Document:

Exhibit 10.2

 

Execution Version

 

 

TERM LOAN CREDIT AGREEMENT

 

among

 

TEAM, INC.

as Borrower,

 

the
Lenders from time to time party hereto,

 

and

 

ATLANTIC PARK STRATEGIC CAPITAL FUND, L.P.,

as Agent

 

Dated as of December 18, 2020

 

 

    

    

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I. DEFINITIONS	1
	1.1	Definitions	1
	1.2	Accounting Terms
    and Determinations	52
	1.3	Divisions	52
	1.4	Other Terms; Headings	53
	1.5	Dutch Terms. In this
    Agreement, a reference to:	54
	ARTICLE
    II. THE CREDIT FACILITIES	55
	2.1	The Loans	55
	2.2	[Reserved]	56
	2.3	Procedure for Borrowing;
    Notices of Borrowing; Notices of Conversion	56
	2.4	Application of Proceeds	60
	2.5	Mandatory Prepayments;
    Optional Prepayments	60
	2.6	[Reserved]	62
	2.7	[Reserved]	62
	2.8	Term	62
	2.9	Payment Procedures	62
	2.10	Designation of a
    Different Lending Office	63
	2.11	Replacement of Lenders	63
	2.12	[Reserved]	64
	2.13	[Reserved]	64
	2.14	Sharing of Payments,
    Etc.	64
	2.15	[Reserved]	64
	2.16	Incremental Term
    Loans	64
	ARTICLE III. [RESERVED]	66
	ARTICLE IV. INTEREST, FEES AND
    EXPENSES	66
	4.1	Interest	66
	4.2	Interest After Event
    of Default	66
	4.3	Applicable Premium	67
	4.4	[Reserved]	67
	4.5	[Reserved]	67
	4.6	[Reserved]	67
	4.7	[Reserved]	67
	4.8	[Reserved]	68

 

    -i-

    

    

 

	4.9	Calculations	68
	4.10	Increased Costs	69
	4.11	Taxes	70
	ARTICLE
    V. CONDITIONS OF LENDING	73
	5.1	Conditions to Initial
    Term Loan	73
	5.2	Conditions Precedent
    to Each Loan	78
	ARTICLE
    VI. REPRESENTATIONS AND WARRANTIES	79
	6.1	Representations
    and Warranties of Borrower	79
	ARTICLE
    VII. AFFIRMATIVE COVENANTS OF THE BORROWER	90
	7.1	Existence	90
	7.2	Maintenance of Property	90
	7.3	[reserved]	90
	7.4	Taxes	90
	7.5	Requirements of
    Law	91
	7.6	Insurance	91
	7.7	Books and Records;
    Inspections	92
	7.8	Notification Requirements	93
	7.9	[Reserved]	95
	7.10	Qualify to Transact
    Business	95
	7.11	Financial Reporting	96
	7.12	Payment of Liabilities	98
	7.13	ERISA	98
	7.14	Environmental Matters	99
	7.15	Intellectual Property	99
	7.16	Solvency	99
	7.17	Further Assurances	99
	7.18	[Reserved]	99
	7.19	Anti-Money Laundering
    Laws and Anti-Corruption Laws	99
	7.20	Formation of Subsidiaries	99
	7.21	Post-Closing Covenants	100
	7.22	People with Significant
    Control Regime	100
	7.23	Residency for Dutch
    Tax Purposes	100
	7.24	Fiscal Unity for
    Dutch Tax Purposes	100
	7.25	Allocation of Tax
    Losses upon Termination of Fiscal Unity for Dutch Tax Purposes	100

 

    -ii-

    

    

 

	ARTICLE
    VIII. NEGATIVE COVENANTS	101
	8.1	Indebtedness	101
	8.2	[Reserved]	103
	8.3	Entity Changes,
    Etc.	103
	8.4	Change in Nature
    of Business	104
	8.5	Sales, Etc. of Assets	104
	8.6	Use of Proceeds	105
	8.7	[Reserved]	105
	8.8	Liens	105
	8.9	Dividends, Redemptions,
    Distributions, Etc.	105
	8.10	Investments	106
	8.11	[Reserved]	107
	8.12	Fiscal Year	107
	8.13	[Reserved]	107
	8.14	[Reserved]	108
	8.15	ERISA Compliance	108
	8.16	[Reserved]	108
	8.17	Prepayments and
    Amendments	109
	8.18	Lease Obligations	110
	8.19	[Reserved]	110
	8.20	[Reserved]	110
	8.21	[Reserved]	110
	8.22	Negative Pledge	111
	8.23	Affiliate Transactions	111
	ARTICLE
    IX. FINANCIAL COVENANT(S)	112
	9.1	Maximum Net Leverage
    Ratio	112
	9.2	Maximum Annual Capital
    Expenditures	112
	ARTICLE
    X. EVENTS OF DEFAULT	113
	10.1	Events of Default	113
	10.2	Acceleration and
    Termination	114
	10.3	Other Remedies	115
	10.4	License for Use
    of Software and Other Intellectual Property	116
	10.5	Post-Default Allocation
    of Payments	116
	10.6	No Marshaling; Deficiencies;
    Remedies Cumulative	117

 

    -iii-

    

    

 

	10.7	Waivers	117
	10.8	Further Rights of
    Agent and the Lenders	118
	10.9	Interest After Event
    of Default	118
	10.10	Receiver	118
	10.11	Rights and Remedies
    not Exclusive	118
	ARTICLE
    XI. THE AGENT	118
	11.1	Appointment of Agent	118
	11.2	Nature of Duties
    of Agent	119
	11.3	Lack of Reliance
    on Agent	119
	11.4	Certain Rights of
    Agent	119
	11.5	Reliance by Agent	120
	11.6	Indemnification
    of Agent	120
	11.7	Agent in Its Individual
    Capacity	120
	11.8	Holders of Notes	120
	11.9	Successor Agent	120
	11.10	Collateral Matters	121
	11.11	Actions with Respect
    to Defaults	122
	11.12	Delivery of Information	122
	11.13	English Law Governed
    Transaction Security	122
	ARTICLE
    XII. GENERAL PROVISIONS	126
	12.1	Notices	126
	12.2	Delays; Partial
    Exercise of Remedies	127
	12.3	Right of Setoff	127
	12.4	Indemnification;
    Reimbursement of Expenses of Collection	127
	12.5	Amendments, Waivers
    and Consents	128
	12.6	Nonliability of
    Agent and Lenders	129
	12.7	Assignments and
    Participations	129
	12.8	Counterparts; Facsimile
    Signatures	133
	12.9	Severability	133
	12.10	Maximum Rate	133
	12.11	[Reserved]	134
	12.12	Entire Agreement;
    Successors and Assigns; Interpretation	134
	12.13	LIMITATION OF LIABILITY	134
	12.14	GOVERNING LAW	134

 

    -iv-

    

    

 

	12.15	SUBMISSION
    TO JURISDICTION	135
	12.16	[RESERVED]	135
	12.17	JURY TRIAL	135
	12.18	Attorney	135
	12.19	Agent Titles	135
	12.20	Publicity	136
	12.21	No Third Party Beneficiaries	136
	12.22	Confidentiality	136
	12.23	Patriot Act Notice,etc.	137
	12.24	Advice of Counsel	137
	12.25	Captions	137
	12.26	Platform	137
	12.27	Right to Cure	138
	12.28	Acknowledgment and
    Consent to Bail-In of Affected Financial Institutions	138
	12.29	Time	139
	12.30	Keepwell	139
	12.31	Sovereign Immunity	139
	12.32	Tax Treatment	140

 

    -v-

    

    

 

	Schedules	 
	 	 
	Schedule E-1	Eligible Inventory
	Schedule E-2	Existing Letters of Credit
	Schedule 3.4(a)	Commercial Tort Claims
	Schedule 6.1(a)	Loan Parties
	Schedule 6.1(b)	Locations of Collateral and Real Property
	Schedule 6.1(f)	Consents and Authorizations
	Schedule 6.1(g)	Ownership; Subsidiaries
	Schedule 6.1(p)	Judgments; Litigation
	Schedule 6.1(v)	ERISA Plans
	Schedule 6.1(w)	Intellectual Property
	Schedule 6.1(x)	Labor Contracts
	Schedule 6.1(ii)	Common Enterprise
	Schedule 6.1(nn)	Responsible Officers
	Schedule 7.21	Post-Closing Covenants
	Schedule 8.1(b)	Existing Indebtedness
	Schedule 8.2	Contingent Obligations
	Schedule 8.5	Dispositions
	Schedule 8.8	Existing Liens
	Schedule 8.23	Affiliate Transactions of Loan Parties
	 	 
	Annexes	 
	 	 
	Annex A	Lenders and Commitments
	Exhibits	 
	Exhibit A	Note
	Exhibit B	Notice of Borrowing
	Exhibit C	Notice of Conversion
	Exhibit D	[Reserved]
	Exhibit E	Perfection Certificate
	Exhibit F	Financial Condition Certificate
	Exhibit G	Closing Certificate
	Exhibit H	Compliance Certificate
	Exhibit I	[Reserved]
	Exhibit J	Assignment and Acceptance
	Exhibits K-1 to K-4	U.S. Tax Compliance Certificates

 

    -vi-

    

    

 

TERM LOAN CREDIT AGREEMENT

 

This CREDIT AGREEMENT,
is entered into as of December 18, 2020, among (i) TEAM, INC., a Delaware corporation (the “Borrower”),
(ii) each of the lenders identified as a “Lender” on Annex A attached hereto (together with
each of its respective successors and assigns, if any, and any Additional Lenders, each a “Lender” and,
collectively, the “Lenders”), and (iii) ATLANTIC PARK STRATEGIC CAPITAL FUND, L.P. (“Atlantic
Park”), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured
Parties (in such capacity, together with its successors and assigns, if any, in such capacity, herein called the “Agent”).

 

W I T N E S S E T H :

 

WHEREAS, upon
the terms and subject to the conditions set forth herein, the Lenders are willing to make loans to the Borrower consisting, on
the Closing Date, of a term loan in an amount of up to $250,000,000 and have requested that Atlantic Park act as Agent in connection
with such credit extensions;

 

NOW, THEREFORE,
in respect of the foregoing premises and other valuable consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, the Borrower, the Lenders, and the Agent, each intending to be legally bound, hereby agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1          Definitions.
Any terms (whether capitalized or lower case) used in this Agreement that are defined in the UCC (including Account, Account Debtor,
Chattel Paper, Commercial Tort Claims, Deposit Account, Drafts, Documents, Equipment, Farm Products, Fixtures, General Intangibles, Inventory, Investment
Property, Instruments, Promissory Notes, Proceeds, Securities Account and Supporting Obligations) shall be construed and
defined as set forth in the UCC unless otherwise defined herein. In addition, as used herein, the following terms shall have the
meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined):

 

“2017
Senior Convertible Notes” means the 5.00% Convertible Senior Notes due 2023 issued by the Borrower as of the Closing
Date.

 

“ABL Agent”
means Citibank, N.A., in its capacity as administrative agent and/or collateral agent for the lenders under the ABL Credit Agreement,
or the administrative agent and/or collateral agent (or similar agent) under any other ABL Facility, and any successor thereto
in any such capacity.

 

“ABL Credit
Agreement” means that certain Credit Agreement, dated as of the date hereof, by and among the Borrower, the lenders
party thereto from time to time and ABL Agent, as amended, restated, supplemented or otherwise modified (including increasing
the amount loaned thereunder) or extended or refinanced from time to time in accordance with the Loan Documents.

 

    

    

    

 

“ABL Facility”
means Indebtedness under (a) the ABL Credit Agreement and (b) any customary asset-based revolving credit facility that
refunds, replaces (whether upon termination or otherwise) or refinances in whole or in part any Indebtedness under the ABL Credit
Agreement from time to time; provided that any such Indebtedness is Incurred in accordance with Section 8.1.

 

“ABL Obligations”
means all “ABL Debt Obligations” (as defined in the Intercreditor Agreement).

 

“ABL Loan
Documents” means (a) the ABL Credit Agreement and (b) each of the other agreements, instruments
and other documents with respect to the ABL Obligations, all as in effect on the date hereof or as may be amended, modified or
supplemented from time to time in accordance with the Intercreditor Agreement.

 

“Acceptance
Date” has the meaning specified in Section 12.7(b).

 

“Acquired
Indebtedness” means Indebtedness of a Person whose assets or Equity Interests are acquired by a Loan Party or any
of its Subsidiaries in a Permitted Acquisition; provided, that

 

(i)            such
Indebtedness (i) was in existence prior to the date of such Permitted Acquisition, and (ii) was not incurred in connection
with, or in contemplation of, such Permitted Acquisition,

 

(ii)           no
Person (other than such Person so acquired in such Permitted Acquisition or any other Person that such Person merges with or that
acquires the assets of such Person in connection with such Permitted Acquisition) shall have any liability or other obligation
with respect to such Indebtedness and

 

(iii)          if
such Indebtedness is secured, no Lien thereon shall extend to or cover any other assets other than the assets acquired in such
Permitted Acquisition (other than the proceeds or products thereof, accessions or additions thereto and improvements thereon)
or attach to any other property of any Loan Party.

 

“Acquisition”
means (i) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of
(or any division or business line of) any other Person, or (ii) the purchase or other acquisition (whether by means of a
merger, consolidation, or otherwise) by a Person or its Subsidiaries of all of the Equity Interests of any other Person.

 

“Additional
Lender” has the meaning specified in Section 2.16(b).

 

“Advance”
means amounts advanced by the Lenders (or any of them, as applicable) to or for the benefit of Borrower pursuant to Section 2.1
hereof on the occasion of any borrowing and which are of the same initial Type, and “Advances” shall
mean more than one Advance.

 

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

 

“Affiliate”
means, as to any Person, any other Person who directly or indirectly Controls, is under common Control with, is Controlled by
or is a director, officer, manager or general partner of such Person, provided that, in any event, any Person who
owns directly or indirectly 15% or more of the Voting Interests of a Person, shall be deemed to control such Person. Without
limitation of the foregoing, the following Persons shall at all times constitute Affiliates of the Borrower: (i) the Borrower,
(iii) each Guarantor and (iv) all Subsidiaries.

 

    2

    

    

 

“Agent”
has the meaning specified in the preamble to this Agreement.

 

“Agent
Parties” has the meaning specified in Section 12.25(b).

 

“Agent’s
Payment Account” means an account designated on the Closing Date and from time to time thereafter by Agent to the
Lenders and Borrower as the “Agent’s Payment Account”.

 

“Agreement”
means this Credit Agreement, as amended, amended and restated, supplemented or otherwise modified from time to time.

 

“AHYDO
Catch-Up Payment” has the meaning specified in Section 2.5(c).

 

“AHYDO
Catch-Up Payment Date” has the meaning specified in Section 2.5(c).

 

“All-In
Yield” means, as to any Indebtedness, the annual yield thereof, whether in the form of interest rate margins, original
issue discount (“OID”) or upfront fees and any LIBOR Index Rate floors (with such increased amount being
equated to interest margins for purposes of determining any increase to the Applicable Margin); provided that, (i) OID
and upfront fees shall be equated to interest rates assuming a four year life to maturity and (ii) “All-In Yield”
shall not include arrangement fees, structuring fees, underwriting fees or similar fees that are not paid to all Lenders providing
the relevant Indebtedness.

 

“Anti-Corruption
Laws” means the United States Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act of 2010, the
Corruption of Foreign Public Officials Act (Canada), each as amended, and all other applicable laws and regulations or ordinances
concerning or relating to bribery or corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates
is located or is doing business.

 

“Anti-Money
Laundering Laws” means the applicable statutes, laws, regulations, or rules in any jurisdiction in which any
Loan Party or any of its Subsidiaries or Affiliates is located or is doing business that relates to money laundering, any predicate
crime to money laundering, or any financial record keeping and reporting requirements related thereto, including, but not limited
to, the Bank Secrecy Act (31 U.S.C. § 5311 et seq.), the Patriot Act and the Proceeds of Crime Money Laundering and
Terrorist Financing Act (Canada).

 

“Applicable
Margin” means, (a) for LIBOR Loans, 7.50% and (b) for Base Rate Loans, 6.50%.

 

“Applicable
Premium” means

 

(i)            in
connection with the occurrence of an Applicable Premium Trigger Event specified in clause (i), (iii), or
(iv) of the definition thereof:

 

    3

    

    

 

(A)            during
the period from and after the Closing Date up to and including the date that is the second anniversary of the Closing Date, an
amount equal to the Make-Whole Amount;

 

(B)            during
the period after the second anniversary of the Closing Date up to and including the date that is the third anniversary of the
Closing Date, an amount equal to 4.00% of (x) in connection with the occurrence of an Applicable Premium Trigger Event specified
in clause (i) of the definition thereof, the aggregate principal amount of the Term Loans being paid on such date or (y) in
connection with the occurrence of an Applicable Premium Trigger Event specified in clauses (iii) or (iv) of the definition
thereof, the aggregate principal amount of the Term Loans outstanding on such date;

 

(C)            during
the period after the third anniversary of the Closing Date up to and including the date that is the fourth anniversary of the
Closing Date, an amount equal to 2.00% of (x) in connection with the occurrence of an Applicable Premium Trigger Event specified
in clause (i) of the definition thereof, the aggregate principal amount of the Term Loans being paid on such date or (y) in
connection with the occurrence of an Applicable Premium Trigger Event specified in clauses (iii) or (iv) of the definition
thereof, the aggregate principal amount of the Term Loans outstanding on such date; and

 

(D)            thereafter,
zero; and

 

(ii)            in
connection with the occurrence of a Corporate Change of Control Trigger Event:

 

(A)            during
the period from and after the Closing Date up to and including the date that is the first anniversary of the Closing Date, an
amount equal to the Make-Whole Amount;

 

(B)            during
the period after the first anniversary of the Closing Date up to and including the date that is the second anniversary of the
Closing Date, an amount equal to 6.00% of the aggregate principal amount of the Term Loans being paid on such date;

 

(C)            during
the period after second anniversary of the Closing Date up to and including the date that is the third anniversary of the Closing
Date, an amount equal to 4.00% of the aggregate principal amount of the Term Loans being paid on such date;

 

(D)            during
the period after the third anniversary of the Closing Date up to and including the date that is the fourth anniversary of the
Closing Date, an amount equal to 2.00% of the aggregate principal amount of the Term Loans being paid on such date; and

 

(E)             thereafter,
zero.

 

“Applicable
Premium Trigger Event” means

 

(i)            any
payment by any Loan Party of all, or any part, of the principal balance of any Term Loan for any reason (including any optional
prepayment or mandatory prepayment other than any prepayment made pursuant to Section 2.5(b)(i) but excluding
a Corporate Change of Control) whether before or after (A) the occurrence of an Event of Default, (B) the commencement
of any Insolvency Event, and notwithstanding any acceleration (for any reason) of the Obligations or (C) pursuant to Section 2.11;

 

    4

    

    

 

(ii)           any
prepayment made substantially concurrently with a Corporate Change of Control (any such Applicable Premium Trigger Event pursuant
to this clause (ii), a “Corporate Change of Control Trigger Event”);

 

(iii)          the
acceleration of the Obligations following an Event of Default, including acceleration in accordance with Section 10.2,
including as a result of the commencement of an Insolvency Event; or

 

(iv)         the
satisfaction, release, payment, restructuring, reorganization, replacement, reinstatement, defeasance or compromise of any of
the Obligations in any Insolvency Event, foreclosure (whether by power of judicial proceeding or otherwise) or deed in lieu of
foreclosure or the making of a distribution of any kind in any Insolvency Event to Agent, for the account of the Lenders in full
or partial satisfaction of the Obligations.

 

“Asset
Disposition” means any direct or indirect sale, lease (other than an operating lease entered into in the ordinary
course of business), transfer, issuance or other disposition, or a series of related sales, leases, transfers, issuances or dispositions
that are part of a common plan, of shares of Equity Interests of a Subsidiary (other than directors’ qualifying shares),
property or other assets (each referred to for the purposes of this definition as a “disposition”) by
the Borrower or any of its Subsidiaries, including any disposition by means of a merger, amalgamation, consolidation or similar
transaction.

 

“Assignment
and Acceptance” means an Assignment and Acceptance entered into by a Lender and its assignee, and accepted by Agent,
to be substantially in the form of Exhibit J-1, or such other form as acceptable to Agent.

 

“Atlantic
Park” has the meaning specified in the preamble to this Agreement.

 

“Auditors”
means a nationally recognized firm of independent public accountants selected by Borrower and reasonably satisfactory to Agent.

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any
tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or
may be used for determining the length of an interest period pursuant to this Agreement as of such date and not including, for
the avoidance of doubt, any tenor for such Benchmark that is eliminated pursuant to Section 2.3(j) titled “Benchmark
Replacement Setting.”

 

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

 

    5

    

    

 

“Bank
Product” means any of the following products, services or facilities extended to any Loan Party or any of its Subsidiaries:

 

(i)            Cash
Management Services; and

 

(ii)           products
under Hedging Agreements for non-speculative purposes.

 

“Bank
Product Obligations” means Indebtedness and other obligations of any Loan Party or any of its Subsidiaries arising
from Bank Products.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as that title may be amended
from time to time, or any successor statute.

 

“Base
Rate” means, for any period, a fluctuating interest rate per annum at all times equal to the greatest of: (i) the
Federal Funds Rate plus 0.50%, (ii) the Prime Rate, and (iii) the LIBOR Index Rate that would be payable on such
day for a LIBOR Index Rate Loan with a one-month Interest Period plus 1.00% per annum. If, for any reason, Agent shall have
determined (which determination shall be conclusive absent manifest error) that it is unable, after due inquiry, to ascertain
LIBOR Index Rate, for any reason, including the inability or failure of Agent to obtain sufficient quotations in accordance with
the terms hereof, the Base Rate shall be determined without regard to clause (iii) of the first sentence of this
definition until the circumstances giving rise to such inability no longer exist. Any change in the Base Rate due to a change
in the Prime Rate or LIBOR Index Rate shall be effective on the effective date of such change in the Prime Rate or LIBOR Index
Rate, respectively, automatically and without notice to any Person. Notwithstanding anything in this Agreement to the contrary,
if the Base Rate determined as provided above would be less than 2.00%, then the Base Rate shall be deemed to be 2.00%.

 

“Base
Rate Advance” means an Advance that bears interest as provided in Section 4.1(a).

 

“Base
Rate Loans” means Loans the rate of interest applicable to which is based upon the Base Rate.

 

“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable,
and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark”
means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate
pursuant to Section 2.3(j) titled “Benchmark Replacement Setting.”

 

    6

    

    

 

“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined
by the Agent for the applicable Benchmark Replacement Date:

 

(i)            the
sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(ii)           the
sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(iii)          the
sum of: (a) the alternate benchmark rate that has been selected by the Agent and the Borrower as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (1) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (2) any
evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark
for U.S. dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;
provided that, in the case of clause (i), such Unadjusted Benchmark Replacement is displayed on a screen
or other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion.

 

If the Benchmark Replacement as determined
pursuant to clause (i), (ii) or (iii) above would be less than the Floor,
the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then current Benchmark with an Unadjusted
Benchmark Replacement for any applicable interest period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(i)            for
purposes of clauses (i) and (ii) of the definition of “Benchmark Replacement,”
the first alternative set forth in the order below that can be determined by the Agent: (a) the spread adjustment, or method
for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference
Time such Benchmark Replacement is first set for an applicable interest period that has been selected or recommended by the Relevant
Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
Corresponding Tenor; (b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time
such Benchmark Replacement is first set for such interest period that would apply to the fallback rate for a derivative transaction
referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable
Corresponding Tenor; and

 

(ii)           for
purposes of clause (iii) of the definition of “Benchmark Replacement,” the spread adjustment, or
method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been
selected by the Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (a) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark
Replacement Date or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method
for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar denominated syndicated credit facilities; provided that, in the case of clause
(i) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement
Adjustment from time to time as selected by the Agent in its reasonable discretion.

 

    7

    

    

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative
or operational changes (including changes to the definition of “ABR,” the definition of “Business Day,”
the applicable interest period, timing and frequency of determining rates and making payments of interest, timing of borrowing
requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions,
and other technical, administrative or operational matters) that the Agent decides may be appropriate to reflect the adoption
and implementation of such Benchmark Replacement and to permit the administration thereof by the Agent in a manner substantially
consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such
other manner of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents).

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(i)            in
the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,”
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date
on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely
ceases to provide all Available Tenors of such Benchmark (or such component thereof);

 

(ii)           in
the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information referenced therein; or

 

(iii)          in
the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day
after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in
Election from Lenders comprising the Required Lenders.

 

For the avoidance of doubt, (a) if
the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (b) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (i) or
(ii) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein
with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

    8

    

    

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(i)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

 

(ii)           a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of
New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution
authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator
of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

(iii)          a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof)
are no longer representative.

 

For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of
information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published
component used in the calculation thereof).

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (i) or (ii) of that definition has occurred if, at such time, no Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with
Section 2.3(j) titled “Benchmark Replacement Setting” and (y) ending at the time that
a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.3(j) titled “Benchmark Replacement Setting.”

 

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

 

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

 

“Borrower”
has the meaning specified in the preamble to this Agreement.

 

“Borrowing”
has the meaning specified in Section 2.3(a).

 

“Borrowing
Date” means the date on which a Borrowing is obtained.

 

    9

    

    

 

 

“Business
Day” means any day other than a Saturday, a Sunday or any other day on which commercial banks in New York, New York
are required or permitted by law to close. When used in connection with any LIBOR Rate Advance, a Business Day shall also exclude
any day on which commercial banks are not open for dealings in Dollar deposits in the London interbank market.

 

“Business
Plan” means a business plan of the Loan Parties and their Subsidiaries, consisting of consolidated projected balance
sheets, related cash flow statements and related profit and loss statements, together with appropriate supporting details and a
statement of the underlying assumptions, which (i) as of the Closing Date, covers a four-year period and (ii) for business
plans delivered after the Closing Date, covers a one-year period, and, in each case, which is prepared on a monthly basis for the
first year and a quarterly basis thereafter.

 

“Canadian
Guarantor” means any Guarantor organized under Canadian law.

 

“Canadian
Registered Pension Plan” means a pension plan subject to (i) the Pension Benefits Act (Ontario) or any other
applicable provincial, territorial, or federal pension benefits standards legislation as amended from time to time and any successor
statute or (ii) a “registered pension plan” as that term is defined in subsection 248(1) of the Tax Act.

 

“Canadian
Security Agreement” means a guaranty and security agreement, dated as of even date with this Agreement, in form and
substance reasonably satisfactory to Agent, executed and delivered by each of the Canadian Loan Parties to Agent.

 

“Canadian
Security Documents” means the Canadian Security Agreement, any share pledge agreement governed by Canadian law which
provides for a Lien in favor of the Agent as security for any of the Obligations, and each other agreement, document or instrument
executed by any Loan Party governed by Canadian law which provides for a Lien in favor of the Agent as security for any of the
Obligations.

 

“Capital
Expenditures” means, for any period of four consecutive fiscal quarters, for Borrower and its Subsidiaries on a consolidated
basis, consolidated expenditures during such period that are required to be included in or are reflected by the consolidated property,
plant, or equipment accounts of Borrower or any of its Subsidiaries, or any similar fixed asset or improvements, replacements,
substitutions or additions thereto or therefor which have a useful life of more than one year, and shall include all payments in
respect of Capitalized Lease Obligations and leasehold improvements, in each case on the balance sheet of Borrower and its Subsidiaries
in conformity with GAAP.

 

“Capital
Lease” means a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP.

 

“Capitalized
Lease Obligations” means that portion of the obligations under a Capital Lease which, under GAAP, is or will be required
to be capitalized on the books of the lessee, taken at the amount thereof accounted for as Indebtedness (net of Interest Expense)
in accordance with GAAP.

 

    10

     

    

 

“Cash Equivalents”
means

 

(i)            securities
issued, guaranteed or insured by the United States or any of its agencies with maturities of not more than one year from the date
acquired;

 

(ii)           certificates
of deposit with maturities of not more than one year from the date acquired, issued by (a) a Lender or its Affiliates; (b) any
U.S. federal or state chartered commercial bank of recognized standing which has capital and unimpaired surplus in excess
of $500,000,000; or (c) any bank or its holding company that has a short-term commercial paper rating of at least A 1
or the equivalent by Standard & Poor’s Ratings Services or at least P 1 or the equivalent by Moody’s
Investors Service, Inc.;

 

(iii)          repurchase
agreements and reverse repurchase agreements with terms of not more than thirty days from the date acquired, for securities of
the type described in clause (i) above and entered into only with commercial banks having the qualifications
described in clause (ii) above or such other financial institutions with a short-term commercial paper
rating of at least A 1 or the equivalent by Standard & Poor’s Ratings Services or at least P 1 or the
equivalent by Moody’s Investors Service, Inc.;

 

(iv)          commercial
paper, other than commercial paper issued by Borrower or any of its Affiliates, issued by any Person incorporated under the laws
of the United States or any state thereof and rated at least A 1 or the equivalent thereof by Standard & Poor’s
Ratings Services or at least P 1 or the equivalent thereof by Moody’s Investors Service, Inc., in each case with
maturities of not more than one year from the date acquired; and

 

(v)           investments
in money market funds registered under the Investment Company Act of 1940, which have net assets of at least $500,000,000
and at least eighty-five percent (85%) of whose assets consist of securities and other obligations of the type described in
clauses (i) through (iv) above.

 

“Cash Management
Services” means any one or more of the following types of services or facilities:

 

(i)            credit
cards, merchant card services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services,

 

(ii)           treasury
management services (including controlled disbursement, overdraft automatic clearing house fund transfer services, return items,
and interstate depository network services) and

 

(iii)          any
other demand deposit or operating account relationships or other cash management services.

 

“Casualty
Events” means any event (not constituting an Asset Disposition) occurring after the Closing Date that gives rise
to the receipt by a Loan Party or any of its Subsidiaries of any casualty insurance proceeds (including business interruption insurance
proceeds in excess of $5,000,000 in the aggregate) or condemnation awards in respect of any equipment, fixed assets or real property
(including any improvements thereon) to replace or repair such equipment, fixed assets or real property.

 

    11

     

    

 

“CFC”
means a “controlled foreign corporation” within the meaning of Section 957 of the Code in which any Loan Party
or direct or indirect owner of a Loan Party is a “United States shareholder” within the meaning of Section 951(b) of
the Code; provided that, notwithstanding anything under any Loan Documents, none of the entities organized in the
United Kingdom, Canada or the Netherlands (or successors thereto) shall be considered a CFC or a Foreign Subsidiary, be subject
to any Section 956 Limitations, or be or become owned by any entity other than Loan Parties. For purposes of the foregoing,
 “Section 956 Limitation” means any exclusion or limitation on an entity providing guarantees, pledging its assets,
engaging in any repayment or repatriation transaction or on the pledge of Equity Interests issued by any entity, in each case,
as a result of such entity being considered a “controlled foreign corporation” under Section 957 of the Code or
any adverse tax, cost or impact under Section 956 of the Code or any similar provision.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following:

 

(i)            the
adoption or taking effect of any law, rule, regulation or treaty;

 

(ii)           any
change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by
any Governmental Authority; or

 

(iii)          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,

 

(A)            the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith, and

 

(B)            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 that:

 

(i)            any
Person or two or more Persons acting in concert, shall have acquired beneficial ownership, directly or indirectly, of Equity Interests
of the Borrower (or other securities convertible into such Equity Interests) representing 35% or more of the combined voting power
of all Equity Interests of the Borrower entitled (without regard to the occurrence of any contingency) to vote for the election
of members of the Governing Body of the Borrower,

 

(ii)           Borrower
fails to own and control, directly or indirectly, 100% of the Equity Interests of each other Loan Party except where such failure
is as a result of a transaction permitted under the Loan Documents,

 

    12

     

    

 

(iii)          a
change in control or similar event with respect to any Loan Party, as defined or described under any indenture or agreement in
respect of Material Indebtedness to which any Loan Party is a party, shall have occurred or

 

(iv)          sale
of all or substantially all the assets of the Borrower and its Subsidiaries.

 

“Claims”
has the meaning specified in Section 12.4(a).

 

“Closing
Date” means the date of the making of the Initial Term Loans under this Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as in effect from time to time, and all regulations and guidelines promulgated thereunder.

 

“Collateral”
means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by any Loan Party or its Subsidiaries
in or upon which a Lien is granted by such Person in favor of Agent or the Lenders under any of the Loan Documents.

 

“Commitments”
means, collectively, the Term Commitments and any other commitments that the Lenders may from time to time make to Borrowers pursuant
hereto for the extension of any credit or other financial accommodation.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. Section 1 et seq.), as amended from time to
time, and any successor statute, and all regulations and guidelines promulgated thereunder.

 

“Communications”
has the meaning specified in Section 12.25(b).

 

“Compliance
Certificate” has the meaning specified in Section 7.11(d).

 

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

 

“Consolidated
Funded Indebtedness” means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated
basis, the sum of

 

(i)            the
outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder)
and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, other than amounts owed
pursuant to insurance premium financings,

 

(ii)           all
purchase money Indebtedness,

 

(iii)          all
direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties,
surety bonds and similar instruments,

 

    13

     

    

 

(iv)          all
obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary
course of business),

 

(v)           Capitalized
Leases Obligations,

 

(vi)          all
obligations to purchase, redeem, retire, defease or otherwise make any payment prior to the Termination Date in respect of any
Equity Interests of such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in
the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued
and unpaid dividends;

 

(vii)         without
duplication, all guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through
(f) above of Persons other than the Borrower or any Subsidiary, and

 

(viii)        all
Indebtedness of the types referred to in clauses (a) through (g) above of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is
a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary.

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of the Borrower and its Subsidiaries or any
other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.

 

“Consolidated
Tangible Assets” means, as of any date of determination, Consolidated total assets of the Borrower and its Subsidiaries
as of that date, determined in accordance with GAAP minus the Intangible Assets of the Borrower and its Subsidiaries on that date.

 

“Contingent
Acquisition Indebtedness” means a seller note, any earn-out obligation or similar deferred or contingent obligation
of Borrower or any Subsidiary of a Borrower incurred or created in connection with hereunder; provided that all such
obligations in an aggregate amount in excess of $2,000,000 shall be subordinated to the Obligations as to right and time of payment
and as to other rights and remedies thereunder and having such subordination and other terms as are, in each case, satisfactory
to Agent.

 

“Contribution
Notice” means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the Pensions
Act 2004.

 

“Control”
shall mean 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 ownership of voting securities, by contract or otherwise, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Convert,”
 “Conversion” and “Converted” each refers to conversion of Advances of one Type
into Advances of another Type pursuant to Section 2.3(c).

 

“Copyright
Security Agreement” means a copyright security agreement, in form and substance reasonably satisfactory to Agent,
pursuant to which each Loan Party that has Copyrights shall grant a specific security interest as security for the Obligations,
as amended, restated, supplemented or otherwise modified from time to time.

 

    14

     

    

 

“Copyrights”
means

 

(i)            any
and all copyright rights in any works subject to the copyright laws of the United States, Canada, the United Kingdom or the Netherlands
or any other country or group of countries, whether as author, assignee, transferee or otherwise,

 

(ii)           all
registrations and applications for registration of any such copyright in the United States, Canada, the United Kingdom or the Netherlands
or any other country or group of countries, including registrations, supplemental registrations and pending applications for registration
in the United States Copyright Office and the right to obtain all renewals thereof, including those listed on Schedule 6.1(w);

 

(iii)          all
income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under
all licenses entered into in connection therewith and damages and payments for past, present or future infringements thereof;

 

(iv)          the
right to sue for past, present, and future infringements thereof; and all rights corresponding thereto throughout the world.

 

“Corporate
Acquiror” means a publicly traded company or any privately held company (including a company held by a financial
sponsor), and shall not include a financial sponsor (other than via a bona fide extant portfolio company of a financial sponsor).

 

“Corporate
Change of Control” means a Change of Control pursuant to clause (i) or (iv) of the definition
thereof where the Person or Persons acquiring the beneficial ownership, directly or indirectly, of Equity Interests of the Borrower
is a Corporate Acquiror or purchase of all or substantially all of the Equity Interests of the Borrower or all or substantially
all of the assets of the Borrower and its Subsidiaries is Corporate Acquiror.

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest
payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 382.2(b).

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established
by the Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining
 “Daily Simple SOFR” for syndicated business loans; provided, that if the Agent decides that any such convention
is not administratively feasible for the Agent, then the Agent may establish another convention in its reasonable discretion.

 

    15

     

    

 

“Debtor
Relief Laws” means the Bankruptcy Code, the Bankruptcy and Insolvency Act (Canada), the Companies’
Creditors Arrangement Act (Canada), the Winding up and Restructuring Act (Canada), the debt and/or securities reorganization
provisions of the Canada Business Corporations Act or the Business Corporations Act (Ontario), the Insolvency
Act 1986 and all other liquidation, conservatorship, receivership, insolvency, reorganization or similar debtor relief laws
of the United States or other any other comparable and applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally.

 

“Default”
means any of the events specified in Section 10.1, which, with the giving of notice or lapse of time, or both, or the
satisfaction of any other condition, would constitute an Event of Default.

 

“Disqualified
Institutions” means:

 

(i)            (a) any
Person that is a competitor of the Borrower or any of its Subsidiaries and identified by the Borrower in writing to the Agent on
or prior to the Closing Date;

 

(b) any
Person that is a competitor of the Borrower or any of its Subsidiaries and identified by the Borrower in writing to the Agent from
time to time after the Closing Date; and

 

(c) together
with any Affiliates of such competitors described in the foregoing clauses (a) and (b) that
are reasonably identifiable as such on the basis of such Affiliate’s name or otherwise identified in writing by the Borrower
to the Agent from time to time (other than any such Affiliate that is a bank, financial institution or fund (other than a Person
described in clause (ii) below) that regularly invests in commercial loans or similar extensions of credit in
the ordinary course of business and for which no personnel involved with the relevant competitor (1) make investment decisions
or (2) have access to non-public information relating to the Borrower or any Person that forms part of the Borrower’s
business (including its Subsidiaries)); or

 

(ii)           certain
banks, financial institutions, other institutional lenders and investors and other entities that are identified by the Borrower
in writing to the Agent on or prior to the Closing Date, together with any Affiliates of such identified entities that are reasonably
identifiable as such on the basis of such Affiliate’s name or otherwise identified in writing by the Borrower to the Agent
from time to time.

 

provided
that, notwithstanding anything herein to the contrary, no written notice shall apply retroactively to disqualify any Person that
has previously acquired an assignment or participation interest in any Loans or entered into a trade for either of the foregoing;
provided, further, notwithstanding anything herein to the contrary, (a) the Agent shall not be responsible or
have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof
relating to Disqualified Institutions and (b) the Borrowers (on behalf of themselves and the other Loan Parties) and the Lenders
acknowledge and agree that the Agent shall have no responsibility or obligation to determine whether any Lender or potential Lender
is a Disqualified Institution and that the Agent shall have no liability with respect to any assignment or participation made to
a Disqualified Institution.

 

    16

     

    

 

“Disqualified
Equity Interests” means any Equity Interests that, by their terms (or by the terms of any security or other Equity
Interests into which they are convertible or for which they are exchangeable), or upon the happening of any event or condition

 

(i)            mature
automatically or are mandatorily redeemable (other than solely for Equity Interests issued by Borrower (and not by one or more
of its Subsidiaries) that are not Disqualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as
a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control
or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and
payable and the termination of the Commitments),

 

(ii)           are
redeemable at the option of the holder thereof (other than solely for Equity Interests issued by Borrower (and not by one or more
of its Subsidiaries) that are not Disqualified Equity Interests), in whole or in part,

 

(iii)          provide
for the scheduled payments of dividends in cash that are payable without further action or decision of Borrower, or

 

(iv)          are
or become convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity
Interests, in each case, prior to the date that is 120 days after the Termination Date.

 

“Dollars”
and the sign “$” means freely transferable lawful currency of the United States of America.

 

“Dutch
Guarantor” means any Guarantor organized under Dutch law.

 

“Dutch
Loan Party” means any Loan Party organized under Dutch law.

 

“Dutch
Security Agreements” means the following Dutch law governed security agreements:

 

(i)            the
senior ranking security agreement among the Agent as pledgee and the Loan Parties party thereto as pledgors in relation to the
Term Loan Priority Collateral; and

 

(ii)           the
junior ranking security agreement among the Agent as pledgee and the Loan Parties party thereto as pledgors in relation to the
ABL Priority Collateral.

 

“Dutch
Security Documents” means the Dutch Security Agreements, the Dutch Share Pledges, and each other agreement, document
or instrument executed by any Loan Party governed by Dutch law which provides for a Lien in favor of the Agent as security for
any of the Obligations.

 

“Dutch
Share Pledges” means the following Dutch law governed notarial deeds of pledge of shares:

 

(i)            the
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Team Industrial Services
Netherlands B.V. as company;

 

    17

     

    

 

(ii)           the
deed of pledge of shares among the Agent as pledgee, Quest Integrity EU Holdings B.V. as pledgor and Quest Integrity NLD B.V. as
company;

 

(iii)          the
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Threshold Inspection &
Application Training Europe B.V. as company;

 

(iv)          the
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Quality Inspection Services
B.V. as company;

 

(v)           the
deed of pledge of shares among the Agent as pledgee, A&M Beheer B.V. as pledgor and Turbinate International B.V. as company;

 

(vi)          the
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Team Valve Repair Services
B.V. as company;

 

(vii)         the
deed of pledge of shares among the Agent as pledgee, Quest Integrity EU Holdings B.V. as pledgor and A&M Beheer B.V. as company;

 

(viii)        the
deed of pledge of shares among the Agent as pledgee, Quest Integrity Group, LLC as pledgor and Quest Integrity EU Holdings, B.V.
as company;

 

(ix)          the
deed of pledge of shares among the Agent as pledgee, Quest Integrity NLD B.V. as pledgor and P3 Pullen Polyurethane Products B.V.
as company;

 

(x)           the
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Netherlands B.V. as pledgor and Teaminc Europe B.V.
as company;

 

(xi)          the
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Furmanite B.V. as company;

 

(xii)         the
deed of pledge of shares among the Agent as pledgee, Team Industrial Services International, Inc. as pledgor and Team Industrial
Services Europe B.V. as company; and

 

(xiii)        the
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Furmanite Holding B.V.
as company.

 

“Early
Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of the following on or after December 31,
2020:

 

(i)            a
notification by the Agent to (or the request by the Borrower to the Agent to notify) each of the other parties hereto that at least
five currently outstanding U.S. Dollar-denominated syndicated credit facilities in the U.S. syndicated loan market at such time
contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based
upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available
for review), and

 

    18

     

    

 

(ii)           the
joint election by the Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Agent of written notice
of such election to the Lenders.

 

“EBITDA”
means, for any period, with respect to the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP, Net Income
for such period,

 

(i)            plus
in each case, to the extent deducted in determining Net Income for such period:

 

(A)          the
amount of depreciation and amortization of fixed and intangible assets during such period, plus

 

(B)          all
Interest Expense and all fees for the use of money or the availability of money, including commitment, facility and like fees and
charges upon Indebtedness (including Indebtedness to Agent or Lenders) paid or payable during such period, without duplication,
plus

 

(C)           net
Tax Expense paid or accrued during such period, without duplication, plus

 

(D)          the
amount of all stock based compensation during such period, plus

 

(E)           the
amount of all unusual or non-recurring charges or expenses during such period (not to exceed in the aggregate with clause
(i)(L) below $10,000,000 for any such period without giving effect to this clause (i)(E) or clause
(i)(L)), plus

 

(F)           the
amount of out-of-pocket expenses incurred during such period and prior to or 180 days after the Closing Date in connection with
this Agreement, the Loan Documents, the ABL Loan Documents and the repurchase of the 2017 Senior Convertible Notes in an aggregate
amount not to exceed $5,000,000, plus

 

(G)          financing
fees, financial and other advisory fees, accounting fees, legal fees (and similar advisory and consulting fees), and related costs
and expenses incurred during such period by the Borrower or any Subsidiary in connection with Permitted Acquisitions and asset
sales permitted by Section 8.5 (whether or not consummated) (not to exceed with respect to any such transaction,
$2,500,000), plus

 

(H)          any
loss in connection with any disposition of assets during such period, plus

 

(I)            non-cash
adjustments during such period for currency exchanges in accordance with GAAP, plus

 

(J)            non-cash
losses from foreign exchange conversions and mark-to-market adjustments to foreign exchange hedge agreements (or other derivatives)
during such period, plus

 

(K)          the
aggregate amount of all non-cash charges, expenses, fees or losses during such period, plus

 

    19

     

    

 

(L)           business
optimization expenses and other restructuring charges or reserves (which, for the avoidance of doubt, shall include the effect
of inventory optimization programs, facility, district, office or business unit closures, facility, district, office or business
unit consolidations, retention, severance, systems establishment costs, contract termination costs, future lease commitments and
excess pension charges) (not to exceed in the aggregate with clause (i)(E) above $10,000,000 for any such period
without giving effect to this clause (i)(L) or clause (i)(E)).

 

(ii)           less
in each case, to the extent included in determining Net Income for such period:

 

(A)            the
amount of all non-recurring gains during such period, less

 

(B)            any
gain in connection with any disposition of assets, less

 

(C)            non-cash
positive adjustments for currency exchanges in accordance with GAAP, less

 

(D)            non-cash
gains from foreign exchange conversions and mark-to-market adjustments to foreign exchange hedge agreements (or other derivatives),
less

 

(E)            the
aggregate amount of non-cash gains during such period.

 

Notwithstanding anything to the contrary
contained herein, (1) EBITDA for the fiscal quarter ended on December 31, 2019 shall be deemed to be $22,915,000, (2) EBITDA
for the fiscal quarter ended on March 31, 2020 shall be deemed to be ($3,599,000), (3) EBITDA for the fiscal quarter
ended June 30, 2020 shall be deemed to be $13,461,000, (4) EBITDA for the fiscal quarter ended September 30, 2020
shall be deemed to be $19,163,000 and (5) EBITDA for the fiscal quarter ended on December 31, 2020 shall be deemed to
be $22,000,000.

 

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

 

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

 

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

 

“Eligible
Assignee” means any

 

(i)            a
Lender or any Affiliate thereof; or

 

(ii)           any
other Person;

 

    20

     

    

 

provided, that

 

(A)          none
of any owner of Equity Interests of a Loan Party, any Loan Party or any of their respective Affiliates shall qualify as an Eligible
Assignee,

 

(B)           a
natural person shall not qualify as an Eligible Assignee,

 

(C)          each
Eligible Assignee under clauses (ii) hereof shall be reasonably acceptable to and subject to the consent of Agent
(not to be unreasonably withheld),

 

(D)          nothing
herein shall restrict or require the consent of any Person to the pledge by any Lender of all or any portion of its rights and
interests under this Agreement or any other Loan Document to any Federal Reserve Bank in accordance with Regulation A of the
Board of Governors of the Federal Reserve System or U.S. Treasury Regulation 31 CFR 203.14, and such Federal Reserve
Bank may enforce such pledge in any manner permitted by applicable law, and

 

(E)           a
Disqualified Institution shall not qualify as an Eligible Assignee.

 

“English
Security Documents” means: (i) the English law governed debenture to be made between the UK Loan Parties as
chargors and the Agent (the “English Debenture”); (ii) the English law governed share charge and
subordinated debt assignment to be made between each Loan Party which is the holder of the shares in the UK Loan Parties (other
than UK Loan Parties which are already party to the English Debenture as chargors) in favor of the Agent (the “English
Share Charge”) and (iii) each other agreement, deed, instrument or document executed by any Loan Party governed
by English law which provides for a Lien in favor of the Agent as security for any of the Obligations, in each case in form and
substance satisfactory to the Agent.

 

“Entity”
for each Loan Party (other than an individual), means its status, as applicable, as a corporation, limited liability company or
limited partnership.

 

“Environment”
means ambient air, indoor air, surface water (including potable waters, navigable waters and wetlands), groundwater, surface and
subsurface strata, natural resources, wildlife, plant life, biota, and the work place or as otherwise defined in Environmental
Laws.

 

“Environmental
Action” means any summons, citation, notice of investigation or judicial or administrative proceeding, action, suit,
abatement order or other order, judgment, decree or directive (conditional or otherwise) from any Governmental Authority, or any
written notice of violation, complaint, claim, or other demand from any Person arising (i) pursuant to Environmental Laws,
(ii) in connection with any actual or alleged violation of, or liability pursuant to, Environmental Laws, including any Permits
issued pursuant to Environmental Laws, (iii) in connection with any Hazardous Materials, including the presence or Release
of, or exposure to, any Hazardous Materials and any abatement, removal, remedial, corrective or other response action related to
Hazardous Materials, or (iv) in connection with any actual or alleged damage, injury, threat or harm to health, safety or
the Environment.

 

“Environmental
Laws” means all federal, state, provincial and local statutes, laws (including common laws), rulings, regulations,
ordinances, codes, legally binding and enforceable policies or guidelines or governmental, administrative or judicial directives,
judgments, orders or interpretations of any of the foregoing now or hereafter in effect relating to pollution or protection of
human health or the Environment including laws and regulations relating to emissions, discharges, Releases or threatened Releases
of Hazardous Materials, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of or exposure to any Hazardous Materials, in each case as amended from time to time.

 

    21

     

    

 

“Environmental
Liabilities” means all liabilities, monetary obligations, losses, damages, costs and expenses (including all reasonable
fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation, feasibility study, removal, remediation
or post remediation monitoring or action), fines, penalties, sanctions, and interest incurred as a result of any Environmental
Action.

 

“Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities.

 

“Equity
Interests” means (i) in the case of a corporation, its capital stock, (ii) in the case of a limited liability
company, its membership interests, and (iii) in the case of a limited partnership, its general and limited partnership interests,
including in each case, all of the following rights relating to such Equity Interests, whether arising under the Governing Documents
of the Entity issuing such Equity Interests or under any applicable law of such Entity’s jurisdiction of organization or
formation: (x) all economic rights (including all rights to receive dividends and distributions) relating to such Equity Interests;
(y) all voting rights and rights to consent to any particular actions by the applicable issuer; and (z) all management
rights with respect to such issuer, but, in each case, excluding any debt security convertible into, or exchangeable for, Equity
Interests.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1000 et seq., amendments thereto,
successor statutes, and regulations or guidelines promulgated thereunder.

 

“ERISA
Affiliate” means any entity that, together with a Loan Party is required to be treated as a single employer under
Section 414(b), (c), (m) or (o) of the Code, or under Section 4001(a)(14) of ERISA. Any former ERISA Affiliate
of any Loan Party shall continue to be considered an ERISA Affiliate of such Loan Party for purposes of this definition with respect
to the period such entity was an ERISA Affiliate of such Loan Party and with respect to liabilities arising after such period for
which such Loan Party would be liable under the Code or ERISA.

 

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

 

“Event
of Default” means the occurrence of any of the events specified in Section 10.1.

 

“Excess”
has the meaning specified in Section 2.16(d).

 

“Excess
Availability” means “Excess Availability” (as defined in the ABL Credit Agreement).

 

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

 

    22

     

    

 

“Excluded
Property” means:

 

(i)            Voting
Interests of any CFC (other than a Protected CFC) held by any Loan Party, except to the extent that such Voting Interests represent
no more than 65% of the Voting Interests and 100% of all other interests of a first tier CFC (other than a Protected CFC);

 

(ii)           any

 

(x)            rights
or interest in any contract, lease, permit, license, franchise, charter, authorization or license agreement covering real or personal
property of any Loan Party (including any governmental licenses or approvals and state or local franchises, charters and authorizations,
to the extent a security interest in any such license, approval, franchises, charters, or authorizations are prohibited or restricted
thereby) and

 

(y)           equipment
owned by any Loan Party that is subject to a purchase money lien or a capital lease obligation if (but only to the extent that
and only for so long as such purchase money Indebtedness or capital lease restricts the granting of a Lien therein to Agent)

 

the grant of a security interest therein
would constitute a violation of a valid and enforceable restriction in favor of a third party if under the terms of such contract,
lease, permit, license, franchise, charter, authorization or license agreement, or applicable law with respect thereto, the grant
of a security interest or lien therein is prohibited as a matter of law or under the terms of such contract, lease, permit, license,
franchise, charter, authorization or license agreement and such prohibition or restriction has not been waived or the consent of
the other party to such contract, lease, permit, license, franchise, charter, authorization or license agreement has not been obtained
(provided, that

 

(A)          the
foregoing exclusions of this clause (ii) shall in no way be construed

 

(1)            to
apply to the extent that any described prohibition or restriction is ineffective under Section 9-406, 9-407, 9-408, or 9-409
of the UCC (or any successor provision or provisions) or other applicable law, or

 

(2)            to
apply to the extent that any consent or waiver has been obtained that would permit Agent’s security interest or lien to attach
notwithstanding the prohibition or restriction on the pledge of such contract, lease, permit, license, franchise, charter, authorization
or license agreement and

 

(B)          the
foregoing exclusions of clauses (i) and (ii) shall in no way be construed to limit,
impair, or otherwise affect any of Agent’s or any Lender’s continuing security interests in and liens upon any rights
or interests of any Loan Party in or to

 

(1)            monies
due or to become due under or in connection with any described contract, lease, permit, license, franchise, charter, authorization,
license agreement, or Equity Interests (including any Receivables or Equity Interests), or

 

    23

     

    

 

(2)            any
proceeds from the sale, license, lease, or other dispositions of any such contract, lease, permit, license, franchise, charter,
authorization, license agreement, or Equity Interests);

 

(iii)          any
United States intent-to-use Trademark applications to the extent that, and solely during the period in which, the grant of a security
interest therein would impair the validity or enforceability of such intent-to-use Trademark applications or any registrations
issuing therefrom under applicable federal law; provided, that upon submission and acceptance by the United States
Patent and Trademark Office of a statement of use or an amendment to allege use, such intent-to-use Trademark application shall
be considered Collateral;

 

(iv)          all
leasehold Real Property interests;

 

(v)           fee
simple Real Property interests located outside of the United States (other than in the United Kingdom if perfected by means of
a floating charge);

 

(vi)          fee
simple Real Property interests located in the United States having a fair market value (as determined in good faith by Borrower)
less than $2,500,000 on a per-property basis, and any fee-owned Real Property that is subject to a Permitted Lien of the type described
in clause (v)(B) of the definition thereof (to the extent the documents creating such Permitted Lien prohibits
junior liens);

 

(vii)         to
the extent subject to certificates of title (or the local law equivalent), motor vehicles and other assets subject to certificates
of title or any rolling stock;

 

(viii)        [reserved];

 

(ix)          [reserved];

 

(x)            any
demand deposit account, securities account, commodity account or other deposit account of any Loan Party that (A) is used
solely and exclusively for payroll, payroll taxes, and other employee wage and benefit payments to or for any Loan Party’s
employees or (B) held as cash collateral to secure Indebtedness permitted by Section 8.1(j)(ii) (but
only to the extent that and only for so long as that the determination with respect to such Indebtedness restricts the granting
of a Lien therein to Agent);

 

(xi)           any
asset in circumstances where the cost of obtaining a security interest therein, including the cost of title insurance, surveys
or flood insurance (if necessary) would be excessive in light of the practical benefit to the Lenders afforded thereby as reasonably
determined by the Agent; and

 

(xii)         the
last day of the term of any lease, sublease or agreement to sublease now held or subsequently acquired by any of the Loan Parties
which is organized under the laws of Canada or any province or territory therein (it being understood and agreed that the Loan
Parties shall stand possessed of such last day in trust for the assignment and disposal of it as the Agent may direct).

 

    24

     

    

 

“Excluded
Swap Obligation” means any obligation of any Loan Party to pay or perform under any Swap Obligation if, and to the
extent that, all or a portion of the guaranty of such Loan Party (including by virtue of the joint and several liability provisions
of Section 12.11) of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any
guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation of any thereof) by virtue of the Loan Party’s failure for
any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations
thereunder at the time such guaranty or the grant of such security interest becomes effective with respect to such Swap Obligation
(after giving effect to Section 12.29). If a Swap Obligation arises under a master agreement governing more than one
swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guaranty
or security interest is or becomes illegal.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient,

 

(i)            Taxes
imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed
as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender,
its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that
are Other Connection Taxes,

 

(ii)           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 (A) such Lender
acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by Borrower under Section 2.11)
or (B) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 4.11,
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,

 

(iii)          Taxes
attributable to such Recipient’s failure to comply with Section 4.11(g), and

 

(iv)          any
U.S. federal withholding Taxes imposed under FATCA.

 

“Existing
Credit Agreement” means that certain Ninth Amendment to Third Amended and Restated Credit Agreement, dated as of
June 17, 2020 (as amended, supplemented or otherwise modified from time to time prior to the date hereof), by and among the
Borrower, the guarantors and lenders party thereto, and Bank of America, N.A., as administrative agent.

 

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

 

    25

     

    

 

 

“Federal
Funds Rate” means, for any day, the fluctuating interest 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 for such day (or, if such
day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by Agent
from three federal funds brokers of recognized standing selected by it, as determined in good faith by Agent.

 

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System or any Person succeeding to the functions
thereof.

 

“Financial
Covenant” means the covenant set forth in Article VIII.

 

“Financial
Statements” means, with respect to the Borrower and its Subsidiaries, the consolidated balance sheets, consolidated
profit and loss statements and statements of cash flow of the Borrower and its Subsidiaries for the period specified, prepared
in accordance with GAAP and consistent with prior practices and, except in the case of annual audited Financial Statements, a comparison
in reasonable detail to (i) the projected balance sheets, profit and loss statements and statements of cash flow set forth
in the Business Plan for the same year-to-date and month periods and (ii) the balance sheets, profit and loss statements and
statements of cash flow for the same year-to-date and month periods of the immediately preceding year.

 

“Financial
Support Directions” means a financial support direction issued by the Pensions Regulator under section 43 of the
Pensions Act 2004.

 

“Flood
Hazard Property” means any Real Property with respect to which a Mortgage is granted that is in an area designated
by the Federal Emergency Management Agency as having special flood or mudslide hazards.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR.

 

“Foreign
Lender” means a Lender that is not a U.S. Person.

 

“Foreign
Plan” has the meaning specified in Section 7.13.

 

“Foreign
Subsidiary” means, subject to the proviso included in the definition of the term “CFC”, any direct or
indirect subsidiary of any Loan Party that is organized under the laws of any jurisdiction other than the United States, any State
thereof or the District of Columbia.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board that are applicable to the circumstances as of the date of determination.

 

    26

     

    

 

“Governing
Body” means (i) in the case of a corporation (or a limited liability company incorporated in the United Kingdom),
its board of directors and/or shareholders (as the case may be), (ii) in the case of a limited liability company, its managers
or members, and (iii) in the case of a limited partnership, its general partner(s), or in each case, another comparable governing
body of the applicable Entity.

 

“Governing
Documents” means

 

(i)            in
the case of a corporation, its articles (or certificate) of incorporation and bylaws,

 

(ii)           in
the case of a limited liability company, its articles (or certificate) of organization (or formation) and its operating agreement,

 

(iii)          in
the case of a limited partnership, its articles (or certificate) of limited partnership and its limited partnership agreement,
or in each case, another comparable governing document of the applicable Entity,

 

(iv)          in
the case of a limited liability company incorporated in the United Kingdom, its articles of association and memorandum (as the
case may be) and its certificate of incorporation and any certificate of incorporation on a change of name, and

 

(v)           in
relation to any Dutch Loan Party in each case including its deed of incorporation (oprichtingsakte), articles of association
(statuten) and an extract (uittreksel) from the commercial register (handelsregister) of the Dutch Chamber
of Commerce (Kamer van Koophandel).

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, or any entity exercising
executive, legislative, judicial, regulatory or administrative functions thereof or pertaining thereto.

 

“Guarantors”
means the Borrower and each other Person that guarantees, in whole or in part, the Obligations on the Closing Date or at any time
thereafter.

 

“Guaranty
and Security Agreement” means a guaranty and security agreement, dated as of even date with this Agreement, in form
and substance reasonably satisfactory to Agent, executed and delivered by each of the Loan Parties to Agent.

 

“Hazardous
Materials” means any and all pollutants, contaminants and toxic, caustic, radioactive and hazardous materials, substances
and wastes including petroleum or petroleum distillates, urea formaldehyde foam insulation, asbestos or asbestos-containing materials,
whether or not friable, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of
any nature, that are regulated under any Environmental Laws.

 

“Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection
agreement or other interest or currency exchange rate or commodity price hedging agreement. The term “Hedging Agreement,”
as used herein, shall extend to and include any Swap Obligation.

 

“Highest
Lawful Rate” has the meaning specified in Section 12.10.

 

“Historical
Financials” has the meaning specified in Section 5.1(a)(xiii).

 

    27

     

    

 

“Incremental
Term Loans” has the meaning specified in Section 2.16(a).

 

“Indebtedness”
means, with respect to any Person, as of the date of determination thereof (without duplication of the same obligation under any
other clause hereof),

 

(i)            all
obligations of such Person for borrowed money of any kind or nature, including funded and unfunded debt,

 

(ii)           all
monetary obligations of such Person owing under Hedging Agreements (which amount shall be calculated based on the amount that would
be payable by such Person if the Hedging Agreement were terminated on the date of determination),

 

(iii)          all
obligations of such Person to pay the deferred purchase price of assets (other than trade payables incurred in the ordinary course
of business and repayable in accordance with customary trade practices and, for the avoidance of doubt, other than royalty payments
payable in the ordinary course of business in respect of non-exclusive licenses) and any earn-out or similar obligations,

 

(iv)          all
Capitalized Lease Obligations,

 

(v)          all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right to be secured) a Lien on
any asset of such Person whether or not the Indebtedness is assumed by such Person,

 

(vi)          all
obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property
acquired by such Person (even though the rights and remedies of the seller or lender under such agreements in the event of default
are limited to repossession or sale of such property),

 

(vii)         any
Disqualified Equity Interests,

 

(viii)        all
obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations
in respect of letters of credit, bankers acceptances, or other financial products, and

 

(ix)          any
obligation of such Person guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made,
discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses (i) through
(viii) above.

 

For purposes of this definition, (A) the
amount of any Indebtedness represented by a guaranty or other similar instrument shall be the lesser of the principal amount of
the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant
to the terms of the instrument embodying such Indebtedness, and (B) the amount of any Indebtedness which is limited or is
non-recourse to a Person or for which recourse is limited to an identified asset shall be valued at the lesser of (1) if applicable,
the limited amount of such obligations, and (2) if applicable, the fair market value of such assets securing such obligation.

 

    28

     

    

 

“Indemnified
Party” has the meaning specified in Section 12.4(a).

 

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

 

“Information”
has the meaning specified in Section 12.21.

 

“Initial
Term Loan” means a Loan made to the Borrower on the Closing Date pursuant to Section 2.01(a).

 

“Insolvency
Event” means, with respect to any Person (other than any UK Loan Party in respect of clauses (ii),
(iii) or (vi) below), the occurrence of any of the following:

 

(i)            such
Person shall be adjudicated insolvent or bankrupt, institutes or, in the case of a Canadian Guarantor, consents, to the institution
of proceedings under any Debtor Relief Laws or shall generally fail to pay or admit in writing its inability to pay its debts as
they become due,

 

(ii)           such
Person shall seek reorganization or the appointment of a receiver, interim receiver, receiver and manager, trustee, monitor custodian,
administrator, administrative receiver, compulsory manager, liquidator or similar officer for it or a substantial portion of its
property, assets or business or to effect a plan or other arrangement with its creditors,

 

(iii)          such
Person shall make a general assignment for the benefit of its creditors, or consent to or acquiesce in the appointment of a receiver,
interim receiver, receiver and manager, trustee, monitor, custodian administrator, administrative receiver, compulsory manager,
liquidator or similar officer for a substantial portion of its property, assets or business,

 

(iv)         such
Person shall file a voluntary petition under, or shall seek the entry of an order for relief under any Debtor Relief Laws,

 

(v)          such
Person shall take any corporate, limited liability company, partnership or similar act, as applicable, in furtherance of any of
the foregoing, or

 

(vi)          such
Person, or a substantial portion of its property, assets or business, shall become the subject of an involuntary proceeding or
petition for

 

(A)            its
dissolution, the suspension of payments, a moratorium of any indebtedness, winding-up, administration, or reorganization (by way
of voluntary arrangement scheme or arrangement or otherwise) or

 

(B)            the
appointment of a receiver, interim receiver, receiver and manager, trustee, monitor, custodian, liquidator, administrator for it
or restructuring official (herstructureringsdeskundige) for all or any material part of its property and (I) such proceeding
shall not be dismissed or stayed within sixty (60) days or (II) such receiver, interim receiver, receiver and manager,
trustee, monitor, custodian, liquidator, administrator or restructuring official (herstructureringsdeskundige) shall be
appointed; provided, however, that the Lenders shall have no obligation to make any Loans during the
pendency of any sixty-(60) day period described in this definition, or

 

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(C)            any
proceeding under any Debtor Relief Law relating to a Canadian Guarantor or any material part of its property is instituted and
such proceeding shall not be dismissed or stayed within 60 (days); provided, however, that the Lenders shall have
no obligation to make any Loans during the pendency of any sixty-(60) day period described in this definition.

 

and in respect of any
UK Loan Parties, means any corporate action, legal proceedings or other procedure or step is taken in relation to: (1) the
suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganization (by way of
voluntary arrangement, scheme of arrangement or otherwise) of that UK Loan Party; (2) by reason of actual or anticipated financial
difficulties, a composition, compromise, assignment or arrangement with or for the benefit of any creditor of that UK Loan Party;
(3) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar
officer in respect of that UK Loan Party or a substantial portion of its assets; or (4) enforcement of any Liens over a substantial
portion of the assets of that UK Loan Party, or any procedure or step with analogous effect is taken in any jurisdiction and/or
any expropriation, attachment, sequestration, distress or execution (or any process with analogous effect) affects a substantial
portion of the assets of a UK Loan Party (the proceedings and procedures set out in clause (1) to (4) above
being the “Insolvency Proceedings”; any winding-up petition which is frivolous or vexatious and is discharged, stayed
or dismissed within fifteen (15) Business Days of commencement will not be deemed Insolvency Proceedings).

 

“Intangible
Assets” means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill,
computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized
debt discount and capitalized research and development costs.

 

“Intellectual
Property” means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions (whether or not
patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs,
blueprints, drawings, data, customer lists, URLs and domain names, specifications, documentations, reports, catalogs, literature,
and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for
registration or registrations thereof.

 

“Intercompany
Subordination Agreement” means an intercompany subordination agreement, dated as of even date with this Agreement,
in form and substance satisfactory to Agent, executed and delivered by each Loan Party and each of its Subsidiaries, and Agent,
as amended, restated, supplemented or otherwise modified from time to time.

 

“Intercreditor
Agreement” means that certain Intercreditor Agreement, dated as of even date with this Agreement, between Agent and
ABL Agent.

 

“Interest
Expense” means, for any period, all interest with respect to Indebtedness (including the interest component of Capitalized
Lease Obligations) accrued or capitalized during such period (whether or not actually paid during such period) determined in accordance
with GAAP.

 

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“Interest
Payment Date” means

 

(i)            with
respect to any Base Rate Advance, the first Business Day of each calendar month during any period in which such Advance is outstanding,

 

(ii)           with
respect to any LIBOR Rate Advance, the last day of the Interest Period applicable to the Borrowing of which such Advance is a part
and, in the case of a LIBOR Rate Advance with an Interest Period of more than three (3) months' duration, each day prior to
the last day of such Interest Period that occurs at intervals of three (3) months' duration after the first day of such Interest
Period and

 

(iii)          with
respect to any Loans, the Termination Date or such earlier date on which the Commitments are terminated.

 

“Interest
Period” means the period commencing on the date of a LIBOR Rate Advance and ending one (1), two (2), three (3) or
six (6) months thereafter (or, if available to all of the Lenders, twelve months or any shorter period in the Agent’s
discretion), as selected by Borrower; provided, however, that

 

(i)            Borrower
may not select any Interest Period that ends after the Termination Date;

 

(ii)           whenever
the last day of an Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period
shall be extended to occur on the next succeeding Business Day, except that, if such extension would cause the last day of such
Interest Period to occur in the next following calendar month, then the last day of such Interest Period shall occur on the next
preceding Business Day; and

 

(iii)          any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made
and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

“Interests”
has the meaning specified in Section 8.9.

 

“Internal
Revenue Service” or “IRS” means the United States Internal Revenue Service and any successor
agency.

 

“Investment”
in any Person means, as of the date of determination,

 

(i)            any
payment or contribution in or to such Person including property contributed to such Person for or in connection with its acquisition
of any stock, bonds, notes, indebtedness, debentures, partnership or other ownership interest or any other security of such Person,

 

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(ii)           any
payment or contribution for all or substantially all of the assets of such Person (or of any division or business line of such
other Person) and

 

(iii)          any
loan, advance or other extension of credit or guaranty of or other surety obligation for any Indebtedness made to, or for the benefit
of, such Person.

 

In determining the aggregate amount of
Investments outstanding at any particular time,

 

(A)          a
guaranty (or other surety obligation) shall be valued at not less than the principal outstanding amount of the primary obligation;

 

(B)          returns
of capital (but only by repurchase, redemption, retirement, repayment, liquidating dividend or liquidating distribution) shall
be deducted;

 

(C)          earnings,
whether as dividends, interest or otherwise, shall not be deducted; and

 

(D)          decreases
in the market value shall not be deducted unless such decreases are computed in accordance with GAAP.

 

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.

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from
time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Joinder”
means a joinder agreement substantially in the form of Exhibit J-2 to this Agreement.

 

“Lender”
and “Lenders” have the respective meanings specified in the preamble to this Agreement.

 

“Lender
Group Expenses” means all

 

(i)            [reserved],

 

(ii)           reasonable
and documented out-of-pocket fees or charges paid or incurred by Agent in connection with transactions under any of the Loan Documents,

 

(iii)          Agent’s
customary fees and charges imposed or incurred in connection with any background checks or OFAC/PEP searches related to any Loan
Party or its Subsidiaries performed in connection with the transactions contemplated under the Loan Documents,

 

(iv)          [reserved],

 

(v)           reasonable
and documented out-of-pocket costs and expenses paid or incurred by Agent and the Lenders, or any of them, to correct any default
or enforce any provision of the Loan Documents,

 

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(vi)          [reserved],

 

(vii)        Agent’s
and the Lenders’ reasonable and documented costs and expenses (including reasonable attorneys’ fees and expenses) relative
to third party claims or any other lawsuit or adverse proceeding paid or incurred, whether in enforcing or defending the Loan Documents
or otherwise in connection with the transactions contemplated by the Loan Documents, Agent’s Liens in and to the Collateral,
or the relationship of Agent and the Lenders, or any of them, with any Loan Party or any of its Subsidiaries,

 

(viii)       Agent’s
reasonable and documented costs and expenses (including reasonable attorneys’ fees for one primary counsel for the Agent,
and, if reasonably necessary, one local counsel and one regulatory counsel in each relevant jurisdiction and due diligence expenses)
incurred in advising, drafting, reviewing, administering, or amending, waiving, or modifying the Loan Documents, and

 

(ix)          Agent’s
and each Lender’s reasonable and documented costs and expenses (including attorneys, accountants, consultants, and other
advisors fees and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors
fees and expenses) incurred in connection with a “workout,” a “restructuring,” or an Insolvency Event concerning
any Loan Party or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents.

 

“LIBOR
Index Rate” means a rate per annum equal to (a) the London interbank offered rate as administered by the ICE
Benchmark Administration Limited (or any other Person that takes over the administration of such rate) as displayed on the applicable
Bloomberg screen page that displays such rate at 11:00 a.m. (London time), two (2) Business Days prior to the commencement
of such Interest Period, for deposits in Dollars (for delivery on the first day of such Interest Period) and with a term equivalent
to such Interest Period, or (b) in the event the rate referenced in the preceding clause (a) is not available,
the rate per annum (rounded upwards to the nearest 1/100 of 1%) equal to the offered quotation rate by major banks in the London
interbank market quoted to the Agent for deposits in Dollars (for delivery on the Interest Rate Determination Date), with a term
equivalent to such Interest Period and in amounts in same day funds comparable to the principal amount of the applicable Loan for
which the LIBOR Index Rate is then being determined as of approximately 11:00 a.m. (London, England time) two Business Days
commencement of such Interest Period; provided, that, if any LIBOR Index Rate as determined pursuant to this definition
shall be less than 1.00%, the LIBOR Index Rate shall be deemed to be 1.00% for purposes of this Agreement. If the Board of Governors
of the Federal Reserve System (or any successor) imposes a LIBOR Reserve Percentage with respect to LIBOR deposits, then, the LIBOR
Index Rate shall be the foregoing rate divided by 1 minus the LIBOR Reserve Percentage.

 

“LIBOR
Loans” means Loans the rate of interest applicable to which is based upon the LIBOR Index Rate.

 

“LIBOR
Rate Advance” means an Advance that bears interest as provided in Section 4.1(b).

 

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“LIBOR
Reserve Percentage” for any LIBOR Rate Advance, means the reserve percentage applicable during a one (1) month
interest period (or if more than one such percentage shall be so applicable, the daily average of such percentages for those days
in such interest period during which any such percentage shall be so applicable) under regulations issued from time to time by
the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including
any emergency, supplemental or other marginal reserve requirement) with respect to liabilities or assets consisting of or including
Eurocurrency liabilities having a term equal to such interest period.

 

“Lien”
means any lien, claim, charge, pledge, security interest, assignment, hypothecation, deed of trust, mortgage, lease, conditional
sale, retention of title, attachment or other preferential arrangement having substantially the same economic effect as any of
the foregoing, whether voluntary or imposed by law.

 

“Liquidity”
means, at any time of determination, the sum of (a) unrestricted cash and Cash Equivalents of Borrower and its Subsidiaries
at such time (including, for the avoidance of doubt, any cash or Cash Equivalents subject to a Lien in favor of the Agent for the
benefit of the Secured Parties) and (b) Excess Availability.

 

“Loan Documents”
means this Agreement, the Security Documents, the Intercompany Subordination Agreement, the Intercreditor Agreement and any other
documents and instruments entered into, now or in the future, by any Loan Party or any of its Subsidiaries under or in connection
with this Agreement, as each of the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Loan Party”
means the Borrower and each Guarantor.

 

“Loans”
means the loans and financial accommodations made by the Lenders hereunder or under this Agreement, including the Term Loans.

 

“Make-Whole
Amount” means, as of any date of determination, an amount equal to the present value, as determined in accordance
with generally accepted financial practices at the date of such Applicable Premium Trigger Event, of

 

(i)            the
aggregate amount of interest which would have otherwise been payable on the principal amount of the Loans paid on such date (or
in the case of an Applicable Premium Trigger Event specified in clauses (iii), (iv) or (v) of
the definition thereof, the principal amount of the Term Loans outstanding on such date) from the date of the occurrence of the
Applicable Premium Trigger Event until the applicable Make-Whole End Date (calculated based upon using an interest rate equal to
(x) the LIBOR Index Rate for an Interest Period of three months in effect on the third Business Day prior to such Applicable
Premium Trigger Event plus (y) the Applicable Margin for LIBOR Loans), plus

 

(ii)           an
amount equal to the Applicable Premium that would otherwise be payable, as if such Applicable Premium Trigger Event had
occurred on the day after the applicable Make-Whole End Date in each case, discounted to the date of such Applicable
Premium Trigger Event on a quarterly basis assuming a 360-day year and actual days elapsed at a rate equal to the Treasury
Rate plus 0.50%.

 

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“Make-Whole
End Date” means

 

(i)            in
the case of a Corporate Change of Control Trigger Event, the first anniversary of the Closing Date and

 

(ii)           otherwise,
the second anniversary of the Closing Date.

 

“Material
Adverse Effect” means (i) a material adverse effect on the business, operations, results of operations, assets,
liabilities, or financial condition of the Loan Parties, taken as a whole or (ii) the material impairment of (A) the
Loan Parties' ability to perform their payment or other material obligations under the Loan Documents to which they are a party
or (B) the ability of Agent or the Lenders to enforce the Obligations or realize upon the Collateral, or (iii) a material
adverse effect upon the enforceability or priority of Agent's Liens with respect to all or a material portion of the Collateral
other than any material impairment caused by any action or inaction of Agent.

 

“Material
Contract” means any agreement or arrangement to which a Loan Party is party (other than the Loan Documents) (i) 
for which breach, termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect;
or (ii) that relates to Material Indebtedness.

 

“Material
Indebtedness” means (a) the ABL Obligations and (b) any other Indebtedness (other than the Loans), or obligations
in respect of one or more Hedging Agreements in an aggregate principal amount exceeding $12,500,000. For purposes of this definition,
the “principal amount” of the obligations of any Loan Party in respect of any Hedging Agreement at any time shall be
the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party would be required to pay if such Hedging
Agreement were terminated at such time.

 

"Material
Subsidiary" means, at any date of determination

 

(i)             the
Borrower; and

 

(ii)            each
Subsidiary of the Borrower that, as of the end of the most recently ended fiscal year for which Financial Statements are required
to be delivered pursuant to Section 7.11, (A) owns at least 5.0% of the consolidated total assets
of the Loan Parties and their Subsidiaries as of such date, (B) generated at least 5.0% of the consolidated revenues
of the Loan Parties and their Subsidiaries during such fiscal year or (C) is part of any group comprising Subsidiaries of
the Borrower that each would not have been a Material Subsidiary under clauses (A) or (B) but that, taken together, had
revenues or total assets in excess of 7.5% of the consolidated revenues for any fiscal year or total assets as of such date, as
applicable, of the Loan Parties and their Subsidiaries.

 

“Maturity
Trigger Date” means the date that is 120 days prior to the maturity date of the 2017 Convertible Notes.

 

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“Maximum
Accrual” has the meaning specified in Section 2.5(c).

 

“Mortgage”
means each mortgage, deed of trust or security deed between the applicable Loan Party and Agent, in form and substance reasonably
satisfactory to Agent, relating to the Real Property covered thereby, as amended, restated, supplemented or otherwise modified
from time to time.

 

“Mortgaged
Property” means any owned Real Property listed on Schedule 7.21 and, thereafter, shall include each
other Real Property with respect to which a Mortgage is granted, so long as such Real Property does not constitute Excluded Property.

 

“Multiemployer
Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any ERISA
Affiliate has contributed within the past six years or with respect to which Borrower or any ERISA Affiliate has any liability,
whether fixed or contingent, excluding any Canadian Registered Pension Plan.

 

“Net Cash
Proceeds” means

 

(i)            with
respect to any Asset Disposition by any Loan Party or any of its Subsidiaries, or any Casualty Event, the excess, if any, of

 

(A)            the
sum of cash and Cash Equivalents received in connection with such transaction (including any cash or Cash Equivalents received
by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received)
over

 

(B)            the
sum of

 

(I)            the
principal amount of any Indebtedness that is secured by the applicable asset and that is required to be repaid in connection with
such transaction (other than Indebtedness under the Loan Documents),

 

(II)            in
respect of an Asset Sale, any bona fide direct costs incurred in connection with such Asset Disposition, including

 

(1)            income
or gains taxes payable by the seller as a result of any gain recognized in connection with such Asset Disposition,

 

(2)            payment
of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than the Loans) that,
in the case of a Loan Party, is secured by a Lien on the stock or assets in question and that is required to be repaid under the
terms thereof as a result of such Asset Disposition,

 

(3)            a
reasonable reserve for any indemnification payments (fixed or contingent) attributable to seller’s indemnities and representations
and warranties to purchaser in respect of such Asset Disposition undertaken by the Borrower or any of its Subsidiaries in connection
with such Asset Disposition or for any other liabilities retained by the Borrower or any of its Subsidiaries associated with such
Asset Disposition,

 

    36

     

    

 

(4)            bona
fide selling fees, costs, commissions and expenses (including reasonable brokers’ fees or commissions, legal, accounting
and other professional and transactional fees, transfer and similar taxes) and

 

(5)            the
Borrower’s good faith estimate of payments required to be made with respect to unassumed liabilities relating to the properties
sold within 180 days of such Asset Disposition; provided that, to the extent such cash proceeds are not used to make
payments in respect of such unassumed liabilities within 180 days of such Asset Disposition, such Cash proceeds shall constitute
Net Cash Proceeds;

 

(III)          in
respect of a Casualty Event,

 

(1)            any
actual and reasonable costs incurred by the Borrower or any of its Subsidiaries in connection with the collection, adjustment or
settlement of any claims of the Borrower or such Subsidiary in respect thereof, and

 

(2)            any
bona fide direct costs incurred in connection with any sale of such assets as a result of a taking or condemnation or otherwise,
including income taxes paid or payable as a result of any gain recognized in connection therewith and the costs and expenses incurred
in connection with the preparation of assets for transfer upon a taking or condemnation, and

 

(ii)           with
respect to any Prohibited Debt Issuance, the excess of (i) the sum of the cash and Cash Equivalents received by the Borrower
or any Material Subsidiary in connection with such issuance over (ii) reasonable underwriting discounts and commissions, and
other reasonable and customary out-of-pocket expenses, incurred by the Borrower or such Subsidiary in connection therewith.

 

“Net Income”
means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the net income of the Borrower and its Subsidiaries
(excluding extraordinary gains and extraordinary losses) for that period, determined in accordance with GAAP.

 

“Net Leverage
Ratio” means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis, the
ratio of

 

(i)            Consolidated
Funded Indebtedness as of such date minus unrestricted cash of the Loan Parties in an aggregate amount up to $30,000,000 (provided
such unrestricted cash is free and clear of all Liens other than the Liens securing the Obligations hereunder and the ABL Obligations
or Liens arising in the ordinary course of business by virtue of rights of setoff or similar rights and remedies as to deposit
accounts and such cash does not Collateralize (as defined in the ABL Credit Agreement as of the date hereof) any letters of credit
or Bank Product Obligations) to

 

    37

     

    

 

(ii)            EBITDA
for the period of four consecutive Fiscal Quarters ending on such date.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval
of all or all affected Lenders in accordance with the terms of Section 12.7 and (ii) has been approved by the
Required Lenders.

 

“Notice
of Borrowing” has the meaning specified in Section 2.3(a).

 

“Notice
of Conversion” has the meaning specified in Section 2.3(c).

 

“Obligations”
means and includes all loans (including the Loans), advances, debts, liabilities, obligations, covenants and duties owing by the
Loan Parties to Agent, the Lenders, or any of them, or any of their respective Affiliates, of any kind or nature, present or future,
whether or not evidenced by any note, guaranty or other instrument, which may arise under, out of, or in connection with, this
Agreement, the other Loan Documents (including the guaranty contained in the Guaranty and Security Agreement) or any other agreement
executed in connection herewith or therewith. The term “Obligations” includes all interest, charges, Applicable Premium,
Lender Group Expenses, commitment, facility, closing and collateral management fees, letter of credit fees, cash management and
other fees, interest, charges, expenses, fees, attorneys’ fees and disbursements, and any other sum chargeable to any of
the Loan Parties under this Agreement or the other Loan Documents (including, in each case, any such amounts accruing on or after
an Insolvency Event, whether or not such amounts are allowed or allowable following such Insolvency Event). Notwithstanding the
foregoing, the term “Obligations” shall not include any Excluded Swap Obligations.

 

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

 

“Operating
Account” means a deposit account of Borrower that Borrower designates in writing to Agent on the Closing Date as
Borrower’s “operating account” for purposes hereof in regard to the receipt and distribution of the proceeds
any Borrowings, or such other deposit account of Borrower as Borrower may from time to time subsequent to the Closing Date so designate
in writing to Agent as such account.

 

“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, sales, value added
or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration
of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.10
or Section 2.11).

 

“Participant”
has the meaning specified in Section 12.7(f).

 

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“Participant
Register” has the meaning specified in Section 12.17.

 

“Patent
Security Agreement” means a patent security agreement, in form and substance reasonably satisfactory to Agent, pursuant
to which each Loan Party that has rights in any Patents shall grant a specific security interest in its Patents as security for
the Obligations, as amended, restated, supplemented or otherwise modified from time to time.

 

“Patents”
means patents and patent applications, including (i) all continuations, divisionals, continuations-in-part, re-examinations,
reissues, and renewals thereof and improvements thereon, (ii) all income, royalties, damages and payments now and hereafter
due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages
and payments for past, present, or future infringements thereof, (iii) the right to sue for past, present, and future infringements
thereof, and (iv) all rights corresponding thereto throughout the world.

 

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

 

“Payment
in Full” or “Paid in Full” (or words of similar import) means with respect to any Obligations,

 

(i)            the
payment or repayment in full in cash of all Obligations (other than contingent indemnification obligations as to which no claim
has been asserted) and

 

(ii)           all
Commitments related to such Obligations have expired or been terminated.

 

“PBGC”
means the Pension Benefit Guaranty Corporation and any Person succeeding to the functions thereof.

 

“Pension
Plan” means a pension plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA (other
than a Multiemployer Plan) which a Borrower or any ERISA Affiliate sponsors or maintains, under which a Borrower or any ERISA Affiliate
has any liability, whether fixed or contingent, or to which it is making or is obligated to make contributions, or, in the case
of a multiple employer plan (as described in Section 4063 or 4064(a) of ERISA), has made contributions at any time
during the immediately preceding six (6) plan years. For the avoidance of doubt, any Canadian Registered Pension Plan shall
not be considered a Pension Plan for purposes of this Agreement.

 

“Pensions
Regulator” means the body corporate called the Pensions Regular established under part 1 of the Pensions Act 2004.

 

“Permits”
means, in respect of any Person, all licenses, permits, franchises, consents, rights, privileges, certificates, authorizations,
approvals, registrations and similar consents granted or issued by any Governmental Authority to which or by which such Person
is bound.

 

    39

     

    

 

“Permitted
Acquisition” means any Acquisition so long as

 

(i)            no
Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition and the
proposed Acquisition is non-hostile,

 

(ii)            the
subject assets or Equity Interests are being acquired directly by a Loan Party and the applicable Loan Party shall have complied
with Section 7.20,

 

(iii)          Borrower
has provided Agent with written notice of the proposed Acquisition at least ten (10) Business Days prior to the anticipated
closing date of the proposed Acquisition and, not later than five (5) Business Days prior to the anticipated closing date
of the proposed Acquisition, copies of the acquisition agreement and other material documents relative to the proposed Acquisition,
and

 

(iv)          with
respect to any Acquisition with a purchase price over $20,000,000, Borrowers have provided Agent with their due diligence package
relative to the proposed Acquisition, including forecasted balance sheets, profit and loss statements, and cash flow statements
of the Person or assets to be acquired, all prepared on a basis consistent with such Person’s (or assets’) historical
financial statements, together with appropriate supporting details and a statement of underlying assumptions for the one-year period
following the date of the proposed Acquisition, on a month-to-month basis), in form (including as to scope) and containing underlying
assumptions reasonably satisfactory to Agent, and

 

(v)           Permitted
Acquisitions of entities that are not Loan Parties shall not exceed at any time an aggregate amount equal to $10,000,000.

 

“Permitted
Hedging Agreement” means a Hedging Agreement made by a Loan Party or its Subsidiary in the ordinary course of its
business in accordance with the reasonable requirements of its business, and not for speculative purposes, and in any such case,
if the counterparty to such Permitted Hedging Agreement is not a Lender or an Affiliate of a Lender, such Permitted Hedging Agreement
shall be unsecured (except for Permitted Liens of the type described in clause (xii) of the definition thereof).

 

“Permitted
Intercompany Advances” means loans or advances made by

 

(i)            a
Loan Party to another Loan Party,

 

(ii)           a
Subsidiary of a Loan Party that is not a Loan Party to another Subsidiary of a Loan Party that is not a Loan Party,

 

(iii)          a
Subsidiary of a Loan Party that is not a Loan Party to a Loan Party, so long as the parties thereto are party to the Intercompany
Subordination Agreement, and

 

(iv)          a
Loan Party to a Subsidiary of a Loan Party that is not a Loan Party so long as the aggregate principal amount outstanding at any
time of such advance (when combined with any Investment made pursuant to Sections 8.10(k)(ii) and (n))
does not exceed $20,000,000 at any time.

 

    40

     

    

 

“Permitted
Investments” has the meaning specified in Section 8.10.

 

“Permitted
Liens” means the following:

 

(i)            Liens
created hereunder and by the Security Documents;

 

(ii)           Liens
securing Indebtedness permitted by Section 8.1(c); provided that (A) such Liens shall be
created substantially simultaneously with the acquisition of such assets or within 90 days after the acquisition or the completion
of the construction or improvements thereof, (B) such Liens do not at any time encumber any assets other than the assets financed
by such Indebtedness, and (C) the principal amount of Indebtedness secured by any such Lien shall at no time exceed the
cost of acquiring, constructing or improving such assets;

 

(iii)          Liens
on any property or asset of Borrower or its Subsidiaries existing on the Closing Date and set forth on Schedule 8.8
and any Lien granted as a replacement or substitute therefor; provided that any such replacement or substitute Lien
(A) does not secure an aggregate principal amount of Indebtedness, if any, greater than that secured on the Closing Date and
(B) does not encumber any property in any material manner other than the property that secured such original Indebtedness
(or would have been required to secure such original Indebtedness pursuant to the terms thereof);

 

(iv)          Liens
assumed by any Loan Party or its Subsidiaries in connection with a Permitted Acquisition that secure Acquired Indebtedness permitted
under Section 8.1(i); provided that (A) such Lien is not created in contemplation of or in
connection with such acquisition and (B) such Lien shall not apply to or cover any other asset or property other than assets
or property so acquired;

 

(v)           Liens
for taxes, assessments and other governmental charges or levies not yet delinquent or that are being contested by a Borrower or
the applicable Subsidiary in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being
maintained in accordance with GAAP;

 

(vi)          Liens
imposed by law, including landlord’s, carriers’, warehousemen’s. mechanics’, materialmen’s, repairmen’s,
construction or other like Liens arising in the ordinary course of business securing obligations that are not overdue by more than
thirty (30) days or that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate
reserves are being maintained in accordance with GAAP;

 

(vii)         deposits
to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capitalized Lease Obligations),
statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade
contracts, agreements with utilities, and other obligations of a like nature (including letters of credit in lieu of any such bonds
or to support the issuance thereof) incurred by a Borrower or any of its Subsidiaries in the ordinary course of business, including
those incurred to secure health, safety and environmental obligations in the ordinary course of business;

 

(viii)        (a) zoning
restrictions, easements, encroachments, licenses, restrictions or covenants on the use of any Real Property which do not materially
impair either the use of such Real Property in the operation of the business of the applicable Borrower or its Subsidiaries or
the value of such Real Property or (b) and any other permitted encumbrances described in the Mortgages;

 

    41

     

    

 

(ix)           rights
of general application reserved to or vested in any Governmental Authority to control or regulate any Real Property, or to use
any Real Property in a manner which does not materially impair the use of such Real Property for the purposes for which it is held
by a Borrower or any of its Subsidiaries;

 

(x)            any
interest or title of a lessor or sublessor under any leases or subleases entered into by a Borrower or any of its Subsidiaries
in the ordinary course of business;

 

(xi)          (A) Liens
on demand deposit account, securities account, commodity account or other deposit account of any Loan Party held as cash collateral
to secure Indebtedness permitted by Section 8.1(j)(ii) and (B) rights of set-off, banker’s lien,
netting agreements and other Liens arising by operation of law or by the terms of documents of banks or other financial institutions
(including for the avoidance of doubt any general banking terms and conditions) in relation to the maintenance of administration
of deposit accounts, securities accounts, cash management arrangements or in connection with the issuance of letters of credit,
bank guarantees or other similar instruments and so long as such Liens do not secure borrowed money;

 

(xii)         Liens
arising under the ABL Credit Agreement subject to the Intercreditor Agreement;

 

(xiii)        pledges
or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
social security legislation, other than any Lien imposed by ERISA;

 

(xiv)        Liens
granted in the ordinary course of business on insurance policies and the proceeds thereof securing any financing of the premiums
with respect thereto permitted under the terms of this Agreement;

 

(xv)         Liens
in favor of customs and revenue authorities arising as a matter of applicable law to secure payment of customs duties in connection
with the importation of goods;

 

(xvi)        Liens
arising by reason of deposits with or giving of any form of security to any Governmental Authority as required by applicable law
in the ordinary course of Borrower or any of its Subsidiaries as a condition to the transaction of any business or the exercise
of any privilege or license;

 

(xvii)       Liens
arising from precautionary UCC or PPSA financing statements that do not secure Indebtedness;

 

(xviii)      the
reservations, limitations, provisos and conditions, if any, expressed in any original grant from the Crown of any real property
or any interest therein or in any comparable grant in jurisdictions other than Canada;

 

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(xix)         applicable
municipal and other governmental restrictions, including municipal by-laws and regulations, affecting the use of land or the nature
of any structures which may be erected thereon;

 

(xx)          Liens
on any cash earnest money deposits made by the Borrower in connection with any letter of intent or purchase agreement with respect
to a Permitted Acquisition; provided, that the aggregate amount of cash earnest money deposits and cash in any escrow
accounts maintained in connection with Permitted Acquisitions shall not exceed $5,000,000 outstanding at any time;

 

(xxi)         Liens
arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods permitted hereunder entered
into by the Borrower or its Subsidiaries in the ordinary course of business;

 

(xxii)        [reserved];

 

(xxiii)       Liens
arising from judgments, writs or warrants of attachment or similar process in circumstances not constituting an Event of Default
under Section 10.1(g);

 

(xxiv)      [reserved];

 

(xxv)       [reserved];

 

(xxvi)      Liens
solely on the assets of Subsidiaries of the Borrower that are not organized under the laws of a Security Jurisdiction, in each
case securing Indebtedness permitted by Section 8.1(p); and

 

(xxvii)     other
Liens, provided that (A) the value (determined as the lesser of cost or market value) of the property covered thereby does
not exceed, as to any single item of property or all items of property in the aggregate, $2,500,000 and (B) the Liens incurred
pursuant to this clause (xxvi) do not secure debt for borrowed money.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization,
joint stock company, association, corporation, institution, entity, party or government (including any division, agency or department
thereof) or any other legal entity, whether acting in an individual, fiduciary or other capacity, and, as applicable, the successors,
heirs and assigns of each.

 

“Plan”
means any employee benefit plan, other than a Canadian Registered Pension Plan, as defined in Section 3(3) of ERISA,
maintained or contributed to by a Borrower or any ERISA Affiliate or with respect to which any of them may incur liability (whether
fixed or contingent) even if such plan is not covered by ERISA pursuant to Section 4(b)(4) thereof.

 

“Platform”
means Debt Domain, Intralinks, Syndtrak, DebtX or a substantially similar electronic transmission system.

 

“Pledged
Interests” means all of each Loan Party’s right, title and interest in and to all of the Equity Interests now
owned or hereafter acquired by such Loan Party, regardless of class or designation, and all substitutions therefor and replacements
thereof, all proceeds thereof and all rights relating thereto, also including any certificates representing the Equity Interests,
the right to receive any certificates representing any of the Equity Interests, all warrants, options, share appreciation rights
and other rights, contractual or otherwise, in respect thereof and the right to receive all dividends, distributions of income,
profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments,
and other property from time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution
of, on account of, or in exchange for any or all of the foregoing.

 

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“Pledged
Interests Addendum” means a Pledged Interests Addendum to the Guaranty and Security Agreement, in form and substance
reasonably satisfactory to Agent.

 

“PPSA”
means the Personal Property Security Act (Ontario), or any other applicable Canadian federal or provincial statute pertaining to
the granting, perfecting, priority or making of security interests, liens, hypothecs on personal property, and any successor statutes,
together with any regulations thereunder, in each case, as in effect from time to time, including, without limitation, the Civil
Code of Quebec. References to sections of the PPSA shall be construed to also refer to any successor sections

 

“Preliminary
Business Plan” means a preliminary high-level business plan for the next fiscal year, which shall only consist of
a consolidated profit and loss statement forecast.

 

“Prime
Rate” means the rate of interest per annum publicly announced from time to time by The Wall Street Journal
as the “Prime Rate” in the United States (or, if The Wall Street Journal ceases to quote such rate, the highest
per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest
Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein
(as determined by the Agent) or any similar release by the Federal Reserve Board (as determined by the Agent)); each change in
the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

 

“Pro Rata
Share” of any amount means, with respect to any Lender, a fraction (expressed as a percentage), the numerator of
which is the aggregate amount of the outstanding Loans of such Lender and the denominator of which is the aggregate outstanding
amount of the Loans of all of the Lenders. The initial Pro Rata Share of such Lender shall be as set forth opposite such Lender’s
name on Annex A or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as
applicable.

 

“Prohibited
Debt Issuance” means the issuance by any Loan Party or any Subsidiary of any Indebtedness other than Indebtedness
permitted under Section 7.1.

 

“Prohibited
Transaction” has the meaning specified in Section 6.1(v)(v).

 

“Protected
CFC” means any “controlled foreign corporation” within the meaning of Section 957 of the IRC all
of whose United States shareholders as defined in Section 951(b) of the IRC are treated as domestic “C-corporations”
for federal income tax purposes that are eligible for the deduction under Section 245A of the IRC with respect to dividends
from such controlled foreign corporation and with respect to all income inclusions under Sections 951(a)(1)(B) and 956 of
the IRC.

 

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“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding Ten Million
Dollars ($10,000,000) (or whatever greater or lesser sum as is then prescribed for such purposes under the Commodity Exchange Act)
at the time that the relevant guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other Person as constitutes an “eligible contract participant” under the Commodity Exchange Act and can cause
another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of
the Commodity Exchange Act.

 

“Real Property”
means any real property owned or leased by a Loan Party or any Subsidiary of a Loan Party.

 

“Receivables”
means all present and future accounts, including, whether or not constituting “accounts”, any rights to payment for
the sale or lease of goods or rendition of services.

 

“Recipient”
means (i) Agent or (ii) any Lender, as applicable.

 

“Recovery
Plan” means: (i) the most recent recovery plan relating to the Furmanite International Limited Pension Plan
agreed between Team Industrial Services (UK) Limited and the trustee of the Furmanite International Limited Pension Plan prior
to the date of this Agreement (as amended or varied from time to time); and (ii) any recovery plan or schedule of contributions
entered into between the trustee of the Furmanite International Limited Pension Plan and any employer (within the meaning set out
in Section 318 of the Pensions Act 2004 and regulations made thereunder) under that Furmanite International Limited Pension
Plan, in accordance with sections 226 and 227 of the Pensions Act 2004 that is additional to, or replaces and supersedes, the recovery
plan referred to in clause (i).

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00
a.m. (London time) on the day that is two Business Days preceding the date of such setting, and (2) if such Benchmark
is not USD LIBOR, the time determined by the Agent in its reasonable discretion.

 

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

 

(i)            such
refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed,
or extended, other than by the amount of premiums paid thereon, the fees and expenses incurred in connection therewith, any accrued
and unpaid interest and by the amount of unfunded commitments with respect thereto,

 

(ii)           such
refinancings, renewals, or extensions do not result in a shortening of the final stated maturity or the average weighted maturity
(measured as of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on
terms or conditions that, taken as a whole, are materially adverse to the interests of the Lenders,

 

(iii)          if
the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms
and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are not less favorable
to the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness in any material respect,

 

    45

     

    

 

(iv)          the
Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations
other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended,

 

(v)           if
the Indebtedness that is refinanced, renewed or extended was unsecured, such refinancing, renewal or extension shall be unsecured,
and

 

(vi)          if
the Indebtedness that is refinanced, renewed, or extended was secured (A) such refinancing, renewal, or extension shall be
secured by substantially the same or less collateral as secured such refinanced, renewed or extended Indebtedness on terms no less
favorable to Agent or the Lenders and (B) the Liens securing such refinancing, renewal or extension shall not have a priority
more senior than the Liens securing such Indebtedness that is refinanced, renewed or extended.

 

“Register”
has the meaning specified in Section 12.7(d).

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching into the Environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing
Hazardous Materials) and the migration through Environment, including movement through the air, soil, surface water or groundwater,

 

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

 

“Remedial
Action” means all actions taken to (i) clean up, remove, remediate, treat, monitor, assess or evaluate Hazardous
Materials in the environment, (ii) prevent or minimize a release or threatened release of Hazardous Materials so they do not
migrate or endanger or threaten to endanger public or employee health or welfare or the environment, (iii) restore or reclaim
natural resources or the environment, (iv) perform any pre-remedial environmental-related studies, investigations, or post-remedial
environmental-related operation and maintenance activities, or (v) conduct any other remedial actions with respect to Hazardous
Materials required by Environmental Laws.

 

“Reportable
Event” means any of the events described in Section 4043 of ERISA and the regulations issued thereunder other
than a reportable event for which the thirty-day notice requirement to the PBGC has been waived.

 

“Required
Lenders” means Lenders having more than 50% of the sum of all Loans outstanding.

 

“Requirement
of Law” or “Requirements of Law” means (i) the Governing Documents, (ii) any
law, treaty, rule, regulation, order or determination of an arbitrator, court or other Governmental Authority, or (iii) any
franchise, license, lease, permit, certificate, authorization, qualification, easement, right of way, or other right or approval
binding on a Loan Party or any of its property.

 

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

 

“Responsible
Officer” means, with respect to

 

(i)            any
Loan Party other than a Dutch Loan Party, the chairman, president, chief executive officer, chief financial officer, chief operating
officer, vice president, secretary, treasurer or any other individual designated in writing to Agent by an existing Responsible
Officer of such Loan Party as an authorized signatory of any certificate or other document to be delivered hereunder; and

 

(ii)           a
Dutch Loan Party, any director of that Dutch Loan Party authorized to represent that Dutch Loan Party or any other Person with
express irrevocable authority to act on behalf of that Dutch Loan Party designated as such by the board of directors of that Dutch
Loan Party.

 

“Restricted
Payments” has the meaning specified in Section 8.9.

 

“Secured
Parties” mean Agent and the Lenders.

 

“Securitization”
has the meaning specified in Section 12.7(e).

 

“Security
Documents” means this Agreement, the Guaranty and Security Agreement, any Copyright Security Agreement, any Patent
Security Agreement, any Trademark Security Agreement, each Mortgage (if any), any Canadian Security Document, any English Security
Document, any Dutch Security Document, and any other agreement delivered in connection herewith which grants or purports to grant
a Lien in favor of Agent or any other Secured Party to secure all or any of the Obligations.

 

“Security
Jurisdiction” shall mean each of England, Wales, the Netherlands, Canada, any province thereof, the United States,
any State thereof or the District of Columbia, and any other jurisdiction which may be agreed to from time to time by the Borrower
and the Agent.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any
successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

    47

     

    

 

“Solvent”
means:

 

(i)            when
used with respect to any Person (other than a UK Loan Party), that as of the date as to which such Person’s solvency is to
be measured:

 

(A)           the
fair saleable value of its assets is in excess of (A) the total amount of its liabilities (including contingent, subordinated,
absolute, fixed, matured, unmatured, liquidated and unliquidated liabilities) and (B) the amount that will be required to
pay the probable liability of such Person on its debts as such debts become absolute and matured;

 

(B)            it
has sufficient capital to conduct its business; and

 

(C)            it
is able to meet its debts as they mature; and

 

(ii)           in
respect of any UK Loan Party, means:

 

(I) that Person: (A) is able
or does not admit inability to pay its debts as they fall due; (B) is not deemed to, or is not declared to be unable to pay
its debts  under applicable law; (C) by reason of actual or anticipated financial difficulties, has not suspended or
threatened making payments on any of its debts; or (D) by reason of actual or anticipated financial difficulties, has not
commenced negotiations with one or more of its creditors (excluding any Lenders in their capacity as such) with a view to rescheduling
any of its indebtedness; and/or (II) the value of that Person's assets is not less than its liabilities (taking into account
contingent and prospective liabilities); and/or (I) no moratorium has been declared in respect of any of that Person's indebtedness
(and the ending of a moratorium will not remedy any Event of Default so caused by that moratorium).

 

“Subordinated
Debt” means any Indebtedness incurred by Loan Parties that by its terms is subordinated in right of payment to any
of the Obligations pursuant to a Subordination Agreement.

 

“Subordination
Agreement” means an agreement among the Agent, the applicable Borrower or Subsidiary of the Borrower and the holder
of any Subordinated Debt, pursuant to which such Indebtedness is made subordinate in right of payment to Payment in Full of all
Obligations on terms reasonably satisfactory to the Agent.

 

“Subsidiary”
means, as to any Person, any Entity in which that Person directly or indirectly owns or controls more than 50% of the issued
and outstanding Voting Interests of such Entity. Unless otherwise stated herein, any reference herein to a “Subsidiary”
means a direct or indirect Subsidiary of Borrower.

 

“Swap Obligation”
means with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

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

 

“Tax Act”
means the Income Tax Act (Canada), as amended from time to time.

 

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"Tax Expense"
shall mean, for any period, the tax expense (including federal, state, provincial, local, foreign, franchise, excise and foreign
withholding taxes) of the Loan Parties and their Subsidiaries, including any penalties and interest relating to any tax examinations
for such period, determined on a consolidated basis in accordance with GAAP.

 

“Term Commitment”
means the commitment of each Lender to make Term Loans, subject to the terms and conditions set forth herein, up to the maximum
amount specified for such Lender on Annex A, as it may change from time to time pursuant to Section 2.16.

 

“Term Loan”
means an Initial Term Loan or an Incremental Term Loan, as the context may require.

 

“Term Priority
Collateral” has the meaning assigned to the term “Term Priority Collateral” in the Intercreditor Agreement.

 

“Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR
that has been selected or recommended by the Relevant Governmental Body.

 

“Termination
Date” means the earlier of (i) the Maturity Trigger Date unless (x) the outstanding principal amount of
the 2017 Senior Convertible Notes is less than $50,000,000 on the Maturity Trigger Date or (y) the maturity date of the 2017
Senior Convertible Notes is extended past the date that is 91 days after the sixth (6th) anniversary of the Closing Date or (ii) the
sixth (6th) anniversary of the Closing Date.

 

“Termination
Event” means

 

(i)            a
Reportable Event with respect to any Pension Plan, any failure to make a required contribution to any Plan that could reasonably
be expected to result in the imposition of a Lien, or the arising of a Lien with respect to a Pension Plan;

 

(ii)           the
withdrawal of a Borrower or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer”
(as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as a withdrawal under Section 4062(e) of
ERISA;

 

(iii)          the
provision of notice by the administrator of any Pension Plan of intent to terminate a Pension Plan in a distress termination (as
described in Section 4041(c) of ERISA), or the imposition of liability on a Borrower or any ERISA Affiliate of liability
under Section 4062(e) or 4069 of ERISA;

 

(iv)          the
institution by the PBGC of proceedings to terminate a Pension Plan under Section 4042 of ERISA;

 

(v)           the
occurrence of any event or condition that (A) constitutes grounds under Section 4042 of ERISA for the termination of,
or the appointment of a trustee to administer, any Pension Plan, or (B)  could reasonably be expected to result in the termination
of a Multiemployer Plan pursuant to Section 4041A of ERISA;

 

    49

     

    

 

(vi)          the
partial or complete withdrawal, within the meaning of Sections 4203 or 4205 of ERISA, of a Borrower or any ERISA Affiliate
from a Multiemployer Plan;

 

(vii)         receipt
by a Borrower or any ERISA Affiliate of notice that a Multiemployer Plan is “insolvent” or in “reorganization”
within the meaning of Section 4245(b) or 4241of ERISA, is in “at-risk” status (as defined in Section 430(i)(4) of
the Code or Section 303(i)(4) of ERISA), is in “critical and declining” status (within the meaning of Section 305
of ERISA), or has become subject to the limitations of Section 436 of the Code; or

 

(viii)        the
imposition of any liability under Title IV of ERISA, other than for premiums due but not delinquent, upon a Borrower or any
ERISA Affiliate.

 

“Trademark
Security Agreement” means a trademark security agreement, in form and substance reasonably satisfactory to Agent,
pursuant to which each Loan Party that has rights in any Trademarks shall grant a specific security interest in its Trademarks
as security for the Obligations, as amended, restated, supplemented or otherwise modified from time to time.

 

“Trademarks”
means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks
and service mark applications, including (i) all renewals thereof, (ii) all income, royalties, damages and payments now
and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith
and damages and payments for past or future infringements or dilutions thereof, (iii) the right to sue for past, present and
future infringements and dilutions thereof, (iv) the goodwill symbolized by the foregoing or connected therewith, and (v) all
rights corresponding thereto throughout the world.

 

“Transactions”
means the execution and delivery of the Loan Documents to be entered into on the Closing Date and the funding of the Initial Term
Loans on the Closing Date, together with each of the following transactions to be consummated in connection therewith:

 

(i)            the
repayment in full of the principal, accrued and unpaid interest, fees, premium, if any, and other amounts under the Existing Credit
Agreement and the issuance of the Warrants;

 

(ii)           the
repurchase of certain 2017 Senior Convertible Notes substantially concurrently with the Closing Date; and

 

(iii)          the
payment of all fees, costs and expenses incurred in connection with the transactions described in the foregoing provisions of this
definition.

 

“Treasury
Rate” means, with respect to any prepayment, a rate per annum (computed on the basis of actual days elapsed over
a year of 360 days) equal to the rate determined by the Agent on the date 3 Business Days prior to the date of such prepayment,
to be the yield expressed as a rate listed in The Wall Street Journal for United States Treasury securities most nearly equal to
the period from the date of such prepayment, repayment or date of required repayment to and including the applicable Make Whole
End Date.

 

“Type”
means a Base Rate Advance or a LIBOR Rate Advance.

 

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“UCC”
shall mean the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however,
that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security
interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect
on or after the date hereof in any other jurisdiction, then the term “UCC” shall mean the Uniform Commercial
Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection
or non-perfection or availability of such remedy.

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form 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 Loan
Party” means any Loan Party incorporated under the laws of England and Wales.

 

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

 

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

 

“USD LIBOR”
means the London interbank offered rate for U.S. Dollars.

 

“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 4.11(g)(ii)(B)(3).

 

“Voting
Interests” means Equity Interests having ordinary voting power for the election of the Governing Body of such Person.

 

“Warrants”
means that certain common stock purchase warrant, dated as of December 18, 2020, issued to APSC Holdco II, L.P., to purchase
in the aggregate up to 3,582,949 shares of common stock, $0.01 par value per share, of the Borrower.

 

“Withholding
Agent” means any Loan Party or Agent.

 

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

 

    51

     

    

 

1.2          Accounting
Terms and Determinations. Unless otherwise defined or specified herein, all accounting terms used in this Agreement
shall be construed in accordance with GAAP, applied on a basis consistent in all material respects with the Financial Statements
delivered to Agent on or before the Closing Date. All accounting determinations for purposes of determining compliance with the
covenants contained herein shall be made in accordance with GAAP as in effect on the Closing Date and applied on a basis consistent
in all material respects with the audited Financial Statements delivered to Agent on or before the Closing Date. The Financial
Statements required to be delivered hereunder from and after the Closing Date, and all financial records, shall be maintained
in accordance with GAAP. In the event that any Accounting Change (as defined below) occurs and such change results in a change
in the method of calculation of financial covenants, standards or terms in this Agreement, then upon the written request of Borrower
or Agent (acting upon the request of the Required Lenders), Borrower, Agent and the Lenders will enter into good faith negotiations
in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result
that the criteria for evaluating Borrower’s financial condition will be the same after such Accounting Change as if such
Accounting Change had not occurred; provided that provisions of this Agreement in effect on the date of such Accounting
Change will be calculated as if no such Accounting Change had occurred until the effective date of such amendment effected in
accordance with this Agreement. “Accounting Change” means (i) any change in accounting principles
required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of
the American Institute of Certified Public Accountants or (ii) any change in the application of GAAP by Borrower. Anything
in this Agreement to the contrary notwithstanding, any obligations of a Person under a lease (whether existing now or entered
into in the future) that is not (or would not be) required to be classified and accounted for as a capital lease on a balance
sheet of such Person under GAAP as in effect on December 31, 2018 shall not be treated as Capital Lease solely as a result
of changes in the application of GAAP, in each case, after December 31, 2018. For purposes of calculating the Net Leverage
Ratio as of any date, EBITDA shall be calculated on a pro forma basis (as certified by the Borrower to the Agent) assuming that
all acquisitions made, and all dispositions completed, during the four consecutive fiscal quarters then most recently ended had
been made on the first day of such period (but without any adjustment for projected cost savings or other synergies unless otherwise
approved by the Agent).

 

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

 

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1.4          Other
Terms; Headings. An Event of Default shall “continue” or be “continuing” unless and until
such Event of Default has been cured or waived in writing by Agent and the Required Lenders (or all Lenders, as applicable). The
headings and the Table of Contents are for convenience only and shall not affect the meaning or construction of any provision
of this Agreement. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as
the word “shall”. The term “or” has, except where otherwise specifically indicated, the inclusive meaning
represented by the phrase “and/or.” Unless the context requires otherwise

 

(i)            any
definition of or reference to any agreement, instrument or other document herein or in any other Loan Document shall be construed
as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, restatements, 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 “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to
refer to this Agreement in its entirety and not to any particular provision hereof,

 

(iv)          all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits
and Schedules to, this Agreement,

 

(v)           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,

 

(vi)          time
of day means time of day New York, New York, except as otherwise expressly provided; and

 

(vii)         the
 “discretion” of Agent, the Required Lenders or the Lenders means the sole and absolute discretion of such Person(s).

 

Any reference to any law will include all
statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or
regulation means unless otherwise specified, such law or regulation as amended, modified or supplemented from time to time. All
making of Loans and payments of Obligations shall be in Dollars and, unless the context otherwise requires, all determinations
(including calculations of the Financial Covenants) made from time to time under the Loan Documents shall be made in light of the
circumstances existing at such time. No provision of any Loan Documents shall be construed against any party by reason of such
party having, or being deemed to have, drafted the provision. Whenever the phrase “to the knowledge of” or words of
similar import are used in any Loan Documents, it means actual knowledge of a Responsible Officer of the applicable Loan Party
or knowledge that such Responsible Officer would have obtained if he or she had engaged in good faith and diligent performance
of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the
matter to which such phrase relates.

 

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1.5          Dutch
Terms. In this Agreement, a reference to:

 

(a)            a
 “board of directors” means a managing board (bestuur) when a Dutch Loan Party;

 

(b)           a
 “director” means a managing director (bestuurder) when a Dutch Loan Party is concerned;

 

(c)            a
 “lien” includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud),
privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame),
and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht)
when a Dutch Loan Party is concerned;

 

(d)           any
 “evidence of authorization” where applicable, includes:

 

(i)            any
action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden); and

 

(ii)           obtaining
an unconditional positive advice (advies) from the competent works council(s) if a positive advice is required pursuant
to the Works Councils Act of the Netherlands (Wet op de ondernemingsraden);

 

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

 

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

 

(g)           any
 “action” taken in connection with insolvency proceedings includes a Dutch Loan Party having filed (i) a notice
under section 36 of the Dutch Tax Collection Act (Invorderingswet 1990), or (ii) any notice under Section 60 of
the Social Insurance Financing Act of the Netherlands (Wet Financiering Sociale Verzekeringen) in conjunction with Section 36
of the Dutch Tax Collection Act (Invorderingswet 1990);

 

(h)           a
 “liquidator” includes a curator;

 

(i)            an
 “administrator” includes a bewindvoerder;

 

(j)            an
 “attachment” or any form thereof including “attached” includes a beslag;

 

(k)            “gross
negligence” means grove schuld;

 

(l)            “willful
misconduct” means opzet;

 

(m)          “the
Netherlands” means the European part of the Kingdom of The Netherlands and Dutch means in or of the Netherlands;

 

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(n)           “works
council” includes a works council (ondernemingsraad), central works council (centrale ondernemingsraad), group
works council (groepsondernemingsraad), SE works council (SE-ondernemingsraad) and staff meeting (personeelsvergadering);

 

(o)           “insolvency”
includes a bankruptcy (faillissement) and moratorium (surseance van betaling); and

 

(p)           a
 “Subsidiary” includes a dochtermaatschappij as defined in section 2:24a of the Dutch Civil Code (Burgerlijk
Wetboek).

 

1.6           Quebec
Matters. For purposes of any Collateral located in the Province of Québec or charged by the Security Documents governed
by the laws of the Province of Québec and for all other purposes pursuant to which the interpretation or construction of
a Loan Document may be subject to the laws of the Province of Québec or a court or tribunal exercising jurisdiction in the
Province of Québec, (a) "personal property" shall be deemed to include "movable property", (b) "real
property" shall be deemed to include "immovable property", (c) "tangible property" shall be deemed
to include "corporeal property", (d) "intangible property" shall be deemed to include "incorporeal
property", (e) "security interest" and "mortgage" shall be deemed to include a "hypothec",
(f) all references to filing, registering or recording shall be deemed to include publication under the Civil Code of Québec,
(g) all references to "perfection" of or "perfected" Liens shall be deemed to include a reference to the
 "opposability" of such Liens to third parties, (h) any "right of offset", "right of setoff"
or similar expression shall be deemed to include a "right of compensation", (i) "goods" shall be deemed
to include "corporeal movable property" other than chattel paper, documents of title, instruments, money and securities,
(j) an "agent" shall be deemed to include a "mandatary", (k) "joint and several" shall
be deemed to include "solidary", (l) "gross negligence or willful misconduct" shall be deemed to be "intentional
or gross fault" and (m) "beneficial ownership" shall be deemed to include "ownership on behalf of another
as mandatory".

 

ARTICLE II.

THE CREDIT FACILITIES

 

2.1          The
Loans.

 

(a)           Each
Lender agrees (severally, not jointly or jointly and severally), subject to the terms and conditions of this Agreement, to make
term loans (the “Initial Term Loans”) to Borrower, on the Closing Date, at Borrower’s request to
Agent, in an amount not to exceed such Lender’s Term Commitment as of the Closing Date. All Term Commitments of the Closing
Date shall automatically terminate on the Closing Date (whether or not drawn).

 

(b)           [reserved].

 

(c)           The
Loans made by each Lender may, at the request of such Lender, be evidenced by a single promissory note payable to such Lender,
substantially in the form of Exhibit A (as amended, restated, supplemented or otherwise modified from time to
time, a “Note” and, collectively, the “Notes”), executed by Borrower and delivered
to such Lender in a stated maximum principal amount equal to such Lender’s Loan.

 

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(d)            Borrowers
hereby promise to pay all of the Loans and all other Obligations in respect thereof (including principal, interest, fees, costs,
and expenses payable under this Agreement and the other Loan Documents) in full on the Termination Date or, if earlier, on the
date on which the Loans and the Obligations become due and payable pursuant to the terms of this Agreement. Once prepaid or repaid,
Loans may not be reborrowed.

 

2.2            [Reserved].

 

2.3            Procedure
for Borrowing; Notices of Borrowing; Notices of Conversion.

 

(a)            Borrowing.
Each borrowing of a Loan (each, a “Borrowing”) shall be made on notice, given not later than 1:00 p.m. (New
York time) on the third Business Day prior to the date of the proposed Borrowing in the case of a LIBOR Rate Advance, and not
later than 1:00 p.m. (New York time) one Business Day prior to the date of the proposed Borrowing in the case of a Base Rate
Advance, by Borrower to Agent; provided that any Borrowing made on the Closing Date must be made as a Base Rate
Advance unless Borrower shall have given the notice required for a LIBOR Rate Advance under Section 2.3(d) and
provided an indemnity letter extending the benefits of Section 4.10 to Lenders in respect of such Borrowing.
Each such notice of a Borrowing shall be in writing (by electronic transmission or otherwise as permitted hereunder), substantially
in the form of Exhibit B (a “Notice of Borrowing”), specifying therein the requested
(i) the date of such Borrowing, (ii) the Type of Advance comprising such Borrowing, (iii)  if it is a LIBOR Rate
Advance, the applicable Interest Period, (iv) the Borrower’s wire instructions, and (v)  the aggregate principal
amount of such Borrowing.

 

(b)            [reserved].

 

(c)            Conversions.
Borrower may on any Business Day by giving a notice to Agent in writing (by electronic transmission or otherwise as permitted
hereunder), substantially in the form of Exhibit C (a “Notice of Conversion”), and
subject to the provisions of Section 2.3(d), convert the entire amount of or a portion of an Advance of one Type into
an Advance of another Type; provided, however, that any Conversion of a LIBOR Rate Advance into a
Base Rate Advance shall be made on, and only on, the last day of the Interest Period. Each such Notice of Conversion shall be
given not later than 1:00 p.m. (New York time) one Business Day prior to the date of any proposed Conversion into a Base
Rate Advance and on the third Business Day prior to the date of any proposed Conversion into a LIBOR Rate Advance. Subject to
the restrictions specified above, each Notice of Conversion shall be in writing (by electronic transmission or otherwise as permitted
hereunder), specifying (i) the requested date of such Conversion, (ii) the Type of Advance to be Converted, (iii) if
a LIBOR Rate Advance the applicable Interest Period and (iv) the amount of such Advance to be Converted and whether such
amount comprises part (or all) of the Term Loans. Each Conversion shall be in an aggregate amount not less than $2,000,000 or
an integral multiple of $500,000 in excess thereof. If the Borrower fails to specify an Interest Period in its Notice of Conversion
for a LIBOR Rate Advance, the Borrower will be deemed to have selected an Interest Period of one month. If the Borrower fails
to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to,
Base Rate Advance, effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR Rate
Advance.

 

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(d)            Limitations
on Use of LIBOR Index Rate. Anything in subsection (b) or (c) above to the contrary
notwithstanding,

 

(i)            if,
at least one (1) Business Day before the date of any requested LIBOR Rate Advance, the introduction of or any change in or
in the interpretation of any law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts
that it is unlawful, for the Lenders or any of its Affiliates to perform its obligations hereunder to make a LIBOR Rate Advance
or to fund or maintain a LIBOR Rate Advance hereunder (including in the case of a Conversion), Agent shall promptly give written
notice of such circumstance to Borrower, and the right of Borrower to select a LIBOR Rate Advance for such Borrowing or any subsequent
Borrowing (including a Conversion) shall be suspended until the circumstances causing such suspension no longer exist, and any
Advance comprising such requested Borrowing (or Conversion) shall be a Base Rate Advance;

 

(ii)           if
Agent is unable to determine the LIBOR Index Rate for LIBOR Rate Advances comprising any requested Borrowing or Conversion, Agent
shall promptly give written notice of such circumstance to Borrower, and the right of Borrower to select or maintain LIBOR Rate
Advances for such Borrowing (or Conversion) or any subsequent Borrowing shall be suspended until Agent shall notify Borrower that
the circumstances causing such suspension no longer exist, and any Advance comprising such Borrowing (or Conversion) shall be
a Base Rate Advance;

 

(iii)          if
any Lender shall, at least one (1) Business Day before the date of any requested Borrowing of, or Conversion into, a LIBOR
Index Rate Advance, notify Agent and Borrower that the LIBOR Index Rate for Advances comprising such Borrowing or Conversion will
not adequately reflect the cost to such Lender of making or funding Advances for such Borrowing, the right of Borrower to select
LIBOR Rate Advances shall be suspended until such Lender shall notify Agent and Borrower that the circumstances causing such suspension
no longer exist, and any Advance comprising such Borrowing (or Conversion) shall be a Base Rate Advance;

 

(iv)         there
shall not be outstanding at any time more than eight (8) Borrowings which consist of LIBOR Rate Advances;

 

(v)          each
Borrowing which consists of LIBOR Rate Advances shall be in an amount equal to $2,000,000 or a whole multiple of $500,000 in excess
thereof; and

 

(vi)         if
a Default or Event of Default has occurred and is continuing, no LIBOR Rate Advances may be borrowed or continued as such and
no Base Rate Advance may be Converted into a LIBOR Rate Advance.

 

(e)            Effect
of Notice. Each Notice of Borrowing and each Notice of Conversion shall be irrevocable and binding on Borrower. Borrower agrees
to indemnify Agent and the Lenders against any loss, cost or expense incurred by Agent or any Lender as a result of (i) default
by Borrower in making a Borrowing of, Conversion into a LIBOR Rate Advance after Borrower has given notice requesting the same
or (ii) default by Borrower in payment when due of the principal amount of or interest on any LIBOR Rate Advance, including
any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits
or other funds acquired by Agent or any Lender to fund such Advance.

 

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(f)            Disbursements.
Promptly after its receipt of a Notice of Borrowing under Section 2.3(a), Agent shall notify each Lender of the
amount of its Pro Rata Share of the Term Commitment, and Agent shall elect, in its discretion, to have the terms of Section 2.3(g) apply
to the requested Borrowings. In the case of a Borrowing, each Lender shall make the amount of its Loan available to the Agent
in immediately available funds by wire transfer to the Agent’s Payment Account not later than 1:00 p.m., New York City time,
on the Business Day specified in the applicable Notice of Borrowing. Upon receipt of all requested funds and satisfaction of the
applicable conditions set forth in Section 5.1, the Agent shall make all funds so received available to the Borrower
in like funds as received by the Agent by wire transfer of such funds, in each case in accordance with instructions provided to
(and reasonably acceptable to) the Agent by the Borrower.

 

(g)            [Reserved].

 

(h)           [Reserved].

 

(i)            [Reserved].

 

(j)            Benchmark
Replacement Setting.

 

(i)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition
Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference
Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance
with clause (i) or (ii) of the definition of “Benchmark Replacement” for such
Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or
consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined
in accordance with clause (iii) of the definition of “Benchmark Replacement” for such Benchmark
Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document
in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the
date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of
any other party to, this Agreement or any other Loan Document so long as the Agent has not received, by such time, written notice
of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

 

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

 

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(iii)            Notices;
Standards for Decisions and Determinations. The Agent will promptly notify the Borrower and the Lenders of (A) any
occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date,
(B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes,
(D) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (iv) below and (E) the
commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by
the Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section titled “Benchmark Replacement
Setting,” including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to
this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section titled “Benchmark
Replacement Setting”.

 

(iv)           Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including
Term SOFR or USD LIBOR) and either (x) any tenor for such Benchmark is not displayed on a screen or other information service
that publishes such rate from time to time as selected by the Agent in its reasonable discretion or (y) the regulatory supervisor
for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor
for such Benchmark is or will be no longer representative, then the Agent may modify the interest period for any Benchmark settings
at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant
to clause (A) above either (x) is subsequently displayed on a screen or information service for a Benchmark
(including a Benchmark Replacement) or (y) is not, or is no longer, subject to an announcement that it is or will no longer
be representative for a Benchmark (including a Benchmark Replacement), then the Agent may modify the interest period for all Benchmark
settings at or after such time to reinstate such previously removed tenor.

 

(v)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period,
the Borrower may revoke any request for a LIBOR Rate Advance of, conversion to or continuation of LIBOR Loans to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such
request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any
time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

 

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(vi)            Disclaimer.
The Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (A) the administration,
submission or any other matter related to the London interbank offered rate or other rates in the definition of “Eurodollar
Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including any Benchmark
Replacement implemented hereunder), (B) the composition or characteristics of any such Benchmark Replacement, including whether
it is similar to, or produces the same value or economic equivalence to USD LIBOR (or any other Benchmark) or have the same volume
or liquidity as did USD LIBOR (or any other Benchmark), (C) any actions or use of its discretion or other decisions or determinations
made with respect to any matters covered by this Section titled “Benchmark Replacement Setting” including whether
or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or non-representative tenors, the
implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required
by clause (d) above or otherwise in accordance herewith, and (D) the effect of any of the foregoing provisions of this
Section titled “Benchmark Replacement Setting”.

 

2.4            Application
of Proceeds

 

. The proceeds of
the Loans shall be used by Borrower to refinance existing Indebtedness, for their general working capital purposes, for expenses
incurred by Borrower in connection herewith and for other, general purposes consistent with the terms of this Agreement.

 

2.5            Mandatory
Prepayments; Optional Prepayments.

 

(a)            [Reserved].

 

(b)            Mandatory
Prepayments. The Borrower shall provide written notice to the Agent by 1:00 p.m. (New York time) one Business Day prior
to any mandatory prepayment hereunder. In addition to any prepayment required in accordance with Section 10.2
as a result of an Event of Default hereunder, the Loans shall be subject to mandatory prepayment as follows:

 

(i)           in
an aggregate amount equal to 100% of the Net Cash Proceeds received by any Loan Party or any Subsidiary from all Asset Dispositions
permitted by Section 8.5(l) or Casualty Events within three (3) Business Days of the receipt of such
Net Cash Proceeds by such Person; provided, however, that so long as no Event of Default shall have
occurred and be continuing, such Net Cash Proceeds shall not be required to be so applied at the election of the Borrower to the
extent such Loan Party or such Subsidiary reinvests, within twelve (12) months of receipt of such Net Cash Proceeds, all or any
portion of such Net Cash Proceeds in assets used in the business of the Loan Parties and their Subsidiaries; provided
that if, prior to the expiration of such twelve (12) month period, the Borrower, directly or through its Subsidiaries, shall have
entered into a binding agreement providing for such investment on or prior to the date that is six (6) months after the expiration
of such twelve (12) month period, such twelve (12) month period shall be extended to an eighteen (18) month period; provided
further, if such Net Cash Proceeds shall have not been so reinvested, such Net Cash Proceeds shall be immediately applied
to prepay the Loans; provided further, that, notwithstanding the foregoing, no such prepayment shall be required
if the aggregate Net Cash Proceeds received in any calendar year from Asset Dispositions and Casualty Events is less than $5,000,000
(which amount shall be increased by any unused portion of such $5,000,000 exclusion from the immediately preceding year),

 

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(i)           Immediately
upon the receipt by the Borrower or any Material Subsidiary of the Net Cash Proceeds of any Prohibited Debt Issuance, in an aggregate
amount equal to 100% of such Net Cash Proceeds.

 

(ii)          the
entire outstanding principal amount of the Loans, together with all accrued and unpaid interest thereon and all fees and Lender
Group Expenses payable by Borrower hereunder, shall become due and payable on the Termination Date.

 

(c)            Voluntary
Prepayments.

 

(i)            Borrower
may, at any time and from time to time, prepay any tranche of the Loans, in whole or in part (subject, in the case of the Payment
in Full of all the Loans, to the additional requirements of Section 4.7), upon at least one (1) Business
Days’ irrevocable notice by Borrower to Agent by 1:00 p.m. (New York time) in the case of Base Rate Advances, and three
(3) Business Days’ irrevocable notice by Borrower to Agent by 1:00 p.m. (New York time) in the case of LIBOR Rate
Advances, specifying the date and amount of prepayment; provided that a notice of optional prepayment may state
that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the incurrence
of other Indebtedness or any other event, in which case such notice of prepayment may be revoked by the Borrower (by written notice
to the Agent on or prior to the specified date) if such condition is not satisfied. If such notice is given, Borrower shall make
such prepayment, and the payment amount specified in such notice shall be due and payable, on the date specified therein accompanied
by the amount of accrued and unpaid interest thereon. Each such prepayment shall be paid to the Lenders in accordance with their
respective Pro Rata Share in respect of the tranche of Loans being prepaid.

 

(ii)            If
the Borrower determines that the Loan is an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of
the Code, then, notwithstanding anything in this Agreement to the contrary, if at the end of any “accrual period”
(as defined in Section 1272(a)(5) of the Code) ending after the fifth anniversary of the issue date of the Loans, the
aggregate amount of accrued and unpaid interest and “original issue discount” (as defined in Section 1273(a)(1) of
the Code) would, but for this Section 2.5(c), exceed an amount equal to the Loan’s “issue price”
(as defined in Section 1273(b) and 1274(a) of the Code) multiplied by the Loan’s “yield to maturity”
(as defined in Treasury Regulations Section 1.1272-1(b)(1)(i)) (such product, the “Maximum Accrual”),
the Borrower shall redeem at each such applicable date (an “AHYDO Catch-Up Payment Date”), without premium
or penalty, the amount of principal plus accrued and unpaid interest, if any, on the amount of principal to be redeemed, to, but
excluding, the applicable AHYDO Catch-Up Payment Date, equal to all accrued and unpaid interest and original issue discount on
the Loans as of the end of such accrual period in excess of an amount equal to the Maximum Accrual (the “AHYDO Catch-Up
Payment”), and such AHYDO Catch-Up Payment shall be treated for purposes of Section 163(i) of the Code
as interest paid under the Loan.  For the avoidance of doubt, there shall be no prepayments under this paragraph on or prior
to the fifth anniversary of the date of this Agreement.

 

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(d)            Application
of Prepayments. Each prepayment made pursuant to Section 2.5 shall be accompanied by the payment of accrued
and unpaid interest to the date of such payment on the amount prepaid and, in the case of any prepayment made pursuant to Section 2.5(b)(ii) or
Section 2.5(c) shall be accompanied by the Applicable Premium, if any, payable in connection with such
prepayment of the Loans. Each such prepayment shall be applied against the remaining installments of principal due on the Term
Loan in the inverse order of maturity.

 

2.6            [Reserved].

 

2.7            [Reserved].

 

2.8            Term.
The term of this Agreement shall be for a period from the Closing Date through and including the Termination Date. Notwithstanding
the foregoing, Borrower shall have no right to terminate this Agreement at any time that any principal of or interest on any of
the Loans is outstanding, except upon Payment in Full of all Obligations.

 

2.9            Payment
Procedures.

 

(a)            [Reserved].

 

(b)            Time
of Payment. Each payment by Borrower on account of principal, interest, fees or Lender Group Expenses hereunder shall be made
to Agent. All payments to be made by Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be
made without setoff, deduction or counterclaim and shall be made prior to 1:00 p.m. (New York time) on the due date
thereof to Agent, for the account of the Lenders according to their Pro Rata Shares (except as expressly otherwise provided),
at Agent’s Payment Account in immediately available funds. All payments received by the Agent after 1:00 p.m. (New
York City time), may, in the Agent’s discretion, be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue. Except for payments which are expressly provided to be made for the account of
Agent only, Agent shall promptly distribute all payments to the Lenders following receipt in like funds as received. Notwithstanding
anything to the contrary contained in this Agreement, if a Lender or any of its Affiliates exercises its right of setoff under
Section 12.3 or otherwise, any amounts so recovered shall promptly be shared by such Lender with the other Lenders
according to their respective Pro Rata Shares.

 

(c)            Next
Business Day. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the
payment may be made on the next succeeding Business Day (with respect to the Interest Period rules) and such extension of time
shall be included in the computation of the amount of interest due hereunder.

 

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(d)            Application.
Subject to Section 10.5, Agent shall have the continuing and exclusive right, if an Event of Default exists, to apply
or reverse and re-apply any payment and any and all proceeds of Collateral to any portion of the Obligations. To the extent that
any Borrower makes a payment or Agent receives any payment or proceeds of the Collateral for any Borrower’s benefit, which
is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor
in possession, receiver, custodian or any other party under any bankruptcy law, common law or equitable cause, then, to such extent,
the Obligations or part thereof intended to be satisfied shall be revived and continue as if such payment or proceeds had not
been received by Agent.

 

2.10            Designation
of a Different Lending Office. If any Lender requests compensation under Section 4.10, or requires
any 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 4.11, then such Lender (at the request of Borrower) 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 4.10 or Section 4.11, as the case may be, in the
future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

2.11            Replacement
of Lenders. If any Lender requests compensation under Section 4.10, or if any 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 4.11 and, in each case, such Lender has declined or is unable to designate a different lending office in
accordance with Section 2.10, or if any Lender is a Non-Consenting Lender, then Borrower may, at their sole expense
and effort, upon notice by Borrower to such Lender and Agent, require such Lender to assign and delegate (and such Lender agrees
to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in, and the consents required
by, Section 12.7), all of its interests, rights (other than its existing rights to payments pursuant to Section 4.10
or Section 4.11) 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)            Borrower
shall have paid to Agent the assignment fee (if any) specified in Section 12.7;

 

(b)           such
Lender shall have received payment of an amount equal to the outstanding principal of all Loans owed to it, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 4.3
and 4.10) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrower
(in the case of all other amounts);

 

(c)            in
the case of any such assignment resulting from a claim for compensation under Section 4.10 or payments required to
be made pursuant to Section 4.11, such assignment will result in a reduction in such compensation or payments thereafter;

 

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

 

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(e)            in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall consent, at
the time of such assignment, to each applicable amendment, waiver or consent.

 

A Lender shall not be required to make
any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
Borrower to require such assignment and delegation cease to apply.

 

2.12            [Reserved].

 

2.13            [Reserved].

 

2.14            Sharing
of Payments, Etc.. If any Lender shall obtain at any time any payment (whether voluntary, involuntary, through
the exercise of any right of setoff, or otherwise) on account of Obligations payable to such Lender hereunder at such time in
excess of its ratable share (according to the proportion of (a) the amount of such Obligations to (b) the aggregate
amount of the Obligations payable to all Lenders hereunder at such time), such Lender shall forthwith purchase from the other
Lenders such participations in the Obligations payable to them as shall be necessary to cause such purchasing Lender to share
the excess payment ratably with each of them; provided, however, that, if all or any portion of such
excess payment is thereafter recovered from such purchasing Lender, such purchase from each other Lender shall be rescinded and
such other Lender shall repay to the purchasing Lender the purchase price to the extent of such other Lender’s ratable share
(according to the proportion of (i) the purchase price paid to such Lender to (ii) the aggregate purchase price paid
to all Lenders) of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion
of (A) the amount of such other Lender’s required repayment to (B) the total amount so recovered from the purchasing
Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered.
The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.14
may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of setoff) with respect to
such participation as fully as if such Lender were the direct creditor of such Borrower in the amount of such participation.

 

2.15            [Reserved].

 

2.16            Incremental
Term Loans.

 

(a)            Borrower
may by written notice to the Agent increase the then-effective amount of the Initial Term Loans or establish a new tranche of
term loans hereunder (any such increase or new tranche, “Incremental Term Loans”) to repay or retire
the 2017 Senior Convertible Notes (provided, up to $7,000,000 may be used in a single borrowing for working capital
purposes or to fund a Permitted Acquisition); provided that:

 

(i)            the
principal amount of Incremental Term Loans established pursuant to this Section 2.16, shall not exceed $100,000,000
(such amount, after deducting any Incremental Term Loans borrowed hereunder, the “Incremental Basket”);

 

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(ii)           Borrower
shall execute and deliver such documents and instruments and take such other actions as may be required by Agent in connection
with such increases and at the time of any such proposed increase;

 

(iii)          no
Default or Event of Default shall have occurred and be continuing or would occur after giving effect to such increase and all
representations and warranties by or on behalf of each Loan Party and its Subsidiaries set forth in the Loan Documents shall be
true and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material
Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects)
on and as of the date of such increase or, to the extent such representations and warranties expressly relate to an earlier date,
true and correct in all material respects on and as of such earlier date;

 

(iv)         (A) the
Incremental Term Loans provided under this Section 2.16 shall have a maturity date no earlier than the Termination
Date and (B) the weighted average life to maturity of any Incremental Term Loans shall be no shorter than the weighted average
life to maturity of the Initial Term Loans;

 

(v)            Borrower
shall be in pro forma compliance with a Net Leverage Ratio of not more than 6.50 to 1.00 calculated as of the most recently ended
Fiscal Quarter for which financial statements have been delivered and as if such Incremental Term Loans had been established (and
fully funded) as of the first day of the relevant period for testing compliance and

 

(vi)         All
other terms and conditions with respect to the Incremental Term Loans, except with respect to All-in Yield (which shall be subject
to clause (d) below), be no more favorable to the Borrower than those applicable to the Initial Term Loans (including
in respect of guarantees and collateral) or added for the benefit of the Initial Term Loans; provided, the addition
of Loan Parties organized in jurisdictions other than the United States, Canada, England and the Netherlands shall be subject
to approval of the Agent.

 

(b)            No
Lender shall have any obligation, express or implied, to offer to increase the aggregate principal amount of its Loans. Only the
consent of the Lenders agreeing to provide Incremental Term Loans (each such lender being an “Additional Lender”)
shall be required pursuant to this Section 2.16.

 

(c)            Subject
to subsections (a) and (b) of this Section 2.16, any Incremental Term Loans requested
by Borrower shall be effective upon delivery to Agent of each of the following documents (the date of such effectiveness, the
 “Incremental Effective Date”):

 

(i)            an
originally executed copy of any instrument of joinder signed by a duly authorized officer of each Additional Lender, in form and
substance reasonably acceptable to Agent;

 

(ii)           a
notice to the Additional Lenders, in form and substance reasonably acceptable to Agent, signed by a Responsible Officer of Borrower;

 

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(iii)          a
certificate of Borrower signed by a Responsible Officer, in form and substance acceptable to Agent, certifying that each of the
conditions in subsection (a) of this Section 2.16 has been satisfied: and

 

(iv)            any
other certificates or documents that Agent shall request, each in form and substance satisfactory to Agent.

 

(d)            Anything
to the contrary contained herein notwithstanding, the All-In Yield that is to be applicable to the Incremental Term Loans may
be lower than, equal to or higher than the All-In Yield applicable to the Initial Term Loans hereunder immediately prior to the
Incremental Effective Date; provided that if the All-In Yield that is to be applicable to the Incremental Term Loans
is higher than the All-In Yield applicable to the Initial Term Loans hereunder immediately prior to the Incremental Effective
Date by more than 0.50% (the amount by which the All-In Yield is higher than 0.50%, the “Excess”), then
the interest margin applicable to the Initial Term Loans immediately prior to the Incremental Effective Date shall be increased
by the amount of the Excess, subject to the occurrence of and effective upon the Incremental Effective Date and without the necessity
of any action by any party hereto.

 

(e)            [Reserved].

 

(f)            Unless
otherwise specifically provided herein, all references in this Agreement and any other Loan Document to Loans shall be deemed,
unless the context otherwise requires, to include Loans made pursuant to the Incremental Term Loans pursuant to this Section 2.16.

 

ARTICLE III.

[RESERVED]

 

ARTICLE IV.

INTEREST, FEES AND EXPENSES

 

4.1            Interest.
Subject to Section 4.2, Borrower shall pay to Agent for the ratable benefit of the Lenders interest on the Advances,
payable in arrears on each Interest Payment Date, at the following rates per annum:

 

(a)            Base
Rate Advances. If such Advance is a Base Rate Advance, at a fluctuating rate which is equal to (i) the Base Rate then
in effect plus (ii) the Applicable Margin.

 

(b)            LIBOR
Rate Advances. If such Advance is a LIBOR Rate Advance, at (i) the LIBOR Index Rate plus (ii) the Applicable
Margin.

 

4.2            Interest
After Event of Default.

 

(a) Automatically
upon the occurrence and during the continuation of an Event of Default under Section 10.1(d), and (b) upon the
occurrence and during the continuation of any Event of Default (other than an Event of Default under Section 10.1(d)),
at the direction of Agent or the Required Lenders, all Loans and all Obligations shall bear interest at a per annum rate
equal to two percent (2%) above the per annum rate otherwise applicable thereunder until the earlier of the date upon which
(i) all Obligations shall have been Paid in Full or (ii) such Event of Default shall have been cured or waived.

 

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4.3            Applicable
Premium.

 

(a)            Upon
the occurrence of an Applicable Premium Trigger Event, the Borrower shall pay to the Agent, for the account of the Lenders in
accordance with their Pro Rata Shares, the Applicable Premium.

 

(b)            Any
Applicable Premium payable in accordance with this Section 4.3 shall be presumed to be equal to the liquidated damages
sustained by the Lenders as the result of the occurrence of the Applicable Premium Trigger Event and the Loan Parties agree that
it is reasonable under the circumstances currently existing. THE LOAN PARTIES EXPRESSLY WAIVE THE PROVISIONS OF ANY PRESENT OR
FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING APPLICABLE PREMIUM IN CONNECTION WITH
ANY ACCELERATION.

 

(c)            The
Loan Parties expressly agree that:

 

(i)            the
Applicable Premium is reasonable and is the product of an arm's length transaction between sophisticated business people, ably
represented by counsel;

 

(ii)           the
Applicable Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made;

 

(iii)          there
has been a course of conduct between the Lenders and the Loan Parties giving specific consideration in this transaction for such
agreement to pay the Applicable Premium;

 

(iv)         the
Loan Parties shall be estopped hereafter from claiming differently than as agreed to in this paragraph;

 

(v)          their
agreement to pay the Applicable Premium is a material inducement to Lenders to provide the Commitments and make the Loans, and

 

(vi)            the
Applicable Premium represents a good faith, reasonable estimate and calculation of the lost profits or damages of the Agents and
the Lenders and that it would be impractical and extremely difficult to ascertain the actual amount of damages to the Agents and
the Lenders or profits lost by the Agents and the Lenders as a result of such Applicable Premium Trigger Event.

 

4.4            [Reserved].

 

4.5            [Reserved].

 

4.6            [Reserved].

 

4.7            [Reserved].

 

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4.8            [Reserved].

 

4.9            Calculations.

 

(a)            Interest
payable pursuant to Section 4.1 shall be computed (i) in the case of Base Rate Advance based on the Prime
Rate, on the basis of a three hundred and sixty-five (365) day or three hundred and sixty-six (366) day year, as the case may
be and (ii) in the case of LIBOR Rate Advance and Base Rate Advance not based on the Prime Rate, on the basis of a three
hundred and sixty (360) day year, in each case for the actual number of days elapsed in the period during which it accrues. Each
determination by Agent of an interest rate, fee or other payment hereunder shall be conclusive and binding for all purposes, absent
manifest error. Borrower hereby acknowledges and agrees that each fee payable under this Agreement is fully earned and non-refundable
on the date such fee is due and payable and that each such fee constitutes Obligations and is in addition to any other fees payable
by Borrower under the Loan Document. If any provision of this Agreement or any other Loan Document would require a Loan Party
to make any payment of interest or any other payment that by a court of competent jurisdiction construes to be interest in an
amount or calculated at a rate which would be prohibited by law or would result in the Agent’s receipt of interest at a
criminal rate (as those terms are construed under the Criminal Code (Canada)), then despite that provision, that amount
or rate will be deemed to have been adjusted retroactively to the maximum amount or rate of interest, as the case may be, as would
not be so prohibited by law or would not result in a receipt by the Agent of interest at a criminal rate. The adjustment will
be made, to the extent necessary, first, by reducing the amount or rate of interest required to be paid and thereafter by reducing
any fees, commissions, premiums, and other amounts that would constitute interest for the purposes of section 347 of the Criminal
Code (Canada).

 

(b)            In
computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such
Loan or, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Advance being converted from
a LIBOR Rate Advance, the date of conversion of such LIBOR Rate Advance to such Base Rate Advance, as the case may be, shall be
included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan or, with respect
to a Base Rate Advance being converted to a LIBOR Rate Advance, the date of conversion of such Base Rate Advance to such LIBOR
Rate Advance, as the case may be, shall be excluded.

 

(c)            For
purposes of the Interest Act (Canada),

 

(i)            whenever
any interest or fee under this Agreement is calculated using a rate based on a year of 360 days or 365 days (or such other period
that is less than a calendar year), as the case may be, the rate determined pursuant to such calculation, when expressed as an
annual rate, is equivalent to (x) the applicable rate based on a year of 360 days or 365 days (or such other period that
is less than a calendar year), as the case may be, (y) multiplied by the actual number of days in the calendar year in which
the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 360 or 365 (or such other period
that is less than a calendar year), as the case may be,

 

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(ii)            the
principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, and

 

(iii)           the
rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

 

4.10            Increased
Costs.

 

(a)            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 such reserve requirement
reflected in the LIBOR Index Rate);

 

(ii)           subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through
(iv) 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 (other than Taxes) affecting this Agreement or 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 or of maintaining its
obligation to make any such Loan, or to reduce the amount of any sum received or receivable by such Lender (whether of principal,
interest or any other amount), then Borrower will pay to such Lender such additional amount or amounts as will compensate such
Lender for such additional costs incurred or reduction suffered.

 

(b)            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 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 or liquidity), then from time to time 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.

 

(c)            A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the
case may be, as specified in paragraph (a) or (b) of this Section 4.10 and delivered
to Borrower will be conclusive absent manifest error. Borrower will pay such Lender the amount shown as due on any such certificate
within ten (10) days after receipt thereof.

 

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(d)            Failure
or delay on the part of any Lender to demand compensation pursuant to this Section 4.10 shall not constitute a waiver
of such Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate a
Lender pursuant to this Section 4.10 for any increased costs incurred or reductions suffered more than 180 days
prior to the date that such Lender notifies Borrower of the Change in Law giving rise to such increased costs or reductions and
of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of
retroactive effect thereof).

 

4.11            Taxes.

 

(a)            Defined
Terms. For purposes of this Section 4.11, the term “applicable law” includes FATCA.

 

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

 

(c)            Payment
of Other Taxes by Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable
law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)            Indemnification
by Borrower. The Loan Parties, jointly and severally, shall indemnify each Recipient, within 10 days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to
such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to Borrower by a Lender (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error.

 

(e)            Indemnification
by the Lenders. Each Lender shall severally indemnify Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified Agent for
such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 12.7 relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by Agent shall be conclusive absent manifest error. Each Lender hereby authorizes Agent to
set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by Agent to
the Lender from any other source against any amount due to Agent under this clause (e).

 

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(f)            Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 4.11, such Loan Party shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to Agent.

 

(g)           Status
of Lenders.

 

(i)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to Borrower and Agent, at the time or times reasonably requested by Borrower or Agent, such properly completed and
executed documentation reasonably requested by Borrower or 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 Borrower or Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by Borrower or Agent as will enable Borrower or 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 4.11(g)(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,

 

(A)          any
Lender that is a U.S. Person shall deliver to Borrower and 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 Borrower or Agent), executed copies of IRS
Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)           any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and 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 Borrower or Agent), whichever of the following is applicable:

 

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

 

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

 

(3)            in
the case of 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 K-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 any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BEN-E; or

 

(4)            to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN, W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-2
or Exhibit K-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 K-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 Borrower and 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 Borrower or Agent), executed copies of any other form prescribed
by applicable law as a basis for claiming exemption from or a reduction in withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit Borrower or Agent to determine the withholding or
deduction required to be made; and

 

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(D)           if
a payment made to a Lender under any Loan Document would be subject to 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 Borrower and Agent at the time or times prescribed by law and at such time
or times reasonably requested by Borrower or 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 Borrower or Agent as
may be necessary for Borrower and Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for
purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement.

 

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

 

(h)            Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 4.11 (including by the payment of additional
amounts pursuant to this Section 4.11), it shall pay to the indemnifying party an amount equal to such refund (but
only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this clause (h) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (h), in
no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (h) the
payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall
not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person.

 

(i)            Survival.
Each party’s obligations under this Section 4.11 shall survive the resignation or replacement of Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document.

 

ARTICLE V.

CONDITIONS OF LENDING

 

5.1          Conditions
to Initial Term Loan. The obligation of the Lenders to make the Initial Term Loans is subject to the satisfaction
or waiver in writing (which shall include Schedule 7.21) of the following conditions prior to making of such Initial Term Loan:

 

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(a)            Loan
Documents. Agent shall have received the following, each dated as of the Closing Date or as of an earlier date acceptable to
Agent, in form and substance satisfactory to Agent and its counsel:

 

(i)            counterparts
of this Agreement, duly executed by the parties hereto;

 

(ii)           the
Notes, each duly executed by Borrowers, to the extent such Notes were requested three (3) Business Days prior to the Closing
Date;

 

(iii)          the
Copyright Security Agreement, duly executed by each applicable Loan Party;

 

(iv)          the
Patent Security Agreement, duly executed by each applicable Loan Party;

 

(v)           the
Trademark Security Agreement, duly executed by each applicable Loan Party;

 

(vi)          ABL
Credit Agreement and ABL Intercreditor Agreement;

 

(vii)         a
Guaranty and Security Agreement and Non-U.S. Collateral Documents (other than each of the Dutch Share Pledges, which shall be executed
within 30 Business Days of the date of this Agreement), in each case, duly executed by each Loan Party;

 

(viii)        acknowledgment
copies of financing statements duly authorized and filed under the Uniform Commercial Code and PPSA (naming Agent as secured
party and the Loan Parties as debtors and containing a description of the applicable Collateral) with respect to each Loan Party
in the jurisdiction in which such Loan Party is organized as set forth on Schedule 6.1(a);

 

(ix)           results
of lien, judgment and Intellectual Property searches, dated on or before the Closing Date, listing all effective financing statements
filed in the jurisdictions referred to in clause (viii) above and in all other jurisdictions (except the Province
of Quebec) that Agent deems necessary or desirable to confirm the priority of the Liens created hereunder and under the Security
Documents, that name each of the Loan Parties as debtor, together with copies of such financing statements;

 

(x)            a
completed perfection certificate, substantially in the form of Exhibit E, signed by a Responsible Officer of
Borrower;

 

(xi)           a
financial condition certificate of a Responsible Officer of Borrower, in the form of Exhibit F;

 

(xii)          Warrants;

 

(xiii)         the
following (collectively, the “Historical Financials”)

 

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(A)          the
audited Financial Statements for the fiscal year ended December 31, 2019, certified by the Auditors, and unaudited Financial
Statements for the nine-month period ended September 30, 2020, certified by a Responsible Officer of Borrower,

 

(B)           a
pro forma consolidated balance sheet of the Loan Parties and their Subsidiaries, after giving effect to the consummation of the
transactions contemplated hereby, in form and substance reasonably satisfactory to Agent, and

 

(C)           a
certificate executed by a Responsible Officer of Borrower certifying that since December 31, 2019,

 

(I)            there
has been no change, occurrence, development or event which has had or could reasonably be expected to have a Material Adverse Effect,

 

(II)           all
data, reports and information (other than projections and budgets) heretofore or contemporaneously furnished by or on behalf of
the Loan Parties in writing to Agent or the Auditors for purposes of or in connection with this Agreement or any other Loan Document,
or any transaction contemplated hereby or thereby, are true and accurate in all material respects as of the date or certification
thereof and are not incomplete by omitting to state any material fact necessary to make such data, reports and information not
misleading at such time, and

 

(III)          all
projections and budgets heretofore furnished to Agent or the Auditors for purposes of or in connection with this Agreement or any
other Loan Document, or any transaction contemplated hereby or thereby, have been prepared in good faith based on assumptions believed
by Borrower to be reasonable at the time of preparation;

 

(xiv)         an
opinion of counsel for each Loan Party addressed to Agent covering such matters incident to the transactions contemplated by this
Agreement as Agent may reasonably require, which such counsel is hereby requested by Borrower on behalf of all the Loan Parties
to provide;

 

(xv)          certified
copies of all policies of insurance required by this Agreement and the other Loan Documents, inclusive of those described in Section 7.6
hereof together with loss payee endorsements for all such policies naming Agent as lender loss payee and an additional insured;

 

(xvi)         a
copy of the Business Plan for the four (4) year period commencing October 1, 2020, accompanied by a certificate executed
by a Responsible Officer of Borrower certifying to Agent and the Lenders that the Business Plan has been prepared in good faith
on the basis of assumptions which were believed to be reasonable in the context of the conditions existing on the date hereof,
and represents, as of the date hereof, Borrower’s good faith estimate of its future financial performance;

 

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(xvii)        copies
of the Governing Documents (other than the deed of incorporation (oprichtingsakte) of Furmanite B.V.) of each Loan Party and a
copy of the resolutions of the Governing Body (or similar evidence of authorization) of each Loan Party and authorizing the execution,
delivery and performance of this Agreement, the other Loan Documents to which such Loan Party is or is to be a party, and the transactions
contemplated hereby and thereby, attached to a certificate of the Secretary or an Assistant Secretary or other officer of such
Loan Party certifying

 

(A)          that
such copies of the Governing Documents and resolutions of the Governing Body (or similar evidence of authorization) relating to
such Loan Party are true, complete and accurate copies thereof, have not been amended or modified since the date of such certificate
and are in full force and effect,

 

(B)           the
incumbency, names and true signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it is a
party,

 

(C)           that
attached thereto is a list of all persons authorized to execute and deliver Notices of Borrowing and Notices of Conversion on behalf
of Borrower and

 

(D)           in
respect of the UK Loan Parties, the Solvency of that UK Loan Party;

 

(xviii)      with
respect to US Loan Parties, a certified copy of a certificate of the Secretary of State of the state of incorporation, organization
or formation (or the equivalent Governmental Authority in the jurisdiction of incorporation, organization or formation) of each
Loan Party, dated within twenty (20) days of the Closing Date, listing the certificate of incorporation, organization or formation
of such Loan Party and each amendment thereto on file in such official's office and certifying (to the extent such concept exists
in such jurisdictions) that

 

(A)          such
amendments are the only amendments to such certificate of incorporation, organization or formation on file in that office,

 

(B)           such
Loan Party has paid all franchise taxes to the date of such certificate and

 

(C)           such
Loan Party is in good standing in that jurisdiction (as applicable);

 

(xix)         with
respect to any Loan Party formed under the laws of Canada or any province or territory thereof, a certificate of status (or equivalent)
issued by the governmental authority in the jurisdiction in which such Loan Party is formed, dated within twenty (20) days of the
Closing Date;

 

(xx)          [reserved];

 

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(xxi)         [reserved];

 

(xxii)        each
of the English Security Documents, duly executed by each Loan Party thereto;

 

(xxiii)       evidence
that any process agent referred to in Clause 33.2 (Service of process) of the English Share Charge, has accepted its appointment;

 

(xxiv)       a
copy of all notices required to be sent under the English Security Documents executed by the relevant parties thereto;

 

(xxv)        a
letter of financial support from the Borrower addressed to the directors of each UK Loan Party and Team Industrial Services (UK)
Limited in form and substance acceptable to the Agent.

 

(xxvi)       a
closing certificate from a Responsible Officer of Borrower, in the form of Exhibit G.

 

(b)           [Reserved].

 

(c)           Reimbursement.
Borrower shall have paid

 

(i)            all
reasonable and documented out-of-pocket fees and Lender Group Expenses required to be paid pursuant to Section 12.4
of this Agreement to the extent invoiced at least three (3) Business Days prior to the Closing Date (it being understood that
all other such fees and Lender Group Expenses shall be paid after the Closing Date in accordance with the terms of this Agreement),
and

 

(ii)            the
fees referred to in this Agreement that are required to be paid on the Closing Date.

 

(d)           [Reserved].

 

(e)            Collateral
Review. Agent and its counsel shall have performed (i) a review satisfactory to Agent of all of the Material Contracts
and other assets (including material leases of operating facilities) of each Loan Party, the financial condition of each Loan Party,
including all of its tax, litigation, environmental and other potential contingent liabilities, the capitalization and capital
structure of each Loan Party and the cash management and management information systems of Borrower and (ii) reviews and investigations
of such other matters as Agent and its counsel deem appropriate, in each case with results satisfactory to Agent.

 

(f)            [Reserved].

 

(g)           [Reserved].

 

(h)           [Reserved].

 

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(i)             Due
Diligence. Agent shall have completed satisfactory business and legal due diligence.

 

(j)             Payment
of Outstanding Indebtedness, etc. Agent shall have received reasonably satisfactory evidence that all Indebtedness (other
than any Indebtedness permitted under Section 8.1), together with all interest, all prepayment premiums and
other amounts due and payable with respect thereto, will have been paid in full upon the making of the initial Loan and all obligations
with respect thereto will, substantially concurrently with the making of the initial Loan, be terminated (other than contingent
indemnification obligations), and payoff letters evidencing that all Liens securing payment of any such Indebtedness will substantially
contemporaneously be released at the time of the making of the initial Loan, on terms and in a manner reasonably satisfactory to
Agent; provided, that Agent shall have received fully executed and effective purchase agreements to repurchase up
to $137,000,000 of the 2017 Senior Convertible Notes. In addition, Agent shall have received duly authorized release or termination
statements, duly filed (or an authorization from all required Persons to file release or termination statements) in all jurisdictions
that Agent deems necessary from any creditors of the Loan Parties being paid off on the Closing Date.

 

(k)            KYC.
Upon the request of Agent or any Lender made at least ten (10) days prior to the Closing Date, Borrower shall have provided
to Agent or such Lender no later than five (5) days prior to the Closing Date, a duly executed W-9 (or other applicable tax
form) of the Borrower, and all other documentation and information so requested in connection with applicable “know your
customer” and Anti-Money Laundering Laws, including the Patriot Act. At least three (3) days prior to the Closing Date,
any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered
to Agent a Beneficial Ownership Certification in relation to such Borrower.

 

5.2            Conditions
Precedent to Each Loan. The obligation of the Lenders to make any Loan is subject to the satisfaction of the following
conditions precedent:

 

(a)            Representations
and Warranties. All representations and warranties contained in this Agreement and the other Loan Documents shall be true,
correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension
of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to
an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that
such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) as of such earlier date);

 

(b)            No
Default. No Default or Event of Default shall have occurred and be continuing or would result from the making of the requested
Loan; and

 

(c)            Borrowing
Notice. The Borrower shall have delivered a Notice of Borrowing, in the form of Exhibit B, in accordance
with Section 2.3.

 

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Each condition in Sections 5.1 and 5.2
that is subject to the satisfaction or discretion of Agent or any Lender shall be deemed satisfied upon Agent’s or Lender’s,
as applicable, making of any Loan.

 

ARTICLE VI.

REPRESENTATIONS AND WARRANTIES

 

6.1           Representations
and Warranties of Borrower. The Borrower makes the following representations and warranties to Agent and the Lenders,
which shall be true, correct and complete in all respects as of the Closing Date, and after the Closing Date, shall be true, correct,
and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof) as of the date of any Borrowing as though
made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in
which case such representations and warranties shall be true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof) as of such earlier date), and such representations and warranties shall survive the execution and delivery
of this Agreement:

 

(a)            Organization,
Good Standing and Qualification. Each Loan Party

 

(i)             is
an Entity duly organized (or incorporated, as the case may be), validly existing and in good standing (to the extent such concept
exists in the relevant jurisdiction) under the laws of the state of its incorporation, organization or formation,

 

(ii)            has
the requisite power and authority to own its properties and assets and to transact the businesses in which it presently is, or
proposes to be, engaged, except to the extent that the failure own such properties and assets or transact business in such a way
could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect and

 

(iii)           is
duly qualified, authorized to do business and in good standing (to the extent such concept exists in the relevant jurisdictions)
in each jurisdiction where it presently is, or proposes to be, engaged in business, except to the extent that the failure so to
qualify or be in good standing could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

Schedule 6.1(a) specifies
the jurisdiction in which each Loan Party is organized and also specifies the tax identification numbers and organizational identification
numbers of each Loan Party.

 

(b)           Locations
of Offices, Records and Collateral. The address of the principal place of business and chief executive office of each Loan
Party is, and the books and records of each Loan Party and all of its chattel paper are maintained exclusively in the possession
of such Loan Party at the address of such Loan Party specified in Schedule 6.1(b) (as such Schedule may
be updated from time to time to reflect changes resulting from transactions permitted under this Agreement). There is no location
at which any Loan Party maintains any Collateral in an aggregate principal amount exceeding $500,000 other than the locations specified
for it in Schedule 6.1(b) (as such Schedule may be updated from time to time to reflect changes resulting
from transactions permitted under this Agreement). Schedule 6.1(b) (as such Schedule may be updated from
time to time to reflect changes resulting from transactions not prohibited under this Agreement) specifies all Real Property of
each Loan Party, and indicates whether each location specified therein is leased or owned by such Loan Party.

 

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(c)            Authority.
Each Loan Party has the requisite power and authority to execute, deliver and perform its obligations under each of the Loan Documents
to which it is a party. All requisite corporate, limited liability company or partnership action necessary for the execution, delivery
and performance by each Loan Party of the Loan Documents to which it is a party (including the consent of its owners, where required)
has been taken.

 

(d)            Enforceability.
The Loan Documents delivered by the Loan Parties, when executed and delivered, will be, the legal, valid and binding obligation
of each Loan Party party thereto enforceable in accordance with its terms, except as enforceability may be limited by (i) bankruptcy,
insolvency or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

 

(e)            No
Conflict. The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party

 

(i)            do
not and will not contravene any of the Governing Documents of such Loan Party,

 

(ii)           do
not and will not contravene any Requirement of Law, except as such contravention could not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect,

 

(iii)           do
not and will not contravene any Material Contract, except as such contravention could not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect, and

 

(iv)          do
not and will not result in the imposition of any Liens upon any of its properties except for Permitted Liens.

 

(f)            Consents
and Filings. No consent, authorization or approval of, or filing with or other act by, any Governmental Authority or any other
Person is required in connection with the execution, delivery or performance of this Agreement or any other Loan Document, or the
consummation of the transactions contemplated hereby or thereby, except

 

(i)            such
consents, authorizations, approvals, filings or other acts as have been made or obtained, as applicable, and are in full force
and effect,

 

(ii)            the
filing of UCC and PPSA financing statements,

 

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(iii)           filing
of the Patent Security Agreements, Trademark Security Agreements, and Copyright Security Agreement with the United States Patent
and Trademark Office and the United States Copyright Office and the Canadian Intellectual Property Office, the UK Intellectual
Property office, the European Patents Office, the relevant intellectual property register of the EU Office of Harmonization for
the Internal Market and any other intellectual property register or authority or other national intellectual property registers
as may be available for the purpose,

 

(iv)           filings
or other actions listed on Schedule 6.1(f), and

 

(i)             registration
of the particulars of the English Security Documents (and any other Security Documents entered into by a UK Loan Party) at Companies
House in England and Wales under section 859A of the Companies Act 2006 and payment of associated fees and

 

(ii)            such
consents, authorizations, approvals, filings or other acts the failure of which to be obtained or made could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(g)            Ownership;
Subsidiaries. Schedule 6.1(g) (as such Schedule may be updated from time to time to reflect changes
resulting from transactions permitted under this Agreement) sets forth the legal name (within the meaning of Section 9-503
of the UCC), the Persons that own the Equity Interests of each such Loan Party (other than the Borrower), and the number of Equity
Interests owned by each such Person. As of the Closing Date, the Borrower has no Subsidiaries other than those specifically disclosed
on Schedule 6.1(g), and all of the outstanding Equity Interests in such Subsidiaries have been validly issued,
are fully paid and nonassessable and are owned directly or indirectly by a Loan Party in the amounts specified on Schedule 6.1(g) free
and clear of all Liens other than Liens permitted pursuant to Section 8.8. As of the Closing Date, the Borrower has
no equity investments in any other corporation or entity other than those specifically disclosed on Schedule 6.1(g).
All of the outstanding Equity Interests in the Borrower have been validly issued and are fully paid and nonassessable.

 

(h)            Solvency.
The Loan Parties, taken as a whole, are Solvent and no procedure, act or filing described as an “Insolvency Event”
has taken place with respect to any Loan Party. As of the Closing Date, each UK Loan Party is Solvent.

 

(i)            Financial
Data. Borrower has provided to Agent complete and accurate copies of the Historical Financials. The Historical Financials have
been prepared in accordance with GAAP consistently applied throughout the periods involved and fairly present, in all material
respects, the financial position, results of operations and cash flows of the Loan Parties and their Subsidiaries for each of the
periods covered. Since December 31, 2019, there has been no change, occurrence, development or event, which has had or could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(j)            Accuracy
and Completeness of Information. All written factual data, reports and written factual information (other than any projections,
estimates and information of a general economic or industry specific nature) concerning the Loan Parties and their Subsidiaries
that has been furnished by or on behalf of any Loan Party to Agent or any Lender in connection with the transactions contemplated
hereby, when taken as a whole, are correct in all material respects as of the date of certification of such data, reports and information,
and do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
contained therein not materially misleading in light of the circumstances under which such statements are made at such time.

 

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(k)            Legal
and Trade Name. As of the Closing Date, during the past year, none of the Loan Parties has been known by or used any legal
name or, except as such usage could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
any trade name or fictitious name, except for its name as set forth in the introductory paragraph and on the signature page of
this Agreement or the Guaranty and Security Agreement, as applicable, which is the exact correct legal name of such Loan Party.

 

(l)            [Reserved].

 

(m)          Investment
Company. None of the Loan Parties is an “investment company,” or an “affiliated person” of, or “promoter”
or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company
Act of 1940, as amended.

 

(n)           Margin
Stock. None of the Loan Parties is engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying “margin stock” as that term is defined in Regulation U of the
Federal Reserve Board. No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately,
incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing
or carrying Margin Stock or to refund Indebtedness originally incurred for such purpose or (ii) for any purpose that entails
a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulations T, U or
X.

 

(o)           Taxes
and Tax Returns.

 

(i)             Each
Loan Party and each of its Subsidiaries has properly completed and timely filed all federal and other material income tax returns
it is required to file and such returns were complete and accurate in all material respects.

 

(ii)            All
federal and other material taxes and similar governmental charges required to have been paid by the Loan Parties have been timely
paid.

 

(iii)           No
material deficiencies for taxes have been claimed, proposed or assessed by any taxing or other Governmental Authority against any
Loan Party or any of its Subsidiaries which remain unpaid. There are no pending or, to the knowledge of Borrower, threatened audits,
investigations or claims by a Governmental Authority for or relating to any material liability of any Loan Party or any of its
Subsidiaries for taxes.

 

(iv)           Each
Dutch Loan Party is resident for tax purposes in the Netherlands only, and does not have a permanent establishment or permanent
representative outside the Netherlands.

 

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(v)            Any
fiscal unity (fiscale eenheid) for Dutch tax purposes in which a Loan Party is included, consists of Loan Parties only

 

(p)            No
Judgments or Litigation. Except as specified in Schedule 6.1(p), no judgments, orders, writs or decrees
are outstanding against any Loan Party or any of its Subsidiaries, nor is there now pending or, to the knowledge of any Loan Party
after due inquiry, any threatened litigation, contested claim, investigation, arbitration, or governmental proceeding by or against
any Loan Party or any of its Subsidiaries that

 

(i)             individually
or in the aggregate could reasonably be expected to have a Material Adverse Effect or

 

(ii)            purports
to affect the legality, validity or enforceability of this Agreement, any other Loan Document or the consummation of the transactions
contemplated hereby or thereby.

 

(q)            Title
to Property. Each Loan Party and each of its Subsidiaries has (i) valid fee simple title to or valid leasehold interests
in all of its Real Property and (ii) good and marketable title to all of its other assets, in each case, except where such
failure to have such title, interest or right could not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. All of such assets are free and clear of Liens except for Permitted Liens.

 

(r)            No
Other Indebtedness. On the Closing Date and after giving effect to the transactions contemplated hereby, none of the Loan Parties
nor any of their Subsidiaries have any Indebtedness other than Indebtedness permitted under Section 8.1.

 

(s)            Investments;
Contracts. None of the Loan Parties, nor any of their Subsidiaries,

 

(i)             has
committed to make any Investment;

 

(ii)            is
a party to any indenture, agreement, contract, instrument or lease, or subject to any restriction in the Governing Documents or
similar restriction or any injunction, order, restriction or decree;

 

(iii)           is
a party to any “take or pay” contract as to which it is the purchaser; or

 

(iv)          has
material contingent or long term liability, including any management contracts,

 

in each case, which individually
or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

(t)            Compliance
with Laws. On the Closing Date and after giving effect to the transactions contemplated hereby, none of the Loan Parties nor
any of their Subsidiaries is in violation of any Requirement of Law, or is in default with respect to any judgment, writ, injunction
or decree of any Governmental Authority, where such violation or default could reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

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(u)            Rights
in Collateral; Priority of Liens. All of the Collateral of each Loan Party is owned or leased by it free and clear of any and
all Liens in favor of third parties, other than Liens in favor of Agent, Liens incurred under the ABL Credit Agreement and other
Permitted Liens. Upon the proper filing of the financing and termination statements specified in Section 5.1(a)(viii) and
any Mortgage and release specified in Section 5.1(a)(viii), the Liens granted by the Loan Parties pursuant to
the Loan Documents constitute valid, enforceable and perfected first priority Liens on the Collateral (subject only to Permitted
Liens which are non-consensual Permitted Liens, permitted purchase money Liens, the interests of lessors in respect of Capitalized
Lease Obligations or ABL Agent with respect to ABL Priority Collateral).

 

(v)            ERISA.

 

(i)             Neither
any Loan Party nor any ERISA Affiliate maintains or contributes to any Plan, other than those specified in Schedule 6.1(v).

 

(ii)            Each
Loan Party and each ERISA Affiliate have fulfilled all contribution obligations for each Plan (including obligations related to
the minimum funding standards of ERISA and the Code), except for ordinary funding obligations which are not past due, and no application
for a funding waiver or an extension of any amortization period pursuant to Sections 303 and 304 of ERISA or Section 412
of the Code has been made with respect to any Plan.

 

(iii)           No
Termination Event has occurred nor has any other event occurred that is likely to result in a Termination Event. Neither a Loan
Party or any ERISA Affiliate, nor any fiduciary of any Plan, is subject to any material direct or indirect liability with respect
to any Plan under any Requirement of Law or agreement.

 

(iv)          Neither
a Loan Party nor any ERISA Affiliate is required to or reasonably expects to be required to provide security to any Plan under
Section 307 of ERISA or Section 401(a)(29) of the Code, and no Lien exists or could reasonably be expected to arise with
respect to any Plan.

 

(v)           Each
Loan Party and each ERISA Affiliate is in compliance in all material respects with all applicable provisions of ERISA and the Code
with respect to all Plans. There has been no prohibited transaction as defined in Section 406 or 407 of ERISA or Section 4975
of the Code with respect to any Plan or any Multiemployer Plan or any trust created thereunder that could subject any Loan Party
or ERISA Affiliate to a material civil penalty pursuant to Section 502(i) of ERISA or a material tax imposed by Section 4975
of the Code (a “Prohibited Transaction”). Each Loan Party and each ERISA Affiliate have made when due
any and all payments required to be made under any agreement or any Requirement of Law applicable to any Plan or Multiemployer
Plan. With respect to each Plan and Multiemployer Plan, neither any Loan Party nor any ERISA Affiliate has incurred any liability
to the PBGC or had asserted against it any penalty for failure to fulfill the minimum funding requirements of ERISA or the Code
other than for payments of premiums in the ordinary course of business.

 

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(vi)           Each
Plan and each trust established thereunder which is intended to qualify under Section 401(a) or 501(a) of the
Code has received a favorable determination or advisory opinion letter from the IRS, and no event has occurred since the date of
such determination or advisory opinion letter which could reasonably be expected to adversely affect the qualified status of such
Plan or trust.

 

(vii)         The
aggregate actuarial present value of all benefit liabilities (whether or not vested) under each Pension Plan, determined on a plan
termination basis, as disclosed in, and as of the date of, the most recent actuarial report for such Pension Plan, does not exceed
the aggregate fair market value of the assets of such Pension Plan as of such date.

 

(viii)         Neither
any Loan Party 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 any such liability) under Section 4201 or 4243
of ERISA with respect to any Multiemployer Plan.

 

(ix)           The
aggregate withdrawal liability that would be incurred in the event of a complete withdrawal as of the date of this Agreement by
a Loan Party or any ERISA Affiliate from all Multiemployer Plans would not reasonably be expected to have a Material Adverse Effect.

 

(x)            There
are no actions, suits, claims or other proceedings, either pending or, to the knowledge of a Responsible Officer, threatened against
any Loan Party, or any ERISA Affiliate, or otherwise involving a Plan (other than routine claims for benefits), which could reasonably
be expected to be asserted successfully against any Plan, any Loan Party, or any ERISA Affiliate. To the extent that any Plan is
funded with insurance, each Loan Party and each ERISA Affiliate have paid when due all premiums required to be paid. To the extent
that any Plan is funded other than with insurance, it and each ERISA Affiliate have made when due all contributions required to
be paid.

 

(w)          Intellectual
Property. Set forth on Schedule 6.1(w) is a complete and accurate list of all material Patents and
all material or registered Trademarks and Copyrights, and all licenses thereof, of the Loan Parties, showing as of the date hereof
the jurisdiction in which registered, the registration number and the date of registration. Each Loan Party owns or licenses all
Patents, Trademarks, Copyrights and other Intellectual Property rights which are reasonably necessary for the operation of its
business. No Loan Party, to its knowledge, has infringed any Patent, Trademark, Copyright or other intellectual property right
owned by any other Person by the sale or use of any product, process, method, substance, part or other material now sold or used,
where such sale or use could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, and no
claim or litigation is pending or, to each Loan Party’s knowledge after due inquiry, threatened against any Loan Party that
contests its right to sell or use any such product, process, method, substance, part or other material.

 

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(x)           Labor
Matters. Schedule 6.1(x) accurately sets forth all labor contracts to which any Loan Party or any
of its Subsidiaries is a party as of the Closing Date, and their dates of expiration. There are no existing or, to each Loan Party’s
knowledge after due inquiry, threatened strikes, lockouts or other disputes relating to any collective bargaining or similar labor
agreement to which any Loan Party or any of its Subsidiaries is a party which could reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect.

 

 

(y)          Compliance
with Environmental Laws. Except as to matters that could not reasonably be expected to have a Material Adverse Effect:

 

(i)            each
Loan Party and each of its Subsidiaries is in compliance with all applicable Environmental Laws;

 

(ii)           there
are and have been, no conditions, occurrences, violations of Environmental Law, or presence or Releases of Hazardous Materials
which could reasonably be expected to form the basis of an Environmental Action against any Loan Party, any of its Subsidiaries
or affect any real property used in the business of any Loan Party or any of its Subsidiaries;

 

(iii)          there
are no pending Environmental Actions against any Loan Party or any of its Subsidiaries, and no Loan Party or any Subsidiary has
received any written notification of any alleged violation of, or liability pursuant to, Environmental Law or responsibility for
the Release or threatened Release of, or exposure to, any Hazardous Materials; and

 

(iv)          no
Environmental Lien has attached to any Collateral and no conditions exist that could reasonably be expected to result in the imposition
of such a Lien on any Collateral.

 

To the knowledge of each Loan Party, all
of the real property used in the business (including its Equipment) is free, and has at all times been free, of Hazardous Materials,
underground storage tanks and underground waste disposal areas except in compliance with applicable Environmental Laws or in a
manner that could not reasonably be expected to have a Material Adverse Effect.

 

(z)           Licenses
and Permits. Each Loan Party and each of its Subsidiaries has obtained and maintained all Permits which are necessary or advisable
for the operation of its business, except where the failure to possess any of the foregoing could not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.

 

(aa)        Compliance
with Anti-Terrorism Laws. None of the Loan Parties nor any of their Subsidiaries is any of the following:

 

(i)            a
Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist
Financing effective September 24, 2001 (the “Executive Order”);

 

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(ii)           a
Person owned or Controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject
to the provisions of, the Executive Order;

 

(iii)          a
Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any laws with respect to terrorism
or money laundering; or

 

(iv)          a
Person that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or
a Person that is named as a “specially designated national and blocked Person” on the most current list published
by OFAC at its official website or any replacement website or other replacement official publication of such list and none of
the proceeds of the Term Loans will be, directly or, to the knowledge of Borrower or any of their respective Subsidiaries, indirectly,
offered, lent, contributed or otherwise made available to any Subsidiary, joint venture partner or other Person for the purpose
of financing the activities of any Person currently the subject of sanctions administered by OFAC.

 

(bb)         Government
Regulation. None of the Loan Parties nor any of their Subsidiaries is subject to regulation under the Energy Policy Act of 2005,
the Federal Power Act, the Interstate Commerce Act or any other Requirement of Law that limits its ability to incur Indebtedness
or to consummate the transactions contemplated by this Agreement and the other Loan Documents.

 

(cc)         Material
Contracts. Each Material Contract has been duly authorized, executed and delivered by the applicable Loan Party. Except for
matters that could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, each Material
Contract of the Loan Parties and their Subsidiaries is in full force and effect and is binding upon and enforceable against all
parties thereto in accordance with its terms, and there exists no default under such Material Contract by any party thereto.

 

(dd)         Business
and Properties. No business of any Loan Party or any of its Subsidiaries is affected by any fire, explosion, accident, drought,
storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that
could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(ee)         Business
Plan. The Business Plan delivered to Agent on the Closing Date were prepared in good faith on the basis of assumptions which
were fair in the context of the conditions existing at the time of delivery thereof, and, with respect to the Business Plan, represented,
at the time of delivery, the Loan Parties’ best estimate of their and their Subsidiaries’ future financial performance.

 

(ff)          Insurance.
The properties and businesses of the Borrower and its Material Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried
by companies of similar size engaged in similar businesses and owning similar properties in localities where the Borrower or the
applicable Subsidiary operates (it being acknowledged and agreed by the Agent and the Lenders that the Borrower’s insurance
program existing on the Closing Date and any similar insurance program in effect after the Closing Date shall be deemed to be
customary).

 

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(gg)         Anti-Money-Laundering
Laws and Anti-Corruption Laws. Each Loan Party complied in all material respects and is and has been during the past five
(5) years in all material respects with all Anti-Money Laundering Laws and Anti-Corruption Laws, and has instituted and maintained
policies and procedures designed to promote and achieve compliance in all material respects with such Laws. No Loan Party has
received any communication (including any oral communication) from any Governmental Authority (acting in its capacity as such)
that has jurisdiction over the respective Loan Party alleging that it is not in compliance with, or may be subject to liability
under, any Anti-Money Laundering Laws or Anti-Corruption Laws.

 

(hh)         Business.
As of the Closing Date, the Borrower is engaged directly or through Subsidiaries in the business of providing industrial services
to customers in the petrochemical, refinery, power, pipeline, pulp and paper, steel, and other industries.

 

(ii)           Common
Enterprise. The Borrower and its Subsidiaries are engaged in the businesses set forth in Section 6.1(hh) as of
the Closing Date. These operations require financing on a basis such that the credit supplied can be made available from time
to time to the Borrower and various of its Subsidiaries, as required for the continued successful operation of the Borrower and
its Subsidiaries as a whole. The Borrower has requested the Lenders to make credit available hereunder primarily for the purposes
set forth in Section 6.1(hh) and generally for the purposes of financing the operations of the Borrower and its Subsidiaries.
The Borrower and each of its Subsidiaries expects to derive benefit (and the Board of Directors (or other similar governing body)
of the Borrower and each of its Subsidiaries has determined that such Subsidiary may reasonably be expected to derive benefit),
directly or indirectly, from a portion of the credit extended by the Lenders hereunder, both in its separate capacity and as a
member of the group of companies, since the successful operation and condition of the Borrower and each of its Subsidiaries is
dependent on the continued successful performance of the functions of the group as a whole. The Borrower acknowledges that, but
for the agreement by each of the Guarantors to execute and deliver its Guaranty, the Agent and the Lenders would not have made
available the credit facilities established hereby on the terms set forth herein.

 

(jj)           Covered
Entities. No Loan Party is a Covered Entity.

 

(kk)         Designation
as Senior Indebtedness. The Obligations constitute “Designated Senior Indebtedness” or any similar designation
(with respect to indebtedness that having the maximum rights as “senior debt”) under and as defined in any agreement
governing any Subordinated Debt and the subordination provisions set forth in each such agreement are legally valid and enforceable
against the parties thereto.

 

(ll)           EEA
Financial Institution. No Loan Party is an EEA Financial Institution.

 

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(mm)      Beneficial
Ownership Certification. As of the Closing Date, in the event a Beneficial Ownership Certification is required to be delivered
on the Closing Date and as of the date that any Beneficial Ownership Certification is delivered pursuant to Section 5.1(k),
the information included in such Beneficial Ownership Certification is true and correct in all respects.

 

(nn)        Responsible
Officers. The individuals set forth on Schedule 6.1(nn) are Responsible Officers, holding the offices indicated
next to their respective names, as of Closing Date, and such Responsible Officers are, as of the Closing Date, duly elected and
qualified officers of the Loan Parties indicated on Schedule 6.1(nn) and are duly authorized to execute and deliver,
on behalf of the respective Loan Party, this Agreement and the other Loan Documents to which such Loan Party is a party.

 

(oo)        Regulation
H. No Real Property with respect to which a Mortgage is granted is a Flood Hazard Property unless: (a) the applicable
Loan Party’s written acknowledgment of receipt of written notification from the Agent (i) as to the fact that such
Real Property is a Flood Hazard Property, (ii) as to whether the community in which each such Flood Hazard Property is located
is participating in the National Flood Insurance Program and (iii) such other flood hazard determination forms, notices and
confirmations thereof as requested by the Agent and (b) copies of insurance policies or certificates of insurance of the
applicable Loan Party evidencing flood insurance reasonably satisfactory to the Agent and naming the Agent as loss payee on behalf
of the Lenders. All flood hazard insurance policies required hereunder have been obtained and remain in full force and effect,
and the premiums thereon have been paid in full.

 

(pp)       Canadian
Registered Pension Plans. No Loan Party maintains, sponsors, contributes to, is a party to, or otherwise has any liability
(including any contingent liability) or contribution obligations under or in respect of any Canadian Registered Pension Plan.

 

(qq)        Pensions
 – UK Loan Parties. Other than in relation to Furmanite International Limited Pension Plan, no UK Loan Party nor any
of its Subsidiaries:

 

(i)            is
or has at any time in the six years prior to the date of this Agreement been an employer (for the purposes of sections 38 to 51
of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the
Pensions Schemes Act 1993) and is not a scheme within section 38(1)(b) of the Pensions Act 2004;

 

(ii)            no
member of the Group is or has at any time been in the six years prior to the date of this Agreement “connected” with
or an “associate” of (as those terms are used in sections 38 and 43 of the Pensions Act 2004 save that for the purposes
of this clause, a member of the Group shall not be connected with another company solely by reason of one or more of its directors
or employees being a director of that other company) such an employer.

 

No member of the Group
has at any time in the six years prior to the date of this Agreement been party to an act or omission involving a scheme or employer
(both as referred to in paragraphs (i) and (ii) above) which could reasonably be expected to give rise to the issue
(to it or any of its Subsidiaries) of a financial support direction or contribution notice pursuant to section 38 or 43 of the
Pensions Act 2004 or fine by the Pensions Regulator.

 

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(rr)           Centre
of main interests and establishments. As of the Closing Date, in respect of the UK Loan Parties, for the purposes of Regulation
(EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (as the same may be retained added to or modified by the
European Withdrawal Act 2018 or any statutory instrument made under such Act the “Regulation”), its centre of main
interest (as that term is used in Article 3(1) of the Regulation) is situated in England and Wales and it has no “establishment”
(as that term is used in Article 2(h) of the Regulations) in any other jurisdiction.

 

(ss)         Collateral
located in Quebec. As of the Closing Date, the fair market value of the tangible Collateral located in Quebec does not exceed
the amount of CAD $750,000.

 

ARTICLE VII.

AFFIRMATIVE COVENANTS OF THE BORROWER

 

The Borrower covenants
and agrees that, until Payment in Full of all Obligations:

 

7.1          Existence.
The Loan Parties shall, and shall cause each of their Subsidiaries to,

 

(a)          maintain
their Entity existence, except in connection with a transaction expressly permitted under Section 8.3 or in
the case of any Entity other than a Borrower, where the failure to do so could not reasonably be expected to have a Material Adverse
Effect,

 

(b)          maintain
in full force and effect all material licenses, bonds, franchises, leases, Trademarks, qualifications and authorizations to do
business, and all material Patents, contracts and other rights necessary or advisable to the profitable conduct of its businesses,
except

 

(i)            as
expressly permitted by this Agreement,

 

(ii)           such
as may expire, be abandoned or lapse in the ordinary course of business or

 

(iii)          as
could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and

 

(c)           continue
in the same or reasonably related lines of business as presently conducted by it.

 

7.2          Maintenance
of Property. The Loan Parties shall, and shall cause each of their Subsidiaries to, keep all assets used or useful
and necessary to its business in good working order and condition (ordinary wear and tear and casualty and condemnation excepted)
in accordance with its past operating practices.

 

7.3          [reserved].

 

7.4          Taxes.
The Loan Parties shall, and shall cause each of their Subsidiaries to, pay, before the same becomes delinquent or in default,

 

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(a)          all
federal and other material Taxes imposed against it or any of its property, and

 

(b)          all
lawful claims that, if unpaid, might by law become a Lien upon its property; provided that, such payment and discharge
will not be required with respect to any Tax or claim if

 

(i)            the
validity thereof, or to the extent the amount thereof, is being contested in good faith, by appropriate proceedings diligently
conducted, and

 

(ii)           an
adequate reserve or other appropriate provision shall have been established therefor as required in accordance with GAAP.

 

7.5          Requirements
of Law. The Loan Parties shall, and shall cause each of their Subsidiaries to, comply with all Requirements of
Law applicable to it, including any State Licensing Laws and Environmental Laws, except where the failure to so comply could not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

7.6          Insurance.     Each
of the Loan Parties shall, and shall cause each of their Subsidiaries to maintain, with insurance companies reasonably believed
to be financially sound and reputable, insurance in such amounts and against such risks as are customarily maintained by similarly
situated companies engaged in the same or similar businesses operating in the same or similar locations, and cause Agent to be
listed as a lender loss payee on property and casualty policies and as an additional insured on liability policies, pursuant to
a standard loss payable endorsement with a standard non-contributory “lender” or “secured party” clause.
Borrower will furnish to Agent, upon request, information in reasonable detail as to the insurance so maintained. Furthermore,
the Loan Parties shall:

 

(a)            obtain
certificates and endorsements reasonably acceptable to the Agent with respect to property and casualty insurance;

 

(b)            cause
each insurance policy referred to in this Section 7.6 to provide that it shall not be cancelled, modified or not renewed
(x) by reason of nonpayment of premium except upon not less than 10 days’ prior written notice thereof by
the insurer to Agent (giving Agent the right to cure defaults in the payment of premiums) or (y) for any other reason except
upon not less than 30 days’ prior written notice thereof by the insurer to Agent; and

 

(c)           deliver
to Agent, prior to the cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal or replacement
policy (or other evidence of renewal of a policy previously delivered to Agent, including an insurance binder) together with evidence
reasonably satisfactory to Agent of payment of the premium therefor.

 

If any Loan Party fails to obtain and
maintain insurance as provided in this Section, or to keep the same in force, Agent, if Agent so elects, may obtain such insurance
and pay the premium therefor for Borrower’s account and such expenses so paid shall be part of the Obligations. Without
limitation of the foregoing, if as of the Closing Date or at any time thereafter, all or a portion of the improvements situated
on any fee owned Real Property with respect to which a Mortgage is granted are located within an area designated by the Federal
Emergency Management Agency or the Flood Disaster Protection Act of 1973 (P.L. 93-234) as being in a “special flood
hazard area” or as having specific flood hazards, Borrower shall also furnish Agent with flood insurance policies which
conform to the requirements of said Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968,
as either may be amended from time to time.

 

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7.7          Books
and Records; Inspections.

 

(a)           The
Loan Parties shall, and shall cause each of their Subsidiaries to, maintain books and records (including computer records and
programs) of account pertaining to the assets, liabilities and financial transactions of the Loan Parties and their Subsidiaries
in such detail, form and scope as is consistent with good business practice.

 

(b)           The
Loan Parties shall, and shall cause each of their Subsidiaries to, provide Agent and its agents and one representative of each
of the Lenders access to the premises of the Loan Parties and their Subsidiaries at any time and from time to time, during normal
business hours and with reasonable notice under the circumstances, and at any time after the occurrence and during the continuance
of a Default or Event of Default, for the purposes of

 

(i)           inspecting
and verifying the Collateral,

 

(ii)          inspecting
and copying any and all records pertaining thereto,

 

(iii)         [reserved],
and

 

(iv)         discussing
the affairs, finances and business of the Loan Parties and their Subsidiaries with any officer, employee or director thereof or
with the Auditors (subject to such Auditor’s policies and procedures, and the right of the Loan Parties to be present at
the discussions with the Auditors).

 

Borrowers shall reimburse Agent for the
reasonable and documented travel and related expenses of Agent’s employees or, at Agent’s option, of such outside
accountants or examiners as may be retained by Agent to verify or inspect Collateral, records or documents of the Loan Parties
and their Subsidiaries; provided that, so long as no Default or Event of Default then exists, the number verifications
and inspections for which Borrowers shall be liable for reimbursement to Agent hereunder shall be limited to one verification
and inspection in each calendar year; provided, further, that the foregoing shall not operate to limit
the number of verifications or inspections that Agent may elect to undertake. If Agent’s own employees are used, Borrowers
shall also pay such reasonable per diem allowance as Agent may from time to time establish, or, if outside examiners or accountants
are used, Borrowers shall also pay Agent such sum as Agent may be obligated to pay as fees for such services. Notwithstanding
anything to the contrary in this Section 7.7, none of the Borrower or any of its Subsidiaries will be required
to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information
or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect
of which disclosure is prohibited by law or any binding agreement or (c) is subject to attorney-client or similar privilege
or constitutes attorney work product; provided, that in the event the Borrower does not provide information in reliance
on clauses (b) and (c) of this sentence, the Borrower shall provide notice to the Agent
(to the extent permitted to do so) that such information is being withheld and the Borrower shall use commercially reasonable
efforts to obtain consent to provide such information or otherwise to communicate, to the extent both feasible and permitted under
applicable law, rule, regulation or confidentiality obligation or without waiving such privilege, as applicable, the applicable
information.

 

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7.8          Notification
Requirements. The Loan Parties shall timely give Agent and each Lender the following notices and other documents:

 

(a)          Notice
of Defaults. Promptly, and in any event within three (3) Business Days after any Responsible Officer of the Borrower
obtains actual knowledge of the occurrence of a Default or Event of Default, a certificate of a Responsible Officer specifying
the nature thereof and Borrower’s proposed response thereto, each in reasonable detail.

 

(b)          Proceedings
or Changes. Promptly, and in any event within five (5) Business Days after any Responsible Officer of Borrower obtains
actual knowledge of any actual change, development or event which has had or could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, a written statement describing such proceeding, change, development or event and
any action being taken by such Loan Party or any of its Subsidiaries with respect thereto.

 

(c)          Changes.

 

(i)            Promptly,
and in any event within five (5) Business Days after (A)  a change in the location of any Collateral from the locations
specified in Schedule 6.1(b) or (B) a change of the legal name of any Loan Party, and

 

(ii)            prior
to a change to the Entity structure or jurisdiction of organization of any Loan Party, in each case, together with a written statement
describing such change,

 

together with, in the case of clauses (i)(B) and
(ii), copies of the Governing Documents of such Loan Party, certified by the Secretary of State (or equivalent)
in each relevant jurisdiction, evidencing such change. If any notice is delivered with respect to Schedule 6.1(b) pursuant
to this Section 7.8, such notice shall be deemed to be an addition to such Schedule.

 

(d)          ERISA
Notices.

 

(i)            Promptly,
and in any event within five (5) Business Days after a Termination Event has occurred, a written statement of a Responsible
Officer of Borrower describing such Termination Event and any action that is being taken with respect thereto by any Loan Party
or ERISA Affiliate, and any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC;

 

(ii)           promptly,
and in any event within five (5) Business Days after the filing thereof with the Internal Revenue Service, a copy of each
funding waiver request filed with respect to any Plan subject to the funding requirements of Section 412 of the Code and
all communications received by any Borrower or ERISA Affiliate with respect to such request;

 

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(iii)         promptly,
and in any event within five (5) Business Days after receipt by any Loan Party or ERISA Affiliate of the PBGC’s intention
to terminate a Pension Plan or to have a trustee appointed to administer a Pension Plan, a copy of each such notice;

 

(iv)         promptly,
and in any event within five (5) Business Days after the occurrence thereof, notice (including the nature of the event and,
when known, any action taken or threatened by the Internal Revenue Service or the PBGC with respect thereto) of:

 

(A)          any
Prohibited Transaction,

 

(B)           any
cessation of operations (by any Loan Party or ERISA Affiliate) at a facility in the circumstances described in Section 4062(e) of
ERISA,

 

(C)           a
failure by any Loan Party or ERISA Affiliate to make a payment to a Plan required to avoid imposition of a Lien under Section 302(f) of
ERISA or Section 412(n) of the Code, or the imposition of such a Lien,

 

(D)           the
adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA or Section 401(a)(29)
of the Code, or

 

(E)            any
change in the actuarial assumptions or funding methods used for any Plan where the effect of such change is to increase materially
or reduce materially the unfunded benefit liability or obligation to make periodic contributions;

 

(v)          promptly
upon and in any event within five (5) Business Days after the request of Agent, each annual report (IRS Form 5500 series)
and all accompanying schedules, the most recent actuarial reports, the most recent financial information concerning the financial
status of each Plan administered or maintained by any Loan Party or ERISA Affiliate, and schedules showing the amounts contributed
to each Pension Plan by or on behalf of any Loan Party or ERISA Affiliate in which any of its personnel participate or from which
such personnel may derive a benefit, and each Schedule B (Actuarial Information) to the annual report filed by such Loan
Party or ERISA Affiliate with the Internal Revenue Service with respect to each such Plan;

 

(vi)         promptly
upon and in any event within five (5) Business Days after the filing thereof, copies of any Form 5310, or any successor
or equivalent form to Form 5310, filed with the Internal Revenue Service in connection with the termination of any Plan,
and copies of any standard termination notice or distress termination notice filed with the PBGC in connection with the termination
of any Pension Plan;

 

(vii)        promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or ERISA Affiliate, notice and demand
for payment of withdrawal liability under Section 4201 of ERISA with respect to a Multiemployer Plan;

 

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(viii)       promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or ERISA Affiliate, notice by the
Department of Labor of any penalty, audit, investigation or purported violation of ERISA with respect to a Plan;

 

(ix)         promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or ERISA Affiliate, notice by the
Internal Revenue Service or the Treasury Department of any income tax deficiency or delinquency, excise tax penalty, audit or
investigation with respect to a Plan; and

 

(x)          promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or ERISA Affiliate, notice of any
administrative or judicial complaint, or the entry of a judgment, award or settlement agreement, in either case with respect to
a Plan that could reasonably be expected to have a Material Adverse Effect.

 

(e)          Material
Contracts. Concurrently with the delivery of any Compliance Certificates pursuant to Section 7.11(d), notice
of any Material Contract that has been terminated or amended in any material respect, together with a copy of any such amendment
and delivery of a copy of any new Material Contract that has been entered into, in each case since the later of the Closing Date
or delivery of the prior Compliance Certificate; provided that the Borrower Agent shall not be required to separately
deliver copies of any Material Contracts (or amendments thereto) that are included in materials otherwise filed with the SEC.

 

(f)           Environmental
Matters.

 

(i)            Promptly
provide notice of any Release of Hazardous Materials in any reportable quantity from or onto real property owned or operated by
a Loan Party or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect, and

 

(ii)           Promptly,
but in any event within 5 Business Days of its receipt thereof, provide written notice of any of the following: (i) an
Environmental Lien has been filed against any of the real or personal property of a Loan Party of one of its Subsidiaries, (ii) commencement
of any Environmental Action or written notice that an Environmental Action will be filed against a Loan Party or one of its Subsidiaries,
or (iii) written notice of a violation, citation, or other administrative order from a Governmental Authority, in each case
which could reasonably be expected to have a Material Adverse Effect.

 

(g)          Insurance.
Promptly, and in any event within five (5) Business Days after receipt by a Loan Party of notice or knowledge thereof, of
the actual or intended cancellation of, or any material and adverse change in coverage or other terms of, any insurance required
to be maintained by the Loan Parties pursuant to this Agreement or any other Loan Document.

 

7.9          [Reserved]

 

7.10        Qualify
to Transact Business. The Loan Parties shall, and shall cause each of their Subsidiaries to, qualify to transact
business as a foreign corporation, limited partnership or limited liability company, as the case may be, in each jurisdiction
where the nature or extent of its business or the ownership of its property requires it to be so qualified or authorized and where
failure to qualify or be authorized could reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect.

 

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7.11        Financial
Reporting. Borrower shall deliver to Agent the following:

 

(a)          Annual
Financial Statements. Within ninety (90) days after the end of each fiscal year, beginning with the fiscal year ended December 31,
2020, the annual audited and certified consolidated Financial Statements of the Borrower and its Subsidiaries for such fiscal
year, setting forth in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized
standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be unqualified
as to going concern and scope of audit (except for any such qualification pertaining to impending debt maturities of the Term
Loans, the ABL Facility or the 2017 Senior Convertible Notes occurring within 12 months of such audit or any breach of any financial
covenant thereunder).

 

(b)          Quarterly
Financial Statements. Within forty-five (45) days after the end of each fiscal quarter, commencing with the fiscal quarter
ended December 31, 2020,

 

(i)            the
interim consolidated Financial Statements of the Borrower and its Subsidiaries as at the end of such quarter and for the fiscal
year to date, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous
fiscal year and the corresponding portion of the previous fiscal year (it being understood and agreed that, notwithstanding the
foregoing, such comparison shall not be required for any period occurring prior to the Closing Date), all in reasonable detail
and certified by a Responsible Officer of the Borrower as fairly presenting the financial condition, results of operations and
cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and
the absence of footnotes and

 

(ii)           a
narrative discussion of the financial condition of the Borrower and its Subsidiaries and results of operations and the liquidity
and capital resources for the fiscal quarter then ended, prepared by a Responsible Officer of Borrower.

 

(c)          Monthly
Financial Statements. Within thirty (30) days after the end of each fiscal month (except for any month ending at the
end of a fiscal quarter), commencing with the fiscal month ended November 30, 2020,

 

(i)            the
interim consolidated Financial Statements of the Borrower and its Subsidiaries as at the end of such month and for the fiscal
year to date, and

 

(ii)           a
certification by a Responsible Officer of Borrower that such Financial Statements have been prepared in accordance with GAAP and
are fairly stated in all material respects (subject to normal year-end audit adjustments).

 

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(d)           Compliance
Certificate. Together with the delivery of each of the financial statements referred to in Section 7.11(a) and
Section 7.11(b), a compliance certificate, substantially in the form of Exhibit H (a “Compliance
Certificate”), signed by a Responsible Officer of Borrower, with an attached schedule of computations calculating
(A) Capital Expenditures each fiscal quarter and (B) the Net Leverage Ratio as of the end of such fiscal quarter.

 

(e)           Lender
Calls. Within 5 Business Days after the quarterly financial statements are to be delivered pursuant to Section 7.11(b) (or,
at the reasonable request of the Agent, within 5 Business Days after the monthly financial statements are delivered pursuant to
Section 7.11(c)), participate in conference calls or meetings with the Agent and the Lenders, such calls
or meetings to be held at such time as may be agreed to by the Borrower and the Agent, to discuss the financial condition and
results of operations of the Borrower and the Subsidiaries for the most recently-ended period for which financial statements have
been delivered pursuant to Section 7.11(a), Section 7.11(b) or Section 7.11(c),
as applicable.

 

(f)            ABL
Reporting. At the request of the Agent, any documents provided by the Loan Parties to the ABL Agent in accordance with the
reporting requirements under the ABL Credit Agreement.

 

(g)           [reserved].

 

(h)           [reserved].

 

(i)            Preliminary
Business Plan. Beginning with December 31, 2021, not later than December 31 of each year, the Preliminary Business
Plan of the Loan Parties and their Subsidiaries.

 

(j)            Business
Plan. Not later than the earlier of (x) ten (10) Business Days after certification by the Board of Directors of
Borrower and (y) February 28 of each year, the Business Plan of the Loan Parties and their Subsidiaries.

 

(k)           SEC
Reports. As soon as available, but not later than five (5) Business Days after the same are sent or filed, as the case
may be, copies of all financial statements and reports that any Loan Party sends to any of the owners of its Equity Interests
or files with the Securities and Exchange Commission or any other Governmental Authority and not otherwise required to be delivered
to the Agent hereto.

 

(l)            Other
Financial Information. Promptly after the request by Agent, such additional financial statements and other related data and
information as to the business, operations, results of operations, assets, collateral, liabilities or condition (financial or
otherwise) of any Loan Party or any of its Subsidiaries as Agent may from time to time reasonably request.

 

As to any information contained in materials
furnished pursuant to Section 7.11(k), the Borrower shall not be separately required to furnish such information
under clauses under Section 7.11(a), 7.11(b) and 7.11(c) above, but the
foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections
7.11(a), 7.11(b) and 7.11(c) at the times specified therein.

 

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Documents required to be delivered pursuant
to Sections 7.11(a), 7.11(b), 7.11(c) or 7.11(k) (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: https://www.teaminc.com; or

 

(ii)           on
which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender
and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent);

 

provided that the Borrower
shall notify (by fax or e-mail transmission) the Agent and each Lender of the posting of any such documents and provide to the
Agent by e-mail electronic versions (i.e., soft copies) of such documents. The 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.

 

7.12        Payment
of Liabilities. The Loan Parties shall, and shall cause each of their Subsidiaries to, pay and discharge, in the
ordinary course of business, all obligations and liabilities (including tax liabilities and other governmental charges), except
where

 

(i)           the
same may be contested in good faith by appropriate proceedings and for which adequate reserves with respect thereto have been
established in accordance with GAAP or

 

(ii)          the
failure to make payment could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

7.13        ERISA.
The Loan Parties shall, and shall cause each of their Subsidiaries and ERISA Affiliates to,

 

(a)           maintain
each Plan intended to qualify under Section 401(a) of the Code so as to satisfy the qualification requirements thereof
in all material respects,

 

(b)          contribute,
or require that contributions be made, in a timely manner

 

(i)            to
each Plan in amounts sufficient (x) to satisfy the minimum funding requirements of Section 302 of ERISA or Section 412
of the Code, if applicable, (y) to satisfy any other Requirements of Law and (z) to satisfy the terms and conditions
of each such Plan, and

 

(ii)           to
each Foreign Plan in amounts sufficient to satisfy the minimum funding requirements of any applicable law or regulation, without
any application for a waiver from any such funding requirements,

 

(c)          cause
each Plan or Foreign Plan to comply in all material respects with applicable law (including all applicable statutes, orders, rules and
regulations) and

 

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(d)           pay
in a timely manner, in all material respects, all required premiums to the PBGC.

 

As used in this Section 7.13,
 “Foreign Plan” means any Plan that is subject to any Requirement of Law other than ERISA or the Code
and that is maintained, or otherwise contributed to, by a Loan Party or any of its Subsidiaries for the benefit of employees outside
the United States and Canada.

 

7.14        Environmental
Matters. The Loan Parties shall, and shall cause each of their Subsidiaries to, conduct its business so as to comply
in all material respects with and address all liabilities under all applicable Environmental Laws and obtain and renew all Permits,
except, in each case, to the extent the failure to do so could not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

7.15        Intellectual
Property. The Loan Parties shall, and shall cause each of their Subsidiaries to, do and cause to be done all things
necessary to preserve and keep in full force and effect all of its material registrations of Trademarks, Patents and Copyrights.

 

7.16        Solvency.
The Loan Parties, taken as a whole, shall be and remain Solvent at all times.

 

7.17        [Reserved].

 

7.18        [Reserved].

 

7.19        Anti-Money
Laundering Laws and Anti-Corruption Laws. Each of the Loan Parties shall comply with all applicable Anti-Money
Laundering Laws and Anti-Corruption Laws and shall maintain all of the necessary Permits required pursuant to any applicable Anti-Money
Laundering Laws and Anti-Corruption Laws in order for such Loan Party to continue the conduct of its business as currently conducted,
and will maintain policies procedures, and internal controls designed to promote and achieve compliance with such applicable laws
and with the terms and conditions of this Agreement.

 

7.20        Formation
of Subsidiaries; Further Assurances.

 

Each Loan Party will,
at the time that any Loan Party forms or acquires any direct or indirect Material Subsidiary organized under the laws of a Security
Jurisdiction after the Closing Date (including in connection with any division or plan of division under Delaware law (or any
comparable event under a different jurisdiction's laws), within thirty (30) days of such event (or such later date as permitted
by Agent in its reasonable discretion) (a) cause such new Material Subsidiary to provide to Agent a joinder or similar document
to the applicable Security Documents, (b) deliver to Agent financing statements with respect to such Material Subsidiary,
a Pledged Interests Addendum with respect to the Equity Interests of such Material Subsidiary (to the extent the shareholder of
such Material Subsidiary is also a Loan Party), and such other security agreements (including Mortgages with respect to any Real
Property owned in fee of such new Material Subsidiary), all in form and substance reasonably satisfactory to Agent, necessary
to create the Liens intended to be created under the Security Documents; provided, that the joinder to this Agreement
or the Security Documents, shall not be required to be provided to Agent with respect to any Subsidiary that is not organized
under the laws of a Security Jurisdiction; provided, further, that, subject to Section 7.21,
Team Industrial Services (UK) Limited shall not be required to become a Loan Party, (c) provide, or cause the applicable
Loan Party to provide, to Agent a Pledged Interests Addendum and appropriate certificates and powers or financing statements,
pledging all of the direct or beneficial ownership interest in such new Material Subsidiary (to the extent the shareholder of
such Material Subsidiary is also a Loan Party); provided, that only sixty-five percent (65%) (or such higher
percentage that would not cause an adverse tax impact on any Loan Party pursuant to Section 245A of the Code and Treasury
Regulation Section 1.956-1) of the total outstanding Voting Interests of any first tier CFC (other than a Protected CFC)
(and none of the Equity Interests of any Subsidiary of such CFC) shall be required to be pledged (which pledge, if reasonably
requested by Agent, shall be governed by the laws of the jurisdiction of such Subsidiary), and (d) provide to Agent all other
documentation, including one or more opinions of counsel reasonably satisfactory to Agent, which, in its reasonable discretion,
is appropriate with respect to the execution and delivery of the applicable documentation referred to above (including policies
of title insurance, flood certification documentation or other documentation with respect to all Real Property owned in fee and
subject to a Mortgage).  Without limiting the foregoing, each Loan Party will, and will cause each Subsidiary to, execute
and deliver, or cause to be executed and delivered, to the Agent such documents, agreements and instruments, and will take or
cause to be taken such further actions (including the filing and recording of financing statements and other documents), which
may be required by law or which the Agent may, from time to time, reasonably request to carry out the terms and conditions of
this Agreement and the other Loan Documents and, to ensure perfection and priority of the Liens created or intended to be created
by the Collateral Documents, all at the expense of the Loan Parties; provided that no such action shall be required
with respect to Collateral located in Quebec unless the aggregate fair market value of tangible Collateral in Quebec exceeds CAD
$750,000.

 

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7.21        Post-Closing
Covenants. As promptly as practicable, and in any event within the applicable time period set forth on Schedule 7.21
(or such longer time as Agent may agree in its sole discretion), each Loan Party will deliver all documents and take all
actions set forth on Schedule 7.21.

 

7.22        [Reserved].

 

7.23        Residency
for Dutch Tax Purposes. Each Dutch Loan Party will remain resident for tax purposes in the Netherlands only
and not create a permanent establishment or permanent representative outside the Netherlands, unless with the prior written consent
of the Agent.

 

7.24        Fiscal
Unity for Dutch Tax Purposes. Any fiscal unity (fiscale eenheid) for Dutch corporate income tax purposes
in which a Loan Party is included, will consist of Loan Parties only, unless with the prior written consent of the Agent.

 

7.25        Allocation
of Tax Losses upon Termination of Fiscal Unity for Dutch Tax Purposes. If, at any time, a Loan Party is member
of a fiscal unity (fiscale eenheid) for Dutch corporate income tax purposes (vennootschapsbelasting) and such fiscal
unity is, in respect of that Loan Party, terminated (verbroken) or disrupted (beëindigd) as a result of or
in connection with the Agent or a Lender enforcing its rights under any Loan Document, such Loan Party shall, at the request of
the Agent, together with the parent company (moedermaatschappij) or deemed parent company (aangewezen moedermaatschappij)
of that fiscal unity, for no consideration and as soon as reasonably practicable, lodge a request with the relevant Governmental
Authority to allocate and surrender any tax losses (within the meaning of Article 20 of the Dutch Corporate Income Tax Act
(Wet op de vennootschapsbelasting 1969)) to the Loan Party leaving the fiscal unity, to the extent such tax losses are
attributable (toerekenbaar) to that Loan Party (within the meaning of Article 15af of the Dutch Corporate Income Tax
Act (Wet op de vennootschapsbelasting 1969)).

 

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ARTICLE VIII.

NEGATIVE COVENANTS

 

The Borrower covenants
and agrees that, until Payment in Full of all Obligations:

 

8.1          Indebtedness.
The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time create, incur,
assume or suffer to exist any Indebtedness other than:

 

(a)           Indebtedness
under the Loan Documents;

 

(b)           Indebtedness
existing on the Closing Date and set forth in Schedule 8.1(b), and any Refinancing Indebtedness in respect of
such Indebtedness;

 

(c)           Indebtedness
(including Capitalized Lease Obligations and purchase money Indebtedness) to finance all or any part of the purchase, lease, construction,
installment, repair or improvement of property, plant or equipment or other fixed or capital assets in an aggregate principal amount
not to exceed the greater of (i) $15,000,000 and (ii) an amount equal to 3.0% of Consolidated Tangible Assets at any
time outstanding; provided that such Indebtedness is incurred within 90 days after the purchase, lease, construction,
installation, repair or improvement of the property that is the subject of such Indebtedness;

 

(d)           Bank
Product Obligations (other than arising under Hedging Agreements) and Indebtedness under Permitted Hedging Agreements;

 

(e)           Indebtedness
comprised of Permitted Intercompany Advances;

 

(f)            Indebtedness
in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in each
case, provided in the ordinary course of business;

 

(g)           Guarantees
of Indebtedness of the Loan Parties or their Subsidiaries permitted to be incurred under this Agreement; provided
that if the Indebtedness being guaranteed is subordinated to the Obligations, such guarantee shall be subordinated to the guarantee
of the Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such Indebtedness;

 

(h)           Acquired
Indebtedness in an amount not to exceed $15,000,000 at any one time;

 

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(i)            endorsement
of negotiable instruments for deposit or collection in the ordinary course of business;

 

(j)            Indebtedness
incurred in the ordinary course of business in respect of

 

(i)            overdraft
facilities, employee credit card programs, netting services, automatic clearinghouse arrangements and other cash management and
similar arrangements, and in connection with securities and commodities arising in connection with the acquisition or disposition
of Permitted Investments and not any obligation in connection with margin financing,

 

(ii)           up
to $5,000,000 in the aggregate of any bankers’ acceptance, bank guarantees or letter of credit facilities, in each case,
in the ordinary course of business,

 

(iii)          the
endorsement of instruments for deposit or the financing of insurance premiums,

 

(iv)          deferred
compensation or similar arrangements to the employees of the Loan Parties or any of their Subsidiaries,

 

(v)           obligations
to pay insurance premiums or take or pay obligations contained in supply agreements and

 

(vi)          Indebtedness
owed to any Person providing property, casualty, business interruption or liability insurance to any Loan Party or any of its Subsidiaries,
so long as such Indebtedness shall not be in excess of the amount of the unpaid cost of, and shall be incurred only to defer the
cost of the annual premium for such insurance; or

 

(k)           ABL
Obligations in an amount not to exceed the ABL Cap Amount (as defined in the Intercreditor Agreement);

 

(l)            [reserved];

 

(m)          Indebtedness
of the Borrower or any Material Subsidiary in the form of purchase price adjustments or indemnification incurred in connection
with the any Permitted Acquisition or any disposition permitted under Section 8.5;

 

(n)           Subordinated
Debt and Contingent Acquisition Indebtedness in an aggregate amount not to exceed $15,000,000 at any time outstanding;

 

(o)           the
2017 Senior Convertible Notes; and

 

(p)           Indebtedness
of Subsidiaries of the Borrower that are not organized under the laws of a Security Jurisdiction in an aggregate amount not to
exceed $10,000,000 at any time outstanding; and

 

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(q)           Indebtedness
not otherwise permitted in this Section 8.1 in an aggregate amount not to exceed $7,500,000 at any time outstanding;
provided, that

 

(i)            the
Net Leverage Ratio for each of the two consecutive fiscal quarters of the Borrower occurring after the Closing Date but immediately
prior to such incurrence is less than 4.00 to 1.00 and

 

(ii)           to
the extent such Indebtedness is secured by a Lien on Collateral, such Lien must be junior to the Lien that secures the Obligations.

 

8.2          [Reserved].

 

8.3          Entity
Changes, Etc. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or
indirectly, divide, merge, amalgamate or consolidate with any Person, liquidate, wind-up or dissolve itself (or suffer any
liquidation or dissolution) except that, so long as no Default exists or would result therefrom:

 

(a)           any
such Subsidiary may merge with or liquidate or dissolve into

 

(i)            the
Borrower, provided that the Borrower shall be the continuing or surviving Person, or

 

(ii)           any
one or more Subsidiaries, provided that when a subsidiary which is not a Loan Party merges with a Loan Party, the
Loan Party shall be the continuing or surviving Person and when a Loan Party liquidates or dissolves, it shall liquidate and dissolve
into another Loan Party;

 

(b)           any
Subsidiary may sell all or substantially all of its assets (upon voluntary liquidation or otherwise), to the Borrower or to a Guarantor
(or if such Subsidiary is not a Guarantor to another Subsidiary which is not a Guarantor);

 

(c)           any
Subsidiary may change its jurisdiction of organization, provided

 

(i)            such
Person provides the Agent with at least twenty (20) days prior written notice of change,

 

(ii)           no
Default exists at such time; and

 

(iii)          if
such Person is organized in the U.S., Canada, England or the Netherlands,

 

(A)           such
new jurisdiction is in the U.S., Canada, England or the Netherlands and

 

(B)            if
such Person is a Loan Party, such Person shall deliver such Security Documents and any other documentation (including opinions)
as may be requested by the Agent to ensure the Agent maintains a valid, enforceable and perfected first priority Lien on the Collateral
of such Person (subject only to Permitted Liens which are non-consensual Permitted Liens, permitted purchase money Liens, or the
interests of lessors in respect of Capitalized Lease Obligations); and

 

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(d)            any
Subsidiary may change in legal form if such change is not materially disadvantageous to the Lenders.

 

8.4          Change
in Nature of Business. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time
make any material change in the nature of their business as carried on at the date hereof or enter into any new line of business
that is not similar, corollary, related, ancillary, incidental or complementary, or a reasonable extension, development or expansion
thereof or ancillary thereto the business as carried on as of the date hereof.

 

8.5          Sales,
Etc. of Assets. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or
indirectly, sell, transfer or otherwise dispose of any of its assets (including by an allocation of assets among newly
divided limited liability companies pursuant to a "plan of division") except:

 

(a)           sales
of Inventory in the ordinary course of business;

 

(b)           the
sale or other disposition of obsolete or worn out property, or other property no longer used or useful in the conduct of business,
in each case, disposed of in the ordinary course of business (and not part of an accounts receivable financing, factoring or similar
transaction (other than by a Subsidiary which is not a Loan Party if done in ordinary course));

 

(c)           the
sale, transfer or other disposition of cash and Cash Equivalents in the ordinary course of business;

 

(d)           sales,
transfers or other dispositions of property that are a settlement of or payment in respect of any property or casualty insurance
claim or any taking under power of eminent domain or by condemnation or similar proceeding of or relating to any property or asset
of any Loan Party or any Subsidiary;

 

(e)           non-exclusive
licenses of Intellectual Property in the ordinary course of business and not interfering in any material respect with the business
of the Loan Parties and their Subsidiaries;

 

(f)            the
abandonment of Intellectual Property (or lapse of any registration or application in respect of Intellectual Property) that is,
in the reasonable good faith judgment of Borrower, no longer economically practicable to maintain or useful in the conduct of the
business of the Loan Parties and their Subsidiaries; and

 

(g)           dispositions
of equipment or real property to a bona fide third party in an amount not to exceed $2,500,000 in any calendar year, to the extent
that

 

(i)            such
property is exchanged for credit against the purchase price of similar replacement property,

 

(ii)           the
proceeds of such disposition are reasonably promptly applied to the purchase price of such replacement property or

 

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(iii)          the
Board of Directors or senior management of the Borrower or such Subsidiary has determined in good faith that the failure to replace
such property will not be detrimental to the business of the Borrower or such Subsidiary;

 

(h)           dispositions
permitted under Section 8.3;

 

(i)            dispositions
of property (i) by any Loan Party or Subsidiary to a Loan Party, (ii) by a subsidiary which is not a Loan Party to a
subsidiary which is not a Loan Party or (iii) by a Loan Party to a subsidiary which is not a Loan Party so long as such disposition
is for fair market value and otherwise not prohibited pursuant to Section 8.10;

 

(j)            dispositions
constituting Permitted Investments;

 

(k)           dispositions
set forth on Schedule 8.5; and

 

(l)            sales
or dispositions of other assets (including intangible property related to such fixed assets) so long as made at fair market value
and the aggregate fair market value of all assets disposed of in the aggregate would not exceed $5,000,000 in any calendar year
(which amount shall be increased by any unused portion of such $5,000,000 exclusion from the immediately preceding year) and not
part of an accounts receivable financing, factoring or similar transaction (other than by a subsidiary which is not a Loan Party
if done in ordinary course).

 

8.6          Use
of Proceeds. Borrower will not

 

(a)           use
any portion of the proceeds of any Loan in violation of Section 2.4 or for the purpose of purchasing or carrying any
 “margin stock” (as defined in Regulation U of the Federal Reserve Board) in any manner which violates the provisions
of Regulation T, U or X of the Federal Reserve Board or for any other purpose in violation of any applicable statute or regulation,
or of the terms and conditions of this Agreement, or

 

(b)           take,
or permit any Person acting on its behalf to take, any action which could reasonably be expected to cause this Agreement or any
other Loan Document to violate any regulation of the Federal Reserve Board.

 

8.7          [Reserved].

 

8.8          Liens.
The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time create, incur,
assume or suffer to exist any Lien on or with respect to any assets other than Permitted Liens.

 

8.9          Dividends,
Redemptions, Distributions, Etc.. The Loan Parties will not, and will not permit any of their Subsidiaries to,
directly or indirectly, pay any dividends or make any distributions on or in respect of its Equity Interests, or purchase, redeem
or retire any of its Equity Interests or any warrants, options or rights to purchase any such Equity Interests, whether now or
hereafter outstanding (“Interests”), or make any payment on account of or set apart assets for a sinking
or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of such Interests, or make
any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the
Loan Parties or any of their Subsidiaries (all of the foregoing, the “Restricted Payments”), except
that:

 

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(a)           each
Subsidiary may make Restricted Payments to the Borrower and any of its Subsidiaries; provided that if such Subsidiary
is not a wholly-owned Subsidiary of the Borrower, such dividends must be made on a pro rata basis to the holders of its Equity
Interests or on a greater than ratable basis to the extent such greater payments are made solely to the Borrower or a Subsidiary;

 

(b)           the
Borrower and each Subsidiary may declare and make dividends payable solely in the common stock or other common Equity Interests
of such Person so long as, in the case of a Subsidiary, such Subsidiary remains wholly-owned by the Borrower; provided
that if such Subsidiary is not a wholly-owned Subsidiary of the Borrower, such dividends must be made on a pro rata basis to the
holders of its Equity Interests or on a greater than ratable basis to the extent such greater payments are made solely to the Borrower
or a Subsidiary;

 

(c)           the
Borrower and each Subsidiary may make Equity Interest repurchases with the proceeds received from the substantially concurrent
issue of new shares of its common stock; and

 

(d)           Loan
Parties or their Subsidiaries may make Restricted Payments up to $25,000,000 in the aggregate so long as

 

(i)            before
and after giving effect to such Restricted Payment, no Default exists or would result therefrom, and

 

(ii)           after
giving pro forma effect to such Restricted Payment,

 

(A)           the
Borrower shall be in compliance with each of the Financial Covenants as of the most recently ended fiscal quarter of the Borrower,

 

(B)            Liquidity
will be at least $15,000,000 and

 

(C)            the
Net Leverage Ratio as of the most recently ended fiscal quarter of the Borrower is less than 3.50 to 1.00.

 

8.10        Investments. The
Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time make or hold any
Investment in any Person (whether in cash, securities or other property of any kind) except the following (collectively, the “Permitted
Investments”):

 

(a)           Investments
existing on, or contractually committed as of, the date hereof and set forth on Schedule 8.10;

 

(b)           Investments
in cash and Cash Equivalents;

 

(c)           Guarantees
by the Loan Parties and their Subsidiaries constituting Indebtedness permitted by Section 8.1;

 

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(d)           loans
or advances to employees, officers or directors of the Loan Parties or any of their Subsidiaries in the ordinary course of business
for travel, relocation and related expenses; provided that the aggregate amount of all such loans and advances does not exceed
$1,000,000 at any time outstanding;

 

(e)           Permitted
Hedging Agreements;

 

(f)            Permitted
Acquisitions so long as (1) Liquidity will be at least $25,000,000 and (2) the Net Leverage Ratio is less than 4.50 to
1.00 on a pro forma basis after giving effect to such Permitted Acquisition;

 

(g)           Permitted
Intercompany Advances;

 

(h)           Investments
by Borrower or any of its Subsidiaries in a Loan Party or in any Person that will become a Loan Party concurrently with such Investment;

 

(i)            Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the sale or lease of goods
or services in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially
troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(j)            deposits
of cash made in the ordinary course of business to secure performance of (i) operating leases and (ii) other contractual
obligations that do not constitute Indebtedness;

 

(k)           Investments
by (i) Subsidiaries that are not Loan Parties in Subsidiaries that are not Loan Parties and (ii) Loan Parties in Subsidiaries
that are not Loan Parties in an aggregate amount (when combined with all other Investments made pursuant to clauses (g) (to
Subsidiaries that are not Loan Parties) and (n)) not to exceed $20,000,000 at any time outstanding;

 

(l)            [reserved];

 

(m)          [reserved];
and

 

(n)           other
Investments (including by way of clarification joint ventures) which in the aggregate (when combined with all other Investments
made pursuant to clauses (g) (to Subsidiaries that are not Loan Parties) and (k)(ii)) do not exceed
$20,000,000 at any time outstanding.

 

8.11        [Reserved].

 

8.12        Fiscal
Year. The Loan Parties will not, and will not permit any of their Subsidiaries to, change their fiscal year from
a year ending December 31.

 

8.13        Accounting
Changes. The Loan Parties will not, and will not permit any of their Subsidiaries
to, at any time make or permit any change in accounting policies, except as required by GAAP.

 

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8.14        [Reserved].

 

8.15        ERISA
Compliance. The Loan Parties will not, and will not permit any of their Subsidiaries or ERISA Affiliates to, directly
or indirectly:

 

(i)            engage
in any Prohibited Transaction for which a statutory or class exemption is not available or a private exemption has not been previously
obtained from the Department of Labor;

 

(ii)           permit
to exist with respect to any Pension Plan any accumulated funding deficiency (as defined in Section 302 of ERISA and Section 412
of the Code), whether or not waived;

 

(iii)          terminate
any Pension Plan where such event would result in any liability of any Loan Party or Subsidiary or ERISA Affiliate under Title IV
of ERISA;

 

(iv)          fail
to make any required contribution or payment to any Multiemployer Plan;

 

(v)           fail
to pay any required installment or any other payment required under Section 412 or 430 of the Code on or before the due
date for such installment or other payment;

 

(vi)          amend
a Pension Plan resulting in an increase in current liability for the plan year such that any Loan Party or Subsidiary or ERISA
Affiliate is required to provide security to such Plan under Section 307 of ERISA or Section 401(a)(29) of the Code;

 

(vii)         withdraw
from any Multiemployer Plan where such withdrawal is reasonably likely to result in any liability of any such entity under Title IV
of ERISA; or

 

(viii)        take
any action that would cause a Termination Event or the imposition of an excise tax under Section 4978 or Section 4979A
of the Code.

 

8.16        UK
Pensions.

 

(a)           Each
Loan Party shall ensure that:

 

(i)            no
member of the Group is or becomes an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational
pension scheme which is not a money purchase scheme (both terms as defined in the Pensions Schemes Act 1993) and is not a scheme
within section 38(1)(b) of the Pensions act 2004 or "connected" with or an "associate" of (as those terms
are used in sections 38 and 43 of the Pensions Act 2004 save that for the purposes of this clause, a member of the Group shall
not be connected with another company solely by reason of one or more of its directors or employees being a director of that other
company) such an employer;

 

(ii)           any
contributions that a UK Loan Party or any of its Subsidiaries are required to pay to Furmanite International Limited Pension Plan
are so paid before or when they fall due and payable in accordance with the schemes' governing documentation and any overriding
legislation; and

 

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(iii)          no
action or omission is taken by any member of the Group in relation to a pension scheme which has or is reasonably likely to have
a Material Adverse Effect including, without limitation, the commencement of winding-up proceedings but excluding for these purposes
any action or omission that is taken by any member of the Group in relation to the continuation or termination of employment of
any employee of the Group (on grounds of ill-health or otherwise).

 

(b)           Each
Loan Party shall promptly:

 

(i)            notify
the Agent of any material change in the rate of contributions to the Furmanite International Limited Pension Plan paid or recommended
to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise);

 

(ii)           provide
to the Agent a copy of the Recovery Plan (and any amendments and/or variations thereto from time to time); and

 

(iii)          (subject
to any confidentiality obligations) provide copies of all notifications made to the Pensions Regulator under section 69 of the
Pensions Act 2004 (as amended from time to time).

 

(c)           Each
Loan Party shall immediately notify the Agent:

 

(i)            if
it receives a Financial Support Direction or a contribution Notice from the Pensions Regulator;

 

(ii)           (subject
to any confidentiality obligations) of any investigation or proposed investigation by the Pensions Regulator of which it is aware
which has resulted or may result in the Pensions Regulator taking any regulatory action against any member of the Group; and

 

(iii)          any
event of which it is aware which has triggered or may trigger a debt on any member of the Group under sections 75 or 75A of the
Pensions Act 2004.

 

8.17        Prepayments
and Amendments. The Loan Parties will not, and will not permit any of their Subsidiaries to,

 

(a)           at
any time, directly or indirectly, make any prepayment in cash in respect of principal of or interest in any Subordinated Debt,
any unsecured Indebtedness or any other Indebtedness secured a Lien that is junior to the Lien securing the Obligations (collectively,
 “Junior Indebtedness”), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any Junior Indebtedness more than one year prior to the scheduled maturity
date thereof; provided that, for the avoidance of doubt, the ABL Obligations shall not constitute Junior Indebtedness;
provided, further, that the foregoing shall not apply to:

 

(i)            the
2017 Senior Convertible Notes,

 

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(ii)           conversion
of any Junior Indebtedness to Equity Interests of the Borrower (other than Disqualified Equity Interests),

 

(iii)          the
payment, prepayment, repurchase, redemption, retirement, acquisition or payment on the account of any Junior Indebtedness (other
than the 2017 Senior Convertible Notes) with any Refinancing Indebtedness in respect thereof,

 

(iv)          the
payment, prepayment, repurchase, redemption, retirement, acquisition or payment on account of any intercompany indebtedness (A) owing
to a Loan Party to another Loan Party, (B) owing by a Subsidiary that is not a Loan Party to a Subsidiary that is not a Loan
Party and (C) owing by a Subsidiary that is not a Loan Party to a Loan Party and as to any Subordinated Debt, except as expressly
permitted in the Subordination Agreement applicable thereto,

 

(v)           the
payment of regularly scheduled interest (including any penalty interest, if applicable) and payment of fees, expenses and indemnification
obligations as and when due (other than payments with respect to Junior Indebtedness that are prohibited by the subordination provisions
thereof), or

 

(vi)          prepayments
of up to $50,000,000 in the aggregate of Junior Indebtedness so long as

 

(A)          before
and after giving effect to such prepayment, no Default exists or would result therefrom, and

 

(B)           after
giving pro forma effect to such prepayment,

 

(1)            Liquidity
will be at least $15,000,000, and

 

(2)            the
Net Leverage Ratio as of the most recently ended fiscal quarter of the Borrower is less than 4.50 to 1.00.

 

(b)           directly
or indirectly, amend, modify, or change any of the terms or provisions of the Governing Documents of any Loan Party or any of its
Subsidiaries or any documentation in respect of any Junior Indebtedness, in each case, if the effect thereof, either individually
or in the aggregate, could reasonably be expected to be materially adverse to the interests of the Lenders; provided,
this Section 8.17(b) shall not prohibit the refinancing, renewal or extension of Junior Indebtedness to
the extent otherwise permitted by Section 8.1.

 

8.18        Lease
Obligations. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time create, incur
or assume any obligations as lessee for the rental or hire of real or personal property in connection with any sale and leaseback
transaction other than operating lease transactions for equipment paid for by such operating leases.

 

8.19        [Reserved].

 

8.20        [Reserved].

 

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8.21        Securities
and Deposit Accounts. The Loan Parties will not establish or maintain any securities
account or deposit account (other than securities accounts or deposit accounts which constitute Excluded Property or which hold
less than $5,000,000 in the aggregate at any one time) unless Agent shall have received a Control Agreement, duly executed by the
applicable Loan Party and the securities intermediary or depository bank parties thereto, in respect of such securities account
or deposit account, subject to the requirements set forth in Section 7.21.

 

8.22        Negative
Pledge. The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into or suffer to exist
any agreement (other than in favor of Agent) prohibiting or conditioning the creation or assumption of any Lien in favor of the
Obligations upon any of its assets; provided that the foregoing shall not apply to:

 

(i)            restrictions
or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document,

 

(ii)           customary
restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale,

 

(iii)          restrictions
or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement
if such restrictions and conditions apply only to the property or assets securing such Indebtedness,

 

(iv)          customary
provisions in lease and other contracts restricting the assignment thereof,

 

(v)           customary
anti-assignment clauses in licenses under which the Borrower or any of its Subsidiaries are the licensees,

 

(vi)          any
agreement in effect at a time a Person becomes a Subsidiary, so long as such agreement was not entered into in connection with
or in contemplation of such Person becoming a Subsidiary,

 

(vii)         any
encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents; provided
that such amendments or refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions
than those prior to such amendments or refinancings,

 

(viii)        customary
restrictions on Liens imposed by agreements relating to deposit accounts and cash deposits and in the ordinary course of business,

 

(ix)          [Reserved],
and

 

(x)           restrictions
or conditions set forth in the ABL Loan Documents.

 

8.23        Affiliate
Transactions. The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into or be party
to any transaction with an Affiliate, except

 

(i)            transactions
contemplated by the Loan Documents;

 

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(ii)           transactions
with Affiliates that are in effect as of the Closing Date, as shown on Schedule 8.23;

 

(iii)          transactions
with Affiliates in the ordinary course of business, upon fair and reasonable terms and no less favorable than would be obtained
in a comparable arm’s-length transaction with a non-Affiliate;

 

provided, that the foregoing
restrictions shall not apply to

 

(i)            employment
and severance arrangements (including equity incentive plans and employee benefit plans and arrangements) with their respective
officers and employees in the ordinary course of business;

 

(ii)           payment
of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers and employees
of the Borrower and its Subsidiaries in the ordinary course of business;

 

(iii)          any
transaction solely between or among the Subsidiaries that are not Loan Parties;

 

(iv)          any
transaction solely between or among Loan Parties; or

 

(v)           guarantees
by the Borrower or any Subsidiary of operating leases or of other obligations that do not constitute Indebtedness, in each case
entered into by the Borrower or any Subsidiary in the ordinary course of business or consistent with past practice or industry
norm.

 

8.24        Collateral
Located in Quebec. The Loan Parties will not, and will not permit any of their Subsidiaries
to own tangible Collateral in Quebec having a fair market value in excess of CAD $750,000, unless the Agent has confirmed in writing
that it is satisfied that the Loan Parties or Subsidiaries owning such Collateral in Quebec have taken all action that the Agent
has reasonably requested in order to perfect and protect the Agent’s security interest in such Collateral under the laws
of Quebec.

 

ARTICLE IX.

FINANCIAL COVENANT(S)

 

Until the Payment in
Full of all Obligations:

 

9.1          Maximum
Net Leverage Ratio. The Borrower hereby covenants and agrees that the Loan Parties and their Subsidiaries will
maintain a Net Leverage Ratio, calculated for the four (4) fiscal quarter period ending on the last day of the fiscal quarter
most recently ended on or after March 31, 2022, of less than or equal to 7.00 to 1.00.

 

9.2          Maximum
Annual Capital Expenditures. The Borrower hereby covenants and agrees that the Loan Parties and their Subsidiaries
will not exceed $33,000,000 in Capital Expenditures during any four (4) fiscal quarter period ending on the second or fourth fiscal
quarter of each fiscal year; provided that this Section 9.2 will not apply if the Net Leverage Ratio
for such period is less than or equal to 4.00 to 1.00.

 

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ARTICLE X.

EVENTS OF DEFAULT

 

10.1        Events
of Default. The occurrence of any of the following events shall constitute an “Event of Default”:

 

(a)           any
Loan Party shall fail to pay any (i) principal of any Loan when due and payable, whether at the due date therefor, stated
maturity, by acceleration, or otherwise; or (ii) interest, fees, Lender Group Expenses or other Obligations (other than an
amount referred to in the foregoing clause (i)) when due and payable, whether at the due date therefor, stated maturity,
by acceleration, or otherwise, and such default continues unremedied for a period of three (3) Business Days; or

 

(b)           there
shall occur a default in the performance or observance of any covenant contained in

 

(i)            Section 2.4,
2.5(a), 2.5(b), 2.7 (with respect to any Loan Party), 7.1, 7.6,
7.7, 7.8, 7.11, 7.16, 7.19, 7.20 or 7.21,
Article 8 or Article 9; or

 

(ii)           this
Agreement or any other Loan Document (other than those referred to in Section 10.1(a) and Section 10.1(b)(i))
and such default continues for a period of thirty (30) days after the earlier of (x) the date on which such default first
becomes known to any Responsible Officer of Borrower or (y) written notice thereof from Agent to Borrower; or

 

(c)           The
Pensions Regulator issues a Financial Support Direction or a Contribution Notice to any Loan Party; or

 

(d)           any
Loan Party or any of its Material Subsidiaries shall become the subject of an Insolvency Event; or

 

(e)           (i)             any
Loan Party or any of its Subsidiaries shall fail to make any payment (whether of principal, interest or otherwise and regardless
of amount) in respect of any Material Indebtedness when due (whether at scheduled maturity or by required prepayment, acceleration,
demand or otherwise), or

 

(ii)           any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits (with all applicable grace periods having expired) the holder or holders (or a trustee or agent on behalf of such holder
or holders) to declare any Material Indebtedness to be due and payable, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its scheduled maturity; or

 

(f)            any
representation or warranty made or deemed made by or on behalf of any Loan Party or any of its Subsidiaries under or in connection
with any Loan Document, or in any Financial Statement, report, document or certificate delivered in connection therewith, shall
prove to have been incorrect in any material respect (except that such materiality qualifier shall not be applicable to any representations
and warranties that are already qualified or modified by materiality in the text thereof) when made or deemed made; or

 

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(g)           any
judgment or order for the payment of money which, when taken together with all other judgments and orders rendered against the
Loan Parties and their Subsidiaries exceeds $12,500,000 in the aggregate (to the extent not covered by insurance) and either

 

(i)            there
is a period of thirty consecutive days at any time after the entry of any such judgment, order, or award during which (A) the
same is not discharged, satisfied, vacated, or bonded pending appeal, or (B) a stay of enforcement thereof is not in effect,
or

 

(ii)           enforcement
proceedings are commenced upon such judgment, order, or award; or

 

(h)           a
Change of Control shall occur; or

 

(i)            this
Agreement or any other Security Document that purports to create a Lien, shall, for any reason, fail or cease to create a valid
and perfected and, except to the extent of Permitted Liens which are non-consensual Permitted Liens, permitted purchase money Liens
or the interests of lessors in respect of Capitalized Lease Obligations, first priority Lien on any material portion of the Collateral
covered thereby;

 

(j)            The
Intercreditor Agreement shall be invalidated or otherwise cease to constitute the legal, valid and binding obligations of the ABL
Agent enforceable in accordance with its terms; or

 

(k)           (i)             any
material covenant, agreement or obligation of a Loan Party contained in or evidenced by any of the Loan Documents shall cease to
be enforceable, or shall be determined to be unenforceable, in accordance with its terms;

 

(ii)           any
Loan Party shall deny or disaffirm its obligations under any of the Loan Documents or any Liens granted in connection therewith
or shall otherwise challenge any of its obligations under any of the Loan Documents; or

 

(iii)          any
Liens granted on any of the Collateral in favor of the Agent shall be determined to be void, voidable or invalid, are subordinated
or are not given the priority contemplated by this Agreement or any other Loan Document.

 

10.2        Acceleration
and Termination. Upon the occurrence and during the continuance of an Event of Default, Agent, at the direction
of the Required Lenders, shall take any or all of the following actions, without prejudice to the rights of Agent or any Lender
to enforce its claims against Borrower:

 

(a)           Acceleration.
To declare all Obligations immediately due and payable (except with respect to any Event of Default with respect to a Loan Party
specified in Section 10.1(d), in which case all Obligations (including with any Applicable Premium) shall automatically
become immediately due and payable) without presentment, demand, protest or any other action or obligation of Agent or any Lender,
all of which are hereby waived by the Borrower.

 

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(b)           Termination
of Commitments. To declare the Commitments immediately terminated (except with respect to any Event of Default with respect
to a Loan Party set forth in Section 10.1(d), in which case the Commitments shall automatically terminate) and,
at all times thereafter, any Loan made by the Lenders shall be in their discretion. Notwithstanding any such termination, until
all Obligations shall have been Paid in Full, Agent and each Lender shall retain all rights under guaranties and all security in
existing and future Receivables, inventory, general intangibles, investment property, real property and equipment of the Loan Parties
and all other Collateral held by it hereunder and under the Security Documents.

 

Notwithstanding anything
to the contrary contained herein, the authority to enforce rights and remedies hereunder and under the other Loan Documents against
the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such
enforcement shall be instituted and maintained by, the Agent in accordance with this Article X for the benefit of the
Secured Parties.

 

10.3        Other
Remedies.

 

(a)           [Reserved]

 

(b)           The
Loan Parties and the Lenders hereby irrevocably authorize Agent, based upon the instruction of the Required Lenders, to, upon the
occurrence and during the continuation of an Event of Default,

 

(i)            consent
to the sale of, credit bid, or purchase (either directly or indirectly through one or more entities) all or any portion of the
Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code, including Section 363 of the Bankruptcy
Code, or the Insolvency Act 1986,

 

(ii)           credit
bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale or
other disposition thereof conducted under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of
the UCC, or

 

(iii)           credit
bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any other
sale or foreclosure conducted or consented to by Agent in accordance with applicable law in any judicial action or proceeding or
by the exercise of any legal or equitable remedy, in each case, free from any right of redemption, which right is expressly waived
by Borrower.

 

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If notice of intended disposition of any
Collateral is required by law, it is agreed that ten (10) days’ notice shall constitute reasonable notification. Borrower
will assemble the Collateral in their possession and make it available at such locations in the United States as Agent may specify,
whether at the premises of a Loan Party or elsewhere, and will make reasonably available to Agent the premises and facilities
of each Loan Party for the purpose of Agent’s taking possession of or removing the Collateral or putting the Collateral
in saleable form. Agent may sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange,
broker’s board or at any of Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such
other terms as Agent may deem commercially reasonable. Agent shall not be obligated to make any sale of Collateral regardless
of notice of sale having been given. Agent may adjourn any public or private sale from time to time by announcement at the time
and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.
The Borrower hereby grants Agent a license to enter and occupy (in each case, so long as no Event of Default then exists, at reasonable
times and subject to reasonable procedures) any of Borrower’ leased or owned premises and facilities, without charge, to
exercise any of Agent’s rights or remedies. The proceeds received from any sale of Collateral shall be applied in accordance
with Section 10.5.

 

10.4        License
for Use of Software and Other Intellectual Property. Borrower hereby grants to Agent a license or other right to
use, without charge, all computer software programs, data bases, processes, trademarks, tradenames, copyrights, labels, trade
secrets, service marks, advertising materials and other rights, assets and materials used by Borrower in connection with its businesses
or in connection with the Collateral, in each case with respect to any exercise of remedies hereunder.

 

10.5        Post-Default
Allocation of Payments.

 

(a)            Allocation.
Notwithstanding anything herein to the contrary, during an Event of Default, if so directed by the Required Lenders or at Agent’s
discretion, monies to be applied to the Obligations, whether arising from payments by the Loan Parties, realization on Collateral,
setoff, or otherwise, shall be allocated as follows:

 

(i)            first,
to all Lender Group Expenses owing to Agent (including attorneys’ fees) in its capacity as Agent;

 

(ii)           second,
to all Lender Group Expenses owing to the Lenders;

 

(iii)          third,
[reserved];

 

(iv)          fourth,
[reserved];

 

(v)           fifth,
to all Obligations constituting fees (other than any Applicable Premium); and

 

(vi)          sixth,
to all Obligations constituting interest; and

 

(vii)         seventh,
to all Obligations constituting principal and, thereafter, to all Obligations constituting Applicable Premium;

 

(viii)        eighth,
to all other Obligations;

 

(ix)          ninth,
[reserved];

 

(x)           tenth,
[reserved]; and

 

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(xi)          finally,
to the Loan Parties or whoever else may be lawfully entitled thereto.

 

Amounts shall be applied to each of the
foregoing categories of Obligations in the order presented above before being applied to the following category. Where applicable,
all amounts to be applied to a given category will be applied on a pro rata basis among those entitled to payment in such category.
The allocations set forth in this section are solely to determine the rights and priorities of the Secured Parties among themselves
and may be changed by agreement among them without the consent of any Loan Party. No Loan Party is entitled to any benefit under
this Section or has any standing to enforce this section.

 

10.6        No
Marshaling; Deficiencies; Remedies Cumulative. Agent shall have no obligation to marshal any Collateral or to seek
recourse against or satisfaction of any of the Obligations from one source before seeking recourse against or satisfaction from
another source. The net cash proceeds resulting from Agent’s exercise of any of the foregoing rights to liquidate all or
substantially all of the Collateral, shall be applied by Agent to such of the Obligations and in such order as Agent shall elect
in its discretion, whether due or to become due. Borrower shall remain liable to Agent and the Lenders for any deficiencies, and
Agent and the Lenders in turn agree to remit to the applicable Loan Party or its successor or assign any surplus resulting therefrom.
All of Agent’s and the Lenders’ remedies under the Loan Documents shall be cumulative, may be exercised simultaneously
against any Collateral and any Loan Party or in such order and with respect to such Collateral or such Loan Party as Agent or
the Lenders may deem desirable, and are not intended to be exhaustive.

 

10.7        Waivers.
Except as may be otherwise specifically provided herein or in any other Loan Document, Borrower hereby waive any right to a judicial
or other hearing with respect to any action or prejudgment remedy or proceeding by Agent to take possession, exercise control
over, or dispose of any item of Collateral in any instance (regardless of where the same may be located) where such action is
permitted under the terms of this Agreement or any other Loan Document or by applicable law or of the time, place or terms of
sale in connection with the exercise of Agent’s or any Lender’s rights hereunder and also waives any bonds, security
or sureties required by any statute, rule or other law as an incident to any taking of possession by Agent of any Collateral.
Borrower also waive any damages (direct, consequential or otherwise) occasioned by the enforcement of Agent’s or any Lender’s
rights under this Agreement or any other Loan Document including the taking of possession of any Collateral of Borrower or the
giving of notice to any account debtor or the collection of any Receivable of a Loan Party. Borrower also consent that Agent and
the Lenders may enter upon any premises owned by or leased to it without obligations to pay rent or for use and occupancy, through
self-help, without judicial process and without having first obtained an order of any court (in each case in connection with the
remedies hereunder). These waivers and all other waivers provided for in this Agreement and the other Loan Documents have been
negotiated by the parties, and Borrower acknowledges that it has been represented by counsel of its own choice, has consulted
such counsel with respect to its rights hereunder and has freely and voluntarily entered into this Agreement and the other Loan
Documents as the result of arm’s-length negotiations.

 

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10.8            Further
Rights of Agent and the Lenders. If Borrower shall fail to purchase or maintain insurance (where applicable), or
to pay any tax, assessment, governmental charge or levy, except as the same may be otherwise permitted hereunder or which is being
contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP,
or if any Lien prohibited hereby shall not be paid in full and discharged or if a Borrower shall fail to perform or comply with
any other covenant, promise or obligation to Agent or any Lender hereunder or under any other Loan Document, in each case of the
foregoing to the extent an Event of Default arises and continues, the Agent may (but shall not be required to) perform, pay, satisfy,
discharge or bond the same for the account of Borrower, and all amounts so paid by Agent shall be treated as a Term Loan comprised
of Base Rate Advances hereunder and shall constitute part of the Obligations.

 

10.9            Interest
After Event of Default. Borrower agrees and acknowledges that the additional interest and fees that may be charged
under Section 4.2 are

 

(a)            an
inducement to the Lenders to make Advances hereunder and that the Lenders and Agent would not consummate the transactions contemplated
by this Agreement without the inclusion of such provisions,

 

(b)            fair
and reasonable estimates of the Lenders’ and Agent’s costs of administering the credit facility upon an Event of Default,
and

 

(c)            intended
to estimate the Lenders’ and Agent’s increased risks upon an Event of Default.

 

10.10      Receiver.
In addition to any other remedy available to it, Agent shall also have the right, upon the occurrence of an Event of Default and
during its continuation, to seek and obtain the appointment of a receiver to take possession of and operate and/or dispose of
the business and assets of Borrower.

 

10.11      Rights
and Remedies not Exclusive. The enumeration of the foregoing rights and remedies is not intended to be exhaustive
and the exercise of any right or remedy shall not preclude the exercise of any other right or remedy provided for herein or in
any other Loan Document or otherwise provided by law from and after the occurrence of any Event of Default and during its continuation,
all of which shall be cumulative and not alternative.

 

ARTICLE XI.

THE AGENT

 

11.1            Appointment
of Agent.

 

(a)            Each
Lender hereby designates Atlantic Park as its agent and irrevocably authorizes it to take action on such Lender’s behalf
under the Loan Documents and to exercise the powers and to perform the duties described therein and to exercise such other powers
as are reasonably incidental thereto. Agent may perform any of its duties by or through its agents or employees or by or through
one or more sub-agents appointed by it.

 

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(b)            Each
Lender further irrevocably authorizes the Agent to accept, for and on behalf of the Lenders, any parallel debt obligations with
the Loan Parties pursuant to which the Agent shall have its own, independent right to demand payment of the amounts payable by
each Loan Party in connection with the Obligations.

 

(c)            The
provisions of this Article are solely for the benefit of Agent and the Lenders, and except as expressly set forth herein,
Loan Parties shall not have any rights with respect to any of the provisions hereof. Agent shall act solely as agent of the Lenders
and assume no obligation toward or relationship of agency or trust with or for Borrower.

 

11.2        Nature
of Duties of Agent. Agent shall have no duties or responsibilities except those expressly set forth in the Loan
Documents. Neither Agent nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted
by it or them as such hereunder or in connection herewith, unless caused by its or their gross negligence or willful misconduct.
The duties of Agent shall be mechanical and administrative in nature. Agent does not have a fiduciary relationship with or any
implied duties to any Lender or any participant of any Lender.

 

11.3        Lack
of Reliance on Agent.

 

(a)            Independent
Investigation. Independently and without reliance upon Agent, each Lender, to the extent it deems appropriate, has made and
shall continue to make

 

(i)            its
own independent investigation of the financial or other condition and affairs of Borrower and the other Loan Parties in connection
with taking or not taking any action related hereto and

 

(ii)            its
own appraisal of the creditworthiness of Borrower and the other Loan Parties, and, except as expressly provided in this Agreement,
Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit or
other information with respect thereto, whether coming into its possession before the making of the Initial Term Loans or at any
time or times thereafter.

 

(b)            No
Obligation of Agent. Agent shall not be responsible to any Lender for any recitals, statements, information, representations
or warranties herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness,
genuineness, validity, enforceability, collectability, priority or sufficiency of this Agreement or the financial or other condition
of Borrower and the other Loan Parties. Agent shall not be required to make any inquiry concerning either the performance or observance
of any of the terms, provisions or conditions of this Agreement or any other Loan Document, the financial condition of Borrower
and the other Loan Parties, or the existence or possible existence of any Default or Event of Default, and shall not be deemed
to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default
is given to such Agent by a Loan Party or a Lender.

 

11.4         Certain
Rights of Agent. Agent may request instructions from the Required Lenders at any time. If Agent requests instructions
from the Required Lenders with respect to any action or inaction, it shall be entitled to await instructions from the Required
Lenders. No Lender shall have any right of action based upon Agent’s action or inaction in response to instructions from
the Required Lenders.

 

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11.5        Reliance
by Agent. Agent may rely upon any written, electronic or telephonic communication it believes to be genuine and
to have been signed, sent or made by the proper Person. Agent may obtain the advice of legal counsel (including counsel for Borrower
with respect to matters concerning Borrower), independent public accountants and other experts selected by it and shall have no
liability for any action or inaction taken or omitted to be taken by it in good faith based upon such advice.

 

11.6        Indemnification
of Agent. To the extent Agent is not reimbursed and indemnified by Borrower, each Lender will reimburse and indemnify
Agent to the extent of such Lender’s Pro Rata Share (determined as of the time that such indemnity payment is sought) for
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel
fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against
Agent in performing its duties hereunder or otherwise relating to the Loan Documents unless resulting from Agent’s gross
negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction. The
agreements contained in this Section shall survive any termination of this Agreement and the other Loan Documents and the
Payment in Full of the Obligations.

 

11.7        Agent
in Its Individual Capacity. In its individual capacity, Agent shall have the same rights and powers hereunder as
any other Lender or participation interest and may exercise the same as though it was not performing the duties specified herein.
The terms “Lenders,” “Required Lenders,” “holders of Notes” or any similar terms shall, unless
the context clearly otherwise indicates, include Atlantic Park in its individual capacity. Agent and its Affiliates may accept
deposits from, lend money to, acquire equity interests in, and generally engage in any kind of banking, trust, financial advisory
or other business with Borrower or any Affiliate of Borrower as if it were not performing the duties specified herein, and may
accept fees and other consideration from Borrower for services in connection with this Agreement and otherwise without having
to account for the same to the Lenders.

 

11.8        Holders
of Notes.

 

Agent may deem and
treat the payee of any Note as the owner thereof for all purposes hereof unless and until a written notice of the assignment or
transfer thereof shall have been filed with Agent. Any request, authority or consent of any Person who, at the time of making
such request or giving such authority or consent, is the holder of any Note, shall be conclusive and binding on any subsequent
holder, transferee or assignee of such Note or of any Note or Notes issued in exchange therefor.

 

11.9        Successor
Agent.

 

(a)            Resignation.
Agent may, upon twenty (20) Business Days’ notice to the Lenders and Borrower, resign by giving written notice thereof
to the Lenders and Borrower.

 

(b)            Replacement
of Agent after Resignation. Upon receipt of notice of resignation by Agent, the Required Lenders, with, so long as no Event
of Default then exists, the consent of the Borrower (such consent not to be unreasonably withheld or delayed) may appoint a successor
agent. If a successor agent has not accepted its appointment within fifteen (15) Business Days, then the retiring Agent may
(but shall not be obligated to), on behalf of the Lenders, appoint a successor agent which, so long as no Event of Default then
exists, shall be subject to the written approval of Borrower, which approval shall not be unreasonably withheld and shall be delivered
to the retiring Agent and the Lenders within ten (10) Business Days after Borrower’s receipt of notice of a proposed
successor agent.

 

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(c)            [reserved].

 

(d)            Discharge.
Upon its acceptance of the agency hereunder, such successor Agent shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under
this Agreement. The retiring Agent shall continue to have the benefit of the provisions of this Article for any action or
inaction while it was Agent.

 

(e)            For
purposes of the Dutch Security Documents, any resignation by the Agent is not effective with respect to its rights under any parallel
debt obligations until all rights and obligations with respect to such parallel debt obligations have been assigned to and assumed
by the successor Agent. The Agent will cooperate in assigning its right under the parallel debt obligations to any such successor
agent and will cooperate in transferring all rights under any Dutch Security Document to such successor agent.

 

11.10            Collateral
Matters.

 

(a)            Exercise
Binding. Except as otherwise set forth herein, any action or exercise of powers by Agent provided under the Loan Documents,
together with such other powers as are reasonably incidental thereto, shall be deemed authorized by and binding upon all of the
Lenders. At any time and without notice to or consent from any Lender, Agent may take any action necessary or advisable to perfect
and maintain the perfection of the Liens upon the Collateral.

 

(b)            Releases.
Agent is authorized to release any Lien granted to or held by it upon any Collateral

 

(i)            upon
Payment in Full of all of the Obligations,

 

(ii)           upon
any sale or transfer of Collateral which is permitted pursuant to the terms by this Agreement or

 

(iii)          if
the release can be and is approved by the Required Lenders.

 

Agent may request, and the Lenders will
provide, confirmation of Agent’s authority to release particular types or items of Collateral.

 

(c)            Sale
of Collateral. Upon any sale or transfer of Collateral which is permitted pursuant to the terms of this Agreement, or consented
to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least three (3) Business Days’
prior written request (or such shorter period as the Agent may agree to in its sole discretion) by Borrower, Agent shall (and
is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the
Liens granted to Agent herein or under any of the other Loan Documents or pursuant hereto or thereto upon the Collateral that
was sold or transferred, provided that

 

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(i)            Agent
shall not be required to execute any document on terms which would reasonably expose Agent to liability or create any obligation
or entail any consequence other than the release of such Liens and

 

(ii)           such
release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of Borrower in respect
of) all interests retained by Borrower, including, without limitation, the proceeds of the sale, all of which shall continue to
constitute part of the Collateral.

 

In the event of any sale or transfer of
Collateral in the exercise of remedies, or any foreclosure with respect to any of the Collateral, Agent shall be authorized to
deduct all of the expenses reasonably incurred by Agent from the proceeds of any such sale, transfer or foreclosure.

 

(d)            No
Obligation for Agent. Agent shall not have any obligation to assure that the Collateral exists or is owned by the Borrower,
that the Collateral is cared for, protected or insured, or that the Liens on the Collateral have been created or perfected or
have any particular priority. With respect to the Collateral, Agent may act in any manner it may deem appropriate, in its sole
discretion, given Atlantic Park’s own interest in the Collateral as one of the Lenders, and it shall have no duty or liability
whatsoever to the Lenders with respect thereto, except for its gross negligence or willful misconduct as determined in a final
and non-appealable judgment by a court of competent jurisdiction.

 

11.11      Actions
with Respect to Defaults. In addition to Agent’s right to take actions on its own accord as permitted under
this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by the Required Lenders.
Until Agent shall have received such directions, Agent may act or not act as it deems advisable and in the best interests of the
Lenders.

 

11.12      Delivery
of Information. Agent shall not be required to deliver to any Lender originals or copies of any documents, instruments,
notices, communications or other information received by Agent from Borrower, the Required Lenders, any Lender or any other Person
under or in connection with this Agreement or any other Loan Document except (i) as specifically provided in this Agreement
or any other Loan Document and (ii) as specifically requested from time to time in writing by any Lender with respect to
a specific document, instrument, notice or other written communication received by and in the possession of Agent at the time
of receipt of such request and then only in accordance with such specific request.

 

11.13      English
Law Governed Transaction Security.

 

(a)            This
Section 11.13 shall be governed by English law and applies in relation to the English Security Documents, with the
security interest created or expressed to be created pursuant to the English Security Documents being the “English
Transaction Security”. For the purposes of this Section 11.13 only:

 

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(i)            “Finance
Parties” means each Secured Bank Provider, Lender and the Agent;

 

(ii)           “Secured
Parties” means each Finance Party from time to time party to this Agreement, any Receiver or Delegate and each other
agent, arranger and lender from time to time party to this Agreement;

 

(iii)          “Receiver”
means a receiver or receiver and manager or administrative receiver of the whole or any part of the Collateral; and

 

(iv)          “Delegate”
means any delegate, agent, attorney or co-trustee appointed by the Agent.

 

(b)            The
Agent declares that it holds the benefit of the English Transaction Security in trust for each Finance Party on the terms contained
in this Agreement.

 

(c)            Each
of the Finance Parties:

 

(i)            authorizes
the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions
specifically given to the Agent under or in connection with the English Security Documents together with any other incidental
rights, powers, authorities and discretions; and

 

(ii)            agrees
that no Finance Party shall have any independent power to enforce, or have recourse to, any of the Liens or Collateral created
or evidenced, or expressed to be created or evidenced, under the English Security Documents or to exercise any right, power, authority
or discretion arising under the English Security Documents except through the Agent.

 

(d)            The
Agent shall have the benefit of (without limitation) Sections 11.2 (Nature of Duties of Agent), 11.3 (Lack of Reliance
on Agent), 11.4 (Certain Rights of Agent), 11.5 (Reliance by Agent), 11.6 (Indemnification of Agent), 11.10
(Collateral Matters), 11.11 (Actions with Respect to Defaults), 11.12 (Delivery of Information), 12.4
(Indemnification; Reimbursement of Expenses of Collection), 12.6 (Nonliability of Agent and Lenders), 12.13 (Limitation
of Liability), 12.21 (Confidentiality) and 12.26 (Right to Cure), as if:

 

(i)            references
in such clauses were governed by English law; and

 

(ii)            references
in such clauses to the Agent were to the Agent acting in its capacity as “Security Agent” in respect of the English
Transaction Security, mutatis mutandis.

 

(e)            The
rights, powers, authorities and discretions given to the Agent under or in connection with the Loan Documents shall be supplemental
to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Agent by law or regulation
or otherwise.

 

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(f)            Section 1
of the Trustee Act 2000 shall not apply to the duties of the Agent in relation to the trusts constituted by this Agreement, and
where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement,
the provisions of this Agreement shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency
with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that
Act. Sections 22 and 23 of the Trustee Act 2000 shall not apply to the English Security Documents.

 

(g)            If
the Agent determines, in accordance with Section 11.10(b)(i) (Collateral Matters: Releases) that:

 

(i)            all
of the obligations secured by the English Security Document have been fully and finally discharged; and

 

(ii)           no
Finance Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial
accommodation to any Loan Party pursuant to the Loan Documents,

 

the Agent shall release, without recourse
or warranty, all of the Liens and Collateral created or evidenced, or expressed to be created or evidenced, under each English
Security Document and the rights of the Agent under each of the English Security Documents, in each case in accordance with the
terms of that English Security Document and the terms of this Agreement and the trusts set out in this Agreement shall thereafter
be wound up.

 

(h)            Without
prejudice to Section 11.9(a) (Successor Agent: Resignation):

 

(i)            The
Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower.

 

(ii)            If
the Agent does not appoint an Affiliate as successor in the relevant resignation notice, the Required Lenders may appoint a successor
Agent with the consent of the Borrower (such consent not to be unreasonably withheld or delayed), unless an Event of Default then
exists in which case no consent of the Borrower shall be required. If the Required Lenders have not appointed a successor within
thirty (30) days after notice of resignation was given, the Agent may appoint a successor after consultation with the Borrower
and the Required Lenders.

 

(iii)            The
retiring Agent shall, make available to the successor Agent such documents and records and provide such assistance as the successor
Agent may reasonably request for the purposes of performing its functions as “Security Agent” under the English Security
Documents, and the Borrower shall, on demand, reimburse the retiring Agent for the amount of all costs and expenses (including
legal fees) properly incurred by it in making available such documents and records and providing such assistance.

 

(iv)            The
resignation notice of the Agent shall only take effect upon:

 

(A)            the
appointment of a successor; and

 

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(B)            the
transfer of the English Transaction Security and any other amounts or property, whether rights, entitlements, choses in action
or otherwise, actual or contingent, which the Agent is required by the terms of the English Security Documents to hold as trustee
on trust for the Secured Parties to that successor.

 

(v)           Upon
the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the English Security
Documents (other than its obligations under paragraph (g) and (h)(iii) above) but shall
remain entitled to the benefit of Sections 11.6 (Indemnification of Agent) and 12.4 (Indemnification;
Reimbursement of Expenses of Collection) (each as amended by paragraph (d) above) and this Section 11.13
(and any fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any
successor and each of the other parties shall have the same rights and obligations amongst themselves as they would have had if
such successor had been an original party.

 

(i)            The
Agent shall not be obliged:

 

(i)            to
insure any of the assets subject to the English Transaction Security;

 

(ii)           to
require any other person to maintain any insurance; or

 

(iii)          to
verify any obligation to arrange or maintain insurance contained in any Loan Document,

 

and the Agent shall not be liable for
any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

 

(j)            If
the Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any
person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or
any other information of any kind, unless the Required Lenders request it to do so in writing and the Agent fails to do so within
14 days after receipt of that request.

 

(k)            The
Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the
Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust
created under this Agreement and the Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings
incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be
bound to supervise the proceedings or acts of any person. The Agent may retain or invest in securities payable to bearer without
appointing a person to act as a custodian.

 

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(l)            Each
Finance Party and Secured Party confirms “that the Agent has authority to accept on its behalf (and ratifies the acceptance
on its behalf of any letters or reports already accepted by the Agent) the terms of any reliance letter or engagement letters
relating to any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with
the Loan Documents or the transactions contemplated in the Loan Documents and to bind it in respect of those reports or letters
and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

ARTICLE XII.

GENERAL PROVISIONS

 

12.1            Notices.
Except as otherwise provided herein, all notices and other communications hereunder shall be in writing and sent by certified
or registered mail, return receipt requested, by overnight delivery service, with all charges prepaid, by hand delivery, or by
telecopier or other form of electronic transmission, including email, as follows:

 

	To Agent	Atlantic Park

        527 Madison Avenue, 25th Floor

        New York, NY 10022

        Attn: Viral Naik

        Email: viral.naik@ironparkcap.com

         

        With a copy to:

        225 W. Washington St., 9th Floor

        Chicago, IL, 60606

        Attn.: Mike Kumor, Legal Department

        Email: atlanticparkagency@alterdomus.com

         

	To Borrower:	Borrower

        c/o Team, Inc.

        13131 Dairy Ashford, Suite 600,

        Sugar Land, Texas, 77478

        Attn: André C. Bouchard, Chief Legal Officer

        Email: butch.bouchard@teaminc.com

         

	To any Lender	to its address specified in Annex A
    or in the

    Assignment and Acceptance under which it

    became a party hereto

 

Any party hereto may
change its address, email address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. All such notices and correspondence shall be deemed given (a) if sent by certified or registered mail, five (5) Business
Days after being postmarked, (b) if sent by overnight delivery service or by hand delivery, when received at the above stated
addresses or when delivery is refused and (c) if sent by facsimile or other form of electronic transmission (including by
electronic imaging), when such transmission is confirmed. All notices and other communications sent to an e-mail address shall
be (i) 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, in the case of clauses (i) and
(ii) above, if such notice or other communication is not sent during the normal business hours of the recipient, such
notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

 

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12.2        Delays;
Partial Exercise of Remedies. No delay or omission of Agent to exercise any right or remedy hereunder shall impair
any such right or operate as a waiver thereof. No single or partial exercise by Agent of any right or remedy shall preclude any
other or further exercise thereof, or preclude any other right or remedy.

 

12.3        Right
of Setoff. In addition to and not in limitation of all rights of offset that any Lender or any of its Affiliates
may have under applicable law, if an Event of Default shall have occurred and be continuing and whether or not such Lender shall
have made any demand or the Obligations of Borrower have matured, each Lender and its Affiliates shall have the right, subject
to the consent of the Agent, to set off and apply any and all deposits (general or special, time or demand, provisional or final,
or any other type) at any time held and any other Indebtedness at any time owing by such Lender or any of its Affiliates to or
for the credit or the account of Borrower or any of their Affiliates against any and all of the Obligations. In the event that
any Lender or any of its Affiliates exercises any of its rights under this Section 12.3, such Lender shall provide
notice to Agent and Borrower of such exercise, provided that the failure to give such notice shall not affect the validity
of the exercise of such rights.

 

12.4        Indemnification;
Reimbursement of Expenses of Collection.

 

(a)            Borrower
hereby agrees that, whether or not any of the transactions contemplated by this Agreement or the other Loan Documents are consummated,
Borrower will indemnify, defend and hold harmless Agent, each Lender and each other Secured Party and their respective successors,
assigns, directors, officers, agents, employees, advisors, shareholders, attorneys and Affiliates (each, an “Indemnified
Party”) from and against any and all losses, claims, damages, liabilities, deficiencies, obligations, fines, penalties,
actions (whether threatened or existing), judgments, suits (whether threatened or existing) or expenses (including reasonable
fees and disbursements of counsel, experts, consultants and other professionals) incurred by any of them (collectively, “Claims”)
(except, in the case of each Indemnified Party, to the extent that any Claim is determined in a final and non-appealable judgment
by a court of competent jurisdiction to have directly resulted from such Indemnified Party’s gross negligence or willful
misconduct) arising out of or by reason of

 

(i)            any
litigation, investigation, claim or proceeding related to (A) this Agreement, any other Loan Document or the transactions
contemplated hereby or thereby, (B) any actual or proposed use by a Borrower of the proceeds of the Loans, (C) [reserved]
or (D) any Indemnified Party’s entering into this Agreement, the other Loan Documents or any other agreements and documents
relating hereto (other than consequential damages and loss of anticipated profits or earnings), including amounts paid in settlement,
court costs and the fees and disbursements of counsel incurred in connection with any such litigation, investigation, claim or
proceeding, in all cases, regardless of whether such Indemnified Party is a party thereto, and whether or not any such claim,
litigation, investigation or proceeding is brought by or against the Borrower, its equity holders, its Affiliates, its creditors
or any other Person,

 

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(ii)           the
presence or Release of Hazardous Materials at, on, under, to or from any assets or properties owned, leased or operated by any
Borrower or any of its Subsidiaries; any Environmental Actions or any Remedial Actions related in any way to any such assets or
properties of any Borrower or any of its Subsidiaries; or any other action taken or required to be taken by a Borrower in connection
with compliance by or liability of such Borrower, its business, or any of its owned or occupied properties, pursuant to any Environmental
Laws, and

 

(iii)          any
pending, threatened or actual action, claim, proceeding or suit by any owner of any Borrower against such Borrower or any actual
or purported violation of a Borrower’s Governing Documents or any other agreement or instrument to which a Borrower is a
party or by which any of its properties is bound.

 

(b)            In
addition, Borrower shall, upon demand, pay to each of Agent and the Lenders all Lender Group Expenses incurred by each of them.

 

(c)            If
and to the extent that the obligations of any Borrower hereunder are unenforceable for any reason, Borrower hereby agree to make
the maximum contribution to the payment and satisfaction of such obligations that is permissible under applicable law.

 

(d)            Borrower’s
obligations under Sections 4.10 and 4.11 and this Section 12.4 shall survive any termination
of this Agreement and the other Loan Documents and the Payment in Full of the Obligations, and are in addition to, and not in
substitution of, any of the other Obligations.

 

12.5        Amendments,
Waivers and Consents. No amendment or waiver of any provision of this Agreement or any other Loan Document, or
consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed
by Borrower and the Required Lenders (or by Agent at their instruction on their behalf) (with a copy of all amendments provided
to the Agent), and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in
writing and signed by Borrower and all the Lenders, do any of the following at any time:

 

(a)            change
the number or percentage of Lenders that shall be required for the Lenders or any of them to take any action hereunder;

 

(b)            amend
the definition of “Required Lenders”, or “Pro Rata Share”;

 

(c)            amend
this Section 12.5;

 

(d)            reduce
the amount of principal of, or interest on, or the interest rate applicable to, the Loans or any fees or other amounts payable
hereunder;

 

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(e)            postpone
any date on which any payment of principal of, or interest on, the Loans or any fees or other amounts payable hereunder is required
to be made;

 

(f)            [reserved];

 

(g)           release
all or substantially all of the value of the guaranties made pursuant to the Guaranty and Security Agreement or any other Loan
Document (except as expressly provided in the Loan Documents);

 

(h)           release
all or substantially all of the Collateral from the Liens of the Security Documents (except as expressly provided in the Loan
Documents);

 

(i)            prior
to an Event of Default pursuant to Section 10.1(d), contractually subordinate any of Agent’s Liens on
all or substantially all of the Collateral (except as expressly provided in the Loan Documents); or

 

(j)            amend
any of the provisions of Section 10.5;

 

provided, that no amendment,
waiver or consent shall, unless in writing and signed by

 

(i)            a
Lender, increase the amount of or extend the expiration date of any Commitment of such Lender,

 

(ii)           [reserved],

 

(iii)          [reserved],
and

 

(iv)          Agent,
in addition to the Lenders required above, take any action that affects the rights or duties of Agent under this Agreement or
any other Loan Document.

 

12.6        Nonliability
of Agent and Lenders. The relationship between and among Borrower, Agent and the Lenders shall be solely that of
borrower, agent and lender and, respectively. Neither the Lenders nor Agent shall have any fiduciary responsibilities to Borrower.
Neither the Lenders nor Agent undertake any responsibility to Borrower to review or inform Borrower of any matter in connection
with any phase of Borrower’s business or operations.

 

12.7            Assignments
and Participations.

 

(a)            Borrower
Assignment. No Borrower shall assign this Agreement or any of its rights or obligations hereunder without the prior written
consent of Agent and the Lenders, and any assignment in contravention of the foregoing shall be absolutely null and void.

 

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(b)            Lender
Assignments. Each Lender may, with the consent of Agent (not to be unreasonably withheld) and, so long as no Event of Default
has occurred and is continuing for more than 30 days, Borrower (not required in connection with an assignment to a Person that
is (x) a Lender or an Affiliate thereof or (y) a limited partner of Atlantic Park or an affiliated fund of such limited
partner; provided that, in the case of clause (y), prior written notice shall be provided to the Borrower
of such assignment), assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement,
the Notes and the other Loan Documents upon execution and delivery to Agent, for its acceptance and recording in the Register,
of an Assignment and Acceptance and a processing and recordation fee payable to Agent for its account of $3,500, if the assignee
is not a Lender the assignee shall provide the Agent with all “know your customer” documents requested by the Agent
pursuant to anti-money laundering rules and regulations; provided, that the Borrower shall be deemed to have
consented to any assignment of any Commitments or Loans unless it shall have objected thereto by notice to the Agent within ten
(10) Business Days after the Borrower has received written notice thereof. No such assignment shall be for less than $5,000,000
of the Commitments or Loans unless it is to another Lender or an assignment of the entire remaining amount of the assigning Lender’s
Commitment or Loans, and each such assignment shall be of a uniform, and not a varying, percentage of all rights and obligations
in respect of the Commitments and the Loans. Upon the execution and delivery to Agent of an Assignment and Acceptance and the
payment of the recordation fee to Agent, from and after the such assignment is recorded in the Register (the “Acceptance
Date”),

 

(i)            the
assignee thereunder shall be a party hereto, and, to the extent that rights and obligations hereunder have been assigned to it
under such Assignment and Acceptance, such assignee shall have the rights and obligations of a Lender hereunder and

 

(ii)           the
assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it under such Assignment
and Acceptance, relinquish its rights (other than any rights it may have under Sections 4.10, 4.11
and 12.4, which shall survive such assignment) and be released from its obligations under this Agreement (and,
in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto).

 

(c)            Agreements
of Assignee. By executing and delivering an Assignment and Acceptance, the assignee thereunder confirms and agrees as follows:

 

(i)            other
than as provided in such Assignment and Acceptance, the assigning Lender makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement, the Notes or any other Loan Documents,

 

(ii)           such
assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of
any Loan Party or the performance or observance by any Loan Party of any of its obligations under this Agreement or any other
Loan Document,

 

(iii)          such
assignee confirms that it is an Eligible Assignee and has received a copy of this Agreement, together with copies of the Financial
Statements referred to in Section 6.1(i), the Financial Statements delivered pursuant to Section 7.11,
if any, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into such Assignment and Acceptance,

 

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(iv)           such
assignee will, independently and without reliance upon Agent, such assigning Lender or any other Lender and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under this Agreement,

 

(v)            such
assignee appoints and authorizes Agent to take such action as agent on its behalf and to exercise such powers under this Agreement
as are delegated to Agent by the terms hereof, together with such powers as are reasonably incidental thereto, and

 

(vi)           such
assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement
are required to be performed by it as a Lender.

 

(d)           Agent’s
Register. Agent, as non-fiduciary agent of the Borrower shall maintain a register of the names and addresses of the Lenders,
their Commitments and the principal amount (and stated interest) of their Loans (the “Register”). Agent
shall also maintain a copy of each Assignment and Acceptance delivered to and accepted by it and modify the Register to give effect
to each Assignment and Acceptance. The entries in the Register shall be conclusive and binding for all purposes, absent manifest
error, and Borrower, Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder
for all purposes of this Agreement. The Register and copies of each Assignment and Acceptance shall be available for inspection
by Borrower or any Lender at any reasonable time and from time to time upon reasonable prior written notice. Upon its receipt
of each Assignment and Acceptance, Agent will give prompt notice thereof to Borrower. Within five (5) Business Days after
its receipt of such notice, Borrower shall execute and deliver to assignee Lender a new Note to the assignee in the amount of
the applicable Commitment or Loans assumed by it and to the assignor in the amount of the applicable Commitment or Loans retained
by it, if any. Such new Note or Notes shall re-evidence the indebtedness outstanding under the surrendered Note or Notes, shall
be in an aggregate principal amount equal to the aggregate principal amount of such surrendered Note or Notes and shall be dated
as of the Acceptance Date. Agent shall be entitled to rely upon the Register exclusively for purposes of identifying the Lenders
hereunder.

 

(e)            Securitization.
The Loan Parties hereby acknowledge that the Lenders and their Affiliates may securitize their Loans (a “Securitization”)
through the pledge of the Loans as collateral security for loans to the Lenders or their Affiliates or through the sale of the
Loans or the issuance of direct or indirect interests in the Loans to their controlled Affiliates, which loans to the Lenders
or their Affiliates or direct or indirect interests will be rated by Moody’s, S&P or one or more other rating agencies.
The Loan Parties shall, to the extent commercially reasonable, cooperate with the Lenders and their Affiliates to effect any and
all Securitizations. Notwithstanding the foregoing, no such Securitization shall release any Lender party thereto from any of
its obligations hereunder or substitute any pledgee, secured party or any other party to such Securitization for such Lender as
a party hereto and no change in ownership of the Loans may be effected except pursuant to subsection (b) above.

 

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(f)            Lender
Participations. Each Lender may sell participations to one or more parties (each, a “Participant”)
in or to all or a portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents. Notwithstanding
a Lender’s sale of a participation interest, such Lender’s obligations hereunder shall remain unchanged. Borrower,
Agent, and the other Lenders shall continue to deal solely and directly with such Lender. No Lender shall grant any Participant
the right to approve any amendment or waiver of this Agreement except to the extent such amendment or waiver would (i) increase
the Commitment of the Lender from which the Participant purchased its participation interest; (ii) reduce the principal of,
or rate or amount of interest on, the Loans subject to such participation interest; or (iii) postpone any date fixed for
any payment of principal of, or interest on, the Loans subject to such participation interest. To the extent permitted by applicable
law, each Participant shall also be entitled to the benefits of Section 4.10 and 12.4 as if it were a
Lender, provided that such Participant agrees to be subject to the last sentence of Section 2.9(b) as
if 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 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) or
Proposed Section 1.163-5(b) of the U.S. Treasury Regulations (or, in each case, any amended or successor version). 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 Agent (in its capacity as Agent) shall have no responsibility for
maintaining a Participant Register.

 

(g)           Securities
Laws. Each Lender agrees that it will not make any assignment hereunder in any manner or under any circumstances that would
require registration or qualification of, or filings in respect of, any Loan, Note or other Obligation under the securities laws
of the United States or of any other jurisdiction.

 

(h)           Information.
In connection with any assignment or participation or proposed assignment or participation or any grant of a security interest
in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of Section 12.21,
disclose all documents and information which it now or hereafter may have relating to any Loan Party and its Subsidiaries and
their respective businesses.

 

(i)            Pledge
to Federal Reserve Bank. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest, provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

 

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12.8        Counterparts;
Facsimile Signatures. This Agreement and any waiver or amendment hereto may be executed in counterparts and by
the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. This Agreement and each of the other Loan Documents may be executed and
delivered by facsimile or other electronic transmission (including by electronic imaging) all with the same force and effect as
if the same was a fully executed and delivered original manual counterpart.

 

12.9        Severability.
In case any provision in or obligation under this Agreement, any Note or any other Loan Document shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of
such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

12.10     Maximum
Rate. Notwithstanding anything to the contrary contained elsewhere in this Agreement or in any other Loan Document,
the parties hereto hereby agree that all agreements between them under this Agreement and the other Loan Documents, whether now
existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever
shall the amount paid, or agreed to be paid, to Agent or any Lender for the use, forbearance, or detention of the money loaned
to Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or
therein, exceed the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken,
reserved, charged or received on the Obligations, under the laws of the State of New York (or the laws of any other jurisdiction
whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or
under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest
rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the
extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents
executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”).
If due to any circumstance whatsoever, fulfillment of any provision of this Agreement or any of the other Loan Documents at the
time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be
fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Rate, and if from
any such circumstance Agent or any Lender should ever receive anything of value deemed interest by applicable law which would
exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding
hereunder or on account of any other then outstanding Obligations and not to the payment of interest, or if such excessive interest
exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall
be refunded to Borrower. All sums paid or agreed to be paid to Agent or any Lender for the use, forbearance, or detention of the
Obligations and other Indebtedness of Borrower to Agent and the Lenders shall, to the extent permitted by applicable law, be amortized,
prorated, allocated and spread throughout the full term of such Indebtedness, until Payment in Full thereof, so that the actual
rate of interest on account of all such Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such
Indebtedness. The terms and provisions of this Section shall control every other provision of this Agreement, the other Loan
Documents and all other agreements among the parties hereto.

 

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12.11      [Reserved].

 

12.12      Entire
Agreement; Successors and Assigns; Interpretation. This Agreement and the other Loan Documents constitute the entire
agreement among the parties, supersede any prior written and verbal agreements among them with respect to the subject matter hereof
and thereof, and shall bind and benefit the parties and their respective successors and permitted assigns. This Agreement shall
be deemed to have been jointly drafted, and no provision of it shall be interpreted or construed for or against a party because
such party purportedly prepared or requested such provision, any other provision, or this Agreement as a whole.

 

12.13      LIMITATION
OF LIABILITY. NEITHER THE AGENT, ANY LENDER NOR ANY OTHER INDEMNIFIED PARTY SHALL HAVE ANY LIABILITY TO THE LOAN
PARTIES (WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE) FOR LOSSES SUFFERED BY THE LOAN PARTIES IN CONNECTION WITH,
ARISING OUT OF, OR IN ANY WAY RELATED TO THE TRANSACTIONS OR RELATIONSHIPS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT,
OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, UNLESS IT IS DETERMINED BY A FINAL AND NONAPPEALABLE JUDGMENT
OR COURT ORDER BINDING ON THE AGENT, SUCH LENDER OR SUCH INDEMNIFIED PARTY (AS THE CASE MAY BE) THAT THE LOSSES WERE THE
RESULT OF ACTS OR OMISSIONS CONSTITUTING GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE AGENT, SUCH LENDER, OR SUCH INDEMNIFIED
PARTY (AS THE CASE MAY BE). THE LOAN PARTIES HEREBY WAIVE ALL FUTURE CLAIMS AGAINST THE AGENT AND THE LENDERS AND EACH OTHER
INDEMNIFIED PARTY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES.

 

12.14      GOVERNING
LAW. OTHER THAN WITH RESPECT TO THE CANADIAN SECURITY DOCUMENTS, THE DUTCH SECURITY DOCUMENTS AND THE ENGLISH SECURITY
DOCUMENTS, THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY DISPUTE ARISING
OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR
OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND DECISIONS OF THE STATE OF NEW YORK.

 

EACH PARTY ACKNOWLEDGES
AND ACCEPTS THAT, IF A PARTY IS REPRESENTED BY AN ATTORNEY IN CONNECTION WITH THE SIGNING AND/OR EXECUTION OF THIS AGREEMENT
OR ANY OTHER AGREEMENT, DEED OR DOCUMENT REFERRED TO IN THIS AGREEMENT OR MADE PURSUANT TO THIS AGREEMENT, AND THE POWER OF ATTORNEY
IS GOVERNED BY DUTCH LAW, THAT THE EXISTENCE AND EXTENT OF THE ATTORNEY'S AUTHORITY AND THE EFFECTS OF THE ATTORNEY'S EXERCISE
OR PURPORTED EXERCISE OF ITS AUTHORITY SHALL BE GOVERNED BY DUTCH LAW.

 

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12.15      SUBMISSION
TO JURISDICTION.

 

ALL DISPUTES BETWEEN
ANY OF THE LOAN PARTIES AND THE AGENT OR ANY LENDER BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO (A) THIS AGREEMENT;
(B) ANY OTHER LOAN DOCUMENT; (other than THE CANADIAN SECURITY DOCUMENTS,
THE DUTCH SECURITY DOCUMENTS AND THE ENGLISH SECURITY DOCUMENTS) OR (C) ANY
CONDUCT, ACT OR OMISSION OF THE LOAN PARTIES OR THE AGENT OR ANY LENDER OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, AGENTS,
ATTORNEYS OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE, SHALL BE RESOLVED
ONLY BY STATE AND FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK AND THE COURTS TO WHICH AN APPEAL THEREFROM MAY BE TAKEN;
PROVIDED, THAT THE AGENT SHALL HAVE THE RIGHT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TO PROCEED AGAINST
ANY LOAN PARTY OR ITS PROPERTY IN (A) ANY COURTS OF COMPETENT JURISDICTION AND VENUE AND (B) ANY LOCATION SELECTED BY
THE AGENT TO ENABLE THE AGENT TO REALIZE ON SUCH PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE AGENT.
EACH LOAN PARTY WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH THE AGENT HAS COMMENCED A PROCEEDING, INCLUDING
ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON FORUM NON CONVENIENS.

 

Each Loan Party that
is organized under the laws of a jurisdiction outside the United States of America hereby appoints the Borrower, with an office
at 13131 Dairy Ashford, Suite 600, Sugar Land, Texas, 77478, as its agent for service of process in any matter related to
this Agreement or the other Loan Documents and shall provide written evidence of acceptance of such appointment by such agent
on or before the Closing Date.

 

12.16      [RESERVED].

 

12.17      JURY
TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO
A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO (A) THIS AGREEMENT; (B) ANY
OTHER LOAN DOCUMENT OR OTHER PRESENT OR FUTURE INSTRUMENT OR AGREEMENT BETWEEN OR AMONG THE LOAN PARTIES, THE AGENT AND THE LENDERS,
OR ANY OF THEM; OR (C) ANY CONDUCT, ACT OR OMISSION OF THE LOAN PARTIES, THE AGENT OR THE LENDERS OR ANY OF THEIR RESPECTIVE
PARTNERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR
OTHERWISE.

 

12.18      Attorney.

 

Each Party acknowledges
and accepts that, if a Party is represented by an attorney in connection with the signing and/or execution of this Agreement or
any other agreement, deed or document referred to in this Agreement or made pursuant to this Agreement and the power of attorney
is governed by Dutch law, that the existence and extent of the attorney’s authority and the effects of the attorney's exercise
or purported exercise of its authority shall be governed by Dutch law.

 

12.19     Agent
Titles. Each Lender, other than Atlantic Park, that is designated (on the cover page of this Agreement or
otherwise) by Atlantic Park as an “Agent” or “Arranger” of any type shall not have any right, power, responsibility
or duty under any Loan Documents other than those applicable to all Lenders, and shall in no event be deemed to have any fiduciary
relationship with any other Lender.

 

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12.20      Publicity.
Agent may

 

(a)            publish
in any trade or other publication or otherwise publicize to any third party (including its Affiliates) a tombstone, article, press
release or similar material relating to the financing transactions contemplated by this Agreement (including the use of company
logos upon execution of trademark use agreements reasonably satisfactory to Borrower) and

 

(b)            provide
to industry trade organizations related information necessary and customary for inclusion in league table measurements.

 

12.21     No
Third Party Beneficiaries. Neither this Agreement nor any other Loan Document is intended or shall be construed
to confer any rights or benefits upon any Person other than the parties hereto and thereto.

 

12.22      Confidentiality.
Each of Agent and the Lenders shall maintain the confidentiality of all Information (as defined below), except that Information
may be disclosed by any of them

 

(a)            to
its Affiliates, and to its and their partners, directors, officers, employees, agents, advisors and representatives (provided
such Persons are informed of the confidential nature of the Information and instructed to keep it confidential and are
bound by confidentiality restrictions customary for such arrangements);

 

(b)            to
the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its
Affiliates;

 

(c)            to
the extent required by applicable law or by any subpoena or other legal process;

 

(d)            to
any other party hereto;

 

(e)            in
connection with any action or proceeding, or other exercise of rights or remedies, relating to any Loan Documents or Obligations;

 

(f)            subject
to an agreement containing provisions substantially the same as this Section, to any assignee or any actual or prospective assignee,
participant or pledgee (or any of their respective advisors) in connection with any actual or prospective assignment, participation
or pledge of any Lender’s interest under this Agreement;

 

(g)            with
the consent of Borrower (not to be unreasonably withheld, conditioned or delayed); or

 

(h)            to
the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) is
available to Agent or the Lenders or any of its or their respective Affiliates on a nonconfidential basis from a source other
than the Loan Parties.

 

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Notwithstanding the foregoing, Agent may
publish or disseminate general information describing this credit facility, including the names and addresses of Borrower and
a general description of Borrower’s businesses, and may use Borrower’s logos, trademarks or product photographs in
advertising materials, as provided in Section 12.20 (including upon execution of trademark use agreements reasonably
satisfactory to Borrower). As used herein, “Information” means all information received from a Loan
Party relating to it or its business that a reasonable person would consider confidential. Any Person required to maintain the
confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises the same degree
of care that it accords its own confidential information. Agent and the Lenders acknowledge that (i) Information may include
material non-public information concerning a Loan Party; (ii) it has developed compliance procedures regarding the use of
material non-public information; and (iii) it will handle such material non-public information in accordance with applicable
law, including federal and state securities laws.

 

12.23      Patriot
Act Notice, etc.. Agent hereby notifies the Loan Parties that pursuant to the requirements of the Patriot
Act and the Beneficial Ownership Regulation, Agent is required to obtain, verify and record information that identifies each Loan
Party, including its legal name, address, tax ID number and other information that will allow the Lender to identify it in accordance
with the Patriot Act or the Beneficial Ownership Regulation. Agent will also require information regarding each personal guarantor,
if any, and may require information regarding the Loan Parties’ management and owners, such as legal name, address, social
security number and date of birth.

 

12.24      Advice
of Counsel. The Borrower acknowledges that it has been advised by counsel in connection with the execution of this
Agreement and the other Loan Documents and is not relying upon oral representations or statements inconsistent with the terms
and provisions of this Agreement or any other Loan Document.

 

12.25      Captions.
The captions at various places in this Agreement and any other Loan Document are intended for convenience only and do not constitute
and shall not be interpreted as part of this Agreement or any other Loan Document.

 

12.26     Platform.

 

(a)            The
Borrower agrees that the Agent may, but shall not be obligated to, make the Communications (as defined below) available to the
Lenders by posting the Communications on the Platform.

 

(b)            The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the
adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind,
express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of
third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications
or the Platform. In no event shall the Agent nor any of its directors, officers, agents, employees, advisors, shareholders, attorneys
or Affiliates (collectively, the “Agent Parties”) have any liability to any Borrower, any Lender or
any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages,
losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s or the Agent’s transmission
of communications through the Platform, unless it is determined by a final and nonappealable judgment or court order that the
damages were the result of acts or omissions constituting gross negligence or willful misconduct of the Agent Party. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the
Borrower pursuant to any Loan Document or the transactions contemplated therein that is distributed to the Agent or any Lender
by means of electronic communications pursuant to this Section, including through the Platform.

 

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12.27      Right
to Cure. Agent may, in its discretion,

 

(a)            cure
any default by any Loan Party under this Agreement, any other Loan Document or any Material Contract that affects the Collateral,
its value or the ability of Agent to collect, sell or otherwise dispose of any Collateral or the rights and remedies of Agent
and the Lenders therein or the ability of any Loan Party to perform its obligations hereunder or under any of the other Loan Documents,

 

(b)            pay
or bond on appeal any judgment entered against any Loan Party,

 

(c)            discharge
any charges, Liens, security interests or other encumbrances at any time levied on or existing with respect to the Collateral
and

 

(d)            pay
any amount, incur any expense or perform any act which Agent, in its discretion, determines is necessary or appropriate to preserve,
protect, insure or maintain the Collateral and the rights of Agent and the Lenders with respect thereto.

 

Agent may add any amounts so expended
to the Obligations and charge any account of Borrower with Agent or the amounts thereof, such amounts to be repayable by Borrower
on demand and bear interest until paid in full at the highest rate then applicable to the Loans. Agent shall be under no obligation
to effect such cure, payment or bonding and shall not, by doing so, be deemed to have assumed any obligation or liability of any
Loan Party. Any payment made or other action taken by Agent under this Section shall be without prejudice to any right to
assert an Event of Default and to proceed accordingly.

 

12.28      Acknowledgment
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 and/or UK 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/or
UK 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 and/or UK Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution or
UK Financial Institution; and

 

(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

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(c)            a
reduction in full or in part or cancellation of any such liability;

 

(d)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution
or UK Financial Institution (as the case may be), its parent undertaking, or a bridge institution that may be issued to it or
otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
with respect to any such liability under this Agreement or any other Loan Document; or

 

(e)            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 or UK Resolution Authority (as the case may be).

 

12.29      Time.
Time is of the essence in this Agreement and each other Loan Document. Unless otherwise expressly provided, all references herein
and in any other Loan Documents to time shall mean and refer to New York time.

 

12.30      Keepwell.
The Borrower and each other Loan Party, to the extent constituting a Qualified ECP Guarantor, hereby jointly and severally absolutely,
unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other
Loan Party to honor all of its obligations under the guaranty contained in the Guaranty and Security Agreement made by it in respect
of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for
the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section or
otherwise under this Agreement or any other Loan Document, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall
remain in full force and effect at all times hereafter until the Obligations have been Paid in Full. Each Qualified ECP Guarantor
intends that this Section shall constitute, and this Section shall be deemed to constitute, a “keepwell, support,
or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act.

 

12.31            Sovereign
Immunity. Each Loan Party, in respect of itself, its process agents, and its properties and revenues, hereby
irrevocably agrees that, to the extent that such Person or any of its properties has or may hereafter acquire any right of
immunity, whether characterized as sovereign immunity or otherwise, from any legal proceedings, whether in the United States
of America or elsewhere, to enforce or collect upon the Loans or any Loan Document or any other liability or obligation of
such Person related to or arising from the transactions contemplated by any of the Loan Documents, including, without
limitation, immunity from suit, immunity from service of process, immunity from jurisdiction or judgment of any court or
tribunal, immunity from execution of a judgment, and immunity of any of its property from attachment prior to any entry of
judgment, or from attachment in aid of execution upon a judgment, such Person hereby expressly waives, to the fullest extent
permissible under applicable Requirements of Law, any such immunity, and agrees not to assert any such right or claim in any
such proceeding, whether in the United States of America or elsewhere. Without limiting the generality of the foregoing, each
Loan Party further agrees that the waivers set forth in this Section 12.31 shall be effective to the fullest
extent permitted under the Foreign Sovereign Immunities Act of 1976 of the U.S. and are intended to be irrevocable for
purposes of such Act.

 

    139

     

    

 

12.32      Tax
Treatment. For U.S. federal income tax purposes, the Initial Term Loans made under this Agreement, together
with the Warrants, shall be treated as an investment unit, and $14,700,000 of the price paid for the investment unit shall,
for U.S. federal income tax purposes, be allocated to the purchase of the Warrants and thereby result in a corresponding
reduction in the “issue price” of the Initial Term Loans. Except as otherwise required by a Governmental
Authority or change in applicable law, parties hereto agree to file tax returns consistent with the allocation set forth in
this paragraph.

 

    140

     

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be executed by its proper and duly authorized officer as of the date first
set forth above.

 

	 	BORROWER
	 	 
	 	TEAM, INC.
	 	 
	 	By:	 /s/ André C. Bouchard
	 	Name:	 André C. Bouchard 
	 	Title:	 Executive Vice President, Chief Legal Officer and Secretary

 

[Signature Page to the Credit Agreement]

 

    

     

    

 

	 	LENDER
	 	 
	 	APSC
HOLDCO I, L.P.
	 	 
	 	By: 	/s/
    George Fan
	 	Name: 	George Fan
	 	Title:	 Authorized Signatory

 

[Signature Page to the Credit Agreement]

 

    

     

    

 

	 	AGENT
	 	 
	 	ATLANTIC PARK STRATEGIC CAPITAL FUND, L.P.
	 	 
	 	By: 	/s/
    George Fan
	 	Name: 	George Fan
	 	Title: 	Authorized Signatory

 

[Signature Page to the Credit Agreement]EX-10.5(a)

 Exhibit 10.5(a) 

OUSTER, INC. 
 2021
INCENTIVE AWARD PLAN 
 STOCK OPTION GRANT NOTICE 

Ouster, Inc., a Delaware corporation (the “Company”), pursuant to its 2021 Incentive Award Plan, as may be amended
from time to time (the “Plan”), hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares of the Company’s Common Stock (the
“Shares”), set forth below (the “Option”). This Option is subject to all of the terms and conditions set forth herein, as well as in the Plan and the Stock Option Agreement attached hereto as
Exhibit A (the “Stock Option Agreement”), each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and
the Stock Option Agreement. 
  

			
	Participant:	  	[____________]
		
	Grant Date:	  	[____________]
		
	Vesting Commencement Date:	  	[____________]
		
	Exercise Price per Share:	  	$[___________]
		
	Total Exercise Price:	  	[____________]
		
	Total Number of Shares Subject to the Option:	  	[____________]
		
	Expiration Date:	  	[____________]
		
	Vesting Schedule:	  	[____________]

  

			
	Type of Option:	  	☐ Incentive Stock Option ☐ Nonqualified Stock Option

 By his or her signature and the Company’s signature below, Participant agrees to be bound by the terms
and conditions of the Plan, the Stock Option Agreement and this Grant Notice. Participant has reviewed the Plan, the Stock Option Agreement and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Grant Notice and fully understands all provisions of the Plan, the Stock Option Agreement and this Grant Notice. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions arising under the Plan, the Stock Option Agreement or this Grant Notice. 
  

									
	OUSTER, INC.: 	 		 	PARTICIPANT:
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	 	  
	 		 	Print Name:	 	  

					
	Title:	 	  
	 		 	Address:	 	  

	Address:	 	  
	 		 		 	  

 EXHIBIT A 

TO STOCK OPTION GRANT NOTICE 

STOCK OPTION AGREEMENT 

Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (this
“Agreement”) is attached, Ouster, Inc., a Delaware corporation (the “Company”), has granted to the Participant an Option under the Company’s 2021 Incentive Award Plan, as may be amended from time
to time (the “Plan”), to purchase the number of Shares indicated in the Grant Notice. 
 ARTICLE 1. 

GENERAL 
 1.1 Defined
Terms. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 
 1.2
Incorporation of Terms of Plan. The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall
control. 
 ARTICLE 2. 

GRANT OF OPTION 
 2.1
Grant of Option. In consideration of the Participant’s past or continued employment with or service to the Company or any Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant
Notice (the “Grant Date”), the Company irrevocably grants to the Participant the Option to purchase any part or all of an aggregate of the number of Shares set forth in the Grant Notice, upon the terms and conditions set
forth in the Plan and this Agreement, subject to adjustments as provided in Article IX of the Plan. Unless designated as a Nonqualified Stock Option in the Grant Notice, the Option shall be an Incentive Stock Option to the maximum extent permitted
by law. 
 2.2 Exercise Price. The exercise price of the Shares subject to the Option shall be as set forth in the Grant Notice,
without commission or other charge; provided, however, that the price per share of the Shares subject to the Option shall not be less than 100% of the Fair Market Value of a Share on the Grant Date. Notwithstanding the foregoing, if
this Option is designated as an Incentive Stock Option and the Participant is a Greater Than 10% Stockholder as of the Grant Date, the exercise price per share of the Shares subject to the Option shall not be less than 110% of the Fair Market Value
of a Share on the Grant Date. 
 2.3 Consideration to the Company. In consideration of the grant of the Option by the Company, the
Participant agrees to render faithful and efficient services to the Company or any Subsidiary. Nothing in the Plan or this Agreement shall confer upon the Participant any right to continue in the employ or service of the Company or any Subsidiary or
shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without
cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and the Participant. 

  
 A-1 

 ARTICLE 3. 

PERIOD OF EXERCISABILITY 

3.1 Commencement of Exercisability. 

(a) Subject to Sections 3.2, 3.3, 5.11 and 5.17 hereof, the Option shall become vested and exercisable in such amounts and at such times as are
set forth in the Grant Notice. 
 (b) No portion of the Option which has not become vested and exercisable at the date of the
Participant’s Termination of Service shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and the Participant. 

(c) Notwithstanding Section 3.1(a) hereof and the Grant Notice, but subject to Section 3.1(b) hereof, in the event of a Change in
Control the Option shall be treated pursuant to Sections 9.2 and 9.3 of the Plan. 
 3.2 Duration of Exercisability. The installments
provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it
becomes unexercisable under Section 3.3 hereof. 
 3.3 Expiration of Option. The Option may not be exercised to any extent by
anyone after the first to occur of the following events: 
 (a) The Expiration Date set forth in the Grant Notice, which shall in no event be
more than ten years from the Grant Date; 
 (b) If this Option is designated as an Incentive Stock Option and the Participant, at the time
the Option was granted, was a Greater Than 10% Stockholder, the expiration of five years from the Grant Date; 
 (c) The expiration of three
months from the date of the Participant’s Termination of Service, unless such termination occurs by reason of the Participant’s death or Disability; or 

(d) The expiration of one year from the date of the Participant’s Termination of Service by reason of the Participant’s death or
Disability. 
 3.4 Special Tax Consequences. The Participant acknowledges that, to the extent that the aggregate Fair Market Value
(determined as of the time the Option is granted) of all Shares with respect to which Incentive Stock Options, including the Option (if applicable), are exercisable for the first time by the Participant in any calendar year exceeds $100,000, the
Option and such other options shall be Nonqualified Stock Options to the extent necessary to comply with the limitations imposed by Section 422(d) of the Code. The Participant further acknowledges that the rule set forth in the preceding
sentence shall be applied by taking the Option and other “incentive stock options” into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. The
Participant also acknowledges that an Incentive Stock Option exercised more than three months after the Participant’s Termination of Employment, other than by reason of death or Disability, will be taxed as a Nonqualified Stock Option. 

  
 A-2 

 3.5 Tax Indemnity. 

(a) The Participant agrees to indemnify and keep indemnified the Company, any Subsidiary and the Participant’s employing company, if
different, from and against any liability for or obligation to pay any Tax Liability (a “Tax Liability” being any liability for income tax, withholding tax and any other employment related taxes or social security
contributions in any jurisdiction) that is attributable to (1) the grant or exercise of, or any benefit derived by the Participant from, the Option, (2) the acquisition by the Participant of the Shares on exercise of the Option or
(3) the disposal of any Shares. 
 (b) The Option cannot be exercised until the Participant has made such arrangements as the Company
may require for the satisfaction of any Tax Liability that may arise in connection with the exercise of the Option or the acquisition of the Shares by the Participant. The Company shall not be required to issue, allot or transfer Shares until the
Participant has satisfied this obligation. 
 (c) The Participant hereby acknowledges that the Company (i) makes no representations or
undertakings regarding the treatment of any Tax Liabilities in connection with any aspect of the Option and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of any Award, including the Option,
to reduce or eliminate the Participant’s liability for Tax Liabilities or achieve any particular tax result. Furthermore, if the Participant becomes subject to tax in more than one jurisdiction between the date of grant of an Award, including
the Option, and the date of any relevant taxable event, the Participant acknowledges that the Company may be required to withhold or account for Tax Liabilities in more than one jurisdiction. 

ARTICLE 4. 
 EXERCISE OF
OPTION 
 4.1 Person Eligible to Exercise. Except as provided in Section 5.3 hereof, during the lifetime of the Participant,
only the Participant may exercise the Option or any portion thereof, unless it has been disposed of pursuant to a DRO. After the death of the Participant, any exercisable portion of the Option may, prior to the time when the Option becomes
unexercisable under Section 3.3 hereof, be exercised by the deceased Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and
distribution. 
 4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be
exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3 hereof. However, the Option shall not be exercisable with respect to fractional Shares. 

4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the
Company (or any third party administrator or other person or entity designated by the Company; for the avoidance of doubt, delivery shall include electronic delivery), during regular business hours, of all of the following prior to the time when the
Option or such portion thereof becomes unexercisable under Section 3.3 hereof: 
 (a) An exercise notice in a form specified by the
Administrator, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator. The notice shall be signed by the Participant or other person then entitled to exercise
the Option or such portion of the Option; 

  
 A-3 

 (b) The receipt by the Company of full payment for the Shares with respect to which the
Option or portion thereof is exercised, including payment of any applicable withholding tax, which shall be made by deduction from other compensation payable to the Participant or in such other form of consideration permitted under Section 4.4
hereof that is acceptable to the Company; 
 (c) Any other written representations or documents as may be required in the
Administrator’s sole discretion to evidence compliance with the Securities Act, the Exchange Act or any other applicable law, rule or regulation; and 

(d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any person or persons other than the
Participant, appropriate proof of the right of such person or persons to exercise the Option. 
 Notwithstanding any of the foregoing, the Company shall
have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time. 

4.4 Method of Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the
Participant: 
 (a) Cash or check; 

(b) With the consent of the Administrator, surrender of Shares (including, without limitation, Shares otherwise issuable upon exercise of the
Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised
portion thereof; or 
 (c) Other legal consideration acceptable to the Administrator (including, without limitation, through the delivery of
a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the
Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the settlement of such sale). 

4.5 Conditions to Issuance of Shares. The Shares deliverable upon the exercise of the Option, or any portion thereof, may be either
previously authorized but unissued Shares or issued Shares which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Shares purchased upon the
exercise of the Option or portion thereof prior to fulfillment of all of the conditions in Section 10.7 of the Plan and following conditions: 

(a) The admission of such Shares to listing on all stock exchanges on which such Shares are then listed; 

(b) The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of
the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

  
 A-4 

 (c) The obtaining of any approval or other clearance from any state or federal governmental
agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
 (d) The receipt by the Company
of full payment for such Shares, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.4 hereof; and 

(e) The lapse of such reasonable period of time following the exercise of the Option as the Administrator may from time to time establish for
reasons of administrative convenience. 
 4.6 Rights as Stockholder. The holder of the Option shall not be, nor have any of the rights
or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of any Shares purchasable upon the exercise of any part of the Option unless and until such Shares shall have been
issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right for which the
record date is prior to the date the Shares are issued, except as provided in Article IX of the Plan. 
 ARTICLE 5. 

OTHER PROVISIONS 
 5.1
Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or
revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Committee or
the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Option. 

5.2 Whole Shares. The Option may only be exercised for whole Shares. 

5.3 Transferability. 
 (a)
Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and
until the Option has been exercised and the Shares underlying the Option have been issued, and all restrictions applicable to such Shares have lapsed. Neither the Option nor any interest or right therein shall be liable for the debts, contracts or
engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or
involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) unless and until the Option has been exercised, and any attempted disposition thereof prior to exercise
shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
 (b) During the
lifetime of the Participant, only the Participant may exercise the Option (or any portion thereof), unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of the Option may, prior to the time
when such portion becomes unexercisable under the Plan or this Agreement, be exercised by the Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then-applicable laws
of descent and distribution. 

  
 A-5 

 (c) Notwithstanding any other provision in this Agreement, the Participant may, in the
manner determined by the Administrator, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to the Option upon the Participant’s death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and this Agreement, except to the extent the Plan and this Agreement otherwise provide, and to any additional restrictions
deemed necessary or appropriate by the Administrator. If the Participant is married or a domestic partner in a domestic partnership qualified under Applicable Law and resides in a community property state, a designation of a person other than the
Participant’s spouse or domestic partner, as applicable, as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Option shall not be effective without the prior written consent of the Participant’s
spouse or domestic partner. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the
foregoing, a beneficiary designation may be changed or revoked by the Participant at any time provided the change or revocation is filed with the Administrator prior to the Participant’s death. 

5.4 Tax Consultation. The Participant understands that the Participant may suffer adverse tax consequences as a result of the grant,
vesting or exercise of the Option, or with the purchase or disposition of the Shares subject to the Option. The Participant represents that the Participant has consulted with any tax consultants the Participant deems advisable in connection with the
purchase or disposition of such Shares and that the Participant is not relying on the Company for any tax advice. 
 5.5 Binding
Agreement. Subject to the limitation on the transferability of the Option contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 5.6 Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the Option in such circumstances as it, in
its sole discretion, may determine. In addition, upon the occurrence of certain events relating to the Shares contemplated by Article IX of the Plan (including, without limitation, an extraordinary cash dividend on such Shares), the Administrator
shall make such adjustments the Administrator deems appropriate in the number of Shares subject to the Option, the exercise price of the Option and the kind of securities that may be issued upon exercise of the Option. The Participant acknowledges
that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and Article IX of the Plan. 

5.7 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the
Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on the Company’s records. By a notice given
pursuant to this Section 5.7, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to the Participant shall, if the Participant is then deceased, be given to
the person entitled to exercise his or her Option pursuant to Section 4.1 hereof by written notice under this Section 5.7. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested)
and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 
 5.8
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

  
 A-6 

 5.9 Governing Law. The laws of the State of Delaware shall govern the interpretation,
validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

5.10 Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent
necessary with all provisions of the Securities Act and the Exchange Act and any and all Applicable Law and regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations.
Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such Applicable Law. To the extent permitted by applicable law, the Plan and this
Agreement shall be deemed amended to the extent necessary to conform to such Applicable Law. 
 5.11 Amendment, Suspension and
Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however,
that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Option in any material way without the prior written consent of the Participant.

5.12 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.3 hereof, this Agreement shall be binding upon the Participant and his or her heirs,
executors, administrators, successors and assigns. 
 5.13 Notification of Disposition. If this Option is designated as an Incentive
Stock Option, the Participant shall give prompt notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is made (a) within two years from the Grant Date with respect
to such Shares or (b) within one year after the transfer of such Shares to the Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or
other consideration, by the Participant in such disposition or other transfer. 
 5.14 Limitations Applicable to
Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any
additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application
of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

5.15 Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to
continue to serve as an employee or other service provider of the Company or any of its Subsidiaries or interfere with or restrict in any way with the right of the Company or any of its Subsidiaries, which rights are hereby expressly reserved, to
discharge or to terminate for any reason whatsoever, with or without cause, the services of the Participant’s at any time. 
 5.16
Entire Agreement. The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the
subject matter hereof, provided that the Option shall be subject to any accelerated vesting provisions in any written agreement between the Participant and the Company or a Company plan pursuant to which the Participant participates, in each case,
in accordance with the terms therein. 

  
 A-7 

 5.17 Section 409A. This Option is not intended to constitute “nonqualified
deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other
guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the
Administrator determines that the Option (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify the Participant or any other person
for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the
Administrator determines are necessary or appropriate either for the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

5.18 Limitation on the Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The
Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general
unsecured creditor with respect to options, as and when exercised pursuant to the terms hereof. 
 *
    *     *     *     * 

  
 A-8

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