a) shall, for the purposes
of this clause (x), not exceed $1,000,000 in any period; plus

 

    13

     

    

 

(xi)         increases
in Consolidated Working Capital (and minus decreases in Consolidated Working Capital), plus

 

(xii)        fees
or expenses paid to either Agent or any Lender in relation to amounts owed under this Agreement or any other Loan Document.

 

“Consolidated
Interest Expense” means, for the Consolidated Companies, the sum of all interest (net of interest income) in respect
of Indebtedness (including, without limitation, the interest component of any payments in respect of Capitalized Lease Obligations)
accrued or capitalized during such period (whether or not actually paid during such period); provided, however, that
for purposes of calculating the Fixed Charge Coverage Ratio, Consolidated Interest Expense shall include the amount of any interest
on the Term Loans (or loans under the Revolving Loan Facility) that otherwise would be required to be paid if not for the prepayment
of the Term Loans (or loans under the Revolving Loan Facility) with the proceeds of any Equity Cure Investment, for the fiscal
quarter immediately preceding such Equity Cure Investment and, without duplication, for each of the following three fiscal quarters.

 

“Consolidated
Net Income” means, for any specified period, the consolidated net income (or deficit) of the Consolidated Companies,
after deduction of all expenses, taxes, and other proper charges, determined in accordance with Applicable Accounting Standards,
after eliminating therefrom all extraordinary nonrecurring items of income or loss, provided that there shall be excluded:
(a) the income (or loss) of any Person in which any Person (other than any of the Consolidated Companies) has a joint interest,
except to the extent of the amount of dividends or other distributions actually paid in cash to any of the Consolidated Companies
by such Person during such specified period, (b) the income (or loss) of any Person accrued prior to the date it becomes a consolidated
Subsidiary of any of the Consolidated Companies or is merged into or consolidated with any of the Consolidated Companies or such
Person’s assets are acquired by any of the Consolidated Companies, (c) the income of any consolidated Subsidiary of any of
the Consolidated Companies to the extent that the declaration or payment of dividends or other distributions by that consolidated
Subsidiary of that income is not at the time permitted by operation of the terms of any Contractual Obligation or Applicable Law
applicable to that consolidated Subsidiary, (d) any restoration to income of any contingency reserve, except to the extent
that provision for such reserve was made out of income accrued during such period; (e) any gain attributable to the write-up of
any asset and any loss attributable to the write-down of any asset; (f) any net gain from the collection of the proceeds of life
insurance policies; (g) any net gain arising from the acquisition of any securities, or the extinguishment, under Applicable Accounting
Standards, of any Indebtedness, of any of the Consolidated Companies, (h) in the case of a successor to any consolidated Subsidiary
of any of the Consolidated Companies by consolidation or merger or as a transferee of its assets, any earnings of such successor
prior to such consolidation, merger or transfer of assets (unless such successor was a consolidated Subsidiary of any of the Consolidated
Companies prior to such consolidation, merger or transfer), (i) any deferred credit representing the excess of equity in any consolidated
Subsidiary of any of the Consolidated Companies at the date of acquisition of such consolidated Subsidiary over the cost to the
Consolidated Companies of the investment in such Subsidiary, (j) the cumulative effect of any change in Applicable Accounting Standards
during such period, and (k) any noncash FASB ASC 815 income (or loss) related to hedging activities.

 

    14

     

    

 

“Consolidated
Total Assets” shall mean, as of any date, the total property and assets of Spark and its Subsidiaries, determined in
accordance with Applicable Accounting Standards, as set forth on the consolidated balance sheet of Spark delivered pursuant to
Section 8.01(b).

 

“Consolidated
Working Capital” means, as of any date of determination, the excess of (a) the sum of all amounts (other than cash
and current tax assets) that would, in conformity with Applicable Accounting Standards, be set forth opposite the caption “total
current assets” (or any like caption) on a consolidated balance sheet of the Consolidated Companies at such date over (b)
the sum of all amounts that would, in conformity with Applicable Accounting Standards, be set forth opposite the caption “total
current liabilities” (or any like caption) on a consolidated balance sheet of the Consolidated Companies on such date, including
deferred revenue but excluding, without duplication, (i) the current portion of any Indebtedness, (ii) all Indebtedness consisting
of the Term Loans to the extent otherwise included therein, (iii) the current portion of interest and (iv) the current portion
of current and deferred income Taxes; provided, however, that if a Permitted Acquisition is consummated during the applicable period
of determination, changes in Consolidated Working Capital for the target of such Permitted Acquisition will be measured for the
period commencing on the first day of the first month after such Permitted Acquisition was consummated and ending on the last day
of the period of determination.

 

“Contingent
Liability” means, for any Person, any agreement, undertaking or arrangement by which such Person guarantees, endorses
or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds
for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the Indebtedness
of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends
or other distributions upon the Capital Stock of any other Person. The amount of any Contingent Liability shall be determined in
accordance with Applicable Accounting Standards.

 

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

 

“Copyright
Security Agreements” means any copyright security agreement entered into on or after the Closing Date (as required by
this Loan Agreement or any other Loan Document).

 

“Cure Notice”
has the meaning given to such term in Section 9.13(f)(i).

 

“Customer”
means and includes the account debtor with respect to any Account and/or the prospective purchaser of goods, services or both with
respect to any contract or contract right, and/or any party who enters into or proposes to enter into any contract or other arrangement
with a Person, pursuant to which such Person is to deliver any personal property or perform any services.

 

“Default”
means any event, act or condition that, with notice or lapse of time, or both, would constitute an Event of Default.

 

    15

     

    

 

“Defaulting
Lender” means, subject to Section 2.10(b), any Lender that (a) has failed to (i) fund all or any portion of its
Revolving Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
Administrative Agent and the Administrative Borrower in writing that such failure is the result of such Lender’s determination
that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall
be specifically identified in such writing) has not been satisfied or (ii) pay to the Administrative Agent or any Lender any other
amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Administrative Borrower
and Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public
statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Revolving
Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding
(which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement)
cannot be satisfied), or (c) has failed, within three Business Days after written request by the Administrative Agent or the Administrative
Borrower, to confirm in writing to Administrative Agent and the Administrative Borrower that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)
upon receipt of such written confirmation by the Administrative Agent and the Administrative Borrower). Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (c) above
shall be conclusive and binding absent manifest error.

 

“Deferred
Merger Payment” means the payment of the “Holdback Amount” (as defined in the Closing Date Acquisition Agreement)
plus any interest accrued thereon pursuant to the Closing Date Acquisition Agreement.

 

“Deferred
Merger Payment Subordination Agreement” means that certain Subordination Agreement, dated as of the Closing Date, among
the Company Holders (as defined in the Closing Date Acquisition Agreement) holding a majority of the Company Capital Stock (as
defined in the Closing Date Acquisition Agreement) and the Administrative Agent.

 

“Disposed
EBITDA” means, with respect to any Sold Entity or Business for any period, the amount of Consolidated Adjusted EBITDA
of such Sold Entity or Business for such period.

 

“Disposition”
means, with respect to any Person, any sale, transfer, lease, contribution or other conveyance of any of such Person’s or
any of such Person’s Subsidiaries’ assets or properties (including Capital Stock of Subsidiaries) to any other Person
in a single transaction or series of transactions. “Dispose” shall have a correlative meaning consistent with
the foregoing.

 

“Disqualified
Capital Stock” means any Capital Stock that, by its terms (or by the terms of any security or other Capital Stock into
which it is convertible or for which it is exchangeable) or upon the happening of any event or condition, (a) matures or is mandatorily
redeemable (other than solely for Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise, (b) is redeemable
at the option of the holder thereof (other than solely for Qualified Capital Stock), in whole or in part, (c) provides for the
scheduled payment of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Capital
Stock that would constitute Disqualified Capital Stock, in each case, prior to the date that is 180 days after the Maturity Date;
provided, that if such Capital Stock is issued pursuant to a plan for the benefit of employees of any Loan Party or by any
such plan to such employees, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required
to be repurchased by a Loan Party in order to satisfy applicable statutory or regulatory obligations.

 

    16

     

    

 

“Dollars”
and “$” means dollars in lawful currency of the United States of America.

 

“Earn-Out
Obligations” means any earn-out obligation or other similar deferred and contingent obligation of any Loan Party or Subsidiary
of a Loan Party incurred or created in connection with any Acquisition or other Investment, but excluding purchase price adjustments
and indemnity escrows.

 

“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
Assignee” means any (x) bona fide debt fund, (y) regulated banking or financial institution, or (z) other Person (other
than a natural person) engaged in making, purchasing, holding or otherwise investing in commercial loans and/or similar extensions
of credit in the ordinary course of its business.

 

“Employee
Benefit Plan” means an employee benefit plan (within the meaning of Section 3(3) of ERISA) that is sponsored, maintained,
or contributed to by a Loan Party or any Subsidiary of any Loan Party.

 

“English Debenture”
means an English law governed debenture, in form and substance satisfactory to the Collateral Agent, pursuant to which each UK
Loan Party from time to time shall grant fixed and floating charges over all, or substantially all, of its assets in favor of the
Collateral Agent for the benefit of the Secured Parties.

 

“English Security
Documents” means, collectively, the English Debenture, the English Share Charge or any accession deed in respect thereof
(in each case).

 

“English Share
Charge” means an English law share charge in form and substance satisfactory to the Collateral Agent, pursuant to which
each Loan Party which directly holds shares in any Subsidiary incorporated in England and Wales shall grant a fixed charge over
such shares, in favor of the Collateral Agent for the benefit of the Secured Parties.

 

    17

     

    

 

“Environmental
Claims” means any and all actions (including administrative, regulatory and judicial actions), suits, demands, demand
letters, claims, liens, notices of noncompliance or violation, requests for information, warning letters, notices of deficiencies,
investigations (other than internal reports prepared by the Loan Parties (a) in the Ordinary Course of Business or (b) as required
in connection with a financing transaction or an acquisition or disposition of real estate) or proceedings relating to any Environmental
Law or any permit issued, or any approval given, under any such Environmental Law (“Claims”), including (i)
any and all Claims by Governmental Authorities for enforcement, cleanup, removal, response, fines, penalties, remedial or other
actions or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking damages,
contribution, indemnification, cost recovery, fines, penalties, compensation or injunctive relief resulting from the Release or
threatened Release of Hazardous Materials or arising from any alleged violation of Environmental Law.

 

“Environmental
Law” means any applicable federal, state, foreign, local or municipal statute, law, rule, regulation, order, ordinance,
code, decree, or other binding written requirement of any Governmental Authority now or hereafter in effect, in each case as amended,
and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent
decree or judgment, relating to or imposing liability or standards of conduct concerning protection of the environment or natural
resources, protection of human health or safety (from exposure to Hazardous Materials), or occupational health and safety (from
exposure to Hazardous Materials), including public environmental notification requirements and environmental transfer of ownership,
notification or approval statutes.

 

“Equity Cure
Investment” has the meaning given to such term in Section 9.13(f)(ii).

 

“Equity Cure
Right” has the meaning given to such term in Section 9.13(f).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.
Section references to ERISA are to ERISA as in effect at the date of this Loan Agreement and any subsequent provisions of ERISA
amendatory thereof, supplemental thereto or substituted therefor.

 

“ERISA Affiliate”
means each person (as defined in Section 3(9) of ERISA) that, together with any Loan Party or any Subsidiary of any Loan Party,
is, or within the last six (6) years was, treated as a “single employer” within the meaning of Section 4001(b) of ERISA,
and for the purpose of Section 302 of ERISA and Sections 412, 4971, 4977, and each “applicable section” under Section
414(t)(2) of the Code within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

“ERISA Event”
means any of the following: (i) a Reportable Event occurs with respect to any Plan; (ii) any Plan is in “at risk” status
(as defined in Section 430 of the Code or Section 303 of ERISA); (iii) any Plan (other than a Multiemployer Plan) has failed to
satisfy the minimum funding standard of Section 412 of the Code or Section 302 of ERISA (whether or not waived in accordance
with Section 412(c) of the Code or Section 302(c) of ERISA), or any of the Loan Parties or any Subsidiary of any Loan Party has
applied for or received a waiver of the minimum funding standard or an extension of any amortization period within the meaning
of Section 412 of the Code or Section 302, 303 or 304 of ERISA with respect to any Plan; (iv) any Loan Party, any Subsidiary of
any Loan Party or any ERISA Affiliate fails to make a required installment under Section 430(j) of the Code with respect to any
Plan or to make any required contribution to a Multiemployer Plan when due; (v) the incurrence by any Loan Party or ERISA Affiliate
of any liability under Title IV of ERISA other than PBGC premiums due but not delinquent under Section 4007; (vi) any proceeding
is instituted to terminate or partially terminate any Plan or to appoint a trustee to administer any Plan, or any written notice
of any such proceeding is given to any of the Loan Parties or any ERISA Affiliate; (vii) the imposition on account of any Plan
of any Lien under the Code or ERISA on the assets of any of the Loan Parties or any ERISA Affiliate; (viii) the occurrence of an
event, transaction or failure that results in or would reasonably be expected to result in liability to any Loan Party under Title
I of ERISA or a tax under any of Sections 4971 through 5000 of the Code; (ix) the complete or partial withdrawal of any of the
Loan Parties or any ERISA Affiliate from a Multiemployer Plan that results in the imposition of Withdrawal Liability or insolvency
under Title IV of ERISA of any Multiemployer Plan; (x) a determination that any Multiemployer Plan is in endangered or critical
status under Section 432 of the Code or Section 305 of ERISA; (xi) the withdrawal of any Loan Party or ERISA Affiliate from a Plan
subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in
Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; or
(xii) with respect to any employee pension benefit plan (within the meaning of Section 3(2) of ERISA) that is intended to qualify
under Section 401(a) of the Code, a failure to so qualify or imposition of a sanction in lieu of disqualification.

 

    18

     

    

 

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

 

“EU Blocking
Regulation” has the meaning given to such term in Section 7.31.

 

“Event of
Default” has the meaning given to such term in Article X.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Exchange
Rate” means on any date, as determined by the Administrative Agent, the spot selling rate posted by Bloomberg on its
website for the sale of the applicable currency for Dollars at approximately 11:00 a.m. on such date; provided, that, if,
for any reason, no such spot rate is being quoted, the spot selling rate shall be determined by reference to such publicly available
service for displaying exchange rates as may be reasonably selected by the Administrative Agent, or, in the event no such service
is available, such spot selling rate shall instead be the rate reasonably determined by the Administrative Agent as the spot rate
of exchange in the market where its foreign currency exchange operations in respect of the applicable currency are then being conducted,
at or about 11:00 a.m. on the applicable date for the purchase of the relevant currency for delivery two (2) Business Days later.

 

“Excluded
Deposit Accounts” means a deposit account (a) which is used for the sole purpose of making payroll for the then current
payroll period and withholding Tax payments related thereto and other employee wage and benefit payments and accrued and unpaid
employee compensation (including salaries, wages, benefits and expense reimbursements), (b) which is used for the sole purpose
of paying Taxes, including withholding and sales Taxes, (c) is a zero balance deposit account, (d) constituting a custodian, trust,
fiduciary or other escrow account established for the benefit of third parties in the Ordinary Course of Business in connection
with transactions permitted hereunder, including the Adjustment Escrow Fund (as defined in the Closing Date Acquisition Agreement),
or (e) set forth on Schedule 7.26, and which, together with all such deposit accounts (other than those identified in clauses
(a) through (d)) have an average daily balance of less than $500,000 in the aggregate for each calendar month.

 

    19

     

    

 

“Excluded
Subsidiary” means, as of any date of determination, (a) each Immaterial Subsidiary and (b) each Subsidiary that is not
required to be a Loan Party for the purposes of satisfying the Guarantor Coverage Test.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to
an assignment request by the Administrative Borrower under Section 12.07) or (ii) such Lender changes its lending office,
except in each case to the extent that, pursuant to Section 4.04, amounts with respect to such Taxes were payable either
to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 4.04(f), (d) any U.S.
federal withholding Taxes imposed under FATCA and (e) any Taxes imposed under German Income, Corporate and Trade Tax law, e.g.
under Sec. 50a Para. 7 German Income Tax Code (Einkommensteuergesetz).

 

“Executive
Order” has the meaning given to such term in Section 7.31.

 

“Executives”
shall have the meaning given to such term in the definition of Permitted Cash VSOP Payments.

 

“Extended
Revolving Loan Commitment” has the meaning given to such term in Section 12.01(d).

 

“Extended
Revolving Loan Lender” has the meaning given to such term in Section 12.01(d).

 

“Extended
Term Loans” has the meaning given to such term in Section 12.01(d)(i).

 

“Extending
Term Lender” has the meaning given to such term in Section 12.01(d)(i).

 

“Extension”
has the meaning given to such term in Section 12.01(d)(i).

 

“Extension
Offer” has the meaning given to such term in Section 12.01(d)(i).

 

    20

     

    

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Loan Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any 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 entered into
in connection with the implementation of the foregoing.

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day, and if no such rate is so published, the Federal Funds Rate for such day shall be the average rate for
such day on such transactions received by the Administrative Agent from three (3) federal funds brokers of recognized standing
selected by it (but in no event less than 0.0%).

 

“Fee Letter”
means the fee letter, dated as March 21, 2019, among Spark, the Administrative Agent, and the Initial Lenders.

 

“Fees”
means all amounts payable pursuant to, or referred to in, Section 3.01 or in the Fee Letter.

 

“Financial
Covenant Cure Amount” has the meaning given to such term in Section 9.13(f)(i).

 

“Financial
Covenant Default” has the meaning given to such term in Section 9.13(f).

 

“First Lien
Net Leverage Ratio” means, as of the last day of any specified Test Period, the ratio of (a) the sum of (i) the outstanding
aggregate principal amount of Funded Debt that is secured by the Collateral on a pari passu basis with the Obligations (for
the avoidance of doubt, excluding any Funded Debt in which the applicable liens are expressly subordinated or junior to the liens
securing the Credit Facilities) minus (ii) the Qualified Cash of the Loan Parties in an amount not to exceed $20,000,000,
divided by (b) Consolidated Adjusted EBITDA.

 

“Fixed Charge
Coverage Ratio” means (without duplication), as of the last day of any specified Test Period, the ratio of (a) (i) Consolidated
Adjusted EBITDA for such Test Period minus (ii) any Restricted Payments paid in cash to any person that is not a Loan Party
or wholly-owned direct or indirect Subsidiary thereof minus (iii) unfinanced Consolidated Capital Expenditures (except to
the extent financed with Revolving Loans), excluding Consolidated Capital Expenditures made with Capital Stock contributions or
reinvestment of asset sales or insurance proceeds within the permitted reinvestment period pursuant to Section 4.02(a),
minus (iv) Taxes based on income paid in cash by the Consolidated Companies, divided by (b) Fixed Charges.

 

“Fixed Charges”
means the sum of (a) cash interest expense (including on Capitalized Lease Obligations)(net of cash interest income) and (b) regularly
scheduled principal amortization (including on Capitalized Lease Obligations) (as such amounts may be reduced by the application
of prepayments as set forth in this Credit Agreement); provided, however, that for purposes of calculating the Fixed Charge
Coverage Ratio for any Test Period ending on or prior to September 30, 2020, the amounts calculated pursuant to clause (a)
for the relevant Test Periods shall equal such actual amounts from the Closing Date to and including the last day of the relevant
Test Period, multiplied by a fraction equal to (x) 365 divided by (y) the number of days actually elapsed from the Closing Date
to such date of determination.

 

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“Foreign Lender”
means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a
Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax
purposes.

 

“Funded Debt”
means, as of any date of determination, the aggregate principal amount of then outstanding Indebtedness of the Consolidated Companies
(i) of the types described in clauses (a), (d), (e), and (f), of the definition of “Indebtedness”
plus (ii) drawn and unreimbursed obligations under letters of credit; provided, however, that for purposes
of financial covenant calculations, the amount of any prepayment of the Term Loans shall not include any such payment from the
proceeds of any Equity Cure Investment for any period in which the proceeds of such Equity Cure Investment are deemed to increase
Consolidated Adjusted EBITDA.

 

“Funding Date”
means any date on which a Revolving Loan is made to the Borrowers by Revolving Lenders.

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth from time to time in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority
within the accounting profession), including the FASB Accounting Standards CodificationTM, which are applicable to the circumstances
as of the date of determination, subject to Section 1.03.

 

“GAAP Election”
shall mean, as of the end of any financial reporting period, the written election of Spark to prepare the financial statements
of the Consolidated Companies in accordance with GAAP, rather than IFRS, provided any such election, once made, shall be
irrevocable. Any calculation or determination in this Agreement that requires the application of IFRS for periods that include
fiscal quarters ended prior to the GAAP Election shall remain as previously calculated or determined in accordance with IFRS. Following
delivery to the Administrative Agent of a completed Compliance Certificate attaching the information required to be delivered for
such financial reporting period, the Required Lenders and Loan Parties shall negotiate in good faith to amend (in a manner mutually
satisfactory to the Required Lenders and Loan Parties) the thresholds or methods of calculation of any financial covenant, calculation
or definition or competent applicable thereto in the Loan Documents, such that compliance therewith is neither more nor less burdensome
(as determined by the Required Lenders in their reasonable discretion) to Loan Parties as a result of the GAAP Election and, thereafter,
all references to GAAP or IFRS shall be deemed references to GAAP.

 

“German Loan
Party” means any Loan Party incorporated or established in the Federal Republic of Germany.

 

    22

     

    

 

“German Security
Documents” means, collectively, a German law governed GmbH share pledge agreement, account pledge agreement, global assignment
agreement and IP Rights assignment agreement.

 

“Global Intercompany
Note” means that certain global intercompany note, dated as of the date hereof, executed and delivered by the Loan Parties
and such other Subsidiaries that may become party thereto from time to time.

 

“Governmental
Authority” means any federal, state or local government of the United States, any foreign country, any multinational
authority, or any state, commonwealth, province, protectorate or political subdivision thereof, and any entity, body or authority
exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, including
the PBGC and other quasi-governmental entities established to perform such functions, and in each case any department or agency
thereof.

 

“Guarantor
Coverage Test” means that on a trailing six month basis measured on the date of delivery of the monthly financial statements
delivered pursuant to Section 8.01(a), (a) the aggregate (without duplication) Consolidated Adjusted EBITDA for the most
recently ended trailing twelve month period attributable to the Loan Parties as a group is no less than 80% of Consolidated Adjusted
EBITDA for the most recently ended trailing twelve month period (excluding intra-group items, investments in Subsidiaries and on-balance
sheet joint ventures), and (b) the aggregate (without duplication) assets of the Loan Parties as a group as of the last day of
the most recently ended trailing twelve month period is no less than 80% of the Consolidated Total Assets as of the last day of
the most recently ended trailing twelve month period; provided, that (i) if on the relevant test date specified above, the
Guarantor Coverage Test is not satisfied, such other subsidiaries shall accede as Guarantors within thirty (30) days after delivery
of such monthly financials (or such later date as the Administrative Agent may agree in its reasonable discretion), so as to ensure
that the Guarantor Coverage Test is satisfied (calculated as if such additional Guarantors had been Guarantors for the purposes
of the relevant test), and (ii) if the Guarantor Coverage Test is satisfied within such thirty (30) day time period, no Default
or Event of Default or other breach of the Loan Documents shall arise solely as a result of non-compliance with the Guarantor Coverage
Test on the original test date.

 

“Guarantors”
means (a) each Person that is a Subsidiary of Spark on the Closing Date (other than any Borrowers or any Excluded Subsidiary),
and (b) each other Person that becomes a party to the Guaranty and Security Agreement or otherwise provides a guaranty for the
payment and performance of the Obligations after the Closing Date pursuant to an agreement reasonably acceptable to the Collateral
Agent pursuant to Section 8.10.

 

“Guaranty
and Security Agreement” means each Guaranty and Security Agreement among the Loan Parties and the Collateral Agent for
the benefit of the Secured Parties, in each case, substantially in the form of Exhibit B.

 

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“Guaranty
Obligations” means, as to any Person, any Contingent Liability of such Person or other obligation of such Person guaranteeing
or intended to guarantee any Indebtedness of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, including any obligation of such Person, whether or not contingent, (a) to purchase any such Indebtedness
or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or
payment of any such Indebtedness or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of
assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness or (d) otherwise
to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; provided, that the term “Guaranty
Obligations” shall not include endorsements of instruments for deposit or collection in the Ordinary Course of Business customary
and reasonable indemnity obligations in effect on the Closing Date, entered into in connection with any acquisition or disposition
of assets permitted under this Loan Agreement (other than with respect to Indebtedness). The amount of any Guaranty Obligation
shall be determined in accordance with Applicable Accounting Standards.

 

“Hazardous
Materials” means (a) any petroleum or petroleum products, radioactive materials, friable asbestos, urea formaldehyde
foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls,
and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “hazardous substances”,
“hazardous waste”, “hazardous materials”, “extremely hazardous waste”, “restricted hazardous
waste”, “toxic substances”, “toxic pollutants”, “contaminants” or “pollutants”
under any applicable Environmental Law; and (c) any other chemical, waste, recycled material, material or substance, which is prohibited
or regulated by any Environmental Law.

 

“Hedging Agreement”
means any rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest
or currency exchange rate or commodity price hedging agreement.

 

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

 

“HGB”
means the German Commercial Code (Handelsgesetzbuch).

 

“Historical
Financial Statements” means (a) (i) IFRS unaudited consolidated summary income statements of Spark and its Subsidiaries
for each fiscal month ended after February 1, 2019 which ended at least 30 days prior to the Closing Date and (ii) IFRS unaudited
consolidated balance sheets and related statements of income, and cash flows of Spark and its Subsidiaries for each fiscal quarter
ended after January 1, 2019, which ended at least 45 days prior to the Closing Date, (b) IFRS audited annual financial statements
of Spark and its Subsidiaries for the fiscal year ending December 31, 2018, and (c) GAAP unaudited consolidated balance sheets
and related statements of income of the Closing Date Target for each fiscal month ended after February 1, 2019 which ended at least
30 days prior to the Closing Date.

 

“InsO”
means the German Insolvency Act (Insolvenzordnung).

 

“IFRS”
means the International Financial Reporting Standards as issued by the International Accounting Standards Board or, in relation
to Spark, as endorsed in the European Union.

 

    24

     

    

 

“Immaterial
Subsidiary” means, at any date of calculation, any individual subsidiary of Spark (a) whose Consolidated Total Assets
for such Test Period was less than 2.5% of Consolidated Total Assets at such date and (b) whose gross revenues for such Test Period
was less than 2.5% of the consolidated gross revenues of Spark and its consolidated Subsidiaries for such Test Period, in each
case, determined in accordance with Applicable Accounting Standards; provided that if, at any time and from time to time
after the Closing Date, Immaterial Subsidiaries that are not Guarantors solely because they do meet the thresholds set forth in
the foregoing clauses (a) and (b) comprise in the aggregate more than 5.0% of Consolidated Total Assets as of the end of the most
recently ended calendar month for which financial statements have been delivered to Administrative Agent or more than 5.0% of the
consolidated gross revenues of the Consolidated Companies for such applicable Test Period, then Administrative Borrower shall designate
in writing to Administrative Agent one or more of such Immaterial Subsidiaries as no longer an Immaterial Subsidiary to the extent
required such that the foregoing condition ceases to be true and comply with Section 8.15 at such time (in the time periods
specified therefor in such section as if such Immaterial Subsidiary had first become a Guarantor at such time).

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, the following:

 

(a)          all
indebtedness of such Person for borrowed money and all indebtedness of such Person evidenced by bonds, debentures, notes, loan
agreements or other similar instruments which interest charges are customarily paid or accrued;

 

(b)          the
maximum amount (after giving effect to any prior drawings or reductions which may have been reimbursed) of all letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds, performance bonds and similar instruments
issued or created by or for the account of such Person;

 

(c)          net
Hedging Obligations of such Person;

 

(d)          all
obligations of such Person from installment purchases of property or services or representing the deferred purchase price for property
or services, other than (i) trade accounts payable and other accrued expenses in the Ordinary Course of Business (but including
any Earn-Out Obligations (other than those payable solely in Qualified Capital Stock) and other similar deferred purchase price
obligations to the extent constituting liabilities on the balance sheet of such person under Applicable Accounting Standards),
(ii) purchase price adjustments and indemnity escrow amounts in connection with a Permitted Acquisition, and (iii) for
the avoidance of doubt, financing, construction or other similar liabilities arising pursuant to FASB ASC 840 or any successor
accounting pronouncement and not reflecting any obligation to any other Person;

 

(e)          obligations
secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) a Lien
on property owned or being purchased by such Person (including obligations arising under conditional sales or other title retention
agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness
shall have been assumed by such Person or is limited in recourse;

 

    25

     

    

 

(f)           all
Attributable Indebtedness;

 

(g)          all
obligations of such Person in respect of Disqualified Capital Stock;

 

(h)          all
Guaranty Obligations of such Person in respect of any of the foregoing; and

 

(i)           trade
payables more than ninety (90) days past due.

 

Indebtedness of any Person shall include
the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability
company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for
such Indebtedness is otherwise limited and only to the extent such Indebtedness would constitute Funded Debt. The amount of any
net Hedging Obligations on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness
of any Person for purposes of clause (e) above shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount
of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith.

 

“Indemnified
Liabilities” has the meaning given to such term in Section 12.05.

 

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

 

“Initial Lenders”
means each of BTC Holdings Fund I, LLC, Special Value Continuation Partners, LLC, TCP Waterman CLO, LLC, Tennenbaum Senior Loan
Fund V, LLC, TCP Direct Lending Fund, VIII-S, LLC, TCP Direct Lending Fund VIII-T, LLC, TCP Whitney CLO, LTD, TCP Rainer, LLC,
TCP DLF VIII 2018 CLO, LLC, and TCP DLF VIII ICAV together, in each case, with their Affiliates, severally and not jointly.

 

“Insolvency
Proceeding” means, with respect to any Person, including without limitation any Lender, such Person or such Person’s
direct or indirect parent company (a) becomes the subject of a bankruptcy or insolvency proceeding (including any proceeding under
Title 11 of the United States Code), or regulatory restrictions, (b) has had a receiver, conservator, trustee, administrator, liquidator,
administrative receiver, compulsory manager, custodian, assignee for the benefit of creditors or similar Person charged with the
reorganization or liquidation of its business appointed for it or has called a meeting of its creditors, (c) admits in writing
its inability, or be generally unable, to pay its debts as they become due or ceases operations of its present business, (d) in
the case of a UK Loan Party, has a moratorium declared in respect of its indebtedness, (e) with respect to a Lender, such Lender
is unable to perform hereunder due to the application of Applicable Law, or (f) has taken any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any such proceeding or appointment of a type described in clauses (a) or (b),
provided that an Insolvency Proceeding shall not result solely by virtue of any ownership interest, or the acquisition of any ownership
interest, in such Person or such Person’s direct or indirect parent company by a Governmental Authority or instrumentality
thereof if, and only if, such ownership interest does not result in or provide such Person 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 Person
(or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made
by such Person.

 

    26

     

    

 

“Interest
Payment Date” means the last Business Day of each March, June, September and December, commencing with the first such
date to occur following the Closing Date.

 

“Interest
Period” means, with respect to any Loan, (a) initially the period commencing on the Closing Date to and excluding the
first Interest Payment Date to occur after the Closing Date, and (b) thereafter, the period commencing each Interest Payment Date
to and excluding the next Interest Payment Date; provided, that, no Interest Period with respect to any Loan shall extend
beyond the Maturity Date.

 

“Inventory”
means any and all “goods” (as defined in the UCC) which shall at any time constitute “inventory” (as defined
in the UCC) of any Loan Party, wherever located (including without limitation, goods in transit and goods in the possession of
third parties), or which from time to time are held for sale, lease or consumption in any Loan Party’s business, furnished
under any contract of service or held as raw materials, work in process, finished inventory or supplies (including without limitation,
packaging and/or shipping materials).

 

“Investment”
means, relative to any Person, (a) any loan, advance or extension of credit made by such Person to any other Person, including
the purchase by such first Person of any bonds, notes, debentures or other debt securities of any such other Person; (b) the incurrence
of Guaranty Obligations in respect of the Indebtedness of any other Person; and (c) the acquisition of, or capital contribution
in respect of, any Capital Stock or other investment held by such Person in any other Person. The amount of any Investment at any
time shall be the original principal or capital amount thereof less all returns of principal or equity or capital thereon received
(in cash or in the same form as the Investment) on or before such time and shall, if made by the transfer or exchange of property
other than cash, be deemed to have been made in an original principal or capital amount equal to the fair market value of such
property at the time of such Investment.

 

“IP Rights”
has the meaning given to such term in Section 7.14.

 

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

 

“Landlord
Agreement” means, with respect to each leased location of a Loan Party, a landlord waiver, bailee letters, collateral
access agreement or other acknowledgement agreement of the applicable landlord, lessor, warehouseman, processor, consignee, or
other Person in possession of, having a Lien upon, or having rights or interests in such Collateral as may be reasonably requested
by the Collateral Agent, in each case in form and substance reasonably satisfactory to the Collateral Agent.

 

“Law”
means any law (including common law), statute, regulation, ordinance, rule, order, decree, judgment, consent decree, writ, injunction,
settlement agreement or binding governmental requirement enacted, promulgated or imposed or entered into or agreed by any Governmental
Authority or determination of an arbitrator.

 

    27

     

    

 

“Lender”
means each Person identified as a “Lender” on Schedule 1.01(a) and Schedule 1.01(b), their assignees
pursuant to Section 12.06, and each other Lender that has made or holds Loans.

 

“LIBOR Rate”
means, for any Interest Period, a rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1.00%) equal to the greater
of (i) Three Month London Inter-Bank Offered Rate for U.S. Dollar Deposits as set and published by ICE Benchmark Administration
Limited (or its successor) and as obtained by the Administrative Agent through the applicable Bloomberg, L.P. screen page (or,
if unavailable, another service or publication selected by the Administrative Agent), at approximately 11:00 a.m. two (2) Business
Days prior to the first day of such Interest Period and (ii) one and one half percent (1.50%) per annum; provided, that
if the rates referenced in the preceding clauses (i) and (ii) are not available, the rate per annum equal to the quotation rate
offered to first class banks in the London interbank market for deposits (for delivery on the first day of the relevant period)
in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loans as determined by the Administrative
Agent.

 

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

 

“Lien”
means any statutory or other lien, security interest, mortgage, land charge (Grundschuld),
security purpose declarations (Sicherungszweckerklärung), fixed charge, floating charge, pledge, hypothecation,
assignment for collateral purposes, transfer for security purposes (Sicherungsübereignung), encumbrance, option, purchase
right, call right, easement, right-of-way, license, restriction (including zoning restrictions), defect, exception or irregularity
in title, abstract acknowledgement or promises of debt, retention of title arrangement, extended retention of title arrangement
(verlängerter Eigentumsvorbehalt) or similar charge or encumbrance, including any agreement to give any of the foregoing,
any conditional sale or other title retention agreement or any lease in the nature thereof.

 

“Limited Condition
Acquisition” means any Acquisition by the Borrowers or one or more of their respective Subsidiaries permitted pursuant
to the Loan Documents whose consummation is not conditioned on the availability of, or on obtaining, third party financing; provided
that in the event the consummation of any such Acquisition shall not have occurred on or prior to the date that is one hundred
twenty (120) days after the date the acquisition agreement with respect to such acquisition is signed, such Acquisition shall no
longer constitute a Limited Condition Acquisition for any purpose hereunder.

 

“Limited Guaranty
and Pledge Agreement” means that certain Limited Guaranty and Pledge Agreement, dated as of the Closing Date, by and
between Spark UK and Collateral Agent.

 

“Liquidity”
means, as of any date of determination, the sum of (a) Qualified Cash, plus (b) Availability, provided, that during
the existence of an Event of Default, Availability for the purpose of this clause (b) shall be deemed to be $0.

 

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“Loan Agreement”
means this Loan Agreement.

 

“Loan Documents”
means this Loan Agreement, the Notes, the Fee Letter, the Security Documents, the Perfection Certificates, the Deferred Merger
Payment Subordination Agreement, any other intercreditor or subordination agreements in favor of any Agent with respect to this
Loan Agreement, the Collateral Assignment of Closing Date Acquisition Documents, and any other document, instrument, certificate
or agreement executed by any Loan Party, or by the Administrative Borrower on behalf of any Loan Party, and delivered to any Agent
or Lender in connection with any of the foregoing or the Obligations.

 

“Loan Party”
means each Borrower, each of the other Guarantors, and each other Person that becomes a Loan Party pursuant to the execution of
joinder documents.

 

“Loans”
means, collectively, each Term Loan and Revolving Loan.

 

“Margin Stock”
means “margin stock” as such term is defined in Regulations T, U or X of the Board.

 

“Material
Adverse Effect” means a material adverse effect or material adverse change on (a) (i) the financial condition, results
of operations, assets or liabilities of the Borrowers, the other Loan Parties, and their respective Subsidiaries, taken as a whole,
(ii) the validity or enforceability of this Loan Agreement, any of the other Loan Documents, any material provision hereof or thereof,
or any material right or remedy of the Secured Parties hereunder or thereunder or (iii) the attachment, perfection or priority
of any Liens granted to the Collateral Agent in or to any material portion of the Collateral (other than as the result of any action
or inaction of the Agents or any Lender) or (b) the ability of the Borrowers, any other Loan Party, or any of their respective
Subsidiaries, taken as a whole, to perform any of their material obligations contained in this Loan Agreement or any of the other
Loan Documents.

 

“Material
Contracts” means and includes (a) the Closing Date Acquisition Agreement and (b) each Contractual Obligation of a Loan
Party or Subsidiary of a Loan Party, the failure to comply with which, or the termination (without contemporaneous replacement)
of which, would reasonably be expected to have a Material Adverse Effect.

 

“Material
Indebtedness” means any Indebtedness of any Loan Party or Subsidiary of any Loan Party (other than the Obligations) having
a principal or stated amount, individually or in the aggregate, in excess of $2,500,000.

 

“Maturity
Date” means July 1, 2023.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 

“Mortgage”
means a mortgage, land charge (Grundschuld) or a deed of trust, deed to secure debt, trust deed or other security document
(including security purpose declarations (Sicherungszweckerklärung)) entered into by any applicable Loan Party and
the Collateral Agent for the benefit of the Secured Parties in respect of any Real Property owned by such Loan Party, in form and
substance reasonably satisfactory to the Collateral Agent.

 

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“Mortgaged
Property” means each parcel of Real Property and the improvements thereto (if any) with respect to which a Mortgage is
granted pursuant to Section 8.13(a).

 

“Multiemployer
Plan” means any multiemployer plan, as defined in Section 4001(a)(3) of ERISA, which is contributed to by (or to
which there is an obligation to contribute of) any Loan Party or any ERISA Affiliate, and each such plan for the five-year period
immediately following the latest date on which any Loan Party or any ERISA Affiliate contributed to or had an obligation to contribute
to such plan.

 

“Net Casualty
Proceeds” means, with respect to any Casualty Event, the gross cash proceeds of any insurance proceeds or condemnation
awards received by any Loan Party or any of its Subsidiaries in connection with such Casualty Event, net of all reasonable and
customary collection expenses thereof (including, without limitation, any legal or other professional fees) (except with respect
to any expenses paid to a Loan Party or an Affiliate thereof), but excluding any proceeds or awards required to be paid to a creditor
(other than the Lenders) which holds a first priority Lien permitted by Section 9.02(c) or (d) on the property which
is the subject of such Casualty Event, and less any Taxes payable by such Person on account of such insurance proceeds or condemnation
award, actually paid, assessed or estimated by such Person (in good faith) to be payable within the next twelve months in cash
in connection with such Casualty Event, in each case to the extent, but only to the extent, that the amounts are properly attributable
to such transaction; provided, that if, after the expiration of such 12-month period, the amount of such estimated or assessed
Taxes, if any, exceeded the Taxes actually paid in cash in respect of proceeds from such Casualty Event, the aggregate amount of
such excess shall constitute additional Net Casualty Proceeds under Section 4.02(a)(iii) and be applied to the prepayment
of the Obligations pursuant to Section 4.02(c).

 

“Net Debt
Proceeds” means, with respect to the sale or issuance by any Loan Party or any of its Subsidiaries of any Indebtedness,
the excess of: (a) the gross cash proceeds received by the issuer of such Indebtedness from such sale or issuance, over
(b) all reasonable and customary underwriting commissions and legal, investment banking, underwriting, brokerage, accounting and
other professional fees, sales commissions and disbursements and all other reasonable fees, expenses and charges, in each case
actually incurred in connection with such sale or issuance which have not been paid and are not payable to any Loan Party or an
Affiliate thereof in connection therewith.

 

“Net Disposition
Proceeds” means, with respect to any Disposition by any Loan Party or any of its Subsidiaries, the excess of: (a) the
gross cash proceeds received by such Person from such Disposition, over (b) the sum of: (i) all reasonable and customary
legal, investment banking, underwriting, brokerage and accounting and other professional fees, sales commissions and disbursements
and all other reasonable fees, expenses and charges, in each case actually incurred in connection with such Disposition which have
not been paid and are not payable to any Loan Party or Affiliate thereof in connection therewith, (ii) out-of-pocket fees, costs
and expenses paid or payable as a result of or relating to such Disposition, including brokers’ fees or commissions, discounts,
legal, accounting and other professional fees and other transaction fees incurred in connection with such Disposition, excluding
amounts payable to any Borrower or any Affiliate of a Borrower, and (iii) all Taxes payable by such Person on account of proceeds
from such Disposition, actually paid, assessed or estimated by such Person (in good faith) to be payable in cash within the next
twelve months in connection with such proceeds, in each case to the extent, but only to the extent, that the amounts are properly
attributable to such transaction; provided, that if, after the expiration of the twelve-month period referred to in clause
(b)(ii) above, the amount of estimated or assessed Taxes, if any, pursuant to clause (b)(ii) above exceeded the Taxes
actually paid in cash in respect of proceeds from such Disposition, the aggregate amount of such excess shall constitute Net Disposition
Proceeds under Section 4.02(a)(ii) and be applied to the prepayment of the Obligations pursuant to Section 4.02(c).

 

    30

     

    

 

“Net Equity
Proceeds” means, with respect to the sale, issuance or exercise after the Closing Date by any Loan Party or any of its
Subsidiaries of any Capital Stock or any capital contribution by any Person to any such Loan Party or Subsidiary, the excess
of (a) the gross cash proceeds received by such Loan Party or Subsidiary from such sale, issuance or exercise, over (b)
all reasonable and customary underwriting commissions and legal, investment banking, brokerage, accounting and other professional
fees, sales commissions and disbursements actually incurred in connection with such sale or issuance which have not been paid and
are not payable to any Loan Party or an Affiliate thereof in connection therewith.

 

“Non-Consenting
Lender” has the meaning given to such term in Section 12.07(b).

 

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

 

“Notes”
means, collectively, the Term Loan Notes and Revolving Notes.

 

“Notice of
Conversion/Continuation” has the meaning given to such term in Section 2.09(a).

 

“Obligations”
means (a) with respect to the Borrowers, all obligations (monetary or otherwise, whenever arising, and whether absolute or contingent,
liquidated or unliquidated, due or to become due, or matured or unmatured) of the Borrowers arising under or in connection with
this Loan Agreement, the Notes, the Fee Letter or any other Loan Document, including the principal of, and interest (including
interest accruing after the commencement or during the pendency of any proceeding, action or case under the Bankruptcy Code or
otherwise of the type described in Section 10.01(k), whether or not allowed in such proceeding, action or case) on, and
the Prepayment Premium with respect to, the Loans, and all fees, expenses, costs, indemnities and other sums payable at any time
under any Loan Document and (b) with respect to each Loan Party other than the Borrowers, all obligations (monetary or otherwise,
whenever arising, and whether absolute or contingent, liquidated or unliquidated, due or to become due, or matured or unmatured)
of such Loan Party arising under or in connection with this Loan Agreement or any other Loan Document.

 

“OFAC Sanctions”
has the meaning given to such term in Section 7.32.

 

“Ordinary
Course of Business” means, in respect of any transaction involving any Person, the ordinary course of such Person’s
business, as conducted by any such Person in accordance with past practice or industry practice and, in each case (x) including
any reasonable extensions thereof and (y) not undertaken for the purposes of evading any covenant or restriction in any Loan Document.

 

    31

     

    

 

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

 

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

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 12.07).

 

“Parallel
Debt” has the meaning set forth in Section 12.28.

 

“Participant”
has the meaning given to such term in Section 12.06(c)(i).

 

“Participant
Register” has the meaning given to such term in Section 12.06(c)(iii).

 

“Participating
Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with
legislation of the European Union relating to Economic and Monetary Union.

 

“Patent Security
Agreement” means any patent security agreement entered into on or after the Closing Date (as required by this Loan Agreement
or any other Loan Document).

 

“Patriot Act”
has the meaning given to such term in Section 12.21.

 

“PBGC”
means the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto.

 

    32

     

    

 

“Perfection
Certificate” means a Perfection Certificate substantially in the form of Exhibit E, or otherwise in form and substance
reasonably satisfactory to the Collateral Agent, delivered by each Loan Party to the Administrative Agent pursuant to Section
5.06(b).

 

“Perfection
Requirements” means the making or the procuring of registrations, filings, endorsements, notarizations, stampings and/or
notifications of a Loan Document (and/or the security created thereunder) necessary for the priority, validity or enforceability
thereof.

 

“Permits”
means, with respect to any Person, any permit, approval, authorization, license, registration, certificate, concession, grant,
franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether
or not having the force of law and applicable to or binding upon such Person or any of its property or to which such Person or
any of its property is subject.

 

“Permitted
Acquisition” means any Acquisition that satisfies all of the following conditions:

 

(a)          no
Default or Event of Default shall have occurred or be continuing immediately before and immediately after giving effect to the
Acquisition and any Indebtedness incurred in connection therewith, provided that for any such acquisition that is a Limited
Condition Acquisition, the condition in this clause (a) shall be satisfied so long as (x) on the date the applicable acquisition
agreement is executed and effective, no Default or Event of Default shall have occurred or be continuing and (y) at the time the
applicable acquisition is consummated, no Event of Default pursuant to Sections 10.01(a) or 10.01(k) shall have occurred or be
continuing;

 

(b)          the
entity or assets being acquired are useful in or engaged in, as applicable, the Business;

 

(c)          Spark
and its Subsidiaries shall be in compliance on a Pro Forma Basis with Sections 9.13(a), (b) and (d) after
giving effect to the Permitted Acquisition, as of the last day of the most recently completed fiscal quarter for which financial
statements have been delivered to Administrative Agent pursuant to Section 8.01 (calculated on the basis of Consolidated
Adjusted EBITDA for the most recently ended twelve month period for which financial statements have been delivered);

 

(d)          the
proposed acquisition is consensual (not “hostile”) and, if applicable, has been approved by the acquisition target’s
board of directors and will be consummated in accordance with the terms of the applicable Permitted Acquisition Document;

 

(e)          receipt
by Administrative Agent of drafts of applicable Permitted Acquisition Documents (followed promptly by final versions at least one
(1) Business Day prior to (or such shorter period as agreed to by Administrative Agent) the consummation of such acquisition) at
least five (5) days prior to the closing of such acquisition or such shorter period as Administrative Agent may reasonably accept
(with updates and executed copies thereof provided to Administrative Agent as soon as available);

 

    33

     

    

 

(f)          delivery
to Administrative Agent at least five (5) days prior to the closing of such acquisition or such shorter period as Administrative
Agent may reasonably accept of, to the extent readily available, (i) (A) if the Acquisition Consideration for the proposed acquisition
exceeds $5,000,000, a description of the proposed acquisition and material and customary legal and business diligence reports,
(B) to the extent available, summary historical annual audited and quarterly unaudited financial statements (including a balance
sheet, income statement and cash flows statement) of the target for the previous twelve (12) month period and (C) pro forma forecasted
balance sheets, income statements, and cash flow statements of Spark and its Subsidiaries, all prepared on a basis consistent with
Spark’s historical financial statements, subject to adjustments to reflect projected consolidated operations following the
acquisition, together with appropriate supporting details and a statement of underlying assumptions for the one year period following
the date of the proposed acquisition, on a month by month basis, and (ii) in the case of a target entity (or set of assets) being
acquired whose Consolidated Adjusted EBITDA (calculated on a Pro Forma Basis in a manner consistent with the definition thereof)
represents at least 15.0 % of total Consolidated Adjusted EBITDA (calculated on a Pro Forma Basis prior to giving effect to such
acquisition), in each case for the trailing twelve month period most recently ended for which financial statements have been delivered
to Administrative Agent pursuant to Section 8.01(a) or (c) (whichever was most recently delivered to Administrative
Agent), a quality of earnings report from a firm of nationally recognized standing or otherwise reasonably acceptable to Administrative
Agent;

 

(g)          the
Loan Parties shall take all actions required pursuant to Section 8.10 (to the extent required to comply with the Guarantor
Coverage Test) and Section 8.11, in each case with respect to any Person or assets subject to such acquisition in the
time periods set forth in such section;

 

(h)          the
acquisition shall comply with Applicable Laws in all material respects;

 

(i)           the
target of such acquisition and/or whose assets are to be acquired shall have Consolidated Adjusted EBITDA of no less than $0 on
a Pro Forma Basis for the trailing twelve month period most recently ended; and

 

(j)           the
Administrative Borrower shall have delivered to Administrative Agent, prior to the date of the consummation of each Permitted Acquisition,
a certificate of a financial officer of the Administrative Borrower, in form and substance reasonably satisfactory to Administrative
Agent, certifying that all the requirements in clauses (a) through (d), (h) and (i) above have been met or will be satisfied on
or prior to the consummation of such acquisition.

 

“Permitted
Acquisition Documents” means an asset purchase agreement, stock purchase agreement or other agreement evidencing a Permitted
Acquisition and each other material agreement, document or instrument executed pursuant to, or delivered in connection with, such
agreement, in each case together with all schedules and exhibits thereto.

 

    34

     

    

 

“Permitted
Liens” has the meaning given to such term in Section 9.02.

 

“Permitted
Cash VSOP Payments” means cash payments made to holders of equity interests under Spark’s Virtual Stock Option
Plan of November 2017 and Spark’s Virtual Stock Option Plan of March 2018 (as such plans exists on the date hereof, collectively,
the “VSOPs”) after March 21, 2019 and prior to the Closing Date, so long as the following conditions are satisfied:
(a) such payments are in an aggregate amount that does not exceed the lesser of (i) $5,500,000 and (ii) the amount actually paid
as tax liabilities of the recipients of such payments in respect to the equity interests held by such recipients pursuant to the
VSOPs (reasonably supporting documentation to be provided to counsel to the Lenders prior to the Closing Date), and (b) the members
of the “c-suite” executive team of Spark (the “Executives”) shall be subject to a customary “lock-up”
that prohibits the sale of 70% of the aggregate after-tax shareholdings (calculated in a manner to be agreed after the acceleration
of the VSOPs) of the Executives from the Closing Date through the date that is twelve (12) months following the Closing Date.

 

“Person”
means any individual, corporation, limited liability company, partnership, limited partnership, joint venture, firm, association,
trust, unincorporated organization, or other enterprise (whether or not legally formed) or any Governmental Authority.

 

“Plan”
means any “employee benefit plan,” as defined in Section 3 of ERISA subject to Title IV of ERISA, Section 412 of the
Code or Sections 302 or 303 of ERISA (other than a Multiemployer Plan), sponsored, maintained or contributed to by any Loan Party
or any ERISA Affiliate (or to which any Loan Party or any ERISA Affiliate has an obligation to contribute or to make payments),
and each such plan for the five-year period immediately following the latest date on which any Loan Party or any ERISA Affiliate
maintained, contributed to or had an obligation to contribute to (or is deemed under Section 4069 or 4212(c) of ERISA to have maintained
or contributed to or to have had an obligation to contribute to, or otherwise to have liability with respect to) such plan.

 

“Pledged Stock”
has the meaning given to such term in the Guaranty and Security Agreement.

 

“Prepayment
Premium” means, as of the date of the occurrence of a Prepayment Premium Trigger Event, with respect to the Term Loan:

 

(i)          during
the period from and after the Closing Date through and including the date that is the first anniversary of the Closing Date, an
amount equal to (x) the Yield Maintenance Amount plus (y) four percent (4.0%) of the principal amount of the Term Loan prepaid
(or in the case of a Prepayment Premium Trigger Event occurring under clauses (b), (c) or (d) of the definition thereof, deemed
to be prepaid) on such date;

 

(ii)         during
the period following the first anniversary of the Closing Date through and including the date that is the second anniversary of
the Closing Date, an amount equal to two percent (2.0%) of the principal amount of the Term Loan prepaid (or in the case of a Prepayment
Premium Trigger Event occurring under clauses (b), (c) or (d) of the definition thereof, deemed to be prepaid) on such date;

 

(iii)        during
the period following the second anniversary of the Closing Date through and including the date that is the third anniversary of
the Closing Date, an amount equal to one percent (1.0%) of the principal amount of the Term Loan prepaid (or in the case of a Prepayment
Premium Trigger Event occurring under clauses (b), (c) or (d) of the definition thereof, deemed to be prepaid) on such date; and

 

    35

     

    

 

(iv)        after
the third anniversary of the Closing Date, zero percent (0.0%).

 

“Prepayment
Premium Trigger Event” means:

 

(a)          any
prepayment by any Loan Party of all, or any part, of the principal balance of any Term Loan for any reason (including, but not
limited to, any optional prepayment or mandatory prepayment (other than under Section 4.02(a)(iii), (iv)(B), (v)
or (vi)), any Change of Control, any distribution in respect thereof, and any refinancing thereof), whether in whole or
in part, and whether before or after (i) the occurrence of an Event of Default, or (ii) the commencement of any Insolvency Proceeding
involving any Loan Party or Subsidiary thereof, and notwithstanding any acceleration (for any reason) of the Obligations; provided,
that any Term Loan Repayment Amount shall not constitute a Prepayment Premium Trigger Event;

 

(b)          the
acceleration of the Obligations for any reason, including, but not limited to, acceleration in accordance with Section 10.02,
including as a result of the commencement of any proceeding under the Bankruptcy Code; or

 

(c)          the
satisfaction, release, payment, restructuring, reorganization, replacement, reinstatement, defeasance or compromise of any of the
Obligations in any proceeding under the Bankruptcy Code, foreclosure (whether by power of judicial proceeding or otherwise) or
deed in lieu of foreclosure, or the making of a distribution of any kind in any proceeding under the Bankruptcy Code to the Administrative
Agent or the Lenders in full or partial satisfaction of the Obligations.

 

For purposes of the definition of the term
Prepayment Premium, if a Prepayment Premium Trigger Event occurs under clause (b) or (c), solely for the purposes of determining
the amount of any Prepayment Premium that is due, the entire outstanding principal amount of the Term Loan shall be deemed to have
been prepaid on the date on which such Prepayment Premium Trigger Event occurs.

 

“Pro Forma
Basis” means with respect to any determination of any test or covenant or calculation of any ratio hereunder, Consolidated
Adjusted EBITDA or Consolidated Total Assets (including, in each case, component definitions thereof) that all Pro Forma Transactions
(and the following transactions in connection therewith, to the extent set forth herein) 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, such that:

 

(a)          income
statement items (whether positive or negative) attributable to the property or Person subject to such Pro Forma Transaction, (i)
in the case of a Disposition of all or substantially all of the Capital Stock of any Subsidiary of any Borrower or any business
line, unit or division of any Borrower or any of its Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition
or Investment shall be included,

 

    36

     

    

 

(b)          any
Indebtedness incurred or repaid (other than normal fluctuations in revolving Indebtedness) by any Borrower or any of its Subsidiaries
in connection with a Pro Forma Transaction shall be given effect; provided that, (x) if such Indebtedness has a floating
or formula rate, such Indebtedness shall have an implied rate of interest for the applicable 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 obligations with respect
to Capitalized Leases shall be deemed to accrue at an interest rate reasonably determined by a Responsible Officer of Administrative
Borrower to be the rate of interest implicit in such obligation in accordance with GAAP 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, any other interbank offered rate
or other rate shall be determined to have been based upon the rate actually chosen, and

 

(c)          the
acquisition or Disposition of any assets included in calculating Consolidated Total Assets, whether pursuant to any Pro Forma Transaction
or any other material permitted transaction, shall be given effect in calculating Consolidated Total Assets;

 

provided that, the foregoing pro
forma adjustments described in clause (a) above may be applied to any such test or covenant solely to the extent that such
adjustments are consistent with the definition of “Consolidated Adjusted EBITDA” (including the caps set forth therein)
and give effect only to events (including cost savings, operating expense reductions, operating improvements and synergies) that
are reasonably identifiable, factually supportable and reasonably attributable to the actions specified.

 

“Pro Forma
Transaction” means (a) a Disposition of all or substantially all of the Capital Stock of any Subsidiary of any Borrower
or any business line, unit or division of any Borrower or any of its Subsidiaries, (b) a Permitted Acquisition or other material
permitted Investment or (c) any action taken or expected to be taken which results in cost savings, operating expense reductions,
operating improvements and/or synergies, in each case, in accordance with the requirements of clause (x) of the definition of “Consolidated
Adjusted EBITDA”.

 

“Projections”
means all financial estimates, forecasts, models, projections, other forward-looking information, and underlying assumptions relating
to any of the foregoing, concerning the Loan Parties and their respective Subsidiaries, that have been or are hereafter made available
to the Administrative Agent or a Lender by or on behalf of a Loan Party.

 

“PSC Register”
means “PSC register” within the meaning of section 790C(10) of the Companies Act 2006 of the Parliament of the United
Kingdom.

 

“PSC Registrable
Person” means a “registrable person” or “registrable relevant legal entity” within the meaning
of section 790C(4) and (8) of the Companies Act 2006 of the Parliament of the United Kingdom.

 

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

 

    37

     

    

 

“Qualified
Cash” means, as of any date of determination, the unrestricted cash (excluding any cash subject to reinvestment) and
Cash Equivalents of the Loan Parties which is subject to (x) an Account Control Agreement or, (y) if such cash or Cash Equivalents
are held outside the United States, a first priority, perfected Lien created or expressed to be created in favor of the Collateral
Agent pursuant to any Loan Document.

 

“Real Property”
means, with respect to any Person, all right, title and interest of such Person (including, without limitation, any leasehold estate)
in and to a parcel of real property owned, leased or operated by such Person together with, in each case, all improvements and
appurtenant fixtures, equipment, personal property, easements and other property and rights incidental to the ownership, lease
or operation thereof.

 

“Recipient”
means (a) the Administrative Agent, (b) the Collateral Agent, and (c) any Lender, as applicable.

 

“Refinancing
Indebtedness” means refinancings, renewals, or extensions of Indebtedness, so long as:

 

(a)          such
refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed,
or extended (other than by the amount of the fees and expenses incurred in connection therewith) unless otherwise permitted under
Section 9.01;

 

(b)          such
refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity (measured as of the refinancing,
renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, except to the extent the maturity date occurs at
least 91 days following the Maturity Date;

 

(c)          if
the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms
and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable
to the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness; and

 

(d)          the
Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations
other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended unless
otherwise permitted under Section 9.01.

 

“Register”
has the meaning given to such term in Section 12.06(b)(iv).

 

“Regulation
T” means Regulation T of the Board as from time to time in effect, and any successor to all or a portion thereof establishing
margin requirements.

 

“Regulation
U” means Regulation U of the Board as from time to time in effect, and any successor to all or a portion thereof establishing
margin requirements.

 

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“Regulation
X” means Regulation X of the Board as from time to time in effect, and any successor to all or a portion thereof establishing
margin requirements.

 

“Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the directors, officers, employees, agents, trustees,
advisors of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the
management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

 

“Release”
means any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
depositing, disposing, emanating or migrating of Hazardous Materials in the environment, and in any event includes any “release”
as such term is defined in CERCLA.

 

“Reportable
Event” means an event described in Section 4043(c) of ERISA with respect to a Plan as to which the PBGC has not waived
the requirement that the PBGC be notified of such event.

 

“Required
Lenders” means, at any time, Lenders holding more than 50% of the sum of (i) the aggregate outstanding principal amount
of the Loans and (ii) at any time prior to the termination of the Aggregate Revolving Loan Commitment, the undrawn Revolving Loan
Commitments at such time; provided that, if at any time there are fewer than three (3) Lenders (for this purpose, counting
all Lenders that are Affiliates or Approved Funds of one another as a single Lender), “Required Lenders” must include
at least two (2) Lenders (for this purpose, counting all Lenders that are Affiliates or Approved Funds of one another as a single
Lender). The aggregate outstanding principal amount of the Loans of any Defaulting Lenders and any undrawn Revolving Loan Commitments
of any Defaulting Lender shall, in each case, be disregarded in determining Required Lenders at any time.

 

“Required
Revolving Lenders” means, at any time, Lenders holding more than 50% of the sum of (i) aggregate outstanding principal
amount of the Revolving Loans and (ii) at any time prior to the termination of the Aggregate Revolving Loan Commitment, the undrawn
Revolving Loan Commitments at such time; provided that, if there are fewer than three (3) Revolving Lenders (for this purpose,
counting all Revolving Lenders that are Affiliates or Approved Funds of one another as a single Revolving Lender), “Required
Revolving Lenders” must include at least two (2) Revolving Lenders (for this purpose, counting all Revolving Lenders that
are Affiliates or Approved Funds of one another as a single Revolving Lender). The aggregate outstanding principal amount of any
Defaulting Lender and the undrawn Revolving Loan Commitments of any Defaulting Lender shall be disregarded in determining Required
Revolving Lenders at any time.

 

“Reservations”
means:

 

(a) the principle that
equitable remedies may be granted or refused at the discretion of the court, the limitation on enforcement by laws relating to
bankruptcy, insolvency, liquidation, reorganization, court schemes, moratoria, administration and other laws generally affecting
the rights of creditors and similar principles, rights, defenses and limitations under the laws of any applicable jurisdiction;

 

    39

     

    

 

(b) the time barring
of claims under any applicable limitation laws, the possibility that a court may strike out provisions of a contract as being invalid
for reasons of oppression, undue influence or similar reasons, the possibility that an undertaking to assume liability for or to
indemnify a person against non-payment of stamp duty may be void, defenses of set-off or counterclaim and similar principles, rights,
defenses and limitations under the laws of any applicable jurisdiction; and/or

 

(c) any other general
principles, reservations or qualifications, in each case as to matters of law, as set out in any legal opinion delivered to the
Collateral Agent or the Administrative Agent under any provision of or otherwise in connection with any Loan Document.

 

“Restricted
Payment” means, with respect to any Person, (a) the declaration or payment of any dividend on, or the making of any payment
or distribution on account of, or setting apart assets for a sinking or other analogous fund for the purchase, redemption, defeasance,
retirement or other acquisition of, any class of Capital Stock of such Person or any warrants or options to purchase any such Capital
Stock, whether now or hereafter outstanding, or the making of any other distribution in respect thereof, either directly or indirectly,
whether in cash or property, (b) any payment of a management fee or other fee of a similar nature by such Person to any holder
of its Capital Stock or any other Affiliate thereof, (c) the payment or prepayment of principal of, or premium or interest on,
any Indebtedness subordinate to the Obligations (including the Deferred Merger Payment), and (d) any payment in respect of any
Earn-Out Obligation; provided that, for the avoidance of doubt, “Restricted Payments” shall not include the payment
of any purchase price adjustments with respect to the Closing Date Acquisition.

 

“Revolving
Exposure” means, with respect to any Revolving Lender at any time, the outstanding principal amount of all Revolving
Loans made by such Revolving Lender.

 

“Revolving
Lender” means each Lender that has a Revolving Loan Commitment at any time.

 

“Revolving
Loan” means a revolving loan made to the Borrowers by the Revolving Lenders in accordance with Section 2.01(b)
and evidenced by a Revolving Note.

 

“Revolving
Loan Commitment” means the commitment of each Revolving Lender, if any, to make its portion of the Aggregate Revolving
Loan Commitment in an aggregate principal amount not to exceed such Revolving Lender’s Commitment of the Aggregate Revolving
Loan Commitment as set forth on Schedule 1.01(b). As of the Closing Date, the aggregate amount of the Lenders’ Revolving
Loan Commitments is $5,000,000.

 

“Revolving
Loan Maturity Date” means the earliest to occur of (i) the Maturity Date and (ii) the date on which the Revolving Loans
become due and payable in accordance with Section 10.02.

 

“Revolving
Note” has the meaning given to such term in Section 2.01(b)(v).

 

    40

     

    

 

“S&P”
means Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business.

 

“Sanctioned
Country” has the meaning given to such term in Section 7.32.

 

“Sanctioned
Person” has the meaning given to such term in Section 7.32.

 

“Sanctions”
has the meaning given to such term in Section 7.32.

 

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

 

“Secured Parties”
means, collectively, (a) the Lenders, (b) the Agents, (c) the beneficiaries of each indemnification obligation undertaken by any
Loan Party under the Loan Documents, (d) any successors, endorsees, transferees and assigns of each of the foregoing, and (e) any
other holder of any Secured Obligation (as defined in the Guaranty and Security Agreement).

 

“Security
Documents” means, collectively, each Guaranty and Security Agreement, the Limited Guaranty and Pledge Agreement, the
English Security Documents (and any accession deed in respect thereof), each Mortgage, each Landlord Agreement, each Account Control
Agreement, the Patent Security Agreements, the Trademark Security Agreements, the Copyright Security Agreements, the German Security
Documents and each other instrument or document executed and delivered pursuant to Sections 8.10, 8.11, 8.13,
8.14 or 8.15 or pursuant to any of the Security Documents to guarantee or secure any of the Obligations.

 

“Solvency
Certificate” means a solvency certificate duly executed by an Authorized Officer of Spark and delivered to the Administrative
Agent, substantially in the form of Exhibit H, or otherwise in form and substance satisfactory to the Administrative Agent.

 

“Solvent”
means, with respect to Spark and its Subsidiaries, at any date, that:

 

(a)          the
sum of the present debt and liabilities (including subordinated and contingent liabilities) of Spark and its Subsidiaries, on a
consolidated basis, does not exceed the fair value of the present assets of Spark and its subsidiaries, on a consolidated and going
concern basis;

 

(b)          the
present fair saleable value of the assets of Spark and its Subsidiaries, on a consolidated and going concern basis, is greater
than the total amount that will be required to generally pay the debt and liabilities (including subordinated and contingent liabilities)
of Spark and its Subsidiaries as they become absolute and matured;

 

(c)          the
capital of Spark and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business (taken
as a whole) as contemplated on the date hereof and as proposed to be conducted following the Closing Date; and

 

(d)          Spark
and its Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts
or other liabilities including current obligations, beyond their ability to generally pay such debts or other liabilities as they
become due (whether at maturity or otherwise).

 

    41

     

    

 

“Spark UK”
means Spark Networks Limited (a limited liability company incorporated in England and Wales with registered number 03628907).

 

“Specified
Acquisition Agreement Representations” means (1) such of the representations and warranties made by the Closing Date
Target in the Closing Date Acquisition Agreement as are material to the interests of the Lenders (after giving effect to materiality
qualifiers contained in the Closing Date Acquisition Agreement), but only to the extent that Spark (or Spark’s applicable
Affiliates) have the right (taking into account applicable cure provisions), pursuant to the Closing Date Acquisition Agreement,
to terminate (or right to cause the termination of) its obligations under the Closing Date Acquisition Agreement to consummate
the Closing Date Acquisition, or the right not to consummate the Closing Date Acquisition pursuant to the Closing Date Acquisition
Agreement, as a result of the inaccuracy of such representations and warranties or failure of a condition resulting from a breach
or inaccuracy of such representations and warranties, and (2) such of the representations and warranties made by Spark and its
Subsidiaries in the Closing Date Acquisition Agreement as are material to the interests of the Lenders (after giving effect to
materiality qualifiers contained in the Closing Date Acquisition Agreement), but only to the extent that the Closing Date Target
has (or its applicable Affiliate has) the right (taking into account applicable cure provisions), pursuant to the Closing Date
Acquisition Agreement, to terminate (or right to cause the termination of) its obligations under the Closing Date Acquisition Agreement
to consummate the Closing Date Acquisition, or the right not to consummate the Closing Date Acquisition pursuant to the Closing
Date Acquisition Agreement, as a result of the inaccuracy of such representations and warranties or failure of a condition resulting
from a breach or inaccuracy of such representations and warranties.

 

“Specified
Event of Default” means the occurrence of any Event of Default under Sections 10.01(a), (c) (solely with respect to Sections
8.01(a) through (d) (to the extent such financial reporting is required to determine whether a Financial Covenant Default exists))
and (k).

 

“Specified
Issuance” means the sale, issuance or exercise after the Closing Date by any Loan Party or any of its Subsidiaries of
any Capital Stock or any capital contribution by any Person to any such Loan Party or Subsidiary, other than an Equity Cure Investment.

 

“Specified
Representations” means the representations and warranties of the Loan Parties in Sections 7.01, 7.02, 7.03,
7.04(d), 7.06, 7.07, 7.17, 7.19, 7.31, 7.32, and 7.33.

 

“Subsidiary”
of any Person means and includes (a) any corporation more than fifty percent (50%) of whose Voting Stock having by the terms thereof
power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or
classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time
owned by such Person directly or indirectly through Subsidiaries, (b) any partnership, limited liability company, association,
joint venture or other entity in which such Person directly or indirectly through one or more Subsidiaries has more than fifty
percent (50%) of Capital Stock (measured by vote or value) at the time and (c) any subsidiary within the meaning of sections 271
paragraph 2, 290 HGB. Unless otherwise expressly provided, all references herein to a “Subsidiary” mean a direct or
indirect Subsidiary of Spark.

 

    42

     

    

 

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

 

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

 

“Term Lender”
means each Lender with a Term Loan Commitment or which holds a Term Loan.

 

“Term Loan”
has the meaning given to such term in Section 2.01(a).

 

“Term Loan
Commitment” means, in the case of each Lender as of the Closing Date, the amount set forth opposite such Lender’s
name on Schedule 1.01(a) as such Lender’s “Term Loan Commitment”, as the same may be changed from time
to time pursuant to the terms hereof.

 

“Term Loan
ECF Percentage” means seventy-five percent (75.0%); provided that such amount shall decrease to (x) fifty percent
(50.0%) if the First Lien Net Leverage Ratio calculated as of the last day of the applicable fiscal year is less than or equal
to 2.50:1.00 but greater than 2.00:1.00 and (y) twenty-five percent (25.0%) if the First Lien Net Leverage Ratio calculated as
of the last day of the applicable fiscal year is less than or equal to 2.00:1.00; provided further that during the existence
of a Specified Event of Default, the Term Loan ECF Percentage shall be seventy-five percent (75.0%).

 

“Term Loan
Note” has the meaning given to such term in Section 2.01(a)(iii).

 

“Term Loan
Repayment Amount” has the meaning given to such term in Section 2.03(a).

 

“Term Loan
Repayment Date” has the meaning given to such term in Section 2.03(a).

 

“Test Period”
means, for any determination under this Loan Agreement, the four consecutive fiscal quarters of the Consolidated Companies most
recently ended as of the date of such determination.

 

“Total Credit
Exposure” means, as of any date of determination, (a) with respect to each Lender, the outstanding principal amount of
such Lender’s Term Loans and Revolving Loans, and (b) with respect to all Lenders, the aggregate outstanding principal amount
of all Term Loans and Revolving Loans.

 

    43

     

    

 

“Total Term
Loan Commitment” means the sum of all Lenders’ Term Loan Commitments, which as of the Closing Date is as set forth
on Schedule 1.01(a). As of the Closing Date, the aggregate amount of the Lenders’ Total Term Loan Commitments is $120,000,000.

 

“Trademark
Security Agreements” means any trademark security agreement entered into on or after the Closing Date (as required by
this Loan Agreement or any other Loan Document).

 

“Trading with
the Enemy Act” has the meaning given to such term in Section 7.31.

 

“Transactions”
means (i) the consummation of the Closing Date Acquisition, (ii) the refinancing and payoff on the Closing Date of all Indebtedness
other than Indebtedness permitted under Section 9.01, (iii) the execution, delivery and performance by each Loan Party of the Loan
Documents to which it is a party, and (iv) the disbursement of the Term Loans hereunder on the Closing Date.

 

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

 

“U.S. Loan
Party” means any Loan Party incorporated or established under the laws of a state of the United States.

 

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

 

“U.S. Tax
Compliance Certificate” has the meaning given to such term in Section 4.04(f)(ii)(B)(y).

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“UK Loan Party”
means any Loan Party incorporated or established under the laws of England and Wales.

 

“Unasserted
Contingent Obligations” has the meaning given to such term in the Guaranty and Security Agreement.

 

“Unfunded
Current Liability” of any Plan means the amount, if any, by which the value of the accumulated plan benefits under the
Plan, determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed
by the PBGC for purposes of Section 4044 of ERISA, exceeds the fair market value of all plan assets allocable to such liabilities
under Title IV of ERISA (excluding any accrued but unpaid contributions).

 

“VAT”
means (i) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added
tax (EC Directive 2006/112); and (ii) any other tax of a similar nature, whether imposed in a member state of the European
Union (whether in substitution for, or levied in addition to, such tax referred to in paragraph (i) above) or elsewhere.

 

    44

     

    

 

“Voting Stock”
means, with respect to any Person, shares of such Person’s Capital Stock having the right to vote for the election of directors
(or Persons acting in a comparable capacity) of such Person under ordinary circumstances.

 

“VSOPs”
shall have the meaning given to such term in the definition of Permitted Cash VSOP Payments.

 

“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 Title IV of ERISA.

 

“Withholding
Agent” means any Loan Party and the Administrative Agent.

 

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

 

“Yield Maintenance
Amount” means, as to any prepayment of the Term Loans occurring on or prior to the first anniversary of the Closing Date,
an amount equal to (a) the present value (discounted at a rate equivalent to the U.S. 3 Month Treasury rate plus 0.50%)
of (i) the aggregate principal amount of the Term Loans then prepaid multiplied by (ii) the LIBOR Rate plus the Applicable
Margin, minus (b) the aggregate amount of any interest payments made on the Loans since the Closing Date.

 

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

 

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

 

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

 

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

 

(d)          The
terms “include”, “includes” and “including” are by way of example and not limitation, and shall
be deemed to be followed by the words “without limitation” whether or not they are in fact followed by such words.

 

    45

     

    

 

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

 

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

 

(g)          The
Table of Contents and Article, Section and clause headings herein and in the other Loan Documents are included for convenience
of reference only and shall not affect the interpretation of this Loan Agreement or any other Loan Document.

 

(h)          Any
reference to the English Security Documents or German Security Documents in this agreement or any Loan Document (including when
a term is used that includes, inter alia, the English Security Documents or the German Security Documents) shall be deemed to be
subject to the Reservations.

 

Section 1.03        Accounting
Terms and Principles. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this
Loan Agreement shall be prepared in conformity with, Applicable Accounting Standards, applied in a manner consistent with that
used in preparing the Historical Financial Statements, except as otherwise specifically prescribed herein. No change in the accounting
principles used in the preparation of any financial statement hereafter adopted by Spark or any of its Subsidiaries shall be given
effect for purposes of measuring compliance with any provision of Article IX, including Section 9.13, or otherwise
in this Loan Agreement unless Spark, the Administrative Agent and Required Lenders agree in writing to modify such provisions to
reflect such changes in Applicable Accounting Standards and, unless such provisions are modified, all financial statements, Compliance
Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the calculations
and amounts set forth therein before and after giving effect to such change in Applicable Accounting Standards. 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 in Article IX shall be made, without giving effect to any election under Accounting Standards
Codification 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or
other liabilities of any Loan Party or any Subsidiary of any Loan Party at “fair value”. A breach of a financial covenant
contained in Article IX shall be deemed to have occurred as of any date of determination by the Administrative Agent or
as of the last day of any specified measurement period, regardless of when the financial statements reflecting such breach are
delivered or required to be delivered to any Agent or any Lender. In addition, (i) any lease treated as an operating lease on the
date it is entered into shall continue to be treated as an operating lease during the term of this Loan Agreement notwithstanding
a change in the treatment thereof to a Capitalized Lease in accordance with any change in Applicable Accounting Standards, and
(ii) any real property or real estate lease shall be not be deemed to be a Capitalized Lease.

 

    46

     

    

 

Section 1.04         Rounding.
Any financial ratios required to be maintained or complied with by any Loan Party pursuant to this Loan Agreement (or required
to be satisfied in order for a specific action to be permitted under this Loan Agreement) shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

Section 1.05         References
to Agreements, Laws, etc. Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements
(including this Loan Agreement and each of the other Loan Documents) and other Contractual Obligations shall be deemed to include
all subsequent amendments, restatements, amendment and restatements, extensions, supplements and other modifications thereto, but
only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements and other modifications
are permitted by any Loan Document, and (b) references to any Law shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such Law.

 

Section 1.06         Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern Time (daylight saving
or standard, as then applicable).

 

Section 1.07         Timing
of Payment of Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is stated
to be due or performance required on a day which is not a Business Day, the date of such payment or performance shall extend to
the immediately succeeding Business Day.

 

Section 1.08         Corporate
Terminology. All references to officers, shareholders, stock, shares, directors, boards of directors, corporate authority,
articles of incorporation, bylaws or other matters relating to a corporation, herein or in any other Loan Document, with respect
to a Person that is not a corporation, mean and are references to the comparable terms used with respect to such Person.

 

Section 1.09         Independence
of Provisions. This Loan Agreement and the other Loan Documents may use different limitations, tests, “baskets”,
thresholds or other measurements to regulate the same or similar matters. All such limitations, tests, “baskets”, thresholds
and other measurements are cumulative, and each must be performed or complied with independently of all others; provided that,
for purposes of determining compliance with any Section of Article IX at any time, in the event that any Indebtedness,
Lien, Disposition, Investment, Restricted Payment, payment of Indebtedness, or transaction with Affiliates meets the criteria of
one or more than one of the categories of transactions permitted pursuant to any clause of such Sections, the Administrative Borrower,
in its sole discretion, from time to time, may 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 1.10         Currency
Translation; Rates. Unless expressly provided otherwise, all references in the Loan Documents to Loans, Obligations, Commitments
and other amounts shall be denominated in Dollars and all payments of Obligations shall be made in Dollars. For purposes of any
determination (other than under Section 8.10 with regard to the Guarantor Coverage Test and Section 9.13) all amounts incurred,
outstanding or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the
Exchange Rate (rounded to the nearest currency unit, with 0.5 or more of a currency unit being rounded upward). For purposes of
Section 8.10 with regard to the Guarantor Coverage Test and Section 9.13, amounts in currencies other than Dollars shall be
translated into Dollars at the currency exchange rates used in preparing the most recently delivered financial statements pursuant
to Section 8.01(a), (b) or (c) (as applicable).

 

    47

     

    

 

Section 1.11         Language.
For the avoidance of doubt, the English language version of this Loan Agreement shall prevail over any translation of this Agreement.
However, where a German translation of a word or phrase appears in the text of this Loan Agreement, the German translation of such
word or phrase shall prevail.

 

ARTICLE II

AMOUNT AND TERMS OF CREDIT FACILITIES

 

Section 2.01         Loans.

 

(a)          Term
Loans.

 

(i)          Subject
to and upon the terms and conditions set forth herein, each Lender agrees, severally and not jointly, to make a loan or loans (each,
a “Term Loan”) to the Borrowers on the Closing Date in an amount equal to such Lender’s Term Loan Commitment.
All such Term Loans in the aggregate shall not exceed the Total Term Loan Commitment. Such Term Loans may be repaid or prepaid
in accordance with the terms and conditions hereof, but once repaid or prepaid may not be re-borrowed.

 

(ii)         Each
Lender may, at its option, make any Term Loan in its entirety by causing any domestic or foreign branch or Affiliate of such Lender
to make such Term Loan; provided, that (i) any exercise of such option shall not affect the obligation of the Borrowers
to repay such Term Loan in accordance with the terms hereof and (ii) in exercising such option, such Lender shall bear any increased
costs to the Borrowers resulting therefrom.

 

(iii)        To
the extent requested by a Lender, the Borrowers shall execute and deliver (x) to the extent requested by such Lender prior to the
Closing Date, on the Closing Date and (y) to the extent requested by such Lender after the Closing Date, promptly (and in any case,
within five (5) Business Days of such request, one or more notes payable to such Lender which in the aggregate equal the amount
of such Lender’s Term Loan Commitment made payable to such Lender in substantially the form of Exhibit A-1 (each,
a “Term Loan Note”)).

 

(b)          Revolving
Loans.

 

(i)          Subject
to and upon the terms and conditions set forth in Section 6.01, and in reliance upon the representations and warranties set forth
herein, each Revolving Lender with a Revolving Loan Commitment agrees, severally and not jointly, to make available to the Borrowers
Revolving Loans from time to time during the Availability Period in an aggregate principal amount at any time that will not result
in (A) such Revolving Lender’s Revolving Exposure exceeding such Revolving Lender’s Commitment Percentage of the Aggregate
Revolving Loan Commitment or (B) the total Revolving Exposures of all Revolving Lenders exceeding the Aggregate Revolving Loan
Commitment. Within the foregoing limits, amounts borrowed under this Section 2.01(b) may be borrowed, repaid and re-borrowed,
subject to the terms and conditions set forth herein.

 

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(ii)         Borrowing
Notices for Revolving Loans. To request a Revolving Loan, Administrative Borrower shall deliver a Borrowing Notice to Administrative
Agent and each Revolving Lender no later than 3:00 p.m. five (5) Business Days (or such shorter period agreed by the Administrative
Agent) prior to the proposed Funding Date (with funding to occur on the sixth Business Day (or the Business Day following any agreed
shorter period) following the date of the applicable Borrowing Notice), provided that no greater than three (3) fundings
of Revolving Loans may be requested in each calendar month, provided further that one (1) Revolving Loan funding each month
may be requested no later than 3:00 p.m. three (3) Business Days prior to the proposed Funding Date. Each Borrowing Notice shall
specify (w) the proposed Funding Date, (x) the aggregate principal amount of the proposed Revolving Loan, which amount shall be
in a minimum principal amount of $500,000 and in additional increments of $500,000 in excess thereof (y) whether the requested
Revolving Loan shall be funded as a Base Rate Loan or a LIBOR Rate Loan and (z) the account of the Borrowers to which such Revolving
Loan shall be made, including any and all appropriate account information. If the Borrowing Notice shall fail to designate whether
the requested Revolving Loan shall be funded as a Base Rate Loan or a LIBOR Rate Loan, then the requested Revolving Loan shall
be funded as a Base Rate Loan.

 

(iii)        Funding
of Revolving Loans. On the Funding Date, the Administrative Borrower shall have executed and delivered to Administrative Agent
a Borrowing Notice with respect to the proposed Revolving Loan referred to in such Borrowing Notice and a Compliance Certificate
as of the Funding Date. Upon receipt of such Borrowing Notice and Compliance Certificate and subject to the satisfaction of each
of the conditions set forth in Section 6.01, the Administrative Agent shall promptly notify each Revolving Lender of its
pro rata portion of the requested Revolving Loan. Each Revolving Lender shall make an advance on the proposed Funding Date,
no later than 1:00 p.m., by wire transfer of immediately available funds to the account designated by the Administrative Agent
to the Revolving Lenders from time to time in an amount equal to such Revolving Lender’s Commitment Percentage of the aggregate
principal amount of the requested Revolving Loan. Following receipt of all requested funds, the Administrative Agent will make
available to the Borrowers in immediately available funds, in Dollars, the aggregate of the amounts so made available, by remitting
such aggregate amount to an account designated by the Administrative Borrower to the Administrative Agent in the applicable Borrowing
Notice.

 

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(iv)        Repayments
of the Revolving Loans. Upon not less than one (1) Business Days’ prior written notice to Administrative Agent and the
Revolving Lenders, which notice shall be irrevocable and shall be delivered no later than 3:00 p.m., the Borrowers shall have the
right to repay the outstanding principal balance of the Revolving Loans in whole or in part (in a minimum principal amount of $300,000
and integral multiples of $300,000 in excess thereof), together with accrued but unpaid interest thereon and all fees and other
amounts then owing under the Loan Documents, all without premium or penalty. In addition, the Borrowers shall repay in full to
the Revolving Lenders the aggregate outstanding principal balance of the Revolving Loans on the Revolving Loan Maturity Date.

 

(v)         Revolving
Notes. To the extent requested by a Revolving Lender, the Borrowers shall execute and deliver (x) to the extent requested by
such Lender prior to the Closing Date, on the Closing Date and (y) to the extent requested by such Lender after the Closing Date,
promptly (and in any case, within five (5) Business Days of such request), one or more notes payable to such Revolving Lender which
in the aggregate equal the amount of such Revolving Lender’s Commitment Percentage of the Aggregate Revolving Loan Commitment
made payable to such Revolving Lender in substantially the form of Exhibit A-2 (each, a “Revolving Note”).

 

(vi)        Revolving
Loan Maturity Date. On the Revolving Loan Maturity Date all Revolving Loan Commitments shall automatically and permanently
terminate. On the Revolving Loan Maturity Date, to the extent there are outstanding Revolving Loans the Borrowers shall immediately
pay to the Administrative Agent such outstanding amount for distribution to the Revolving Lenders on a pro rata basis (as
calculated based upon the outstanding principal balances of the Revolving Notes as of the date of such payment).

 

Section 2.02         Disbursement
of Funds.

 

(a)          The
Administrative Agent shall have received a Borrowing Notice from an Authorized Officer of the Administrative Borrower, by 3:00
p.m. at least three (3) Business Days (or such shorter period, as the Administrative Agent may agree) in advance of the Closing
Date. The Borrowing Notice shall specify (w) the Closing Date, which shall be a Business Day, (x) the aggregate principal amount
of the Term Loan, (y) whether the requested Term Loan shall be funded as a Base Rate Loan or a LIBOR Rate Loan and (z) the account
of the Borrowers to which such Loan shall be made, including any and all appropriate account information. If the Borrowing Notice
shall fail to designate whether the requested Loan shall be funded as a Base Rate Loan or a LIBOR Rate Loan, then the requested
Loan shall be funded as a Base Rate Loan.

 

(b)          Upon
receipt of such Borrowing Notice, the Administrative Agent shall promptly notify each Lender of its pro rata portion of
the Term Loan to be made on the Closing Date. Each Lender will make available its pro rata portion of the applicable Term
Loans to be made by it in the manner provided below by no later than 1:00 p.m. on the Closing Date. Following the Closing Date,
each Revolving Lender will make available its pro rata portion of each Revolving Loan in accordance with Section 2.01(b).

 

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(c)          Each
Lender shall make available to the Administrative Agent in immediately available funds, in Dollars, all amounts such Lender is
required to fund to the Borrowers, and, following receipt of all requested funds in an account designated by the Administrative
Agent, the Administrative Agent will make available to the Borrowers in immediately available funds, in Dollars, the aggregate
of the amounts so made available, by remitting such aggregate amount to an account designated by the Administrative Borrower to
Administrative Agent in writing. The failure of any Lender to make available the amounts it is required to fund hereunder or to
make a payment required to be made by it under any Loan Document shall not relieve any other Lender of its obligations under any
Loan Document, but no Lender shall be responsible for the failure of any other Lender to make any payment required to be made by
such other Lender under any Loan Document.

 

(d)          Nothing
in this Section 2.02 shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to
prejudice any rights that the Borrowers may have against any Lender as a result of any default by such Lender hereunder (it being
understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

 

Section 2.03         Payment
of Loans; Notes.

 

(a)          The
Borrowers agree to pay to the Administrative Agent, for the benefit of the Lenders, on the last Business Day of each March, June,
September, and December of each year, beginning on September 30, 2019 (each, a “Term Loan Repayment Date”),
the principal of the Term Loan in the amount of $3,000,000 (as such amount may be reduced by the application of prepayments as
set forth in this Credit Agreement) (each a “Term Loan Repayment Amount”).

 

(b)          The
Borrowers agree to pay to the Administrative Agent, for the benefit of the Lenders, on the Maturity Date, the principal amount
of the Loans then outstanding, together with all accrued interest thereon, and all fees, expenses payable under the terms of the
Loan Documents and other Obligations accrued in respect thereof.

 

(c)          Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrowers
to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time
to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time
under this Loan Agreement.

 

(d)          [Reserved].

 

(e)          [Reserved].

 

(f)          The
Borrowers hereby irrevocably authorize each Lender to make (or cause to be made) appropriate notations on the grid attached to
such Lender’s Note(s) (or on any continuation of such grid), which notations, if made, shall be delivered to or otherwise
available to the Borrowers and shall be prima facie evidence (absent manifest error) of, among other things, the date of, the outstanding
principal amount of, and the interest rate and Interest Period applicable to, the Loans evidenced thereby. Such notations shall,
to the extent not inconsistent with notations made by Administrative Agent in the Register, be conclusive and binding on each Loan
Party absent manifest error; provided, that the failure of any Lender to make any such notations shall not limit or otherwise affect
any Obligations of any Loan Party. The Administrative Agent shall maintain the Register pursuant to Section 12.06(b)(iv).

 

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(g)          The
entries made in the Register and accounts maintained pursuant to Section 2.03(c) and (f) shall, to the extent permitted
by Applicable Law, be prima facie evidence (absent manifest error) of the existence and amounts of the obligations of the Borrowers
recorded therein; provided, that the failure of any Lender or Administrative Agent to maintain such account or such Register, as
applicable, or any error therein, shall not in any manner affect the obligation of the Borrowers to repay (with applicable interest)
the Loans made to the Borrowers by such Lender in accordance with the terms of this Loan Agreement. For avoidance of doubt, in
the event of any inconsistency between the Register and any Lender’s records under Section 2.03(c) and (f),
the recordations in the Register shall govern.

 

Section 2.04         Pro
Rata Borrowings. The Term Loans under this Loan Agreement shall be made by the Lenders pro rata on the basis
of their Term Loan Commitments. Each borrowing of Revolving Loans under this Loan Agreement shall be made by the Revolving Lenders,
pro rata, on the basis of their Revolving Loan Commitments. No Lender shall be responsible for any default by any other
Lender in its obligation to make Loans hereunder, and each Lender shall be obligated to make the Loans, as applicable, provided
to be made by it hereunder regardless of the failure of any other Lender to fulfill its commitments hereunder.

 

Section 2.05         Interest.

 

(a)          Subject
to Section 2.05(c) and Section 2.05(f), interest shall accrue on the unpaid principal amount of each Loan from the
date of the making thereof to but excluding the date of any repayment in full thereof, at a rate per annum equal to the LIBOR Rate
or the Base Rate, as the case may be, plus the Applicable Margin.

 

(b)          On
each Interest Payment Date, interest accrued on each Loan shall be payable in cash in arrears.

 

(c)          From
and after the occurrence and during the continuance of any Event of Default, the Borrowers shall pay interest on the principal
amount of all outstanding Loans and other unpaid Obligations, to the extent permitted by Applicable Law, at the rate applicable
to such Loans pursuant to Section 2.05(a) plus two percent (2.0%) per annum (and, in the case of Obligations other than
Loans, at a rate of interest equal to the Base Rate plus the Applicable Margin plus two percent (2.0%) per annum). All such additional
interest shall be payable in cash on demand, and such increase shall apply (x) in the case of an Event of Default under Section
10.01(a) or (k), automatically upon the date of occurrence of such Event of Default, and (y) in the case of any other
Event of Default, upon the written election of the Required Lenders, retroactively from the first date of occurrence of such Event
of Default.

 

(d)          All
computations of interest hereunder shall be made in accordance with Section 4.06.

 

(e)          The
Administrative Agent’s determination of the interest rate applicable to any Loan shall be final and conclusive and binding
on all parties hereto absent manifest error.

 

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(f)          In
no event shall the interest rate or rates payable under this Loan Agreement, plus any other amounts paid in connection herewith,
exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem
applicable. Each of the Loan Parties, the Administrative Agent and the Lenders, in executing and delivering this Loan Agreement,
intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however,
that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds
the maximum allowable under applicable law, then, ipso facto, as of the date of this Loan Agreement, the Borrowers are and
shall be liable only for the payment of such maximum as allowed by applicable law, and payment received from the Borrowers in excess
of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Loans and Obligations to the
extent of such excess.

 

Section 2.06         Increased
Costs, Illegality, etc.

 

(a)          In
the event that (x) in the case of clause (i) below, the Administrative Agent or (y) in the case of clauses (ii) and
(iii) below, any Lender, in each case, shall have determined in good faith (which good faith determination shall, absent
demonstrable error, be final and conclusive and binding upon all parties hereto):

 

(i)          on
any date for determining the LIBOR Rate for any Interest Period that (A) deposits in the principal amounts of the Loans are not
generally available in the relevant market or (B) by reason of any changes arising after the Closing Date affecting the interbank
Eurodollar market, adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided for
in the definition of LIBOR Rate; or

 

(ii)         at
any time, after the later of the Closing Date and the date such Person became a Lender hereunder, that such Lender shall incur
increased costs or reductions in the amounts received or receivable hereunder with respect to any Loan, including costs arising
from Taxes (other than (x) Indemnified Taxes, (y) Taxes described in clauses (b) through (d) of the definition of
Excluded Taxes and (z) Connection Income Taxes) because of (A) any change since the date hereof in any Applicable Law (or in the
interpretation or administration thereof and including the introduction of any new Applicable Law), such as, for example, without
limitation, a change in official reserve requirements, and/or (B) other circumstances affecting the interbank Eurodollar market
or the position of such Lender in such market; or

 

(iii)        at
any time, that the making or continuance of any Loan has become unlawful (including as a result of any Change in Law) by compliance
by such Lender in good faith with any Applicable Law (or would conflict with any such Applicable Law), or has become impracticable
as a result of a contingency occurring after the date hereof that materially and adversely affects the interbank Eurodollar market,

 

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then, and in any such event, such Lender
(or the Administrative Agent, in the case of clause (i) above) shall promptly give written notice to the Administrative
Borrower and the Administrative Agent of such determination, the Administrative Agent shall promptly notify each of the Lenders.
Thereafter (A) in the case of clause (i) above, Loans shall no longer accrue interest with reference to the LIBOR Rate pursuant
to Section 2.05(a) and, in lieu thereof, shall accrue interest under Section 2.05(a) at a rate per annum equal to
the Base Rate plus the Applicable Margin until such time as the Administrative Agent notifies the Administrative Borrower,
the Collateral Agent and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist
(which notice the Administrative Agent agrees to give at such time when it becomes aware that such circumstances no longer exist),
(B) in the case of clause (ii) above, the Borrowers shall pay to such Lender, within five (5) Business Days after receipt
of written demand therefor, such additional amounts (in the form of an increased rate of, or a different method of calculating,
interest or otherwise as such Lender in its reasonable discretion shall determine) as shall be required to compensate such Lender
for such increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional
amounts owed to such Lender, showing in reasonable detail the basis for the calculation thereof, submitted to the Administrative
Borrower by such Lender shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto)
and (C) in the case of clause (iii) above, the Borrowers shall take the actions specified by Applicable Law as promptly
as possible and, in any event, within the time period required by Applicable Law.

 

(b)          If,
after the later of the date hereof and the date such entity becomes a Lender hereunder, the adoption of any Law, rule, guideline,
request or directive (including, regardless of the date enacted, adopted or issued, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act, and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III), whether or not having the force of law, regarding capital adequacy, or any Change in Law occurs, or compliance by a Lender
(or its lending office) or its parent with any request or directive made or adopted after such date regarding capital adequacy
(whether or not having the force of law) of any such authority, association, central bank or comparable agency, in any such case,
which has the effect of reducing the rate of return on such Lender’s or its parent’s capital or assets as a consequence
of such Lender’s commitments or obligations hereunder to a level below that which such Lender or its parent could have achieved
but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s or its parent’s
policies with respect to capital adequacy), then within five (5) Business Days after receipt of written demand by such Lender (with
a copy to the Administrative Agent), the Borrowers shall pay to such Lender or its parent such additional amount or amounts as
will compensate such Lender for such reduction; provided, however, that a Lender shall not be entitled to such compensation as
a result of such Lender’s compliance with, or pursuant to any request or directive to comply with, any such Applicable Law
as in effect on the date hereof or the later date on which it becomes a Lender, as the case may be. Each Lender (on its own behalf),
upon determining in good faith that any additional amounts will be payable pursuant to this Section 2.06(b), will, as promptly
as practicable upon ascertaining knowledge thereof, give written notice thereof to the Administrative Borrower, which notice shall
set forth in reasonable detail the basis of the calculation of such additional amounts. The failure or delay to give any such notice
with respect to a particular event shall not release or diminish any of the Borrowers’ obligations to pay additional amounts
pursuant to this Section 2.06(b) for amounts accrued or incurred prior to the date that such notice with respect to such
event is actually given, unless such notice is given more than 180 days (or such longer period based on any retroactive effect
as described in Section 2.06(a)) after Lender has knowledge of any such event.

 

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(c)          If
at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that either (i)
the circumstances set forth in subparagraph (a) of this Section 2.06 have arisen and such circumstances are unlikely
to be temporary or (ii) the circumstances set forth in subparagraph (a) of this Section 2.06 have not arisen but
the supervisor for the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Administrative
Agent has made a public statement identifying a specific date after which the LIBOR Rate shall no longer be used for determining
interest rates for loans (in the case of either such clause (i) or (ii), an “Alternative Interest Rate Election Event”),
the Administrative Agent and the Administrative Borrower shall endeavor to establish an alternate rate of interest to the LIBOR
Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for leveraged syndicated
loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of
interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section
12.01, such amendment shall become effective without any further action or consent of any other party to this Agreement so
long as the Administrative Agent shall not have received, within five (5) Business Days after the date notice of such alternate
rate of interest is provided to the Lenders, a written notice from Required Lenders stating that they object to such amendment.
To the extent an alternate rate of interest is adopted as contemplated hereby, the approved rate shall be applied in a manner consistent
with prevailing market convention; provided that, to the extent such prevailing market convention is not administratively
feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the
Administrative Agent and the Administrative Borrower. From such time as an Alternative Interest Rate Election Event has occurred
and continuing until an alternate rate of interest has been determined in accordance with the terms and conditions of this paragraph,
if any Borrowing Notice requests a LIBOR Rate Loan, such borrowing shall be made as a Base Rate Loan; provided that, to
the extent such Alternative Interest Rate Election Event is as a result of clause (ii) above in this subparagraph (c),
then clauses (x) and (y) of this sentence shall apply during such period only if the LIBOR Rate for such Interest
Period or currency is not available or published at such time on a current basis. Notwithstanding anything herein to the contrary,
if such alternate rate of interest as determined in this subparagraph (c) is determined to be less than one percent, such
rate shall be deemed to be one percent for the purposes of this Agreement.

 

Section 2.07         Compensation.
If (a) any payment of principal of a Loan is made by the Borrowers to or for the account of a Lender other than on the last day
of the Interest Period for such Loan as a result of a payment pursuant to Sections 2.03, 4.01 or 4.02, as
a result of acceleration of the maturity of the Loans pursuant to Article X or for any other reason, or (b) any prepayment
of principal of a Loan is not made as a result of a withdrawn notice of prepayment pursuant to Sections 4.01 or 4.02,
the Borrowers shall within five (5) Business Days after receipt by Administrative Borrower of a written request by such Lender
(with a copy of such request provided to the Administrative Agent and which request shall set forth in reasonable detail the basis
for requesting such amount), pay to the Administrative Agent for the account of such Lender any amounts required to compensate
such Lender for any additional losses, costs or expenses that such Lender may reasonably incur as a result of such payment or failure
to prepay, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred by reason of the liquidation
or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Loan.

 

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Section 2.08         Change
of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Sections 2.06(a)(ii),
2.06(a)(iii), or 4.04 with respect to such Lender, it will, if requested by the Administrative Borrower use reasonable
efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by
such event if, in the judgment of such Lender, such designation will eliminate or reduce amounts payable pursuant to Sections
2.06(a)(ii), 2.06(a)(iii) or 4.04, as the case may be, in the future; provided, that such designation is made
on such terms that such Lender and its lending office suffer no economic, legal or regulatory disadvantage or unreimbursed costs,
with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this Section
2.08 shall affect or postpone any of the obligations of the Borrowers or the right of any Lender provided in Sections 2.06
or 4.04.

 

Section 2.09         Conversion
and Continuation Elections.

 

(a)          The
Borrowers shall have the option to (i) request that any Loan be funded as a LIBOR Rate Loan or a Base Rate Loan, (ii) convert at
any time all or any part of any outstanding Loans from a Base Rate Loan to a LIBOR Rate Loan, (iii) convert any LIBOR Rate Loan
to a Base Rate Loan, subject to Sections 12.26(d) and (e) if such conversion is made prior to the expiration of the Interest
Period applicable thereto, or (iv) continue all or any portion of any Loan as a LIBOR Rate Loan or Base Rate Loan, as applicable,
upon the expiration of the applicable Interest Period. Any such election must be made by the Administrative Borrower by (A) 12:00
p.m. on the Business Day prior to (1) the date of any proposed funding of a Base Rate Loan, (2) the end of each Interest Period
with respect to any Base Rate Loan to be continued as such, or (3) the date on which the Borrowers wish to convert any LIBOR Rate
Loan to a Base Rate Loan, and (B) 12:00 p.m. on the third Business Day prior to (1) the date of any proposed funding of a LIBOR
Rate Loan, (2) the end of each Interest Period with respect to any LIBOR Rate Loan to be continued as such, or (3) the date on
which the Borrowers wish to convert any Base Rate Loan to a LIBOR Rate Loan for an Interest Period designated by the Administrative
Borrower in such election. If no election is received with respect to any Loan by the time specified in the preceding sentence,
(x) any Base Rate Loan shall be continued as such the end of its Interest Period and (y) any LIBOR Rate Loan shall be continued
as such the end of its Interest Period. The Administrative Borrower must make such election by notice to Administrative Agent in
writing, including by electronic transmission. In the case of any conversion or continuation, such election must be made pursuant
to a written notice (a “Notice of Conversion/Continuation”) substantially in the form of Exhibit G
or in a writing in any other form acceptable to Administrative Agent. Notwithstanding anything to the contrary, no Loan shall be
made, converted into or continued as a LIBOR Rate Loan if an Event of Default has occurred and is continuing and the Administrative
Agent or Required Lenders have determined not to make or continue any Loan as LIBOR Rate Loan as a result thereof.

 

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(b)          Upon
receipt of a Notice of Conversion/Continuation, Administrative Agent will promptly notify each Lender thereof. In addition, Administrative
Agent will, with reasonable promptness, notify the Administrative Borrower and the Lenders of each determination of the LIBOR Rate;
provided that any failure to do so shall not relieve the Borrowers of any liability hereunder or provide the basis for any
claim against Administrative Agent. All conversions and continuations shall be made pro rata according to the respective outstanding
principal amounts of the Loans held by each Lender with respect to which the notice was given.

 

(c)          Notwithstanding
any other provision contained in this Loan Agreement, at all times, all outstanding Loans shall be either Base Rate Loans or LIBOR
Rate Loans (and (i) no Base Rate Loans shall be permitted if any other Loans are LIBOR Rate Loans, and (ii) no LIBOR Rate Loans
shall be permitted if any other Loans are Base Rate Loans).

 

Section 2.10         Defaulting
Lenders.

 

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

 

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

 

(ii)         Defaulting
Lender Waterfall. 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 Article X or otherwise) or received
by Administrative Agent from a Defaulting Lender pursuant to any setoff by the Defaulting Lender shall be applied at such time
or times as may be determined by the Administrative Agent as follows:

 

(A)         first,
to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder;

 

(B)         second,
as the Administrative Borrower may request (so long as no Default or Event of Default exists), to the funding of any Revolving
Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Loan Agreement, as determined
by the Administrative Agent;

 

(C)         third,
if so determined by the Administrative Agent and the Administrative Borrower, to be held in a deposit account and released in order
to satisfy such Defaulting Lender’s potential future funding obligations with respect to Revolving Loans under this Loan
Agreement;

 

(D)         fourth,
to the payment of any amounts owing to the 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 Loan
Agreement;

 

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(E)         fifth,
so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment
of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Loan Agreement; and

 

(F)         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 Revolving Loans in respect of which such Defaulting Lender has not fully
funded its appropriate share, and (y) such Revolving Loans were made at a time when the conditions set forth in Article V
and Article VI were satisfied or waived, such payment shall be applied solely to pay the Revolving Loans of all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Revolving Loans of such Defaulting Lender until such time
as all Revolving Loans are held by the Revolving Lenders pro rata in accordance with the applicable Commitments. 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 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        In
the event that any Defaulting Lender shall exercise any right of setoff to the extent permitted under the Loan Documents, (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 2.10(a)(ii) and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly
to Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which
it exercised such right of setoff.

 

(iv)        Certain
Fees. No Defaulting Lender shall be entitled to receive, and the Borrowers shall not be required to pay, a commitment fee under
Section 3.01(b) for any period during which that Lender is a Revolving Lender and is a Defaulting Lender.

 

(b)          Defaulting
Lender Cure. If the Administrative Borrower and Administrative Agent agree in writing that a Lender is no longer a Defaulting
Lender, Administrative Agent will so notify the parties hereto, and if the Defaulting Lender is a Revolving Lender, as of the effective
date specified in such notice and subject to any conditions set forth therein, that Revolving Lender will, to the extent applicable,
purchase at par that portion of outstanding Revolving Loans of the other Revolving Lenders or take such other actions as the Administrative
Agent may determine to be necessary to cause the Revolving Loans to be held pro rata by the Revolving Lenders in accordance with
the Commitments under the Revolving Loan, whereupon such Revolving Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while
that Revolving Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

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Section 2.11         Joint
Borrower Provisions; Administrative Borrower. 

 

(a)          Each
Borrower is accepting joint and several liability hereunder and under the other Loan Documents in consideration of the financial
accommodations to be provided by Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each Borrower
and in consideration of the undertakings of the other Borrowers to accept joint and several liability for the Obligations.

 

(b)          Each
Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor,
joint and several liability with the other Borrowers, with respect to the payment and performance of all of the Obligations (including
any Obligations arising under this Section 2.11), it being the intention of the parties hereto that all the Obligations shall be
the joint and several obligations of each Borrower without preferences or distinction among them. The Administrative Borrower is
entitled to determine which co-Borrower shall make payments to the Lenders. Any payment made by such co-Borrower under this Agreement
shall be considered a payment on account of the Borrowers for all purposes under this Agreement.

 

(c)          If
and to the extent that any Borrower shall fail to make any payment with respect to any of the Obligations as and when due or to
perform any of the Obligations in accordance with the terms thereof, then in each such event the other Borrowers will make such
payment with respect to, or perform, such Obligation until such time as all of the Obligations are paid in full.

 

(d)          The
Obligations of each Borrower under the provisions of this Section 2.11 constitute the absolute and unconditional, full recourse
Obligations of each Borrower enforceable against each Borrower to the full extent of its properties and assets, irrespective of
the validity, regularity or enforceability of the provisions of this Agreement (other than this Section 2.11(d)) or any other circumstances
whatsoever.

 

(e)          Except
as otherwise expressly provided in this Agreement, each Borrower hereby waives notice of acceptance of its joint and several liability,
notice of any Loans issued under or pursuant to this Agreement, notice of the occurrence of any Default, Event of Default, or of
any demand for any payment under this Agreement, notice of any action at any time taken or omitted by Administrative Agent, Collateral
Agent or Lenders under or in respect of any of the Obligations, any requirement of diligence or to mitigate damages and, generally,
to the extent permitted by applicable Law, all demands, notices and other formalities of every kind in connection with this Agreement
(except as otherwise provided in this Agreement). Each Borrower hereby assents to, and waives notice of, any extension or postponement
of the time for the payment of any of the Obligations, the acceptance of any payment of any of the Obligations, the acceptance
of any partial payment thereon, any waiver, consent or other action or acquiescence by Administrative Agent, Collateral Agent or
Lenders at any time or times in respect of any default by any Borrower in the performance or satisfaction of any term, covenant,
condition or provision of this Agreement, any and all other indulgences whatsoever by Administrative Agent, Collateral Agent or
Lenders in respect of any of the Obligations, and the taking, addition, substitution or release, in whole or in part, at any time
or times, of any security for any of the Obligations or the addition, substitution or release, in whole or in part, of any Borrower.
Without limiting the generality of the foregoing, each Borrower assents to any other action or delay in acting or failure to act
on the part of any of Administrative Agent, Collateral Agent or Lenders with respect to the failure by any Borrower to comply with
any of its respective Obligations, including, without limitation, any failure strictly or diligently to assert any right or to
pursue any remedy or to comply fully with applicable Laws or regulations thereunder, which might, but for the provisions of this
Section 2.11 afford grounds for terminating, discharging or relieving any Borrower, in whole or in part, from any of its Obligations
under this Section 2.11, it being the intention of each Borrower that, so long as any of the Obligations hereunder remain unsatisfied,
the Obligations of each Borrower under this Section 2.11 shall not be discharged except by performance and then only to the extent
of such performance. The Obligations of each Borrower under this Section 2.11 shall not be diminished or rendered unenforceable
by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any other Borrower
or Administrative Agent, Collateral Agent or any Lender.

 

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(f)          Each
Borrower represents and warrants to Administrative Agent, Collateral Agent and Lenders that such Borrower is currently informed
of the financial condition of Borrowers and of all other circumstances which a diligent inquiry would reveal and which bear upon
the risk of nonpayment of the Obligations. Each Borrower further represents and warrants to Administrative Agent, Collateral Agent
and Lenders that such Borrower has read and understands the terms and conditions of the Loan Documents. Each Borrower hereby covenants
that such Borrower will continue to keep informed of Borrowers’ financial condition and of all other circumstances which
bear upon the risk of nonpayment or nonperformance of the Obligations.

 

(g)          The
provisions of this Section 2.11 are made for the benefit of Administrative Agent, the Collateral Agent, each Lender and their respective
successors and assigns, and may be enforced by it or them from time to time against any or all Borrowers as often as occasion therefor
may arise and without requirement on the part of Administrative Agent, Collateral Agent, any Lender or any of their successors
or assigns first to marshal any of its or their claims or to exercise any of its or their rights against any Borrower or to exhaust
any remedies available to it or them against any Borrower or to resort to any other source or means of obtaining payment of any
of the Obligations hereunder or to elect any other remedy. The provisions of this Section 2.11 shall remain in effect until all
of the Obligations (other than Obligations which expressly survive the termination date for which no claim has been made) shall
have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of
the Obligations, is rescinded or must otherwise be restored or returned by Administrative Agent, Collateral Agent or any Lender
upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this Section 2.11 will forthwith
be reinstated in effect, as though such payment had not been made.

 

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(h)          Each
Borrower hereby agrees that it will not enforce any of its rights of contribution or subrogation against any other Borrower with
respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to Administrative
Agent, Collateral Agent or Lenders with respect to any of the Obligations or any collateral security therefor until such time as
all of the Obligations (other than Obligations which expressly survive the termination date for which no claim has been made) have
been paid in full in cash. Any claim which any Borrower may have against any other Borrower with respect to any payments to any
Administrative Agent, Collateral Agent or any Lender hereunder are hereby expressly made subordinate and junior in right of payment,
without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash
of the Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar
proceeding under the applicable law of any jurisdiction relating to any Borrower, its debts or its assets, whether voluntary or
involuntary, all such Obligations shall be paid in full in cash before any payment or distribution of any character, whether in
cash, securities or other property, shall be made to any other Borrower therefor.

 

(i)           Each
Borrower hereby agrees that after the occurrence and during the continuance of any Default or Event of Default, such Borrower will
not demand, sue for or otherwise attempt to collect any indebtedness of any other Borrower owing to such Borrower until the Obligations
(other than Obligations which expressly survive the termination date for which no claim has been made) shall have been paid in
full in cash. If, notwithstanding the foregoing sentence, such Borrower shall collect, enforce or receive any amounts in respect
of such indebtedness, such amounts shall be collected, enforced and received by such Borrower as trustee for Administrative Agent,
and such Borrower shall deliver any such amounts to Administrative Agent for application to the Obligations in accordance with
Section 4.02(b).

 

(j)           Each
Borrower hereby irrevocably appoints Spark Networks SE as the borrowing agent and attorney-in-fact for all Borrowers (“Administrative
Borrower”) which appointment shall remain in full force and effect unless and until Administrative Agent shall have received
prior written notice signed by each Borrower that such appointment has been revoked and that another Borrower has been appointed
Administrative Borrower. Each Borrower hereby irrevocably appoints and authorizes Administrative Borrower (a) to provide Administrative
Agent with all notices with respect to Loans obtained for the benefit of any Borrower and all other notices and instructions under
this Agreement and the other Loan Documents (and any notice or instruction provided by Administrative Borrower shall be deemed
to be given by Borrowers hereunder and shall bind each Borrower), (b) to receive notices and instructions from Lenders (and any
notice or instruction provided by any Lenders to Administrative Borrower in accordance with the terms hereof shall be deemed to
have been given to each Borrower), and (c) to take such action as Administrative Borrower deems appropriate on its behalf to obtain
Loans and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is
understood that the handling of the Collateral in a combined fashion, as more fully set forth herein, is done solely as an accommodation
to Borrowers in order to utilize the collective borrowing powers of Borrowers in the most efficient and economical manner and at
their request, and that Lenders shall not incur liability to any Borrower as a result hereof. Each Borrower expects to derive benefit,
directly or indirectly, from the handling of the Collateral in a combined fashion since the successful operation of each Borrower
is dependent on the continued successful performance of the integrated group. To induce Lenders to do so, and in consideration
thereof, each Borrower hereby jointly and severally agrees to indemnify each Lender and hold each Lender harmless against any and
all liability, expense, loss or claim of damage or injury, made against any Lender by any Loan Party or by any third party whosoever,
arising from or incurred by reason of (i) the handling of the Collateral of Borrowers as herein provided, (ii) Lenders’ relying
on any instructions of Administrative Borrower or (iii) any other action taken by Lenders hereunder or under the other Loan Documents,
except that Borrowers will have no liability to any Person under this Section 2.11(j) with respect to any liability that has been
finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct
of such Person.

 

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ARTICLE III

FEES, PREMIUMS AND COMMITMENT TERMINATIONS

 

Section 3.01          Fees.

 

(a)          Fee
Letter. The Borrowers agree to pay to the Administrative Agent and each Lender, as applicable, the fees set forth in the Fee
Letter.

 

(b)          Commitment
Fee. The Borrowers agree to pay to each Revolving Lender with a Revolving Loan Commitment a commitment fee, which shall accrue
during the period from the Closing Date to the Revolving Loan Maturity Date at the Commitment Fee Rate on the average daily amount
of (x) the Revolving Loan Commitment of such Revolving Lender minus (y) the Revolving Exposure of such Revolving Lender. Accrued
but unpaid commitment fees shall be payable in arrears on the last Business Day of each calendar quarter and on the Revolving Loan
Maturity Date. All computations of the commitment fee shall be made on the basis of a year of three hundred sixty (360) days and
shall be payable for the actual number of days elapsed.

 

Section 3.02         Prepayment
Premiums. Upon the occurrence of a Prepayment Premium Trigger Event, the Borrowers shall pay to the Administrative Agent, for
the account of the Lenders holding the Term Loans being prepaid (or deemed prepaid), the Prepayment Premium. Notwithstanding anything
to the contrary in this Loan Agreement or any other Loan Document, it is understood and agreed that if the Obligations are accelerated
as a result of the occurrence and continuance of any Event of Default (including by operation of law or otherwise), the Prepayment
Premium, if any, determined as of the date of acceleration, will also be due and payable and will be treated and deemed as though
the Term Loans were prepaid as of such date and shall constitute part of the Obligations for all purposes herein. Any Prepayment
Premium payable pursuant to this Section 3.02 shall be presumed to be equal to the liquidated damages sustained by the Lenders
as the result of the occurrence of the Prepayment Premium Trigger Event, and the Borrowers and Guarantors agree that it is reasonable
under the circumstances currently existing. The Prepayment Premium, if any, shall also be payable in the event the Obligations
(and/or this Loan Agreement) are satisfied or released by foreclosure (whether by power of judicial proceeding), deed in lieu of
foreclosure or by any other means. UNLESS IT IS LEGALLY UNABLE TO DO SO, EACH BORROWER AND EACH GUARANTOR EXPRESSLY WAIVES THE
PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREPAYMENT PREMIUM
IN CONNECTION WITH ANY SUCH ACCELERATION. The Borrowers and Guarantors expressly agree that (a) the Prepayment Premium is reasonable
and is the product of an arm’s length transaction between sophisticated business people, ably represented by counsel, (b)
the Prepayment Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made, (c) there
has been a course of conduct between Lenders and the Loan Parties giving specific consideration in this transaction for such agreement
to pay the Prepayment Premium, (d) the Loan Parties shall be estopped hereafter from claiming differently than as agreed to in
this Section 3.02, (e) their agreement to pay the Prepayment Premium is a material inducement to the Lenders to provide
the Commitments and make the Term Loans, and (f) the Prepayment Premium represents a good faith, reasonable estimate and calculation
of the lost profits or damages of the Lenders and that it would be impractical and extremely difficult to ascertain the actual
amount of damages to the Lenders or profits lost by the Lenders as a result of any Prepayment Premium Trigger Event.

 

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Section 3.03         [Reserved].

 

Section 3.04         Termination
of Commitments. The obligation of each Lender to make its respective Term Loan to the Borrowers pursuant to Section 2.01(a)
shall terminate on the Closing Date upon the disbursement of such Lender’s Term Loan in accordance with such Lender’s
Commitments. The obligation of each Revolving Lender to make its respective Revolving Loan to the Borrowers pursuant to Section
2.01(b) shall terminate on the Revolving Loan Maturity Date.

 

ARTICLE IV

PAYMENTS

 

Section 4.01         Voluntary
Prepayments.

 

(a)          The
Borrowers shall have the right to prepay Term Loans in whole or in part from time to time on the following terms and conditions:

 

(i)          as
a specifically negotiated requirement, additional consideration for providing the Term Loans, and an important economic provision
upon which the Agents and the Lenders are relying, the Administrative Borrower shall deliver to the Administrative Agent written
notice of the Borrowers’ intent to make such prepayment and the amount of such prepayment, by 3:00 p.m. no less than three
(3) Business Days prior to the date of such prepayment, specifying the date on which such prepayment is to be made;

 

(ii)         a
notice delivered pursuant to Section 4.01(a)(i) shall be irrevocable, shall include or be accompanied by a certification
of an Authorized Officer of the Administrative Borrower that the prepayment is being made pursuant to and in compliance with all
provisions of Section 4.01(a), and shall obligate the Borrowers to prepay the amount specified in such notice on the date
specified therein together with accrued interest thereon and the applicable Prepayment Premium, if any, all of which shall become
due and payable on the prepayment date set forth in such notice; provided that notwithstanding the foregoing any such voluntary
prepayment occurring as a result of a Change of Control, a refinancing of the Obligations or another specified and material transaction
may be conditional upon the closing of any such transaction;

 

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(iii)        each
partial prepayment of any Term Loans shall be in a multiple of $300,000 and in an aggregate principal amount of at least $300,000;

 

(iv)        each
prepayment of Term Loans pursuant to this Section 4.01 on any day other than the last day of the applicable Interest Period
shall be subject to compliance by the Borrowers with the applicable provisions of Section 2.07; and

 

(v)         on
the date of prepayment of any Term Loan pursuant to this Section 4.01, the Borrowers shall pay to the Administrative Agent,
for the benefit of the Lenders, the applicable Prepayment Premium, if any.

 

(b)          Each
prepayment pursuant to this Section 4.01 shall be applied to reduce the scheduled installments of the Term Loans as directed
by the Administrative Borrower, and in the absence of such a direction, shall be applied to the scheduled installments of the Term
Loans in the order of maturity.

 

(c)          Notwithstanding
anything in Section 4.01(a) to the contrary, if the Lenders decline any mandatory payment in accordance with Section
4.05, any voluntary prepayment of the applicable Term Loans that occurs within three (3) Business Days of the date that the
applicable Lenders decline such mandatory prepayment in an amount equal to such declined proceeds, shall: (i) be excluded from
the notice and minimum amount requirements of Sections 4.01(a)(i) and 4.01(a)(iii), and (ii) be applied to reduce
the Term Loans and the Prepayment Premium (if applicable) that would have been applicable to such amount if accepted as a mandatory
prepayment under Section 4.02(a).

 

Section 4.02         Mandatory
Prepayments.

 

(a)          The
Borrowers shall prepay the Loans in accordance with the following:

 

(i)          Substantially
concurrently with the incurrence of any Indebtedness by any Loan Party or any of its Subsidiaries (other than Indebtedness permitted
under Section 9.01), the Borrowers shall prepay the Term Loans together with the applicable Prepayment Premium in an amount
equal to one hundred percent (100%) of the applicable Net Debt Proceeds, to be applied as set forth in Section 4.02(b).
Nothing in this Section 4.02(a)(i) shall be construed to permit or waive any Default or Event of Default arising from any
incurrence of Indebtedness not permitted under the terms of this Loan Agreement.

 

(ii)         Within
five (5) Business Days of the receipt by any Loan Party or any of its Subsidiaries of any proceeds from any Disposition under Section
9.04(b), the Borrowers shall prepay the Term Loans in an amount equal to one hundred percent (100%) of the Net Disposition
Proceeds from such Dispositions that, in the aggregate, exceed $500,000 per fiscal year, to be applied as set forth in Section
4.02(b); provided, however, that the Borrowers may, at Administrative Borrower’s option by written notice
to the Administrative Agent on or prior to the date that is five (5) Business Days after receipt of such Net Disposition Proceeds,
within twelve (12) months after such event, reinvest or commit to reinvest such Net Disposition Proceeds in assets to be used in
the business of the Borrowers so long as (A) the aggregate amount of Net Disposition Proceeds reinvested by the Borrowers
at any time after the Closing Date pursuant to this clause (ii) shall not exceed $2,500,000 during any fiscal year, (B)
no Default or Event of Default has occurred and is continuing, and the Administrative Borrower certifies in writing to the Administrative
Agent that no Default or Event of Default has occurred and is continuing and (C) such Net Disposition Proceeds are held in an account
subject to an Account Control Agreement while awaiting reinvestment. Nothing in this Section 4.02(a)(ii) shall be construed
to permit or waive any Default or Event of Default arising from any Disposition not permitted under the terms of this Loan Agreement.

 

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(iii)        Within
five (5) Business Days of the receipt by any Loan Party or any of its Subsidiaries of any proceeds from Casualty Events that, in
the aggregate, exceed $500,000 per fiscal year, the Borrowers shall prepay the Term Loans in an amount equal to one hundred percent
(100%) of such Net Casualty Proceeds, to be applied as set forth in Section 4.02(b); provided, however,
that the Borrowers may, at Administrative Borrower’s option by written notice to the Agents no later than twelve (12) months
following the occurrence of the Casualty Event resulting in such Net Casualty Proceeds, apply such Net Casualty Proceeds to the
rebuilding or replacement of such damaged, destroyed or condemned assets or property or otherwise in the business of Borrowers
so long as such Net Casualty Proceeds are in fact used or are committed to be used to rebuild or replace the damaged, destroyed
or condemned assets or property or otherwise useful in the business of Borrowers within such twelve (12) months following the receipt
of such Net Casualty Proceeds, with the amount of Net Casualty Proceeds not so used after such period to be applied as set forth
in Section 4.02(b); so long as (A) the aggregate amount of Net Casualty Proceeds reinvested by the Borrowers at any
time after the Closing Date pursuant to this clause (iii) shall not exceed $2,500,000 during any fiscal year, (B) no Default
or Event of Default has occurred and is continuing, and the Administrative Borrower certifies in writing to the Administrative
Agent that no Default or Event of Default has occurred and is continuing and (C) such Net Casualty Proceeds are held in an account
subject to an Account Control Agreement while awaiting reinvestment. Nothing in this Section 4.02(a)(iii) shall be
construed to permit or waive any Default or Event of Default arising, directly or indirectly, from any Casualty Event.

 

(iv)        Within
five (5) Business Days of the receipt by any Loan Party or any of its Subsidiaries of (A) any Net Equity Proceeds which exceed
$20,000,000 in the aggregate over the life of this Loan Agreement from one or more Specified Issuances, the Borrowers shall prepay
the Term Loans in an amount equal to fifty percent (50%) of such Net Equity Proceeds, to be applied as set forth in Section
4.02(b) or (B) any Net Equity Proceeds from any Equity Cure Investment, the Borrowers shall prepay the Term Loans in an amount
equal to one hundred percent (100%) of such Net Equity Proceeds, to be applied as set forth in Section 4.02(b). Nothing
in this Section 4.02(a)(iv) shall be construed to permit or waive any Default or Event of Default arising, directly or indirectly,
from any issuance of Capital Stock that is not permitted under the terms of this Loan Agreement.

 

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(v)         Within
five (5) Business Days of the receipt by or on behalf of any Loan Party or any Affiliate of any Loan Party of the net cash proceeds
of any tax refunds, the Borrowers shall prepay the Term Loans in an amount equal to one hundred percent (100%) of all such net
cash proceeds of tax refunds, to be applied as set forth in Section 4.02(b).

 

(vi)        For
each fiscal year of Spark, commencing with the fiscal year ending December 31, 2019 (limited to the period from the Closing Date
through December 31, 2019 for such fiscal year), on the date that is five (5) Business Days after the earlier of (A) the date upon
which annual financial statements are required to be delivered pursuant to Section 8.01(c) for such fiscal year and (B)
the date upon which annual financial statements are actually delivered pursuant to Section 8.01(c) for such fiscal year,
(x) the Administrative Borrower shall deliver to the Administrative Agent a written calculation of Consolidated Excess Cash Flow
for the applicable fiscal year, certified by an Authorized Officer of the Borrower, and (y) the Borrowers shall prepay the Term
Loan in amounts attributable to the Term Loan equal to the Term Loan ECF Percentage of Consolidated Excess Cash Flow for such fiscal
year; provided that all (x) voluntary prepayments of the Term Loans paid in cash during the applicable fiscal year and (y)
voluntary prepayments of Revolving Loans paid in cash during the applicable fiscal year to the extent accompanied by a permanent
reduction of the Revolving Loan Commitment, will reduce the amount of prepayments required to be made pursuant to this Section
4.02(a)(vi) on a dollar-for-dollar basis. Calculations of amounts payable under this Section 4.02(a)(vi) shall be based
on the annual financial statements for Spark and its Subsidiaries for the applicable fiscal year. Prepayments of Term Loan under
this Section 4.02(a)(vi) shall be applied, in each case, in the inverse order of maturity on a dollar for dollar basis,
and shall be made, in each case, pro rata among the applicable Lenders.

 

(vii)       Notwithstanding
anything to the contrary herein, immediately upon any acceleration of any Obligations pursuant to Section 10.02, (whether
before, during or after the commencement of any proceeding under the Bankruptcy Code involving the Borrowers or any other Loan
Party), the Borrowers shall immediately repay all the Loans together with the applicable Prepayment Premium, unless only a portion
of the Loans is so accelerated (in which case the portion so accelerated shall be so repaid together with the applicable Prepayment
Premium). The parties hereto acknowledge and agree that the Prepayment Premium referred to in this Section 4.02(a)(vii)
(i) is additional consideration for providing the Loans, (ii) constitutes reasonable liquidated damages to compensate the Lenders
for (and is a proportionate quantification of) the actual loss of the anticipated stream of interest payments upon an early prepayment
of the Loans (such damages being otherwise impossible to ascertain or even estimate for various reasons, including, without limitation,
because such damages would depend on, among other things, (x) when the Loans might otherwise be repaid and (y) future changes in
interest rates which are not readily ascertainable on the Closing Date), and (iii) is not a penalty to punish the Borrowers for
their early prepayment of the Loans or for the occurrence of any Event of Default.

 

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(viii)      Concurrently
with any Change of Control, the Borrowers shall repay all of the Loans together with the applicable Prepayment Premium and all
other outstanding Obligations.

 

(b)          Application
of Payments. Voluntary prepayments shall be applied as set forth in Section 4.01(b) and, except as set forth in
Section 4.02(c), each payment and prepayment of Term Loans required by Section 4.02(a) (other than any prepayment
of Term Loans required by Section 4.02(a)(vi) which shall be applied as set forth therein), and any other amount that the
Administrative Agent receives from any Person as a result of a provision in any Loan Document requiring that such amount be paid
to the Administrative Agent, one hundred percent (100%) of such amount shall be applied as follows:

 

(i)          first,
ratably to the Term Lenders in respect of the remaining installments of the next four installments of the Term Loans on a pro
rata basis until such installments are paid in full;

 

(ii)         second,
ratably to the Term Lenders in respect of all remaining installments of the Term Loans (including the bullet payment due on the
Maturity Date) on a pro rata basis until such installments are paid in full;

 

(iii)        third,
ratably to the Revolving Loan Lenders to pay all outstanding Revolving Loans (without a reduction of the Revolving Loan Commitment)
on a pro rata basis until Revolving Loans are paid in full;

 

(iv)        fourth,
to pay any other Obligations, ratably to the Persons entitled thereto; and

 

(v)         fifth,
to the Borrowers or such other Person entitled thereto under Applicable Law;

 

provided, that
the Borrowers shall pay all amounts, if any, required to be paid pursuant to Section 2.07 with respect to each prepayment
of Term Loans made on any date other than the last day of the applicable Interest Period. Each such prepayment shall be accompanied
by all accrued interest on the Term Loans so prepaid, to the date of such prepayment, and, to the extent applicable (and whether
before, during or after acceleration of the Term Loans and/or the occurrence of any Event of Default and/or the commencement of
any proceeding under the Bankruptcy Code involving the Borrowers or any other Loan Party), the Prepayment Premium.

 

(c)          Application
of Collateral Proceeds. Notwithstanding anything to the contrary in Section 4.01 or this Section 4.02, (x) all
proceeds of Collateral received by the Administrative Agent, a Lender or any other Person pursuant to the exercise of rights or
remedies against the Collateral, (y) all payments received by Administrative Agent or any Lender upon and after the acceleration
of any of the Obligations and (z) all payments received by Administrative Agent or any Lender following written notice to the Administrative
Borrower and Administrative Agent by the Required Lenders during the existence of an Event of Default to impose the waterfall set
forth in this Section 4.02(c), shall be applied as follows:

 

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(i)          first,
to pay any and all costs, fees, and expenses of, and any indemnity payments then due to, the Agents under the Loan Documents, until
paid in full;

 

(ii)         second,
ratably to pay any costs, fees, and expenses of, and any indemnity payments then due to, any of the Lenders under the Loan Documents,
until paid in full;

 

(iii)        third,
ratably to the Lenders to pay interest due in respect of the outstanding Loans until paid in full;

 

(iv)        fourth,
ratably to the Lenders to pay the outstanding principal balance of the Loans on a pro rata basis until the Loans are paid
in full;

 

(v)         fifth,
ratably to the Lenders to pay any Prepayment Premium payable pursuant to this Loan Agreement, and any other applicable premiums
in respect of the Loans;

 

(vi)        sixth,
to pay any other Obligations, ratably to the Persons entitled thereto; and

 

(vii)       seventh,
to the Borrowers or such other Person entitled thereto under Applicable Law.

 

Section 4.03         Payment
of Obligations; Method and Place of Payment.

 

(a)          The
obligations of each Loan Party hereunder and under each other Loan Document are not subject to counterclaim, set-off, rights of
rescission, or any other defense of any kind whatsoever (other than defense of payment). Subject to Section 4.04, and except
as otherwise specifically provided herein, all payments under any Loan Document shall be made by the Borrowers, without counterclaim,
set-off, rights of rescission, or deduction of any kind, to the Administrative Agent for the ratable account of the Secured Parties
entitled thereto, not later than 1:00 p.m. on the date when due and shall be made in immediately available funds in Dollars to
the Administrative Agent. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the
payment of principal or interest or Fees ratably to the Secured Parties entitled thereto.

 

(b)          For
purposes of computing interest or fees, any payments under this Loan Agreement that are made later than 1:00 p.m. on any Business
Day may in the Administrative Agent’s discretion be deemed to have been made on the next succeeding Business Day. Whenever
any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended
to the next succeeding Business Day and, with respect to payments of principal, interest shall continue to accrue during such extension
at the applicable rate in effect immediately prior to such extension.

 

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(c)          Pursuant
to Section 4.03(a), the Borrowers shall make each payment under any Loan Document by wire transfer to such U.S. account
as the Administrative Agent may identify in a written notice to the Administrative Borrower from time to time.

 

Section 4.04         Taxes.

 

(a)          Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined by an
applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then
the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted
or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then
the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been
made (including such deductions and withholdings applicable to additional sums payable under this Section 4.04) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b)          Payment
of Other Taxes. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with Applicable Law,
or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)          Indemnification
by the Loan Parties. Without duplication of payments made pursuant to Section 4.04(a), the Loan Parties shall jointly
and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes
(including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 4.04) payable
or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Administrative Borrower by
a Lender (with a copy to the Administrative Agent), 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. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any
Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.06(c) relating to the maintenance
of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
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 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 any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this Section 4.04(d).

 

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(e)          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 4.04, 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
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 Administrative Borrower and the Administrative Agent, at the time or times reasonably requested by the Administrative
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Administrative
Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the Administrative Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by Applicable Law or reasonably requested by the Administrative Borrower or the Administrative Agent
as will enable the Administrative 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 Sections 4.04(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the relevant 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, in the event that a Borrower is a U.S. Person,

 

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

 

(B)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Administrative 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 Loan Agreement (and from time to time thereafter upon the reasonable request of the Administrative Borrower
or the Administrative Agent), whichever of the following is applicable:

 

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(w)          in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or, in the case of an entity, IRS Form 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 (2) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or, in the case
of an entity, IRS Form 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;

 

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

 

(y)          in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (1)
a certificate 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 a Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”)
and (2) executed copies of IRS Form W-8BEN or, in the case of an entity, IRS Form W-8BEN-E; or

 

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

 

(C)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Administrative 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 Loan Agreement (and from time to time thereafter upon the reasonable request of the Administrative Borrower
or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption
from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed
by applicable law to permit the Administrative 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 a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Administrative Borrower and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Administrative Borrower or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Administrative Borrower or the Administrative Agent as may be necessary for
the Administrative 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 Loan 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 Administrative Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(g)          Treatment
of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 4.04 (including by the payment of additional amounts
pursuant to this Section 4.04), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount
to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable
net after-Tax position than the indemnified party would have been in if the 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 shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(h)          Survival.
Each party’s obligations under this Section 4.04 shall survive the resignation or replacement of either or both of
the Agents 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.

 

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(i)          VAT.

 

(i)          All
amounts expressed under any Loan Document to be payable by any party of such Loan Document to Recipient which (in whole or in part)
constitute the consideration for any supply for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on
that supply, and accordingly, subject to paragraph (ii) below, if VAT is or becomes chargeable on any supply made by
any Recipient to any party under any Loan Document and such Recipient is required to account to the relevant tax authority for
the VAT, that party shall pay to such Recipient (in addition to and at the same time as paying any other consideration for such
supply) an amount equal to the amount of the VAT and such Recipient shall promptly provide an appropriate VAT invoice to that party,
provided that the reverse charge mechanism is not applicable.

 

(ii)         If
VAT is or becomes chargeable on any supply made by any Recipient to any other Recipient (the “Second Recipient”)
under a Loan Document, and any party under this Loan Document other than the Second Recipient (the “Relevant Party”)
is required by the terms of any Loan Document to pay an amount equal to the consideration for that supply to the Recipient (rather
than being required to reimburse or indemnify the Second Recipient in respect of that consideration):

 

(A)         (where
the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to
the Recipient (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Second Recipient
must (where this paragraph (A) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment
the Second Recipient receives from the relevant tax authority which the Second Recipient reasonably determines relates to the VAT
chargeable on that supply; and

 

(B)         (where
the Second Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly,
following demand from the Second Recipient, pay to the Second Recipient an amount equal to the VAT chargeable on that supply but
only to the extent that the Second Recipient reasonably determines that it is not entitled to credit or repayment from the relevant
tax authority in respect of that VAT.

 

(iii)        Where
any Loan Document requires any party under the Loan Document to reimburse or indemnify a Recipient for any cost or expense, that
party shall reimburse or indemnify (as the case may be) such Recipient for the full amount of such cost or expense, including such
part thereof as represents VAT, save to the extent that such Recipient reasonably determines that it is entitled to credit or repayment
in respect of such VAT from the relevant tax authority. In relation to any supply made by a Recipient to any party under any Loan
Document, if reasonably requested by such Recipient, that party must promptly provide such Recipient with details of that party's
VAT registration and such other information as is reasonably requested in connection with such Recipient's VAT reporting requirements
in relation to such supply.

 

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(iv)        Any
reference in this Section 4.04 to any party under a Loan Document shall, at any time when such party is treated as a member
of a group or fiscal unit for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to
the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules
provided for in the German Value Added Tax Act (Umsatzsteuergesetz), in Article 11 of Council Directive 2006/112/EC (or
as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction so that a
reference to a party shall be construed as a reference to that party or the relevant group or fiscal unity of which that party
is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal
unity) at the relevant time (as the case may be).

 

Section 4.05         Right
to Decline Payments. Administrative Borrower shall provide prior written notice of any prepayment under Section 4.02
to the Administrative Agent by 3:00 p.m. at least five (5) Business Days prior to such proposed prepayment date. The Lenders in
their sole discretion may decline, in whole or in part, any payment in respect of a mandatory prepayment under Section 4.02(a)
without prejudice to each Lender’s rights hereunder to accept or decline any future mandatory prepayment on behalf of the
Lenders.  If a Lender chooses to decline, in whole or in part, payment in respect of a mandatory prepayment, (i) the Lender
shall promptly notify the Administrative Agent in writing by 3:00 p.m. three (3) Business Days prior to the prepayment date of
its election to do so (it being understood that any Lender which does not notify the Administrative Agent of its election to exercise
such option in respect of any payment in respect of a mandatory prepayment shall be deemed as of such date not to exercise such
option), and (ii) the amount of such declined payment shall be offered ratably to the non-declining Lenders, who shall provide
written notice not later than by 3:00 p.m. one (1) Business Day prior to the prepayment date of its acceptance of any declined
payment in respect of a mandatory prepayment (it being understood that any Lender who does not notify the Administrative Agent
of its election to exercise such option shall be deemed as of such date not to exercise such option), and (iii) if such other Lenders
decline the additional repayment amount offered pursuant to clause (ii) above, such declined amounts may be retained by the Loan
Parties.

 

Section 4.06         Computations
of Interest and Fees. All interest and fees shall be computed on the basis of the actual number of days occurring during the
period for which such interest or fee is payable over a year comprised of 360 days; provided, that for any Base Rate Loan,
a year shall be comprised of 365 or 366 days, as the case may be. Payments due on a day that is not a Business Day shall (except
as otherwise required by) be made on the next succeeding Business Day and such extension of time shall be included in computing
interest and fees in connection with that payment.

 

Section 4.07         Debt.
The Borrowers agree that the Term Loans shall be funded on the Closing Date net of original issue discount in the amount set forth
in the Fee Letter. For the avoidance of doubt, all calculation of interest and fees in respect of the Term Loans shall be calculated
on the basis of their full stated principal amount. The Borrowers and the Lenders agree that: (i) the Loans are intended as debt
for U.S. federal income tax purposes and will be treated as such by the parties; (ii) the Loans are issued with original issue
discount; (iii) the Loans are not governed by the rules set out in Treasury Regulations Section 1.1275-4; and (iv) they will adhere
to this Loan Agreement for U.S. federal income tax purposes and not take any action or file any tax return, report or declaration
inconsistent herewith. The inclusion of this Section 4.07 is not an admission by any Lender that it is subject to United
States taxation.

 

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ARTICLE V

CONDITIONS PRECEDENT TO TERM LOANS

 

The obligation of the
Lenders to fund the Term Loans under this Loan Agreement is subject to the satisfaction (or waiver by the Administrative Agent)
of the following conditions precedent on or before the Closing Date:

 

Section 5.01         Loan
Documents. The Administrative Agent shall have received copies of the following documents, duly executed and delivered by an
Authorized Officer of each applicable Loan Party and each other relevant party thereto:

 

(a)          this
Loan Agreement;

 

(b)          the
Notes, in accordance with Section 2.01;

 

(c)          each
Guaranty and Security Agreement;

 

(d)          the
Limited Guaranty and Pledge Agreement;

 

(e)          such
Patent Security Agreements, Trademark Security Agreements and Copyright Security Agreements as are required to perfect the Liens
granted to the Collateral Agent in the IP Rights described on Schedule 7.14;

 

(f)          the
Collateral Assignment of Closing Date Acquisition Documents;

 

(g)          the
Deferred Merger Payment Subordination Agreement;

 

(h)          the
German Security Documents; and

 

(i)          each
other Loan Document.

 

Section 5.02         Lien
and Other Searches; Filings.

 

(a)          (a)          The
Collateral Agent shall have received the results of a search of the UCC filings (or equivalent filings), tax Liens, judgment Liens,
bankruptcies and litigations made with respect to each Loan Party (except any UK Loan Party or German Loan Party), together with
copies of the financing statements and other filings (or similar documents) disclosed by such searches, and accompanied by evidence
satisfactory to the Collateral Agent that the Liens indicated in all such financing statements and other filings (or similar document)
either are Permitted Liens or have been released or will be released on the Closing Date concurrently with the funding of the Loans
hereunder.

 

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(b)          The
Collateral Agent shall have received the results of searches of ownership of IP Rights in the United States Patent and Trademark
Office, the United States Copyright Office, the European Patent Office and the German Patent and Trade Mark Office.

 

(c)          The
Collateral Agent shall have received evidence in form and substance reasonably satisfactory to the Collateral Agent that appropriate
UCC (or equivalent) financing statements (except any filings in the UK or Germany) have been provided for filing in such office
or offices as may be necessary to perfect and evidence the Collateral Agent’s Liens in and to the Collateral.

 

Notwithstanding anything to the contrary
herein, to the extent a perfected security interest in any Collateral (other than the security interest that can be perfected by
means of the filing of a UCC financing statement, filing of an intellectual property security agreement with the relevant U.S.
intellectual property office(s), the delivery of certificates evidencing the Capital Stock of Spark’s Subsidiaries pursuant
to Section 5.03, or a pledge under German law with respect to which a lien may be perfected upon closing by the delivery
and acceptance of a notification of such pledge) is not or cannot be provided on the Closing Date after Borrowers’ use of
commercially reasonable efforts to do so, then the perfection of such security interests shall not constitute a condition precedent
to the making of the initial Term Loans on the Closing Date, but instead shall be required to be delivered after the Closing Date
in accordance with Section 8.21.

 

Section 5.03         Stock
Pledges. All Capital Stock of each of Spark’s Subsidiaries required to be pledged hereunder shall have been pledged pursuant
to a Guaranty and Security Agreement, the Limited Guaranty and Pledge Agreement (or as the case may be from time to time, any English
Security Documents, or in the case of any German Loan Party, the German Security Documents), and the Collateral Agent shall have
received all certificates (if any) representing such Capital Stock accompanied by instruments of transfer and undated stock powers
or stock transfer forms (as applicable) executed in blank.

 

Section 5.04         Legal
Opinions. The Administrative Agent shall have received executed legal opinions of (i) Morrison & Foerster LLP, as counsel
to the Loan Parties (except (i) the UK matters and/or in respect of the UK Loan Parties, and (ii) the German matters and/or in
respect of the German Loan Parties), (ii) Noerr LLP and (iii) Proskauer Rose (UK) LLP, which legal opinions shall be addressed
to the Administrative Agent, the Collateral Agent and the Lenders and shall be in form and substance reasonably satisfactory to
the Administrative Agent and its legal counsel.

 

Section 5.05         Secretary’s
Certificates. The Administrative Agent shall have received a certificate for each Loan Party (other than each UK Loan Party),
dated the Closing Date, duly executed and delivered by such Loan Party’s secretary or assistant secretary, managing member,
board member, general partner, or other appropriate person reasonably acceptable to the Administrative Agent as applicable, as
to:

 

(a)          such
Person’s Organization Documents, as amended, modified or supplemented as of Closing Date, certified by the appropriate officer
or official body of the jurisdiction of organization of such Person;

 

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(b)          resolutions
of each such Person’s board of directors or supervisory board (or other managing body, in the case of a Person that is not
a corporation) then in full force and effect expressly and specifically authorizing, to the extent relevant, all aspects of the
Loan Documents applicable to such Person and the execution, delivery and performance of each Loan Document, in each case to be
executed by such Person; and

 

(c)          the
incumbency and specimen signatures of its Authorized Officers and any other of its officers, managing member or general partner,
as applicable, authorized to act with respect to each Loan Document to be executed by such Person.

 

Each such certificate shall provide that
each Secured Party may conclusively rely thereon until such Secured Party shall have received a further certificate of the secretary,
assistant secretary, managing member or general partner, as applicable, of such Person canceling or amending the prior certificate
of such Person as provided in Section 8.01(m).

 

Section 5.06         Other
Documents and Certificates. The Administrative Agent shall have received copies of the following documents and certificates,
each of which shall be dated the Closing Date and duly executed by an Authorized Officer of each applicable Loan Party, in form
and substance reasonably satisfactory to the Administrative Agent and its legal counsel:

 

(a)          a
certificate of an Authorized Officer of the Administrative Borrower, certifying as to such items as reasonably requested by the
Administrative Agent, including, without limitation, the following:

 

(i)          the
satisfaction of the conditions set forth in Sections 5.09, 5.10, 5.11(b) and 5.14;

 

(ii)         that
attached thereto are true, correct and complete copies of the Closing Date Acquisition Agreement and each other material agreement,
document or instrument executed pursuant to, or delivered in connection with, such agreement, including each Joinder Agreement
(as defined in the Closing Date Acquisition Agreement);

 

(iii)        the
receipt of all required consents and approvals of all Governmental Authorities and other third parties with respect to the execution,
delivery and performance of the Loan Documents, copies of which shall be attached thereto and certified as being true and complete
copies thereof; and

 

(iv)        all
Specified Representations and Specified Acquisition Agreement Representations are true and correct in all material respects on
and as of the Closing Date (except where such representations and warranties expressly relate to an earlier date, in which case
such representations and warranties are true and correct in all material respects as of such earlier date); provided that,
any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar
language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates.

 

(b)          a
Perfection Certificate by, and in respect of, each Loan Party;

 

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(c)          certificates
of good standing with respect to each Loan Party (except any UK Loan Party or any German Loan Party), each dated as of a recent
date prior to the Closing Date, such certificates to be issued by the appropriate officer or official body of the jurisdiction
of organization of such Loan Party, each of which certificates shall indicate that such Loan Party is in good standing in the applicable
jurisdiction; and

 

(d)          a
reasonably detailed sources and uses statement and funds flow memorandum for the transactions in connection with this Agreement
and the Transactions.

 

Section 5.07         Solvency.
The Administrative Agent shall have received a Solvency Certificate substantially in the form of Exhibit H duly executed
by an Authorized Officer of Spark confirming that Spark and its Subsidiaries, taken as a whole, after giving effect to the Transactions,
are Solvent.

 

Section 5.08         Borrowing
Notice. The Administrative Agent shall have received a timely Borrowing Notice in accordance with Section 2.02(a).

 

Section 5.09         Capitalization.
Immediately after giving effect to the Closing Date Acquisition and the funding of the Term Loans on the Closing Date, the aggregate
principal amount of the Term Loans shall not exceed 45% of the total pro forma capitalization of Spark and its Subsidiaries on
the Closing Date, with total pro forma capitalization defined as the sum of (i) the aggregate principal amount of Loans borrowed
hereunder on the Closing Date net of all unrestricted cash and cash equivalents of Spark and its Subsidiaries and (ii) the fair
market value of all equity securities of Spark and its Subsidiaries.

 

Section 5.10         Closing
Date Acquisition. The Closing Date Acquisition has been, or substantially concurrently with the initial borrowing under this
Loan Agreement, shall be, consummated in accordance with the Closing Date Acquisition Agreement in all material respects, without
waiver or amendment thereof by Spark that is adverse in any material respect to the Lenders without the consent of the Lenders
(such consent not to be unreasonably withheld, conditioned or delayed) (it being understood that (w) any increase in the purchase
price shall not be deemed materially adverse to the interests of the Lenders so long as (i) any such increase is funded solely
by the proceeds of new cash equity contributions (in the form of (1) common equity or (2) “qualified preferred” equity
or other equity, in each case of this clause (2), which is reasonably acceptable to the Lenders, or (ii) any such increase results
from the calculation of the purchase price payable on the Closing Date and any post-closing adjustments to the Closing Date purchase
price, in each case, pursuant to the express provisions of the draft of the Closing Date Acquisition Agreement referred to above),
(x) any amendment to the definition of “Material Adverse Effect” in the Closing Date Acquisition Agreement is deemed
to be adverse in a material respect to the Lenders, (y) a reduction of greater than 15% in the consideration payable under the
Closing Date Acquisition Agreement (other than the calculation of the purchase price payable on the Closing Date and any post-closing
adjustments to the Closing Date purchase price, in each case, pursuant to the express provisions of the draft of the Closing Date
Acquisition Agreement referred to above) is deemed to be adverse in a material respect to the Lenders and (z) any decrease in the
consideration payable under the Closing Date Acquisition Agreement (other than the calculation of the purchase price payable on
the Closing Date and any post-closing adjustments to the Closing Date purchase price, in each case, pursuant to the express provisions
of the draft of the Closing Date Acquisition Agreement referred to above) shall be applied to reduce the Commitments (on a pro
rata basis, or as otherwise determined by the Lenders)).

 

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Section 5.11         Financial
and Other Information.

 

The Administrative Agent
shall have received a certificate in form and substance satisfactory to it, dated the Closing Date and duly executed by the chief
financial officer of the Administrative Borrower, attaching the following documents and reports (each in form and substance reasonably
satisfactory to the Administrative Agent) and certifying that such documents and reports, when taken as a whole, are, when furnished,
complete and correct in all material respects and that all forecasts and Projections were prepared by the Loan Parties in good
faith based upon reasonable assumptions (it being understood that forecasts and Projections are subject to uncertainties and contingencies,
many of which are beyond the Loan Parties’ control, and no assurance can be given that any forecast or Projection will be
realized and that actual results may differ and such differences may be material):

 

(a)          the
Historical Financial Statements; and

 

(b)          calculations
in form and substance reasonably satisfactory to the Administrative Agent demonstrating to the Administrative Agent’s reasonable
satisfaction that (A) First Lien Net Leverage Ratio for the twelve-month period ending on the last day of the most recently completed
twelve-month period ended at least thirty (30) days prior to the Closing Date does not exceed 2.90:1.00, which such calculation
shall disregard any cash proceeds of the Loans in excess of $4,000,000 for the purpose of clause (b) of the definition of First
Lien Net Leverage Ratio, on a Pro Forma Basis after giving effect to the execution and delivery of this Loan Agreement, the incurrence
of the Indebtedness hereunder, the repayment of previously existing Indebtedness on the Closing Date with the proceeds of the Loans,
and the consummation of the other Transactions including the payment of all fees expenses related to the foregoing and calculated
in a manner reasonably satisfactory to Administrative Agent and (B) immediately prior to the consummation of the Transactions,
Spark and its Subsidiaries and the Closing Date Target and its Subsidiaries shall have, on a combined basis, unrestricted cash
and cash equivalents of at least $10,000,000.

 

Section 5.12         Insurance.
The Collateral Agent shall have received certificates of insurance naming the Agents, the Lenders and the other Secured Parties
as additional insureds and naming the Collateral Agent on behalf of the Secured Parties as loss payee, in each case with regard
to the insurance required by Section 8.03, in form and substance reasonably satisfactory to the Collateral Agent.

 

Section 5.13         Payment
of Outstanding Indebtedness.

 

(a)          On
the Closing Date, the Loan Parties and each of their respective Subsidiaries shall have no outstanding Indebtedness other than
the Loans and the Indebtedness, if any, listed on Schedule 5.13 or otherwise permitted by Section 9.01, and
the Administrative Agent shall have received a customary payoff letter evidencing the discharge of all Indebtedness paid off in
connection with the Transactions.

 

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(b)          All
Liens (other than Permitted Liens) securing payment of any Indebtedness shall have been released and re-transferred, and the Administrative
Agent shall have received pay-off letters, form UCC-3 termination statements, releases or terminations of mortgages, intellectual
property security agreements and other instruments, all as may be reasonably requested by the Administrative Agent in connection
therewith.

 

Section 5.14         Material
Adverse Effect. Since March 21, 2019, no event, development, change, circumstance, condition or effect shall have occurred
that constitutes a Material Adverse Effect (as defined in the Closing Date Acquisition Agreement).

 

Section 5.15         Pro
Forma Financial Statements. The Lenders shall have received a pro forma consolidated balance sheet and related pro forma consolidated
statements of income of Spark and its Subsidiaries as of and for the twelve-month period ending on the last day of the most recently
completed twelve-month period for which financial statements have been delivered pursuant to Section 5.11(a), 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.

 

Section 5.16         Fees
and Expenses. Each Agent and each Lender shall have received, for its own respective account, (a) all fees and expenses due
and payable to such Person under the Fee Letter and (b) the reasonable and documented fees, costs and out-of-pocket expenses due
and payable to such Person pursuant to Sections 3.01 and 12.05 (including the reasonable and documented fees, disbursements
and other charges of a single counsel to Administrative Agent) due as of the Closing Date; provided, in the case of expenses,
to the extent invoiced to Administrative Borrower at least two business days (or such shorter period as agreed to by the Administrative
Borrower) prior to the Closing Date.

 

Section 5.17         Patriot
Act Compliance. The Administrative Agent shall have received any required Patriot Act compliance, in each case the results
of which are satisfactory the Administrative Agent in its sole discretion (the Administrative Agent hereby acknowledges receipt
of such information and such information is satisfactory), which shall include, for the avoidance of doubt, a duly executed IRS
Form W-9, or other applicable tax form.

 

Section 5.18         Know
Your Customer. Administrative Agent shall have received at least three (3) Business Days prior to the Closing Date all documentation
and other information about the Loan Parties that is reasonably requested by Administrative Agent and the Lenders at least ten
(10) Business Days prior to the Closing Date as required by bank regulatory authorities under applicable “know-your-customer”
and anti-money laundering rules and regulations.

 

Section 5.19         Subsidiaries.
As of the Closing Date, the Loan Parties and each of their respective Subsidiaries shall have no Subsidiaries other than as set
forth on Schedule 5.19.

 

Section 5.20         Funding
Not Prohibited. No Change in Law that results in the funding of the Term Loans on the Closing Date being illegal or unlawful
shall have occurred since March 21, 2019.

 

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Section 5.21         Representations
and Warranties. The Specified Representations and Specified Acquisition Agreement Representations shall be true and correct
in all material respects on and as of the Closing Date (except where such representations and warranties expressly relate to an
earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of
such earlier date); provided that, any representation and warranty that is qualified as to “materiality,” “Material
Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects
on such respective dates.

 

Section 5.22         UK
Formalities Certificates. The Administrative Agent shall have received for Spark UK:

 

(a)          a
copy of its constitutional documents;

 

(b)          a
copy of a resolution of its board of directors:

 

(i)          approving
the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute, deliver
and perform the Loan Documents to which it is a party;

 

(ii)         authorizing
a specified person or persons to execute the Loan Documents to which it is a party on its behalf; and

 

(iii)        authorizing
a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched
by it under or in connection with the Loan Documents to which it is a party.

 

(c)          a
specimen of the signature of each person authorized by the resolution referred to in paragraph (b) above in relation to the Loan
Documents and related documents;

 

(d)          a
copy of a resolution signed by all the holders of the issued shares in Spark UK, approving the terms of, and the transactions contemplated
by, the Loan Documents to which the Spark UK is a party;

 

(e)          a
certificate of Spark UK (signed by a director) confirming that guaranteeing and/or securing (as appropriate) the Secured Obligations
(as defined in the Guaranty and Security Agreement) would not cause any guarantee, security or similar limit binding on Spark UK
to be exceeded;

 

(f)          a
certificate of an authorized signatory of Spark UK certifying that each copy document relating to it specified in this Section
5 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the
Closing Date.

 

Section 5.23         German
Formalities Certificates. The Administrative Agent shall have received for each German Loan Party:

 

(a)          a
copy of its constitutional documents (including up-to-date electronic commercial register extracts (elektronischer Handelsregisterauszug),
its articles of association (Satzung) or partnership agreement (Gesellschaftsvertrag) (as applicable), copies of
any by-laws (if applicable) as well as a list of shareholders (Gesellschafterliste) (if applicable);

 

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(b)          (if
applicable) a copy of a resolution of its board of directors, its supervisory board (Aufsichtsrat) and/or any advisory board
(Beirat):

 

(i)          approving
the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute, deliver
and perform the Loan Documents to which it is a party;

 

(ii)         authorizing
a specified person or persons to execute the Loan Documents to which it is a party on its behalf; and

 

(iii)        authorizing
a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched
by it under or in connection with the Loan Documents to which it is a party.

 

(c)          a
specimen of the signature of each person authorized by the resolution referred to in paragraph (b) above in relation to the Loan
Documents and related documents;

 

(d)          a
copy of a resolution signed by all the holders of the issued shares in each German Loan Party, approving the terms of, and the
transactions contemplated by, the Loan Documents to which the German Loan Party is a party; and

 

(e)          a
certificate of an Authorized Officer of the German Loan Party certifying that each copy document relating to it specified in this
Section 5.23 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier
than the Closing Date.

 

ARTICLE VI

Conditions Precedent to RevolvING LoanS

 

Section 6.01         Revolving
Loan Conditions Precedent. The obligation of any Lender to make any Revolving Loan on any Funding Date during the Availability
Period is subject to the satisfaction (or waiver by Administrative Agent) on such date of the following conditions, in accordance
with Section 2.01(b):

 

(a)          Delivery
to Administrative Agent and the Revolving Lenders of a Borrowing Notice (which shall include a certification of Authorized Officers
of the Administrative Borrower certifying that the conditions specified in this Section 6.01 have been satisfied and, as
applicable, providing the relevant calculations or other evidence thereof).

 

(b)          The
representations and warranties of the Loan Parties set forth in this Loan Agreement and each other Loan Document shall be true
and correct in all material respects on and as of such Funding Date (except to the extent that any such representation or warranty
is expressly stated to have been made as of an earlier date, in which case, such representation or warranty shall be true and correct
in all material respects as of such earlier date); provided that, any representation and warranty that is qualified as to
“materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect
to any qualification therein) in all respects on such respective dates.

 

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(c)          At
the time of and immediately after giving effect to the making of such Revolving Loan, no Default or Event of Default shall have
occurred and be continuing.

 

(d)          After
giving effect to the making of such Revolving Loan, Availability is not less than zero.

 

(e)          The
Availability Period has not expired.

 

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

 

To induce the Agents
and the Lenders to enter into this Loan Agreement and the Lenders to make the Loans and Commitments hereunder, each of the Loan
Parties, jointly and severally, represents and warrants to the Agents and the Lenders as follows:

 

Section 7.01         Status.
Each Loan Party (a) is a duly organized or formed and validly existing corporation or other registered entity in good standing
under the laws of the jurisdiction of its organization and has the corporate or other organizational power and authority to own
its property and assets and to transact its business as presently conducted and (b) is duly qualified and authorized to do business,
and is in good standing, in all jurisdictions where it does business or owns assets, except in the case of this clause (b)
where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect.

 

Section 7.02         Power
and Authority; Execution and Delivery. Each Loan Party has the corporate or other organizational power and authority to execute,
deliver and carry out the terms and provisions of the Loan Documents to which it is a party (including, in the case of the Borrowers,
such power and authority to borrow the Loans as contemplated herein, in the case of the Guarantors, to guaranty the Obligations
as contemplated by the Guaranty and Security Agreement, and in the case of all Loan Parties, to grant the Liens contemplated by
this Loan Agreement and the other Security Documents) and has taken all necessary corporate or other organizational action to authorize
the execution, delivery and performance of the Loan Documents to which it is a party. Each Loan Party has duly executed and delivered
the Loan Documents to which it is a party.

 

Section 7.03         Enforceability.
This Loan Agreement and the other Loan Documents to which each Loan Party is a party constitutes the legal, valid and binding obligation
of such Loan Party, enforceable against each such Loan Party in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’
rights generally or by equitable principles relating to enforceability or the availability of equitable remedies, and, in respect
of the English Security Documents and/or any UK Loan Party, subject to the Reservations and the Perfection Requirements.

 

Section 7.04         No
Violation. Subject to the Reservations in respect of the English Security Documents and/or any UK Loan Party, the execution,
delivery and performance by the Loan Parties of this Loan Agreement and the other Loan Documents to which it is a party, the compliance
with the terms and provisions hereof and thereof, and the consummation of the Transactions and the other transactions contemplated
hereby, do not and will not, (a) conflict with, contravene or violate any provision of any Applicable Law, (b) violate any
Material Contract, (c) result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the
property or assets of any Loan Party (other than Liens created under the Loan Documents or Permitted Liens) or (d) violate
any provision of the Organization Document or any material Permit of any Loan Party, in each case, to the extent that failure to
do so would not reasonably be expected to have a Material Adverse Effect.

 

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Section 7.05         Approvals,
Consents, etc. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority
or other Person, and no consent or approval under any contract or instrument (other than (a) those that have been duly obtained
or made and which are in full force and effect or, if not obtained or made, individually or in the aggregate would not reasonably
be expected to have a Material Adverse Effect, (b) the filing of UCC financing statements, (c) any Hart-Scott-Rodino filing,
if any, and (d) the filings or other actions necessary to perfect Liens in any jurisdiction under the Loan Documents) is required
for the consummation of the Transactions or the due execution, delivery or performance by any Loan Party of any Loan Document to
which it is a party, or for the due execution, delivery or performance of the Loan Documents, in each case by any of the Loan Parties
party thereto. There is no judgment, order, injunction or other restraint issued or filed with respect to the transactions contemplated
by the Loan Documents, the consummation of the Transactions, the making of any Loan or the performance by any Loan Party of its
Obligations under the Loan Documents.

 

Section 7.06         Use
of Proceeds; Regulations T, U and X. The Borrowers will use the proceeds of the Loans solely for the purposes set forth in,
as permitted by, and in accordance with Section 8.12 and Section 9.18. No Loan Party is engaged in the business
of extending credit for the purpose of purchasing or carrying “margin stock” or “margin securities” within
the meanings of Regulations T, U or X, and no proceeds of any Loan will be used to purchase or carry any margin stock or margin
security or otherwise for a purpose which violates or would be inconsistent with Regulations T, U or Regulation X.

 

Section 7.07         Investment
Company Act; etc. No Loan Party is, or after giving effect to the Transactions and the other transactions contemplated under
the Loan Documents will be an “investment company” or a company “controlled” by an “investment company”,
within the meaning of the Investment Company Act of 1940.

 

Section 7.08         Litigation,
Labor Controversies, etc. Except as disclosed on Schedule 7.08, there is no pending or, to the knowledge of any Loan
Party, threatened in writing, litigation, action, proceeding or labor controversy (including without limitation, strikes, lockouts
or slowdowns) against or involving any of the Loan Parties or any of their respective Subsidiaries (i) which purports to affect
the legality, validity or enforceability of any Loan Document or any of the Transactions, (ii) in which the amount of damages claimed
is $500,000 or more, (iii) which seeks specific performance or injunctive relief, or (iv) which would reasonably be expected to
have a Material Adverse Effect. There are no collective bargaining or similar agreements entered into by, between or applicable
to any Loan Party or any of its Subsidiaries and any union, labor organization or other bargaining agent in respect of the employees
of any Loan Party or any of its Subsidiaries.

 

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Section 7.09         Capitalization;
Subsidiaries.

 

(a)          The
“Capitalization and Subsidiaries Schedule” attached hereto as Schedule 7.09 sets forth all issued and outstanding
Capital Stock of each Loan Party, including the number of outstanding shares or other units of Capital Stock of each Loan Party
and the holders of such Capital Stock, all on and as of the Closing Date. Each outstanding share or unit of Capital Stock of each
Loan Party have been duly authorized, validly issued, are fully paid and non-assessable and have not been issued in violation of
any preemptive or similar rights created by applicable Law, any Loan Party’s Organization Documents or by any agreement to
which any Loan Party is a party or by which it is bound, and have been issued in compliance with applicable federal and state securities
or “blue sky” Laws. All issued and outstanding Capital Stock of each Loan Party is free and clear of all Liens (except
for the benefit of the Secured Parties and Permitted Liens). Except as set forth on Schedule 7.09, no Loan Party has outstanding
any Capital Stock convertible or exchangeable for any shares of its Capital Stock or any rights or options to subscribe for or
to purchase its Capital Stock convertible into or exchangeable for its Capital Stock. Except as set forth on Schedule 7.09,
no Loan Party is subject to any obligation (contingent or otherwise) to repurchase or acquire or retire any of its Capital Stock,
other than stock repurchases otherwise permitted hereunder.

 

(b)          None
of the Loan Parties has any Subsidiaries other than the Subsidiaries listed on Schedule 7.09, which describes the direct
and indirect ownership interest of each of the Loan Parties in each Subsidiary.

 

Section 7.10         Accuracy
of Information.

 

(a)          All
written factual information and data at any time furnished by any Loan Party, any of their respective Affiliates or any of their
respective representatives to any Agent or any Lender for purposes of or in connection with this Loan Agreement or any of the Transactions
(other than financial estimates, forecast, models and Projections, other forward looking information and underlying assumptions
relating to any of the foregoing and information of an industry specific on general economic nature), taken as a whole (after giving
effect to all supplements and updates thereto through the date furnished), is, and all such factual information and data hereafter
furnished by any Loan Party, any of their respective Affiliates or any of their respective representatives to any Agent or any
Lender will be, when furnished, correct and complete in all material respects on the date as of which such information or data
is or will be furnished, and none of such factual information and data at any time furnished by any Loan Party, any of their respective
Affiliates or any of their respective representatives to any Agent or any Lender for purposes of or in connection with this Loan
Agreement or any of the Transactions contains any incorrect statement of a material fact or omits to state any material fact necessary
to make such information and data, taken as a whole (after giving effect to all supplements and updates thereto through the date
furnished), not materially misleading, in each case, at the time such information and data was furnished in light of the circumstances
under which such information or data was furnished; provided that, to the extent any such information or data was based
upon or constitutes a forecast or Projections, the Loan Parties represent only that such forecast or Projections was prepared by
the Loan Parties in good faith based upon reasonable assumptions, it being understood that forecasts and Projections are subject
to uncertainties and contingencies, many of which are beyond the Loan Parties’ control, and no assurance can be given that
any forecast or Projections will be realized and that actual results may differ and such differences may be material.

 

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(b)          The
Budget and pro forma financial information provided to the Administrative Agent on or prior to the Closing Date were prepared in
good faith based upon reasonable assumptions at the time such information and data was furnished in light of the circumstances
under which such information or data was furnished, it being recognized by the Administrative Agent and the Lenders that such projections
as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such Projections
may differ from the projected results and such differences may be material.

 

Section 7.11         Financial
Condition; Financial Statements. The Historical Financial Statements present fairly in all material respects the financial
condition and results of operations of the Consolidated Companies at the respective dates of such information and for the respective
periods covered thereby, subject in the case of unaudited financial information to changes resulting from normal year-end audit
adjustments and to the absence of footnotes. The Historical Financial Statements have been prepared in a manner consistent with
the historical accounting practices of Spark or the Closing Date Target, as applicable.

 

Section 7.12         Tax
Returns and Payments. Each Loan Party has filed all applicable federal, state and local income Tax returns, and all other material
Tax returns, domestic and foreign, required to be filed by them, and has paid all income and other material Taxes and assessments
payable by them that have become due (whether or not reflected on a Tax return) other than those not yet delinquent or contested
in good faith by appropriate proceedings in accordance with Section 9.02(k) and with respect to which the applicable Loan
Party has maintained adequate reserves in accordance with Applicable Accounting Standards. Each Loan Party and its Subsidiaries
has paid, or has provided adequate reserves in accordance with Applicable Accounting Standards for the payment of, all applicable
federal, state, local and foreign income Taxes applicable for all prior fiscal years and for the current fiscal year. Other than
Permitted Liens, no Lien in respect of any Taxes has been filed, and, to the knowledge of any Loan Party, no claim is being asserted,
with respect to any such Tax, fee, or other charge in any case in excess of $250,000.

 

Section 7.13         Compliance
with ERISA. Each Employee Benefit Plan (and, with respect to each Employee Benefit Plan, each Loan Party) is in substantial
compliance with its terms and with ERISA, the Code and all Applicable Laws. No ERISA Event has occurred or is reasonably expected
to occur which, individually or in the aggregate, has resulted or could result in material liability to any Loan Party or any Subsidiary
of any Loan Party. Each employee pension benefit plan (within the meaning of Section 3(2) of ERISA) that is intended to qualify
under Section 401(a) of the Code has received a favorable determination, advisory or opinion letter from the IRS (or such employee
benefit plan is within any applicable remedial amendment period, or an application for such a letter is currently being processed
by the IRS), including for all required amendments, regarding its qualification thereunder, and nothing has occurred subsequent
to the issuance of such determination, advisory or opinion letter that would reasonably be expected to prevent, or cause the loss
of, such qualification. No action, suit, proceeding, hearing, audit or investigation with respect to the administration, operation
or the investment of assets of any Employee Benefit Plan (other than routine claims for benefits) is pending, or to the knowledge
of any Loan Party, expected or threatened, and could reasonably be anticipated to result in material liability. No Plan has an
Unfunded Current Liability that has resulted in or could reasonably be expected to result in material liability to any Loan Party
or any Subsidiary of any Loan Party. No employee welfare benefit plan within the meaning of Section 3(1) or 3(2)(B) of ERISA of
any Loan Party or any of their respective Subsidiaries provides benefit coverage subsequent to termination of employment except
as required by Title I, Part 6 of ERISA or applicable state insurance laws (for the avoidance of doubt, the Loan Parties may make
premium payments for terminated employees with respect to health insurance plans required by the Consolidated Omnibus Budget Reconciliation
Act).

 

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Section 7.14         Intellectual
Property; Licenses, etc. Each Loan Party and each Subsidiary of such Loan Party collectively own, or possess the right to use,
all of the material trademarks, service marks, trade names, internet domain names, copyright registrations, issued patents, self-developed
software (including object and source codes) and other intellectual property rights or applications to register any of the foregoing
and all rights to sue or recover at law or in equity for any past, present or future infringement, misappropriation, dilution,
violation or other impairment thereof (collectively, the “IP Rights”) that are reasonably necessary for, or
otherwise used or held for use in, the operation of any material portion of the businesses of such Loan Party and its Subsidiaries,
taken as a whole. To the knowledge of each Loan Party, the conduct and operations of its business and the business of each of its
Subsidiaries do not infringe, misappropriate, dilute, or otherwise violate any IP Rights owned by any other Person. No Person has
challenged in writing any right, title or interest of any Loan Party or any of its Subsidiaries in any IP Rights owned by such
Loan Party or Subsidiary and no Person has contested in writing the use of any IP Rights owned by such Loan Party or Subsidiary
or the validity or enforceability of such IP Rights. Except as set forth on Schedule 7.14, no claim or litigation regarding
any IP Rights is pending or, to the knowledge of any Loan Party, threatened in writing. Schedule 7.14 lists (i) all
IP Rights registered or pending registration with the United States Patent and Trademark Office, the United States Copyright Office
or any foreign equivalent of either thereof and owned by each Loan Party and each of its Subsidiaries as of the Closing Date and
(ii) all material license agreements or similar arrangements granting IP Rights of another Person to any Loan Party or any
of its Subsidiaries (excluding any “shrink wrap” licenses and third-party software licenses generally available to
the public at a cost of less than $250,000 per license). As of the Closing Date, none of the material IP Rights owned by any Loan
Party or any of its Subsidiaries is subject to any licensing agreement or similar arrangement with another Person except as set
forth on Schedule 7.14.

 

Section 7.15         Ownership
of Properties; Title; Real Property; Leases. Schedule 7.15 lists all of the Real Property owned or leased by any
of the Loan Parties or their respective Subsidiaries as of the Closing Date, and each other location leased from or otherwise owned
by a third party at which a Loan Party stores any Collateral as of the Closing Date, indicating in each case whether the respective
property is owned or leased, the identity of the owner or lessor and the location of the respective property. Each Loan Party owns
(a) in the case of material owned Real Property, good, indefeasible and valid fee simple title to such Real Property, (b) in the
case of material owned personal property, good and valid title to such personal property, and (c) in the case of material leased
Real Property or personal property, valid and enforceable (except as may be limited by bankruptcy, insolvency, moratorium, fraudulent
conveyance or other laws applicable to creditors’ rights generally and by generally applicable equitable principles) leasehold
interests in such leased property, in each case, free and clear of all Liens or claims except for Permitted Liens, in each case,
except as would not reasonably be expected to have a Material Adverse Effect.

 

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Section 7.16         Environmental
Matters.

 

(a)          The
Loan Parties, each of their respective Subsidiaries, and each of their respective businesses, operations and Real Property (i)
are in material compliance with all Environmental Laws in all jurisdictions in which the Loan Parties or such Subsidiary, as the
case may be, are currently doing business, and (ii) have obtained and are in material compliance with all material permits required
under Environmental Laws, in each case, except as would not reasonably be expected to have a Material Adverse Effect. None of the
Loan Parties or any of their respective Subsidiaries has become subject to any pending or, to the knowledge of such Loan Party,
threatened in writing, material Environmental Claim or any other material liability under any Environmental Law;

 

(b)          None
of the Loan Parties or any of their respective Subsidiaries or, to the knowledge of any Loan Party, any other Person, has used,
managed, handled, generated, treated, stored, transported, Released or disposed of Hazardous Materials in, on, at, under, to or
from any currently or formerly owned or leased Real Property or facility relating to its business in a manner that requires or
is reasonably expected to require corrective, investigative, monitoring, remedial or cleanup actions under any Environmental Law,
in each case, except as would not reasonably be expected to have a Material Adverse Effect; and

 

(c)          To
the knowledge of the Loan Parties, there are no actions, activities, circumstances, facts, conditions, events or incidents, including
the presence of any Hazardous Material, which would be reasonably be expected to form the basis of any Environmental Claim against
any Loan Party or any of their respective Subsidiaries.

 

Section 7.17         Solvency.
On the Closing Date after giving effect to the Transactions and the other transactions related thereto, Spark and its Subsidiaries,
on a consolidated basis, are Solvent.

 

Section 7.18         [Reserved].

 

Section 7.19         Security
Documents; Perfection.

 

(a)          Subject
to the Reservations in respect of any UK Loan Party, the Guaranty and Security Agreement is effective to create in favor of the
Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable first-priority security interest (subject
only to Permitted Liens) in the Collateral described therein and proceeds thereof.

 

(b)          Subject
to the Reservations in respect of any UK Loan Party, in the case of the Pledged Stock described in the Guaranty and Security Agreement,
when stock certificates representing such Pledged Stock are delivered to the Collateral Agent; in the case of deposit accounts
and securities accounts, when Account Control Agreements are executed and delivered by the Loan Parties owning such accounts, the
Collateral Agent and the applicable depository bank or securities intermediary; and in the case of the other Collateral described
in the Guaranty and Security Agreement, when financing statements and other filings specified on Schedule 7.19 in appropriate
form are filed in the offices specified on Schedule 7.19, the Lien granted under the Guaranty and Security Agreement shall
constitute a fully perfected Lien on, and first-priority security interest (subject only to Permitted Liens) in, all right, title
and interest of the Loan Parties in such Collateral and the proceeds thereof (to the extent such proceeds can be perfected by a
filing), as security for the Obligations.

 

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Section 7.20         Compliance
with Laws and Permits; Authorizations. Each Loan Party and each of its Subsidiaries (a) is in compliance with all Applicable
Laws and Permits and (b) has all requisite governmental licenses, Permits, authorizations, consents and approvals to operate its
business as currently conducted, except in the case of clauses (a) and (b), such instances in which (x) such requirement
of Applicable Laws, Permits, government licenses, authorizations or approvals are being contested in good faith by appropriate
proceedings diligently conducted or (y) the failure to have or comply therewith, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

 

Section 7.21         No
Material Adverse Effect. From March 21, 2019 until the Closing Date, no event, development, change, circumstance, condition
or effect shall have occurred that constitutes a Material Adverse Effect (as defined in the Closing Date Acquisition Agreement).
From and after the Closing Date, there has been no Material Adverse Effect, and there has been no circumstance, event or occurrence,
and no fact is known to any of the Loan Parties, in each case that would reasonably be expected to result in a Material Adverse
Effect.

 

Section 7.22         [Reserved].

 

Section 7.23         No
Brokers. Except as set forth on Schedule 7.23, there is no broker’s or finder’s fee or commission will be
payable with respect hereto or any of the transactions contemplated hereby.

 

Section 7.24         Insurance.
The properties of each Loan Party are insured with financially sound and reputable insurance companies that are not Affiliates
of any Loan Party against loss and damage in such amounts, with such deductibles and covering such risks, as are customarily carried
by Persons of comparable size and of established reputation engaged in the same or similar businesses and owning similar properties
in the general locations where such Loan Party operates, in each case as described on Schedule 7.24. As of the Closing Date,
all premiums with respect thereto that are due and payable have been duly paid and no Loan Party has received or is aware of any
notice of any material violation or cancellation thereof and each Loan Party has complied in all material respects with the requirements
of each such policy.

 

Section 7.25         [Reserved].

 

Section 7.26         Deposit
Accounts, Securities Accounts and Commodity Accounts. Schedule 7.26 lists as of the Closing Date all of the deposit
accounts, securities accounts and commodity accounts of each Loan Party, including, with respect to each depository bank, securities
intermediary or commodity intermediary at which such accounts are maintained by such Loan Party, (a) the name and location of such
Person and (b) the account numbers of the deposit accounts, securities accounts and commodity accounts maintained with such Person.

 

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Section 7.27         [Reserved].

 

Section 7.28         Absence
of any Undisclosed Liabilities; Absence of Liens. As of the Closing Date, other than with respect to the Loans, none of the
Loan Parties has, and none of their respective Subsidiaries has, any material Indebtedness or other material obligations or liabilities,
direct or contingent, that (x) are not reflected in the financial information referenced in Section 5.11 or (y) were
not incurred in the ordinary course of business after the date of such financial statement. As of the Closing Date, there are no
Liens encumbering any Collateral other than Permitted Liens.

 

Section 7.29         Related
Transactions. The transactions contemplated by the Acquisition Agreement have been or concurrently with the making of the initial
Loans will be consummated in all material respects in compliance with all Applicable Law and in all material respects pursuant
to the provisions of the Acquisition Agreement (giving effect to any waiver or amendment permitted pursuant to Section 5.10), true
and complete copies of which have been delivered to Administrative Agent.

 

Section 7.30         [Reserved].

 

Section 7.31         Anti-Terrorism
Laws; the Patriot Act. Each Loan Party is in compliance with, and no Loan Party is in violation of, any Law, concerning or
relating to terrorism or money laundering (“Anti-Terrorism Laws”), including the Patriot Act, the Trading with
the Enemy Act of the United States of America (50 U.S.C. App. §§1 et seq.), as amended (the “Trading
with the Enemy Act”), the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended), and Executive Order No. 13224 on Terrorism Financing, effective September 24, 2001 (the “Executive
Order”). No Loan Party or other agents acting or benefiting in any capacity in connection with the Term Loans is (i)
a Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order, (ii) a Person owned
or controlled by, or acting for or on behalf of, any Person that is listed in the Annex to, or is otherwise subject to the provisions
of, the Executive Order, (iii) a Person with whom any Lender is prohibited from dealing or otherwise engaging in any transaction
by any Anti-Terrorism Law, (iv) a Person who commits, threatens or conspires to commit or supports “terrorism” as defined
in the Executive Order, (v) an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the
Trading with the Enemy Act, or (vi) a Person that is named as a “specially designated national and blocked person”
on the most current list published by the United States Treasury Department Office of Foreign Asset Control at its official website
or any replacement website or other replacement official publication of such list. No Loan Party or other agents acting or benefiting
in any capacity in connection with the Term Loans (i) conducts any business or engages in making or receiving any contribution
of funds, goods or services to or for the benefit of any Person described in the preceding sentence, (ii) deals in, or otherwise
engages in any transaction relating to, any property or interests in any property blocked pursuant to the Executive Order, or (iii)
engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts
to violate, any of the prohibitions set forth in the Anti-Terrorism Laws. The representation in this Section 7.31 is
given by each Germany Loan Party only to the extent that the giving of such representations does not result in a violation of or
conflict with section 7 of the German Foreign Trade Ordinance (Außenwirtschaftsverordnung) (“AWV”)
(in connection with section 4 para 1 no 3 of the German Foreign Trade Act (Außenwirtschaftsgesetz) (“AWG”))
or the Council Regulation (EC) No 2271/96 of 22 November 1996 as amended by Council Regulation (EC) No 807/2003 of 14 April 2003
(the “EU Blocking Regulation”).

 

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Section 7.32         Economic
Sanctions/OFAC. No Loan Party or any director, officer or employee of any Loan Party, and to the knowledge of any Loan Party
no Affiliate, agent or representative of any Loan Party, is, or is owned or controlled by, a Person that is (i) the subject of
any economic or financial sanctions or trade embargoes imposed, administered or enforced by any Governmental Authority (“Sanctions”),
including those administered by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC Sanctions”)
and including those prescribed by the Consolidated List of Financial Targets issued by Her Majesty’s Treasury in the United
Kingdom or (ii) located, organized or conducting business in a country, region or territory that is the subject of any OFAC
Sanctions or other Sanctions (each, a “Sanctioned Country”), including, without limitation, Burma/Myanmar, Crimea,
Cuba, Iran, North Korea, Sudan and Syria (any such Person referred to in clause (i) or (ii), a “Sanctioned
Person”). The representation in this Section 7.32 is given by each Germany Loan Party only to the extent that
it does not result in a violation of or conflict with section 7 AWV (in connection with section 4 paragraph 1 no 3 AWG) or the
EU Blocking Regulation.

 

Section 7.33         Foreign
Corrupt Practices Act. No Loan Party or any director, officer or employee of any Loan Party, and to the knowledge of any Loan
Party no Affiliate, agent or representative of any Loan Party, has taken any action in violation of Applicable Law in furtherance
of an offer, payment, promise to pay or authorization or approval of the payment or giving of money, property, gifts or anything
else of value, directly or indirectly, to any “government official” (including any officer or employee of a government
or a government-owned, government-controlled or other quasi-governmental entity or of a public international organization, or any
Person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office) to influence official action or secure an improper advantage, and each Loan Party has conducted its businesses
in compliance in all material respects with applicable anti-corruption laws (including, with respect to any UK Loan Party, the
Bribery Act 2010 of the Parliament of the United Kingdom) and have instituted and maintained and will continue to maintain policies
and procedures designed to promote and achieve compliance in all material respects with all such laws and with the representation
and warranty contained in this Section 7.33.

 

Section 7.34         [Reserved].

 

Section 7.35         [Reserved].

 

Section 7.36         [Reserved].

 

Section 7.37         [Reserved].

 

Section 7.38         Centre
of Main Interests and Establishments. For the purposes of Regulation EU 2015/848 of 20 May 2015 on insolvency proceedings (recast)
(the “COMI Regulation”), the Centre of Main Interest (as that term is used in Article 3(1) of the COMI Regulation)
of each UK Loan Party is situated in England and Wales and it has no “establishment” (as that term is used in Article
2(h) of the COMI Regulation) in any other jurisdiction.

 

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ARTICLE VIII

AFFIRMATIVE COVENANTS

 

The Loan Parties hereby
covenant and agree that, on the Closing Date and thereafter until the Loans, together with interest, Fees and all other Obligations
incurred hereunder (other than Unasserted Contingent Obligations), are paid in full and all Commitments are terminated, in each
case, in accordance with the terms of this Loan Agreement:

 

Section 8.01         Financial
Information, Reports, Certificates and Other Information. The Loan Parties shall furnish to the Administrative Agent copies
of the following financial statements, reports, notices and information:

 

(a)          Monthly
Financial Statements. As soon as available and in any event within thirty (30) days (or in the case of the first two months
ending following the Closing Date, within forty five (45) days) after the end of each calendar month (i) unaudited consolidated
summary statements of income of Spark and its Subsidiaries as of the end of such month including (A) in comparative form (both
in Dollar and percentage terms) the figures for the corresponding month in the immediately preceding fiscal year of Spark, and
the year-to-date portion of the immediately preceding fiscal year of Spark and (B) a report of key performance indicators for the
business of Spark and its Subsidiaries, including additional financial information as may be reasonably requested by the Administrative
Agent, (ii) the computation of the Guarantor Coverage Test as of such date and (iii) the computation of Liquidity as of such date.

 

(b)          Quarterly
Financial Statements. As soon as available and in any event within forty-five (45) days (or in the case of the first three
fiscal quarters ending following the Closing Date, within sixty (60) days) after the end of each fiscal quarter of Spark, (i) unaudited
(x) consolidated balance sheets of Spark and its Subsidiaries as of the end of such fiscal quarter, and (y) consolidated statements
of income and cash flow of Spark and its Subsidiaries for such fiscal quarter, in each case and for the period commencing at the
end of the previous fiscal year of Spark and ending with the end of such fiscal quarter, including (in the case of each of clause
(x) and clause (y) (if applicable)) in comparative form (both in Dollar and percentage terms) the figures for the corresponding
fiscal quarter in, and year-to-date portion of, the immediately preceding fiscal year of Spark, and (ii) a statement of Consolidated
Adjusted EBITDA (x) for the year-to-date portion of such fiscal year of Spark ending concurrently with such fiscal quarter, including
in comparative form (both in Dollar and percentage terms) Consolidated Adjusted EBITDA for the same year-to-date period in the
immediately preceding fiscal year of Spark and (y) for the Test Period ending concurrently with such fiscal quarter, including,
in comparative form (both in Dollar and percentage terms) Consolidated Adjusted EBITDA for such Test Period against the then-current
Budget, and for the Test Period immediately preceding such reported period, and (iii) starting with the first full fiscal quarter
ended after the Closing Date, a management discussion and analysis (with reasonable detail and specificity) of the results of operations
for the fiscal periods reported, including, in comparative form the figures for the corresponding fiscal quarter in, and year-to-date
portion of, the immediately preceding fiscal year of Spark, and period commencing at the end of the previous fiscal year of the
Spark and ending with the end of such fiscal quarter.

 

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(c)          Annual
Financial Statements. As soon as available and in any event within one hundred and twenty (120) days after the end of each
fiscal year of Spark, (i) copies of the consolidated balance sheets of Spark and its Subsidiaries for such fiscal year, and the
related consolidated statements of income and cash flows of Spark and its Subsidiaries for such fiscal year, and setting forth
in comparative form (both in Dollar and percentage terms), the figures for the immediately preceding fiscal year and against the
then-current Budget for such fiscal year, such consolidated statements audited and certified without “going concern”
or other qualification, exception or assumption (other than as a result of a reclassification of obligations or other indebtedness
to short-term indebtedness) and without qualification or assumption as to the scope of such audit as conducted in accordance with
Applicable Accounting Standards, by an independent public accounting firm of nationally recognized standing or otherwise which
is reasonably acceptable to the Administrative Agent (with RSM US LLP and its affiliates being deemed to be acceptable), together
with a management discussion and analysis (with reasonable detail and specificity) of the results of operations for the fiscal
periods reported and (ii) a statement of Consolidated Adjusted EBITDA for such fiscal year, including in comparative form (both
in Dollar and percentage terms) Consolidated Adjusted EBITDA for such fiscal year against the then-current income statement set
forth in the Budget and for the same year-to-date period in the immediately preceding fiscal year. Notwithstanding the foregoing,
for the fiscal year ended December 31, 2018, only the audited financials of Spark and its pre-Closing Date Subsidiaries shall be
required and no audited financials for such fiscal year shall be required for the Closing Date Target.

 

(d)          Compliance
Certificates. Concurrently with the delivery of the financial information pursuant to clauses (a) (starting with the
first full month ending following the Closing Date), (b) and (c) above, a Compliance Certificate executed by an Authorized
Officer of the Administrative Borrower (i) certifying that such financial information presents fairly in all material respects
the financial condition, results of operations and cash flows of Spark and its Subsidiaries in accordance with Applicable Accounting
Standards at the respective dates of such information and for the respective periods covered thereby, subject in the case of unaudited
financial information, to changes resulting from normal year-end audit adjustments and to the absence of footnotes, (ii) showing
compliance with the covenants set forth in Section 9.13(d) (and with respect to a Compliance Certificate delivered in connection
with clauses (b) and (c) above, Sections 9.13(a) and (b)) and stating that no Default or Event of Default has occurred
and is continuing (or, if a Default or an Event of Default has occurred, specifying the details of such Default or Event of Default
and the actions taken or to be taken with respect thereto), (iii) with respect to Compliance Certificates delivered in connection
with clause (b) above for the fiscal quarters ending December 31 and June 30 of each fiscal year, (A) specifying any change in
the identity of the Subsidiaries as at the end of such fiscal year or period, as the case may be, from the Subsidiaries listed
on Schedule 7.09, or from the most recently delivered Compliance Certificate, as applicable, and (B)  attaching
(x) an updated Schedule 7.15 and Schedule 7.26 of this Loan Agreement (if applicable) and (y) a written supplement
substantially in the form of Schedules 1 through 4.12, as applicable, to the Guaranty and Security Agreement with respect to any
additional assets and property acquired by any Loan Party after the date hereof if required to update the perfection of Collateral
Agents Lien with respect to such assets, all in reasonable detail and (iv) with respect to a Compliance Certificate delivered in
connection with clause (c) above, if available, providing a financial statement as to Consolidated Excess Cash Flow for such period.

 

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(e)          Consolidated
Excess Cash Flow. Unless provided in conjunction with the Compliance Certificate in accordance with Section 8.01(d)(iv)
above, on or before the date that is five (5) Business Days after the earlier of (i) the date upon which annual financial statements
are required to be delivered pursuant to Section 8.01(c) for each fiscal year and (ii) the date upon which annual financial
statements are actually delivered pursuant to Section 8.01(c) for each fiscal year, a written calculation of Consolidated
Excess Cash Flow for the applicable fiscal year, in form and substance reasonably acceptable to the Administrative Agent, certified
by an Authorized Officer of the Administrative Borrower and in compliance with the requirements of Section 4.02(a)(vi).

 

(f)          Budget.
On or prior to sixty (60) days after the end of each calendar year, forecasted financial projections for Spark and its Subsidiaries
for the then upcoming fiscal year (on a month-by-month basis), a projected consolidated balance sheet of Spark and its Subsidiaries
as of the end of the following fiscal year, the related consolidated statements of projected cash flow and projected income and
a description of the underlying assumptions applicable thereto, and in each case prepared by management of the Loan Parties in
good faith based upon reasonable assumptions, consistent in scope with the financial statements provided pursuant to Section
8.01(c) and setting forth the principal assumptions on which such projections are based (each such projections and the projections
delivered as of the Closing Date pursuant to Section 5.10(c), being referred to as a “Budget”).

 

(g)          Defaults;
Litigation. As soon as possible and in any event within five (5) Business Days after an Authorized Officer of any Loan Party
or any of their respective Subsidiaries obtains knowledge thereof, written notice from an Authorized Officer of the Administrative
Borrower of (i) the occurrence of any event that constitutes a Default or an Event of Default, which notice shall specify the nature
thereof, the period of existence thereof, and what action the applicable Loan Parties have taken and propose to take with respect
thereto, (ii) the occurrence of any material adverse development with respect to any litigation, action, proceeding or labor controversy
described in Schedule 7.08, (iii) the commencement of any litigation, action, proceeding or labor controversy of the type
and the materiality described in Section 7.08, and (iv) to the extent the Administrative Agent requests and subject to any
attorney client privilege requirements, copies of all documentation related thereto.

 

(h)          Notices.
Written notice promptly upon becoming aware of (and in no event later than five (5) Business Days after an Authorized Officer of
any Loan Party becomes aware of) each the following, and copies of all notices and related documents and correspondence with respect
to:

 

(i)          any
pending or, to the knowledge of an Authorized Officer of a Loan Party, threatened in writing litigation, action, proceeding or
other controversy which purports to affect the legality, validity or enforceability of any Loan Document or any other document
or instrument referred to in Section 9.08, which notice shall include a statement of an Authorized Officer of the Administrative
Borrower specifying the nature thereof and what actions the applicable Loan Parties have taken and propose to take with respect
thereto;

 

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(ii)         the
commencement of, and any material development in, each litigation, investigation or proceeding affecting any Loan Party or any
Subsidiary thereof (A) in which the amount of damages is $500,000 (or its equivalent in another currency or currencies) or more,
(B) in which injunctive or similar relief is sought, (C) which would reasonably be expected to have a Material Adverse Effect or
(D) in which the relief sought is an injunction or other stay of the performance of this Loan Agreement or any other Loan Document;

 

(iii)        each
pending or, to the knowledge of an Authorized Officer of a Loan Party, threatened in writing labor dispute, strike, walkout, or
union organizing activity with respect to any employees of a Loan Party that would reasonably be expected to have a Material Adverse
Effect;

 

(iv)        each
written filing made to (including copies of all public filings) and each written notice received from the Securities and Exchange
Commission (or any equivalent or similar regulatory agency in any non-U.S. jurisdiction);

 

(v)         the
discharge, withdrawal or resignation by a Loan Party’s independent accountants and any replacement by nationally recognized
accountants or other accountants reasonably acceptable to the Administrative Agent;

 

(vi)        [reserved];

 

(vii)       with
respect to any Material Indebtedness: (A) the execution or delivery of definitive documentation relating thereto, including any
amendment, waiver, consent, forbearance or other modification, and (B) each default or event of default by any Loan Party or Subsidiary
of a Loan Party, and;

 

(viii)      all
amendments, consent letters, waivers or modifications to a Loan Party’s Organization Documents;

 

(ix)         all
significant written final reports submitted to a Loan Party or any Subsidiary of a Loan Party by its accountants in connection
with each annual, interim or special audit or review of any type of the financial statements or related internal control systems,
including any final comment letters delivered to management and all responses thereto and all “management letters”
submitted to any Loan Party by the independent public accountants; and

 

(x)          all
(i) notices submitted or delivered to a Loan Party or any Subsidiary of a Loan Party by a regulatory agency when such notice could
reasonably have a Material Adverse Effect and (ii) material reports submitted or delivered to a Loan Party or any Subsidiary of
a Loan Party which were prepared by the Securities and Exchange Commission (or any equivalent or similar regulatory agency in any
non-U.S. jurisdiction).

 

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(i)          [Reserved].

 

(j)          [Reserved].

 

(k)          [Reserved].

 

(l)           Bankruptcy,
etc. Immediately upon becoming aware thereof, notice (whether involuntary or voluntary) of the bankruptcy, insolvency, reorganization
of any Loan Party, or the appointment of any trustee in connection with or anticipation of any such occurrence, or the taking of
any step by any Person in furtherance of any such action or occurrence.

 

(m)          Corporate
Information. Promptly upon, and in any event within five (5) Business Days after, becoming aware of any additional corporate
or limited liability company information of the type delivered pursuant to Section 5.05(c), or of any change to such information
delivered on or prior to the Closing Date or pursuant to this Section 8.01, change in the identity of the chief executive
officer, chief operations officer, chief financial officer or other “C-Level” officers, a certificate, certified to
the extent of any change from a prior certification, from the secretary, assistant secretary, managing member or general partner
of such Loan Party notifying the Administrative Agent of such information or change and attaching thereto any relevant documentation
in connection therewith.

 

(n)          Other
Information. Promptly, such other information (financial or otherwise) as any Agent on its own behalf or on behalf of any Lender
may reasonably request in writing from time to time. The items to be provided under this clause are to be in form reasonably satisfactory
to the Agents and executed by the Administrative Borrower or Borrowers (to the extent so required) and delivered to the Agents
from time to time solely for the Agents’ convenience in maintaining records of the Collateral, and Administrative Borrower’s
or the Borrowers’ failure to deliver any of such items to the Agents shall not affect, terminate, modify or otherwise limit
the Agents’ Lien with respect to the Collateral.

 

Section 8.02         Books,
Records and Inspections.

 

(a)          The
Loan Parties shall, and shall cause each of their respective Subsidiaries to, maintain proper books of record and account, in which
entries that are complete, true and correct and are in conformity with Applicable Accounting Standards consistently applied shall
be made of all material financial transactions and matters involving the assets and business of the Loan Parties or such Subsidiary,
as applicable, in accordance with Applicable Accounting Standards in all material respects.

 

(b)          The
Loan Parties shall, and shall cause each of their respective Subsidiaries to, permit the Administrative Agent and its representatives
and independent contractors to visit and inspect any of its properties, to examine its corporate, financial and operating records,
and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers,
and independent public accountants, all at the expense of the Loan Parties and (unless an Event of Default then exists) at reasonable
times during normal business hours, upon reasonable advance notice to the Loan Parties (not less than ten (10) Business Days);
provided that unless an Event of Default has occurred and is continuing, the Loan Parties shall not be required to reimburse
the Administrative Agent for more than one (1) such inspection in any calendar year. Any information obtained by the Administrative
Agent pursuant to this Section 8.02(b) may be shared with the Collateral Agent or any Lender upon such Person’s request.
The Administrative Agent shall give the Loan Parties the opportunity to participate in any discussions with the Loan Parties’
independent public accountants.

 

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Section 8.03         Maintenance
of Insurance. The Loan Parties shall, and shall cause each of their respective Subsidiaries to, maintain in full force and
effect at all times (including by paying all applicable premiums), with insurance companies that are financially sound and reputable
at the time the relevant coverage is placed or renewed, insurance in at least such amounts, with such deductibles and covering
such risks (and with such risk retentions), as are customarily carried by Persons of comparable size engaged in the same or similar
businesses and owning similar properties in the general locations where such Loan Party operates (the Agents hereby acknowledge
that the insurance policies that the Loan Parties have in place as of the Closing Date satisfy the requirements of this Section
8.03). The Loan Parties shall (i) furnish to the Collateral Agent endorsements (or, in jurisdictions outside of the United States,
such other deliverables that are customary for such jurisdiction) to (x) policies covering any Collateral naming the Collateral
Agent, on behalf of the Secured Parties, as loss payee, and (y) all liability policies naming Collateral Agent, on behalf of the
Secured Parties, as additional insureds, and (ii) use commercially reasonable efforts to cause each such policy to provide that
no cancellation, material reduction in amount or material change in insurance coverage thereof shall be effective until at least
thirty (30) days (ten (10) days with respect to failing to pay premiums) after receipt by the Collateral Agent of written notice
thereof.

 

Section 8.04         Payment
of Tax Liabilities. Each Loan Party shall pay and discharge, and shall cause each of its Subsidiaries to pay and discharge,
all federal, state and local income and other material Taxes, assessments, governmental charges, levies imposed upon it or upon
its income or profits, or upon any properties belonging to it, prior to the date on which penalties attach thereto, all lawful
claims respecting the foregoing that, if unpaid, could reasonably be expected to become a Lien upon any properties of the Loan
Parties or any of their respective Subsidiaries and all other liabilities and obligations of such Loan Party and its Subsidiaries;
provided, that no Loan Party or any of its Subsidiaries shall be required to pay any such Tax, assessment, charge, levy
or claim that is in an amount less than $1,000,000 and is being contested in good faith and by proper proceedings in accordance
with Section 9.02(k) and as to which such Loan Party has maintained adequate reserves with respect thereto in accordance
with Applicable Accounting Standards.

 

 

Section 8.05         Maintenance
of Existence; Compliance with Laws, etc. Each Loan Party shall, and shall cause its Subsidiaries to, (a) preserve and maintain
in full force and effect its organizational existence (except in a transaction permitted by Section 9.03), (b) preserve
and maintain its good standing under the laws of its state or jurisdiction of incorporation, organization or formation; and preserve
and maintain its good standing under the laws of each other state or jurisdiction where such Person is qualified, or is required
to be so qualified, to do business as a foreign entity, except to the extent that failure to do so would not reasonably be expected
to have a Material Adverse Effect, (c) comply in all material respects with all Applicable Laws, rules, regulations and orders
material to the Business, and (d) do or cause to be done all things reasonably necessary to preserve, renew and keep in full force
and effect the rights, agreements, licenses, registrations, permits, certifications, approvals, consents, franchises, patents,
copyrights, trademarks and trade names that are material to the conduct of such Loan Party’s or such Subsidiary’s business
except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

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Section 8.06         Environmental
Compliance.

 

(a)          Each
Loan Party shall, and shall cause its Subsidiaries to, use and operate all of its and their businesses, facilities and properties
in compliance with all Environmental Laws, including (i) keeping all necessary permits, approvals, certificates, licenses and other
authorizations relating to environmental matters in effect and remaining in material compliance therewith, (ii) using, handling,
managing, generating, treating, storing, transporting and disposing of all Hazardous Materials in material compliance with all
applicable Environmental Laws, and (iii) keeping its and their property free of any Lien imposed by any Environmental Law, except
in each case where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

(b)          The
Administrative Borrower shall promptly give notice to the Administrative Agent upon any Loan Party or Subsidiary thereof becoming
aware of (i) any material violation by any Loan Party or any of its Subsidiaries of any Environmental Law, (ii) any inquiry with
respect to, proceeding against, investigation of or other Environmental Claim with respect to any Loan Party under any Environmental
Law, including without limitation a written request for information or a written notice of violation or potential environmental
liability from any foreign, federal, state or local environmental agency or board or any other Governmental Authority or Person,
or (iii) the discovery of a Release or threat of a Release in, at, on, under, to or from any of the Real Property of any Loan Party
or any facility or assets therein in excess of reportable or allowable standards or levels under any Environmental Law, or under
circumstances, or in a manner or amount which would reasonably be expected to require responsive, corrective, investigative, remedial,
monitoring, cleanup or other corrective action under any Environmental Law, which in each case would reasonably be expected to
have a Material Adverse Effect.

 

(c)          In
the event of material violation of any Environmental Law or the Release or presence of any Hazardous Material in, at, on, under,
to or from any Real Property of any Loan Party in amounts which require responsive, corrective, investigative, remedial, monitoring,
cleanup or other corrective or other action under any Environmental Law or which subject any Loan Party to material liability under
any Environmental Law, each Loan Party and its respective Subsidiaries, upon discovery thereof, shall take all steps required by
Environmental Laws to initiate and expeditiously complete all responsive, corrective, investigative, remedial, monitoring, cleanup
or other corrective action or other action to mitigate and eliminate any such violation or potential liability, and shall keep
the Administrative Agent informed on a regular basis of their actions and the results of such actions.

 

(d)          Each
Loan Party shall provide the Administrative Agent with copies of any material notice, submittal or documentation (other than notices,
submittals and documentation submitted in the ordinary course of any Loan Party’s business) provided by any Loan Party or
any of its Subsidiaries to any Governmental Authority or other Person under any Environmental Law. Such notice, submittal or documentation
shall be provided to the Administrative Agent promptly and, in any event, within five (5) Business Days after such material is
provided to any Governmental Authority or third party.

 

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Section 8.07         ERISA(a)          .
(a) As soon as possible and, in any event, within ten (10) Business Days after any Loan Party or any ERISA Affiliate knows or has
reason to know of the occurrence of any ERISA Event or a material change to a representation under Section 7.13, the Administrative
Borrower shall deliver to the Agents and each Lender a certificate of an Authorized Officer of the Administrative Borrower setting
forth a description of such occurrence and the action, if any, that such Loan Party or such ERISA Affiliate has taken and is required
or proposes to take with respect thereto. In addition, the Administrative Borrower shall provide such additional information and
documentation (for example, copies of notices) as the Agents reasonably request to evaluate the circumstances.

 

(b)          Promptly
following any request therefor, copies of any documents described in Section 101(k) of ERISA that any Loan Party or any ERISA Affiliate
may request with respect to any Multiemployer Plan, any notices described in Section 101(l) of ERISA that any Loan Party or any
ERISA Affiliate may request with respect to any Multiemployer Plan and any information that any Loan Party or any ERISA Affiliate
may request with respect to any Multiemployer Plan; provided, that if any Loan Party or any ERISA Affiliate has not requested such
documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the applicable Loan Party or the ERISA
Affiliate(s) shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies
of such documents and notices promptly after receipt thereof.

 

Section 8.08         Maintenance
of Properties.

 

(a)          Each
Loan Party shall, and shall cause its Subsidiaries to, (i) maintain, preserve, protect and keep its material Real Property, properties
and assets in good repair, working order and condition (ordinary wear and tear excepted, and subject to dispositions permitted
pursuant to Section 9.04), (ii) make necessary repairs, renewals and replacements thereof, and (iii) maintain and renew
as necessary all material leases, licenses, permits and other clearances necessary to use and occupy such properties and assets,
in each case so that the business carried on by such Person may be properly conducted in all material respects at all times consistent
with the manner in which business is conducted as of the Closing Date or such changes thereto as reasonably determined by the Loan
Parties in their good faith business judgment from time to time, in each case, to the extent that the failure to do so would not
reasonably be expected to have a Material Adverse Effect.

 

(b)          Each
Loan Party shall, and shall cause each of its Subsidiaries to, maintain ownership of, or possession of all material IP Rights the
failure of which to maintain would reasonably be expected to have a Material Adverse Effect. Each Loan Party shall, and shall cause
each of its Subsidiaries to, conduct and operate the businesses of such Loan Party or such Subsidiary in a manner that does not,
to the knowledge of such Loan Party, infringe, misappropriate, dilute, or otherwise violate any material IP Rights owned by any
other Person except to the extent that the such infringement, misappropriation, dilution, or other violation would not reasonably
be expected to have a Material Adverse Effect.

 

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Section 8.09         [Reserved].

 

Section 8.10         Additional
Collateral, Guarantors and Grantors. The Loan Parties shall, within forty five (45) days (or such longer period as the Agent
may permit in its sole discretion) of the formation (including by division) or acquisition thereof, cause any direct or indirect
Subsidiary (other than any Excluded Subsidiary) formed or otherwise purchased or acquired after the Closing Date to (i) execute
a supplement to the Guaranty and Security Agreement in the form of Annex I to the Guaranty and Security Agreement or otherwise
in form and substance satisfactory to the Collateral Agent (or, in the case of any such Subsidiary incorporated in England and
Wales or holding shares in a Subsidiary incorporated in England and wales, execute the respective English Security Documents or
an accession deed in the form annexed thereto or in any other form and substance satisfactory to the Collateral Agent, or, in the
case of any such Subsidiary incorporated in Germany or holding any shares in a German Loan Party, execute the respective German
Security Document or an accession agreement thereto (in notarial form, if required)), (ii) execute a joinder to this Loan
Agreement, whereby such Subsidiary becomes a Loan Party hereunder, (iii) obtain all consents and approvals required to be obtained
by it in connection with the execution and delivery of the aforementioned joinder and the Security Documents and the performance
of its obligations hereunder and thereunder and the granting by it of the Liens thereunder, and (iv) cause its assets to be subject
to a first-priority perfected (in respect of any German Loan Party under the respective German Security Document, such perfection
requirement shall be complied with within 75 days) Lien (subject only to (A) Permitted Liens and (B) (in respect of any
UK Loan Party and/or the English Security Documents) the Reservations) in favor of the Collateral Agent for the benefit of the
Secured Parties and take such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect
or record such first-priority Lien. Not later than thirty (30) days after the acquisition by any Loan Party of any asset that is
required to be provided as Collateral pursuant to this Loan Agreement or any Security Document, which asset would not automatically
be subject to the Collateral Agent’s first-priority perfected Lien pursuant to pre-existing Security Documents, the applicable
Loan Party shall cause such asset to be subject to a first-priority perfected Lien (subject only to (A) Permitted Liens and
(B) (in respect of any UK Loan Party and/or the English Security Documents) the Reservations) in favor of the Collateral Agent
for the benefit of the Secured Parties and take such actions as shall be necessary or reasonably requested by the Collateral Agent
to grant and perfect or record such first priority Lien.

 

Section 8.11         Pledges
of Additional Stock and Indebtedness. The Loan Parties shall promptly pledge to the Collateral Agent for the benefit of the
Secured Parties, (i) all the Capital Stock of each Subsidiary (other than any Excluded Subsidiary) formed or otherwise purchased
or acquired after the Closing Date, and (ii) all other evidences of Indebtedness (including intercompany Indebtedness) in excess
of $250,000 in the aggregate received by the Loan Parties.

 

Section 8.12         Use
of Proceeds.

 

(a)          The
proceeds of the Term Loans shall be used on the Closing Date only (i) to consummate the Transactions, (ii) for working capital
and general corporate purposes, and (iii) to pay the transaction fees, costs and expenses incurred directly in connection with
this Loan Agreement and the Transactions.

 

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(b)          The
proceeds of any Revolving Loans made following the Closing Date may be used for general corporate purposes, including, to fund
ongoing working capital requirements and Permitted Acquisitions. In all cases, proceeds of any Revolving Loan shall not be used
in contravention of any Law or Loan Document.

 

Section 8.13         Mortgages.
The Loan Parties shall cause each Loan Party’s fee simple interests in Real Property with a fair market value in excess of
$500,000 to be subject to a Lien in favor of the Collateral Agent pursuant to a Mortgage securing the Obligations. If any Loan
Party acquires a fee simple interest in Real Property with a fair market value in excess of $500,000 after the Closing Date, the
Administrative Borrower shall promptly notify the Agents and the Lenders thereof in writing. With respect to all Loan Parties’
fee simple interests in Real Property with a fair market value in excess of $500,000, the Loan Parties shall take, and cause the
other Loan Parties to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and/or
perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described in Section
8.15, all at the sole cost and expense of the Borrowers. Each Mortgage delivered to the Collateral Agent hereunder shall be
accompanied by (i) a policy or policies (or unconditional binding commitment thereof) of title insurance issued by a nationally
recognized title insurance company insuring the Lien of each Mortgage as a valid Lien (with the priority described therein) on
the Mortgaged Property described therein, free of any other Liens except as expressly permitted by Section 9.02, together
with such endorsements and reinsurance as the Collateral Agent may reasonably request, and (ii) if requested by the Collateral
Agent, an opinion of local counsel to the applicable Loan Parties with respect to the Mortgage and the Liens granted thereunder,
in form and substance reasonably satisfactory to the Collateral Agent.

 

Section 8.14         Accounts;
Control Agreements.

 

The Loan Parties shall
cause each deposit account, securities account and commodity account (other than any Excluded Deposit Account), each of which is
listed on Schedule 7.26, (x) in the case of such accounts located in the United States, to be subject to an Account Control
Agreement and (y) in the case of such accounts not located in the United States, to be subject to a perfected, first priority Lien
in favor of the Collateral Agent, and, in each case, the Loan Parties shall cause all Collections to be deposited in a deposit
account listed on Schedule 7.26 that is subject to an Account Control Agreement or otherwise subject to a perfected, first
priority Lien in favor of the Collateral Agent; provided however that, so long as no Event of Default has occurred and is
continuing, the Loan Parties may open new deposit accounts, new securities accounts and new commodity accounts so long as, prior
to or concurrently with opening each such account, (i) the Loan Parties shall have delivered to the Agents an amended Schedule
7.26 including such account, if applicable, and (ii) the Loan Parties shall have delivered to the Collateral Agent an Account
Control Agreement with respect to, or otherwise caused the Collateral Agent to have a perfected, first priority Lien over, such
account (other than any Excluded Deposit Account).

 

Section 8.15          Further
Assurances.

 

(a)          The
Loan Parties shall execute any and all further documents, financing statements, agreements and instruments, and shall take all
such further actions, which may be required under any Applicable Law or which either Agent may reasonably request, in order to
grant, preserve, protect, perfect and evidence the validity and priority of the security interests created or intended to be created
by the Guaranty and Security Agreement or any other Security Document (solely to the extent required by the Guaranty and Security
Agreement or any other Security Document), all at the sole and reasonable cost and expense of the Borrowers.

 

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(b)          Notwithstanding
anything herein to the contrary, if the Collateral Agent determines in its reasonable discretion that the cost of creating or perfecting
any Lien on any property is excessive in relation to the practical benefits afforded to the Lenders thereby, then such property
may be excluded from the Collateral for all purposes of the Loan Documents.

 

Section 8.16         Lender
Meetings. Each Loan Party shall, and shall cause each of its Subsidiaries to, upon the request of the Administrative Agent,
participate in a meeting of the Lenders, (a) so long as no Specified Event of Default shall have occurred and be continuing, once
per fiscal quarter, and (b) when a Specified Event of Default shall have occurred and be continuing, as frequently as may be required
by the Administrative Agent, in each case to be held via teleconference or in person (at the Administrative Agent’s election)
no more than once per year (provided, that so long as no Specified Event of Default shall have occurred, an in person meeting shall
be required no more than once per year), in each case, at a time selected by the Administrative Agent and reasonably acceptable
to the Administrative Borrower and the Required Lenders. The purpose of this meeting shall be to present the Loan Parties’
previous fiscal quarter’s financial results and, with respect to the first lender meeting of each fiscal year, to present
the Loan Parties’ Budget for the current fiscal year.

 

Section 8.17         Changes
in Legal Form, etc. Each Loan Party shall provide notice within five (5) Business Days to the Administrative Agent of the following:

 

(a)          a
change of its legal form;

 

(b)          a
change of its jurisdiction of organization;

 

(c)          a
change of its name as it appears in official filings in its jurisdiction of organization; and

 

(d)          a
change of the location of its registered office, chief executive office or sole place of business from that referred in the Perfection
Certificate.

 

Section 8.18         Payment
of Contractual Obligations. Each Loan Party shall, and shall cause each of its Subsidiaries to, pay, discharge and perform
as the same shall become due and payable or required to be performed, all their respective material obligations and liabilities,
including:

 

(a)          all
lawful claims which, if unpaid, would by law become a Lien (other than a Permitted Lien) upon its property and assets unless the
same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the imposition or enforcement
of any Lien and for which adequate reserves in accordance with Applicable Accounting Standards are being maintained by such Person;
and

 

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(b)          the
performance of all obligations under any Contractual Obligation in excess of $500,000 to which such Loan Party or any of its Subsidiaries
is bound, or to which it or any of its property and assets are subject, including any Material Contracts.

 

Section 8.19         [Reserved].

 

Section 8.20         Security
Interests; Perfection, etc. Subject to (in respect of any UK Loan Party) the Reservations, each Loan Party shall take all necessary
actions to ensure (in respect of any initial perfection requirements, within 75 days of the Closing Date) that the Guaranty and
Security Agreement is effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid
and enforceable first priority (subject only to Permitted Liens which, pursuant to the terms of this Loan Agreement, are permitted
to have priority over Collateral Agent’s Liens thereon) security interest in the Collateral described therein and proceeds
thereof.

 

Section 8.21         Post-Closing
Obligations.

 

(a)          Within
seventy five (75) days after the Closing Date (or such later date agreed by the Administrative Agent), the Loan Parties shall deliver
to the Administrative Agent the Account Control Agreements for each deposit account, securities account and commodities account
of a Loan Party as of the Closing Date (other than Excluded Deposit Accounts), to the extent required by Section 8.14.

 

(b)          Within
thirty (30) Business Days after the Closing Date (or such later date agreed by the Administrative Agent), the Loan Parties shall
deliver to the Administrative Agent the endorsements (containing or accompanied by a copy of the policy or binder in respect thereof)
required by Section 8.03.

 

(c)          Within
five (5) Business Days after the Closing Date (or such later date agreed by the Collateral Agent), the Loan Parties shall deliver
to the Collateral Agent all certificates (if any) representing such Capital Stock accompanied by instruments of transfer and undated
stock powers or stock transfer forms (as applicable) executed in blank, in each case, as required by Section 5.03 and, in
each case, as was unable to be delivered on the Closing Date.

 

Section 8.22         Guarantor
Coverage Test. The Loan Parties shall comply with the Guarantor Coverage Test.

 

Section 8.23         People
with Significant Control Regime.

 

(a)          Each
Loan Party shall promptly:

 

(i)          comply
with any notice it receives pursuant to Part 21A of the Companies Act 2006 of the Parliament of the United Kingdom from any UK
Loan Party whose shares are subject to any Lien in favor of the Collateral Agent; and

 

(ii)         provide
the Collateral Agent with a copy of that notice.

 

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(b)          No
Loan Party shall do anything, or permit anything to be done, which could result in any other person becoming a PSC Registrable
Person in respect of a company whose shares are subject to any Lien in favor of the Collateral Agent or require that company to
issue a notice under sections 790D or 790E or a warning or restrictions notice under schedule 1B, of the Companies Act 2006 of
the Parliament of the United Kingdom, unless otherwise permitted under the terms of this Agreement.

 

(c)          Each
Loan Party will take all such action as is necessary to ensure that a company whose shares are subject to any Lien in favor of
the Collateral Agent is not required to issue a notice under section 790D or 790E or a warning or restrictions notice under schedule
1B, of the Companies Act 2006 of the Parliament of the United Kingdom.

 

(d)          For
the purposes of withdrawing any restrictions notice (d) or for any application (or similar) to the court under schedule 1B of the
Companies Act 2006, each UK Loan Party shall provide such assistance as the Administrative Agent may reasonably request in respect
of any shares which are subject to any Lien in favor of the Collateral Agent and provide the Administrative Agent with all information,
documents and evidence that it may reasonably request in connection with the same.

 

ARTICLE IX

NEGATIVE COVENANTS

 

The Loan Parties hereby
covenant and agree that, on the Closing Date and thereafter until the Loans, together with interest, Fees and all other Obligations
incurred hereunder (other than Unasserted Contingent Obligations), are paid in full and all Commitments are terminated, in each
case, in accordance with the terms of this Loan Agreement:

 

Section 9.01         Limitation
on Indebtedness. Each Loan Party will not, and will not permit any of its Subsidiaries to, directly or indirectly, create,
incur, issue, assume, guarantee, suffer to exist or otherwise become directly or indirectly liable, contingently or otherwise with
respect to any Indebtedness, except for:

 

(a)          Indebtedness
in respect of the Obligations;

 

(b)          Indebtedness
assumed in connection with any Permitted Acquisition, taken together with the aggregate amount of Indebtedness incurred under clause
(e) below, not to exceed $1,000,000 at any time outstanding, and any Refinancing Indebtedness in respect of such Indebtedness;

 

(c)          Indebtedness
existing as of the Closing Date which is identified with particularity (including amount) in Schedule 5.13 and which is
not otherwise permitted by this Section 9.01, and any Refinancing Indebtedness in respect of such Indebtedness;

 

(d)          Indebtedness
in respect of performance, surety or appeal bonds provided in the Ordinary Course of Business, but excluding (in each case) Indebtedness
incurred through the borrowing of money or Contingent Liabilities in respect thereof;

 

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(e)          Indebtedness
(i) evidencing the deferred purchase price of newly acquired property or incurred to finance the acquisition of equipment of such
Loan Party and its Subsidiaries (pursuant to purchase money mortgages or otherwise, whether owed to the seller or a third party)
used in the Ordinary Course of Business of such Loan Party and its Subsidiaries; provided, that such Indebtedness is incurred
within ninety (90) days of the acquisition of such property, and (ii) consisting of Capitalized Lease Obligations, in an aggregate
amount for clauses (i) and (ii), taken together with the aggregate amount of Indebtedness assumed under clause
(b) above, not to exceed $1,000,000 at any time outstanding, and any Refinancing Indebtedness in respect of such Indebtedness;

 

(f)          Guaranty
Obligations of a Loan Party in respect of Indebtedness of a Loan Party otherwise permitted hereunder, and Guaranty Obligations
of a Subsidiary of a Loan Party in respect of Indebtedness of a Loan Party or any Subsidiary of a Loan Party otherwise permitted
hereunder;

 

(g)          (i)
unsecured Indebtedness consisting of seller notes incurred in connection with a Permitted Acquisition and which is subordinated
to the Obligations on terms reasonably satisfactory to the Required Lenders, in an aggregate amount not to exceed $1,000,000 at
any time outstanding, (ii) Earn-Out Obligations incurred in connection with a Permitted Acquisition, and (iii) the Deferred Merger
Payment to the extent subject to the Deferred Merger Payment Subordination Agreement;

 

(h)          non-recourse
Indebtedness incurred by the Borrowers or any of their respective Subsidiaries to finance the payment of insurance premiums of
such Person;

 

(i)          Indebtedness
owed to any Person providing worker’s compensation, health, disability or other employee benefits or property, casualty or
liability insurance to the Borrowers or any of their respective Subsidiaries incurred in connection with such Person providing
such benefits or insurance pursuant to customary reimbursement or indemnification obligations to such Person;

 

(j)          Indebtedness
consisting of unsecured intercompany loans and advances made by or among any Borrower and its Subsidiaries; provided that:
(x) in the case of any Indebtedness of any Subsidiary that is not a Loan Party owing to any Loan Party, solely to the extent the
related Investment shall be permitted under Section 9.05; and (y) any Indebtedness of any Loan Party to any Subsidiary
that is not a Loan Party must be expressly subordinated in right of payment to the Obligations pursuant to the Global Intercompany
Note;

 

(k)          incurred
pursuant to Section 8a of the German Act on Partial Retirement (Altersteilzeitgesetz) or Section 7e of the Fourth Book of
the German Social Code (Sozialgesetzbuch IV);

 

(l)           [reserved];

 

(m)          Indebtedness
of any Borrower or any Subsidiary in respect of (i) commercial credit cards, stored value cards, purchasing cards, in each case,
not to exceed $350,000 in the aggregate and (ii) 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 or otherwise in connection with cash management and deposit accounts;

 

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(n)          Indebtedness
of any Borrower or any Subsidiary representing (i) deferred compensation to current or former directors, officers, employees, members
of management, managers, and consultants of Spark or any 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;

 

(o)          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;

 

(p)          [reserved];

 

(q)          Indebtedness
in respect of interest rate agreements entered into in the Ordinary Course of Business and not for speculative purposes;

 

(r)          additional
Indebtedness in an aggregate amount outstanding at any time not to exceed the greater of (i) $2,500,000 and (ii) 8.5%
of Consolidated Adjusted EBITDA for the most recent Test Period; and

 

(s)          Indebtedness
consisting of obligations owing under any customer or supplier incentive, supply, license or similar agreements entered into in
the Ordinary Course of Business.

 

Section 9.02         Limitation
on Liens. Each Loan Party will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur,
assume or suffer to exist any Lien upon any property or assets of any kind (real or personal, tangible or intangible) of any such
Person (including its Capital Stock), whether now owned or hereafter acquired, except for the following (collectively, “Permitted
Liens”):

 

(a)          Liens
securing payment of the Obligations;

 

(b)          Liens
solely on any cash earnest money deposits made by any Borrower or any of its Subsidiaries in connection with any letter of intent
or purchase agreement with respect to any Investment permitted hereunder;

 

(c)          Liens
existing as of the Closing Date and listed on Schedule 9.02, securing Indebtedness permitted under Section 9.01(c),
and any modification, replacement, refinancing, renewal or extension thereof; provided that (i) no such Lien shall encumber
any additional property not encumbered as of the Closing Date, other than (A) after-acquired property that is affixed or incorporated
into the property covered by such Lien and (B) proceeds and products thereof, accessions thereto and improvements thereon (ii)
the amount of Indebtedness secured by such Lien shall not be increased from the amount outstanding on the Closing Date and (ii) any
such modification, replacement, refinancing, renewal or extension of the obligations secured or benefited by such Liens, if constituting
Indebtedness, is permitted by Section 9.01;

 

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(d)          Liens
securing Indebtedness of the type permitted under Section 9.01(e); provided, that (i) such Lien is granted within ninety
(90) days after such Indebtedness is incurred, and (ii) such Lien secures only the assets that are the subject of the Indebtedness
referred to in Section 9.01(e);

 

(e)          Liens
arising by operation of law in favor of banks or saving banks (Sparkassen), carriers, warehousemen, mechanics, materialmen
and landlords incurred in the Ordinary Course of Business for amounts not overdue for a period of more than forty-five (45) days
or being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with Applicable
Accounting Standards shall have been established on its books;

 

(f)           any
landlord's pledge (Vermieterpfandrecht) arising by operation of law under a lease in favor of the relevant third party landlord;

 

(g)          Liens
incurred or deposits made in the Ordinary Course of Business in connection with worker’s compensation, unemployment insurance
or other forms of governmental insurance or benefits, or to secure performance of earnest money deposits under letters of intent
or purchase money agreements, tenders, statutory obligations, bids, leases or other similar obligations (other than for borrowed
money) entered into in the Ordinary Course of Business or to secure obligations on surety, stay, appeal or performance bonds;

 

(h)          Liens
on assets securing judgments, awards, attachments or decrees which do not constitute an Event of Default under Section 10.01(i);

 

(i)          easements,
rights-of-way, restrictions, encroachments, zoning restrictions, minor defects or irregularities in title and other similar encumbrances
not interfering in any material respect with the value or use of the property to which such Lien is attached;

 

(j)           Liens
for Taxes, assessments or other governmental charges or levies not overdue, or that are being diligently contested in good faith
by appropriate proceedings where the execution or enforcement of such Lien has been stayed and for which adequate reserves in accordance
with Applicable Accounting Standards shall have been established on its books;

 

(k)          Liens
arising in the Ordinary Course of Business by virtue of any contractual (including any Lien arising under the general terms and
conditions of banks or saving banks (Sparkassen) (Allgemeine Geschäftsbedingungen der Banken und Sparkassen)),
statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies covering deposit
or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution
or securities intermediary, provided the applicable provisions of Section 8.14 have been complied with in respect of such
deposit or securities accounts;

 

(l)           any
interest of any other Person as a lessee, licensee or sublessee or sublicensee under any lease, license or sublease entered into
by any such Loan Party or its Subsidiary in the Ordinary Course of Business and (ii) any leases, licenses, subleases and sublicenses
entered into by any such Loan Party or Subsidiary as lessor, licensor, sublessor or sublicensor in the Ordinary Course of Business,
in each case, covering only the assets so leased, subleased, licensed or sublicensed and if with respect to any technology or other
IP Rights and permitted under Section 9.4(o);

 

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(m)         Liens
of sellers of goods to such Person arising under Article II of the UCC or similar provisions of Applicable Law in the Ordinary
Course of Business, covering only the goods sold or securing only the unpaid purchase price of such goods and related expenses
to the extent such Indebtedness is permitted hereunder;

 

(n)          Liens
on insurance policies and the proceeds thereof securing the financing of premiums with respect thereto, to the extent permitted
under Section 9.01(h);

 

(o)          precautionary
Uniform Commercial Code filings (or equivalent filings or registrations in foreign jurisdictions) pursuant to an operating lease
entered into in the Ordinary Course of Business;

 

(p)          pledges
and deposits of cash or Cash Equivalents in the Ordinary Course of Business securing liabilities to insurance carriers providing
property, casualty, liability or other insurance to Spark and its Subsidiaries or otherwise securing Indebtedness of the types
described in Sections 9.01 (m) and (q), in the aggregate amount under this clause (p) and clause (q)
not to exceed $1,000,000 in the aggregate at any time outstanding;

 

(q)          pledges
and deposits of cash or Cash Equivalents in the Ordinary Course of Business securing any rental deposits in respect of any property
leased or licensed by Spark or one of its Subsidiaries, in the aggregate amount under this clause (q) and clause (p)
not to exceed $1,000,000 in the aggregate at any time outstanding;

 

(r)          Liens
securing Indebtedness permitted by Section 9.01(b);

 

(s)          other
Liens with respect to which the aggregate amount of the obligations secured thereby does not exceed the greater of (i) $2,500,000
and (ii) 8.5% of Consolidated Adjusted EBITDA for the most recent Test Period;

 

(t)          any
Lien created in respect of Section 8a of the German Act on Partial Retirement (Altersteilzeitgesetz) or Section 7e of the
Fourth Book of the German Social Code (Sozialgesetzbuch IV);

 

(u)          Liens
or rights of setoff against credit balances of any Borrower or any of its Subsidiaries with credit card issuers, payment processors
or other amounts owing by payment card issuers or payment processors in the Ordinary Course of Business;

 

(v)          Liens
(i) in favor of the Loan Parties and (ii) granted by any Subsidiary that is not a Loan Party in favor of any other Subsidiary that
is not a Loan Party, in the case of each of clauses (i) and (ii) above, securing intercompany Indebtedness
permitted under Section 9.01; and

 

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(w)          Liens
securing Hedging Obligations permitted hereunder.

 

Section 9.03         Consolidation,
Merger, etc. Each Loan Party will not, and will not permit any of its Subsidiaries to, liquidate or dissolve, undergo a division
(or similar transaction), consolidate with, or merge into or with, any other Person, or purchase or otherwise acquire all or substantially
all of the assets of any Person or any division of any Person; provided, however, that (a) any Loan Party or Subsidiary
of any Loan Party may liquidate or dissolve voluntarily into, and may merge with and into, a Borrower, so long as such Borrower
is the surviving entity, (b) any Guarantor may liquidate or dissolve voluntarily into, and may merge with and into, any other Guarantor,
(c) any Subsidiary of a Loan Party that is not itself a Loan Party may liquidate or dissolve voluntarily into, and may merge with
and into, any Loan Party or any non-Loan Party, (d) the assets or Capital Stock of any Loan Party or Subsidiary of any Loan Party
may be purchased or otherwise acquired by a Borrower, (e) the assets or Capital Stock of any Guarantor may be purchased or otherwise
acquired by any Loan Party, (f) the assets or Capital Stock of any Subsidiary that is not a Loan Party may be purchased or otherwise
acquired by any Loan Party or any non-Loan Party, (g) the Capital Stock of Spark may be purchased by any Person so long as no Change
of Control results therefrom, and (h) any non-Borrower Subsidiary of a Borrower may Dispose of all or substantially all of its
assets (including pursuant to a merger, consolidated or amalgamation) pursuant to any liquidation, dissolution or other transaction
that results in the assets, if any, of such Subsidiary being transferred to a Loan Party.

 

Section 9.04         Permitted
Dispositions. Each Loan Party will not, and will not permit any of its Subsidiaries to, make a Disposition, or enter into any
agreement to make a Disposition, of such Loan Party’s or such Subsidiary’s assets (including Accounts and Capital Stock
of Subsidiaries) to any Person in one transaction or a series of transactions, unless such Disposition:

 

(a)          is
in the Ordinary Course of Business and is of obsolete, worn out, unused or surplus property or property not presently used or useful
in its business;

 

(b)          is
for fair market value and the following conditions are met:

 

(i)          the
aggregate fair market value of Dispositions during any fiscal year does not exceed $1,000,000;

 

(ii)         immediately
prior to and immediately after giving effect to such Disposition, no Default or Event of Default shall have occurred and be continuing
or would result therefrom;

 

(iii)        the
Borrowers apply any Net Disposition Proceeds arising therefrom pursuant to Section 4.02(a)(ii); and

 

(iv)        no
less than seventy-five percent (75%) of the consideration received for such sale, transfer, lease, contribution or conveyance is
received in cash;

 

(c)          is
a sale of Inventory in the Ordinary Course of Business;

 

(d)          is
the leasing, as lessor, of real or personal property not useful in such Person’s business and is otherwise in the Ordinary
Course of Business;

 

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(e)          is
a sale or disposition of equipment or other assets, to the extent that such equipment is exchanged for credit against the purchase
price of similar replacement equipment or assets or the proceeds of such Dispositions are reasonably promptly applied to the purchase
price of similar replacement equipment, all in the Ordinary Course of Business and in accordance with Section 4.02(a)(ii);

 

(f)          is
an abandonment, failure to renew, or other disposition in the Ordinary Course of Business of any IP Rights that are not material
to the conduct of the business of any Loan Party or any Subsidiary of such Loan Party;

 

(g)          is
otherwise permitted by Section 9.03;

 

(h)          is
by any Loan Party or Subsidiary thereof to any Loan Party;

 

(i)           [reserved];

 

(j)           is
by any Subsidiary that is not a Loan Party to any Loan Party or any other Subsidiary that is not a Loan Party;

 

(k)           is
a Disposition of cash and Cash Equivalents, in each case, in a manner not prohibited by the other terms of this Agreement and in
the Ordinary Course of Business;

 

(l)           is
a Disposition of accounts receivable in the Ordinary Course of Business (including to insurers which have provided insurance as
to the collection thereof and any discount or forgiveness thereof) or in connection with the collection or compromise thereof;

 

(m)          is
(i) any Disposition or termination of any lease, license, sublease or sublicense in the Ordinary Course of Business, or (ii) 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)          is
a Disposition of property subject to foreclosure, casualty, eminent domain or condemnation proceedings (including in lieu thereof
or any similar proceeding);

 

(o)          is
(i) licensing, sublicensing and cross-licensing arrangements, in each case, solely to the extent provided on a non-exclusive basis,
involving any technology or other IP Rights of any Borrower or any Subsidiary thereof in the Ordinary Course of Business, (ii)
the licensing of IP Rights to any Borrower or any other Loan Party, or (iii) a Disposition, abandonment, cancellation or lapse
of any technology or other IP Rights (including issuances or registrations, or applications for issuances or registrations, of
any IP Rights), which IP Rights, in the good faith determination of the Administrative Borrower, are not material to the conduct
of the business of the Borrowers and their respective Subsidiaries, when taken as a whole, or are no longer economical to maintain;

 

(p)          is
a lease, sublease, license or sublicense of assets (other than technology and other IP Rights) entered into in the Ordinary Course
of Business;

 

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(q)          is
a Disposition consummated in connection with the Transactions to the extent necessary to effectuate the Transactions on the Closing
Date; or

 

(r)           the
sale or discount without recourse of accounts receivable arising in the Ordinary Course of Business in connection with the compromise
or collection thereof, in good faith, in an arm’s-length transaction.

 

Section 9.05         Investments.
Each Loan Party will not, and will not permit any of its Subsidiaries to, purchase, make, incur, assume or permit to exist any
Investment in any other Person, except:

 

(a)          Investments
existing on the Closing Date and listed on Schedule 9.05 and any modification, replacement, renewal or extension of any
such Investment so long as no such modification, renewal or extension increases the amount of such Investment except by the terms
thereof or as otherwise permitted by this Section 9.05;

 

(b)          Investments
in cash and Cash Equivalents;

 

(c)          Investments
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 or (iv) as
a result of the settlement, compromise, resolution of litigation, arbitration or other disputes;

 

(d)          Investments
by way of contributions to capital or purchases of Capital Stock by any Loan Party in any of its Subsidiaries that are Loan Parties;

 

(e)          Investments
constituting (i) Accounts arising, (ii) trade debt granted, or (iii) deposits made, in connection with the purchase price of goods
or services, in each case in the Ordinary Course of Business;

 

(f)           Investments
consisting of any deferred portion of the sales price received by any Loan Party in connection with any Disposition permitted under
Section 9.04;

 

(g)          other
Investments in an aggregate amount at any time not to exceed the greater of (i) $2,500,000 and (ii) 8.5% of Consolidated
Adjusted EBITDA for the most recent Test Period;

 

(h)          intercompany
Indebtedness advanced by any Loan Party to any other Loan Party;

 

(i)           the
maintenance of deposit accounts in the Ordinary Course of Business, so long as the applicable provisions of Section 8.14
have been complied with in respect of each such deposit account;

 

(j)           Guaranty
Obligations permitted by Section 9.01(f) and Section 9.01(k);

 

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(k)           loans
and advances to officers, directors and employees of any Loan Party for reasonable and customary business related travel expenses,
entertainment expenses, moving expenses and similar expenses, in each case incurred in the Ordinary Course of Business, in an aggregate
principal amount at any time not to exceed $250,000;

 

(l)           Permitted
Acquisitions;

 

(m)          Investments
consisting of interest rate agreements permitted under Section 9.01(q);

 

(n)          Investments
by (i) any Loan Party in any Subsidiary that is not a Loan Party in an aggregate principal amount not to exceed (x) $1,000,000
per fiscal year or (y) $2,500,000 during the term of this Agreement (ii) any Subsidiary that is not a Loan Party in any Subsidiary
that is not a Loan Party and (iii) any non-Loan Party in any Loan Party;

 

(o)          Investments
in the Ordinary Course of Business consisting of endorsements of negotiable instruments for collection or deposit; and

 

(p)          promissory
notes and other non-cash consideration received in connection with Dispositions permitted by Section 9.04.

 

Section 9.06         Restricted
Payments. Each Loan Party will not, and will not permit any of its Subsidiaries to, make any Restricted Payment, or make any
deposit for any Restricted Payment, other than:

 

(a)          prior
to the Closing Date, Permitted Cash VSOP Payments;

 

(b)          Restricted
Payments by any Subsidiary of a Loan Party (i) to any Loan Party, or (ii) ratably to the holders of its Capital Stock;

 

(c)          Restricted
Payments to pay dividends with respect to its Capital Stock payable solely in additional Qualified Capital Stock;

 

(d)          Restricted
Payments to repurchase Capital Stock of Spark upon the exercise of warrants, options or other securities convertible into or exchangeable
for Capital Stock of Spark solely to the extent 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;

 

(e)          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 Spark;

 

(f)           payments
in respect of any Indebtedness that has been incurred in accordance with Sections 9.01(g)(i) or (ii) (other than
the Deferred Merger Payment); provided, that: (i) immediately before and after each such payment, no Event of Default shall
have occurred and be continuing, (ii) Spark and its Subsidiaries are in compliance on a Pro Forma Basis with Sections 9.13(a),
(b) and (d) as of the last day of the most recently ended fiscal quarter for which financial statements have been
delivered to the Administrative Agent, (iii) the First Lien Net Leverage Ratio shall be no greater than 0.50x inside the applicable
level set forth in Section 9.13(a) for such fiscal quarter calculated on a Pro Forma Basis as of the last day of the most recently
ended fiscal quarter for which financial statements have been delivered to the Administrative Agent, (iv) each such payment is
permitted by any subordination terms applicable to such Indebtedness, and (v) the aggregate amount paid pursuant to this clause
(f) shall not exceed $1,000,000 during any fiscal year of Spark;

 

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(g)          the
Deferred Merger Payment and other payments in respect of any Indebtedness that has been incurred in accordance with Section
9.01(g)(iii); provided, that: (i) immediately before and after each such payment, no Event of Default shall have occurred
and be continuing, (ii) Spark and its Subsidiaries are in compliance on a pro forma basis with Sections 9.13(a), (b)
and (d) as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered
to the Administrative Agent, and (iii) each such payment is permitted by the Deferred Merger Payment Subordination Agreement;

 

(h)          [reserved];
and

 

(i)           Spark
may deliver its common Capital Stock upon conversion of any convertible securities having been issued by Spark.

 

Section 9.07         Payments
of Indebtedness.

 

(a)          Except
in connection with Refinancing Indebtedness permitted by Section 9.01, to the extent permitted by Section 9.06,
each Loan Party will not, and will not permit any of its Subsidiaries to, make any payment on account of Indebtedness that has
been contractually subordinated in right of payment to the Obligations, if such payment is not permitted at such time under the
subordination or intercreditor terms and conditions applicable thereto.

 

(b)          Each
Loan Party will not, and will not permit any of its Subsidiaries to, forgive, cancel, settle or otherwise forfeit any amount, in
whole or in part, owing to it as of the Closing Date or at any time thereafter by an Affiliate of such Loan Party or Subsidiary.

 

Section 9.08         Modification
of Certain Agreements. Each Loan Party will not, and will not permit any of its Subsidiaries to, amend, supplement, waive,
otherwise modify, or forbear from exercising any rights with respect to the terms or provisions of, or consent to any amendment,
supplement, waiver, other modification or forbearance from exercising any rights with respect to the terms or provisions of any
Organization Document or the Closing Date Acquisition Agreement, in each case, other than any amendment, supplement, waiver, modification
or forbearance that is not materially adverse to a Secured Party as reasonably determined by the Administrative Agent.

 

Section 9.09         Sale
and Leaseback. Each Loan Party will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into
any agreement or arrangement providing for the sale or transfer by it of any property (now owned or hereafter acquired) to a Person
and the subsequent lease or rental of such property or other similar property from such Person.

 

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Section 9.10         Transactions
with Affiliates. Except as set forth on Schedule 9.10 (and any amendment, modification or extension thereof), each Loan
Party will not, and will not permit any of its Subsidiaries to, enter into or cause or permit to exist any arrangement, transaction
or contract (including for the purchase, lease or exchange of property or the rendering of services) with any Affiliate except:
(a) on fair and reasonable terms no less favorable to such Loan Party or such Subsidiary than such Person could obtain in an arm’s-length
transaction with a Person that is not an Affiliate; (b) any transaction expressly permitted under this Loan Agreement; (c) so
long as it has been approved by the Borrower’s or its applicable Subsidiary’s board of directors or other governing
body to the extent required in accordance with Applicable Law, (i) customary indemnifications of non-officer directors of
the Loan Parties and their respective Subsidiaries, (ii) the payment of reasonable and customary compensation (including bonuses)
and indemnification arrangements and benefits (including retirement, health, stock option and other benefit plans) for directors,
officers and employees of the Loan Parties and their respective Subsidiaries and (iii) payment or reimbursement of reasonable out-of-pocket
costs and expenses of directors, officers and employees of the Transaction Parties and their respective Subsidiaries, in each case,
in the Ordinary Course of Business; (d) employment and severance arrangements between Spark and its Subsidiaries and their respective
officers and employees in the Ordinary Course of Business and transactions pursuant to stock option plans, stock incentive plans
and employee benefit plans and arrangements in the Ordinary Course of Business; (e) the issuance or sale of Capital Stock
by Spark; and (f) transactions (x) between or among Loan Parties not involving any other Affiliate thereof or (y) between or among
Subsidiaries of Loan Parties that are not Loan Parties not involving any Loan Party.

 

Section 9.11         Restrictive
Agreements, etc. Each Loan Party will not, and will not permit any of its Subsidiaries to, enter into any agreement prohibiting
or conflicting with any right granted hereunder with respect to:

 

(a)          the
creation or assumption of any Lien upon its properties, revenues or assets, whether now owned or hereafter acquired (other than
documentation related to Permitted Liens);

 

(b)          the
ability of such Person to amend or otherwise modify any Loan Document; or

 

(c)          the
ability of such Person to make any payments, directly or indirectly, to a Borrower, including by way of dividends, advances, repayments
of loans, reimbursements of management and other intercompany charges, expenses and accruals or other returns on investments;

 

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provided, however, the foregoing
prohibitions shall not apply to restrictions that: (i) are set forth in an agreement governing any secured Indebtedness permitted
by Section 9.01 (including any Refinancing Indebtedness thereof) as to the transfer of assets financed with the proceeds
of such Indebtedness if such restrictions apply only to the property or assets securing such Indebtedness, (ii) arise under customary
provisions restricting assignments, subletting or other transfers (including the granting of any Lien) contained in leases, subleases,
licenses, sublicenses, joint venture agreements and other agreements entered into in the Ordinary Course of Business; (iii) 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 assets or Capital Stock not otherwise prohibited under this Loan Agreement; (iv) are set forth in any agreement
for any Disposition of any Subsidiary (or all or substantially all of the assets thereof) that restricts the payment of dividends
or other distributions or the making of cash loans or advances by such Subsidiary pending such Disposition solely to the extent
it relates only to property being sold in such Disposition; (v) are binding on a Subsidiary at the time such Subsidiary first becomes
a Subsidiary, so long as such restrictions were not entered into solely in contemplation of such Person becoming a Subsidiary;
(vi) are customary restrictions in leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such
restrictions relate solely to the assets subject thereto; (vii) are customary provisions restricting subletting or assignment of
any lease governing a leasehold interest of any Borrower or any Subsidiary; (viii) are 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 and to the extent limited solely to such assets; (ix) arise
under or as a result of applicable Law or the terms of any license, authorization, concession or permit provided by a Governmental
Authority; (x) relating to any asset (or all of the assets) of or the Capital Stock of any Borrower or any Subsidiary which is
imposed pursuant to an agreement entered into in connection with any Disposition of such asset (or assets) or all or a portion
of the Capital Stock of the relevant Person that is permitted or not restricted by this Loan Agreement (provided that any such
agreement with respect to the Borrowers shall result in a Change of Control); (xi) set forth in any agreement relating to any Permitted
Lien that limits the right of any Borrower or any Subsidiary to Dispose of or encumber the assets subject thereto so long as no
such agreement prohibits any Loan Party from creating or granting a Lien on any of its properties or assets to secure the Obligations;
and (xii) are amendments, modifications, restatements, refinancings or renewals of the agreements, contracts or instruments referred
to in subclauses (i) through (xi) of this proviso; provided that such amendments, modifications, restatements, refinancings
or renewals are not materially more restrictive with respect to such encumbrances and restrictions than those contained in such
predecessor agreements, contracts or instruments.

 

Section 9.12         Changes
in Business and Fiscal Year. Each Loan Party will not, and will not permit any of its Subsidiaries to:

 

(a)          engage
in any business activity other than the Business;

 

(b)          modify
or change its fiscal year to end other than on December 31 of each year; or

 

(c)          modify
or change its method of accounting in any material respect except (i) in connection with the GAAP Election and (ii) as otherwise
may be required to conform to Applicable Accounting Standards.

 

Section 9.13         Financial
Covenants. The Loan Parties will not permit:

 

(a)          Maximum
First Lien Net Leverage Ratio. The First Lien Net Leverage Ratio, as of the last day of each Test Period set forth below, to
be greater than the First Lien Net Leverage Ratio set forth below opposite such Test Period:

 

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	Test Period	 	First Lien Net Leverage Ratio 
	September 30, 2019	 	3.00:1.00
	December 31, 2019	 	2.75:1.00
	March 31, 2020	 	2.50:1.00
	June 30, 2020	 	2.25:1.00
	September 30, 2020	 	2.00:1.00
	December 31, 2020	 	2.00:1.00
	March 31, 2021	 	2.00:1.00
	June 30, 2021	 	1.50:1.00
	September 30, 2021	 	1.25:1.00
	December 31, 2021	 	1.25:1.00
	March 31, 2022	 	1.25:1.00
	June 30, 2022 and each Test Period ended thereafter	 	1.25:1.00

 

(b)          Fixed
Charge Coverage Ratio. The Fixed Charge Coverage Ratio, as of the last day of each Test Period set forth below, to be less
than the Fixed Charge Coverage Ratio set forth below opposite such Test Period:

 

	Test Period	 	Fixed Charge Coverage Ratio 
	September 30, 2019	 	1.10:1.00
	December 31, 2019	 	1.10:1.00
	March 31, 2020	 	1.10:1.00
	June 30, 2020	 	1.10:1.00
	September 30, 2020	 	1.25:1.00
	December 31, 2020	 	1.25:1.00
	March 31, 2021	 	1.25:1.00
	June 30, 2021	 	1.25:1.00
	September 30, 2021	 	1.40:1.00
	December 31, 2021	 	1.40:1.00
	March 31, 2022	 	1.40:1.00
	June 30, 2022 and each Test Period ended thereafter	 	1.40:1.00

 

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(c)          [Reserved].

 

(d)          Minimum
Liquidity. Liquidity of Spark and its Subsidiaries, on a consolidated basis, as of the last Business Day of each fiscal month
following the Closing Date, to be less than $10,000,000.

 

(e)          [Reserved].

 

(f)          Equity
Cure. In the event the Borrowers fail to comply with any covenant contained in Sections 9.13(a) or (b) for any
Test Period (any such failure, a “Financial Covenant Default”), the Borrowers shall have the right to cure the
resulting Event of Default on the following terms and conditions (the “Equity Cure Right”):

 

(i)          In
the event the Borrowers desire to cure any Financial Covenant Default, the Administrative Borrower shall deliver to the Administrative
Agent irrevocable written notice of the Borrowers’ intent to cure (a “Cure Notice”) no later than ten
(10) Business Days after the earlier of (x) the date on which financial statements and a Compliance Certificate for the applicable
fiscal quarter are required to be delivered and (y) the date on which financial statements and a Compliance Certificate for the
applicable fiscal quarter were actually delivered. The Cure Notice shall set forth the calculation of the amount of the Equity
Cure Investment necessary to cure the applicable Financial Covenant Default pursuant to the terms hereof (the “Financial
Covenant Cure Amount”).

 

(ii)         If
the Administrative Borrower delivers a Cure Notice, the direct or indirect equity holders of Spark (and/or additional direct or
indirect equity holders of Spark) shall, directly or indirectly, purchase equity interests of Spark that are not Disqualified Capital
Stock and/or make a cash capital contribution to Spark (an “Equity Cure Investment”) in an amount equal to the
Financial Covenant Cure Amount, no later than five (5) Business Days after receipt by the Administrative Agent of the Cure Notice.
The cash proceeds received by such Borrower from such purchases or contributions shall be deemed to increase Consolidated Adjusted
EBITDA on a dollar-for-dollar basis, and the amount of such increase may be included in a recalculation of the financial covenant(s)
giving rise to the Financial Covenant Default for the fiscal quarter immediately preceding such purchase or contribution, as applicable,
and, without duplication, for each of the following three (3) fiscal quarters.

 

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(iii)        The
Equity Cure Right shall not be exercised in any two (2) consecutive fiscal quarters or more than four times during the term of
this Loan Agreement, in the aggregate.

 

(iv)        The
amount of any Equity Cure Investment shall be no greater than the amount required to cause the Borrowers to be in compliance with
the applicable Financial Covenant Default(s).

 

(v)         Upon
timely receipt by such Borrower of the cash proceeds from the Equity Cure Investment, and, the application of the mandatory prepayment
thereof by the Borrowers pursuant to Section 4.02(b)(ii), the applicable Financial Covenant Default shall be deemed cured.

 

(vi)        Any
Term Loans prepaid with the proceeds of an Equity Cure Investment shall be deemed outstanding for the purposes of determining compliance
with the financial covenants for the measurement period being cured and in each subsequent measurement period that includes such
measurement period.

 

Section 9.14         [Reserved].

 

Section 9.15         [Reserved].

 

Section 9.16         [Reserved].

 

Section 9.17         [Reserved].

 

Section 9.18         Economic
Sanctions/OFAC. The Borrowers shall not (i) use, permit Spark or any of its Subsidiaries to use, or permit any of its or any
of their respective directors, officers, employees, representatives or agents to use, any proceeds of any Loans, directly or indirectly,
or (ii) lend, contribute or otherwise make available any proceeds of any Loans, directly or indirectly, to any Person: (x) to fund,
finance or facilitate any activity, business or transaction of or with any Sanctioned Person or in any Sanctioned Country, to the
extent such activity, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in
the United States; or (y) in any manner that would reasonably be expected to result in a violation of any Sanctions (including
OFAC Sanctions) applicable to a Loan Party, a Subsidiary of a Loan Party, or a Secured Party. The undertaking set out in this Section
9.18 is given by each German Loan Party only to the extent that it does not result in a violation of or conflict with section 7
AWV (in connection with section 4 paragraph 1 no 3 AWG) or the EU Blocking Regulation.

 

Section 9.19         Anti-Terrorism
Laws; Foreign Corrupt Practices Act. The Loan Parties shall not fail to comply with any Anti-Terrorism Law or other Law referred
to in Section 7.31 or Section 7.33. The undertaking set out in this Section 9.19 is given by each
German Loan Party only to the extent that it does not result in a violation of or conflict with section 7 AWV (in connection
with section 4 paragraph 1 no 3 AWG) or the EU Blocking Regulation.

 

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Section 9.20         Use
of Proceeds. No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, use any portion of the Loan proceeds,
directly or indirectly, to purchase or carry Margin Stock or repay or otherwise refinance Indebtedness of any Loan Party or others
incurred to purchase or carry Margin Stock, or otherwise in any manner which is in contravention of any Law or in violation of
this Loan Agreement.

 

ARTICLE X

EVENTS OF DEFAULT

 

Section 10.01        Listing
of Events of Default. Each of the following events or occurrences described in this Section 10.01 shall constitute an
“Event of Default”:

 

(a)          Non-Payment
of Obligations. Any Borrower shall default in the payment of:

 

(i)          any
principal of any Loan when such amount is due; provided that no Event of Default under this clause (a) shall result
from a Lender declining a payment in writing in accordance with Section 4.05; or

 

(ii)         any
interest on any Loan and such default shall continue unremedied for a period of three (3) Business Days after such amount is due;
or

 

(iii)        any
fee described in Article III or any other monetary Obligation, and such default shall continue unremedied for a period of
three (3) Business Days after such amount is due.

 

(b)          Breach
of Representation or Warranty. Any representation or warranty made or deemed to be made by any Loan Party in any Loan Document
(including any certificate delivered pursuant to Article V or Article VI) is or shall be incorrect in any material
respect on or as of the date when made or deemed to have been made (or, in the case of any representation or warranty that is already
qualified in the text thereof as to “materiality”, “Material Adverse Effect”, or similar language, and
any dollar-based threshold, is or shall be incorrect in any respect on or as of the date when made or deemed to have been made),
and, solely to the extent such misrepresentation is capable of being cured, such incorrect representation or warranty continues
unremedied for thirty (30) days.

 

(c)          Non-Performance
of Certain Covenants and Obligations. Any Loan Party shall default in the due performance or observance of any of its obligations
under Sections 8.01(a)-(e), Section 8.12, Section 8.20, Section 8.21, Section 8.22 or
Article IX (subject to Section 9.13(f)).

 

(d)          Non-Performance
of Other Covenants and Obligations. Any Loan Party shall default in the due performance and observance of any obligation contained
in Section 8.02, Section 8.14, Section 8.15, Section 8.16, or Section 8.17, and, in each case,
such default shall continue unremedied for a period of ten (10) Business Days after the occurrence thereof.

 

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(e)          Non-Performance
of Other Covenants and Obligations. Any Loan Party shall default in the due performance and observance of any obligation contained
in any Loan Document executed by it (other than as specified in Sections 10.01(a) through (d) above), and such default
shall continue unremedied for a period of thirty (30) days after the occurrence thereof.

 

(f)          [Reserved].

 

(g)          Default
on Other Indebtedness. A Loan Party or Subsidiary thereof shall default in the payment of any amount when due (subject to any
applicable grace period), whether by acceleration or otherwise, of any principal or stated amount of, or interest or fees on any
Material Indebtedness, or a Loan Party or Subsidiary thereof shall default in the performance or observance of any covenant, obligation
or condition with respect any Material Indebtedness and the effect of such default is to accelerate the maturity of such Material
Indebtedness or to permit the holder or holders of such Material Indebtedness, or any trustee or agent for such holders, to cause
or declare any such Material Indebtedness to become immediately due and payable, or to require any such Material Indebtedness to
be or prepaid, redeemed, purchased or defeased, or to require an offer to purchase or defease any such Material Indebtedness to
be made, prior to its expressed maturity.

 

(h)          [Reserved].

 

(i)           Judgments.
Any judgment or order or court-approved settlement for the payment of money individually or in the aggregate in excess of $2,500,000
(exclusive of any amounts fully covered by insurance (less any applicable deductible) and as to which the insurer has acknowledged
its responsibility to cover such judgment, order or court-approved settlement) shall be rendered against any Loan Party or any
Subsidiary of any Loan Party and such judgment, order or court-approved settlement shall not have been paid, vacated or discharged
or stayed or bonded pending appeal within 60 days after the entry thereof or enforcement proceedings shall have been commenced
by any creditor upon such judgment, order or court-approved settlement, and such enforcement proceedings have not been stayed,
vacated or bonded.

 

(j)           Plans.
One or more ERISA Events that individually or in the aggregate results or would reasonably be expected to result in a Material
Adverse Effect.

 

(k)          Bankruptcy,
Insolvency, etc. Any Loan Party or any Subsidiary of any Loan Party shall:

 

(i)          become
insolvent or generally fail to pay, or admit in writing its inability or unwillingness generally to pay, its debts as they become
due and in particular a German Loan Party is unable to pay its debts as they fall due (zahlungsunfähig) within the
meaning of section 17 InsO or is over indebted within the meaning of section 19 InsO, in each case, other than solely as a result
of its balance sheet liabilities exceeding its balance sheet assets;

 

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(ii)         apply
for, consent to, or acquiesce in the appointment of a trustee, receiver, administrator, liquidator, administrative receiver, compulsory
manager, sequestrator or other custodian for any substantial part of the assets or other property of any such Person, or make a
general assignment for the benefit of creditors;

 

(iii)        in
the absence of such application, consent or acquiesce to or permit or suffer to exist, the appointment of a trustee, receiver,
administrator, liquidator, administrative receiver, compulsory manager, sequestrator or other custodian for a substantial part
of the property of any thereof, and such trustee, receiver, administrator, liquidator, administrative receiver, compulsory manager,
sequestrator or other custodian shall not be discharged within 60 days; provided, that each Loan Party hereby expressly
authorizes each Secured Party to appear in any court conducting any relevant proceeding during such 60-day period to preserve,
protect and defend such Secured Party’s rights under the Loan Documents;

 

(iv)        permit
or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding or action under
the Bankruptcy Code or any other bankruptcy or insolvency law or any dissolution, winding up or liquidation proceeding in respect
thereof, and, if any such case or proceeding is not commenced by such Person, such case or proceeding shall be consented to or
acquiesced to by such Person or shall result in the entry of an order for relief or shall remain undismissed for 60 days; provided,
that each Loan Party hereby expressly authorizes each Secured Party to appear in any court conducting any such case or proceeding
during such 60-day period to preserve, protect and defend such Secured Party’s rights under the Loan Documents;

 

(v)         permit
or suffer to exist any other Insolvency Proceeding in respect of such Loan Party or any Subsidiary of any Loan Party that is not
an Immaterial Subsidiary; or

 

(vi)        take
any action authorizing, or in furtherance of, any of the foregoing.

 

(l)          Impairment
of Security, etc. Subject to (in respect of any UK Loan Party and/or the English Security Documents) the Reservations and the
Perfection Requirements, any Loan Document or any Lien with respect to more than $500,000 of the Collateral granted under any Loan
Document shall, in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable
obligation of any Loan Party party thereto (other than as the result of the action or inaction of the Administrative Agent), or
any Loan Party shall, directly or indirectly, contest, deny or limit in any manner such effectiveness, validity, binding nature
or enforceability; or, except as expressly permitted under any Loan Document, any Lien with respect to more than $500,000 of the
Collateral securing any Obligation shall, in whole or in part, cease to be a valid and perfected Lien (other than as the result
of the action or inaction of the Administrative Agent, the Collateral Agent or the Lenders), or shall become subordinated to any
Lien not securing any Obligation, or any Loan Party or any Affiliate of any Loan Party shall assert that any Lien securing any
Obligation shall, in whole or in part, cease to be a valid or perfected Lien.

 

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(m)          Change
of Control. The occurrence of a Change of Control.

 

(n)          [Reserved].

 

(o)          Invalidity
of Loan Documents. Any Loan Party shall contest in any manner the validity or enforceability of any Loan Document or deny that
it has any further liability or obligation thereunder, or the Obligations, for any reason shall not have the priority contemplated
by this Loan Agreement or such subordination provisions.

 

Section 10.02        Remedies
Upon Event of Default.

 

(a)          If
any Event of Default under Section 10.01(k) shall occur for any reason, whether voluntary or involuntary, all of the outstanding
principal amount of the Loans and other Obligations shall automatically be due and payable together with the Prepayment Premium
(payable pursuant to Section 3.02 and Section 4.02(a)(vii)) applicable to the date such Event of Default occurs,
and any Commitments shall be terminated, in each case, without further notice, demand or presentment. The parties hereto acknowledge
and agree that the Prepayment Premium referred to in this Section 10.02(a) (i) is additional consideration for providing
the Term Loans, (ii) constitutes reasonable liquidated damages to compensate the Lenders for (and is a proportionate quantification
of) the actual loss of the anticipated stream of interest payments upon an acceleration of the Term Loans (such damages being otherwise
impossible to ascertain or even estimate for various reasons, including, without limitation, because such damages would depend
on, among other things, (x) when the Term Loans might otherwise be repaid and (y) future changes in interest rates which are
not readily ascertainable on the Closing Date), and (iii) is not a penalty to punish the Borrowers for their early prepayment of
the Term Loans or for the occurrence of any Event of Default or acceleration.

 

(b)          If
any Event of Default (other than any Event of Default under Section 10.01(k)) shall occur for any reason, whether voluntary
or involuntary, and be continuing, the Administrative Agent may, and upon the direction of the Required Lenders, the Administrative
Agent shall, by notice to the Administrative Borrower declare all or any portion of the outstanding principal amount of the Loans
and other Obligations to be due and payable together with the Prepayment Premium (payable pursuant to Section 3.02 and Section 4.02(a)(vii))
applicable to the date such Event of Default occurs, and any commitments shall be terminated, whereupon the full unpaid amount
of such Loans, Prepayment Premium and other Obligations that shall be so declared due and payable shall be and become immediately
due and payable, in each case, without further notice, demand or presentment. The parties hereto acknowledge and agree that the
Prepayment Premium referred to in this Section 10.02(b) (i) is additional consideration for providing the Term Loans,
(ii) constitutes reasonable liquidated damages to compensate the Lenders for (and is a proportionate quantification of) the actual
loss of the anticipated stream of interest payments upon an acceleration of the Term Loans (such damages being otherwise impossible
to ascertain or even estimate for various reasons, including, without limitation, because such damages would depend on, among other
things, (x) when the Term Loans might otherwise be repaid and (y) future changes in interest rates which are not readily ascertainable
on the Closing Date), and (iii) is not a penalty to punish the Borrowers for their early prepayment of the Term Loans or for the
occurrence of any Event of Default or acceleration.

 

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(c)          Upon
the occurrence and during the continuance of an Event of Default, Agents may enter, and is hereby given a right, then exercisable
in Agents’ discretion, to occupy, any Borrower’s premises or other premises without legal process and without incurring
liability to the Borrowers therefor, and Agents may thereupon, or at any time thereafter, in their discretion without notice or
demand, take the Collateral and remove the same to such place (on any premises of a Borrower or any other premises) as Agents may
deem advisable and Agents may require Borrowers to make the Collateral available to Agents at a convenient place. With or without
having the Collateral at the time or place of sale, Agents may sell the Collateral, or any part thereof, at public or private sale,
at any time or place, in one or more sales, at such price or prices, and upon such terms, either for cash, credit or future delivery,
as Agents may elect. Except as to that part of the Collateral which is perishable or threatens to decline speedily in value or
is of a type customarily sold on a recognized market, Agents shall give Administrative Borrower reasonable notification of such
sale or sales, it being agreed that in all events written notice mailed to Administrative Borrower at least ten (10) days prior
to such sale or sales is reasonable notification. At any public sale Agents or any Lender may bid (and credit bid) for and become
the purchaser, and Agents, any Lender or any other purchaser at any such sale thereafter shall hold the Collateral sold absolutely
free from any claim or right of whatsoever kind, including any equity of redemption and all such claims, rights and equities are
hereby expressly waived and released by the Borrowers. In connection with the exercise of the foregoing remedies, including the
sale of Inventory, subject to Permitted Liens and to the terms of licenses to a Borrower with respect to intellectual property
licensed to a Borrower, Agents are granted a perpetual, irrevocable, royalty-free, nonexclusive license to, and Agents are granted
permission to use all of each Borrower’s (x) intellectual property which is used or useful in connection with Inventory for
the purpose of marketing, advertising for sale and selling or otherwise disposing of such Inventory, subject, in the case of trademarks
and service marks, to the maintenance of standards of quality reasonably comparable to those maintained by such Borrower as of
the date Agents commenced their exercise of such remedies and (y) equipment for the purpose of completing the manufacture of unfinished
goods. The cash proceeds realized from the sale of any Collateral shall be applied to the Obligations in the order set forth in
Section 4.02(c) hereof. Noncash proceeds will only be applied to the Obligations as they are converted into cash. If any
deficiency shall arise, Borrowers shall remain liable to Agents and Lenders therefor.

 

(d)          To
the extent that applicable law imposes duties on any Agent to exercise remedies in a commercially reasonable manner, Borrowers
acknowledge and agree that it is not commercially unreasonable for any Agent (i) to fail to incur expenses reasonably deemed significant
by such Agent to prepare Collateral for disposition or otherwise to complete raw material or work in process into finished goods
or other finished products for disposition, (ii) 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, (iii) to fail to exercise collection remedies against Customers or other
Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies
against Customers and other Persons obligated on Collateral directly or through the use of collection agencies and other collection
specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the
Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as the Borrowers, for
expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers
to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) 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, (ix) to dispose of assets in wholesale rather than retail markets,
(x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements
to insure such Agent against risks of loss, collection or disposition of Collateral or to provide to Agents a guaranteed return
from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by such Agent, to obtain the services
of other brokers, investment bankers, consultants and other professionals to assist such Agent in the collection or disposition
of any of the Collateral. Borrowers acknowledge that the purpose of this Section 10.02(d) is to provide non-exhaustive indications
of what actions or omissions by the Agents would not be commercially unreasonable in the Agents’ exercise of remedies against
the Collateral and that other actions or omissions by any Agent shall not be deemed commercially unreasonable solely on account
of not being indicated in this Section 10.02(d). Without limitation upon the foregoing, nothing contained in this Section
10.02(d) shall be construed to grant any rights to Borrowers or to impose any duties on any Agent that would not have been
granted or imposed by this Loan Agreement or by Applicable Law in the absence of this Section 10.02(d).

 

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(e)          Upon
the occurrence and during the continuance of an Event of Default, subject to the prior rights, if any, of holders of Permitted
Liens, the Agents shall have the right to take possession of the indicia of the Collateral and the Collateral in whatever physical
form contained, including: labels, stationery, documents, instruments and advertising materials. If any Agent exercises this right
to take possession of the Collateral, Borrowers shall, upon demand to Administrative Borrower, assemble it in the best manner reasonably
possible and make it available to such Agent at a place reasonably convenient to such Agent. In addition, with respect to all Collateral,
the Agents and Lenders shall be entitled to all of the rights and remedies set forth herein and further provided by the Uniform
Commercial Code or other applicable law. Upon the occurrence and during the continuance of an Event of Default, Borrowers shall
at the request of any Agent to Administrative Borrower, and each Agent may, at its option, instruct all suppliers, carriers, forwarders,
warehousers or others receiving or holding cash, checks, Inventory, documents or instruments in which such Agent holds a security
interest to deliver same to such Agent and/or subject to such Agent’s orders and if they shall come into a Borrower’s
possession, they, and each of them, shall be held by such Borrower in trust as Agents’ trustee, and such Borrower will immediately
deliver them to such Agent in their original form together with any necessary endorsement.

 

(f)          All
Prepayment Premium referred to in Sections 10.02(a) and (b) above shall be payable upon an acceleration of any Obligations,
whether before, during or after the commencement of any proceeding under the Bankruptcy Code involving any Borrower or any other
Loan Party.

 

(g)          The
Lenders and the Agents shall have all other rights and remedies available at law or in equity or pursuant to this Loan Agreement
or any other Loan Document.

 

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ARTICLE XI

THE AGENTS

 

Section 11.01        Appointments.

 

(a)          Each
Lender and each other Secured Party hereby appoints Blue Torch Finance LLC, a Delaware limited liability company, as its Administrative
Agent under and for purposes of each Loan Document, and hereby authorizes the Administrative Agent to act on behalf of such Secured
Party under each Loan Document and, in the absence of other written instructions from the Lenders pursuant to the terms of the
Loan Documents received from time to time by the Administrative Agent, to exercise such powers hereunder and thereunder as are
specifically delegated to or required of the Administrative Agent by the terms hereof and thereof, together with such powers as
may be incidental thereto.

 

(b)          Each
Lender and each other Secured Party hereby appoints Blue Torch Finance LLC, a Delaware limited liability company, as its Collateral
Agent under and for purposes of each Loan Document, and hereby authorizes the Collateral Agent to act on behalf of such Secured
Party under each Loan Document and, in the absence of other written instructions from the Lenders pursuant to the terms of the
Loan Documents received from time to time by the Collateral Agent, to exercise such powers hereunder and thereunder as are specifically
delegated to or required of the Collateral Agent by the terms hereof and thereof, together with such powers as may be incidental
thereto.

 

(c)          Each
Lender and each other Secured Party hereby directs the Agents to execute and deliver the Loan Documents (including any intercreditor
agreements and subordination agreements contemplated hereby (including the Deferred Merger Payment Subordination Agreement) and,
in each case, any amendments, supplements and other modifications thereto not prohibited by the terms of the Loan Agreement) on
behalf of such Secured Party, in all cases in such form as the applicable Agent shall determine. Upon execution and delivery of
the Loan Documents by an Agent, each Secured Party shall be bound by the terms and conditions thereof. Without limiting the foregoing,
the Administrative Agent is hereby expressly authorized to execute and deliver any and all such documents (including releases)
with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance
with the terms and conditions of this Loan Agreement and the other Loan Documents. For purposes of determining compliance with,
and satisfaction of, the conditions specified in Article V and Article VI, each Lender that has signed this Loan
Agreement (or an Assignment and Acceptance, as applicable) shall be deemed to have consented to, approved, accepted and be satisfied
with, each document or other matter required thereunder to be consented to, approved by or otherwise satisfactory or acceptable
to such Lender unless the Administrative Agent shall have received written notice from such Lender prior to the Closing Date specifying
such Lender’s objection thereto.

 

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(d)          Each
Lender and each other Secured Party hereby irrevocably designates and appoints each Agent as the agent of such Lender. Notwithstanding
any provision to the contrary elsewhere in this Loan Agreement, (i) each Agent is acting solely on behalf of the Secured Parties
and with duties that are entirely administrative in nature, notwithstanding the use of the terms “Administrative Agent,”
“Collateral Agent,” “Agent,” and “agent,” which terms are used for title purposes only, and
(ii) no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship
with any Lender or other Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Loan Agreement or any other Loan Document or otherwise exist against any Agent. Anything contained in any
of the Loan Documents to the contrary notwithstanding, each Loan Party, the Administrative Agent, the Collateral Agent and each
Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or
to enforce the Guaranty and Security Agreement or any other Security Documents, it being understood and agreed that all powers,
rights and remedies hereunder or thereunder may be exercised solely by the Agents, on behalf of the Secured Parties, in accordance
with the terms hereof or thereof, as applicable, and (ii) in the event of a foreclosure by any of the Agents on any of the Collateral
pursuant to a public or private sale or other disposition, any Agent or any Lender may be the purchaser or licensor of any or all
of such Collateral at any such sale or other disposition and each Agent as agent for and representative of the Secured Parties
(but not any Lender or Lenders in its or their respective individual capacities), 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 public sale, to
use and apply any of the Obligations (including Obligations owed to any other Secured Party) as a credit on account of the purchase
price for any Collateral payable by such Agent at such sale or other disposition, the Lenders hereby agreeing that they may not
exercise any right to credit bid at any public or private foreclosure sale or other disposition of Collateral unless instructed
to do so by the applicable Agent in writing.

 

Section 11.02       Delegation
of Duties. Each Agent may execute any of its duties under this Loan Agreement and the other Loan Documents by or through agents
or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall
be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.

 

Section 11.03       Exculpatory
Provisions. Neither an Agent nor any of their respective officers, directors, employees, agents, attorneys in fact or Affiliates
shall be (a) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this
Loan Agreement or any other Loan Document (including that any Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose such 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 Bankruptcy Code or any other bankruptcy
or insolvency laws or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation
of the Bankruptcy Code or any other bankruptcy or insolvency law), except to the extent that any of the foregoing are found by
a final, non-appealable order of a court of competent jurisdiction to have resulted from its or such Person’s (as applicable)
own gross negligence or willful misconduct, or (b) responsible in any manner to any of the Lenders or any other Secured Party for
any recitals, statements, representations or warranties made or deemed made by or on behalf of any Loan Party or any officer thereof
in this Loan Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided
for in, or received by the Agents under or in connection with, this Loan Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this Loan Agreement or any other Loan Document or for any
failure of any Loan Party or other Person to perform its obligations hereunder or thereunder. The Agents shall not be under any
obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in,
or conditions of, this Loan Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party.

 

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Section 11.04       Reliance
by Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution,
notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice
and statements of legal counsel (including counsel to the Loan Parties), independent accountants and other experts selected by
such Agent. The Agents may deem and treat the payee of any note as the owner thereof for all purposes unless a written notice of
assignment, negotiation or transfer thereof shall have been filed with the Agents. Each Agent shall be fully justified in failing
or refusing to take any action under this Loan Agreement or any other Loan Document unless it shall first receive such advice or
concurrence of Required Lenders (or, if so specified by this Loan Agreement, all or other requisite Lenders) as it deems appropriate
or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred
by it by reason of taking or continuing to take any such action. The Agents shall in all cases be fully protected in acting, or
in refraining from acting, under this Loan Agreement and the other Loan Documents in accordance with a request of the Required
Lenders (or, if so specified by this Loan Agreement, all Lenders), and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders and all future holders of the Loans and all other Secured Parties.

 

Section 11.05       Notice
of Default. No Administrative Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of
Default, unless the Administrative Agent has received written notice from a Lender or the Administrative Borrower referring to
this Loan Agreement, describing such Default or Event of Default, and stating that such notice is a “notice of default”.
The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless
the Collateral Agent has received notice from a Lender or the Administrative Borrower referring to this Loan Agreement, describing
such Default or Event of Default, and stating that such notice is a “notice of default”. In the event that an Agent
receives such a notice, such Agent shall give notice thereof to the other Agent and the Lenders. Each Agent shall take such action
with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by
this Loan Agreement, all Lenders or any other instructing group of Lenders specified by this Loan Agreement); provided,
that unless and until the applicable Agent shall have received such directions, such Agent may (but shall not be obligated to)
take such action, or refrain from taking such action, with respect to such Default or Event of Default as such Agent shall deem
advisable in the best interests of the Secured Parties.

 

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Section 11.06       Non-Reliance
on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of their respective officers,
directors, employees, agents, attorneys in fact or Affiliates have made any representations or warranties to such Lender and that
no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any Affiliate of a Loan Party, shall
be deemed to constitute any representation or warranty by any Agent to any Secured Party. Each Lender represents to the Agents
that such Lender has, independently and without reliance upon any Agent or any other Lender or any other Secured Party, and based
on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business,
operations, property, financial and other condition and creditworthiness of the Loan Parties and their Affiliates and made its
own decision to enter into this Loan Agreement and make its Loans hereunder. Each Lender also represents that it will, independently
and without reliance upon any Agent or any other Lender or any other Secured Party, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking
action under this Loan Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself
as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Affiliates.
Except for notices, reports and other documents expressly required to be furnished to the Lenders by any Agent hereunder, the Agents
shall not have any duty or responsibility to provide any Lender or any other Secured Party with any credit or other information
concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party
or any Affiliate of a Loan Party that may come into the possession of such Agent or any of its officers, directors, employees,
agents, attorneys in fact or Affiliates.

 

Section 11.07       Indemnification
by Lenders. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by the Loan Parties
and without limiting the obligation of the Loan Parties to do so), ratably according to their respective Total Credit Exposure
in effect on the date on which indemnification is sought under this Section 11.07 (or, if indemnification is sought
after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance
with such Total Credit Exposure immediately prior to such date), from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether
before or after the payment of the Loans) be imposed on, incurred by, or asserted against, such Agent in any way relating to or
arising out of, the Commitments, this Loan Agreement, any of the other Loan Documents or any documents contemplated by or referred
to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in
connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final,
non-appealable order of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful
misconduct. The agreements in this Section 11.07 shall survive the payment of the Loans and all other amounts payable hereunder.

 

Section 11.08       Agents
in their Individual Capacities. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage
in any kind of business with any Loan Party and any Affiliate of any Loan Party, all as though such Agent were not an Agent. With
respect to its Loans made or renewed by it, each Agent shall have the same rights and powers under this Loan Agreement and the
other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender”,
“Lenders”, “Secured Party” and “Secured Parties” shall include each Agent in its individual
capacity.

 

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Section 11.09        Successor
Agents.

 

Either Agent may resign
as Agent upon thirty (30) days’ written notice to the Lenders, the other Agent and the Administrative Borrower; provided
that either Agent may resign as an Agent immediately upon written notice to the Lenders, the other Agent and the Administrative
Borrower if a Default or Event of Default has occurred and is continuing. If either Agent shall resign as such Agent in its applicable
capacity under this Loan Agreement and the other Loan Documents, then Required Lenders shall appoint from among the Lenders a successor
agent, which successor agent shall (unless an Event of Default shall have occurred and be continuing) be subject to approval by
the Administrative Borrower (which approval shall not be unreasonably withheld, delayed, conditioned or burdened), whereupon such
successor agent shall succeed to the rights, powers and duties of such Agent in its applicable capacity, and the term “Administrative
Agent” or “Collateral Agent”, as applicable, shall thereafter mean such successor agent effective upon such appointment
and approval, and the former Agent’s rights, powers and duties as Agent in its applicable capacity shall be terminated, without
any other or further act or deed on the part of such former Agent or any of the other parties to this Loan Agreement or any holders
of the Loans. If no successor agent has accepted appointment as such Agent in its applicable capacity by the date upon which such
retiring Agent’s notice of resignation is effective in accordance with the first sentence of this Section 11.09, such
retiring Agent’s resignation shall nevertheless become effective on the applicable date and the Lenders shall assume and
perform all of the duties of such Agent hereunder until such time, if any, as Required Lenders appoint a successor agent as provided
for above. After any retiring Agent’s resignation as the Administrative Agent or the Collateral Agent, as applicable, the
provisions of this Article XI shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
an Agent under this Loan Agreement and the other Loan Documents.

 

Section 11.10       Agents
Generally. Except as expressly set forth in this Loan Agreement or any other Loan Document, no Agent shall have any duties
or responsibilities hereunder in its capacity as such.

 

Section 11.11        Restrictions
on Actions by Secured Parties; Sharing of Payments.

 

(a)          Each
of the Lenders agrees that it shall not, without the express written consent of the Collateral Agent, and that it shall, to the
extent it is lawfully entitled to do so, upon the written request of the Collateral Agent, set off against the Obligations, any
amounts owing by such Lender to any Loan Party or any of their respective Subsidiaries or any deposit accounts of any Loan Party
or any of their respective Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it
shall not, unless specifically requested to do so in writing by the Collateral Agent or the Collateral Agent otherwise consents
in writing, take or cause to be taken any action, including the commencement of any legal or equitable proceedings, judicial or
otherwise, to enforce any Loan Document or any right or remedy against any Loan Party or to foreclose any Lien on, or otherwise
enforce any security interest in, any of the Collateral. The provisions of this Section 11.11(a) are for the sole benefit
of the Secured Parties and shall not afford any right to, or constitute a defense available to, any Loan Party or other Person.

 

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(b)          Subject
to Section 12.09(b), if at any time or times any Lender receives (i) by payment, foreclosure, setoff, or otherwise,
any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by
such Lender from the Administrative Agent pursuant to the terms of this Loan Agreement, or (ii) payments from the Administrative
Agent in excess of such Lender’s pro rata share of all such distributions by the Agents, then in each such case such
Lender promptly shall (A) turn the same over to the Collateral Agent, in kind, and with such endorsements as may be required to
negotiate the same to the Collateral Agent, or in immediately available funds, as applicable, for the account of all of the applicable
Lenders and for application to the Obligations in accordance with the applicable provisions of this Loan Agreement, or (B) purchase,
without recourse or warranty, an undivided interest and participation in the Obligations owed to the other applicable Lenders so
that such excess payment received shall be applied ratably as among the applicable Lenders in accordance with their pro rata
shares; provided, that to the extent that such excess payment received by the purchasing party is thereafter recovered from it,
those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase
price paid therefor shall be returned to such purchasing party, but without interest except to the extent that such purchasing
party is required to pay interest in connection with the recovery of the excess payment.

 

Section 11.12        Agency
for Perfection. The Collateral Agent hereby appoints each other Secured Party as its agent and bailee and as sub-agent for
the other Secured Parties (and each Secured Party hereby accepts such appointment) for the purpose of perfecting all Liens with
respect to the Collateral, including with respect to assets which, in accordance with Article 8 or Article 9, as applicable, of
the Uniform Commercial Code of any applicable state can be perfected by possession or control. Should any Secured Party obtain
possession or control of any such Collateral, such Secured Party shall notify the Collateral Agent thereof and, promptly upon the
Collateral Agent’s request therefor, shall deliver possession or control of such Collateral to the Collateral Agent and take
such other actions as agent or sub-agent in accordance with the Collateral Agent’s instructions to the extent, and only to
the extent, so authorized or directed by the Collateral Agent.

 

Section 11.13       Credit
Bid. Each Loan Party, each Lender and the Collateral Agent each hereby irrevocably authorizes the Administrative Agent or its
designee, based upon the written instruction of Required Lenders, to bid and purchase for an amount approved by Required Lenders
(either directly or through one or more acquisition vehicles) all or any portion of the Collateral at any sale thereof conducted
(i) by any Agent under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC, (ii) under the provisions
of the Bankruptcy Code, including Sections 363, 365 and 1129 of the Bankruptcy Code, or (iii) by any Agent (whether by judicial
action or otherwise, including a foreclosure sale) in accordance with Applicable Law (any such sale described clauses (i), (ii)
or (iii), a “Collateral Sale”), and in connection with any Collateral Sale, the Administrative Agent or its
designee may (with the consent of Required Lenders) accept non-cash consideration, including debt and equity securities issued
by such acquisition vehicle under the direction or control of any Agent and the Administrative Agent may (with the consent of Required
Lenders) offset all or any portion of the Obligations against the purchase price for such Collateral.

 

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Section 11.14       One
Lender Sufficient. This Loan Agreement shall be and shall remain in full force and effect, and all agency provisions shall
be and shall remain effective, notwithstanding the fact that from time to time (including on the Closing Date) there may be only
one Lender hereunder and the fact that such Lender may be the same Person that is serving as the Administrative Agent or the Collateral
Agent hereunder.

 

Section 11.15       Release.
For the purpose of this Loan Agreement each Lender and Loan Party hereby releases the Administrative Agent and the Collateral Agent
from all restrictions of section 181 BGB. Each German Loan Party represents that the release hereby granted is effective under
the term of its constitutional documents.

 

ARTICLE XII

MISCELLANEOUS

 

Section 12.01       Amendments,
Waivers and Extensions.

 

(a)          Neither
this Loan Agreement nor any other Loan Document other than the Fee Letter, nor any terms hereof or thereof, may be amended, supplemented
or modified except in accordance with the provisions of this Section 12.01.

 

(b)          The
Required Lenders may (with a copy to the Administrative Agent), or with the consent of the Required Lenders, the Administrative
Agent may, from time to time, (a) enter into with the relevant Loan Party or Loan Parties written amendments, supplements or other
modifications hereto and to the other Loan Documents and (b) waive, on such terms and conditions as the Required Lenders or the
Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Loan Agreement or the
other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such amendment,
supplement, other modification or waiver shall:

 

(i)          without
the prior written consent of each Lender directly and adversely affected thereby:

 

(A)         reduce
or forgive any portion of any Loan, or extend the final expiration date of any Lender’s Commitment, or extend the final scheduled
maturity date of any Loan, or reduce the stated interest rate on any Loan; provided that only the consent of the Required
Lenders shall be necessary to waive any obligation of the Borrowers to pay interest at the “default rate” or amend
Section 2.05(d),

 

(B)         reduce
or forgive any portion, or extend the date for the payment, of any interest or fee payable hereunder (other than as a result of
waiving the applicability of any post-default increase in interest rates and other than as a result of a waiver or amendment of
any mandatory prepayment of Loans or reduction of Revolving Loan Commitments (which shall not constitute an extension, forgiveness
or postponement of any date for payment of principal, interest or fees)),

 

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(C)         decrease
or forgive any Term Loan Repayment Amount, or extend any scheduled Term Loan Repayment Date, or

 

(D)         amend,
modify or waive any provision of this Section 12.01, or amend or otherwise modify the term “Required Lenders”
or the term “Required Revolving Lenders”;

 

(ii)         consent
to the assignment or transfer by any Loan Party of its rights and obligations under any Loan Document to which it is a party (except
as permitted pursuant to Section 9.03), without the prior written consent of each Lender;

 

(iii)        increase
the aggregate amount of any Commitment of any Lender without the prior written consent of such Lender;

 

(iv)        amend,
modify or waive any provision of Article XI without the prior written consent of then-current Collateral Agent and the Administrative
Agent;

 

(v)         without
the prior written consent of each Lender, release all or substantially all of the Guarantors under the Guaranty and Security Agreement
(except as expressly permitted by the Guaranty and Security Agreement), or release all or substantially all of the Collateral under
the Guaranty and Security Agreement and the Mortgages (except as expressly permitted thereby and by Section 12.20); or

 

(vi)        amend,
modify or waive any provision of Section 2.01(b) or Section 6.01 without the written consent of the Required Revolving
Lenders.

 

(c)          Notwithstanding
anything in Section 12.01(b) to the contrary, the Administrative Agent and the Loan Parties, without the consent of any
Lenders or any other Loan Parties, may amend, modify or supplement this Loan Agreement or any other Loan Document (i) solely to
correct mistakes or typographical errors or cure ambiguities, inconsistencies or omissions herein or therein, so long as (x) such
amendment, modification or supplement does not materially and adversely affect the rights of any Lender or (y) the Lenders shall
have received at least five (5) Business Days’ prior written notice thereof and the Administrative Agent shall not have received,
within five (5) Business Days following the date of such notice to the Lenders, a written notice from the Required Lenders stating
that the Required Lenders object to such amendment, modification or supplement and (ii) to effect the granting, perfection, protection,
expansion or enhancement of any security interest of the Secured Parties in any Collateral or additional property to become Collateral
for the benefit of the Secured Parties or as required by local law to give effect to or protect any such security interests in
any property or so that the security interests therein comply with the Loan Documents or Applicable Law or in each case otherwise
enhance the rights or benefits of any Agent or any Lender under any Loan Document.

 

(d)          Extensions.

 

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(i)          Notwithstanding
anything to the contrary in this Loan Agreement, pursuant to one or more offers (each, an “Extension Offer”)
made from time to time by the Administrative Borrower to all Lenders holding Term Loans with a like maturity date or all Revolving
Lenders having Revolving Loan Commitments with a like commitment termination date, in each case on a pro rata basis (based on the
aggregate outstanding principal amount of such respective Term Loans or amounts of Revolving Loan Commitments) and on the same
terms to each such Lender, the Administrative Borrower is hereby permitted to consummate from time to time transactions with individual
Lenders that accept the terms contained in any such Extension Offers to extend the maturity date and/or commitment termination
of each such Lender’s Term Loans and/or Revolving Loan Commitments, and, subject to the terms hereof, otherwise modify the
terms of such Term Loans and/or Revolving Loan Commitments pursuant to the terms of the relevant Extension Offer (including by
increasing the interest rate and/or fees payable in respect of such Term Loans and/or Revolving Loan Commitments (and related outstandings)
and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”;
and each group of Term Loans or Revolving Loan Commitments, as applicable, in each case as so extended, as well as the original
Term Loans and the original Revolving Loan Commitments (in each case not so extended), being a separate “tranche”),
so long as the following terms are satisfied:

 

(A)         No
Default or Event of Default shall have occurred and be continuing at the time the applicable Extension Offer is delivered to the
Lenders;

 

(B)         except
as to interest rates, fees and final commitment termination date (which shall be determined by the Administrative Borrower and
set forth in the relevant Extension Offer, subject to acceptance by the Extended Revolving Loan Lenders), the Revolving Loan Commitment
of any Revolving Lender that agrees to an Extension with respect to such Revolving Loan Commitment (an “Extended Revolving
Loan Lender”) extended pursuant to an Extension (an “Extended Revolving Loan Commitment”) and the
related outstandings shall be a Revolving Loan 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 Loan Commitments (and related outstandings);
provided that (1) the borrowing and payments (except for (x) payments of interest and/or fees at different rates on
Extended Revolving Loan Commitments (and related outstandings), (y) repayments required upon the commitment termination date of
the non-extended tranche of Revolving Loan Commitments and (z) repayment made in connection with a permanent repayment and
termination of commitments) of Revolving Loans with respect to Extended Revolving Loan Commitments after the applicable Extension
date shall be made on a pro rata basis with all other Revolving Loan Commitments, (2) [reserved], (3) the permanent repayment
of Revolving Loans with respect to, and termination of, Extended Revolving Loan Commitments after the applicable Extension date
shall be made on a pro rata basis with all other Revolving Loan Commitments, except that the Borrowers shall be permitted to repay
permanently and terminate commitments of any such tranche on a better than pro rata basis as compared to any other tranche with
a later commitment termination date than such tranche, (4) assignments and participations of Extended Revolving Loan Commitments
and related Revolving Loans shall be governed by the same assignment and participation provisions applicable to the other tranches
of Revolving Loan Commitments and Revolving Loans and (5) at no time shall there be Revolving Loan Commitments hereunder (including
Extended Revolving Loan Commitments and any original Revolving Loan Commitments) which have more than two (2) different maturity
dates;

 

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(C)        except
as to interest rates, fees, amortization, final maturity date, premium, required prepayment dates and participation in prepayments
(which shall, subject to immediately succeeding clauses (D), (E) and (F), be determined by the Administrative Borrower and set
forth in the relevant Extension Offer, subject to acceptance by the Extending Term Lenders), the Term Loans of any Term Lender
that agrees to an Extension with respect to such Term Loans owed to it (an “Extending Term Lender”) extended
pursuant to any Extension (“Extended Term Loans”) shall have the same terms as the tranche of Term Loans subject
to such Extension Offer (except for covenants or other provisions contained therein applicable only to periods after the then latest
maturity date);

 

(D)        the
final maturity date of any Extended Term Loans shall be no earlier than the latest maturity date of the Term Loans extended thereby
and the amortization schedule applicable to Loans pursuant to Section 2.03(a) for periods prior to the original maturity date of
the Term Loans shall not be increased;

 

(E)         the
average weighted maturity of any Extended Term Loans for the period prior to the maturity of the Term Loans extended thereby shall
be no shorter than the average weighted maturity of the Term Loans extended thereby;

 

(F)         any
Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than pro rata basis) with
non-extended tranches of Term Loans in any voluntary or mandatory prepayments hereunder, in each case as specified in the respective
Extension Offer; and

 

(G)         if
the aggregate principal amount of Term Loans (calculated on the outstanding principal amount thereof) and/or Revolving Loan Commitments,
as the case may be, in respect of which Term Lenders or Revolving Lenders, as applicable, shall have accepted the relevant Extension
Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Loan Commitments, as the case may be, offered
to be extended by the Borrowers pursuant to such Extension Offer, then the Term Loans and/or Revolving Loans of such Term Lenders
or Revolving Lenders, as applicable, shall be extended ratably up to such maximum amount based on the respective principal or commitment
amounts with respect to which such Term Lenders and/or Revolving Lenders, as the case may be, have accepted such Extension Offer.

 

(ii)         With
respect to all Extensions consummated by the Borrowers pursuant to this clause (ii), (A) such Extensions shall not constitute voluntary
or mandatory payments or prepayments for purposes of Sections 4.01 and 4.02 and (B) no Extension Offer is required
to be in any minimum amount or any minimum increment; provided that the Administrative Borrower may at its election specify
as a condition to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension
Offer in the Administrative Borrower’s sole discretion and may be waived by the Administrative Borrower) of Term Loans or
Revolving Loan 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 (including, for the avoidance of doubt, payment of any interest,
fees or premium in respect of any Extended Term Loans and/or Extended Revolving Loan Commitments on such terms as may be set forth
in the relevant Extension Offer) and hereby waive the requirements of any provision of this Loan Agreement or any other Loan Document
that may otherwise prohibit or conflict with any such Extension or any other transaction contemplated by this Section.

 

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(iii)        No
consent of any Lender or the Administrative Agent shall be required to effectuate any Extension, other than the consent of each
Lender agreeing to such Extension with respect to one or more of its Term Loans and/or Revolving Loan Commitments (or a portion
thereof). All Extended Term Loans, Extended Revolving Loan Commitments and all obligations in respect thereof shall be Obligations
under this Loan Agreement and the other Loan Documents and secured by the Collateral on a pari passu basis with all other
applicable Obligations. The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Loan
Agreement and the other Loan Documents with the Administrative Borrower (on behalf of all Loan Parties) as may be necessary in
order to establish new tranches or sub-tranches in respect of Revolving Loan Commitments or Term Loans so extended and such technical
amendments as may be necessary in the reasonable opinion of the Administrative Agent and the Administrative Borrower in connection
with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this Section. Without limiting
the foregoing, in connection with any Extensions the applicable Loan Parties shall (at their expense) amend (and Administrative
Agent is hereby directed by the Lenders to amend) any Security Document that has a maturity date prior to the later of the then
latest (x) maturity date of the Term Loans and (y) scheduled termination date of the Revolving Loan Commitments, so that such maturity
date referenced therein is extended to the later of the then (x) latest maturity date of the Term Loans and (y) scheduled termination
date of the Revolving Loan Commitments (or such later date as may be advised by local counsel to the Administrative Agent). Administrative
Agent shall promptly notify each Lender of the effectiveness of each such amendment.

 

(iv)        In
connection with any Extension, the Administrative Borrower shall provide the Administrative Agent at least ten (10) 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, Administrative Agent, in each case acting
reasonably to accomplish the purposes of this clause (e).

 

(v)         This
clause (e) shall supersede any other provisions of this Section 12.01 to the contrary.

 

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Section 12.02         Notices
and Other Communications.

 

(a)          Subject
to Section 12.02(c) below, all notices and other communications provided for in, or otherwise given under or in connection
with, this Loan Agreement or any other Loan Document, shall be in writing and shall be delivered either by hand, by overnight courier
service, by certified or registered mail, by telefacsimile or by email (in portable document format (“pdf”) or tagged
image file format (“TIFF”)) as follows:

 

		(i)	if to any Loan Party, to it at:

 

Spark Networks SE

524 Broadway, 7th Floor

New York, NY 10012

Attention: Chief Financial Officer and General Counsel

Email: mgmt@affinitas.de

 

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

 

Morrison & Foerster LLP

425 Market Street

San Francisco, California 94105

Attention: Darío Avram

Facsimile No.: (415) 268-7522

Email: DarioAvram@mofo.com

 

		(ii)	if the Administrative Agent or the Collateral Agent, to
it at:

 

Blue Torch Finance LLC

c/o Blue Torch Capital LP

430 Park Avenue, Suite 1202

New York, NY 10022

Email: BlueTorchAgency@cortlandglobal.com

 

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

 

Proskauer Rose LLP

One International Place

Boston, Massachusetts 20110

Attention: Stephen A. Boyko

Facsimile No.: (617) 526-9899

Email: sboyko@proskauer.com

 

(iii)        if
to any Lender, to it at its address, facsimile number or email address set forth either on the signature pages hereto or in the
Assignment and Acceptance by which such Lender becomes a party hereto, as applicable.

 

(b)          Any
party hereto may change its address, facsimile number or email address for notices and other communications hereunder by notice
delivered to all of the other parties hereto in accordance with Section 12.02(a) above.

 

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(c)          All
notices and other communications given to any party hereto in accordance with the provisions of this Loan Agreement shall be deemed
to have been given (i) in the case of notices and other communications delivered by hand or overnight courier service, upon actual
receipt thereof, (ii) in the case of notices and other communications delivered by certified or registered mail, upon the earlier
of actual delivery and the third Business Day after the date deposited in the U.S. mail with postage prepaid and properly addressed,
(iii) in the case of notices and other communications delivered by telefacsimile, upon receipt by the sender of an acknowledgment
or transmission report generated by the machine from which the telefacsimile was sent indicating that the telefacsimile was sent
in its entirety to the recipient’s telefacsimile number and (iv) in the case of notices and other communications delivered
by email, upon receipt by the sender of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, a return email or other written acknowledgement); provided, however, that in each case, if a notice or other communication
would be deemed to have been given in accordance with the foregoing at any time other than during the recipient’s normal
business hours on a Business Day for such recipient, such notice or other communication shall be deemed given on the next succeeding
Business Day for such recipient.

 

(d)          Each
Loan Party and each Secured Party acknowledges and agrees that the use of electronic transmission in general, and email in particular,
is not necessarily secure and that there are risks associated with the use thereof, including risks of interception, disclosure
and abuse, and each indicates it assumes and accepts such risks by hereby authorizing the use of electronic transmission.

 

(e)          The
Agents and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of any Loan Party even
if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form
of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.

 

(f)          Each
Loan Party acknowledges, understands and agrees that:  (a) some or all of the Lenders from time to time borrow funds from
one or more lenders pursuant to loan agreements with notice provisions that are strictly enforced by such lenders; (b) the provisions
in this Loan Agreement and the other Loan Documents requiring delivery of notices and governing delivery of such notices (i) are
of the essence of this Loan Agreement and such other Loan Documents, and without such provisions the Lenders would not enter into
this Loan Agreement, (ii) require technical compliance in all respects, not just notice in fact, whether or not there is any prejudice
to a Lender or any other Person, and (iii) will not be waived, amended or adjusted in any way in the absence of reasons deemed
compelling by the Lenders in their sole and absolute discretion (compelling reasons shall not include the desire of a Loan Party
to save money), which discretion shall be subject to no standard of reasonableness or review and shall be evidenced only by a formal
written instrument (and not by an email or series of emails); and (c) no Loan Party will request any such waiver, amendment or
adjustment, and each Loan Party shall instead strictly comply with every technical requirement of the notice provisions in this
Loan Agreement and the other Loan Documents without complaint.

 

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Section 12.03         No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any
right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Section 12.04         Survival
of Representations and Warranties. All representations and warranties made hereunder and in the other Loan Documents shall
survive the execution and delivery of this Loan Agreement and the making of the Loans hereunder.

 

Section 12.05         Payment
of Expenses and Taxes; Indemnification. Each Borrower and each other Loan Party agrees: (a) to pay or reimburse each Agent
and each Initial Lender for all their reasonable and documented costs, fees and out-of-pocket expenses incurred in connection with
the negotiation, preparation, execution, delivery and administration of, and any amendment, supplement, or other modification to,
and any waiver of any provision of, and any consent under, this Loan Agreement and the other Loan Documents and any other documents
prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and
thereby, including without limitation such reasonable and documented costs, fees and out-of-pocket expenses related to due diligence,
appraisal costs, lien searches and filing fees and such costs, fees and expenses in relation to any payoff letter or other termination
agreement and associated lien releases, and limited in the case of legal expenses to the reasonable and documented fees, disbursements
and other charges of one external counsel to the Agents and the Lenders (absent any conflict of interest) and reasonably necessary
special counsel and local counsel in each applicable jurisdiction to the Agents and the Lenders; (b) to pay or reimburse each Agent
and each Lender for all of their reasonable and documented costs, fees and out-of-pocket expenses incurred thereby and by their
Affiliates in connection with the enforcement or preservation of any rights under this Loan Agreement, the other Loan Documents
and any other documents prepared in connection herewith or therewith, in connection with any workout, restructuring or negotiations
in respect thereof, in connection with any action to protect, collect, sell, liquidate or dispose of any Collateral, and in connection
with any litigation, arbitration or other contest, dispute, suit, or proceeding relating to any of the foregoing, including in
each case the fees, disbursements and other charges of one external counsel to the Agent and the Lenders, and reasonably necessary
special counsel and local counsel in each applicable jurisdiction to the Agent and the Lenders; (c) to pay, indemnify, and hold
harmless each Agent and each Lender from any and all Other Taxes, if any, that may be payable or determined to be payable in connection
with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment,
supplement or modification of, or any waiver or consent under or in respect of, this Loan Agreement, the other Loan Documents and
any such other documents; (d) to pay or reimburse each Agent and each Lender for all reasonable fees, costs and expenses incurred
in exercising their rights under Section 8.02 and Section 8.16 and (e) to pay, indemnify and hold harmless each Agent,
each Lender, each other Secured Party, and the respective Related Parties of each of them, from and against any and all other liabilities,
obligations, losses, damages, penalties, actions, judgments, and third party suits, including any of the foregoing relating to
any Environmental Claim that relates to any Loan Party or any property owned or leased by any Loan Party, the violation of, noncompliance
with or liability under, any Environmental Law by any Loan Party or any property owned or leased by any Loan Party or any actual
or alleged presence of Hazardous Materials on any property owned or leased by any Loan Party or resulting from any Loan Party in
connection with the operations of any Loan Party, Subsidiary of any Loan Party or any of their Real Property (all the foregoing
in this clause (e), collectively, the “Indemnified Liabilities”); provided, however, that
the Loan Parties shall have no obligation under this clause (e) to either Agent, any Lender, any other Secured Party, or
any Related Party of any of them, for Indemnified Liabilities arising from (A) the gross negligence, bad faith or willful misconduct
of the party to be indemnified, as determined by a final, non-appealable order of a court of competent jurisdiction, (B) any breach
of the funding obligations under this Agreement by such Indemnified Party or (C) any Claim resulting from one party to be indemnified
against any other party to be indemnified and that does not involve an act or omission of any Borrower, any Guarantor or any of
their respective Subsidiaries or Affiliates. The agreements in this Section 12.05 shall survive repayment of the Loans and
all other amounts payable hereunder and the termination of this Loan Agreement. To the fullest extent permitted by Applicable Law,
no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Agent, any Lender, any other Secured Party
and the Related Parties of each of them, on any theory of liability, for any general or consequential damages, or direct or indirect
damages, in each case of any kind, and in each case whether special, reliance, punitive, compensatory, benefit of the bargain,
“cover”, expectancy, exemplary, incidental, “lost profits”, or similar or other damages (including, but
not limited to, damages resulting from loss of profits, revenue or business opportunity, business impact or anticipated savings)
or multiples of damages, other than direct, foreseeable, actual out-of-pocket damages, arising out of, in connection with, or as
a result of, this Loan Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Lender, no Agent, no other Secured Party, and no
Related Party of any of them 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 Loan Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, in the absence of the
willful misconduct, bad faith or gross negligence of such Person as determined by a final, non-appealable order of a court of competent
jurisdiction.

 

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Section 12.06        Successors
and Assigns; Participations and Assignments.

 

(a)          This
Loan Agreement shall inure to the benefit of the respective successors and permitted assigns of the parties hereto and of the Related
Parties and other indemnified Persons hereunder and their respective successors and permitted assigns, and the obligations and
liabilities assumed in this Loan Agreement by the parties hereto shall be binding upon their respective successors and permitted
assignees, except that (i) except as permitted under Section 9.03, no Loan Party may 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 any Loan Party 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 this Section 12.06, and any attempted assignment or transfer by any Lender
not in accordance with this Section 12.06 shall be null and void. Nothing in this Loan Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants (to the extent provided in paragraph (c) of this Section 12.06) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Agents, the Lenders and the other Secured Parties) any legal or equitable right, remedy
or claim under or by reason of this Loan Agreement. Notwithstanding anything to the contrary herein, (a) any Lender shall be permitted
to pledge or grant a security interest in all or any portion of such Lender’s rights hereunder including, but not limited
to, any Loans (without the consent of, or notice to or any other action by, any other party hereto) to secure the obligations of
such Lender or any of its Affiliates to any Person providing any loan, letter of credit or other extension of credit to or for
the account of such Lender or any of its Affiliates and (b) the Agents shall be permitted to pledge or grant a security interest
in all or any portion of their respective rights hereunder or under the other Loan Documents, including, but not limited to, rights
to payment (without the consent of, or notice to or any other action by, any other party hereto), to secure the obligations of
such Agent or any of its Affiliates to any Person providing any loan, letter of credit or other extension of credit to or for the
account of such Agent or any of its Affiliates.

 

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(b)          (i)          Subject
to the conditions set forth in Section 12.06(b)(ii) below, any Lender may assign to one or more assignees all or a portion
of its rights and obligations under this Loan Agreement (including all or a portion of its Commitments and the Loans at the time
owing to it) with the prior written consent of:

 

(A)         the
Administrative Borrower, which consent shall not be unreasonably withheld, conditioned, delayed or burdened (provided that it shall
be deemed to be reasonable for the Administrative Borrower not to consent to any assignment to an assignee that is not an Eligible
Assignee); provided, however, that (1) no consent of the Administrative Borrower shall be required for an assignment
to a Lender, to an Affiliate of a Lender, to an Approved Fund or, if a Specified Event of Default has occurred and is continuing,
to any other assignee and (2) the Administrative Borrower shall be deemed to have consented to any such assignment (and shall not
be a party to or be required to sign any Assignment and Acceptance related thereto) unless it objects thereto by written notice
delivered to the Administrative Agent within ten (10) Business Days after having received notice thereof; and

 

(B)         the
Administrative Agent, which consent shall not be unreasonably withheld, conditioned, delayed or burdened; provided, that
no consent of the Administrative Agent shall be required for an assignment to a Lender, to an Affiliate of a Lender, to an Approved
Fund; and provided further that the withholding, conditioning, delaying or burdening of consent by the Administrative Agent
to an assignment to any Loan Party or to any Affiliate of any Loan Party, in each case, shall be deemed to be reasonable.

 

(ii)         Assignments
by Lenders shall be subject to the following additional conditions:

 

(A)         except
in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, or an assignment of the entire remaining
amount of the assigning Lender’s Commitments or Loans, the amount of the (i) Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is recorded in the Register
by the Administrative Agent) shall not be less than $1,000,000, unless each of the Administrative Borrower and the Administrative
Agent otherwise consent, which consent, in each case, shall not be unreasonably withheld, delayed, conditioned or burdened; provided,
however, that no such consent of the Administrative Borrower shall be required if a Specified Event of Default has occurred
and is continuing; and provided further, that contemporaneous assignments to a single assignee made by affiliated
Lenders or related Approved Funds, and contemporaneous assignments by a single assignor to affiliated Lenders or related Approved
Funds, shall in each case be aggregated for purposes of meeting the minimum assignment amount requirements stated above;

 

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(B)         each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Loan Agreement as to the Loans or Commitments so assigned; provided, that this paragraph shall not be construed
to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect its Commitments
or Loans;

 

(C)         the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500, and all required “know your customer” documentation, anti-money laundering
rules and regulations, including the USA Patriot Act and Anti-Terrorism Laws, including an IRS Form W-9 and all applicable tax
forms; provided, that only one such fee shall be payable in connection with simultaneous assignments to two or more Approved
Funds; and

 

(D)         no
assignments may be made to any Loan Party or any Subsidiary of any Loan Party, or to any Affiliate of any Loan party, and any such
assignment shall be null and void ab initio.

 

(iii)        Subject
to acceptance and recording thereof pursuant to Section 12.06(b)(v), from and after the effective date specified in
each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Acceptance, have the rights and obligations of a Lender under this Loan Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under
this Loan Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations
under this Loan Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections
2.06, 2.07, 4.04 and 12.05 to the extent of any amounts owed to such Lender under any of such provisions).
Any assignment or transfer by a Lender of rights or obligations under this Loan Agreement that does not comply with this Section 12.06
shall be treated for purposes of this Loan Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with Section 12.06(c).

 

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(iv)        The
Administrative Agent, acting solely as a non-fiduciary agent of the Borrowers for tax purposes and solely with respect the actions
described in this Section 12.06(b)(iv), shall maintain at one of its offices in the United States a copy of each Assignment
and Acceptance 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 “Register”). The Register shall contain the name and address of each Lender and the lending office through
which each Lender acts under this Loan Agreement. The entries in the Register shall be conclusive absent manifest error, and the
Loan Parties, the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Loan Agreement, notwithstanding notice to the contrary. The Register, as in effect
at the close of business on the preceding Business Day, shall be available for inspection by any Borrower and any Lender at any
reasonable time and from time to time on any Business Day upon reasonable prior written notice; provided, that no Lender
shall, in such capacity, have access to or be otherwise permitted to review any information in the Register other than information
with respect to such Lender unless otherwise agreed by the Administrative Agent and the Administrative Borrower, each in its sole
discretion. This Section 12.06(b)(iv) shall be construed such that the Loans are at all times maintained in “registered
form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

 

(v)         Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, any written consent
to such assignment required by Section 12.06(b)(i), and all requested “know your customer” documents, the Administrative
Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall
be effective for purposes of this Loan Agreement unless and until it has been recorded in the Register as provided in this paragraph.

 

(vi)        Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Administrative Borrower and the Administrative Agent, the applicable
pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender
to the Administrative Agent and each Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations
of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph,
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Loan Agreement until such
compliance occurs.

 

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(c)          (i)          Any
Lender may, without the consent of the Borrowers or the Agents, sell participations to one or more banks or other entities (each,
a “Participant”) in all or a portion of such Lender’s rights and obligations under this Loan Agreement
(including all or a portion of its Commitments and the Loans owing to it); provided, that (A) such Lender’s obligations under
this Loan Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, and (C) the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Loan Agreement. 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
Loan Agreement and to approve any amendment, modification or waiver of any provision of this Loan 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 Sections 12.01(b)(i), 12.01(b)(ii), 12.01(b)(iii)
or 12.01(b)(iv). Subject to Section 12.06(c)(ii), the Borrowers agree that each Participant shall be entitled
to the benefits of Sections 2.06, 2.07 and 4.04 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to Section 12.06(b). To the extent permitted by Applicable Law, each Participant also
shall be entitled to the benefits of Section 12.09(b) as if it were a Lender; provided, that such Participant agrees to
be subject to Section 12.09(a) as if it were a Lender.

 

(ii)         A
Participant shall not be entitled to receive any greater payment under Sections 2.06, 2.07 or 4.04 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 Administrative Borrower’s prior written consent. The Borrowers
agree that each Participant shall be entitled to the benefits of Section 4.04 so long as the documentation required by Section
4.04(f) is delivered by the participant to the participating Lender.

 

(iii)        Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain at
one of its offices in the United States 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 such Lender’s Loans or other obligations under the
Loan Documents (the “Participant Register”). The entries in each Participant Register shall be conclusive absent
manifest error, and the applicable Lender shall treat each person whose name is recorded in the Participant Register as the owner
of such participation for all purposes of this Loan Agreement notwithstanding any notice to the contrary. 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 Administrative
Agent shall have no responsibility for maintaining any Participant Register, and any notices or other documents required to be
delivered by the Loan Parties shall be deemed to be delivered to a Participant upon actual delivery to the Lender that sold the
participation to such Participant.

 

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(d)          Nothing
herein is intended to prevent, impair, limit or otherwise restrict the ability of a Lender to collaterally assign or pledge all
or any portion of its interests in the Loans and the other rights and benefits under the Loan Documents to an unaffiliated third
party lender of such Lender (each such Person, a “Collateral Assignee”); provided that unless and until any
Borrower receives notification from a Collateral Assignee of such assignment directing payments to be made to such Collateral Assignee,
any payment made by the Borrowers for the benefit of such Lender in accordance with the terms of the Loan Documents shall satisfy
the Borrowers’ obligations thereunder to the extent of such payment. Any such Collateral Assignee, upon foreclosure of its
security interests in the Loans pursuant to the terms of such assignment and in accordance with Applicable Law, shall succeed to
all the interests of or shall be deemed to be a Lender, with all the rights and benefits afforded thereby, and such transfer shall
not be deemed to be a transfer for purposes of and otherwise subject to the provisions of this Section 12.06. Notwithstanding
the foregoing, each Lender shall remain responsible for all obligations and liabilities arising hereunder or under any other Loan
Document, and, except as otherwise expressly set forth in any applicable pledge or assignment, nothing herein is intended or shall
be construed to impose any obligations upon or constitute an assumption by a Collateral Assignee thereof.

 

Section 12.07         Replacements
of Lenders under Certain Circumstances.

 

(a)          The
Administrative Agent, at the Borrowers’ sole cost and expense, shall be permitted to replace any Lender or any Participant
that (i) requests reimbursement for amounts owing pursuant to Section 2.06, Section 2.08, or Section 4.04
if such Lender has declined or is unable to designate a different lending office in accordance with Section 2.08, or (ii)
is affected in the manner described in Section 2.06(a)(iii) and as a result thereof any of the actions described in such
Section 2.06(a)(iii) is required to be taken or (ii) is a Defaulting Lender; provided, that (A) such replacement
does not conflict with any Applicable Law, (B) no Event of Default shall have occurred and be continuing at the time of such replacement,
(C) all Loans and other amounts (including any applicable Prepayment Premium and any other fees other than any disputed amounts)
owing to such replaced Lender pursuant to this Loan Agreement shall be paid or purchased at par, (D) the replacement bank or institution
(if not already a Lender), and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative
Borrower (other than during the occurrence and continuation of a Specified Event of Default) (which consent shall not be unreasonably
withheld, conditions, delayed or burdened) and the Administrative Agent, and the withholding of consent by the Administrative Agent
to any Loan Party, any Subsidiary of any Loan Party or any Affiliate of any Loan Party becoming a replacement Lender shall be deemed
to be reasonable and not unreasonable, (E) the replaced Lender shall be obligated to make such replacement in accordance with the
provisions of Section 12.06 (except that such replaced Lender shall not be obligated to pay any processing and recordation
fee required pursuant thereto), (F) any such replacement shall not be deemed to be a waiver of any rights that any Borrower, any
Agent or any other Lender shall have against the replaced Lender, and (G) in the case of any such assignment resulting from a claim
for compensation under Section 2.06 or payments required to be made pursuant to Section 4.04, such assignment will
result in a reduction in such compensation or payments thereafter. A Lender shall not be required to make any such assignment or
delegation if prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to
require such assignment and delegation cease to apply.

 

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(b)          If
any Lender (a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination,
which pursuant to the terms of Section 12.01 requires the consent of all Lenders or all of the Lenders affected thereby
and with respect to which the Required Lenders or Required Revolving Lenders, as applicable, shall have granted their consent,
then, provided that no Event of Default then exists, the Administrative Borrower shall have the right (unless such Non-Consenting
Lender grants such consent), at their own cost and expense, to replace such Non-Consenting Lender by requiring such Non-Consenting
Lender to assign its Loans and Commitments to one or more assignees reasonably acceptable to the Administrative Agent, provided,
that: (i) all Obligations of the Borrowers owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting
Lender concurrently with such assignment, including any Prepayment Premium, and (ii) the replacement Lender shall purchase the
foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest
thereon. In connection with any such assignment, the Borrowers, the Agents, such Non-Consenting Lender and the replacement Lender
shall otherwise comply with Section 12.06 (except that such Non-Consenting Lender shall not be obligated to pay any processing
and recordation fee required pursuant thereto).

 

Section 12.08         [Reserved].

 

Section 12.09         Adjustments;
Set-Off.

 

(a)          If
any Lender at any time receives any payment of all or part of its Loans, interest thereon or Prepayment Premium in respect thereof,
or receives any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings
of the nature referred to in Section 10.01(k), or otherwise), in a greater proportion than any such payment to or collateral
received by any other Lender, if any, in respect of such other Lender’s Term Loans, interest thereon or Prepayment Premium
in respect thereof, such recipient Lender shall purchase for cash from the other Lenders a participating interest in such portion
of each such other Lender’s Loans, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds
thereof, as shall be necessary to cause such recipient Lender to share the excess payment or benefits of such collateral or proceeds
ratably with each of the other Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter
recovered from such recipient Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent
of such recovery, but without interest. The foregoing provisions of this Section 12.09 shall not apply to payments made
and applied in accordance with the terms of this Loan Agreement and the other Loan Documents.

 

(b)          Upon
the occurrence and during the continuance of an Event of Default, to the extent consented to by the Administrative Agent, in addition
to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrowers
or any other Loan Party, any such notice being expressly waived by the Loan Parties to the extent permitted by Applicable Law,
upon any amount becoming due and payable by the Borrowers hereunder (whether at the stated maturity, by acceleration or otherwise),
to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional
or final, but excluding any Excluded Deposit Accounts), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such
Lender or any branch or agency thereof to or for the credit or the account of the Borrowers, as the case may be. Each Lender agrees
promptly to notify the Administrative Borrower and the Agents 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 12.10         Effectiveness
of Facsimile Documents and Signatures. Loan Documents may be transmitted and signed and delivered by facsimile or other electronic
means. The effectiveness of any such documents and signatures shall have the same force and effect as manually signed originals
and shall be binding on all Loan Parties, the Agents and the Lenders.

 

Section 12.11         Counterparts.
Any number of counterparts of this Loan Agreement and the other Loan Documents, including facsimiles and other electronic copies,
may be executed by the parties hereto. Each such counterpart shall be, and shall be deemed to be, an original instrument, but all
such counterparts taken together shall constitute one and the same agreement.

 

Section 12.12         Severability.
All provisions of this Loan Agreement are severable, and the unenforceability or invalidity of any of the provisions of this Loan
Agreement shall not affect the validity or enforceability of the remaining provisions of this Loan Agreement. Should any part of
this Loan Agreement be held invalid or unenforceable in any jurisdiction, the invalid or unenforceable portion or portions shall
be removed (and no more) only in that jurisdiction, and the remainder shall be enforced as fully as possible (removing the minimum
amount possible) in that jurisdiction. In lieu of such invalid or unenforceable provision, the parties hereto will negotiate in
good faith to add as a part of this Loan Agreement a legal, valid and enforceable provision as similar in terms to such invalid
or unenforceable provision as may be possible.

 

Section 12.13         Integration.
This Loan Agreement and the other Loan Documents contain the entire agreement of the parties with respect to the subject matter
hereof and thereof and supersede all prior negotiations, agreements and understandings with respect thereto, both written and oral.
This Loan Agreement may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.
There are no unwritten or oral agreements between the parties. By executing and delivering this Loan Agreement, each Loan Party
hereby fully and irrevocably releases and agrees not to assert in any manner any and all claims which such Loan Party may have
at law or in equity in relation to all prior written and oral discussions and understandings relating to this Loan Agreement, the
other Loan Documents, the subject matter hereof and thereof, and the Transactions. When this Loan Agreement or any other Loan Document
refers to a party’s “sole discretion”, such phrase means that party’s sole and absolute discretion as to
process and result, which shall be final for all purposes hereunder, to be exercised (to the fullest extent the law permits) for
any reason, subject to no standard of reasonableness or review and part of no claim before any court, arbitrator or other tribunal
or forum or otherwise.

 

Section 12.14         GOVERNING
LAW. THIS LOAN AGREEMENT, THE OTHER LOAN DOCUMENTS (EXCEPT AS MAY OTHERWISE BE PROVIDED THEREIN), AND THE VALIDITY,
INTERPRETATION, CONSTRUCTION, AND PERFORMANCE HEREOF AND THEREOF SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, AND ANY CLAIM BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT OR TORT LAW ARISING
OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE DETERMINED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK FOR CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS REQUIRING APPLICATION OF THE LAW OF ANY OTHER JURISDICTION.

 

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Section 12.15         Waiver
of Certain Rights. Each Loan Party irrevocably and unconditionally waives, to the maximum extent not prohibited by Applicable
Law, all rights of rescission, setoff, counterclaims, and other defenses in connection with the repayment of the Obligations. The
Loan Parties shall not at any time, to the extent it is lawful, insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive any of the Loans
and other Obligations hereunder, wherever such laws may be enacted, now or at any time hereafter in force, or which may limit the
Loan Parties performance of this Loan Agreement; and, to the extent that it may lawfully do so, each Loan Party expressly waives
and shall waive all benefits or advantages of any such law.

 

Section 12.16         Acknowledgments.
Each Loan Party hereby acknowledges that:

 

(a)          it
has been advised by counsel of its choice in the negotiation, execution and delivery of this Loan Agreement and the other Loan
Documents, such counsel has reviewed this Loan Agreement and the other Loan Documents, this Loan Agreement and the other Loan Documents
(including, without limitation, Section 12.14, Section 12.15 and Article XIII hereof) are the result of such
advice and review, and neither this Loan Agreement nor any other Loan Document shall be construed against an Agent or any Lender
merely because of such Agent’s or such Lender’s involvement in the preparation of any such document;

 

(b)          neither
any Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out of or in connection with this
Loan Agreement or any of the other Loan Documents, and the relationship between any Agent and any Lender, on one hand, and each
Loan Party, on the other hand, in connection herewith or therewith is solely that of debtor and creditor;

 

(c)          no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Agents and the Lenders or among the Loan Parties and the Agents and the Lenders; and

 

(d)          this
Loan Agreement does not give rise now or in the future to an agency or partnership relationship between any Loan Party on the one
hand and any Agent, any Lender or any of their respective Affiliates on the other hand.

 

Section 12.17         No
Arranger Duties. Notwithstanding anything herein or elsewhere to the contrary, the “Sole Lead Arranger” referred
to on the cover page hereof does not, and shall not, have any powers, duties, responsibilities or liabilities to the Borrowers
or any other Person under this Loan Agreement or any of the other Loan Documents in such capacity.

 

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Section 12.18         Confidentiality.
Each Agent and each Lender shall hold all non-public information relating to any Loan Party or any Subsidiary of any Loan Party
obtained pursuant to the requirements of this Loan Agreement (“Confidential Information”) confidential in accordance
with its customary procedure for handling confidential information of this nature and, in the case of a Lender that is a bank,
in accordance with safe and sound banking practices; provided, however, that in any event any Agent or Lender may
disclose Confidential Information:

 

(a)          as
such Person reasonably believes is required by Law (including, without limitation, SEC rules and regulations);

 

(b)          pursuant
to legal process or as is otherwise required or requested by any court, securities exchange, or any other judicial, governmental,
supervisory or regulatory board or agency, or representative thereof (including, without limitation, the SEC);

 

(c)          in
connection with, and following, the enforcement of any rights or exercise of any remedies by any Agent or Lender under this Loan
Agreement or any other Loan Document, or any action or proceeding relating to this Loan Agreement or any other Loan Document;

 

(d)          to
such Agent’s or Lender’s Affiliates, and to such Agent’s, Lender’s and Affiliates’ directors, officers,
employees, agents, attorneys, accountants and other professional advisors, auditors, and financing sources;

 

(e)          in
connection with:

 

(i)          the
establishment of any special purpose funding vehicle with respect to the Loans,

 

(ii)         any
prospective assignment of, or participation in, its rights and obligations pursuant to Section 12.06, to prospective assignees
or Participants, as applicable, provided that such prospective assignees or Participants agree to treat such information
as confidential substantially in accordance with the terms of this Section 12.18 as if such prospective assignees or
Participants were Agents or Lenders hereunder; and

 

(iii)        any
actual or proposed credit facility for loans, letters of credit or other extensions of credit to or for the account of such Agent
or Lender or any of its Affiliates, to any Person providing or proposing to provide such loan, letter of credit or other extension
of credit or any agent, trustee or representative of such Person;

 

(f)          to
any rating agency; and

 

(g)          to
any other Person with the consent of the Borrowers.

 

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Notwithstanding the foregoing, (A) each
of the Agents, the Lenders and any Affiliate thereof is hereby expressly permitted by the Loan Parties to refer to any Loan Party
and any of their respective Subsidiaries in connection with any promotion or marketing undertaken by such Agent, Lender or Affiliate
and, for such purpose, such Agent, Lender or Affiliate may utilize any trade name, trademark, logo or other distinctive symbol
associated with such Loan Party or such Subsidiary or any of their businesses and (B) no Agent or Lender shall have any obligation
to keep information confidential if such information: (i) is or becomes public or known to participants in the Borrowers’
industry from a source other than an Agent, a Lender or an Agent’s or a Lender’s legal or financial advisors; (ii)
is, was or becomes known on a non-confidential basis to or discovered by an Agent, Lenders or any of their legal or financial advisors
independently from communications by or on behalf of any Loan Party, provided that the source of such information was not
actually known by the disclosing Agent, Lender or advisor to be bound by a confidentiality agreement with (or subject to any other
contractual, legal or fiduciary obligation of confidentiality to) the relevant Loan Party; or (iii) is independently developed
by an Agent or a Lender without use of such confidential information.

 

Section 12.19         Press
Releases, etc. Each Loan Party will not, and will not permit any of its Affiliates or its or its Affiliates’ respective
officers, directors, shareholders or employees to, directly or indirectly, (i) publish or permit to be published any press release
or other similar public disclosure or announcements (including any marketing materials) regarding this Loan Agreement, the other
Loan Documents or any of the Transactions, without the prior written consent of the Administrative Agent, which consent shall not
be unreasonably withheld, or (ii) publish or permit to be published any Agent’s or Lender’s name or logo, or otherwise
refer to any Agent or Lender or any of its Affiliates, in connection with this Loan Agreement, the other Loan Documents or any
of the Transactions, without the prior written consent of such Agent or Lender, as applicable.

 

Section 12.20         Releases
of Guaranties and Liens.

 

(a)          Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the Collateral Agent is hereby irrevocably authorized
by each Secured Party (without requirement of notice to or consent of any Secured Party except as expressly required by Section
12.01) to take any action requested by the Administrative Borrower having the effect of releasing any Collateral or guarantee
obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has
been consented to in accordance with Section 12.01 or (ii) under the circumstances described in Section 12.20(b).

 

(b)          At
such time as the Loans and the other Obligations (other than Unasserted Contingent Obligations) shall have been paid in full and
all Commitments have been terminated, (i) the Collateral shall automatically be released from the Liens created by the Loan Documents
and at Borrowers’ sole cost and expense, the Collateral Agent shall terminate the Security Documents and release the Collateral
from the Liens created by the Security Documents, and (ii) all obligations of the Collateral Agent under the Security Documents
shall terminate without delivery of any instrument or performance of any act by any Person.

 

(c)          Upon
request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent’s authority
to release its interest in particular types or items of property, or to release any guarantee obligations pursuant to this Section
12.20. In each case as specified in this Section 12.20, the Collateral Agent will (and each Lender irrevocably authorizes
the Collateral Agent to), at the Borrowers’ sole cost and 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 or guarantee obligation
from the assignment and security interest granted under the Security Documents, in each case in accordance with the terms of the
Loan Documents and this Section 12.20.

 

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Section 12.21         USA
Patriot Act. Each Lender hereby notifies each Loan Party that, pursuant to the requirements of the USA Patriot Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify
and record information that identifies the Loan Parties, which information includes the name and address of each Loan Party and
other information that will allow such Lender to identify each Loan Party in accordance with the Patriot Act. Each Loan Party agrees
to provide all such information to the Lenders upon request by any Agent at any time, whether with respect to any Person who is
a Loan Party on the Closing Date or who becomes a Loan Party thereafter.

 

Section 12.22         No
Fiduciary Duty. Each Loan Party, on behalf of itself and its Subsidiaries, agrees that in connection with all aspects of the
transactions contemplated hereby and any communications in connection therewith, the Loan Parties, their respective Subsidiaries
and Affiliates, on the one hand, and the Agents, the Lenders, the other Secured Parties, and all of their respective Affiliates,
on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the
part of the Agents the Lenders or their respective Affiliates, and no such duty will be deemed to have arisen in connection with
any such transactions or communications.

 

Section 12.23         Reliance
on Certificates. Notwithstanding anything to the contrary herein, the Secured Parties shall be entitled to rely and act upon
any certificate, notice or other document delivered by or on behalf of any Person purporting to be an Authorized Officer of a Loan
Party, and shall have no duty to inquire as to the actual incumbency or authority of such Person.

 

Section 12.24         No
Waiver. A Secured Party’s failure to insist at any time upon strict compliance with this Loan Agreement or with any of
the terms of this Loan Agreement or any continued course of such conduct on its part will not constitute or be considered a waiver
by such Secured Party of any of its rights or privileges. A waiver or consent, express or implied, of or to any breach or default
by any party in the performance by that party of its obligations with respect to this Loan Agreement is not a waiver or consent
of or to any other breach or default in the performance by that party of the same or any other obligations of that party.

 

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Section 12.25         The
Administrative Borrower as the Loan Parties’ Representative. Each Loan Party (other than the Administrative Borrower)
hereby irrevocably appoints the Administrative Borrower as the borrowing agent and attorney-in-fact for all Loan Parties, which
appointment is coupled with an interest and shall remain in full force and effect unless and until the Administrative Agent (i)
in its sole discretion shall have consented in writing to the revocation of such appointment and (ii) received prior written notice
signed by the Loan Parties that such appointment has been revoked and that another Loan Party has been appointed. Each Loan Party
hereby irrevocably appoints and authorizes the Administrative Borrower (a) to provide the Agents and the Lenders with all notices
with respect to all Loans and other extensions of credit obtained for the benefit of the Borrowers and all other notices and instructions
under this Loan Agreement and the other Loan Documents, (b) amend, supplement or otherwise modify any term or condition of this
Loan Agreement and the other Loan Documents in accordance with Section 12.01(b) without any requirement that such Loan Party
also sign any documents or instruments to effectuate any such amendment, supplement or waiver, and (c) to take such action as the
Administrative Borrower deems appropriate on such Loan Party’s behalf to exercise such powers as are reasonably incidental
thereto to carry out the purposes of this Loan Agreement and the other Loan Documents. Each Loan Party acknowledges that the handling
of this Loan Agreement, the other Loan Documents and the Collateral in a combined fashion, as more fully set forth herein and in
the other Loan Documents, is done solely as an accommodation to the Loan Parties in order to utilize the collective borrowing powers
of the Loan Parties in the most efficient and economical manner and at their request, and that no Agent or Lender shall incur liability
to any Loan Party as a result thereof. Each Loan Party expects to derive substantial benefit, directly or indirectly, from the
handling of this Loan Agreement, the other Loan Documents and the Collateral in a combined fashion because the successful operation
of each Loan Party is dependent on the continued successful performance of the integrated group. To induce the Agents and Lenders
to do so, and in consideration thereof, each Loan Party hereby jointly and severally agrees to indemnify each Agent and each Lender
against, and hold each Agent and each Lender harmless from, any and all liability, expense, loss or claim of damage or injury made
against any Agent or Lender by any Loan Party or by any third party whosoever, arising from or incurred by reason of (x) the handling
of this Loan Agreement, the other Loan Documents and the Collateral as provided herein, or (y) an Agent or a Lender relying on
any instructions of the Administrative Borrower, except that the Loan Parties will have no liability to any Agent or Lender pursuant
to this Section 12.25 with respect to any liability that has been finally determined by a court of competent jurisdiction
to have resulted solely from the gross negligence or willful misconduct of such Agent or such Lender, as applicable.

 

Section 12.26         Funding
Losses. The Borrowers agree to reimburse each Lender and to hold each Lender harmless from any documented loss or expense (but
excluding lost profits) which such Lender may sustain or incur as a direct consequence of:

 

(a)          the
failure of the Borrowers to make any payment or mandatory prepayment of principal of any LIBOR Rate Loan as and when due hereunder
(including payments made after any acceleration thereof);

 

(b)          the
failure of the Borrowers to borrow, continue or convert a Loan after the Administrative Borrower has given (or is deemed to have
given) a Borrowing Notice or a Notice of Conversion/Continuation;

 

(c)          the
failure of the Borrowers to make any prepayment after the Administrative Borrower has given a notice in accordance with Section
4.01(a)(i);

 

(d)          the
prepayment (including pursuant to Section 4.02) of a LIBOR Rate Loan on a day which is not the last day of the Interest
Period with respect thereto; or

 

(e)          the
conversion pursuant to Section 2.09 of any LIBOR Rate Loan to a Base Rate Loan on a day that is not the last day of the
applicable Interest Period;

 

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including any such loss or expense arising
from the liquidation or reemployment of funds obtained by it to maintain its LIBOR Rate Loans hereunder or from fees payable to
terminate the deposits from which such funds were obtained. Solely for purposes of calculating amounts payable by the Borrowers
to the Lenders under this Section 12.26 and under Section 2.06(a)(ii): each LIBOR Rate Loan that is made by a Lender
(and each related reserve, special deposit or similar requirement) shall be conclusively deemed to have been funded at the LIBOR
Rate used in determining the interest rate for such LIBOR Rate Loan by a matching deposit or other borrowing in the interbank Eurodollar
market for a comparable amount and for a comparable period, whether or not such LIBOR Rate Loan is in fact so funded.

 

Section 12.27         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
Lender that is an 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 Lender that is an EEA Financial Institution; and

 

(b)          the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)          a
reduction in full or in part or cancellation of any such liability;

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Loan
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 12.28         Parallel
Debt. Notwithstanding any other provision of this Agreement, the Loan Parties hereby irrevocably and unconditionally undertake
to pay to the Administrative Agent, as creditor in its own right and not as representative of the other Secured Parties, sums equal
to and in the currency of each amount payable by such Loan Party to Secured Parties under the Loan Documents as and when that amount
falls due for payment under the relevant Loan Document or would have fallen due but for any discharge resulting from failure of
another Secured Party to take appropriate steps, in insolvency proceedings affecting such Loan Party, to preserve its entitlement
to be paid that amount (the “Parallel Debt”). The Administrative Agent shall have its own independent right
to demand payment of the amounts payable by each Loan Party under this Section 12.28, irrespective of any discharge of such Loan
Party’s obligation to pay those amounts to the other Secured Parties resulting from failure by them to take appropriate steps,
in insolvency proceedings affecting such Loan Party, to preserve their entitlement to be paid those amounts. Any amount due and
payable by a Loan Party to the Administrative Agent under this Section 12.28 shall be decreased to the extent that the other Secured
Parties have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Loan
Documents and any amount due and payable by a Loan Party to the other Secured Parties under those provisions shall be decreased
to the extent that the Administrative Agent has received (and is able to retain) payment in full of the corresponding amount under
this Section 12.28. The rights of the Secured Parties (other than the Administrative Agent) to receive payment of amounts payable
by each Loan Party under the Loan Documents are several and are separate and independent from, and without prejudice to, the rights
of the Administrative Agent to receive payment under this Section 12.28.

 

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ARTICLE XIII

JURISDICTION; VENUE, SERVICE OF PROCESS; JURY TRIAL WAIVER

 

Section 13.01         JURISDICTION.
EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION (EXCEPT
AS SET FORTH IN SECTION 13.05 HEREOF) OF ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE
BOROUGH OF MANHATTAN IN THE STATE OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THE LOANS, THIS LOAN AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH 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. NOTWITHSTANDING
ANYTHING TO THE CONTRARY, NOTHING IN THIS LOAN AGREEMENT SHALL AFFECT ANY RIGHT THAT THE AGENTS AND LENDERS MAY OTHERWISE HAVE
TO BRING ANY ACTION OR PROCEEDING RELATING TO THE LOANS, THIS LOAN AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT AGAINST THE
LOAN PARTIES OR THEIR PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

Section 13.02         VENUE.
EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THE LOANS, THIS LOAN AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT IN ANY STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF
MANHATTAN IN THE STATE OF NEW YORK. 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.

 

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Section 13.03         SERVICE
OF PROCESS. EACH PARTY TO THIS LOAN AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER AND AT THE ADDRESSES
PROVIDED FOR NOTICES IN SECTION 12.02 BY MAIL. NOTHING IN THIS LOAN AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS
LOAN AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

Section 13.04         JURY
TRIAL WAIVER. EACH LOAN PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING (I) TO
ENFORCE OR DEFEND ANY RIGHTS UNDER OR IN CONNECTION WITH THE LOANS, THIS LOAN AGREEMENT, THE NOTES OR ANY OTHER LOAN DOCUMENT,
OR (II) ARISING FROM ANY DISPUTE OR CONTROVERSY IN CONNECTION WITH OR RELATED TO THE LOANS, THIS LOAN AGREEMENT, THE NOTES
OR ANY OTHER LOAN DOCUMENT, AND AGREES THAT ANY SUCH ACTION OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
EACH LOAN PARTY ACKNOWLEDGES THAT IT HAD THE OPPORTUNITY TO REVIEW THIS JURY TRIAL WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY
AND VOLUNTARILY WAIVES ITS RIGHT TO A JURY TRIAL. THIS SECTION 13.04 IS A MATERIAL INDUCEMENT FOR THE AGENTS AND THE LENDERS
GRANTING ANY FINANCIAL ACCOMMODATIONS TO THE LOAN PARTIES.

 

SECTION 13.05         No
provision of, nor the exercise of any rights under, Section 13.01 or Section 13.02 shall limit the right of any Agent or any other
Secured Party to (i) foreclose against any real or personal property collateral through judicial foreclosure, by the exercise
of a power of sale under a deed of trust, mortgage or other security agreement or instrument, pursuant to applicable provisions
of the UCC, or otherwise pursuant to applicable Law, (ii) exercise self-help remedies including but not limited to set-off
and repossession, or (iii) request and obtain from a court having jurisdiction, any provisional or ancillary remedies and
relief including but not limited to injunctive or mandatory relief or the appointment of a receiver.

 

[signatures begin on next page]

 

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IN WITNESS WHEREOF,
each of the parties hereto has duly executed and delivered this Loan Agreement as of the date first above written.

 

	BORROWERS:	 	Spark Networks SE,
	 	 	a Societas Europaea,
	 	 	as a Borrower and as Administrative Borrower
	 	 	 	 
	 	 	By:	/s/ Robert O’Hare
	 	 	Name: Robert O’Hare
	 	 	Title: Chief Financial Officer
	 	 	 	 
	 	 	By:	/s/ Jeronimo Folgueira
	 	 	Name: Jeronimo Folgueira
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	Spark Networks, INC.,
	 	 	a Delaware corporation
	 	 	 	 
	 	 	By:	/s/ Robert O’Hare
	 	 	Name: Robert O’Hare
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	ZOOSK, INC.,
	 	 	a Delaware corporation
	 	 	 	 
	 	 	By:	/s/ Robert O’Hare
	 	 	Name: Robert O’Hare
	 	 	Title: Chief Financial Officer

 

Signature Page to Loan Agreement

 

     

     

    

 

	GUARANTORS:	 	LOV USA, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 
	 	 	By:	/s/ Robert O’Hare
	 	 	Name: Robert O’Hare
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	Minglematch, inc.,
	 	 	a Utah corporation
	 	 	 	 
	 	 	By:	/s/ Robert O’Hare
	 	 	Name: Robert O’Hare
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	smooch labs inc.,
	 	 	a Delaware corporation
	 	 	 	 
	 	 	By:	/s/ Robert O’Hare
	 	 	Name: Robert O’Hare
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	spark networks USA, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 
	 	 	By:	/s/ Robert O’Hare
	 	 	Name: Robert O’Hare
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	spark networks services gmbh,
	 	 	a Gesellschaft mit beschrankter Haftung
	 	 	 	 
	 	 	By:	/s/ Gitte Bendzulla
	 	 	Name: Gitte Bendzulla
	 	 	Title: General Counsel

 

Signature Page to Loan Agreement

 

     

     

    

 

	ADMINISTRATIVE AGENT AND COLLATERAL AGENT:	 	
        BLUE TORCH FINANCE LLC,

        a Delaware limited liability company

	 	 	 	 
	 	 	By:	/s/ Kevin Genda
	 	 	Name: Kevin Genda
	 	 	Title: Authorized Signer

 

Signature Page to Loan Agreement

 

     

     

    

 

LENDERS:

 

	 	BTC Holdings Fund I, LLC,
	 	as a Lender
	 	 
	 	 	By:	Blue Torch Credit Opportunities Fund I LP,
	 	 	 	its sole member
	 	 	 	 
	 	 	By:	Blue Torch Credit Opportunities GP LLC,
	 	 	 	its general partner
	 	 	 
	 	By:	/s/ Kevin Genda
	 	Name: Kevin Genda
	 	Title: Authorized Signer
	 	 
	 	BTC Holdings Fund I-B, LLC,
	 	as a Lender
	 	 
	 	 	By:	Blue Torch Credit Opportunities Fund I LP,
	 	 	 	its sole member
	 	 	 	 
	 	 	By:	Blue Torch Credit Opportunities GP LLC,
	 	 	 	its general partner
	 	 	 
	 	By:	/s/ Kevin Genda
	 	Name: Kevin Genda
	 	Title: Authorized Signer
	 	 
	 	Blue Torch Credit Opportunities Fund I LP,
	 	as a Lender
	 	 
	 	 	By:	Blue Torch Credit Opportunities GP LLC,
	 	 	 	its general partner
	 	 	 
	 	By:	/s/ Kevin Genda
	 	Name: Kevin Genda
	 	Title: Authorized Signer

 

Signature Page to Loan Agreement

 

     

     

    

 

	 	Special Value Continuation Partners, LLC,
	 	TCP Waterman CLO, LLC,
	 	Tennenbaum Senior Loan Fund V, LLC,
	 	TCP Direct Lending Fund, VIII-S, LLC,
	 	TCP Direct Lending Fund VIII-T, LLC,
	 	each as a Lender
	 	 
	 	 	On behalf of each of the above entities:
	 	 	By: Tennenbaum Capital Partners, LLC
	 	 	Its: Investment Manager
	 	 	 
	 	By:	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Director
	 	 
	 	 
	 	TCP Whitney CLO, LTD,
	 	TCP Rainer, LLC,
	 	TCP DLF VIII 2018 CLO, LLC,
	 	each as a Lender
	 	 
	 	 	By: SERIES 1 OF SVOF/MM, LLC
	 	 	Its: Collateral Manager
	 	 	 
	 	By:	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Director
	 	 
	 	 
	 	TCP DLF VIII ICAV,
	 	an umbrella type Irish collective asset management vehicle
	 	acting solely for and on behalf of its sub-fund
	 	TCP Direct Lending Fund VIII-U (Ireland),
	 	as a Lender
	 	 
	 	 	By: Tennenbaum Capital Partners, LLC
	 	 	Its: Investment Manager acting as attorney-in-fact
	 	 	 
	 	By:	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Director

 

Signature Page to Loan Agreement

 

     

     

    

 

	 	TCP DLF VIII ICAV,
	 	an umbrella type Irish collective asset management vehicle
	 	acting solely for and on behalf of its sub-fund
	 	TCP Direct Lending Fund VIII-L (Ireland),
	 	as a Lender
	 	 
	 	 	By: SVOF/MM, LLC
	 	 	Its: Sub-Advisor acting as attorney-in-fact
	 	 	 
	 	By:	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Director

 

Signature Page to Loan Agreement

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