Document:

Exhibit 10.1

 

Execution
Version

 

Published Deal CUSIP Number: 31620KAL4

Revolver CUSIP Number: 31620KAM2

  

 

Fifth
amended and restated CREDIT AGREEMENT

 

Dated as of October 29, 2020

 

among

 

FIDELITY NATIONAL FINANCIAL, INC.,

as the Borrower,

 

BANK OF AMERICA, N.A.,

as Administrative Agent and Swing Line Lender,

 

JPMORGAN CHASE BANK, N.A.,

U.S. BANK NATIONAL ASSOCIATION,

WELLS FARGO BANK, N.A.,

as Co-Syndication Agents,

 

and

 

BMO
HARRIS BANK N.A. 

Citizens
Bank, N.A. 

FIFTH
THIRD BANK 

MUFG
UNION BANK, N.A. 

PNC
BANK, NATIONAL ASSOCIATION 

as Co-Documentation Agents

 

The Other Lenders Party Hereto

 

 

BofA SECURITIES, INC.,

JPMORGAN CHASE BANK, N.A.,

U.S. BANK NATIONAL ASSOCIATION,

WELLS FARGO SECURITIES, LLC,

as

Joint Lead Arrangers and Joint Bookrunners

 

     

     

    

 

TABLE
OF CONTENTS

 

	Section	Page
	 	 
	Article I	 
	DEFINITIONS AND ACCOUNTING TERMS	1
	 	 
	Section 1.01.	 	Defined Terms	1
	Section 1.02.	 	Other Interpretive Provisions	27
	Section 1.03.	 	Accounting Terms	28
	Section 1.04.	 	Rounding	29
	Section 1.05.	 	Times of Day	29
	Section 1.06.	 	Timing of Payment of Performance	29
	Section 1.07.	 	Certain Calculations and Tests	29
	Section 1.08.	 	Interest Rates	29
	 	 
	Article II	 
	THE COMMITMENTS AND CREDIT EXTENSIONS	30
	 	 
	Section 2.01.	 	Revolving Loans	30
	Section 2.02.	 	Borrowings, Conversions and Continuations of Revolving Loans	30
	Section 2.03.	 	Swing Line Loans	31
	Section 2.04.	 	Prepayments	34
	Section 2.05.	 	Termination or Reduction of Commitments	34
	Section 2.06.	 	Repayment of Loans	35
	Section 2.07.	 	Interest	35
	Section 2.08.	 	Fees	36
	Section 2.09.	 	Computation of Interest and Fees	36
	Section 2.10.	 	Evidence of Debt	36
	Section 2.11.	 	Payments Generally; Administrative Agent’s Clawback	37
	Section 2.12.	 	Sharing of Payments by Lenders	39
	Section 2.13.	 	Increase in Commitments	39
	Section 2.14.	 	Defaulting Lenders	40
	 	 
	Article III	 
	TAXES, YIELD PROTECTION AND ILLEGALITY	42
	 	 
	Section 3.01.	 	Taxes	42
	Section 3.02.	 	Illegality	46
	Section 3.03.	 	Inability to Determine Rates	47
	Section 3.04.	 	Increased Costs; Reserves on Eurodollar Rate Loans	49
	Section 3.05.	 	Compensation for Losses	50
	Section 3.06.	 	Mitigation Obligations; Replacement of Lenders	51
	Section 3.07.	 	Survival	51
	 	 
	Article IV	 
	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	52
	 	 
	Section 4.01.	 	Conditions to Amended Facility Effective Date	52
	Section 4.02.	 	Conditions to all Credit Extensions	53

 

    	 	i	 

     

    

 

	Article V	 
	REPRESENTATIONS AND WARRANTIES	54
	 	 
	Section 5.01.	 	Existence, Qualification and Power; Compliance with Laws	54
	Section 5.02.	 	Authorization; No Contravention	54
	Section 5.03.	 	Governmental Authorization; Other Consents	54
	Section 5.04.	 	Binding Effect	54
	Section 5.05.	 	Financial Statements; No Material Adverse Effect	54
	Section 5.06.	 	Litigation	55
	Section 5.07.	 	No Default	55
	Section 5.08.	 	Ownership of Property; Liens	55
	Section 5.09.	 	Environmental Compliance	55
	Section 5.10.	 	[Reserved]	55
	Section 5.11.	 	Taxes	56
	Section 5.12.	 	ERISA Compliance	56
	Section 5.13.	 	Intellectual Property, Licenses, Etc.	56
	Section 5.14.	 	Subsidiaries	57
	Section 5.15.	 	Margin Regulations; Investment Company Act	57
	Section 5.16.	 	Disclosure	57
	Section 5.17.	 	Compliance with Laws	57
	Section 5.18.	 	Solvent	57
	Section 5.19.	 	Licenses	57
	Section 5.20.	 	Employee Matters	58
	Section 5.21.	 	Insurance Subsidiaries	58
	Section 5.22.	 	Taxpayer Identification Number	58
	Section 5.23.	 	Economic Sanctions, Anti-Money Laundering and Anti-Corruption	58
	 	 
	Article VI	 
	AFFIRMATIVE COVENANTS	59
	 	 
	Section 6.01.	 	Financial Statements	59
	Section 6.02.	 	Certificates; Other Information	60
	Section 6.03.	 	Notices	62
	Section 6.04.	 	Preservation of Existence, Etc.	63
	Section 6.05.	 	Maintenance of Properties	63
	Section 6.06.	 	Maintenance of Insurance	63
	Section 6.07.	 	Compliance with Laws	63
	Section 6.08.	 	Books and Records	63
	Section 6.09.	 	Inspection Rights	64
	Section 6.10.	 	Use of Proceeds	64
	Section 6.11.	 	Payment of Taxes	64
	Section 6.12.	 	Designation of Strategic Investment Subsidiaries	64
	 	 
	Article VII	 
	NEGATIVE COVENANTS	64
	 	 
	Section 7.01.	 	Liens	64
	Section 7.02.	 	Consolidations and Mergers; Sales of Assets	66
	Section 7.03.	 	Investments	67
	Section 7.04.	 	Limitation on Indebtedness	67
	Section 7.05.	 	Transactions with Affiliates	69

 

    	 	ii	 

     

    

 

	Section 7.06.	 	Restricted Payments	69
	Section 7.07.	 	Change in Business	70
	Section 7.08.	 	Accounting Changes	70
	Section 7.09.	 	Financial Covenants	70
	Section 7.10.	 	Restrictive Agreements, Etc.	71
	Section 7.11.	 	Certain Amendments	71
	 	 
	Article VIII	 
	EVENTS OF DEFAULT AND REMEDIES	71
	 	 
	Section 8.01.	 	Events of Default	71
	Section 8.02.	 	Remedies Upon Event of Default	74
	Section 8.03.	 	Application of Funds	74
	 	 
	Article IX	 
	ADMINISTRATIVE AGENT	75
	 	 
	Section 9.01.	 	Appointment and Authority	75
	Section 9.02.	 	Rights as a Lender	75
	Section 9.03.	 	Exculpatory Provisions	75
	Section 9.04.	 	Reliance by Administrative Agent	76
	Section 9.05.	 	Delegation of Duties	76
	Section 9.06.	 	Resignation of Administrative Agent	77
	Section 9.07.	 	Non-Reliance on Administrative Agent and Other Lenders	78
	Section 9.08.	 	No Other Duties, Etc	78
	Section 9.09.	 	Administrative Agent May File Proofs of Claim	78
	Section 9.10.	 	Certain ERISA Matters	79
	 	 
	Article X	 
	MISCELLANEOUS	80
	 	 
	Section 10.01.	 	Amendments, Etc	80
	Section 10.02.	 	 Notices; Effectiveness; Electronic Communication	82
	Section 10.03.	 	No Waiver; Cumulative Remedies; Enforcement	83
	Section 10.04.	 	Expenses; Indemnity; Damage Waiver	84
	Section 10.05.	 	Payments Set Aside	86
	Section 10.06.	 	Successors and Assigns	86
	Section 10.07.	 	Treatment of Certain Information; Confidentiality	90
	Section 10.08.	 	Right of Setoff	91
	Section 10.09.	 	 Interest Rate Limitation	91
	Section 10.10.	 	Counterparts; Integration; Effectiveness	92
	Section 10.11.	 	Survival of Representations and Warranties	92
	Section 10.12.	 	Severability	92
	Section 10.13.	 	 Replacement of Lenders	92
	Section 10.14.	 	Governing Law; Jurisdiction; Etc.	93
	Section 10.15.	 	Waiver of Jury Trial	94
	Section 10.16.	 	No Advisory or Fiduciary Responsibility	95
	Section 10.17.	 	Electronic Execution of Assignments and Certain Other Documents	95
	Section 10.18.	 	USA PATRIOT Act	95
	Section 10.19.	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	95
	Section 10.20.	 	 Electronic Signatures	96

 

    	 	iii	 

     

    

 

	Section 10.21.	 	ENTIRE AGREEMENT	96
	Section 10.22.	 	Amendment and Restatement	97
	 	 	 	 
	SIGNATURES	 	 	S-1

 

    	 	iv	 

     

    

 

 

	SCHEDULES	 
	 	 
	 	2.01	 Commitments and Applicable Percentages
	 	5.05 	Supplement to Interim Financial Statements
	 	5.06	Existing Litigation 
	 	5.12	ERISA Matters
	 	5.14	Subsidiaries
	 	7.01 	Existing Liens
	 	7.02 	Consolidations and Mergers; Sales of Assets
	 	7.04 	Existing Indebtedness
	 	7.05	Affiliate Transactions
	 	10.02	Administrative Agent’s Office; Certain Addresses for Notices

 

	EXHIBITS	 
	 
	 	 	Form of
	 
	 	A	Revolving Loan Notice
	 	B	Swing Line Loan Notice
	 	C	Revolving Loan Note
	 	D	Swing Line Note
	 	E	Compliance Certificate
	 	F-1	Assignment and Assumption
	 	F-2	Administrative Questionnaire
	 	G-1	Form of U.S. Tax Compliance Certificate
	 	G-2	Form of U.S. Tax Compliance Certificate
	 	G-3	Form of U.S. Tax Compliance Certificate
	 	G-4	Form of U.S. Tax Compliance Certificate

 

    	 	v	 

     

    

 

 

Fifth
AMENDED AND RESTATED CREDIT AGREEMENT

 

This FIFTH AMENDED
AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of October 29, 2020, among FIDELITY NATIONAL
FINANCIAL, INC., a Delaware corporation (the “Borrower”), each lender from time to time party hereto (collectively,
the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative
Agent and Swing Line Lender.

 

WHEREAS, the Borrower,
certain of the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated as of September 12,
2006, as amended and restated as of March 5, 2010, April 16, 2012, June 25, 2013 and as further amended and restated
as of April 27, 2017 (as heretofore amended, restated, amended and restated or as otherwise modified and in effect on the
date of this Agreement, the “Existing Credit Agreement”); and

 

WHEREAS, the Borrower
has requested that the Lenders and the Administrative Agent amend and restate, in its entirety, the Existing Credit Agreement upon
and subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree that the Existing
Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Article I

DEFINITIONS AND ACCOUNTING TERMS

 

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

 

“Acquisition”
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the
acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person or (b) the acquisition
of in excess of 50% of the Equity Interests of any Person, or otherwise causing any Person to become a Subsidiary. For the avoidance
of doubt, “Acquisition” shall not include any transaction or series of related transactions between or among solely
Persons that, before giving effect thereto, are the Borrower and/or one or more of its Subsidiaries.

 

“Act”
has the meaning specified in Section 10.18.

 

“Adjustment”
has the meaning specified in Section 3.03(c).

 

“Administrative
Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.

 

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

 

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

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

    	 	1	 

     

    

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another Person
if such other Person possesses, directly or indirectly, power to vote 10% of the Voting Stock of such Person.

 

“Agent Parties”
has the meaning specified in Section 10.02(c).

 

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

 

“Agreement”
has the meaning specified in the introductory paragraph hereto.

 

“Amended Facility
Effective Date” means the date on which all of the conditions specified in Section 4.01 shall first be satisfied
(or waived).

 

“Annual Statement”
means the annual financial statement of any insurance company as required to be filed with the Department, together with all exhibits
or schedules filed therewith, prepared in conformity with SAP. References to amounts on particular exhibits, schedules, lines,
pages and columns of such Annual Statements are based on the formats promulgated by the NAIC for 2019 Annual Statements for
the applicable type of insurance company. If such format is changed in future years so that different information is contained
in such items or they no longer exist, it is understood that the reference is to information consistent with that recorded in the
referenced item in the 2019 Annual Statement of the insurance company.

 

“Applicable
Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of
the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment from time to time in
accordance with this Agreement. If the commitment of each Lender to make Loans has been terminated pursuant to Section 8.02
or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable
Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage
of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant
to which such Lender becomes a party hereto, as applicable.

 

“Applicable
Rate” means, from time to time, the following percentages per annum, based upon the Debt Rating as set forth below:

 

	Pricing 

Level	Debt Ratings

S&P/Moody’s	

Facility Fee	

Eurodollar Rate +	

Base Rate +
	1	A-/A3 or higher	0.150	1.100	0.100
	2	BBB+/Baa1	0.175	1.200	0.200
	3	BBB/Baa2	0.225	1.400	0.400
	4	BBB-/Baa3	0.300	1.450	0.450
	5	BB+/Ba1 or lower	0.400	1.600	0.600

 

    	 	2	 

     

    

 

Initially
the Applicable Rate shall be determined based upon Pricing Level 3. Thereafter, each change in the Applicable Rate resulting
from a publicly announced change in the Debt Rating shall be effective during the period commencing on the date of the public announcement
thereof and ending on the date immediately preceding the date of the next such change.

 

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

 

“Arrangers”
means, collectively, BAS, JPMorgan Chase Bank, N.A., U.S. Bank N.A. and Wells Fargo Securities, LLC, each in its capacity as a
joint lead arranger and a joint bookrunner.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit F-1 or any other form (including electronic documentation generated by MarkitClear or other electronic
platform) approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date, in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining
lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance
with GAAP if such lease were accounted for as a Capital Lease.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended
December 31, 2019, and the related consolidated statements of income or operations, shareholders’ equity and
cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.

 

“Availability
Period” means the period from and including the Amended Facility Effective Date to the earliest of (a) the Maturity
Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.05 and (c) the date
of termination of the commitment of each Lender to make Loans pursuant to Section 8.02.

 

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

 

“Bail-In Legislation”
means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings).

    	 	3	 

     

    

 

“Bank of America”
means Bank of America, N.A. and its successors.

 

“BAS”
means BofA Securities, Inc. and its successors.

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the
rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,”
and (c) the Eurodollar Rate plus 1.00%; and if Base Rate shall be less than zero, such rate shall be deemed zero for purposes
of this Agreement. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s
costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans,
which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take
effect at the opening of business on the day specified in the public announcement of such change.

 

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

 

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

 

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

 

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

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

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

 

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

 

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

 

“Capital Expenditures”
means, for any period, the aggregate of all expenditures by the Borrower and its Subsidiaries during such period that, in conformity
with GAAP, are or are required to be included as additions during such period to property, plant or equipment, and including capitalized
software expenditures, reflected in the consolidated statement of cash flows of the Borrower and its Subsidiaries.

 

“Capital Lease”,
as applied to any Person, means any lease of any property (whether real, personal or mixed) by that Person as lessee that has or
would have been (i) prior to January 1, 2019, recorded as a capital lease on the balance sheet of the lessee in accordance
with GAAP or (ii) on or after January 1, 2019, recorded as a financing lease on the balance sheet of the lessee in accordance
with GAAP; provided that, with respect to this clause (ii), such financing lease shall only be a “Capital Lease” to
the extent such financing lease would have been recorded prior to January 1, 2019 as a capitalized lease on the balance sheet
of the lessee in accordance with GAAP as in effect on December 31, 2015.

 

    	 	4	 

     

    

 

“Capitalized
Lease Liabilities” means all monetary obligations of the Borrower or any of its Subsidiaries under any leasing or similar
arrangement constituting a Capital Lease and, for purposes of each Loan Document, the amount of such obligations shall be the capitalized
amount thereof to the extent recorded as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared
in accordance with GAAP.

 

“Capital Stock”
means, as to any Person, the equity interests in such Person, including, without limitation, the shares of each class of capital
stock in any Person that is a corporation, each class of partnership interest in any Person that is a partnership, and each class
of membership interest in any Person that is a limited liability company, and any warrants or options to purchase or otherwise
acquire any such equity interests.

 

“Cash Equivalents”
means:

 

(a)            securities
issued or unconditionally guaranteed by the United States government or any agency or instrumentality thereof, in each case having
maturities of not more than 12 months from the date of acquisition thereof;

 

(b)            securities
issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof having
maturities or interest reset period of not more than 12 months from the date of acquisition thereof and, at the time of acquisition,
having a rating of at least A-2 or P-2 (or long-term ratings of at least A3 or A-) from either Rating Agency, or, with respect
to municipal bonds, a rating of at least MIG 2 or VMIG 2 from Moody’s;

 

(c)            commercial
paper issued by any Lender or any bank holding company owning any Lender;

 

(d)            commercial
paper maturing not more than 12 months after the date of creation thereof and, at the time of acquisition, having a rating of at
least A-1 or P-1 from either Rating Agency and commercial paper maturing not more than 90 days after the date of creation thereof
and, at the time of acquisition, having a rating of at least A-2 or P-2 from either Rating Agency;

 

(e)            domestic
and Eurodollar certificates of deposit or bankers’ acceptances maturing no more than one year after the date of acquisition
thereof which are either issued by any Lender or any other banks having combined capital and surplus of not less than $100,000,000
(or in the case of foreign banks, the dollar equivalent thereof) or are insured by the FDIC for the full amount thereof;

 

(f)            repurchase
agreements with a term of not more than 30 days for, and secured by, underlying securities of the type without regard to maturity
described in clauses (a), (b) or (e) above entered into with any bank meeting the qualifications specified in clause (e) above
or securities dealers of recognized national standing; and

 

    	 	5	 

     

    

 

(g)            shares
of investment companies that are registered under the Investment Company Act of 1940 and invest solely in one or more of the types
without regard to maturity of securities described in clauses (a) through (f) above.

 

“Change in
Law” means, with respect to any Lender, the occurrence, after the later of the date of this Agreement and the date such
Lender became a Lender, of any of the following: (a) the adoption or taking effect of any Law, (b) any change in any
Law or in the administration, interpretation, implementation 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, guidelines or directives thereunder or issued in connection therewith and (y) 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,
shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Change of
Control” means, and shall be deemed to have occurred if: (a) at any time Continuing Directors shall not constitute
a majority of the Board of Directors of the Borrower; or (b) any Person or “group” (within the meaning
of Section 13(d) or 14(d) of the Securities Exchange Act of 1934), other than Mr. William P. Foley II
or Persons Controlled by him, shall at any time have acquired direct or indirect beneficial ownership of a percentage equal to
or more than 50% of the outstanding Voting Stock of the Borrower.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Commitment”
means, as to each Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01,
and (b) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed
the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant
to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with
this Agreement.

 

“Communication”
has the meaning specified in Section 10.20.

 

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

 

“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.

 

“Contingent
Obligation” means (without duplication), as to any Person, any direct or indirect liability of that Person, with or without
recourse, guaranteeing or intended to guarantee any Indebtedness, lease, dividend or other monetary obligation (the “primary
obligations”) of another Person (the “primary obligor”) in any manner, including any obligation of
that Person (a) to purchase, repurchase or otherwise acquire such primary obligations or any security therefor, (b) to
advance or provide funds for the payment or discharge of any such primary obligation or to maintain working capital or equity capital
of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial
condition of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (d) otherwise
to assure or hold harmless the holder of any such primary obligation against loss in respect thereof, including indebtedness under
any letter of credit issued to provide credit support on behalf of the primary obligor to the holder of the primary obligations.
The amount of any Contingent Obligation shall be deemed equal to the lesser of (x) the stated or determinable amount of the
primary obligation in respect of which such Contingent Obligation is made or (y) the amount of the guaranty if limited in
amount or, if not stated or if indeterminable or unlimited in amount, the maximum reasonably anticipated liability in respect thereof
(assuming such Person is required to perform thereunder), as determined by such Person in good faith. If the Contingent Obligation
is limited to recourse against particular assets, the amount of the Contingent Obligation shall be deemed to be the lesser of the
above and the fair market value of the applicable assets. Notwithstanding the foregoing, the term “Contingent Obligation”
shall not include (a) endorsements of instruments for deposit or collection in the ordinary course of business, and (b) obligations
of any Insurance Subsidiary under Insurance Contracts, Reinsurance Agreements and Retrocession Agreements (but not including any
of the foregoing that constitutes financial reinsurance).

 

    	 	6	 

     

    

 

“Continuing
Director” means, at any date, an individual (a) who is a member of the Board of Directors of the Borrower on the
Amended Facility Effective Date, (b) who, as at such date, has been a member of such Board of Directors for at least the 12
preceding months (or, for the period comprising the first 12 months after the Amended Facility Effective Date, has been a member
of the Board of Directors at least since the Amended Facility Effective Date), or (c) who has been nominated or approved to
be a member of such Board of Directors by a majority of the other Continuing Directors then in office.

 

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

 

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

 

“Convertible
Indebtedness” means unsecured convertible Indebtedness of the Borrower, including such Indebtedness that is convertible
(whether after the satisfaction of any one or more conditions or otherwise) into any combination of shares of Capital Stock and/or
cash.

 

“Credit Extension”
means each of the following: (a) a Revolving Borrowing and (b) a Swing Line Borrowing.

 

“Debt Rating”
means, as of any date of determination, the rating as determined by either S&P or Moody’s (collectively, the “Debt
Ratings”) of the Borrower’s non-credit-enhanced, senior unsecured long-term debt (or, in the absence of such a
debt rating, a comparable corporate credit or issuer rating of the Borrower as reasonably determined by the Administrative Agent);
provided that (a) if the respective Debt Ratings issued by the foregoing rating agencies differ by one level, then
the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1 being the highest and the Debt Rating
for Pricing Level 5 being the lowest); (b) if there is a split in Debt Ratings of more than one level, then the Pricing
Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply; and (c) if the Borrower has no
Debt Rating from S&P and no Debt Rating from Moody’s, the Applicable Rate shall be deemed to be Pricing Level 5.

 

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

 

    	 	7	 

     

    

 

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

 

“Default Rate”
means an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate
Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default
Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus
2% per annum, in each case to the fullest extent permitted by applicable Laws.

 

“Defaulting
Lender” means, subject to Section 2.14(b), any Lender that (a) has failed to (i) fund all or any
portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith 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, the Swing Line
Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Swing
Line Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or the
Swing Line Lender 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 Loan hereunder and
states that such position is based on such Lender’s good faith 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 generally under other agreements pursuant to which it commits to extend credit, (c) has failed, within
three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative
Agent and the 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 Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the
subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business
or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such
a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.14(b)) as of the date established
therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative
Agent to the Borrower, the Swing Line Lender and each other Lender promptly following such determination.

 

“Department”
means the applicable Governmental Authority of the state or other jurisdiction of domicile of an insurance company responsible
for the regulation of said insurance company.

 

“Designated
Subsidiaries” means Fidelity Asset Management, Inc., a California corporation, Fortuna Service Company, LLC, a California
limited liability company, and their respective Subsidiaries.

 

    	 	8	 

     

    

 

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

 

“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.

 

“Electronic
Copy” has the meaning specified in Section 10.20.

 

“Electronic
Record” has the meaning specified in Section 10.20.

 

“Electronic
Signature” has the meaning specified in Section 10.20.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and
(v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Eligible
Bonds” means (a) debt instruments issued by agencies or instrumentalities of the United States government other
than the Department of the Treasury and (b) corporate and municipal debt instruments and corporate preferred stock which are
(i) rated at least AAA by S&P and Aaa by Moody’s, (ii) regularly traded on a Public Market, and (iii) not
subject to any unduly burdensome federal or state securities laws or other laws which restrict or limit their sale or transfer
in any material respect.

 

“Eligible
Government Securities” means obligations which are (a) issued or guaranteed by the United States government (including
the Department of the Treasury), (b) regularly traded on a Public Market, and (c) not subject to any unduly burdensome
federal or state securities laws or other laws which restrict or limit their sale or transfer in any material respect.

 

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including those related to hazardous
substances or wastes, human health and safety but only as it relates to exposure to Hazardous Materials or wastes, air emissions
and discharges to waste or public systems.

 

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

 

    	 	9	 

     

    

 

“Equity Interests”
means, with respect to any Person, all of the shares of Capital Stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of Capital Stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of Capital
Stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

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

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412
of the Code).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate
from a Pension 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; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification
that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension
Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings
to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan
is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the
Code or Sections 303, 304 and 305 of ERISA; (h) the imposition of any liability under Title IV of ERISA, other than for PBGC
premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate; or (i) the imposition
of a lien pursuant to Section 430(k) of the Code or Section 303(k) or 4068 or ERISA with respect to a Pension
Plan.

 

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

 

“Eurodollar
Rate” means:

 

(a)            for
any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”)
or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;
and if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; and

 

    	 	10	 

     

    

 

(b)            for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m.,
London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

 

provided that to the
extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be
applied in a manner consistent with market practice; provided, further that to the extent such market practice 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 reasonably acceptable to the Borrower.

 

“Eurodollar
Rate Loan” means a Revolving Loan that bears interest at a rate based on clause (a) of the definition of
 “Eurodollar Rate.”

 

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

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any 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 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 Borrower under Sections 3.06 and 10.13) or (ii) such Lender changes its Lending
Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii) or (c), 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 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

“Existing
Credit Agreement” has the meaning given to such term in the introductory statements to this Agreement.

 

“Facility
Fee” has the meaning specified in Section 2.08(a).

 

“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof and any agreements entered into pursuant to Section 1471 (b) (1) of the Code, any intergovernmental agreements
implementing any of the foregoing, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any of
the foregoing.

 

“FCPA”
has the meaning specified in Section 5.23(b).

 

    	 	11	 

     

    

 

“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, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate
on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no
such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded
upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined
by the Administrative Agent.

 

“Fee Letters”
means each letter agreement, dated October 5, 2020, between the Borrower and (i) the Administrative Agent and BAS, (ii) JPMorgan
Chase Bank, N.A., (iii) U.S. Bank National Association and (iv) Wells Fargo Securities, LLC.

 

“Fidelity
Newport” means Fidelity Newport Holdings, LLC, a Delaware corporation, which owns 100% of the Equity Interests of American
Blue Ribbon Holdings, LLC, a Delaware limited liability company.

 

“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. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be
deemed to constitute a single jurisdiction.

 

“Foreign Subsidiary”
means each Subsidiary of the Borrower that is not a U.S. Person.

 

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

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, such Defaulting Lender’s Applicable Percentage of Swing
Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated
to other Lenders in accordance with the terms hereof.

 

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

 

“GAAP”
means, subject to Section 1.03, generally accepted accounting principles in the United States set forth in the opinions
and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment
of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

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

 

    	 	12	 

     

    

 

“Increase
Effective Date” has the meaning specified in Section 2.13(d).

 

“Increasing
Lender” has the meaning specified in Section 2.13(d).

 

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

 

(a)            all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments or incurred in connection with bankers’ acceptances, including obligations so evidenced incurred
in connection with the acquisition of property, assets or businesses;

 

(b)            all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bank guaranties,
surety bonds and similar instruments;

 

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

 

(d)            all
obligations of such Person to pay the deferred purchase price of property or services (other than (i) any earn out obligation
or purchase price adjustment until such obligation (A) becomes a liability on the statement of financial position or balance
sheet (excluding the footnotes thereto) in accordance with GAAP and (B) has not been paid within 30 days after becoming due
and payable, (ii) trade accounts payable and accrued expenses, including reinsurance payables, in the ordinary course of business
and (iii) accrued pension costs, employee benefits and post-retirement healthcare obligations);

 

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

 

(f)            the
principal amount of Capitalized Lease Liabilities and purchase money indebtedness;

 

(g)            Synthetic
Lease Obligations;

 

(h)            obligations
in respect of Redeemable Stock of such Person;

 

(i)             Receivables
Facility Attributed Indebtedness; and

 

(j)             all
Contingent Obligations of such Person in respect of any of the foregoing.

 

For all purposes hereof,
the Indebtedness of any Person shall include all recourse Indebtedness of any partnership, joint venture or limited liability company
in which such Person is a general partner, a joint venturer or a member and for which such Person has liability. The amount of
any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.
The amount of any Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect
thereof as of such date. The amount of any Indebtedness which is also a Contingent Obligation shall be determined as provided in
the definition of “Contingent Obligations”. If any Indebtedness is limited to recourse against particular assets,
the amount of the Indebtedness shall be deemed to be the lesser of the fair market value of the applicable assets and the corresponding
Indebtedness. “Indebtedness” shall not include (i) obligations of any Insurance Subsidiary under or pursuant
to Insurance Contracts, Reinsurance Agreement and Retrocession Agreements or (ii) earnout obligations in connection with any
Permitted Acquisition.

 

    	 	13	 

     

    

 

“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 the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitees”
has the meaning specified in Section 10.04(b).

 

“Information”
has the meaning specified in Section 10.07.

 

“Insurance
Code” means, with respect to any insurance company, the insurance code of its state of domicile and any successor statute
of similar import, together with the regulations thereunder, as amended or otherwise modified and in effect from time to time.
References to sections of the Insurance Code shall be construed to also refer to successor sections.

 

“Insurance
Contract” means any insurance contract or policy issued by an Insurance Subsidiary but shall not include any Reinsurance
Agreement or Retrocession Agreement.

 

“Insurance
Subsidiary” means each Subsidiary of the Borrower identified as an Insurance Subsidiary (including Subsidiaries of such
Subsidiary) on Schedule 5.14 and each other Subsidiary (including Subsidiaries of such Subsidiary) from time to time
in the insurance business as certified by the Borrower in writing to the Administrative Agent.

 

“Interest
Expense” means, for any period, the amount of interest expense of the Borrower (excluding any of its Subsidiaries) during
such period determined in accordance with GAAP.

 

“Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds
three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest
Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June,
September and December and the Maturity Date.

 

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

 

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

 

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

 

    	 	14	 

     

    

 

(iii)            no
Interest Period shall extend beyond the Maturity Date.

 

“Interim Statements”
means the quarterly financial statement of any insurance company as required to be filed with the Department, together with all
exhibits or schedules filed therewith, prepared in conformity with SAP. References to amounts on particular exhibits, schedules,
lines, pages and columns of such interim statements are based on the formats promulgated by the NAIC for 2019 interim statements
for the applicable type of insurance company. If such format is changed in future years so that different information is contained
in such terms or they no longer exist, it is understood that the reference is to information consistent with that recorded in the
referenced item in the 2019 interim statement of the insurance company.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests or other securities of another Person, (b) a loan, advance or capital contribution
to, guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant
to which the investor guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction
or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance,
the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in
the value of such Investment.

 

“IRS”
means the United States Internal Revenue Service.

 

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

 

“Legal Requirements”
means all applicable Laws made by any Governmental Authority (including any Department) having jurisdiction over the Borrower or
a Subsidiary of the Borrower.

 

“Lender”
has the meaning specified in the introductory paragraph hereto and, unless the context requires otherwise, includes the Swing Line
Lender.

 

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

 

“LIBOR”
has the meaning specified in the definition of Eurodollar Rate.

 

“LIBOR Screen
Rate” means the LIBOR quote on the applicable screen page that the Administrative Agent designates to determine
LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from
time to time).

 

“LIBOR Successor
Rate” has the meaning specified in Section 3.03(c).

 

    	 	15	 

     

    

 

 

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

 

“License”
means any license, certificate of authority, permit, franchise or other authorization which is required to be obtained from any
Governmental Authority in connection with the operation, ownership or transaction of insurance business.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment for security, deposit arrangement, encumbrance, lien (statutory or other),
charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of
any kind or nature whatsoever (including any conditional sale or other title retention agreement, and any financing lease having
substantially the same economic effect as any of the foregoing, but excluding any interests of a lessor under any operating leases),
in each case, in the nature of security; provided that in no event shall an operating lease in and of itself be deemed to
constitute a Lien.

 

“Loan”
means a Revolving Loan or a Swing Line Loan.

 

“Loan Documents”
means this Agreement, each Note, each Fee Letter and all other documents executed and delivered by the Borrower to the Administrative
Agent or any Lender in connection herewith and designated therein by the Borrower and the Administrative Agent as a “Loan
Document”.

 

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

 

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

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
assets, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as
a whole; (b) a material impairment of the ability of the Borrower to perform its obligations under any Loan Document to which
it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the
Borrower of any Loan Document to which it is a party.

 

“Material
Insurance Subsidiary” means a Material Subsidiary that is also an Insurance Subsidiary.

 

“Material
Subsidiary” means, at any time, (a) each Subsidiary of the Borrower identified as a Material Subsidiary on Schedule 5.14
and (b) each other Subsidiary having (on a consolidated basis with its Subsidiaries) at such time either (i) total (gross)
revenues for the Test Period in excess of 5% of the total (gross) revenues of the Borrower and its Subsidiaries for such Test Period
or (ii) total assets, as of the last day of the preceding fiscal quarter, having a net book value in excess of 5% of the total
assets of the Borrower and its Subsidiaries as of such day, in each case, based upon the Borrower’s most recent annual or
quarterly financial statements delivered to the Administrative Agent under Section 6.01.

 

    	 	16	 

     

    

 

“Maturity
Date” means October 29, 2025; provided, however, that if such date is not a Business Day, the Maturity
Date shall be the next preceding Business Day.

 

“Maximum Rate”
has the meaning specified in Section 10.09.

 

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

 

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

 

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

 

“NAIC”
means the National Association of Insurance Commissioners or any successor thereto, or in absence of the National Association of
Insurance Commissioners or such successor, any other association, agency or other organization performing advisory, coordination
or other like functions among insurance departments, insurance commissioners and similar Governmental Authorities of the various
states of the United States toward the promotion of uniformity in the practices of such Governmental Authorities.

 

“Net Disposition
Proceeds” means, as to any disposition by a Person, proceeds in cash as and when received by such Person, net of (a) the
direct costs and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and
related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage,
consultant and other customary fees) relating to such disposition excluding amounts payable to such Person or any Affiliate of
such Person, (b) the amount of all taxes paid or reasonably estimated to be payable by such Person in connection therewith,
but including the excess, if any, of the estimated taxes payable in connection with such disposition over the actual amount of
taxes paid, immediately after the payment of such taxes, (c) amounts required to be applied to repay principal, interest and
prepayment premiums and penalties on Indebtedness secured by a Lien on the asset which is the subject of such disposition, (d) in
the case of a disposition of a Person, payments required to be made to holders of minority interest in such Person as a result
of such disposition and (e)  the amount of any reasonable reserve established in accordance with GAAP (i) in respect
of adjustments in the sale price of the asset which is the subject of such disposition and (ii) against any liabilities (other
than any taxes deducted pursuant to clause (b) above) associated with the assets sold or disposed of and retained by
the Borrower or any of its Subsidiaries (provided that the amount of any subsequent reduction of such reserve (other than
in connection with a payment in respect of any such liability) shall be deemed to be Net Disposition Proceeds realized on the date
of such reduction).

 

“Net Income”
means, for any period, (a) for the Borrower’s Subsidiaries which are non-Insurance Subsidiaries, the net income of such
non-Insurance Subsidiaries from continuing operations before extraordinary items (excluding from the calculation of net income
gains and losses from dispositions of assets) for that period and (b) for purposes of Section 7.09(a), the net
income of the Borrower and its Subsidiaries from continuing operations before extraordinary items (excluding from the calculation
of net income (x) gains and losses from dispositions of assets and (y) any net income attributable to any noncontrolling
interest) for that period.

 

    	 	17	 

     

    

 

“Net Worth”
means, at any time, the sum of all amounts (without duplication) which, in accordance with GAAP, would be included in the Borrower’s
total equity (excluding, for purposes of Section 7.09(a) only, the Net Worth attributable to any noncontrolling interest)
as required to be reported in the Borrower’s then most recent consolidated balance sheet required to be delivered to the
Administrative Agent pursuant to this Agreement.

 

“Net Worth
Level” has the meaning specified in Section 7.09(a).

 

“Net Worth
Test Date” has the meaning specified in Section 7.09(a).

 

“Non-Consenting
Lender” means any Lender (i) that does not approve any consent, waiver or amendment that (A) requires the approval
of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (B) has been approved
by the Required Lenders or (ii) that prohibits an Acquisition by the Borrower or a Subsidiary by the exercise of clause (c) of
the definition of “Permitted Acquisition”, which Acquisition would otherwise be a Permitted Acquisition.

 

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

 

“Non-Recourse
Debt” means, with respect to the Borrower or any of its Subsidiaries, Indebtedness of the Borrower or any of its
Subsidiaries for which the owner of such Indebtedness has no recourse, directly or indirectly, to the Borrower or any of its Subsidiaries
for the principal, premium, if any, and interest on such Indebtedness, except (i) pursuant to mortgages, deeds of trust or
security interests in respect of specific land or equipment or other real or personal property interests of the Borrower or any
of its Subsidiaries, and the proceeds thereof and (ii) recourse of any Person for any such Indebtedness for fraud, misrepresentation,
misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity
covenants and other circumstances customarily excluded from exculpation provisions and/or included in separate guaranty or indemnification
agreements in non-recourse financings.

 

“Notes”
means, collectively, the Revolving Loan Notes and the Swing Line Note.

 

“Obligations”
means all advances to, and debts, liabilities and monetary obligations of, the Borrower to any Lender, the Administrative Agent,
any Indemnitee or any Affiliate of any Lender arising under any Loan Document, whether direct or indirect (including those acquired
by assumption), absolute or contingent, due or to become due, now existing or hereafter arising, including interest and fees that
accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

    	 	18	 

     

    

 

“Off-Balance
Sheet Liabilities” means, with respect to any Person as of any date of determination thereof, without duplication and
to the extent not included as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with
GAAP: (a) with respect to any asset securitization transaction (including any accounts receivable purchase facility) any payment,
recourse, repurchase, hold harmless, indemnity or similar obligation of such Person or any of its Subsidiaries in respect of assets
transferred or payments made in respect thereof, other than limited recourse provisions that are customary for transactions of
such type and that neither (i) have the effect of limiting the loss or credit risk of such purchasers or transferees with
respect to payment or performance by the obligors of the assets so transferred, based on creditworthiness issues, nor (ii) impair
the characterization of the transaction as a true sale under applicable Laws (including Debtor Relief Laws); (b) the monetary
obligations under any financing lease or so-called “synthetic”, tax retention or off-balance sheet lease transaction
which, upon the application of any Debtor Relief Law to such Person or any of its Subsidiaries, would be characterized as indebtedness;
(c) the monetary obligations under any sale and leaseback transaction which does not create a liability on the consolidated
balance sheet of such Person and its Subsidiaries; or (d) any other monetary obligation arising with respect to any other
transaction which (i) upon the application of any Debtor Relief Law to such Person or any of its Subsidiaries, would be characterized
as indebtedness and is not so characterized prior to such application or (ii) is the functional equivalent of or takes the
place of borrowing but which does not constitute a liability on the consolidated balance sheet of such Person and its Subsidiaries
(for purposes of this clause (d), any transaction structured to provide tax deductibility as interest expense of any dividend,
coupon or other periodic payment will be deemed to be the functional equivalent of a borrowing).

 

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

 

“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 Sections 3.06 and 10.13).

 

“Outstanding
Amount” or “Outstandings” means, on any date, the aggregate outstanding principal amount of Revolving
Loans and Swing Line Loans after giving effect to any borrowings and prepayments or repayments of Revolving Loans and Swing Line
Loans, as the case may be, occurring on such date.

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participant
Register” has the meaning specified in Section 10.06(d).

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

    	 	19	 

     

    

 

“Pension Act”
means the Pension Protection Act of 2006.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment
payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension
Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412,
430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

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

 

“Permitted
Accounts Securitization” means, with respect to the Borrower and its Subsidiaries, any pledge, sale, transfer, contribution,
conveyance or other disposition to a Securitization Vehicle of (a) accounts, chattel paper, instruments or general intangibles
(each as defined in the UCC) arising in connection with the sale of goods or the rendering of services by such Person, including,
without limitation, the related rights to any finance, interest, late payment charges or similar charges (such items, the “Receivables”),
(b) such Person’s interest in the inventory or goods the sale of which by such Person gave rise to such Receivable (but
only to the extent such inventory or goods consists of returned or repossessed inventory or goods, if any), (c) all other
guaranties, letters of credit, insurance and security interests or liens purporting to secure or support payment of such Receivable,
(d) all insurance contracts, service contracts, books and records associated with such Receivable, (e) any lockbox, post
office box or similar deposit account related solely to the accounts being transferred, (f) cash collections and cash proceeds
of such Receivable and (g) any proceeds of the foregoing (all such items referenced in clauses (a) through (g), the “Transferred
Assets”) which such sale, transfer, contribution, conveyance or other disposition is funded by the Securitization Vehicle
in whole or in part by borrowings or the issuance of instruments or securities that are paid principally from the cash derived
from such Transferred Assets; provided that the aggregate amount of gross proceeds available to the Borrower or any Subsidiary
in connection with all such transactions shall not at the time of incurrence thereof exceed the greater of (i) $100,000,000
and (ii) 3% of Net Worth as of the end of the immediately preceding fiscal quarter and provided further that such sale,
transfer, contribution, conveyance or other disposition and any Indebtedness arising from such sale, transfer, contribution, conveyance
or other disposition shall be without recourse to the Borrower or any of its Subsidiaries except with respect to (A) reductions
in the balance of such Receivable as a result of any defective or rejected goods or set off by the obligor of such Receivable transferred
by such Person, or (B) breaches of representations or warranties by such Person in any agreement, document or instrument executed
by such Person in connection with such pledge, sale, transfer, contribution, conveyance or disposition.

 

“Permitted
Acquisition” means, at any time of determination, any Acquisition by the Borrower or any of its Subsidiaries with respect
to which each of the following requirements are met:

 

(a)            such
Acquisition has been approved and recommended by the board of directors or general partner (or similar entity) of the Person to
be acquired or which owns the assets of the Person be acquired;

 

(b)            at
the time of such Acquisition, no Event of Default shall have occurred and be continuing or would result therefrom; and

 

    	 	20	 

     

    

 

(c)            the
business of the Person or assets to be acquired is in the real estate or title insurance business or is in an industry or business
to which making a loan would not violate one or more lending policies of any Lender, provided that any such Lender’s
policies are uniformly administered and applied to all corporate borrowers by such Lender.

 

“Permitted
Liens” has the meaning specified in Section 7.01.

 

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

 

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

 

“Platform”
has the meaning specified in Section 6.02.

 

“Public Debentures”
means (a)  those certain 5.50% Notes Due September 2022, of the Borrower in original aggregate principal amount of $400,000,000,
issued pursuant to that certain Indenture, dated as of December 8, 2005 (the “Base Indenture”), between the Borrower
and The Bank of New York Mellon Trust Company, N.A. (and related agreements and instruments), as amended by that certain First
Supplemental Indenture, dated as of January 6, 2006 (the “First Supplemental Indenture”), and that certain Second
Supplemental Indenture, dated as of May 5, 2010 (the “Second Supplemental Indenture”), (b) those certain
4.50% Notes Due August 2028, of the Borrower in original aggregate principal amount of $450,000,000, issued pursuant to the
Base Indenture, as amended by the First Supplemental Indenture, the Second Supplemental Indenture and that certain Fourth Supplemental
Indenture, dated as of April 13, 2018 (the “Fourth Supplemental Indenture”), (c)  those certain 3.40% Notes
due June 2030, of the Borrower in original aggregate principal amount of $650,000,000, issued pursuant to the Base Indenture,
as amended by the First Supplemental Indenture, the Second Supplemental Indenture and that certain Fifth Supplemental Indenture,
dated as of June 12, 2020 and (d) those certain 2.45% Notes due March 2031, of the Borrower in original aggregate
principal amount of $600,000,000, issued pursuant to the Base Indenture, as amended by the First Supplemental Indenture, the Second
Supplemental Indenture and that certain Sixth Supplemental Indenture, dated as of September 15, 2020. “Public Lender”
has the meaning specified in Section 6.02.

 

“Public Market”
shall mean a nationally recognized United States public exchange or other market reasonably acceptable to the Administrative Agent
on which securities, debt instruments and/or mutual funds are regularly traded.

 

“Rating Agency”
means S&P or Moody’s, collectively, the “Rating Agencies”.

 

“Receivables”
has the meaning specified in the definition of “Permitted Accounts Securitization”.

 

“Receivables
Facility Attributed Indebtedness” means the amount of recourse obligations outstanding under a receivables purchase facility
on any date of determination.

 

“Recipient”
means the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder.

 

    	 	21	 

     

    

 

“Redeemable
Stock” means any Equity Interests of the Borrower or any of its Subsidiaries which prior to October 29, 2025 is
or may be (a) mandatorily redeemable, (b) redeemable at the option of the holder thereof or (c) convertible into
Indebtedness.

 

“Register”
has the meaning specified in Section 10.06(c).

 

“Reinsurance
Agreement” means any agreement, contract, treaty or other arrangement whereby one or more insurers, as reinsurers, assume
liabilities of one or more insurance or reinsurance companies.

 

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

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a
benchmark rate to replace LIBOR in loan agreements similar to this Agreement.

 

“Removal Effective
Date” has the meaning specified in Section 9.06(b).

 

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

 

“Request for
Credit Extension” means (a) with respect to a Revolving Borrowing, conversion or continuation of Revolving Loans,
a Revolving Loan Notice, and (b) with respect to a Swing Line Loan, a Swing Line Loan Notice.

 

“Required
Lenders” means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures
of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any
time; provided that, the amount of any participation in any Swing Line Loan that such Defaulting Lender has failed to fund
that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the Swing Line
Lender in making such determination.

 

“Resignation
Effective Date” has the meaning specified in Section 9.06(a).

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible
Officer” means the chief executive officer, president, executive vice presidents, chief financial officer, treasurer,
controller, secretary or assistant secretary of the Borrower and, solely for purposes of notices given pursuant to Article II,
any other officer or employee of the Borrower so designated by any of the foregoing officers in a notice to the Administrative
Agent or any other officer or employee of the Borrower designated in or pursuant to an agreement between the Borrower and the Administrative
Agent. Any document delivered hereunder that is signed by a Responsible Officer of the Borrower shall be conclusively presumed
to have been authorized by all necessary corporate, partnership and/or other action on the part of the Borrower and such Responsible
Officer shall be conclusively presumed to have acted on behalf of the Borrower.

 

“Restricted
Payments” has the meaning specified in Section 7.06.

 

    	 	22	 

     

    

 

“Retrocession
Agreement” means any agreement, contract, treaty or other arrangement whereby one or more insurers or reinsurers, as
retrocessionaires, assume liabilities of reinsurers under a Reinsurance Agreement or other retrocessionaires under another Retrocession
Agreement.

 

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

 

“Revolving
Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding
Revolving Loans and such Lender’s participation in Swing Line Loans at such time.

 

“Revolving
Loan” has the meaning specified in Section 2.01.

 

“Revolving
Loan Note” means a promissory note made by the Borrower in favor of a Lender evidencing Revolving Loans made by such
Lender, substantially in the form of Exhibit C.

 

“Revolving
Loan Notice” means a notice of (a) a Revolving Borrowing, (b) a conversion of Revolving Loans from one Type
to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing,
shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent and
reasonably acceptable to the Borrower (including any form on an electronic platform or electronic transmission system as shall
be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

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

 

“Sanctions”
has the meaning specified in Section 5.23(a).

 

“SAP”
means, as to any insurance company, the statutory accounting practices prescribed or permitted by the applicable Department, or
in the event that such Department fails to prescribe or address such practices, NAIC guidelines.

 

“Scheduled
Unavailability Date” has the meaning specified in Section 3.03(c).

 

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

 

“Securitization
Vehicle” means one or more special purpose vehicles that are, directly or indirectly, wholly-owned Subsidiaries of the
Borrower and are Persons organized for the limited purpose of entering into a Permitted Accounts Securitization and whose structure
is designed to insulate such vehicle from the credit risk of the Borrower and its other Subsidiaries.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or
any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body.

 

“SOFR-Based
Rate” means SOFR or Term SOFR.

 

    	 	23	 

     

    

 

“Solvent”
means, as to any Person at any time, that (a) the sum of the debt (including contingent liabilities) of such Person does not
exceed the fair value of the assets (on a going concern basis) of such Person, (b) the capital of such Person is not unreasonably
small in relation to the business of such Person; and (c) such Person does not intend to incur, or believe that they will
incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such debt as they mature in
the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time will be computed as
the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability.

 

“Strategic
Investment Subsidiaries” means (x) any Person in which the Borrower or any Subsidiary (a) owns a minority Investment
on the Amended Facility Effective Date or (b) acquires a minority Investment after the Amended Facility Effective Date, in
each case at such time as such Person becomes a Subsidiary and, subject to Section 6.12, solely for so long as such
Person continues to be a Subsidiary and (y) FGL Holdings and its Subsidiaries. Notwithstanding any provision of this Agreement
or any other Loan Document to the contrary, (i) the only representations and warranties made herein with respect to the Subsidiaries
of the Borrower that shall apply to the Strategic Investment Subsidiaries and their respective Subsidiaries are the representations
and warranties made in Section 5.05 and Section 5.14, (ii) the only covenants made herein with respect
to the Subsidiaries of the Borrower in Articles VI and Articles VII that shall apply to the Strategic Investment
Subsidiaries and their respective Subsidiaries are the covenants made in Section 6.01, Section 6.12, Section 7.01,
Section 7.02, Section 7.04, Section 7.05 and Section 7.09 and (iii) each reference
to “Subsidiary” in the Events of Default specified in Article VIII (other than (x) in Section 8.01(f),
(y) in Sections 8.01(b) and 8.01(c) as each relates to the performance by a Strategic Investment Subsidiary
of the covenants in Sections 6.01, 6.12, 7.01, 7.02, 7.04, 7.05 and 7.09 and (z) in
Section 8.01(d) as it relates to the representations and warranties made in Section 5.05 and Section 5.14)
shall not refer to any Strategic Investment Subsidiary or any of its Subsidiaries.

 

“Subject Transaction”
means, (a) any Permitted Acquisition or any other Acquisition, in each case that is permitted by this Agreement, (b) any
disposition of all or substantially all of the assets or Capital Stock of any Subsidiary (or any business unit, line of business
or division of the Borrower or any Subsidiary) not prohibited by this Agreement, (c) any incurrence of Indebtedness (other
than revolving Indebtedness), (d) any repayment of Indebtedness, (e) any issuance of Capital Stock and/or (f) any
other event that by the terms of the Loan Documents requires pro forma compliance with a test or covenant hereunder or requires
such test or covenant to be calculated on a pro forma basis.

 

“Subsidiary”
of a Person means any Person of which more than 50% of the Voting Stock, or other Equity Interests (in the case of Persons other
than corporations), is owned or controlled directly or indirectly by the Person, or one or more of the Subsidiaries of the Person,
or a combination thereof. Unless the context otherwise clearly requires, references herein to a “Subsidiary”
refer to a Subsidiary of the Borrower.

 

“Sufficient
Liquidity” means cash and Cash Equivalents (including, without limitation, availability under this Agreement), Eligible
Bonds and Eligible Government Securities in an aggregate amount equal to or greater than the principal amount of any Convertible
Indebtedness that is surrendered for conversion or required to be prepaid, to the extent cash is payable in respect of the applicable
conversion or prepayment.

 

    	 	24	 

     

    

 

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

 

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

 

“Swing Line”
means the revolving credit facility that may be made available by the Swing Line Lender pursuant to Section 2.03.

 

“Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.03.

 

“Swing Line
Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line
Loan” has the meaning specified in Section 2.03(a).

 

“Swing Line
Note” means a promissory note made by the Borrower in favor of the Swing Line Lender evidencing Swing Line Loans made
by the Swing Line Lender, substantially in the form of Exhibit D.

 

“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.03(b), which, if in writing,
shall be substantially in the form of Exhibit B or such other form as approved by the Administrative Agent and reasonably
acceptable to the Borrower (including any form on an electronic platform or electronic transmission system as shall be approve
by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or
tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on
the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness
of such Person (without regard to accounting treatment).

 

“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.

 

    	 	25	 

     

    

 

“Term SOFR”
means the forward-looking term rate for any period that is approximately (as reasonably determined by the Administrative Agent)
as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based on
SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service
as selected by the Administrative Agent from time to time in its reasonable discretion.

 

“Termination
Date” has the meaning specified in the lead-in to Article VI.

 

“Test Period”
means, for any determination under this Agreement, (a) for any Person which becomes a Subsidiary pursuant to an Acquisition,
(i) during the fiscal year of the Borrower during which such Acquisition is consummated, the period beginning on the first
day of such fiscal year and ending on the last day of the fiscal quarter of the Borrower then last ended and (ii) at all times
after the end of the fiscal year of the Borrower during which such Acquisition is consummated, the four consecutive fiscal quarters
of the Borrower then last ended and (b) for the Borrower and any other Subsidiary, the four consecutive fiscal quarters of
the Borrower then last ended.

 

“Total Capitalization”
means, at any time, the sum of Net Worth and Total Debt.

 

“Total Credit
Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Credit Exposure of such Lender at
such time.

 

“Total Debt”
means, at any time, (a) with respect to the Borrower and its Subsidiaries (including, for the avoidance of doubt, any Strategic
Investment Subsidiary and its Subsidiaries at the time of determination) Indebtedness, as reported on the consolidated balance
sheet (excluding the footnotes thereto) of the Borrower prepared in accordance with GAAP (and excluding, for the avoidance of doubt,
intercompany Indebtedness among the Borrower and its Subsidiaries), minus (b) Non-Recourse Debt of the Designated Subsidiaries.

 

“Total Debt
to Total Capitalization Ratio” means, at any time, the ratio of Total Debt to Total Capitalization at such time.

 

“Total Outstandings”
means the aggregate Outstanding Amount of all Loans.

 

“Transferred
Assets” has the meaning specified in the definition of “Permitted Accounts Securitization”.

 

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

 

“UCC”
means the Uniform Commercial Code of New York.

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution
Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

 

    	 	26	 

     

    

 

“Unfunded
Pension Liability” means the excess of a Pension Plan's benefit liabilities under Section 4001(a)(16) of ERISA,
over the current value of that Pension Plan's assets as of the most recent valuation date with respect to which a valuation is
available at the time of determination, determined in accordance with the assumptions used for funding the Pension Plan pursuant
to Section 412 of the Code for the applicable plan year.

 

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

 

“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 specified in Section 3.01(e)(ii)(B)(III).

 

“Voting Stock”
means, with respect to any Person, shares of such Person’s Equity Interests having the right to vote for the election of
directors or other governing body of such Person under ordinary circumstances.

 

“Wholly-Owned
Subsidiary” means any Person in which (other than directors’ qualifying Equity Interests required by Law) 100%
of the Voting Stock and 100% of the Equity Interests of every other class, in each case, at the time as of which any determination
is being made, is owned, beneficially and of record, by the Borrower, or by one or more of the other Wholly-Owned Subsidiaries,
or both.

 

“Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any
powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or a part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

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

 

(a)            The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document),
(ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the
words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import
when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision
thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer
to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference
to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and
any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

 

    	 	27	 

     

    

 

(b)            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.”

 

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

 

(d)            For
purposes of Section 8.01, a breach of a financial covenant contained in Section 7.09 shall be deemed to
have occurred as of any date of determination thereof by the Administrative Agent or as of the last day of any specified measuring
period, regardless of when the financial statements reflecting such breach are delivered to the Administrative Agent and the Lenders.

 

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

 

Section 1.03.     Accounting
Terms.

 

(a)            Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP or SAP, as applicable, applied on a consistent basis, as in effect from time to time, applied in a manner
consistent with that used in preparing the Audited Financial Statements and the December 31, 2019 Annual Statements, as the
case may be, except for changes authorized or required by GAAP (but subject to clause (b) of this Section 1.03),
and except as otherwise specifically prescribed herein.

 

(b)            Changes
in GAAP. If at any time any change in GAAP or SAP or any change in accounting treatment or practices required or authorized
by any Governmental Authority, as applicable, would affect the computation of any financial ratio or requirement set forth in any
Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the
Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such
change in GAAP or SAP or required by any Governmental Authority, as applicable (subject to the approval of the Required Lenders);
provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP
or SAP, as applicable, without giving effect to such change therein and (ii) the Borrower shall provide to the Administrative
Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder
setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change
in GAAP or SAP or required by any Governmental Authority, as applicable. .

 

    	 	28	 

     

    

 

(c)            Notwithstanding
anything to the contrary contained in this Agreement (including paragraph (a) or (b) above or in the definition of “Capital
Leases”), in the event of an accounting change requiring any leases that would not previously have been capitalized in conformity
with GAAP on December 31, 2015 to be capitalized, only those leases (assuming for purposes hereof that such leases were in
existence on December 31, 2015) that would constitute Capital Leases in conformity with GAAP on December 31, 2015 shall
be considered Capital Leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made
or delivered, as applicable, in accordance therewith. (in each case, other than with respect to the financial statements required
to be delivered hereunder).

 

Section 1.04.     Rounding.
Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number) and shall exclude
the financial results of any Person which, solely due to ASC 810 requires the Borrower to consolidate in its financial statements,
but only to the extent that the owners of such Person’s Indebtedness have no recourse, directly or indirectly, to the Borrower
or any of its Subsidiaries for the principal, premium, if any, and interest on such Indebtedness.

 

Section 1.05.     Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Central time (daylight or
standard, as applicable).

 

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

 

Section 1.07.     Certain
Calculations and Tests. Notwithstanding anything to the contrary herein, if since the end of the most recent fiscal quarter
of the Borrower and on or prior to the date of any required calculation of any financial ratio or test (x) any Subject Transaction
has occurred or (y) any Person that subsequently became a Subsidiary or was merged, amalgamated or consolidated with or into
the Borrower or any of its Subsidiaries or any joint venture since the end of such fiscal quarter has consummated any Subject Transaction,
then, in each case, any applicable financial ratio or test shall be calculated on a pro forma basis for such fiscal quarter as
if such Subject Transaction had occurred at the beginning of the applicable fiscal quarter; it being understood, that solely for
purposes of calculating compliance with Section 7.09, the date of the required calculation shall be the last day of
the applicable fiscal quarter, and no Subject Transaction occurring thereafter shall be taken into account.

 

Section 1.08.     Interest
Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have
any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar
Rate” or with respect to any rate that is an alternative or replacement for or successor to any of such rate (including,
without limitation, any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming
Changes.

 

    	 	29	 

     

    

 

Article II

THE COMMITMENTS AND CREDIT EXTENSIONS

 

Section 2.01.     Revolving
Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a
 “Revolving Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in
an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that
after giving effect to any Revolving Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and
(ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment. Within the limits of each
Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01,
prepay under Section 2.04, and reborrow under this Section 2.01. Revolving Loans may be Base Rate Loans or Eurodollar
Rate Loans, as further provided herein.

 

Section 2.02.     Borrowings,
Conversions and Continuations of Revolving Loans.

 

(a)            Each
Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with
their respective Applicable Percentages. The failure of any Lender to make any Loan required to be made by it shall not relieve
any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall
be responsible for any other Lender’s failure to make Loans as required. Each Revolving Borrowing, each conversion of Revolving
Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable
notice to the Administrative Agent, which may be given by telephone. Each Revolving Loan Notice must be received by the Administrative
Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any such Borrowing of, conversion
to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on
the requested date of any such Borrowing of Base Rate Loans. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must
be confirmed promptly by delivery to the Administrative Agent of a written Revolving Loan Notice, appropriately completed and signed
by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in
a principal amount of $3,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c),
each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000
in excess thereof. Each Revolving Loan Notice shall specify (i) whether the Borrower is requesting a Revolving Borrowing,
a conversion of Revolving Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested
date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal
amount of Revolving Loans to be borrowed, converted or continued, (iv) the Type of Revolving Loans to be borrowed or to which
existing Revolving Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto.
If the Borrower fails to specify a Type of Revolving Loan in a Revolving Loan Notice or if the Borrower fails to give a timely
notice requesting a conversion or continuation, then the applicable Revolving Loans shall be made as, or converted to, Base Rate
Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect
with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of
Eurodollar Rate Loans in any such Revolving Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified
an Interest Period of one month.

 

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(b)            Following
receipt of a Revolving Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable
Percentage of the applicable Revolving Loans, and if no timely notice of a conversion or continuation is provided by the Borrower,
the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in the
preceding subsection. In the case of a Revolving Borrowing, each Lender shall make the amount of its Revolving Loan available to
the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on
the Business Day specified in the applicable Revolving Loan Notice. Upon satisfaction of the applicable conditions set forth in
Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative
Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by
(i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire
transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative
Agent by the Borrower; provided, however, that if, on the date the Revolving Loan Notice with respect to such Borrowing
is given by the Borrower, there are Swing Line Loans outstanding, then the proceeds of such Borrowing, first, shall be applied
to the payment in full of any such Swing Line Loans, and second, shall be made available to the Borrower as provided above.

 

(c)            Except
as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for
such Eurodollar Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued
as Eurodollar Rate Loans without the consent of the Required Lenders.

 

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

 

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

 

Section 2.03.     Swing
Line Loans.

 

(a)            The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements
of the other Lenders set forth in this Section 2.03, but in its sole discretion and without any obligation, to make
loans (each such loan, a “Swing Line Loan”) to the Borrower from time to time on any Business Day during the
Availability Period, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the
Outstanding Amount of Revolving Loans of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment;
provided, however, that (x) after giving effect to any Swing Line Loan, (i) the Total Outstandings shall
not exceed the Aggregate Commitments, and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s
Commitment, and (y) the Borrower shall not use the proceeds of any Swing Line Loan to refinance
any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower
may borrow under this Section 2.03, prepay under Section 2.04, and reborrow under this Section 2.03.
Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to,
and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line
Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line
Loan.

 

    	 	31	 

     

    

 

(b)            Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and
the Administrative Agent, which may be given by telephone. Each Swing Line Loan Notice must be received by the Swing Line Lender
and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount
to be borrowed, which shall be a minimum of $1,000,000 or a whole multiple of $100,000 in excess thereof, and (ii) the requested
borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing
Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrower. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line
Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing)
of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative
Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing
the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first
sentence of Section 2.03(a), or (B) that one or more of the applicable conditions specified in Section 4.02
(and, if such Borrowing is the initial Credit Extension, Section 4.01) is not then satisfied, then, subject to the
terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such
Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower at its office by crediting the account
of the Borrower on the books of the Swing Line Lender in immediately available funds.

 

(c)            Refinancing
of Swing Line Loans.

 

(i)            The
Swing Line Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes
the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Loan in an amount equal to such Lender’s
Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written
request shall be deemed to be a Revolving Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02,
without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized
portion of the Aggregate Commitments and the conditions set forth in Section 4.02. The Swing Line Lender shall furnish
the Borrower with a copy of the applicable Revolving Loan Notice promptly after delivering such notice to the Administrative Agent.
Each Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Revolving Loan Notice available
to the Administrative Agent in immediately available funds for the account of the Swing Line Lender at the Administrative Agent’s
Office not later than 1:00 p.m. on the day specified in such Revolving Loan Notice, whereupon, subject to Section 2.03(c)(ii),
each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative
Agent shall remit the funds so received to the Swing Line Lender.

 

(ii)            If
any Swing Line Loan cannot be refinanced by such a Revolving Borrowing in accordance with Section 2.03(c)(i) because
the conditions to borrowing in Section 4.02 have not been satisfied, the request for Base Rate Loans submitted by the
Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Lenders fund its
risk participation in the relevant Swing Line Loan and each Lender’s payment to the Administrative Agent for the account
of the Swing Line Lender pursuant to Section 2.03(c)(i) shall be deemed payment in respect of such participation.

 

    	 	32	 

     

    

 

(iii)            If
any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to
be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(i),
the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such
amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by
the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing
or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant
Revolving Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line
Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall
be conclusive absent manifest error.

 

(iv)            Each
Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this
Section 2.03(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower
or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation
to make Revolving Loans pursuant to this Section 2.03(c) is subject to the applicable conditions set forth in
Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower
to repay Swing Line Loans, together with interest as provided herein.

 

(d)            Repayment
of Participations.

 

(i)            At
any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives
any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage
thereof in the same funds as those received by the Swing Line Lender.

 

(ii)            If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing
Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

(e)            Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the
Swing Line Loans. Until each Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.03 to
refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall
be solely for the account of the Swing Line Lender.

 

    	 	33	 

     

    

 

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

 

Section 2.04.     Prepayments.

 

(a)            The
Borrower may, upon notice to the Administrative Agent (which notice may, at the Borrower’s election, be conditioned upon
the effectiveness of other transactions, provided the Borrower shall compensate each Lender for any additional amounts required
pursuant to Section 3.05 suffered as a result of the revocation of any conditional notice), at any time or from time
to time voluntarily prepay Revolving Loans in whole or in part without premium or penalty; provided that (i) such notice
must be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment
of Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate
Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment
of Base Rate Loans shall be in a principal amount of $3,000,000 or a whole multiple of $1,000,000 in excess thereof or, in each
case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such
prepayment and the Type(s) of Revolving Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest
Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and
of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower
shall, subject to the satisfaction of any conditions specified therein, make such prepayment and the payment amount specified in
such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied
by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.
Subject to Section 2.14, each such prepayment shall be applied to the Revolving Loans of the Lenders in accordance
with their respective Applicable Percentages.

 

(b)            The
Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time,
voluntarily prepay (which may be with the proceeds of a Revolving Loan) Swing Line Loans in whole or in part without premium or
penalty; provided that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later
than 1:00 p.m. on the date of the prepayment, and (ii) any such partial prepayment shall be in a minimum principal amount
of $100,000. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the
Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein.

 

(c)            If
for any reason the Total Outstandings at any time exceed the Aggregate Commitments then in effect, the Borrower shall immediately
prepay Loans in an aggregate amount equal to such excess.

 

Section 2.05.     Termination
or Reduction of Commitments.

 

(a)            Optional.
The Borrower may, upon notice to the Administrative Agent (which notice may, at the Borrower’s election, be conditioned upon
the effectiveness of other transactions, provided the Borrower shall compensate each Lender for any additional amounts required
pursuant to Section 3.05 suffered as a result of the revocation of any conditional notice), terminate the Aggregate
Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice (which may
be in electronic form) shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to
the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any
whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce the Aggregate Commitments
if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate
Commitments. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate
Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender, ratably, according to
its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid
on the effective date of such termination.

 

    	 	34	 

     

    

 

(b)            Mandatory.
The Commitment of each Lender shall automatically terminate on the Maturity Date.

 

Section 2.06.     Repayment
of Loans.

 

(a)            The
Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Revolving Loans outstanding on such
date.

 

(b)            The
Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date ten Business Days after such Loan is made
and (ii) the Maturity Date.

 

Section 2.07.     Interest.

 

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

 

(b)     (i)     If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)            If
any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by applicable Laws.

 

(iii)            Upon
the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i) and
(b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at
a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iv)            Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

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

 

    	 	35	 

     

    

 

Section 2.08.              Fees.

 

(a)            Facility
Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage,
a facility fee (“Facility Fee”) equal to the Applicable Rate times the actual daily amount of the Aggregate
Commitments (or, if the Aggregate Commitments have terminated, on the Outstanding Amount of all Revolving Loans and Swing Line
Loans), regardless of usage, subject to adjustment as provided in Section 2.14. The Facility Fee shall accrue at all
times during the Availability Period (and thereafter so long as any Revolving Loans or Swing Line Loans remain outstanding), including
at any time during which one or more of the conditions in Section 4.02 is not met, and shall be due and payable quarterly
in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur
after the Amended Facility Effective Date, and on the last day of the Availability Period (and, if applicable, thereafter on demand).
The Facility Fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter,
the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter
that such Applicable Rate was in effect.

 

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

 

Section 2.09.              Computation
of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to
the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All
other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each
Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan
or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a),
bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive
and binding for all purposes, absent manifest error.

 

Section 2.10.              Evidence
of Debt.

 

(a)            The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of business. The Administrative Agent shall maintain the Register in accordance with
Section 10.06(c). The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive
absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments
thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the
Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and
records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts
and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through
the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Revolving
Loan Note and/or a Swing Line Note, as applicable, which shall evidence such Lender’s Loans in addition to such accounts
or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity
of its Loans and payments with respect thereto; it being understood and agreed that such Lender (and/or its applicable permitted
assign) shall be required to return such Note to the Borrower upon the occurrence of the Termination Date (or as promptly thereafter
as practicable) and upon the request of the Borrower. If any Lender loses the original copy of its Note, it shall, at the request
of the Borrower, execute an affidavit of loss containing an indemnification provision reasonably satisfactory to the Borrower.

 

    	 	36	 

     

    

 

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

 

Section 2.11.              Payments
Generally; Administrative Agent’s Clawback.

 

(a)            General.
All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made
to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s
Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative
Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such
payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative
Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall
continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall
be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the
case may be.

 

(b)            (i)                Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior
to the proposed date of any Revolving Borrowing of Eurodollar Rate Loans (or, in the case of any Revolving Borrowing of Base Rate
Loans, prior to 12:00 noon on the date of such Revolving Borrowing) that such Lender will not make available to the Administrative
Agent such Lender’s share of such Revolving Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with Section 2.02 (or, in the case of a Revolving Borrowing of Base Rate
Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02)
and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Revolving Borrowing available to the Administrative Agent, then the applicable Lender
and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately
available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to
but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender,
the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in
connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to
Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such
period. If such Lender pays its share of the applicable Revolving Borrowing to the Administrative Agent, then the amount so paid
shall constitute such Lender’s Revolving Loan included in such Revolving Borrowing. Any payment by the Borrower shall be
without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative
Agent.

 

    	 	37	 

     

    

 

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

 

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

 

(c)            Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the
Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Section 4.02
(and, if such Borrowing is the initial Credit Extension, Section 4.01) are not satisfied or waived in accordance with
the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender,
without interest.

 

(d)            Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to fund participations in Swing Line
Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to
make any Revolving Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date
required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall
be responsible for the failure of any other Lender to so make its Revolving Loan, to purchase its participation or to make its
payment under Section 10.04(c).

 

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

 

    	 	38	 

     

    

 

Section 2.12.              Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment
in respect of any principal of or interest on any of the Revolving Loans made by it, or the participations in Swing Line Loans
held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Revolving Loans or
participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving
such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value)
participations in the Revolving Loans and subparticipations in Swing Line Loans of the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of principal of and accrued interest on their respective Revolving Loans and other amounts owing them, provided that:

 

(i)         if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(ii)        the
provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of
a Defaulting Lender), or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Revolving Loans or subparticipations in Swing Line Loans to any assignee or participant, other than an assignment
to the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply).

 

The Borrower consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

Section 2.13.              Increase
in Commitments.

 

(a)            Request
for Increase. Provided there exists no Event of Default, upon notice to the Administrative Agent (which shall promptly notify
the Lenders), the Borrower may from time to time, request an increase in the Aggregate Commitments to an amount not exceeding $1,200,000,000;
provided that any such request for an increase shall be in a minimum amount of $25,000,000, and in whole multiples of $5,000,000
in excess thereof. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify
the time period within which each Lender is requested to respond (which shall in no event be less than five Business Days from
the date of delivery of such notice to the Lenders).

 

(b)            Lender
Elections to Increase. Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to
increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such
requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment.

 

(c)            Notification
by Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’
responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the
Administrative Agent and the Swing Line Lender (which approvals shall not be unreasonably withheld), the Borrower may also invite
additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative
Agent and its counsel.

 

(d)            Effective
Date and Allocations. If the Aggregate Commitments are increased in accordance with this Section, the Administrative Agent
and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation
of such increase (the Persons providing such additional commitments in connection with such increase collectively, the “Increasing
Lenders”). The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such
increase and the Increase Effective Date.

 

    	 	39	 

     

    

 

(e)            Conditions
to Effectiveness of Increase. As a condition precedent to such increase, the Borrower shall deliver to the Administrative Agent
a certificate of the Borrower dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible
Officer of the Borrower (x) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such
increase, and (y) certifying that, before and after giving effect to such increase, (A) the representations and warranties
contained in Article V and the other Loan Documents are true and correct in all material respects on and as of the
Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct as of such earlier date, and except that for purposes of this Section 2.13, the
representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be
deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively,
of Section 6.01, and (B) no Default exists.

 

(f)             Reallocation.
Upon the implementation of any increase pursuant to this Section 2.13 (i) each then-existing Lender immediately
prior to such increase will automatically and without further act be deemed to have assigned to each Increasing Lender, and each
Increasing Lender will automatically and without further act be deemed to have assumed a portion of such existing Lender’s
participations hereunder in outstanding Swing Line Loans such that, after giving effect to each deemed assignment and assumption
of participations, all of the Lenders’ (including each Increasing Lender) participations hereunder in Swing Line Loans shall
be held ratably on the basis of their respective Commitments (after giving effect to any increased Commitment pursuant to Section 2.13)
and (ii) the existing Lenders shall assign Revolving Loans to the Increasing Lenders, and such Increasing Lenders shall purchase
such Revolving Loans, in each case to the extent necessary so that all of the Lenders participate in each outstanding Revolving
Loan Borrowing pro rata on the basis of their respective Commitments (after giving effect to any increased Commitment pursuant
to this Section 2.13); it being understood and agreed that the minimum borrowing, pro rata borrowing and pro rata payment
requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this clause (f).
Notwithstanding the foregoing, for purposes of Section 3.05, the amount of any automatic reallocation described in
this clause (ii) of this clause (f) shall be deemed to be a prepayment thereunder and the Borrower shall compensate
each Lender for any additional amounts required pursuant thereto.

 

(g)            Conflicting
Provisions. This Section shall supersede any provisions in Section 2.04, 2.12 or 10.01 to the
contrary.

 

Section 2.14.              Defaulting
Lenders.

 

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

 

(i)         Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 10.01.

 

    	 	40	 

     

    

 

(ii)        Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 10.08 shall be applied at such time or times
as may be determined by the Administrative Agent (but in no event later than five Business Days after receipt) as follows: first,
to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment
on a pro rata basis of any amounts owing by such Defaulting Lender to the Swing Line Lender hereunder; third, as the Borrower
may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent;
fourth, if so determined by the Administrative Agent and the 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 Loans under this Agreement; fifth,
to the payment of any amounts owing to the Lenders or Swing Line Lender as a result of any judgment of a court of competent jurisdiction
obtained by any Lender or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement; sixth, so long as no Default or Event of Default exists, to the payment of any
amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against
such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and seventh,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate
share, and (y) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or
waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of such Defaulting Lender until such time as all Loans and funded and unfunded participations
in Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 2.14(a)(iv).
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender pursuant to this Section 2.14(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.

 

(iii)       Certain
Fees.

 

(A)            Each
Defaulting Lender shall be entitled to receive fees payable under Section 2.08(a) for any period during which
that Lender is a Defaulting Lender only to extent allocable to the outstanding principal amount of the Revolving Loans funded by
it.

 

(B)             With
respect to any fee payable under Section 2.08(a), the Borrower shall not be required to pay to the applicable Defaulting
Lender or any other Lender any such fee that, but for subsection (A) above, would have accrued with respect to a Defaulting
Lender’s Commitment.

 

(iv)       Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Swing
Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated
without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.02
are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent
at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time),
and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such
Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party
hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)        Repayment
of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot, or can only partially,
be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, prepay
Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure.

 

    	 	41	 

     

    

 

(b)            Defaulting
Lender Cure. If the Borrower, the Administrative Agent and Swing Line Lender agree in writing that a Lender is no longer a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in
such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion
of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary
to cause the Revolving Loans and funded and unfunded participations in Swing Line Loans to be held on a pro rata basis by the Lenders
in accordance with their Applicable Percentages (without giving effect to Section 2.14(a)(iv)), whereupon such Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued
or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further,
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender.

 

Article III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

Section 3.01.              Taxes.

 

(a)            Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)         Any
and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of the Administrative Agent or the Borrower) require the deduction or withholding of any Tax from any such payment by the Administrative
Agent or the Borrower, then the Administrative Agent or the Borrower shall be entitled to make such deduction or withholding, upon
the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

(ii)        If
the Borrower or the Administrative Agent shall be required by U.S. federal Law to withhold or deduct any Taxes, including both
U.S. federal backup withholding and withholding taxes, from any payment, then (A) the Borrower or the Administrative Agent,
as the case may be, shall withhold or make such deductions as are determined by it to be required based upon the information and
documentation it has received pursuant to subsection (e) below, (B) the Borrower or the Administrative Agent, as the
case may be, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with U.S.
federal Law, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable
by the Borrower shall be increased as necessary so that after any required withholding or the making of all required deductions
(including withholdings and deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient
receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

    	 	42	 

     

    

 

(iii)       If
the Borrower or the Administrative Agent shall be required by any applicable Laws other than U.S. federal Law to withhold or deduct
any Taxes from any payment, then (A) the Borrower or the Administrative Agent, as required by such Laws, shall withhold or
make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant
to subsection (e) below, (B) the Borrower or the Administrative Agent, to the extent required by such Laws, shall timely
pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the
extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the Borrower shall be increased
as necessary so that after any required withholding or the making of all required deductions (including withholdings and deductions
applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum
it would have received had no such withholding or deduction been made.

 

(b)            Payment
of Other Taxes by the Borrower. Without limiting the provisions of subsection (a) above, the Borrower 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)            Tax
Indemnifications. (i) The Borrower shall, and does hereby, indemnify each Recipient, and shall make payment in respect
thereof within 30 days after demand therefor accompanied by the certificate described below in this clause (c)(i), for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 3.01) 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, showing the calculation of the amount owed in
reasonable detail, as to the amount of such payment or liability delivered to the 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. The
Borrower shall, and does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after
demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required
pursuant to Section 3.01(c)(ii) below.

 

(ii)        Each
Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor,
(x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower
has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting or expanding any obligation
of the Borrower to do so), (y) the Administrative Agent and the Borrower, as applicable, against any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a
Participant Register and (z) the Administrative Agent and the Borrower, as applicable, against any Excluded Taxes attributable
to such Lender, in each case, that are payable or paid by the Administrative Agent or the Borrower 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 or the Borrower, as the case may be, shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).

 

(d)            Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower or by the Administrative Agent to a Governmental
Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative
Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment
reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.

 

    	 	43	 

     

    

 

(e)            Status
of Lenders; Tax Documentation.

 

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

 

(ii)        Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

 

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

 

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

 

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

 

    	 	44	 

     

    

 

          (II)         executed
originals of IRS Form W-8ECI;

 

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

 

          (IV)        to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2
or Exhibit G-3, 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 substantially
in the form of Exhibit G-4 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 Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law
to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(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 Borrower and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

(iii)       Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative
Agent in writing of its legal inability to do so.

 

    	 	45	 

     

    

 

(f)             Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file
for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted
from funds paid for the account of such Lender. If any Recipient 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 by the Borrower or with respect to which the Borrower
has paid additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund
(but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 3.01
with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient,
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided
that the Borrower, upon the request of the Recipient, agrees to repay the amount paid over to the Borrower (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will
the applicable Recipient be required to pay any amount to the Borrower pursuant to this subsection the payment of which would place
the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the indemnification payments
or additional amounts giving rise to such refund had never been paid. This subsection shall not be construed to require any Recipient
to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or
any other Person.

 

(g)            Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all other Obligations.

 

(h)            Defined
Terms. For purposes of this Section 3.01, the term “applicable Law” includes FATCA.

 

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

 

    	 	46	 

     

    

 

Section 3.03.              Inability
to Determine Rates.

 

(a)            If
the Administrative Agent or the Required Lenders determine that for any reason (i) in connection with any request for a Eurodollar
Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London
interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan or (b)(x) adequate
and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan and (y) the circumstances described in Section 3.03(c)(i) do
not apply (in each case with respect to this clause (i), “Impacted Loans”), or (ii) the Eurodollar Rate
for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost
to such Lenders of funding such Loan, in each case of the foregoing clauses (i) and (ii), the Administrative Agent will promptly
so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate
Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) in the event of
a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization
of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or
in the case of a determination by the Required Lenders, until the Administrative Agent upon the instruction of the Required Lenders)
revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to
or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Revolving
Borrowing of Base Rate Loans in the amount specified therein.

 

(b)            Notwithstanding
the foregoing, if the Administrative Agent has made the determination described in clause (i) of Section 3.03(a), the
Administrative Agent, in consultation with the Borrower and Required Lenders, may establish an alternative interest rate for the
Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (i) the
Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the first
sentence of Section 3.03(a), (ii) the Administrative Agent or the Required Lenders notify the Administrative Agent and
the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the
Impacted Loans, or (iii) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined
by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental
Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative
Agent and the Borrower written notice thereof.

 

(c)            Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination
shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case
of the Required Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:

 

    	 	47	 

     

    

 

(i)                 adequate
and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because
the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

(ii)                the
administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a
public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used
for determining the interest rate of loans, provided that, at the time of such statement, there is no successor administrator that
is reasonably satisfactory to the Administrative Agent that will continue to provide LIBOR after such specific date (such specific
date, the “Scheduled Unavailability Date”); or

 

(iii)               syndicated
loans currently being executed, or that include language similar to that contained in this Section 3.03, are being
executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

 

then, reasonably promptly
after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the
Administrative Agent and the Borrower may, without the consent of any Lender or any other Person, amend this Agreement solely for
the purpose of replacing LIBOR in accordance with this Section 3.03 with (x) one or more SOFR-Based Rates or (y) another
alternate benchmark rate giving due consideration to any selection or recommendation of a replacement rate or the mechanism for
determining such a rate by the Relevant Governmental Body and/or any evolving or then existing convention for similar U.S. dollar
denominated syndicated credit facilities for such alternative benchmarks and, in each case, including any mathematical or other
adjustments to such benchmark (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrower, giving due consideration to any selection or recommendation of a spread adjustment, or method for calculating
or determining such spread adjustment by the Relevant Governmental Body and/or any evolving or then existing convention for similar
U.S. dollar denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating such adjustment
shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion
and may be periodically updated (the “Adjustment;” and any such proposed rate, a “LIBOR Successor Rate”),
and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall
have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required
Lenders have delivered to the Administrative Agent written notice that such Required Lenders (A) in the case of an amendment
to replace LIBOR with a rate described in clause (x), object to the Adjustment; or (B) in the case of an amendment to replace
LIBOR with a rate described in clause (y), object to such amendment; provided that for the avoidance of doubt, in the case
of clauses (A) and (B), the Required Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such
amendment. Such LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided that to the
extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied
in a manner as otherwise reasonably determined by the Administrative Agent.

 

If no LIBOR Successor
Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred
(as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the
obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, (to the extent of the affected Eurodollar
Rate Loans or Interest Periods), and (y) the Eurodollar Rate component shall no longer be utilized in determining the Base
Rate.  Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation
of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed
to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount
specified therein.

 

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Notwithstanding anything
else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than
zero for purposes of this Agreement.

 

In connection with
the implementation of a LIBOR Successor Rate, the Administrative Agent, in consultation with the Borrower, will have the right
to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any
other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any
further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the
Administrative Agent shall post each such amendment implementing such LIBOR Successor Rate Conforming Changes to the Lenders and
the Borrower reasonably promptly after such amendment becomes effective.

 

Section 3.04.              Increased
Costs; Reserves on Eurodollar Rate Loans.

 

(a)            Increased
Costs Generally. If any Change in Law shall:

 

(i)         impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated
by Section 3.04(e));

 

(ii)        subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of
the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)      impose
on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or
Eurodollar Rate Loans made by such Lender;

 

and the result of any of the foregoing
shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest on which
is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan) (or, in the case of
clause (ii), any Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal,
interest or any other amount) then, within 30 days after a receipt of a request of such Lender accompanied by the certificate described
in clause (c) below, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender
for such additional costs incurred or reduction suffered; provided that no Lender shall make a demand for payment hereunder
unless such Lender is also making demand for payment on similarly situated borrowers.

 

(b)            Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing
the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Swing Line Loans held by, such Lender
to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking
into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital
adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such
Lender or such Lender’s holding company for any such reduction suffered; provided that no Lender shall make a demand
for payment hereunder unless such Lender is also making demand for payment on similarly situated borrowers.

 

    	 	49	 

     

    

 

(c)            Certificates
for Reimbursement. Any request or demand for payment under this Section 3.04 shall be accompanied by a certificate
of the relevant Lender (i) (A) setting forth in reasonable detail the computation of the amount or amounts necessary
to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of
this Section and (B) certifying that such Lender is also generally making demand for payment on similarly situated borrowers
and (ii) delivered to the Borrower. Any such certificate shall be conclusive absent manifest error. The Borrower shall pay
such Lender the amount shown as due on any such certificate within 30 days after receipt thereof.

 

(d)            Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this
Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided
that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any
increased costs incurred or reductions suffered more than 120 days prior to the date that such Lender notifies the Borrower of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s demand for compensation therefor
(except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 120-day period referred
to above shall be extended to include the period of retroactive effect thereof).

 

(e)            Reserves
on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs
of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be
conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower
shall have received at least 15 days’ prior notice (with a copy to the Administrative Agent) of such additional interest
from such Lender. If a Lender fails to give notice 15 days prior to the relevant Interest Payment Date, such additional interest
shall be due and payable 15 days from receipt of such notice.

 

Section 3.05.              Compensation
for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, setting forth in reasonable
detail the amount payable to such Lender, the Borrower shall promptly compensate such Lender for and hold such Lender harmless
from any actual out-of-pocket loss, cost or expense incurred by it as a result of:

 

(a)            any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise but excluding any
payment or prepayment as a result of a Lender’s failure to make a payment pursuant to Section 2.11(b)(i));

 

    	 	50	 

     

    

 

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

 

(c)            any
assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Borrower pursuant to Section 10.13 or Section 2.13(f);

 

including any loss, cost or expense (excluding
loss of anticipated profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from
fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating amounts payable
by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar
Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar
market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

 

Section 3.06.              Mitigation
Obligations; Replacement of Lenders.

 

(a)            Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the Borrower
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall use reasonable
efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in
the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case,
would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such
Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

 

(b)            Replacement
of Lenders. If any Lender requests compensation under Section 3.04 or invokes Section 3.02, or if the
Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 3.01 and, in each case, such Lender has declined or is unable to designate a different
lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.13.

 

Section 3.07.              Survival.
All of the parties’ obligations under this Article III shall survive termination of the Aggregate Commitments, repayment
of all other Obligations hereunder, and resignation of the Administrative Agent.

 

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Article IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

Section 4.01.     Conditions
to Amended Facility Effective Date. The occurrence of the Amended Facility Effective Date is subject to satisfaction of the
following conditions precedent:

 

(a)            The
Administrative Agent’s receipt of the following:

 

(i)             duly
executed counterparts of this Agreement that, when taken together, bear the signatures of the Borrower, each Lender, the
Administrative Agent and each Swingline Lender;

 

(ii)            a
Revolving Loan Note executed by the Borrower in favor of each Lender requesting a Revolving Loan Note at least three Business Days
in advance of the Amended Facility Effective Date;

 

(iii)           a
Swing Line Note executed by the Borrower, if requested by the Swing Line Lender at least three Business Days in advance of the
Amended Facility Effective Date;

 

(iv)           a
closing certificate executed by a Responsible Officer of the Borrower as of or about the Amended Facility Effective Date, certifying
as to (x) the charter and bylaws of the Borrower and (y) (a) the resolutions or other corporate action of the Borrower
authorizing the execution and performance of, and (b) the incumbency and specimen signature of each officer of the Borrower
executing, this Agreement and the other Loan Documents to which the Borrower is a party;

 

(v)            a
certificate of good standing with respect to the Borrower from the Secretary of State of the State of the Borrower’s organization
(to the extent relevant and available in the jurisdiction of organization of the Borrower);

 

(vi)           a
favorable opinion of Weil, Gotshal & Manges LLP, counsel to the Borrower, addressed to the Administrative Agent and each
Lender, as to matters concerning the Borrower and the Loan Documents (including enforceability of the Loan Documents under New
York law);

 

(vii)         (x) to
the extent reasonably requested by the Administrative Agent (or by any Lender through the Administrative Agent) at least 10 Business
Days in advance of the Amended Facility Effective Date, documentation and other information that are required by regulatory authorities
under applicable “know-your-customer” rules and regulations, including the Act, at least two Business Days prior
to the Amended Facility Effective Date and (y) to the extent the Borrower qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Borrower; and

 

(viii)         a
closing certificate executed by a Responsible Officer of the Borrower as of or about the Amended Facility Effective Date, certifying
as to Sections 4.01(c), (d) and (e).

 

(b)            The
Borrower shall have paid (i) to the Arrangers for their own account any fees due and required to be paid to the Arrangers
pursuant to the Fee Letters on or before the Amended Facility Effective Date, and (ii) subject to the limitations set forth
in Section 10.04 and to the extent invoiced at least three Business Days prior to the Amended Facility Effective Date,
the reasonable out-of-pocket expenses of the Administrative Agent and Arrangers in connection with this Agreement, including the
reasonable and documented out-of-pocket fees and expenses of one counsel (including any local counsel) for the Administrative Agent
and the Arrangers, taken as a whole.

 

    	 	52	 

     

    

 

(c)            Since
December 31, 2019, there has not been a Material Adverse Effect (as set forth in clause (a) of the definition
thereof).

 

(d)            The
representations and warranties of the Borrower contained in Article V shall be true and correct in all material respects
on and as of the Amended Facility Effective Date.

 

(e)            No
Default or Event of Default has occurred or would occur as a result of the effectiveness hereof.

 

(f)            The
Amended Facility Effective Date shall have occurred on or before November 15, 2020.

 

For purposes of determining
whether the conditions specified in this Section 4.01 have been satisfied on the Amended Facility Effective Date, by
funding the Revolving Loans hereunder, the Administrative Agent and each Lender shall be deemed to have consented to, approved
or accepted, or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable
or satisfactory to the Administrative Agent or such Lender, as the case may be.

 

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

 

(a)            The
representations and warranties of the Borrower contained in Article V (excluding Sections 5.05(d) and
5.06) or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith
or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the
extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct
as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained
in subsections (a), the first sentence of (b) and (c) of Section 5.05 shall be deemed to refer to the
most recent statements furnished pursuant to clauses (a) through (f), respectively, of Section 6.01.

 

(b)            At
the time of such Credit Extension, no Default shall exist and be continuing, or would result from such proposed Credit Extension.

 

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

 

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

 

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Article V

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents
and warrants to the Administrative Agent and the Lenders that:

 

Section 5.01.     Existence,
Qualification and Power; Compliance with Laws. The Borrower and each of its Material Subsidiaries (a) is (i) duly
organized or formed, validly existing and (ii) in good standing, in each case, under the Laws of the jurisdiction of its incorporation
or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents
and approvals to (i) own its assets and carry on its business and (ii) execute, deliver and perform its obligations under
the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and in good standing under the Laws of
each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification
or license, except in each case (other than clauses (a)(i) and clause (b)(ii), in each case, with respect
to the Borrower), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

Section 5.02.     Authorization;
No Contravention. The execution, delivery and performance by the Borrower of each Loan Document to which it is party, have
been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the
terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of,
or the creation of any Lien under, (i) any material Contractual Obligation to which such Person is a party or (ii) any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject;
or (c) violate any Law, except (other than with respect to clause (a)), to the extent such violation could not reasonably
be expected to have a Material Adverse Effect.

 

Section 5.03.     Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance
by, or enforcement against, the Borrower of this Agreement or any other Loan Document, other than (a) such that have been
obtained and are in full force and effect, (b) those the failure of which could not reasonably be expected to have a Material
Adverse Effect and (c) with respect to execution, SEC filings.

 

Section 5.04.     Binding
Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and
delivered by the Borrower that is a party thereto. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of the Borrower that is a party thereto, enforceable against the Borrower in
accordance with its terms, except as enforceability may be limited by Debtor Relief Laws and general equitable principles.

 

Section 5.05.     Financial
Statements; No Material Adverse Effect.

 

(a)            The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower and its
Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness
and other liabilities required to be shown by GAAP, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof,
including liabilities for taxes, material commitments, Indebtedness and Contingent Obligations. Schedule 5.05
sets forth all material indebtedness and other material liabilities, direct or contingent, of the Borrower and its consolidated
Subsidiaries not reflected on the December 31, 2019 audited financial statements referred to above, incurred after the date
of such financial statements but prior to the Amended Facility Effective Date, including liabilities for material commitments, Indebtedness
and Contingent Obligations.

 

    	 	54	 

     

    

 

(b)            [Reserved].

 

(c)            The
December 31, 2019 Annual Statement of each Insurance Subsidiary and the June 30, 2020 Interim Statements of each Insurance
Subsidiary (i) were prepared in accordance with SAP consistently applied through the periods covered thereby, except as otherwise
expressly noted therein; (ii) fairly present the financial condition of each Insurance Subsidiary as of the date thereof and
their results of operations for the period covered thereby, subject, in the case of such Interim Statements for clauses (i) and
(ii), to the absence of footnotes and normal year-end adjustments; and (iii) show all material indebtedness and other liabilities
required to be shown by SAP, direct or contingent, of each Insurance Subsidiary as of the date of such financial statements, including
liabilities for taxes, material commitments, Indebtedness and Contingent Obligations.

 

(d)            Since
the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect.

 

(e)            Neither
the Borrower nor any of its Subsidiaries has any Off-Balance Sheet Liabilities except those permitted pursuant to Section 7.04(o) or
Section 7.04(p).

 

Section 5.06.         Litigation.
Except (a) for liabilities of Insurance Subsidiaries under Insurance Contracts, Reinsurance Agreement and Retrocession Agreements
and (b) as set forth in Schedule 5.06, there are no actions, suits or proceedings pending or, to the knowledge
of a Responsible Officer of the Borrower, threatened in writing, at Law, in equity, in arbitration or before any Governmental Authority,
by or against the Borrower or any of its Subsidiaries or against any of their respective properties or revenues that (i) purport
to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (ii) either
individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

Section 5.07.         No
Default. Neither the Borrower nor any Subsidiary is in default under or with respect to any Contractual Obligation that could,
either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and
is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

Section 5.08.         Ownership
of Property; Liens. Each of the Borrower and each Subsidiary has good record and indefeasible title to, or valid leasehold
interests in, their respective real properties, except for such defects in title as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

Section 5.09.          Environmental
Compliance. The Borrower and its Subsidiaries have complied with all Environmental Laws, except for any Environmental Laws
the non-compliance therewith could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 5.10.          [Reserved].

 

    	 	55	 

     

    

 

Section 5.11.          Taxes.
The Borrower and its Subsidiaries have filed all U.S. federal, state and other Tax returns and reports required to be filed, and
have paid or made provision for payment of all U.S. federal, state and other Taxes levied or imposed upon them or their properties,
income or assets otherwise due and payable, except (a) those which are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP or SAP, as applicable, or (b) to
the extent the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There is no proposed Tax
assessment against the Borrower or any Subsidiary that would be reasonably likely to have a Material Adverse Effect.

 

Section 5.12.          ERISA
Compliance. Except as specifically disclosed in Schedule 5.12:

 

(a)            Each
Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state laws,
except where noncompliance could not reasonably be expected to have a Material Adverse Effect. Each Pension Plan that is intended
to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal
Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust
related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of
the Code, or an application for such a letter is currently being processed by the Internal Revenue Service, except where failure
to do so could not reasonably be expected to have a Material Adverse Effect. To the best knowledge of the Borrower, nothing has
occurred that would prevent or cause the loss of such tax-qualified status, except where loss of such status could not reasonably
be expected to have a Material Adverse Effect.

 

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

 

(c)            (i) No
ERISA Event has occurred or is reasonably expected to occur; (ii) the Borrower and each ERISA Affiliate has met all applicable
requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards
under the Pension Funding Rules has been applied for or obtained; (iii) no Pension Plan has any Unfunded Pension Liability;
(iv) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV
of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (v) neither
the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which,
with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of
ERISA with respect to a Multiemployer Plan; and (vi) neither the Borrower nor any ERISA Affiliate has engaged in a transaction
that could be subject to Section 4069 or 4212(c) of ERISA, except, in each case, that would not reasonably be expected
to have a Material Adverse Effect.

 

Section 5.13.     Intellectual
Property, Licenses, Etc. The Borrower and each of its Subsidiaries own or are licensed or otherwise have the right to use all
of the patents, trademarks, service marks, trade names, copyrights, licenses and other rights that are used by the Borrower or
such Subsidiary in connection with the operation of their respective businesses, without conflict with the rights of any other
Person, except where the failure to have any such rights could not reasonably be expected to have a Material Adverse Effect.

 

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Section 5.14.          Subsidiaries.
The Borrower has no Subsidiaries other than those specifically disclosed on Schedule 5.14 and, after the Amended Facility
Effective Date, those permitted in accordance with Section 7.03, and there are no restrictions on the Borrower or any
of its Material Subsidiaries (excluding any Strategic Investment Subsidiary and its Subsidiaries) which prohibit or otherwise restrict
(i) the ability of the Borrower or any of its Material Subsidiaries to grant any Liens on any of their respective assets,
other than (A) with respect to assets subject to Capital Leases or purchase money security interests and those which are licensed
or sublicensed to Borrower or any of its Material Subsidiaries and (B) restrictions under contracts to which Subsidiaries
are party which became Subsidiaries pursuant to an Acquisition, which contracts and restrictions were in effect prior to such Acquisition
or (ii) the transfer of cash or other assets from any Material Subsidiary to the Borrower, other than, in the case of each
of the foregoing clauses (i) and (ii), prohibitions or restrictions existing under or by reason of any Loan Document, the
Public Debentures (but only to the extent such Public Debentures require that the holders thereof be granted a pari-passu Lien
if a Lien is granted to another Person), Legal Requirements, customary non-assignment provisions in contracts entered into in the
ordinary course of business, Department policies and practices that restrict the ability of Insurance Subsidiaries to grant Liens
on, pledge or transfer assets and restrictions that may arise as a result of any covenants or other restrictions in agreements
permitted hereunder.

 

Section 5.15.          Margin
Regulations; Investment Company Act.

 

(a)            Neither
the Borrower nor any of its Subsidiaries is engaged or will engage, principally or as one of its important activities, in the business
of extending credit for the purpose of “purchasing” or “carrying” “margin stock” within the
respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System
as now and from time to time hereafter in effect. No part of the proceeds of any Credit Extensions hereunder will be used for “purchasing”
or “carrying” “margin stock” as so defined or for any purpose which violates, or which would be inconsistent
with, the provisions of Regulations U or X of such Board of Governors.

 

(b)            Neither
the Borrower nor any of its Subsidiaries is or is required to be registered as an “investment company” under the Investment
Company Act of 1940.

 

Section 5.16.          Disclosure.
No written report, financial statement, certificate or other factual information (other than financial projections, other forward-looking
information and information of a general economic or industry-specific nature) furnished by or on behalf of the Borrower to the
Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement
or delivered hereunder (as modified or supplemented by other information so furnished), when taken as a whole, contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading on the date when made.

 

Section 5.17.          Compliance
with Laws. The Borrower and each of its Subsidiaries is in compliance in all material respects with the requirements of all
Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect.

 

Section 5.18.          Solvent.
The Borrower and its Subsidiaries are on a consolidated basis, Solvent.

 

Section 5.19.          Licenses.
No License, the loss of which could reasonably be expected to have a Material Adverse Effect, is the subject of a proceeding for
suspension or revocation which is reasonably likely to result in a suspension or revocation. To the knowledge of the Responsible
Officers of the Borrower, there is no sustainable basis for such suspension or revocation of any License, the loss of which could
reasonably be expected to have a Material Adverse Effect.

 

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Section 5.20.     Employee
Matters. There are no strikes, work stoppages, election or decertification petitions or proceedings, unfair labor charges,
equal employment opportunity proceedings, wage payment or material unemployment compensation proceedings, material workers’
compensation proceedings or other material labor/employee related controversies pending or, to the knowledge of the Responsible
Officers of the Borrower, threatened between the Borrower or any of its Subsidiaries and any of their respective employees, other
than employee grievances and other proceedings which could not in the aggregate reasonably be expected to have a Material Adverse
Effect.

 

Section 5.21.     Insurance
Subsidiaries. All of the Annual Statements and Interim Statements, together with any other financial or similar statements
of the Material Insurance Subsidiaries provided to the Administrative Agent, are prepared in accordance with SAP and present fairly
in accordance with SAP the financial position of such Material Insurance Subsidiary for the period then ended.

 

Section 5.22.     Taxpayer
Identification Number. The Borrower’s true and correct U.S. taxpayer identification number is set forth on Schedule 10.02.

 

Section 5.23.     Economic
Sanctions, Anti-Money Laundering and Anti-Corruption.

 

(a)            None
of the Borrower or any of its Subsidiaries nor, to the knowledge of the Borrower, any director, officer, employee or controlled
Affiliate of the Borrower or any of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are: (i) the
subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control
(“OFAC”) or the U.S. State Department, the United Nations Security Council, the European Union or Her Majesty’s
Treasury (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory
that is, or whose government is, the subject of Sanctions (including, as of the date of this Agreement, Crimea, Cuba, Iran,
North Korea and Syria). The Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective directors, officers,
employees and agents are and have been in compliance in all material respects with all applicable Sanctions. The Borrower will
not, directly or, to the Borrower’s knowledge, indirectly, use the proceeds of the Loans, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other Person to fund any activities or business of or
with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of
Sanctions.

 

(b)            None
of the Borrower or any of its Subsidiaries nor, to the knowledge of the Borrower, any director, officer, employee or agent of the
Borrower or any of its Subsidiaries has taken any action, directly or indirectly, that would result in a material violation by
such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”)
or any other applicable anti-corruption law. No part of the proceeds of the Loans will be used, directly or to the Borrower’s
knowledge, indirectly, for any payments to any governmental official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity in violation of the FCPA or any other anti-corruption
law. The Borrower and its Subsidiaries are in compliance, in all material respects, with the Act and all other applicable anti-money
laundering and counter-terrorist financing laws and regulations.

 

(c)            The
Borrower and its Subsidiaries have instituted and maintain policies and procedures designed to ensure compliance with all applicable
Sanctions, anti-corruption laws and anti-money laundering laws and regulations.

 

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Article VI

AFFIRMATIVE COVENANTS

 

Until the date no Lender
shall have any Commitment hereunder or any Loan or other Obligation hereunder (other than any indemnity or similar contingent obligation
not then accrued for which no claim has been made by the Administrative Agent or any Lender) that remains unpaid or unsatisfied
(such date, the “Termination Date”), the Borrower agrees with the Administrative Agent and the Lenders that:

 

Section 6.01.     Financial
Statements. The Borrower shall deliver to the Administrative Agent:

 

(a)            as
soon as available, but not later than 105 days after the end of each fiscal year, a copy of the audited consolidated balance sheet
of the Borrower and its Subsidiaries as at the end of such year and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such year, setting forth in each case in comparative form the figures for the previous
fiscal year, and accompanied by a report and opinion of a registered public accounting firm of nationally recognized standing reasonably
acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards
and applicable securities laws and shall not be subject to any “going concern” or like qualification or exception or,
except as to entities or businesses subject to Permitted Acquisitions only, any qualification or exception as to the scope of such
audit;

 

(b)            as
soon as available, but not later than 60 days after the end of each of the first three fiscal quarters of each fiscal year, a copy
of the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such quarter and the related
consolidated statements of income, shareholders’ equity and cash flows for the period commencing on the first day and ending
on the last day of such quarter, and certified by a Responsible Officer as fairly presenting, in accordance with GAAP (except for
the absence of footnotes and subject to ordinary, good faith year-end audit adjustments), the financial position and the results
of operations of the Borrower and the Subsidiaries as of the date thereof;

 

(c)            as
soon as available, but not later than 105 days after the end of each fiscal year (or such later date with respect to any Material
Insurance Subsidiary that is a Foreign Subsidiary as the Administrative Agent may reasonably agree), a copy of the Annual Statement
of each Material Insurance Subsidiary for such fiscal year prepared in accordance with SAP or any otherwise applicable accounting
practice and accompanied by the certification of a Responsible Officer of such Material Insurance Subsidiary that such Annual Statement
presents fairly in accordance with SAP or any otherwise applicable accounting practice the financial position of such Material
Insurance Subsidiary for the period then ended;

 

(d)            as
soon as possible, but no later than 60 days after the end of each of the first three fiscal quarters of each fiscal year (or such
later date with respect to any Material Insurance Subsidiary that is a Foreign Subsidiary as the Administrative Agent may reasonably
agree), a copy of the quarterly Interim Statement of each Material Insurance Subsidiary for each such fiscal quarter, all prepared
in accordance with SAP or any otherwise applicable accounting practice and accompanied by the certification of a Responsible Officer
of such Insurance Subsidiary that all such quarterly statements present fairly in accordance with SAP or any otherwise applicable
accounting practice the financial position of such Insurance Subsidiary for the period then ended; and

 

(e)            within
105 days after the close of each fiscal year (or such later date with respect to any Material Insurance Subsidiary that is a Foreign
Subsidiary as the Administrative Agent may reasonably agree), a copy of each Material Insurance Subsidiary’s “Statement
of Actuarial Opinion” which is provided to the applicable Department (or equivalent information should such Department no
longer require such a statement) as to the adequacy of loss reserves of such Material Insurance Subsidiary, which opinion shall
be in the format prescribed by the Insurance Code.

 

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Section 6.02.     Certificates;
Other Information. The Borrower shall deliver to the Administrative Agent in form and detail reasonably satisfactory to the
Administrative Agent:

 

(a)            concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a Compliance Certificate
executed by a Responsible Officer;

 

(b)            promptly,
copies of all financial statements and material reports that the Borrower or any of its Material Subsidiaries sends or may make
to, or file with, any applicable Department;

 

(c)            the
following certificates and other information:

 

(i)            promptly
upon request by the Administrative Agent on behalf of any Lender, (A) a copy of any final financial examination reports or
market conduct examination reports issued by a Governmental Authority with respect to any Material Subsidiary of the Borrower (and
the Borrower, should it at any time engage or become involved in the business of insurance), relating to the insurance business
of each Material Subsidiary or, if applicable, the Borrower (when, and if, prepared) and (B) a copy of any interim report;
provided that such Subsidiary or, if applicable, the Borrower shall not have to deliver any interim report requested by
a Lender hereunder if a final report is issued and delivered to the Administrative Agent within 90 days of such interim report;

 

(ii)            promptly
after the receipt by a Responsible Officer of the Borrower of such notice, notice of the actual suspension, termination or revocation
of any material license of the Borrower or any of its Material Subsidiaries by any Governmental Authority or notice from any Governmental
Authority notifying the Borrower or any of its Material Subsidiaries of a hearing relating to such a suspension, termination or
revocation, including any request by a Governmental Authority which commits the Borrower or any of its Material Subsidiaries to
take, or refrain from taking, any action or which otherwise could reasonably be expected to have a Material Adverse Effect; and

 

(iii)            promptly
after the receipt by a Responsible Officer of the Borrower of such notice, notice of any material pending or threatened investigation
or regulatory proceeding (other than routine periodic investigations or reviews) by any Governmental Authority concerning the business
practices or operations of the Borrower or any of its Material Subsidiaries which is reasonably likely to have a Material Adverse
Effect.

 

(d)            promptly
upon (i) the acquisition by the Borrower or any of its Subsidiaries of any Person which engages in any material respect in
an insurance business or (ii) any Subsidiary of the Borrower or any of its Subsidiaries becoming engaged in any material respect
in an insurance business, a certificate of a Responsible Officer stating that such Person or Subsidiary shall be deemed to be an
 “Insurance Subsidiary” for all purposes of each Loan Document;

 

(e)            [reserved];

 

(f)            [reserved];

 

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(g)            promptly
after the same are available, copies of each (i) annual report, proxy or financial statement and copies of all annual, regular,
periodic and special reports (including Forms 10K, 10Q and 8K) and registration statements which the Borrower files or is
required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required
to be delivered to the Administrative Agent pursuant hereto and (ii) without duplication, copies of any certifications or
affidavits required by the SEC in connection with the filing of Forms 10K, 10Q and 8K;

 

(h)            promptly
after receipt thereof by the Borrower or any Subsidiary thereof, copies of each notice or other correspondence received from the
SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other
inquiry by such agency regarding financial or other operational results of the Borrower or any Material Subsidiary thereof which
could reasonably result in a Material Adverse Effect; and

 

(i)            promptly,
such additional information regarding the business, financial or corporate affairs of the Borrower or any Material Subsidiary,
including information and documentation requested for purposes of compliance with the Beneficial Ownership Regulation, as the Administrative
Agent may from time to time reasonably request; provided, however, that the Borrower shall not be required to disclose
or provide any information (a) that constitutes non-financial trade secrets or non-financial proprietary information of the
Borrower or any of its Subsidiaries or any of their respective customers and/or suppliers, (b) in respect of which disclosure
to the Administrative Agent or any Lender (or any of their respective representatives) is prohibited by applicable Law, (c) that
is subject to attorney-client or similar privilege or constitutes attorney work product or (d) in respect of which the Borrower
owes confidentiality obligations to any third party (provided such confidentiality obligations were not entered into in
contemplation of the requirements of this Section 6.02(i)); provided, further, that in the event that
the Borrower does not provide information that otherwise would be required to be provided hereunder in reliance on the exclusions
in this paragraph relating to violation of any obligation of confidentiality, the Borrower shall use commercially reasonable efforts
to provide notice thereof to the Administrative Agent promptly upon obtaining knowledge that such information is being withheld
(but solely if providing such notice would not violate such obligation of confidentiality).

 

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

 

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The Borrower hereby
acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders materials and/or information
provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower
Materials on SyndTrak Online or another similar electronic system (the “Platform”), it being understood that
the Administrative Agent and the Arrangers are utilizing SyndTrak Online with the express understanding that neither the Administrative
Agent nor the Arrangers shall be liable for any release of confidential information to unauthorized parties as a result of the
operation or administration of SyndTrak Online, and (b) certain of the Lenders (each a “Public Lender”)
may have personnel that do not wish to receive material non-public information with respect to the Borrower or its Affiliates or
their respective securities of any of the foregoing and who may be engaged in investment and other market-related activities with
respect to such Person’s securities). The Borrower hereby agrees that (w) all Borrower Materials that are to be made
available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that
the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,”
the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to the Borrower or its securities for purposes of
United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the
Administrative Agent and the Arrangers shall treat any Borrower Materials that are not marked “PUBLIC” as being suitable
only for posting on a portion of the Platform not designated “Public Side Information” and shall not post such Borrower
Materials on the Platform for Public Investors.

 

Section 6.03.     Notices.
The Borrower shall promptly notify the Administrative Agent after a Responsible Officer of the Borrower obtains knowledge of:

 

(a)            (i) the
occurrence of any event that constitutes a Default or Event of Default, or (ii) any litigation or governmental proceeding
pending against the Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect;

 

(b)            the
occurrence of any of the following events affecting the Borrower or any ERISA Affiliate to the extent that such event or events
could reasonably result in a Material Adverse Effect, and deliver to the Administrative Agent a copy of any notice with respect
to such event that is filed with a Governmental Authority and any notice delivered by a Governmental Authority to the Borrower
or any ERISA Affiliate with respect to such event:

 

(i)            an
ERISA Event;

 

(ii)           a
material increase in the contributions to, or the Unfunded Pension Liability of, any Pension Plan since the last annual valuation
date;

 

(iii)           the
adoption of, or the commencement of contributions to, any Plan subject to Section 412 of the Code by the Borrower or any ERISA
Affiliate; or

 

(iv)           the
adoption of any amendment to a Plan subject to Section 412 of the Code, if such amendment results in a material increase in
contributions or Unfunded Pension Liability;

 

(c)            of
any change in accounting policies or financial reporting practices by the Borrower or any of its consolidated Material Subsidiaries
that affect the calculation of the financial covenants set forth in Section 7.09;

 

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(d)            of
the receipt of any notice from any Governmental Authority of the institution of any disciplinary proceedings against or in respect
of any Insurance Subsidiary, or the issuance of any order, the taking of any action or any request for an extraordinary audit for
cause by any Governmental Authority which could reasonably be expected to have a Material Adverse Effect; or

 

(e)            of
any judicial or administrative order limiting or controlling the insurance business of any Insurance Subsidiary (and not the insurance
industry generally) which has been issued or adopted and which has had, or which could reasonably be expected to have, a Material
Adverse Effect.

 

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

 

Section 6.04.     Preservation
of Existence, Etc. The Borrower shall, and shall cause each of its Material Subsidiaries to, (a) preserve, renew and maintain
in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in
a transaction permitted by Section 7.02; (b) take all reasonable action to maintain all rights, privileges, permits,
licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect; (c) take all reasonable action to preserve or renew all
of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected
to have a Material Adverse Effect; and (d) in the case of the Borrower, engage in no business (other than as conducted on
the Amended Facility Effective Date) except to hold Equity Interests of its Subsidiaries.

 

Section 6.05.     Maintenance
of Properties. The Borrower shall, and shall cause each of its Subsidiaries to, (a) maintain, preserve and protect all
of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary
wear and tear excepted and except in connection with transactions permitted by Section 7.02 except where the failure
to do so could not reasonably be expected to have a Material Adverse Effect; and (b) make all necessary repairs thereto and
renewals and replacements thereof, in each case except where the failure to do so could not reasonably be expected to have a Material
Adverse Effect.

 

Section 6.06.     Maintenance
of Insurance. The Borrower shall, and shall cause each of its Material Subsidiaries to, maintain with financially sound and
reputable insurance companies which are not Affiliates of the Borrower insurance with respect to its properties and business against
loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in
such amounts as are customarily carried under similar circumstances by such other Persons.

 

Section 6.07.     Compliance
with Laws. The Borrower shall, and shall cause each of its Subsidiaries to, comply in all material respects with the requirements
of all Laws, orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

 

Section 6.08.     Books
and Records. The Borrower shall, and shall cause each of its Subsidiaries to, maintain proper books of record and account,
in which full, true and correct entries sufficient to prepare financial statements in conformity with GAAP or SAP, as applicable,
consistently applied, shall be made of all financial transactions and matters involving the assets and business of the Borrower
or such Subsidiary, as the case may be.

 

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Section 6.09.     Inspection
Rights. The Borrower shall, and shall cause each of its Material Subsidiaries to, permit representatives and independent contractors
of the Administrative Agent to visit and inspect any of their respective 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 such reasonable times during normal business hours and as often as may be
reasonably desired (provided that, so long as no Event of Default exists, the Borrower shall only be liable for the expenses (in
accordance with Section 10.04(a)) of the Administrative Agent, and only in connection with one such inspection by the
Administrative Agent during each calendar year), upon reasonable advance notice to the Borrower; provided, however,
that when an Event of Default exists the Administrative Agent (or any of its representatives or independent contractors) may do
any of the foregoing at the expense (in accordance with Section 10.04(a)) of the Borrower at any time during normal
business hours and without advance notice.

 

Section 6.10.     Use
of Proceeds. The Borrower shall use the proceeds of the Credit Extensions to refinance all indebtedness under the Existing
Credit Agreement and for general corporate purposes, including Permitted Acquisitions and Capital Expenditures.

 

Section 6.11.     Payment
of Taxes. The Borrower shall, and shall cause each of its Subsidiaries to, pay and discharge all Taxes upon it or upon its
income or profits, or upon any properties belonging to it, prior to the date on which penalties attach thereto, and all lawful
claims that, if unpaid, could reasonably be expected to become a Lien upon any of its properties; provided that neither
the Borrower nor any of its Subsidiaries shall be required hereunder to pay any such Tax that (a) is being contested in good
faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of the management of the Borrower)
with respect thereto in accordance with GAAP or SAP, as appropriate or (b) if not paid, would not reasonably be expected to
result in a Material Adverse Effect.

 

Section 6.12.     Designation
of Strategic Investment Subsidiaries. If the Borrower elects the option to designate a Strategic Investment Subsidiary as a
Subsidiary which is not a Strategic Investment Subsidiary and therefore subject such Person to all covenants and provisions applicable
to a Subsidiary, the Borrower shall give five days prior written notice to the Administrative Agent (or such lesser notice as agreed
to by the Administrative Agent) of such election.

 

Article VII

NEGATIVE COVENANTS

 

Until the Termination
Date:

 

Section 7.01.     Liens.
The Borrower shall not, and shall not permit its Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist
any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following (“Permitted
Liens”):

 

(a)            any
Lien created under any Loan Document;

 

(b)            Liens
for taxes, fees, assessments or other governmental charges which are not delinquent or remain payable without penalty, or to the
extent that non-payment thereof is permitted by Section 6.11;

 

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(c)            carriers’,
warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other similar Liens arising
in the ordinary course of business which are not delinquent or remain payable without penalty or which are being contested in good
faith by appropriate actions;

 

(d)            Liens
(other than any Lien imposed by ERISA) incurred or deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations,
surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds, reinsurance agreements and
other similar obligations incurred in the ordinary course of business (exclusive of obligations in respect of the payment for borrowed
money);

 

(e)            Liens
identified on Schedule 7.01;

 

(f)            Liens
consisting of pledges or deposits of cash or securities made by any Insurance Subsidiary as a condition to obtaining or maintaining
any licenses issued to it by, or to satisfy the requirements of, any Department;

 

(g)            Liens
consisting of judgment or judicial attachment Liens (other than arising as a result of claims under or related to Insurance Contracts,
Retrocession Agreements or Reinsurance Agreements); provided that the enforcement of such Liens is effectively stayed or
fully covered by insurance and all such Liens in the aggregate at the time of any creation thereof do not exceed 5% of Net Worth
as of the end of the fiscal quarter immediately preceding such creation;

 

(h)            easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business which, in the aggregate,
are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or
interfere with the ordinary conduct of the business of the Borrower;

 

(i)             Liens
securing obligations in respect of purchase money Indebtedness and Capital Leases permitted pursuant to Section 7.04(d) on
assets (and proceeds thereof) subject to such leases; provided that (A) any such Lien on purchase money Indebtedness
or in respect of Capital Leases covers only the asset (and proceeds thereof) subject to the Capital Lease or being acquired with
the proceeds of such purchase money Indebtedness (it being understood that other financings by the same lender or any of its affiliates
under Indebtedness also permitted under Section 7.04(d) may be cross collateralized) and (B) such purchase
money Indebtedness and Capital Leases are otherwise permitted hereunder;

 

(j)             Liens
securing obligations permitted under Sections 7.04(f) and/or (g), to the extent such Liens are identified
and permitted under such Section;

 

(k)            Liens
arising as a result of claims under or related to Insurance Contracts, Reinsurance Agreements or Retrocession Agreements in the
ordinary course of business, or securing Indebtedness of Insurance Subsidiaries incurred or assumed in connection with the settlement
of claim losses in the ordinary course of business of such Insurance Subsidiaries;

 

(l)             Liens
securing obligations permitted under Section 7.04(h);

 

(m)           Liens
on assets of a Subsidiary securing obligations owed to the Borrower or a Subsidiary and permitted under Section 7.04(m);

 

    	 	65	 

     

    

 

(n)            Liens
on assets of Designated Subsidiaries securing obligations permitted under Section 7.04(n);

 

(o)            so
long as no Event of Default has occurred and is continuing at the time such Lien is granted, other Liens on assets of the Borrower
and its Subsidiaries securing obligations of the Borrower and its Subsidiaries (excluding Liens on assets of Strategic Investment
Subsidiaries and their respective Subsidiaries permitted under Section 7.01(u)) in an aggregate amount not exceeding
at the time of any creation thereof 10% of Net Worth as of the end of the fiscal quarter immediately preceding such creation;

 

(p)            leases,
licenses, subleases or sublicenses granted to other Persons in the ordinary course of business which do not interfere in any material
respect with the business of the Borrower and its Subsidiaries;

 

(q)            Liens
incurred in connection with a Permitted Accounts Securitization and which Liens attach solely to the Transferred Assets in connection
with the incurrence of Indebtedness arising in connection with such Permitted Accounts Securitization;

 

(r)             [reserved];

 

(s)            any
extension, refinancing (but not increase), renewal or replacement of the foregoing; provided that the Liens permitted hereby
shall not be spread to cover any additional Indebtedness or property (other than a substitution of like property);

 

(t)             Liens
(i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection,
(ii) on commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and (iii) in
favor of a banking institution arising as a matter of law or contract encumbering deposits (including the right of set-off) and
which are within the general parameters customary in the banking industry; and

 

(u)            Liens
on assets of Strategic Investment Subsidiaries and their respective Subsidiaries securing obligations permitted under Section 7.04(o).

 

Any Lien permitted
above may extend to the proceeds of the assets subject thereto.

 

Section 7.02.          Consolidations
and Mergers; Sales of Assets. The Borrower shall not, and shall not permit any of its Subsidiaries to, merge, consolidate with
or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of related transactions)
all or any part of its assets (including receivables, but excluding Equity Interests, and in all cases whether now owned or hereafter
acquired) to or in favor of any Person, except:

 

(a)            (i) any
Subsidiary may merge with the Borrower; provided that the Borrower shall be the continuing or surviving Person, or with
any one or more Subsidiaries; provided that if any transaction shall be between a Subsidiary and a Subsidiary that is a
Wholly-Owned Subsidiary, either (x) the Subsidiary that is a Wholly-Owned Subsidiary shall be the continuing or surviving
Person or (y) a Subsidiary that is not a Wholly-Owned Subsidiary may be the continuing or surviving Person; provided,
the relevant transaction will be treated as an Investment and comply with Section 7.03 (other than Section 7.03(a)(iii)(B))
and (ii) the Borrower or any Subsidiary may merge with any other Person; provided that such merger is consummated as
part of a Permitted Acquisition and, in the case of any merger involving the Borrower, the Borrower shall be the continuing or
surviving Person;

 

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(b)            any
Subsidiary may sell all or any part of its assets (upon voluntary liquidation or otherwise) to (i) the Borrower, (ii) another
Subsidiary that is a Wholly-Owned Subsidiary or (iii) another Person; provided, in the case of this clause (iii),
the relevant transaction will be treated as an Investment and comply with Section 7.03 (other than Section 7.03(a)(iii)(B));

 

(c)            the
Borrower or any Subsidiary may sell, lease, convey or otherwise dispose of assets (i) if such sale, lease, conveyance or other
disposition is (A) of portfolio Investments in the ordinary course of its business at fair market value, (B) of obsolete,
worn-out or surplus property and property no longer used or useful in the conduct of the business of the Borrower and its Subsidiaries,
(C) a sale of property to the extent such property is exchanged for credit against the purchase price of replacement property
or the Net Disposition Proceeds thereof are applied to the purchase of such replacement property within 360 days of such sale;
(D) ordinary course dispositions of inventory, (E) ordinary course dispositions of real estate and related properties
in connection with relocation activities for employees of the Borrower and its Subsidiaries; (F) dispositions of tangible
property as part of a like kind exchange under Section 1031 of the Code in the ordinary course of business; (G) dispositions
of real estate and related properties as part of the resolution or settlement of claims under an Insurance Contract in the ordinary
course of business; (H) a voluntary termination of a Swap Contract; (I) leases, subleases, licenses or sublicenses of
property in the ordinary course of business and which do not materially interfere with the business of the Borrower and its Subsidiaries;
(J) dispositions in the ordinary course of business of accounts receivable in connection with the collection thereof, (K) a
Permitted Accounts Securitization or (L) results in (I) an Investment permitted pursuant to Section 7.03
(other than Section 7.03(a)(iii)(B)), (II) a Permitted Lien or (III) a Restricted Payment permitted by Section 7.06,
or (ii) not otherwise permitted to be sold, leased, conveyed or disposed of in clause (i) immediately preceding;
provided (A) such sale, lease, conveyance or other disposition, in one transaction or a series of transactions, directly
or indirectly, does not constitute all or substantially all of the assets of the Borrower and (B) after giving effect to such
sale, lease, conveyance or other disposition, the Borrower shall be in compliance with the financial covenants set forth in Sections
7.09(a) and 7.09(b), in each case on a pro forma basis; and

 

(d)            as
set forth on Schedule 7.02.

 

Section 7.03.          Investments.
The Borrower shall not, and shall not permit any of its Subsidiaries to, make any Investments, except for:

 

(a)            (i) Investments
constituting Permitted Acquisitions, (ii) Investments by and among the Borrower or any of its Subsidiaries and (iii) Investments
consisting of, or resulting from, (A) Permitted Liens, (B) consolidations, mergers or other combinations and sales, conveyances,
transfers, leases or other dispositions of assets, in each case, permitted by Section 7.02 (other than Section 7.02(a)(i)(y),
(b)(iii) or (c)(i)(L)(I)), (C) Indebtedness permitted by Section 7.04 and (D) Restricted
Payments permitted by Section 7.06; and

 

(b)            so
long as (i) no Event of Default has occurred and is continuing on the date of such Investment or would result therefrom and
(ii) such Investment complies with all Legal Requirements, other Investments (excluding Acquisitions).

 

Section 7.04.     Limitation
on Indebtedness. The Borrower shall not, and shall not permit any of its Subsidiaries to, create, incur, assume, suffer to
exist, or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness, except:

 

(a)            Indebtedness
incurred pursuant to this Agreement;

 

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(b)            so
long as no Event of Default has occurred and is continuing at the time of the incurrence thereof or after giving effect thereto, Indebtedness
consisting of Contingent Obligations in respect of obligations of other Persons;

 

(c)            Indebtedness
identified on Schedule 7.04;

 

(d)            so
long as no Event of Default has occurred and is continuing at the time of the incurrence thereof or after giving effect thereto, Indebtedness
incurred in the ordinary course of business in connection with Capital Leases and purchase money Indebtedness.

 

(e)            obligations
under Swap Contracts entered into for hedging purposes;

 

(f)             Indebtedness
of the Borrower and its Subsidiaries having a maturity of 92 days or less representing borrowings from a bank or banks with which
the Borrower or such Subsidiary has a depository relationship, which borrowings shall be fully secured by Cash Equivalents purchased
by the Borrower or such Subsidiary with the proceeds of such borrowings;

 

(g)            obligations
incurred in the ordinary course of business in connection with relocation service transactions and secured by properties which
are the subject to such transactions;

 

(h)            (i) Indebtedness
incurred by the Borrower or a Subsidiary to fund a Permitted Acquisition and (ii) Indebtedness of a Person that becomes a
Subsidiary after the Amended Facility Effective Date pursuant to a Permitted Acquisition, which Indebtedness existed prior to such
Acquisition and was not created in contemplation thereof;

 

(i)            Indebtedness
under the Public Debentures;

 

(j)            so
long as no Event of Default has occurred and is continuing at the time of incurrence thereof or after giving effect thereto, unsecured
Indebtedness of the Borrower;

 

(k)            so
long as no Event of Default has occurred and is continuing at the time of incurrence thereof, other secured or unsecured Indebtedness
of the Borrower and its Subsidiaries, provided the aggregate principal amount of such Indebtedness (excluding Indebtedness of Strategic
Investment Subsidiaries and their respective Subsidiaries permitted under Section 7.04(o)) shall not exceed at the
time of the incurrence of any thereof 10% of Net Worth as of the end of the fiscal quarter immediately preceding any such incurrence;

 

(l)             obligations
consisting of guarantees of any Subsidiary of Indebtedness of insurance agents of an Insurance Subsidiary in an aggregate amount
not to exceed at the time of the incurrence of any thereof 3% of Net Worth as of the end of the fiscal quarter immediately preceding
such incurrence;

 

(m)            Indebtedness
of the Borrower owing to any Subsidiary and of any Subsidiary owing to the Borrower or any other Subsidiary, provided that, in
the case of Indebtedness of the Borrower owing to any Subsidiary, the payment of such Indebtedness is subordinate to the payment
of the Obligations in a manner satisfactory to the Administrative Agent;

 

(n)            Non-Recourse
Debt of the Designated Subsidiaries;

 

(o)            Indebtedness
of the Strategic Investment Subsidiaries and their respective Subsidiaries, which Indebtedness may be secured by assets of the
Strategic Investment Subsidiaries or any of their respective Subsidiaries, provided in no event shall the owner of such Indebtedness
have any recourse, directly or indirectly, to the Borrower or any of its Subsidiaries (other than the Strategic Investment Subsidiaries
and their respective Subsidiaries) or any of their respective assets;

 

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(p)            so
long as no Event of Default has occurred and is continuing at the time of incurrence thereof, Synthetic Lease Obligations, provided
the aggregate Attributable Indebtedness in respect thereof shall not exceed at the time of the incurrence of any thereof 3% of
Net Worth as of the end of the fiscal quarter immediately preceding such incurrence;

 

(q)            so
long as no Event of Default has occurred and is continuing at the time of incurrence thereof, Indebtedness arising in connection
with a Permitted Accounts Securitization;

 

(r)             [reserved];

 

(s)            [reserved];
and

 

(t)             any
extensions, renewals or refinancings (but not increases) of the foregoing.

 

Section 7.05.          Transactions
with Affiliates. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter into any transaction with any
Affiliate of the Borrower, except upon terms no less favorable to the Borrower or such Subsidiary than would be obtained in a comparable
arm’s-length transaction with a Person not an Affiliate of the Borrower or such Subsidiary; provided that the foregoing
restrictions shall not apply to (a) customary fees paid to members of the Board of Directors of the Borrower and its Subsidiaries,
(b) loans and other transactions (i) by and among the Borrower and its Subsidiaries and (ii) permitted by Article VII
and (c) the performance of any of the agreements identified on Schedule 7.05.

 

Section 7.06.          Restricted
Payments. The Borrower shall not, and shall not allow any of its Subsidiaries to, declare or make any dividend payment or other
distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of its Equity
Interests, or purchase, redeem or otherwise acquire for value any shares of any class of its Equity Interests or any warrants,
rights or options to acquire such shares, now or hereafter outstanding, or directly or indirectly voluntarily prepay, defease or
in substance defease, purchase, redeem, retire or otherwise acquire, any Indebtedness described in Section 7.04(i) or
Section 7.04(j) (collectively, “Restricted Payments”), except that:

 

(a)            any
Subsidiary may declare and pay dividends and tax sharing payments and otherwise declare and make distributions of assets, properties,
cash, rights, obligations or securities on account of any shares of any class of its Equity Interests, in each case, to the Persons
which own its Equity Interests; provided that the share of any of the foregoing made or paid to the Borrower and its other
Subsidiaries is as least pro rata to the percentage of Equity Interests in such Subsidiary owned by the Borrower and its other
Subsidiaries;

 

(b)            the
Borrower may, so long as immediately preceding and after giving effect to any such repurchase, retirement, acquisition or purchase
no Event of Default shall have occurred, repurchase, retire or otherwise acquire Equity Interests of the Borrower or purchase any
warrants, rights or options to acquire such Equity Interests;

 

(c)            the
Borrower may, so long as immediately preceding and after giving effect thereto no Event of Default shall have occurred and be continuing,
(i) pay cash dividends or (ii) make any other distribution of assets, properties, rights, obligations or securities,
to its shareholders so long as, immediately preceding and after giving effect to such other distribution, the Borrower shall be
in compliance with the financial covenants set forth in Sections 7.09(a) and 7.09(b), in each case on a pro
forma basis;

 

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(d)            the
Borrower or any Subsidiary may, so long as immediately preceding and after giving effect thereto no Event of Default shall have
occurred, prepay, defease, purchase, redeem or retire any Indebtedness described in Sections 7.04(i) and 7.04(j);
provided, that in any event the Borrower may repay, prior to October 29, 2025, any principal amount upon the conversion
or mandatory prepayment of any Convertible Indebtedness as long as such repayment complies with the immediately following sentence;

 

(e)            the
Borrower may make payments of interest on any Convertible Indebtedness.; and

 

(f)            to
the extent constituting a Restricted Payment, the Borrower and any Subsidiary may consummate any transaction permitted by Section 7.02
(other than Sections 7.02(c)(i)(L)(III)) and/or Section 7.03 (other than Section 7.03(a)(iii)(D)).

 

The repayment, prior to October 29,
2025, of any principal amount upon the conversion or mandatory prepayment of any Convertible Indebtedness may be made (A) if
such payment is made solely in additional debt securities (on terms reasonably acceptable to the Administrative Agent) or equity
securities or (B) if such payment is made in cash, so long as immediately preceding and after giving effect to such payment
no Event of Default shall have occurred and (x) the Borrower has Sufficient Liquidity and (y) after giving effect to
any such payment, the Borrower is in pro forma compliance with each financial covenant set forth in Section 7.09. Issuances
by a Person of stock options, restricted stock or other stock-based compensation to officers, directors and employees of such Person
shall not constitute Restricted Payments.

 

Section 7.07.          Change
in Business. Other than in connection with a Permitted Acquisition, the Borrower shall not, and shall not permit any of its
Material Subsidiaries to, engage in any material line of business substantially different from those lines of business carried
on by the Borrower and its Subsidiaries on the Amended Facility Effective Date and businesses directly related thereto and reasonable
extensions thereof.

 

Section 7.08.         Accounting
Changes. The Borrower shall not, and shall not permit any of its Material Subsidiaries to, make any change in accounting treatment
or reporting practices that affect the calculation of the financial covenants set forth in Section 7.09, except as
required by GAAP or SAP, or change the fiscal year of the Borrower or of any Subsidiary.

 

Section 7.09.          Financial
Covenants.

 

(a)            Net
Worth. The Borrower shall not permit its Net Worth as of the end of any fiscal quarter to be less than the sum of (i) 70%
of Net Worth as of June 30, 2020 (the date of such fiscal quarter end, the “Net Worth Test Date”), plus
(ii) 50% of Net Income (in excess of zero) from the beginning of the first fiscal quarter following the Net Worth Test Date
to the last day of the fiscal quarter for which such determination is made, plus (iii) 50% of cumulative issuances of Capital
Stock by the Borrower after the Net Worth Test Date (without duplication of amounts in respect of such issuances included in subclause
(i) above) (the “Net Worth Level”);.

 

(b)            Total
Debt to Total Capitalization Ratio. The Borrower shall not permit its Total Debt to Total Capitalization Ratio, to be greater
than 0.35 to 1.0 at the end of any fiscal quarter.

 

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Section 7.10.          Restrictive
Agreements, Etc. The Borrower shall not, and shall not permit any of its Material Insurance Subsidiaries to, enter into any
agreement (other than pursuant to Legal Requirements and excluding any Loan Document) prohibiting any of its Subsidiaries from
making any payments, directly or indirectly, to the Borrower by way of dividends, advances, repayments of loans or advances, reimbursements
and accruals or other returns on investments, or any other agreement or arrangement which prohibits any such Subsidiary from making
any payment, directly or indirectly, to the Borrower in an aggregate amount in excess of 1% of Net Worth (computed as of the end
of the fiscal quarter immediately preceding the date the agreement becomes effective) for all such agreements, other than any covenants
or other restrictions in agreements evidencing or governing Permitted Liens or Indebtedness permitted under Section 7.04.

 

Section 7.11.          Certain
Amendments. The Borrower shall not agree to any amendment to the terms and conditions of any Public Debenture or the underlying
indenture related thereto that restricts, prohibits or would otherwise adversely affect Borrower’s ability to pay and perform
the Obligations in any material respect, including any amendment that would (a) increase the interest rate on such Public
Debenture, (b) change the dates upon which payments of principal or interest are due on such Public Debenture other than
to extend such dates, (c) change any default or event of default or financial covenant other than to delete or make less restrictive
any default or financial covenant provision therein, or add any financial covenant with respect to such Public Debenture, (d) change
the redemption, prepayment, defeasance or repurchase provisions of such Public Debenture other than to extend the dates therefor
or to reduce the premiums (if any) payable in connection therewith, or (e) grant any security, collateral or guaranty to secure
payment of such Public Debenture, unless, to the extent such grant is made by the Borrower, the Administrative Agent, for the benefit
of the Lenders, is granted, on a pari-passu basis, the identical security, collateral or guaranty to secure payment of the Obligations.

 

Article VIII

EVENTS OF DEFAULT AND REMEDIES

 

Section 8.01.          Events
of Default. Any of the following shall constitute an Event of Default:

 

(a)            Non-Payment.
The Borrower fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within
five days after the same becomes due, any interest on any Loan, or any Facility Fee or other fee due hereunder, or any other amount
payable hereunder or under any other Loan Document; or

 

(b)            Specific
Covenants. The Borrower or any Subsidiary fails to perform or observe any term, covenant or agreement contained in any of Section 6.03(a)(i) or
Article VII applicable to it; or

 

(c)            Other
Defaults. The Borrower or any Subsidiary fails to perform or observe any other covenant or agreement (not specified in subsection (a) or
(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after
the earlier of (i) the date upon which a Responsible Officer knew or reasonably should have known of such failure or (ii) the
date upon which written notice thereof is given to the Borrower by the Administrative Agent or any Lender; or

 

(d)            Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the
Borrower or any Subsidiary herein, in any other Loan Document, or in any document delivered in connection herewith or therewith
shall be incorrect or misleading in any material respect when made or deemed made; or

 

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(e)            Cross-Default.
(i) The Borrower or any Subsidiary (A) fails to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Indebtedness incurred pursuant to (x) the Public Debentures, (y) [reserved],
or (z) any other Indebtedness or Contingent Obligation (other than Indebtedness hereunder, Indebtedness under Swap Contracts, Indebtedness
permitted under Section 7.04(m), intercompany accounts payable, and Capital Lease Liabilities or purchase money Indebtedness
with respect to which a bona fide dispute exists which is being actively contested by the Borrower or the applicable Subsidiary)
having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors
under any combined or syndicated credit arrangement) of more than 3% of Net Worth as of the fiscal quarter immediately preceding
any such failure, and such failure continues after the applicable grace or notice period, if any, specified in the relevant document
on the date of such failure, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness
or Contingent Obligation or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the
beneficiary or beneficiaries of such Indebtedness or Contingent Obligation (or a trustee or agent on behalf of such holder or holders
or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become
due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease
or redeem such Indebtedness to be made, prior to its stated maturity, or such Indebtedness to become payable or cash collateral
in respect thereof to be demanded, excluding, however, any such event creating any right of conversion or mandatory prepayment
of any Convertible Indebtedness; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such
Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Borrower or any Subsidiary
is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract
as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value
owed by the Borrower or such Subsidiary as a result thereof (excluding any portion thereof payable in common Equity Interests of
the Borrower or such Subsidiary) is greater than 3% of Net Worth as of the fiscal quarter immediately preceding any such Early
Termination Date; or

 

(f)             Insolvency
Proceedings, Etc. The Borrower or any Material Subsidiary institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part
of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed and
the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating
to any such Person or to all or any material part of its property is instituted and continues undismissed or unstayed for 60 calendar
days, or an order for relief is entered in any such proceeding; or any Insurance Subsidiary shall become subject to any conservation,
rehabilitation or liquidation order, directive or mandate issued by an Governmental Authority; or

 

(g)            Inability
to Pay Debts; Attachment. (i) The Borrower or any Material Subsidiary ceases to be Solvent, or becomes unable or admits
in writing its inability or fails generally to pay its debts as they become due, subject to applicable grace periods, if any, whether
at stated maturity or otherwise, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied
against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 60 days
after its issue or levy; or

 

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(h)            Judgments.
There is entered against the Borrower or any Material Subsidiary (i) a final judgment or order for the payment of money in
an aggregate amount exceeding 3% of Net Worth (to the extent not covered by an indemnity from a creditworthy indemnitor or independent
third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments
that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either
case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period
of 10 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not
in effect; or

 

(i)             ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected
to result in liability of the Borrower or any Material Subsidiary under Title IV of ERISA to the Pension Plan, Multiemployer
Plan or the PBGC in an aggregate amount in excess of 3% of Net Worth (calculated as of the end of the fiscal quarter immediately
preceding the occurrence of such ERISA Event); (ii) the aggregate amount of Unfunded Pension Liability among all Pension Plans
at any time exceeds 3% of Net Worth (calculated as of the end of the fiscal quarter immediately preceding the most recent increase
in Unfunded Pension Liability); or (iii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of
any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA
under a Multiemployer Plan in an aggregate amount in excess of 3% of Net Worth (calculated as of the end of the fiscal quarter
immediately preceding such failure to pay); or

 

(j)             Invalidity
of Loan Documents. Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or the Borrower contests
in any manner the validity or enforceability of any Loan Document; or the Borrower denies that it has any or further liability
or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or

 

(k)            Change
of Control. There occurs any Change of Control; or

 

(l)             Loss
of Licenses. Any Governmental Authority revokes, fails to renew or suspends any License of the Borrower or any Subsidiary,
which revocation, failure or suspension has had or would reasonably be expected to have a Material Adverse Effect, or the Borrower
or any Subsidiary for any reason loses any License which loss has had or would reasonably be expected to have a Material Adverse
Effect, or the Borrower or any Subsidiary suffers the imposition of any restraining order, escrow, suspension or impound of funds
in connection with any proceeding (judicial or administrative) with respect to any License which imposition has had or would reasonably
be expected to have a Material Adverse Effect; or

 

(m)           [reserved];
or

 

(n)            Governmental
Action. The Borrower or any of its Subsidiaries shall be required by any applicable bank regulatory authority, any applicable
insurance regulatory authority or other Governmental Authority to enter into, after the Amended Facility Effective Date, any indenture,
agreement, instrument or other arrangement (including any capital maintenance agreement) that directly or indirectly, prohibits
or restrains, or has the effect of prohibiting or restraining, or imposes material adverse conditions upon the incurrence or payment
of Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of Investments or the disposition of
property or requires the making of capital contributions to, or other Investments in, any such Subsidiary in an aggregate amount
which has a Material Adverse Effect.

 

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Section 8.02.         Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of,
or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)            declare
the commitment of each Lender to make Loans to be terminated, whereupon such commitments shall be terminated;

 

(b)            declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by the Borrower; and

 

(c)            exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable
Law;

 

provided, however, that upon
the occurrence of any Event of Default under Section 8.01(f), the obligation of each Lender to make Loans shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, without further act of the Administrative Agent or any Lender.

 

Section 8.03.         Application
of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become
immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations
shall, subject to the provisions of Section 2.14, be applied by the Administrative Agent in the following order:

 

First, to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including reasonable fees, expenses
and disbursements of any law firm or other external counsel and amounts payable under Article III) payable to the Administrative
Agent under the Loan Documents in its capacity as such;

 

Second, to payment
of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable
to the Lenders (including reasonable fees, expenses and disbursements of any law firm or other external counsel and amounts payable
under Article III) under the Loan Documents, ratably among them in proportion to the amounts described in this clause
Second payable to them;

 

Third, to payment
of that portion of the Obligations constituting accrued and unpaid interest on the Loans, ratably among the Lenders in proportion
to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment
of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in proportion to the respective
amounts described in this clause Fourth held by them; and

 

Last, the balance,
if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

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Article IX

ADMINISTRATIVE AGENT

 

Section 9.01.         Appointment
and Authority. Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent
hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and
powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative
Agent, the Lenders, and the Borrower shall not have rights as a third party beneficiary of any of such provisions. It is understood
and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create
or reflect only an administrative relationship between contracting parties.

 

Section 9.02.         Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the
Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits
from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage
in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.

 

Section 9.03.         Exculpatory
Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in
the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing,
the Administrative Agent:

 

(a)            shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)            shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law; and

 

(c)            shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

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The Administrative
Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence
of its own gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable
judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such
Default is given in writing to the Administrative Agent by the Borrower or a Lender.

 

The Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of
any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument
or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

Section 9.04.         Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative
Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice
to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who
may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

Section 9.05.         Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under
any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent
and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of
the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not
be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines
in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection
of such sub-agents.

 

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Section 9.06.         Resignation
of Administrative Agent.

 

(a)            The
Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice
of resignation, the Required Lenders shall have the right, with the prior consent of the Borrower (which consent shall not be unreasonably
withheld or delayed and in any event shall not be required at any time Event of Default under Section 8.01(a) or
(f) exists and is continuing), to appoint a successor, which shall be a bank with an office in the United States, or
an Affiliate of any such bank with an office in the United States having combined capital and surplus in excess of $1,000,000,000.
If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required
Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated
to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not
a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective
Date.

 

(b)            If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof,
the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove
such Person as Administrative Agent and, with the prior consent of the Borrower (which consent shall not be unreasonably withheld
or delayed and in any event shall not be required at any time an Event of Default under Section 8.01(a) or (f) exists
and is continuing), appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal
Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal
Effective Date.

 

(c)            With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) except for
any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications
and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly,
until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and
other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation
Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided
above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative
Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04
shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative
Agent was acting as Administrative Agent.

 

(d)            Any
resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as Swing
Line Lender. If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided
for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including
the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to
Section 2.03(c). Upon the appointment by the Borrower of a successor Swing Line Lender hereunder (which successor shall
in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring Swing Line Lender, and (b) the retiring Swing Line Lender shall
be discharged from all of its duties and obligations hereunder or under the other Loan Documents.

 

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Section 9.07.         Non-Reliance
on Administrative Agent, the Arrangers and Other Lenders. Each Lender expressly acknowledges that none of the Administrative
Agent nor any Arranger has made any representation or warranty to it, and that no act by the Administrative Agent or any Arranger
hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of the Borrower or any Affiliate
thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent or any Arranger to any Lender
as to any matter, including whether the Administrative Agent or Arranger have disclosed material information in their (or their
Related Parties’) possession. Each Lender represents to the Administrative Agent and any Arranger that it has, independently
and without reliance upon the Administrative Agent, any Arranger, any other Lender or any of their Related Parties and based on
such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into,
the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and its Subsidiaries,
and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to
enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender also acknowledges that it will, independently
and without reliance upon the Administrative Agent, any Arranger, any other Lender or any of their Related Parties and based on
such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals
and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder and to make such investigations as it deems necessary to inform itself as to
the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower. Each Lender
represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it
is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender
for the purpose of making, acquiring or holding commercial loans, and not for the purpose of purchasing, acquiring or holding any
other type of financial instrument, and each Lender agrees not to assert a claim in contravention of the foregoing. Each Lender
represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans, and either
it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans is experienced
in making, acquiring or holding such commercial loans.

 

Section 9.08.         No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers, Co-Syndication Agents or Co-Documentation
Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the
other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder. Without limiting
the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with
any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified
in deciding to enter into this Agreement or in taking or not taking action hereunder.

 

Section 9.09.         Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise

 

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(a)           to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 2.08 and 10.04) allowed in such judicial proceeding; and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.08 and 10.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section 9.10.         Certain
ERISA Matters.

 

(a)            Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that
at least one of the following is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Commitments or this Agreement,

 

(ii)           the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Commitments and this Agreement, and the conditions for exemptive
relief thereunder are and will continue to be satisfied in connection therewith,

 

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(iii)          (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter
into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection
(a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement, or

 

(iv)          such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender
or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the
immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit
of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender
involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments
and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this
Agreement, any Loan Document or any documents related hereto or thereto).

 

Article X

MISCELLANEOUS

 

Section 10.01.       Amendments,
Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure
by the Borrower therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower and acknowledged
by the Administrative Agent (such acknowledgement not to be unreasonably withheld, conditioned or delayed), and each such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
no such amendment, waiver or consent shall:

 

(a)            [reserved];

 

(b)            extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without
the written consent of such Lender (but, in the case of an increase pursuant to Section 2.13, without the additional
need of consent of the Required Lenders); it being understood that no amendment, modification or waiver of, or consent to departure
from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory
reduction of the Commitments shall constitute an increase or extension of any Commitment of such Lender;

 

(c)            postpone
any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees
or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Aggregate Commitments hereunder
or under any other Loan Document without the written consent of each Lender directly affected thereby (but without the additional
need of consent of the Required Lenders);

 

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(d)            reduce
the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (iii)) of the second proviso
to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby (but without the additional need of consent of the Required Lenders); provided,
however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate”
or to waive any obligation of the Borrower to pay interest at the Default Rate;

 

(e)            change
Section 2.12 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender; or

 

(f)             change
any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying
the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender;

 

and, provided further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above,
affect the rights or duties of the Swing Line Lender under this Agreement; (ii) no amendment, waiver or consent shall, unless
in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document; and (iii) the Fee Letters may be amended, or rights
or privileges thereunder waived, in a writing executed only by the Borrower and the party thereto whose fees are being amended
or rights or privileges thereunder are being waived. Notwithstanding anything to the contrary herein, no Defaulting Lender shall
have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which
by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders
other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without
the consent of such Lender; it being understood that no amendment, modification or waiver of, or consent to departure from, any
condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction
of the Commitments shall constitute an increase or extension of any Commitment of such Defaulting Lender and (y) any waiver,
amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting
Lender disproportionately adversely relative to other affected Lenders (other than as a result of the Applicable Percentages of
the respective Lenders being different) shall require the consent of such Defaulting Lender.

 

Notwithstanding any
provision herein to the contrary, this Agreement may be amended (or amended and extended or restated, supplemented or otherwise
modified) with the written consent of (x) the Required Lenders, the Borrower and the Administrative Agent (i) to add
one or more additional revolving credit facilities or tranches to the existing credit facility, and to permit the extensions of
credit and all related obligations and liabilities arising in connection therewith from time to time outstanding to share ratably
in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time outstanding
with the existing credit facility and tranches hereunder, and (ii) in connection with the foregoing, to permit, as deemed
appropriate by the Administrative Agent and approved by the Required Lenders and the Borrower, the Lenders providing such additional
credit facilities or tranches to participate in any required vote or action required to be approved by the Required Lenders or
by any other member or percentage of Lenders hereunder, provided, however, in no event shall this paragraph modify
the provisions of Section 10.01(b) or Section 10.01(c) and (y) the Administrative Agent
and the Borrower (i) to correct administrative errors or omissions, or to effect administrative changes that are not materially
adverse to any Lender without any further consent of any Lender, (ii) to add one or more documentation agents or similar agents
from time to time and/or (iii) pursuant to Section 3.03(c) to implement a LIBOR Successor Rate (including any LIBOR
Successor Rate Conforming Changes).

 

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Section 10.02.       Notices;
Effectiveness; Electronic Communication.

 

(a)            Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows,
and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows:

 

(i)            if
to the Borrower, the Administrative Agent or the Swing Line Lender, to the address, facsimile number, electronic mail address or
telephone number specified for such Person on Schedule 10.02; and

 

(ii)           if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire
then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

Notices and other communications sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection
(b) below, shall be effective as provided in such subsection (b).

 

(b)            Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent or as otherwise
provided in this Agreement, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II
if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent, the Swing Line Lender or the Borrower may each, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that
approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes and except as otherwise provided in this Agreement, (i) notices and other communications sent to
an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such
as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient
at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor; provided that, for both clauses (i) and (ii),
if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email
or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

 

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(c)            The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES
OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall
the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability
to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort,
contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials
through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court
of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, willful misconduct
or breach, in bad faith, of this Agreement by such Agent Party; provided, however, that in no event shall any Agent
Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive
damages (as opposed to direct or actual damages).

 

(d)            Change
of Address, Etc. Each of the Borrower, the Administrative Agent and the Swing Line Lender may change its address, facsimile
or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may
change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrower, the
Administrative Agent and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from time to
time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile
number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions
for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender
to at all times have selected the “Private Side Information” or similar designation on the content declaration screen
of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials
that are not made available through the “Public Side Information” portion of the Platform and that may contain material
non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities
laws.

 

(e)            Reliance
by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices
(including any telephonic or electronic Revolving Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of
the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from
any confirmation thereof. The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of
them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given
by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may
be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

Section 10.03.       No
Waiver; Cumulative Remedies; Enforcement. No failure by any Lender or the Administrative Agent to exercise, and no delay by
any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges
herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers
and privileges provided by law.

 

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Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Borrower shall be vested exclusively in, and all actions and proceedings at law in connection
with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02
for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative
Agent) hereunder and under the other Loan Documents, (b) the Swing Line Lender from exercising the rights and remedies that
inure to its benefit (solely in its capacity as Swing Line Lender) hereunder and under the other Loan Documents, (c) any Lender
from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.12),
or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to the Borrower under any Debtor Relief Law; and provided, further, that if at any time there
is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall
have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to
the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.12,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by
the Required Lenders.

 

Section 10.04.       Expenses;
Indemnity; Damage Waiver.

 

(a)            Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (but limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket fees
and expenses of one counsel for the Administrative Agent and the Arrangers, taken as a whole), in connection with the syndication
of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement
and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable and documented out-of-pocket expenses
incurred by the Administrative Agent or any Lender, but limited, in the case of legal fees and expenses, to the reasonable and
documented out-of-pocket fees and expenses of one counsel for the Administrative Agent and the Arrangers, taken as a whole, and
such additional counsel as reasonably required by any Lender in light of conflicts of interest, in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under
this Section, or (B) in connection with the Loans made, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans.

 

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(b)            Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related documented expenses (but limited, in the
case of legal fees and expenses, to the reasonable and documented out-of-pocket fees and expenses of one counsel for all the Indemnitees,
taken as a whole, and such additional counsel as reasonably required by any Indemnitee in light of conflicts of interest or the
availability of different claims or defenses), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including
the Borrower) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions
contemplated hereby or thereby (other than costs of Lenders other than Bank of America incurred solely in connection with the negotiation
of the initial terms of this Agreement and the execution and delivery of this Agreement), or, in the case of the Administrative
Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents
(including in respect of any matters addressed in Section 3.01), (ii) any Loan or the use or proposed use of the
proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of
its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless
of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee
or (y) result from a claim brought by the Borrower against an Indemnitee for material breach of such Indemnitee’s obligations
hereunder or under any other Loan Document, if the Borrower has obtained a final and non-appealable judgment in its favor on such
claim as determined by a court of competent jurisdiction or (z) are the result of claims asserted against an Indemnitee by
another Indemnitee. Without limiting the provisions of Section 3.01(c), this Section 10.04(b) shall
not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim.

 

(c)            Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of
this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Swing Line Lender or any Related
Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Swing
Line Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time)
of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made
severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent),
or the Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent), or the Swing Line Lender in connection with such capacity. The obligations of the Lenders under
this subsection (c) are subject to the provisions of Section 2.11(d).

 

(d)            Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, each party hereto shall not assert, and hereby
waives any claim against each other party hereto, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, 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. None of the Borrower, the Administrative Agent (and any sub-agent thereof), any Lender, and any
Related Party of any of the foregoing Persons shall be liable for any damages arising from the use by unintended recipients of
any information or other materials distributed to such unintended recipients by any of the foregoing Persons through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby other than, with respect to any Person, for direct or actual damages resulting from the gross negligence
or willful misconduct of such Person or the material breach of the Loan Documents by the Borrower, the Administrative Agent (and
any sub-agent thereof), any Lender, and any Related Party of any of the foregoing Persons, as applicable, as determined by a final
and non-appealable judgment of a court of competent jurisdiction.

 

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(e)            Payments.
All amounts due under this Section shall be payable not later than ten Business Days after demand therefor together with supporting
documentation reasonably acceptable to the Borrower.

 

(f)             Survival.
The agreements in this Section and the indemnity provisions of Section 10.02(e) shall survive the resignation
of the Administrative Agent and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments
and the repayment, satisfaction or discharge of all the other Obligations.

 

Section 10.05.       Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender,
or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver
or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force
and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay
to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by
the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum
equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of the
preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

Section 10.06.       Successors
and Assigns.

 

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

 

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(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b),
participations in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the
following conditions:

 

(i)            Minimum
Amounts.

 

(A)            in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time
owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of
this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

 

(B)            in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this
purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of
the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as
no Event of Default under Section 8.01(a) or 8.01(f) has occurred and is continuing, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

(ii)            Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall
not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;

 

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

 

(A)            the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of
Default under Section 8.01(a) or 8.01(f) has occurred and is continuing at the time of such assignment
or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall
be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent
within ten (10) Business Days after having received notice thereof;

 

(B)            the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment
is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and

 

(C)            the
consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.

 

(iv)          Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee,
if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

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(v)           No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons).

 

(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 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 or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding
the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed
to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof
by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified
in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to
the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties,
no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender’s having been a Defaulting Lender. Upon request, the Borrower shall execute and deliver a Note to the assignee Lender.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with subsection (d) of this Section.

 

(c)            Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes),
shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent
thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
 “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative
Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

 

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(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of one or more natural Persons, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or
Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in
Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall
be responsible for the indemnity under Section 10.04(c) without regard to the existence of any participation.

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in the first proviso to Section 10.01 that affects such Participant. The Borrower agrees
that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements
and limitations therein, including, the requirements under Section 3.01(e) (it being understood that the documentation
required under Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided
that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an
assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under
Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation
would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in
Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at
the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions
of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 10.08 as though it were a Lender; provided that such Participant agrees to be subject
to Section 2.12 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose
as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents
(the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to
the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

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(e)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)             Resignation
as Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank of America
assigns all of its Commitment and Revolving Loans pursuant to subsection (b) above, Bank of America may, (i) upon
30 days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation as Swing Line Lender,
the Borrower shall be entitled to appoint from among the Lenders a successor Swing Line Lender hereunder; provided, however,
that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as Swing Line Lender.
If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder
with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to
require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.03(c).
Upon the appointment of a successor Swing Line Lender, such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring Swing Line Lender.

 

Section 10.07.       Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality
of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates, its auditors and its
Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Information and will agree to keep such Information confidential), (b) to the extent required or requested by any
regulatory authority with jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as
the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any
subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same
as those of this Section, to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant
in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.13(c),
it being understood that any such Eligible Assignee or Participant will be informed of the confidential nature of such Information
and will agree to keep such Information confidential, or (ii) any actual or prospective party (or its Related Parties) to
any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations,
this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating
the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar
agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with
respect to the credit facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this Section, (y) becomes available to the Administrative
Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower without
breach of any duty of confidentiality known to the Administrative Agent or such Lender or (z) is independently developed by
a party hereto based exclusively on information the disclosure of which would not otherwise be restricted by the terms of this
Section 10.07. For purposes of this Section, “Information” means all information received from or on behalf
of the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than
any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure
by the Borrower or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information.

 

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Each of the Administrative
Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower
or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information
and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal
and state securities Laws.

 

Section 10.08.       Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from
time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final, in whatever currency, but not any deposits held in a custodial, trust or other fiduciary
capacity) at any time held and other obligations (in whatever currency) at any time owing by such Lender to or for the credit or
the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement
or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement
or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch
or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness; provided,
that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be
paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.14
and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the
benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such
right of setoff. The rights of each Lender under this Section are in addition to other rights and remedies (including other
rights of setoff) that such Lender may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after
any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff
and application.

 

Section 10.09.       Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be
paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum
Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate,
the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.
In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum
Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder.

 

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Section 10.10.         Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement,
the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section 10.11.         Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof
and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender,
regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall
continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.

 

Section 10.12.         Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that
the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as
determined in good faith by the Administrative Agent or the Swing Line Lender, as applicable, then such provisions shall be deemed
to be in effect only to the extent not so limited.

 

Section 10.13.         Replacement
of Lenders. If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any
Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower
the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 10.06), all of its interests, rights (other than its existing
rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan
Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment), provided that:

 

(a)             the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.06(b);

 

(b)            such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all
other amounts);

 

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(c)             in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to
be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)            such
assignment does not conflict with applicable Laws; and

 

(e)             in
the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent (if such amendment, waiver or consent continues to be under consideration at the
time of such assignment).

 

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 Borrower to require such assignment and delegation cease to apply.

 

Each party hereto agrees
that (a) an assignment required pursuant to this Section 10.13 may be effected pursuant to an Assignment and Assumption
executed by the Borrower, the Administrative Agent and the assignee and (b) the Lender required to make such assignment need
not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the
terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to
execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided,
further that any such documents shall be without recourse to or warranty by the parties thereto.

 

Section 10.14.         Governing
Law; Jurisdiction; Etc.

 

(a)            GOVERNING
LAW. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other
Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the law of the State of NEW yORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE;
PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. THIS AGREEMENT
HAS BEEN ENTERED INTO PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

(b)            SUBMISSION
TO JURISDICTION. Each Party hereto IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF SUCH STATE, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN document, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH nEW yORK STATE COURT OR,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR
IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE
AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

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(c)             WAIVER
OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)            SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

Section 10.15.         Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	94	 

     

    

 

Section 10.16.         No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and
agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding
this Agreement provided by the Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions
between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on
the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has
deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions
of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the
Arrangers and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant
parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates,
or any other Person and (B) neither the Administrative Agent, the Arrangers nor any Lender has any obligation to the
Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers and the Lenders and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower
and its Affiliates, and neither the Administrative Agent, the Arrangers nor any Lender has any obligation to disclose any
of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases
any claims that it may have against the Administrative Agent, the Arrangers or any Lender with respect to any breach or
alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

Section 10.17.         Electronic
Execution of Assignments and Certain Other Documents. The words “execute,” “execution,” “signed,”
 “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof
(including waivers and consents) or related to any document to be signed in connection with this Agreement and the transactions
contemplated hereby (including without limitation Revolving Loan Notices, Swingline Loan Notices) shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative
Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 10.18.         USA
PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not
on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies the Borrower, which information includes the name and address of the Borrower and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Act. The
Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information
that the Administrative Agent or such Lender reasonably requests in order to comply with its ongoing obligations under applicable
 “know your customer” and anti-money laundering rules and regulations, including the Act.

 

Section 10.19.         Acknowledgement
and Consent to Bail-In of Affected 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 Affected 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 the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

(a)             the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

    	 	95	 

     

    

 

(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 Affected Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or
any other Loan Document; or

 

(iii)          the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable
Resolution Authority

 

Section 10.20.      Electronic
Signatures. This Agreement and any document, amendment, approval, consent, information, notice, certificate, request, statement,
disclosure or authorization related to this Agreement (each a “Communication”), including Communications required
to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each of the parties
hereto agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to
the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute
the legal, valid and binding obligation of such Person enforceable against such in accordance with the terms thereof to the same
extent as if a manually executed original signature was delivered. Any Communication may be executed in as many counterparts as
necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication.
For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative
Agent and each of the Lenders of a manually signed paper Communication which has been converted into electronic form (such as scanned
into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention.
The Administrative Agent and each of the Lenders may, at its option, create one or more copies of any Communication in the form
of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of
the such Person’s business, and destroy the original paper document. All Communications in the form of an Electronic Record,
including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity
and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under
no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent
pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative
Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely
on any such Electronic Signature purportedly given by or on behalf of the Borrower without further verification and (b) upon
the request of the Administrative Agent, any Electronic Signature shall be promptly followed by a manually executed counterpart
thereof. For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the
meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

 

Section 10.21.      ENTIRE
AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
AMONG THE PARTIES.

 

    	 	96	 

     

    

 

Section 10.22.      Amendment
and Restatement.

 

(a)             On
the Amended Facility Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement
and (a) all references to the Existing Credit Agreement in any Loan Document other than this Agreement (including in any amendment,
waiver or consent) shall be deemed to refer to the Existing Credit Agreement as amended and restated hereby, (b) all references
to any section (or subsection) of the Existing Credit Agreement in any Loan Document (but not herein) shall be amended to be, mutatis
mutandis, references to the corresponding provisions of this Agreement, (c) except as the context otherwise provides,
all references to this Agreement herein (including for purposes of indemnification and reimbursement of fees) shall be deemed to
be reference to the Existing Credit Agreement as amended and restated hereby and (d) the Borrower (i) reaffirms all of
its obligations under each of the Loan Documents to which it is a party and (ii) acknowledges and agrees that subsequent to,
and taking into account all of the terms and conditions of this Agreement, each Loan Document to which it is a party shall remain
in full force and effect in accordance with the terms thereof. This Agreement is not intended to constitute, and does not constitute,
a novation of the obligations and liabilities under the Existing Credit Agreement (including the Obligations as defined therein)
or to evidence payment of all or any portion of such obligations and liabilities.

 

(b)            With
respect to any “Lender” party to (and as defined in) the Existing Credit Agreement who has elected not to become a
Lender under this Agreement (a “Departing Lender”’), the parties hereto agree that any assignment by such
Departing Lender of its “Commitments” and/or “Obligations” (as such terms are defined in the Existing Credit
Agreement ) to the Lenders hereunder through a letter agreement or other mechanism in a form approved by Administrative Agent shall
be effective notwithstanding any other provisions of the Existing Credit Agreement or this Agreement to the contrary. After giving
effect to any change to a Lender’s Commitment upon execution of this Agreement, it may be the case that the outstanding Total
Credit Exposure is not held pro rata in accordance with the new Commitments. In order to remedy the foregoing, on the Amended Facility
Effective Date, each of the parties hereto agrees that Administrative Agent may take any and all actions as may be reasonably necessary
to ensure that, upon the Amended Facility Effective Date and the execution of this Agreement, each Lender shares in the aggregate
Total Credit Exposure pro rata in accordance with the new Commitments.

 

	REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

 

    	 	97	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	FIDELITY NATIONAL FINANCIAL, INC.
	 	 
	 
	 	By:	/s/ Michael L. Gravelle
	 	Name:	 Michael L. Gravelle
	 	Title:	 Executive Vice President, General Counsel and Corporate Secretary

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	bank of america,
    n.a.,  as
	 	Administrative Agent
	 
	 	By:	/s/ Aamir Saleem
	 	Name:	Aamir Saleem
	 	Title:	Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	bank of america,
    n.a., as a Lender and Swing
	 	Line Lender
	 
	 	By:	/s/ Chris Choi
	 	Name:	 Chris Choi
	 	Title:	Director

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	Bank of hawaii,
    as a Lender
	 
	 	By:	/s/ Terri L. Okada
	 	Name:	Terri L. Okada
	 	Title:	Senior Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	bank of the west,
    as a Lender
	 	 
	 
	 	By:	/s/ Dale Paterson
	 	Name:	   Dale Paterson
	 	Title:	Director
	 
	 	By:	/s/ Charlene Davidson
	 	Name:	    Charlene Davidson
	 	Title:	 Managing Director

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	BBVa usa,
    as a Lender
	 
	 	By:	/s/ Steve Ray
	 	Name:	   Steve Ray
	 	Title:	 Executive Director

 

Signature Page to Credit
Agreement

 

     

     

    

 

	 	bmo harris bank
    n.a., as a Lender
	 
	 	By:	/s/ Sean Ball
	 	Name:	   Sean Ball
	 	Title:	 Managing Director

 

Signature Page to Credit Agreement

 

     

     

    

 

	 	bokf, na
    dba Bank of Texas
	 
	 	By:	/s/ Mike Meredith
	 	Name:	Mike Meredith
	 	Title:	Senior Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

 

	 	capital
    one, national association, as a Lender
	 	 
	 	 
	 	By:	/s/ Thomas Lawler
	 	Name:	Thomas Lawler
	 	Title: 	Senior Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	Citibank,
    na, as a Lender
	 	 
	 	 
	 	By:	/s/ Thomas Christopher
	 	Name:	Thomas Christopher
	 	Title:	Senior Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	Citizens
    bank, n.a., as a Lender
	 	 
	 	 
	 	By:	/s/ Karmyn Paul
	 	Name:	Karmyn Paul
	 	Title:	Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	CitY
    nATIonal bank, as a Lender
	 	 
	 	 
	 	By:	/s/ Forrest McGann
	 	Name:	Forrest McGann
	 	Title:	Senior Credit Officer

 

Signature
Page to Credit Agreement

 

     

     

    

 

		COMERICA BANK, as a
    Lender
	 	 
	 	 
	 	By:	 /s/ Robert D. Yates
	 	Name:	Robert D. Yates
	 	Title:	Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	fifth
    third bank, national association, as
    a Lender
	 	 
	 	 
	 	By:	/s/ Michael
    J. Schaltz, Jr.
	 	Name:	Michael J. Schaltz, Jr.
	 	Title:	Managing Director & Senior Vice
    President

 

Signature
Page to Credit Agreement

 

     

     

    

 

		jpmorgan
    chase bank, n.a., as a Lender
	 	 
	 	 
	 	By:	 /s/ James S. Mintzer
	 	Name:	James S. Mintzer
	 	Title:	Executive Director

 

Signature
Page to Credit Agreement

 

     

     

    

 

		MUFG
    BANK, LTD.,  as a Lender
	 	 
	 	 
	 	By:	 /s/ Rajiv Ranjan
	 	Name:	Rajiv Ranjan
	 	Title:	Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

		pnc
    bank national association, as a Lender
	 	 
	 	 
	 	By:	 /s/ Matthew Titus
	 	Name:	Matthew Titus
	 	Title:	Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

		regions
    bank, as a Lender
	 	 
	 	 
	 	By:	 /s/ Neel Patel
	 	Name:	Neel Patel
	 	Title:	Vice President

 

	 	By:	 /s/ Neel Patel
	 	Name:	Neel Patel
	 	Title:	Vice President

 

Signature
Page to Credit Agreement

 

     

     

    

 

		ROYAL
    BANK OF CANADA, as a Lender
	 	 
	 	 
	 	By:	 /s/ Sergey Skripnichenko
	 	Name:	Sergey Skripnichenko
	 	Title:	Authorized Signatory

 

Signature
Page to Credit Agreement

 

     

     

    

 

		U.S.
    Bank national association, as a Lender
	 	 
	 	 
	 	By:	 /s/ James F. Cooper
	 	Name:	James F. Cooper
	 	Title:	Sr. V/President

 

Signature
Page to Credit Agreement

 

     

     

    

 

		wells
    fargo bank, n.a., as a Lender
	 	 
	 	 
	 	By:	 /s/ Grainne M. Pergolini
	 	Name:	Grainne M. Pergolini
	 	Title:	Managing Director

 

Signature
Page to Credit AgreementDocument

Exhibit 10.1

July 10, 2020
Re: Offer Letter
Dear Jeff: 
On behalf of Upwork Inc. (the “Company”), I am pleased to offer you full-time employment in the position of Chief Financial Officer, reporting to Hayden Brown, President and Chief Executive Officer, with an estimated start date of August 4, 2020 (such actual date, the “Start Date”).  Your appointment as Chief Financial Officer is subject to approval by the Board of Directors of the Company (the “Board”) and your commencement of employment.  You will initially be working remotely to the extent consistent with the Company’s policies and guidelines as of the Start Date, but will be expected to come into the Company’s principal offices in Santa Clara, California as requested by the Company and will be expected to travel to other locations as required.
The terms of our offer and the benefits currently provided by the Company are as follows:
1.Position.  This is a full-time position. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit or impair you from performing your duties for the Company.
2.Cash Compensation.  Your base salary will be $400,000 per year, payable in accordance with the Company’s standard payroll practices.  The base salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time.
3.Signing Bonus. You will receive a one-time signing bonus of $100,000 (the “Signing Bonus”) within 30 days of your Start Date, payable in accordance with the Company’s standard payroll practices.  If at any time prior to the 6-month anniversary of your Start Date, your service to the Company terminates for any reason other than a termination by the Company without Cause (as defined in the CIC Severance Agreement (defined below)), you will be required to repay to the Company a pro-rated portion of the Signing Bonus, calculated as follows: (i) the total Signing Bonus, reduced by (ii) 1/6th for each full month you were employed.
4.Annual Bonus.  You will be eligible to participate in the Company’s 2020 performance bonus plan (the “Bonus Plan”), with a target bonus eligibility of 60% of the base salary you are actually paid for service during 2020.  Because the bonus is calculated based on actual salary payments, your bonus will be effectively pro-rated to reflect your partial year of service from your Start Date and will be further effectively pro-rated in the event of any leave of absence during the year.  Your bonus eligibility is subject to the terms of the Bonus Plan, which is yet to be adopted and will be provided to you after its adoption.
5.Equity. 
(a)The Company will request that the Compensation Committee (the “Committee”) of the Board grant you restricted stock units (the “RSUs”) covering a number of shares of common stock of the Company calculated by dividing (i) $4,000,000 by (ii) the average of the closing sale prices for one share of Company common stock as quoted on Nasdaq Global Market for the 30 calendar days ending on the last day immediately preceding the grant date of the RSU,  rounded down to the nearest whole share. The 
        

RSUs will be subject to the terms and conditions of the Company’s 2018 Equity Incentive Plan and a restricted stock unit award agreement to be entered into between you and the Company. We will ask the Committee to grant the RSUs according to the following vesting schedule provided you remain in service on each applicable vesting date: 75% of the total number of RSUs will vest on the three-year anniversary of August 18, 2020 (the “Vesting Commencement Date”) and 6.25% of the total number of RSUs will vest on each quarterly anniversary thereafter, such that the RSUs shall vest in full on the four-year anniversary of the Vesting Commencement Date.  Each vesting date will be the 18th day of the third month of each quarter, with the initial vesting date on August 18, 2023.
(b)In the event you are terminated without Cause (as defined in the CIC Severance Agreement) prior to August 18, 2021 and such termination takes place following a termination of the Company’s Chief Executive Officer, your RSUs will be deemed vested with respect to 6.25% of the total number of RSUs for each quarterly anniversary of the Vesting Commencement Date that has passed as of the date of such termination without Cause. In addition, in the event you are terminated without Cause or you resign for Good Reason (as defined in the CIC Severance Agreement) prior to the third anniversary of the Vesting Commencement Date, provided that you have remained in employment for at least one-year following the Vesting Commencement Date, your RSUs will be deemed vested with respect to 25% of the total number of RSUs as of August 18, 2021 and an additional 6.25% of the total number of RSUs for each quarterly anniversary of such date that has passed as of the date of such termination without Cause or resignation for Good Reason, as applicable. Notwithstanding the foregoing, you will not be eligible for the benefits described in this Section 5(b), unless you have executed a general release of all claims against the Company and its affiliates, in the form prescribed and to be provided to you by the Company (the “Release”), and such Release becomes effective, on or before the 60th day following date of your termination of service or such earlier date specified in the Release.
6.Benefits.  The Company currently has an unlimited time off policy, and you will be eligible to take time off work with pay in accordance with the Company’s time off policies then in effect. You will also be eligible to participate in benefit plans established by the Company for its employees from time to time.
7.Separation Benefits.  You will be eligible to receive certain change in control and severance payments and benefits under a Change in Control and Severance Agreement between you and the Company in substantially the form attached to this offer letter as Exhibit A (the “CIC Severance Agreement”).
8.At-Will Employment.  Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause.  Any contrary representations, whether written or oral, that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term.  Although your job duties, title, compensation, and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Company’s Chief Executive Officer.
9.Confidentiality and Intellectual Property; Arbitration.  As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company.  To protect the interests of the Company, as a condition of your employment, you are required to sign the Company’s “Employee Invention Assignment and Confidentiality Agreement”, which is 
2

incorporated herein by reference, on or before your Start Date.  In addition, as a condition of employment you are required to sign the Company’s Dispute Resolution Agreement, which is incorporated herein by reference, on or before your Start Date.  In the Dispute Resolution Agreement, you and the Company agree to resolve disputes in binding arbitration.  Copies of these agreements are attached hereto as Exhibits B and C.
10.Former Employer or Third-Party Information.  You will not, at any time during your employment with the Company, improperly use, retain or disclose any confidential or proprietary material of any former employer or other third party, whether or not it was created by you, or violate any other obligations, including non-compete provisions, you may have to any former employer or other third party.  You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company.
11.Tax Matters.
i.Withholding. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.
ii.Tax Advice; No Reliance.  You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation.
12.Entire Agreement. Except to the extent otherwise explicitly provided herein, this letter agreement, and the agreements incorporated herein by reference, supersede and replace any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company, and constitute the complete agreement between you and the Company regarding the subject matter set forth herein. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and the Chief Executive Officer.
13.Equal Employment Opportunity.  The Company is an equal opportunity employer and conducts its employment practices based on business needs and in a manner that treats employees and applicants on the basis of merit and experience. The Company prohibits unlawful discrimination on the basis of race, color, religion, sex, pregnancy, national origin, citizenship, ancestry, age, physical or mental disability, veteran status, marital status, domestic partner status, sexual orientation, or any other consideration made unlawful by federal, state or local laws.
14.General Obligations. As an employee, you will be expected to adhere to the Company’s standards of professionalism, loyalty, integrity, honesty, reliability, and respect for all.  You will also be expected to continue to comply with the Company’s policies and procedures.

(Signature Page Follows)

3

If you decide to accept this offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me.  Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter.

Sincerely,

Upwork Inc.

By:/s/Hayden Brown        
Hayden Brown
President and Chief Executive Officer

READ, UNDERSTOOD AND AGREED

/s/Jeff McCombs                 Date: July 10, 2020
Jeff McCombs

[Signature Page to Offer Letter]

EXHIBIT A
CHANGE IN CONTROL AND SEVERANCE AGREEMENT
This Change in Control and Severance Agreement (the “Agreement”) is entered into by and between Jeff McCombs (the “Executive”) and Upwork Inc., a Delaware corporation (the “Company”), on August 4, 2020 (the “Effective Date”).
1.    Term of Agreement.
Except to the extent renewed as set forth in this Section 1, this Agreement shall terminate the earlier of the third (3rd) anniversary of the Effective Date (the “Expiration Date”) or the date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination; provided however, if a definitive agreement relating to a Change in Control has been signed by the Company on or before the Expiration Date, then this Agreement shall remain in effect through the earlier of: 
(a)    The date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination, or
(b)    The date the Company has met all of its obligations under this Agreement following a termination of the Executive’s employment with the Company due to a Qualifying Termination or CIC Qualifying Termination.
This Agreement shall renew automatically and continue in effect for three (3) year periods measured from the initial Expiration Date and each subsequent Expiration Date, unless the Company provides Executive notice of non-renewal at least three (3) months prior to the date on which this Agreement would otherwise renew. For the avoidance of doubt, and notwithstanding anything to the contrary in Section 2 or 3 below, the Company’s non-renewal of this Agreement shall not constitute a Qualifying Termination or CIC Qualifying Termination, as applicable.
2.    Qualifying Termination.  If the Executive is subject to a Qualifying Termination, then, subject to Sections 4, 9, and 10 below, Executive will be entitled to the following benefits:
(a)    Severance Benefits.  The Company shall pay the Executive six (6) months worth of his monthly base salary at the rate in effect at the time of the Separation.  The Executive will receive his severance payment in a cash lump-sum in accordance with the Company’s standard payroll procedures, which payment will be made no later than the first regular payroll date occurring after the sixtieth (60th) day following the Separation.
(b)    Continued Employee Benefits.  If Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Company shall pay the full amount of Executive’s COBRA premiums on behalf of the Executive for the Executive’s continued coverage under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the same period that the Executive is paid severance benefits pursuant to Section 2(a) 

following the Executive’s Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer.
3.    CIC Qualifying Termination.  If the Executive is subject to a CIC Qualifying Termination, then, subject to Sections 4, 9, and 10 below, Executive will be entitled to the following benefits:
(a)    Severance Payments.  The Company or its successor shall pay the Executive (i) twelve (12) months’ worth of his monthly base salary at the rates in effect at the time of the Separation and (ii) the prorated portion of his then-current target bonus opportunity for the portion of the current year that Executive served prior to the Separation (calculated based on the number of full months to date in the bonus year multiplied by 1/12 of the annual target bonus opportunity) at the rate in effect at the time of the Separation.  Such payment shall be paid in a cash lump sum payment in accordance with the Company’s standard payroll procedures, which payment will be made no later than the first regular payroll date occurring after the sixtieth (60th) day following the Separation.
(b)    Continued Employee Benefits.  Continuation of COBRA on the same terms as set forth in Section 2(b) above for the same period that the Executive is paid severance benefits pursuant to Section 3(a)(i) following the Executive’s Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer.
(c)    Equity.  Each of Executive’s then outstanding Equity Awards shall accelerate and become vested and exercisable as to 100% of the shares subject to the Equity Award.  Subject to satisfaction of the Release Conditions, the accelerated vesting described in this Section 3(c) shall be effective as of the Separation.
4.    General Release.  Any other provision of this Agreement notwithstanding, Executive is only eligible for the benefits under Section 2 and 3 if the Executive (i) has executed a general release of all known and unknown claims that he may then have against the Company or persons affiliated with the Company and such release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims.  The release must be in the form prescribed by the Company, without alterations (this document effecting the foregoing, the “Release”).  The Company will deliver the form of Release to the Executive within ten (10) days after the Executive’s Separation.  The Executive must execute and return the Release within the time period specified in the form.  
5.    Accrued Compensation and Benefits.  Notwithstanding anything to the contrary in Section 2 and Section 3 above, in connection with any termination of employment (whether or not a Qualifying Termination or CIC Qualifying Termination), the Company shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including the termination of employment, including unused earned vacation pay, if applicable, and unreimbursed documented business expenses incurred by Executive through and including the date of termination (collectively “Accrued Compensation and Expenses”), as required by law and the applicable Company plan or policy.  In addition, Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the termination date of Executive’s employment under any other employee benefit plans and arrangements maintained by the Company, in accordance with the terms of such plans and arrangements, except as modified herein (collectively “Accrued Benefits”).  Any Accrued Compensation and Expenses to which the Executive is entitled shall be paid to the Executive in cash as soon as administratively practicable after the termination and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year of the Executive in which the termination occurs or at such earlier time as may be required by Section 10 below or to such lesser extent as may be mandated 
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by Section 9 below.  Any Accrued Benefits to which the Executive is entitled shall be paid to the Executive as provided in the relevant plans and arrangements.
6.    Covenants.
(a)    Invention Assignment and Confidentiality Agreement.  The Executive agrees and acknowledges that the Executive is bound by the Employee Invention Assignment and Confidentiality Agreement entered into by and between the Executive and the Company (the “Confidentiality Agreement”), including but not limited to the Executive’s confidentiality, non-competition and non-solicitation obligations thereunder.
(b)    Non-Disparagement.  The Executive further agrees that, during the twenty-four (24) month period following his Separation, he shall not in any way or by any means disparage the Company, the members of the Board or the Company’s officers and employees.  Notwithstanding the foregoing, the Executive is not prohibited from cooperating with a government agency or testifying truthfully in any government inquiry or other proceeding or in which Executive is required to testify pursuant to subpoena or other valid legal process.  
7.    Definitions.
(a)    “Board” means the Company’s board of directors.
(b)    “Cause” means the Executive’s (i) unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes or is reasonably likely to cause material harm to the Company, (ii) material failure to comply with the Company’s written policies or rules, (iii) conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state, (iv) gross negligence or willful misconduct, (v) continuing failure to perform assigned duties after receiving written notification of the failure from the Chief Executive Officer or Board, or (vi) failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested the Executive’s cooperation. The determination as to whether the Executive has been terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Executive.  The term “Company” will be interpreted to include any subsidiary or parent of the Company, as appropriate. 
(c)    “Code” means the Internal Revenue Code of 1986, as amended.
(d)    “Change in Control” means the occurrence of any of the following events, provided that the transaction (including any series of transactions) also qualifies as a change in control event under U.S. Treasury Regulation 1.409A-3(i)(5):
(i) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then-outstanding voting securities; provided, however, that for purposes of this subclause (i) the acquisition of additional securities by any one Person who is considered to own more than fifty percent (50%) of the total voting power of the securities of the Company will not be considered a Change in Control;
(ii) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets;
(iii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of 
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the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation;
(iv) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Code wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of the capital stock of the Company); or
(v) a change in the effective control of the Company that occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election.  For purpose of this subclause (v), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control.
For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
(e)    “CIC Qualifying Termination” means a Separation (A) within twelve (12) months following a Change in Control or (B) within three (3) months preceding a Change in Control (but as to part (B), only if the Separation occurs after a Potential Change in Control) resulting, in either case (A) or (B), from (i) the Company terminating the Executive’s employment for any reason other than Cause or (ii) the Executive resigning his employment for Good Reason.  A termination or resignation due to the Executive’s death or disability shall not constitute a CIC Qualifying Termination.  A “Potential Change in Control” means the date of execution of a legally binding and definitive agreement for a corporate transaction which, if consummated, would constitute the applicable Change in Control (which for the avoidance of doubt, would include, for example, a merger agreement, but not a term sheet for a merger agreement).  In the case of a termination following a Potential Change in Control and before a Change in Control, solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in Control is consummated.
 (f)    “Equity Awards” means any and all options to purchase shares of Company common stock as well as any and all other stock-based awards granted to the Executive, including but not limited to stock bonus awards, restricted stock, restricted stock units or stock appreciation rights; provided, however, that “Equity Awards” expressly excludes any and all Performance Awards. 
(g)    “Good Reason” means, without the Executive’s consent, (i) a material reduction in duties, responsibilities or authority, (ii) a material reduction in Executive’s annual base salary or annual target bonus, or (iii) a requirement that Executive relocate Executive’s principal place of work to a location that increases Executive’s one-way commute by more than thirty-five (35) miles from Executive’s then-current work location.  For the purpose of clause (i), solely in connection with a Change in Control, a change in responsibility shall not be deemed to occur (A) solely because Executive is part of a larger organization or (B) solely because of a change in title.  For the Executive to receive the benefits under this Agreement as a result of a voluntary resignation under this subsection (g), all of the following requirements must be satisfied: (1) the Executive must provide notice to the Company of his intent to assert Good Reason within sixty (60) days of the initial existence of one or more of the conditions set forth in subclauses (i) through (iii); (2) the Company will have thirty (30) days (the “Company Cure Period”) from the date of such notice to remedy the condition and, if it does so, the Executive may withdraw his resignation or may resign with no benefits under this Agreement; and (3) any termination of employment under this provision must occur within ten (10) days of the earlier of expiration of the Company Cure Period or written notice from the Company that it will not undertake to cure the condition set forth in subclauses (i) through (iii).  Should the Company remedy the condition as set forth above and then one or 
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more of the conditions arises again, the Executive may assert Good Reason again subject to all of the conditions set forth herein.
(h)    “Performance Awards” means any and all stock-based awards that vest, in whole or in part, upon satisfaction of performance criteria.
 (i)    “Release Conditions” mean the following conditions occurring within sixty (60) days following the Separation:  (i) the Company has received the Executive’s executed Release and (ii) any rescission period applicable to the Executive’s executed Release has expired without Executive rescinding the Release.
(j)    “Qualifying Termination” means a Separation that is not a CIC Qualifying Termination, but which results from the Company terminating the Executive’s employment for any reason other than Cause. A termination or resignation due to the Executive’s death or disability shall not constitute a Qualifying Termination.
(k)    “Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Code.
8.    Successors.
(a)    Company’s Successors.  The Company shall require any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets, by an agreement in substance and form satisfactory to the Executive, to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets or which becomes bound by this Agreement by operation of law.
(b)    Executive’s Successors.  This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
9.    Golden Parachute Taxes.
(a)    Best After-Tax Result.  In the event that any payment or benefit received or to be received by Executive pursuant to this Agreement or otherwise (“Payments”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this subsection (a), be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax (“Excise Tax”), then, subject to the provisions of Section 10, such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in the Payments being $1.00 less than the amount at which any portion of the Payments would be subject to the Excise Tax (“Reduced Amount”), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax.  Unless the Company and Executive otherwise agree in writing, any determination required under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to Executive (“Independent Tax Counsel”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required under this Section, Independent Tax Counsel may make reasonable assumptions and approximations concerning 
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applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that Executive pays all taxes at the highest marginal rate.  The Company and Executive shall furnish to Independent Tax Counsel such information and documents as Independent Tax Counsel may reasonably request in order to make a determination under this Section.  The Company shall bear all costs that Independent Tax Counsel may reasonably incur in connection with any calculations contemplated by this Section.  In the event that Section 9(a)(ii)(B) above applies, then based on the information provided to Executive and the Company by Independent Tax Counsel, Executive may, in Executive’s sole discretion and within thirty (30) days of the date on which Executive is provided with the information prepared by Independent Tax Counsel, determine which and how much of the Payments (including the accelerated vesting of equity compensation awards) to be otherwise received by Executive shall be eliminated or reduced (as long as after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of Sections 280G and 4999 of the Code) of the amounts payable or distributable to Executive equals the Reduced Amount).  If the Internal Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then Section 9(b) hereof shall apply, and the enforcement of Section 9(b) shall be the exclusive remedy to the Company.
(b)    Adjustments.  If, notwithstanding any reduction described in Section 9(a) hereof (or in the absence of any such reduction), the IRS determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then Executive shall be obligated to surrender or pay back to the Company, within one-hundred twenty (120) days after a final IRS determination, an amount of such payments or benefits equal to the “Repayment Amount.”  The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that Executive’s net proceeds with respect to such Payments (after taking into account the payment of the Excise Tax imposed on such Payments) shall be maximized.  Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero (0) if a Repayment Amount of more than zero (0) would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Executive from the Payments.  If the Excise Tax is not eliminated pursuant to this Section 9(b), Executive shall pay the Excise Tax.
10.    Miscellaneous Provisions.
(a)    Section 409A.  To the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) Executive is deemed at the time of such termination of employment to be a “specified” employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the Executive’s Separation; or (ii) the date of Executive’s death following such Separation; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive, including (without limitation) the additional twenty percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral.  Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to Executive or Executive’s beneficiary in one lump sum (without interest).  Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind benefits to be provided in any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.  To the extent that any provision of this Agreement is ambiguous as to its 
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exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent.  To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A.  Payments pursuant to this Agreement (or referenced in this Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A.
(b)    Other Arrangements.  This Agreement supersedes any and all cash severance arrangements and vesting acceleration arrangements under any agreement governing Equity Awards, severance and salary continuation arrangements, programs and plans which were previously offered by the Company to the Executive, including change in control severance arrangements and vesting acceleration arrangements pursuant to an agreement governing Equity Awards and Executive hereby waives Executive’s rights to such other benefits; provided that, notwithstanding the foregoing, this Agreement shall not supersede, and Executive does not hereby waive his rights to, the acceleration of vesting arrangements (i) under Executive’s initial offer letter with the Company or (ii) that may be applicable to any Performance Awards.  In no event shall any individual receive cash severance benefits under both this Agreement and any other severance pay or salary continuation program, plan or other arrangement with the Company or its subsidiaries.  For the avoidance of doubt, in no event shall Executive receive payment under both Section 2 and Section 3 with respect to Executive’s Separation.
(c)    Dispute Resolution.  To ensure rapid and economical resolution of any and all disputes that might arise in connection with this Agreement, Executive and the Company agree that any and all disputes, claims, and causes of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation, will be resolved solely and exclusively by final, binding, and confidential arbitration, by a single arbitrator, in Santa Clara County, and conducted by Judicial Arbitration & Mediation Services, Inc. (“JAMS”) under its then-existing employment rules and procedures.  Notwithstanding the foregoing agreement to resolve disputes in arbitration either party may obtain injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.  Each party shall be responsible for the payment of its own attorneys’ fees.
(d)    Notice.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with Federal Express Corporation, with shipping charges prepaid.  In the case of the Executive, mailed notices shall be addressed to him at the home address which he most recently communicated to the Company in writing.  In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.
(e)    Waiver.  No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by the Chief Executive Officer of the Company.  No waiver by either party of any breach of, or of compliance with, any 
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condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(f)    Withholding Taxes.  All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required to be withheld by law.
(g)    Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.
(h)    No Retention Rights.  Nothing in this Agreement shall confer upon the Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any subsidiary or parent of the Company or of the Executive, which rights are hereby expressly reserved by each, to terminate his service at any time and for any reason, with or without Cause.
(i)    Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California (other than its choice-of-law provisions).
[Signature Page Follows]
 

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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.
									
	EXECUTIVE	UPWORK INC.
		
	Jeff McCombs	By:	
		Title:	

EXHIBIT B

EMPLOYEE INVENTION ASSIGNMENT AND
CONFIDENTIALITY AGREEMENT

In consideration of, and as a condition of my employment with Upwork Inc., a Delaware corporation with its principal offices in the State of California (the “Company”), I, as the “Employee” signing this Employee Invention Assignment and Confidentiality Agreement (this “Agreement”), hereby represent to the Company, and the Company and I hereby agree as follows:
1.Purpose of Agreement.  I understand that the Company is engaged in a continuous program of research, development, production and/or marketing in connection with its current and projected business and that it is critical for the Company to preserve and protect its proprietary information and its rights in certain inventions and works and in related intellectual property rights.  Accordingly, I am entering into this Agreement, whether or not I am expected to create inventions or other works of value for the Company.  As used in this Agreement, “Inventions” means inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works, confidential information and trade secrets.

2.Disclosure of Inventions.  I will promptly disclose in confidence to the Company, or to any person designated by it, all Inventions that I make, create, conceive or first reduce to practice, either alone or jointly with others, during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable as trade secrets.

3.Work for Hire; Assigned Inventions.  I acknowledge and agree that any copyrightable works prepared by me within the scope of my employment are “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works.  I agree that all Inventions that I make, create, conceive or first reduce to practice during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable as trade secrets, and that (i) are developed using equipment, supplies, facilities or trade secrets of the Company; (ii) result from work performed by me for the Company; or (iii) relate to the Company’s business or actual or demonstrably anticipated research or development (the “Assigned Inventions”), will be the sole and exclusive property of the Company.

4.Excluded Inventions and Other Inventions.  Attached hereto as Exhibit A is a list describing all existing Inventions, if any, that may relate to the Company’s business or actual or demonstrably anticipated research or development and that were made by me or acquired by me prior to the Effective Date (as defined in Section 26, below), and which are not to be assigned to the Company (“Excluded Inventions”).  If no such list is attached, I represent and agree that it is because I have no rights in any existing Inventions that may relate to the Company’s business 

or actual or demonstrably anticipated research or development.  For purposes of this Agreement, “Other Inventions” means Inventions in which I have or may have an interest, as of the Effective Date or thereafter, other than Assigned Inventions and Excluded Inventions.  I acknowledge and agree that if, in the scope of my employment, I use any Excluded Inventions or any Other Inventions, or if I include any Excluded Inventions or Other Inventions in any product or service of the Company or if my rights in any Excluded Inventions or Other Inventions may block or interfere with, or may otherwise be required for, the exercise by the Company of any rights assigned to the Company under this Agreement, I will immediately so notify the Company in writing.  Unless the Company and I agree otherwise in writing as to particular Excluded Inventions or Other Inventions, I hereby grant to the Company, in such circumstances (whether or not I give the Company notice as required above), a perpetual, irrevocable, nonexclusive, transferable, world-wide, royalty-free license to use, disclose, make, sell, offer for sale, import, copy, distribute, modify and create works based on, perform, and display such Excluded Inventions and Other Inventions, and to sublicense third parties in one or more tiers of sublicensees with the same rights.

5.Exception to Assignment.  I understand that the Assigned Inventions will not include, and the provisions of this Agreement requiring assignment of inventions to the Company do not apply to, any invention that qualifies fully for exclusion under the provisions of Section 2870 of the California Labor Code, which are attached hereto as Exhibit B.

6.Assignment of Rights.  I agree to assign, and do hereby irrevocably transfer and assign, to the Company:  (i) all of my rights, title and interests in and with respect to any Assigned Inventions; (ii) all patents, patent applications, copyrights, mask works, rights in databases, trade secrets, and other intellectual property rights, worldwide, in any Assigned Inventions, along with any registrations of or applications to register such rights; and (iii) to the extent assignable, any and all Moral Rights (as defined below) that I may have in or with respect to any Assigned Inventions.  I also hereby forever waive and agree never to assert any Moral Rights I may have in or with respect to any Assigned Inventions and any Excluded Inventions or Other Inventions licensed to the Company under Section 4, even after termination of my employment with the Company.  “Moral Rights” means any rights to claim authorship of a work, to object to or prevent the modification or destruction of a work, to withdraw from circulation or control the publication or distribution of a work, and any similar right, regardless of whether or not such right is denominated or generally referred to as a “moral right.”  

7.Assistance.  I will assist the Company in every proper way to obtain and enforce for the Company all patents, copyrights, mask work rights, trade secret rights and other legal protections for the Assigned Inventions, worldwide.  I will execute and deliver any documents that the Company may reasonably request from me in connection with providing such assistance.  My obligations under this section will continue beyond the termination of my employment with the Company; provided that the Company agrees to compensate me at a reasonable rate after such termination for time and expenses actually spent by me at the Company’s request in providing such assistance.  I hereby appoint the Secretary of the Company as my attorney-in-fact to execute documents on my behalf for this purpose.  I agree that this appointment is coupled with an interest and will not be revocable.

8.Proprietary Information.  I understand that my employment by the Company creates a relationship of confidence and trust with respect to any information or materials of a confidential or secret nature that may be made, created or discovered by me or that may be disclosed to me by the Company or a third party in relation to the business of the Company or to the business of any parent, subsidiary, affiliate, customer or supplier of the Company, or any other party with whom the Company agrees to hold such information or materials in confidence (the “Proprietary Information”).  Without limitation as to the forms that Proprietary Information may take, I acknowledge that Proprietary Information may be contained in tangible material such as writings, drawings, samples, electronic media, or computer programs, or may be in the nature of unwritten knowledge or know-how.  Proprietary Information includes, but is not limited to, Assigned Inventions, marketing plans, product plans, designs, data, prototypes, specimens, test protocols, laboratory notebooks, business strategies, financial information, forecasts, personnel information provided to me so that I may carry out my duties, contract information, customer and supplier lists, and the non-public names and addresses of the Company’s customers and suppliers, their buying and selling habits and special needs.

9.Confidentiality.  At all times, both during my employment and after its termination, I will keep and hold all Proprietary Information in strict confidence and trust.  I will not use or disclose any Proprietary Information without the prior written consent of the Company in each instance, except as may be necessary to perform my duties as an employee of the Company for the benefit of the Company.  Upon request by the Company or termination of my employment with the Company, I will promptly deliver to the Company all documents and materials of any nature pertaining to my work with the Company, and I will not take with me or retain in any form any documents or materials or copies containing any Proprietary Information.

10.Physical Property.  All documents, supplies, equipment and other physical property furnished to me by the Company or produced by me or others in connection with my employment will be and remain the sole property of the Company.  I will return to the Company all such items when requested by the Company, excepting only my personal copies of records relating to my employment or compensation and any personal property I bring with me to the Company and designate as such.  Even if the Company does not so request, I will upon termination of my employment return to the Company all Company property, and I will not take with me or retain any such items.

11.Immunity for Certain Disclosures.  Please note that a disclosure of Proprietary Information will be immune from prosecution or civil action under the Defend Trade Secrets Act, 18 U.S.C. section 1833 (the DTSA”), if it: (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, under the DTSA, if you file a lawsuit for retaliation by Company for reporting a suspected violation of law, you may disclose the Proprietary Information to your attorney and use the Proprietary Information in the court proceeding, if you (A) file any document containing 

the Proprietary Information under seal; and (B) do not disclose the Proprietary Information, except pursuant to court order.

12.No Breach of Prior Agreements.  I represent that my performance of all the terms of this Agreement and my duties as an employee of the Company will not breach any invention assignment, proprietary information, confidentiality, enforceable non-competition, or other agreement with any former employer or other party.  I represent that I will not bring with me to the Company or use in the performance of my duties for the Company any documents or materials or intangibles of my own or of a former employer or third party that are not generally available for use by the public or have not been legally transferred to the Company.

13.“At Will” Employment.  I understand that this Agreement does not constitute a contract of employment or obligate the Company to employ me for any stated period of time.  I understand that I am an “at will” employee of the Company and that my employment can be terminated at any time, with or without notice and with or without cause, for any reason or for no reason, by either the Company or by me.  I acknowledge that any statements or representations to the contrary are ineffective, unless put into a writing signed by the Company.  I further acknowledge that my participation in any stock option or benefit program is not to be construed as any assurance of continuing employment for any particular period of time.

14.Company Opportunities; Duty Not to Compete.  During the period of my employment, I will at all times devote my best efforts to the interests of the Company, and I will not, without the prior written consent of the Company, engage in, or encourage or assist others to engage in, any other employment or activity that: (i) would divert from the Company any business opportunity in which the Company can reasonably be expected to have an interest; (ii) would directly compete with, or involve preparation to compete with, the current or future business of the Company; or (iii) would otherwise conflict with the Company’s interests or could cause a disruption of its operations or prospects.

15.Non-Solicitation of Employees/Consultants.  During my employment with the Company and for a one (1) year period thereafter, I will not directly or indirectly solicit away employees or consultants of the Company for my own benefit or for the benefit of any other person or entity, nor will I encourage or assist others to do so.

16.Use of Name & Likeness.  I hereby authorize the Company to use, reuse, and to grant others the right to use and reuse, my name, photograph, likeness (including caricature), voice, and biographical information, and any reproduction or simulation thereof, in any form of media or technology now known or hereafter developed, both during and after my employment, for any purposes related to the Company’s business, such as marketing, advertising, credits, and presentations.

17.Notification.  I hereby authorize the Company, during and after the termination of my employment with the Company, to notify third parties, including, but not limited to, actual or potential customers or employers, of the terms of this Agreement and my responsibilities hereunder.

18.Injunctive Relief.  The parties mutually agree that a breach or threatened breach of this Agreement may cause the other party harm, and that both parties are therefore entitled to injunctive relief to enforce this Agreement.

19.Governing Law; Severability.  This Agreement is intended to supplement, and not to supersede, any rights the Company may have in law or equity with respect to the duties of its employees and the protection of its trade secrets.  This Agreement will be governed by and construed in accordance with the laws of the State of California without giving effect to any principles of conflict of laws that would lead to the application of the laws of another jurisdiction.  If any provision of this Agreement is invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible, given the fundamental intentions of the parties when entering into this Agreement.  To the extent such provision cannot be so enforced, it will be stricken from this Agreement and the remainder of this Agreement will be enforced as if such invalid, illegal or unenforceable provision had never been contained in this Agreement.

20.Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together will constitute one and the same agreement.

21.Entire Agreement.  This Agreement and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between the parties hereto with respect to such subject matter.

22.Amendment and Waiver.  This Agreement may be amended only by a written agreement executed by each of the parties to this Agreement.  No amendment or waiver of, or modification of any obligation under, this Agreement will be enforceable unless specifically set forth in a writing signed by the party against which enforcement is sought.  A waiver by either party of any of the terms and conditions of this Agreement in any instance will not be deemed or construed to be a waiver of such term or condition with respect to any other instance, whether prior, concurrent or subsequent.

23.Successors and Assigns; Assignment.  Except as otherwise provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will bind and benefit the parties and their respective successors, assigns, heirs, executors, administrators, and legal representatives.  The Company may assign any of its rights and obligations under this Agreement.  I understand that I will not be entitled to assign or delegate this Agreement or any of my rights or obligations hereunder, whether voluntarily or by operation of law, except with the prior written consent of the Company.

24.Further Assurances.  The parties will execute such further documents and instruments and take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement.  Upon termination of my employment with the Company, 

I will execute and deliver a document or documents in a form reasonably requested by the Company confirming my agreement to comply with the post-employment obligations contained in this Agreement.  

25.Acknowledgement.  I certify and acknowledge that I have carefully read all of the provisions of this Agreement and that I understand and will fully and faithfully comply with this Agreement.

26.Effective Date of Agreement.  This Agreement is and will be effective on and after the first day of my employment by the Company (the “Effective Date”), which is anticipated to be  ____________________, _____ .

												
	UPWORK INC.:	Employee:
	By:	

	
	Name	Signature	
	Zoe Harte	

	
	Title	Name (Please Print)	
	SVP, HR and Talent Innovation

		

EXHIBIT C
Dispute Resolution Agreement

This Dispute Resolution Agreement (the “Agreement”) is made as of the date on the signature page (the “Effective Date”), by and between the undersigned employee (“Employee”) and Upwork Inc. (“Employer” or “Company”), collectively, the “Parties.” 

This Agreement is a contract and covers important issues relating to the Employee’s rights, including the right to have disputes heard by a jury and the right to bring class, collective or representative actions. It is the Employee’s responsibility to read it and understand this Agreement. The Employee is free to seek assistance from independent advisors of the Employee’s choice or to refrain from doing so if that is the Employee’s choice.
1. How this Agreement Applies
This Agreement is governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq. and applies to any dispute arising out of or related to Employee’s employment with Employer or one of its affiliates, subsidiaries or parent companies or the termination of employment, and survives after the employment relationship terminates. The parties to this Agreement agree to arbitrate any and all disputes, claims, or controversies they may have against each other which arise from or relate to the employment relationship between Employee and Employer or the termination thereof (collectively, “Claims”), including any Claim against their current and former agents, owners, officers, directors, or employees, each and all of which may enforce this Agreement as direct or third-party beneficiaries.  The Parties agree to binding arbitration of all Claims, which will be administered by JAMS, Inc. (“JAMS”).
The Agreement covers all Claims, regardless of when they arose, including by way of illustration and not limitation: disputes regarding or relating to the employment relationship, trade secrets, unfair competition, compensation, wages and compensation, breaks and rest periods, termination, or harassment and claims arising under the Uniform Trade Secrets Act, Title VII of the Civil Rights Act, the California Fair Employment & Housing Act, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Employment Retirement Income Security Act, Family Medical Leave Act, Fair Labor Standards Act, Employee Retirement Income Security Act, Genetic Information Non-Discrimination Act, and state statutes, if any, addressing the same or similar subject matters, and all other state statutory and common law claims, such as breach of employment contract or the implied covenant of good faith and fair dealing, wrongful discharge, or tortious conduct (whether intentional or negligent) including defamation, misrepresentation, fraud, infliction of emotional distress, but excluding claims for workers’ compensation benefits to remedy work-related injury or illness. 
The parties understand and agree that they are waiving their right to bring Claims to court, including the right to a jury trial. Nothing contained in this Agreement shall be construed to prevent or excuse the Employee from utilizing the Company’s existing internal procedures for 

resolution of complaints, and this Agreement is not intended to be a substitute for the utilization of such procedures. 
Except as it otherwise provides, this Agreement is intended to apply to the resolution of any dispute between the parties that otherwise would be resolved in a court of law or before a forum other than arbitration. This Agreement requires all such disputes to be resolved only by an arbitrator through final and binding arbitration and not by way of court or jury trial. The Parties Further agree that the Arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability or formation of this Agreement. However, as stated in Section 7 below, the preceding sentence will not apply to the “Class Action Waiver”.
2. Limitations on how this Agreement Applies
This Agreement does not apply to claims for workers’ compensation, state disability insurance or unemployment insurance benefits, claims for benefits under employee benefit plans covered by the Employee Retirement Income Security Act of 1974 (“ERISA”); however, this Agreement does apply to any claims for breach of fiduciary duty, for penalties, or alleging any other violation of ERISA, even if such claim is combined with a claim for benefits.
Regardless of any other terms of this Agreement, claims may be brought before and remedies awarded by an administrative agency if applicable law permits access to such an agency notwithstanding the existence of an agreement to arbitrate. Such administrative claims include, without limitation, claims or charges brought before the Equal Employment Opportunity Commission (www.eeoc.gov), the U.S. Department of Labor (www.dol.gov), the National Labor Relations Board (www.nlrb.gov), or the Office of Federal Contract Compliance Programs (www.dol.gov/esa/ofccp). Nothing in this Agreement shall be deemed to preclude or excuse a party from bringing an administrative claim before any agency in order to fulfill the party’s obligation to exhaust administrative remedies before making a claim in arbitration. 
Disputes that may not be subject to a predispute arbitration agreement as provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203), or as otherwise required by law, are excluded from the coverage of this Agreement. 
3. Starting the Arbitration
The Party bringing the Claim must demand arbitration in writing stating the nature of the Claim and the relief sought, and deliver the written demand by hand or first class mail to the other party within the applicable statute of limitations period. Any demand by the Company will be provided to the Employee’s last known address. Any demand for arbitration made to the Company must be provided to the attention of the Company’s Legal Department at 2625 Augustine Drive, Suite 601, Santa Clara, CA 95054. The arbitrator shall resolve all disputes regarding the timeliness or propriety of the demand for arbitration. 
4. Selecting the Arbitrator

The Arbitrator shall be selected by mutual agreement of the Company and the Employee. If for any reason the Parties cannot agree to an Arbitrator, JAMS shall send the Parties a list of at least five (5) Arbitrator candidates and provide each Party with a brief description of the background and experience of each Arbitrator candidate. Within seven (7) calendar days of service of the list of names, each Party may strike two (2) names, and shall rank the remaining Arbitrator candidates in order of preference. The remaining Arbitrator candidate with the highest composite ranking shall be appointed the Arbitrator. If this process does not yield an Arbitrator, the Parties agree to allow JAMS to designate the Arbitrator, who shall act under this Agreement with the same force and effect as if the Parties had selected the Arbitrator by mutual agreement. 
5. How Arbitration Proceedings Are Conducted
The Parties agree to binding arbitration administered by JAMS under its Employment Arbitration Rules and Procedures (“JAMS Rules”) then in effect, except as such rules are explicitly amended by this Agreement. The JAMS Rules may be found at www.jamsadr.com or by searching online for “JAMS Employment Arbitration Rules.” If you have difficulty finding the JAMS Rules or would like a copy of the current JAMS Rules emailed to you before you sign this Agreement or at any time, you can request the rules from HR@upwork.com or Legal@upwork.com. You will not be retaliated against for requesting the JAMS Rules.
If for any reason JAMS will not administer the arbitration, either party may apply to a court of competent jurisdiction with authority over the location where the arbitration will be conducted for appointment of a neutral Arbitrator, which shall apply the current JAMS Rules to the arbitration.
Notwithstanding any other provision of the JAMS Rules, the Parties will have the right to conduct adequate civil discovery, take depositions, bring dispositive motions, and present witnesses and evidence as needed to present their cases and defenses, and any disputes in this regard shall be resolved by the Arbitrator. 
6. Location of the Arbitration Proceeding; Virtual Attendance
The location of the arbitration proceeding shall be no more than forty-five (45) miles from the place where the Employee last worked for the Company, unless each party to the arbitration agrees in writing otherwise. If the Employee no longer resides in the general geographical vicinity where he or she last worked for the Company, on the Employee’s request, the Employee and the Company shall agree to a location of the arbitration within forty-five (45) miles of where the Employee resides at the time the Arbitration process commenced. 
Either party may attend the arbitration by video conference or, if video conference is unavailable, by phone or other remote means.
7. Class Action Waiver

This provision affects the Parties’ rights to participate in class, collective, or representative actions. The Employee and the Company agree that under this Agreement neither has any right or authority (a) for any dispute to be brought, heard or arbitrated as a class, collective, representative or private attorney general action, or (b) to participate as a member in any such class, collective, representative or private attorney general proceeding (collectively, “Class Action Waiver”). The Class Action Waiver does not prevent the Employee from bringing a Claim in arbitration as a private attorney general on Employee’s own behalf and not on behalf of others. 
Notwithstanding any other clause or language in this Agreement and/or any rules or procedures that might otherwise apply because of virtue of this Agreement (including without limitation the JAMS Rules) or any amendments and/or modifications to those rules, any claim that the Class Action Waiver or any portion of the Class Action Waiver is unenforceable, inapplicable, unconscionable, or void or voidable, will be determined only by a court of competent jurisdiction and not by an arbitrator.
8. Arbitration Fees
The parties shall follow the JAMS Rules applicable to arbitration fees, and each Party will pay the fees for his, her or its own attorneys, and related costs, subject to any remedies to which that Party may later be entitled under applicable law. However, whenever required by law, the Company will pay the Arbitrator’s and arbitration fees and regardless of applicable law, in no event will the Employee’s portion of the Arbitrator’s and arbitration fees exceed the amount the Employee would have paid to institute a civil proceeding in the location in which the arbitration will proceed. The Arbitrator will resolve any dispute concerning allocation of the Arbitrator’s or arbitration fees.
9. The Arbitration Hearing and Award
The parties will arbitrate their dispute before the Arbitrator, who shall confer with the parties regarding the conduct of the hearing and resolve any disputes the parties may have in that regard. Within thirty (30) days of the close of the arbitration hearing, any party will have the right to prepare, serve on the other party and file with the Arbitrator a brief. The Arbitrator may award any party any remedy to which that party is entitled under applicable law, but such remedies shall be limited to those that would be available to a party in his or her individual capacity in a court of law for the claims presented to and decided by the Arbitrator, and no remedies that otherwise would be available to an individual in a court of law will be forfeited by virtue of this Agreement. The Arbitrator will issue a decision or award in writing, stating the essential findings of fact and conclusions of law. Except to enforce the award or as may be permitted or required by law, as determined by the Arbitrator, neither a party nor an Arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of all Parties. A court of competent jurisdiction shall have the authority to enter a judgment upon the award made pursuant to the arbitration. 
11. Right to Opt Out of the Arbitration Agreement

You may opt out of Arbitration Agreement by notifying Upwork in writing within 30 days of the date you first signed your Offer Letter.  To opt out, you must send a written notification to Upwork at Attn: Legal, 2625 Augustine Drive, Suite 601, Santa Clara, CA 95054 that includes (a) your legal name; (b) your address; (c) your telephone number; (d) your email address; and (d) a statement indicating that you wish to opt out of the Arbitration Agreement.  Alternatively, you may send this written notification to legalnotices@upwork.com.  
If you do not opt out as provided in this Section 11, continuing your working relationship with Upwork constitutes acceptance of the terms of this Arbitration Agreement by you and Upwork effective as of the date you signed your Offer Letter.  You have the right to consult with counsel of your choice concerning this Arbitration Agreement.
12. Non-Retaliation
It is against Company policy for any employee to be subject to retaliation if he or she exercises his or her right to assert claims under this Agreement. If any employee believes that he or she has been retaliated against by anyone at the Company, the employee should immediately report this to Human Resources.
13. Enforcement of this Agreement
This Agreement is the full and complete agreement relating to the formal resolution of employment-related disputes. Except as stated in paragraph 7 above, in the event any portion of this Agreement is deemed unenforceable, the unenforceable portion shall be severed and the remainder of this Agreement will be enforceable.
 

By signing below, I acknowledge and agree that I have carefully reviewed this Agreement and understand and agree to its terms:
 
						
	EMPLOYEE

Employee Name (Printed)

Employee Signature

Date

	UPWORK INC.

By:

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