Document:

Exhibit

EXHIBIT 10.6

AMENDED & RESTATED EMPLOYMENT AGREEMENT
(Michael L. Kaplan)
This AMENDED & RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made as of this 20th day of August, 2018, by and between RED ROBIN GOURMET BURGERS, INC., a Delaware corporation (the “Company”), and Michael L. Kaplan (“Executive”).
RECITAL
WHEREAS, the Company and Executive are parties to that certain Employment Agreement, effective as of October 1, 2013, as amended by the Amendment to Employment Agreement, effective as of July 25, 2017 (the “Original Employment Agreement”); and
WHEREAS, The Company sponsors and maintains The Red Robin Gourmet Burgers, Inc. Change In Control Severance Plan (the “Plan”); and 
WHEREAS, the Executive desires to participate in the Plan and understands that the Executive must agree to the terms of this Agreement in order to become a participant in the Plan; and
WHEREAS, the Company and Executive mutually desire to amend and restate the Original Employment Agreement in accordance with the terms and conditions hereof.
NOW, THEREFORE, in consideration of the promises and mutual covenants and agreements herein contained and intending to be legally bound hereby, the Company and Executive hereby agree as follows:
AGREEMENT
1.Employment Period. The Company, through its wholly-owned subsidiary, Red Robin International, Inc., a Nevada corporation (“RRI”), hereby employs Executive, and Executive hereby accepts such employment, upon the terms and conditions hereinafter set forth. The term of Executive’s employment hereunder shall be deemed to have commenced on October 1, 2013 (the “Effective Date”), and shall continue indefinitely, subject to termination as provided herein (such term being referred to herein as the “Employment Period”). Executive and the Company acknowledge that, except as may otherwise be provided by this Agreement or under any other written agreement between Executive and the Company, the employment of Executive by the Company and RRI is “at will” and Executive’s employment may be terminated by either Executive or the Company at any time for any reason, or no reason. RRI shall be the “employer” for tax, legal reporting, payroll processing and similar purposes.
2.    Position and Duties.
(a)    During the Employment Period, Executive shall be employed as and hold the title of Chief Legal Officer of the Company, with such duties and responsibilities that are customary for public company chief legal officer positions. In addition, the Chief Executive Officer may assign Executive such duties and responsibilities that are not substantially inconsistent with his position as Chief Legal Officer of the Company.

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(b)    During the Employment Period, Executive shall devote substantially all of his skill, knowledge and working time to the business and affairs of the Company and its subsidiaries; provided that in no event shall this sentence prohibit Executive from performing personal and charitable activities and any other activities approved by the Board, so long as such activities do not materially and adversely interfere with Executive’s duties for the Company and are in compliance with the Company’s policies. Executive shall perform his services at the Company’s headquarters, presently located in Greenwood Village, Colorado. Executive shall use his best efforts to carry out his responsibilities under this Agreement faithfully and efficiently.
3.    Compensation.
(a)    Base Salary. During the Employment Period, Executive shall receive from the Company an annual base salary (“Annual Base Salary”) at the rate of $335,000.00, with such salary to be adjusted at such times, if any, and in such amounts as recommended by the Chief Executive Officer and approved by the Board or a committee thereof. Executive’s Annual Base Salary shall be subject to annual review by the Chief Executive Officer and the Board during the Employment Term. The Company shall pay the Annual Base Salary to Executive in accordance with the Company’s and RRI’s normal payroll policy.
(b)    Annual Incentive Compensation. In addition to the Annual Base Salary, Executive is eligible to receive an annual cash bonus each fiscal year during the Employment Period as determined in accordance with the Company’s annual incentive plan and as approved by the Compensation Committee (the “Annual Bonus”). For the 2013 fiscal year, the Annual Bonus shall be targeted at seventy percent (70%) of Executive’s Annual Base Salary (pro-rated for 2013 and other partial years of employment). The actual amount of any Annual Bonus shall depend on the level of achievement of the applicable performance criteria established with respect to the Annual Bonus by the Board and the Compensation Committee in their sole discretion.
(c)    Equity Awards. On the Effective Date, Executive will receive an equity award pursuant to the Company’s Second Amended and Restated 2007 Performance Incentive Plan (the “Plan”) as follows: time-vested restricted stock units having a grant date target value of $20,000, of which twenty five percent (25%) shall vest on each of the first, second, third and fourth anniversaries of the Effective Date. For 2014, Executive’s long-term incentive grant will be guaranteed at eighty percent (80%) of his Annual Base Salary. All future annual equity awards granted to Executive shall be contingent on the attainment of certain performance criteria established with respect to such award by the Board and the Compensation Committee in their sole discretion.
(d)    Other Benefits.
(i)    Welfare and Benefit Plans. During the Employment Period: (A) Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs of the Company and RRI to the same extent as other senior executive employees, including, among other things, participation in the Company’s Non-Qualified Deferred 

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Compensation Plan; and (B) Executive and/or Executive’s family, as the case may be, shall be eligible to participate in, and shall receive all benefits under, all welfare benefit plans, practices, policies and programs provided by the Company and RRI (including, to the extent provided, without limitation, medical, prescription, dental, disability, salary continuance, employee life insurance, group life insurance, accidental death and travel accident insurance plans and programs) to the same extent as other senior executive employees.
(ii)    Expenses. During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable travel and other expenses incurred by Executive in carrying out Executive’s duties under this Agreement, provided that Executive complies with the policies, practices and procedures of the Company and RRI for submission of expense reports, receipts or similar documentation of the incurrence and purpose of such expenses.
(iii)    Vacation. Executive shall be entitled to no less than three (3) weeks of paid vacation and/or paid time off per calendar year (as prorated for partial years) in accordance with the Company’s policies on accrual and use applicable to executive officers as in effect from time to time.
(iv)    Car Allowance. During the Employment Period, Executive shall be paid a monthly car allowance in the gross amount of $833.33.
(v)    Moving and Relocation Expenses. It is expected that Executive shall reside permanently in the Denver, Colorado metropolitan area during the Employment Period. Employer will pay on Executive’s behalf relocation expenses as set forth below (inclusive of the Relocation Gross-Up (as defined below)) (“Relocation Expenses”), subject to Employer’s customary payroll practices and legal requirements regarding withholding. The Company shall also provide Executive with a tax gross-up for applicable federal, state and local taxes paid by Executive in connection with the reimbursement provided under this Section 3(d)(v) and the tax gross-up payment itself (the “Relocation Gross-Up”). The Relocation Gross-Up shall be paid no later than April 15th of the year following the year to which such taxable income relates. The Relocation Expenses shall include (A) any brokerage commissions incurred in the sale of Executive’s current home (up to 6% of the sales price of Executive’s current home), (B) new loan financing fees, (C) up to one “point” on a new mortgage loan, and (D) other costs associated with buying or selling a home in an amount not to exceed $30,000. In addition, Relocation Expenses shall be provided for (A) reasonable expenses actually incurred by Executive to move personal effects from Scottsdale, Arizona to the Denver, Colorado metropolitan area, (B) reasonable costs incurred for round trips between Denver, Colorado and Scottsdale, Arizona to search for a home and (C) reimbursement for rent, electricity, gas and water expenses actually incurred by Executive for interim housing in the Denver, Colorado metropolitan area for a period of up to nine months commencing on the Effective Date (or such earlier date as Executive is no longer incurring such interim housing expenses). Notwithstanding the foregoing, Relocation Expenses shall not include “loss on sale” protection for Executive’s current home. The 

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Company’s total reimbursement obligation in respect of the Relocation Expenses shall not exceed $400,000. If Executive terminates his employment without Good Reason or is terminated by the Company for Cause prior to the first anniversary of the Effective Date, Executive shall be required to repay the Company the gross amount of the Relocation Expenses incurred pursuant to this Section 3(d)(v) within forty-five (45) days of the termination date. Executive shall submit to the Company receipts and other applicable documentation evidencing the Relocation Expenses, and the Company shall remit payment for such Relocation Expenses in accordance with its standard accounts payable practices, but in any event no later than the last day of the calendar year following the calendar year in which the expense was incurred. In no event shall Reimbursement Expenses incurred in one year affect reimbursements or payments or benefits due or payable in any other calendar year.
(e)    Reservation of Rights. The Company reserves the right to modify, suspend or discontinue any and all of the employee benefit plans, practices, policies and programs referenced in subsections (d)(i) (d)(ii) and (d)(iii) above at any time without recourse by Executive so long as such action is taken with respect to senior executives generally and does not single out Executive.
4.    Termination.
(a)    Death or Disability. Executive’s employment and all associated rights and benefits shall terminate automatically upon Executive’s death. If the Company determines in good faith that the Disability of Executive has occurred, it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by Executive, provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of his duties.
(b)    Cause. The Company may terminate Executive’s employment at any time for Cause.
(c)    By the Company without Cause. The Company may terminate Executive’s employment at any time without Cause.
(d)    By Executive for Good Reason. Executive may terminate his employment at any time for Good Reason by delivery of not less than fourteen (14) days’ advance written notice to the Company of the effective date of termination.
(e)    Reserved.
(f)    Obligations of the Company Upon Termination.
(i)    Death; Disability; For Cause; Resignation without Good Reason. If Executive’s employment is terminated by reason of Executive’s Death or Disability or by the Company for Cause or Executive resigns without Good Reason, this Agreement shall terminate without further obligations to Executive or his legal representatives under this Agreement, other 

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than for (A) payment of the sum of (1) Executive’s Annual Base Salary through the date of termination to the extent not theretofore paid and (2) reimbursement for any unreimbursed business expenses incurred through the date of termination which shall be paid in a lump sum in cash within thirty (30) days of the effective date of termination or such earlier date as may be required by law; (B) any payments, benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement, which shall be paid at such times and in such forms as provided for by such plan, program or grant or such earlier date as may be required by law; and (C) any Annual Bonus earned but unpaid with respect to the fiscal year ending on or preceding the date of termination, which shall be paid in a lump sum in cash when such Annual Bonus payment is regularly paid to similarly situated executives (the payments and benefits described in clauses (A), (B), and (C) shall be hereinafter referred to as the “Accrued Obligations”).
(ii)    By the Company without Cause or by Executive for Good Reason.  If the Company terminates Executive’s employment without Cause or Executive terminates his employment for Good Reason, this Agreement shall terminate without further obligations to Executive other than:
(A)    payment of the Accrued Obligations as described in Section 4(f)(i);
(B)    payment of the equivalent of twelve (12) months of Executive’s Annual Base Salary as in effect immediately prior to the date of termination which shall be paid in a lump sum in cash within sixty (60) days of the effective date of termination, subject to standard withholdings and other authorized deductions; and
(C)    payment of Executive’s target Annual Bonus for the fiscal year in which the date of termination occurred, which shall be paid in a lump sum in cash when such Annual Bonus payment is regularly paid to similarly situated executives;
provided, however, that as a condition precedent to receiving the payments and benefits provided for in this Section 4(f)(ii) (other than payment of the Accrued Obligations), Executive shall first execute and deliver to the Company and RRI a general release agreement in a form that is satisfactory to the Company and RRI, and all rights of Executive thereunder or under applicable law to rescind or revoke the release shall have expired no later than the date specified in such release, which shall either be twenty-eight (28) days or fifty-two (52) days, dependent upon the circumstances, after the date of termination.  If Executive fails to timely execute the release, all payments and benefits set forth in this Section 4(f)(ii) (other than the payment of the Accrued Obligations) shall be forfeited; provided, further, that notwithstanding anything in this Agreement to the contrary, if Executive receives severance payments and benefits under the Red Robin Gourmet Burgers, Inc. Executive Change in Control Severance Plan (as such plan may be modified, amended and/or restated from time to time), Executive shall have no right to receive the payments and benefits under this Section 4(f)(ii).

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(iii)    Exclusive Remedy. Executive agrees that the payments contemplated by this Section 4(f) shall constitute the exclusive and sole remedy for any termination of his employment, and Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment; provided, however, that nothing contained in this Section 4(f)(iii) shall prevent Executive from otherwise challenging in a subsequent arbitration proceeding a determination by the Company that it was entitled to terminate Executive’s employment hereunder for Cause.
(iv)    Termination of Payments. Anything in this Agreement to the contrary notwithstanding, the Company shall have the right to terminate all payments and benefits owing to Executive pursuant to this Section 4(f) upon the Company’s discovery of any breach or threatened breach by Executive of his obligations under the general release or Sections 5, 6, 7 and 8 of this Agreement.
(g)    Survival of Certain Obligations Following Termination. Notwithstanding any other provision contained in this Agreement, the provisions in Sections 5 through 11 and 14 through 20 of this Agreement shall survive any termination of Executive’s employment hereunder (but shall be subject to Executive’s right to receive the payments and benefits provided under this Section 4).
5.    Confidential Information. Except in the good-faith performance of his duties hereunder, Executive shall not disclose to any person or entity or use, any information not in the public domain, in any form, acquired by Executive while he was employed or associated with the Company or RRI or, if acquired following the termination of such association, such information which, to Executive’s knowledge, has been acquired, directly or indirectly, from any person or entity owing a duty of confidentiality to the Company or RRI, relating to the Company or its business. Executive agrees and acknowledges that all of such information, in any form, and copies and extracts thereof are and shall remain the sole and exclusive property of the Company, and Executive shall on request return to the Company the originals and all copies of any such information provided to or acquired by Executive in connection with his association with the Company or RRI, and shall return to the Company all files, correspondence and/or other communications received, maintained and/or originated by Executive during the course of such association.
6.    Covenant Not to Compete. Executive agrees that, for the period commencing on the Effective Date and ending twelve months after the date of termination of Executive’s employment as Chief Legal Officer (the “Restrictive Period”), Executive shall not, in the state of Colorado directly or indirectly, either for himself or for, with or through any other Person, own, manage, operate, control, be employed by, participate in, loan money to or be connected in any manner with, or permit his name to be used by, any business that, in the reasonable judgment of the Board, competes with the Company and its subsidiaries in the burger focused restaurant business (a “Competitive Activity”). In making its judgment as to whether any business is engaged in a Competitive Activity, the Board shall act in good faith, and shall first provide Executive with a reasonable opportunity to present such information as Executive may desire for the Board’s consideration. For purposes of this Agreement, the term “participate” includes any 

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direct or indirect interest, whether as an officer, director, employee, partner, sole proprietor, trustee, beneficiary, agent, representative, independent contractor, consultant, advisor, provider of personal services, creditor, owner (other than by ownership of less than five percent of the stock of a publicly-held corporation whose stock is traded on a national securities exchange (a “Public Company”).
7.    No Interference. During the Restrictive Period, Executive shall not, without the prior written approval of the Company, directly or indirectly through any other Person (a) induce or attempt to induce any employee of the Company or RRI at the level of Director or higher to leave the employ of the Company or RRI, or in any way interfere with the relationship between the Company or RRI and any employee thereof, (b) hire any Person who was an employee of the Company or RRI at the level of Director or higher within twelve months after such Person’s employment with the Company or RRI was terminated for any reason or (c) induce or attempt to induce any supplier or other business relation of the Company or RRI to cease doing business with the Company or RRI, or in any way interfere with the relationship between any such supplier or business relation and the Company or RRI.
8.    Return of Documents. In the event of the termination of Executive’s employment for any reason, Executive shall deliver to the Company all of (a) the property of the Company or any of its subsidiaries, and (b) non-personal documents and data of any nature and in whatever medium of the Company or any of its subsidiaries, and he shall not take with him any such property, documents or data or any reproduction thereof, or any documents containing or pertaining to any Confidential Information.
9.    Reasonableness of Restrictions. Executive agrees that the covenants set forth in Sections 5, 6, 7 and 8 are reasonable with respect to their duration, geographical area and scope. In the event that any of the provisions of Sections 5, 6, 7 and 8 relating to the geographic or temporal scope of the covenants contained therein or the nature of the business or activities restricted thereby shall be declared by a court of competent jurisdiction to exceed the maximum restrictiveness such court deems enforceable, such provision shall be deemed to be replaced herein by the maximum restriction deemed enforceable by such court.
10.    Injunctive Relief. The parties hereto agree that the Company would suffer irreparable harm from a breach by Executive of any of the covenants or agreements contained herein, for which there is no adequate remedy at law. Therefore, in the event of the actual or threatened breach by Executive of any of the provisions of this Agreement, the Company, or its respective successors or assigns, may, in addition and supplementary to other rights and remedies existing in their favor, apply to any court of law or equity of competent jurisdiction for specific performance, injunctive or other relief in order to enforce compliance with, or prevent any violation of, the provisions hereof; and that, in the event of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction restraining Executive from engaging in activities prohibited hereby or such other relief as may be required to specifically enforce any of the covenants contained herein.
11.    Extension of Restricted Periods. In addition to the remedies the Company may seek and obtain pursuant to this Agreement, the restricted periods set forth herein shall be extended by any and all 

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periods during which Executive shall be found by a court to have been in violation of the covenants contained herein.
12.    Stock Ownership Requirement. While employed by the Company, Executive shall be expected to maintain ownership of common stock or stock equivalents in such amounts and on such terms and conditions as are set forth in the Company’s Executive Stock Ownership Guidelines established by the Compensation Committee and in effect from time to time (the “Ownership Guidelines”). Executive is expected to meet the ownership requirements set forth in the Ownership Guidelines within the time period stated in the Ownership Guidelines. In the event Executive is unable to meet his ownership requirements within the defined time period, Executive shall retain all net after tax profit shares following option exercise and/or the vesting of restricted stock units until Executive has satisfied the requirements set forth in this Section 12. No additional liability shall apply to Executive if Executive fails to satisfy the stock ownership requirements set forth in this Section 12.
13.    Definitions. As used herein, unless the context otherwise requires, the following terms have the following respective meanings:
“Board” means the Board of Directors of the Company.

“Cause” means with respect to the termination by the Company of Executive as an employee of the Company:
(i)    Executive’s continual or deliberate neglect in the performance of his material duties; provided that Company gives written notice to the Executive of the existence of such a condition within 90 days of the initial existence of the condition and the Executive has at least 30 days from the date when such notice is provided to cure the condition, if curable.
(ii)    Executive’s failure to devote substantially all of his working time to the business of the Company and its subsidiaries (other than as expressly permitted in this Agreement);
(iii)    Executive’s failure to follow the lawful directives of the Board in any material respect;
(iv)    Executive’s engaging in misconduct in connection with the performance of any of his duties, including, without limitation, falsifying or attempting to falsify documents, books or records of the Company or its subsidiaries, misappropriating or attempting to misappropriate funds or other property, or securing or attempting to secure any personal profit in connection with any transaction entered into on behalf of the Company or its subsidiaries;
(v)    the violation by Executive, in any material respect, of any policy or of any code or standard of behavior or conduct generally applicable to employees of the Company or its subsidiaries;

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(vi)    Executive’s breach of the material provisions of this Agreement or any other non-competition, non-interference, non-disclosure, confidentiality or other similar agreement executed by Executive with the Company or any of its subsidiaries or other act of disloyalty to the Company or any of its subsidiaries (including, without limitation, aiding a competitor or unauthorized disclosure of confidential information); or
(vii)    Executive’s engaging in conduct which is reasonably likely to result in material injury to the reputation of the Company or any of its subsidiaries, including, without limitation, commission of a felony, fraud, embezzlement or other crime involving moral turpitude.
“Disability” means a physical or mental impairment which substantially limits a major life activity of Executive and which renders Executive unable to perform the essential functions of his position, even with reasonable accommodation which does not impose an undue hardship on the Company. The Company reserves the right, in good faith, to make the determination of disability under this Agreement based upon information supplied by Executive and/or his medical personnel, as well as information from medical personnel (or others) selected by the Company or its insurers.
“Good Reason” shall mean the occurrence, without Executive’s express written consent, of: (i) a reduction in Executive’s compensation other than as permitted pursuant to Section 3 hereof; (ii) a relocation of the Company’s headquarters to a location more than twenty (20) miles from the location of the Company’s headquarters prior to such relocation; (iii) any willful breach by the Company of any material provision of this Agreement; or (iv) a significant reduction in the then-effective responsibilities of the Chief Legal Officer; provided that Executive gives written notice to the Company of the existence of such a condition within ninety (90) days of the initial existence of the condition and the Company has at least thirty (30) days from the date when such notice is provided to cure the condition without being required to make payments due to termination by the Executive for Good Reason.
“Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended).
14.    Arbitration. Any controversy arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or any other controversy arising out of Executive’s employment, including, but not limited to, any state or federal statutory or common law claims, shall be submitted to arbitration in Denver, Colorado, before a sole arbitrator (the “Arbitrator”) selected from Judicial Arbiter Group, Inc., Denver, Colorado, or its successor (“JAG”), or if JAG is no longer able to supply the arbitrator, such arbitrator shall be selected from the Judicial Arbitration and Mediation Services, Inc. (“JAMS”), or other mutually agreed upon arbitration provider, as the exclusive forum for the resolution of such dispute. Provisional injunctive relief may, but need not, be sought by either party to this Agreement in a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by the Arbitrator. Final resolution of any dispute through arbitration may include any remedy or relief which the Arbitrator deems just and 

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equitable, including any and all remedies provided by applicable state or federal statutes. At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the Arbitrator’s award or decision is based. Any award or relief granted by the Arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction. The parties acknowledge and agree that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement or Executive’s employment, and under no circumstances shall class claims be processed or participated in by Executive. The parties agree that Company shall be responsible for payment of the forum costs of any arbitration hereunder, including the Arbitrator’s fee. Executive and the Company further agree that in any proceeding to enforce the terms of this Agreement, the prevailing party shall be entitled to its or his reasonable attorneys’ fees and costs incurred by it or his in connection with resolution of the dispute in addition to any other relief granted.
15.    Governing Law. This Agreement and the legal relations hereby created between the parties hereto shall be governed by and construed under and in accordance with the internal laws of the State of Colorado, without regard to conflicts of laws principles thereof. Executive shall submit to the venue and personal jurisdiction of the Colorado state and federal courts concerning any dispute for which judicial redress is permitted pursuant to this Agreement; however the Company is not limited in seeking relief in those courts.
16.    Taxes.
(a)    Except as otherwise provided in Section 3(d)(v), and to the extent specifically provided in Section 17, Executive shall be solely liable for Executive’s tax consequences of compensation and benefits payable under this Agreement, including any consequences of the application of Section 409A of the Code.
(b)    In order to comply with all applicable federal or state income tax laws or regulations, the Company may withhold from any payments made under this Agreement all applicable federal, state, city or other applicable taxes.
17.    Section 409A Savings Clause.
(a)    It is the intention of the parties that compensation or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code, and this Agreement shall be interpreted accordingly. To the extent such potential payments or benefits could become subject to additional tax under such Section, the parties shall cooperate to amend this Agreement with the goal of giving Executive the economic benefits described herein in a manner that does not result in such tax being imposed.
(b)    Each payment or benefit made pursuant to Section 4(f) of this Agreement shall be deemed to be a separate payment for purposes of Section 409A of the Code. In addition, payments or 

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benefits pursuant to Section 4(f) shall be exempt from the requirements of Section 409A of the Code to the maximum extent possible as “short-term deferrals” pursuant to Treasury Regulation Section 1.409A-1(b)(4), as involuntary separation pay pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii), and/or under any other exemption that may be applicable, and this Agreement shall be construed accordingly.
(c)    For purposes of this Agreement, phrases such as “termination of employment” shall be deemed to mean “separation from service,” as defined in Section 409A of the Code and the Treasury Regulations thereunder.
(d)    If Executive is a specified employee within the meaning of Section 409A(a)(2)(B)(i) of the Code and would receive any payment sooner than six (6) months after Executive’s “separation from service” that, absent the application of this Section 17(d), would be subject to additional tax imposed pursuant to Section 409A of the Code as a result of such status as a specified employee, then such payment shall instead be payable on the date that is the earliest of (i) six (6) months after Executive’s “separation from service,” or (ii) Executive’s death.
18.    Entire Agreement. This Agreement constitutes and contains the entire agreement and final understanding concerning Executive’s employment with the Company and the other subject matters addressed herein between the parties. It is intended by the parties as a complete and exclusive statement of the terms of their agreement. It supersedes and replaces all prior negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matter hereof. Any representation, promise or agreement not specifically included in this Agreement shall not be binding upon or enforceable against either party. This is a fully integrated agreement.
19.    Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Board (or a person expressly authorized thereby) and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.
20.    Miscellaneous.
(a)    Binding Effect. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the Company and their respective heirs, successors and assigns, except that Executive may not assign his rights or delegate his obligations hereunder without the prior written consent of the Company.
(b)    Notices. All notices required to be given hereunder shall be in writing and shall be deemed to have been given if (i) delivered personally or by documented courier or delivery service, (ii) transmitted by facsimile during normal business hours or (iii) mailed by registered or certified mail (return receipt requested and postage prepaid) to the following listed persons at the addresses and facsimile numbers specified below, or to such other persons, addresses or facsimile numbers as a party entitled to notice shall give, in the manner hereinabove described, to the others entitled to notice:

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If to the Company, to:
Red Robin Gourmet Burgers, Inc. 
6312 South Fiddler’s Green Circle, Suite 200N  
Greenwood Village, CO 80111  
Attention: Chief Executive Officer 
Facsimile No.: 303-846-6048
with a copy to:
Bryan Cave Leighton Paisner LLP
One Metropolitan Square
211 N. Broadway, Suite 3600
St. Louis, MO 63012
Attention: Robert J. Endicott
Facsimile No.: 314-259-2447
If to Executive, to:
Michael Kaplan 
6312 South Fiddler’s Green Circle, Suite 200N  
Greenwood Village, CO 80111  
Facsimile No.: 303-846-6048
If given personally or by documented courier or delivery service, or transmitted by facsimile, a notice shall be deemed to have been given when it is received. If given by mail, it shall be deemed to have been given on the third business day following the day on which it was posted.
(c)    Headings. The section and other headings contained in this Agreement are for the convenience of the parties only and are not intended to be a part hereof or to affect the meaning or interpretation hereof
(d)    Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
(e)    Construction. Each party has cooperated in the drafting and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter.
(f)    Savings Clause. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
	
	
	RED ROBIN GOURMET BURGERS, INC.

	By:  /s/ Denny Marie Post_______________

	Name: Denny Marie Post

	Title:  President and Chief Executive Officer

	EXECUTIVE:

	/s/ Michael L. Kaplan__________________

	Michael L. Kaplan

[Signature Page to Amended and Restated Employment Agreement (Kaplan)]Exhibit 10.1

 

EXECUTION VERSION

DEAL CUSIP: 20030PAM8

TERM LOAN FACILITY CUSIP: 20030PAN6

 

 

 

 

 

 

_____________________________________________________________________________________

 

TERM LOAN
CREDIT AGREEMENT

 

among

 

COMCAST CORPORATION

 

The Financial
Institutions Party Hereto

 

Bank
OF AMERICA, N.A.,

as Administrative Agent

 

and

 

WELLS FARGO
BANK, NATIONAL ASSOCIATION,

 

as Syndication
Agent

 

Dated as
of August 22, 2018

 

_____________________________________________________________________________________

 

MERRILL LYNCH,
PIERCE, FENNER & SMITH INCORPORATED

AND WELLS
FARGO SECURITIES LLC,

as Joint Bookrunners

 

MERRILL LYNCH,
PIERCE, FENNER & SMITH INCORPORATED, WELLS FARGO SECURITIES LLC, SG AMERICAS, LLC, SUMITOMO MITSUI BANKING CORPORATION AND
MIZUHO BANK, LTD.

as Joint Lead Arrangers

 

MERRILL LYNCH,
PIERCE, FENNER & SMITH INCORPORATED, WELLS FARGO SECURITIES LLC, SG AMERICAS, LLC, SUMITOMO MITSUI BANKING CORPORATION, MIZUHO
BANK, LTD., SANTANDER BANK, N.A., AGRICULTURAL BANK OF CHINA LTD., NEW YORK BRANCH, BANK OF CHINA, NEW YORK BRANCH, ING,
A BRANCH OF ING-DIBA AG, NATIONAL WESTMINSTER BANK PLC AND THE BANK OF NOVA SCOTIA

as Documentation Agents

 

     

     

    

TABLE
OF CONTENTS

 

Page

 

	SECTION 1 DEFINITIONS AND ACCOUNTING TERMS 	1
	1.01	Defined Terms	1
	1.02	Use of Certain Terms	23
	1.03	Accounting Terms	23
	1.04	Rounding	24
	1.05	Exhibits and Schedules	24
	1.06	References to Agreements and Laws	24
	1.07	Pro Forma Calculations	24
	1.08	Rates	25
	SECTION 2 THE COMMITMENTS AND EXTENSIONS OF CREDIT	25
	2.01	Amount and Terms of Commitments	25
	2.02	Procedure for Borrowings	25
	2.03	[Reserved]	26
	2.04	[Reserved]	26
	2.05	Reduction or Termination of Commitments	26
	2.06	Prepayments and Repayments of Term Loans	26
	2.07	Documentation of Term Loans	27
	2.08	Continuation and Conversion Option	28
	2.09	Interest	28
	2.10	Fees	28
	2.11	Computation of Interest and Fees	29
	2.12	Making Payments	29
	2.13	Funding Sources	30
	2.14	Defaulting Lenders	30
	2.15	Increase in Term Commitments	31
	SECTION 3 TAXES, YIELD PROTECTION AND ILLEGALITY	31
	3.01	Taxes	31
	3.02	Illegality	33
	3.03	Inability to Determine Eurodollar Rates	34
	3.04	Increased Cost and Reduced Return; Capital Adequacy	35
	3.05	Breakfunding Costs	36
	3.06	Matters Applicable to all Requests for Compensation	36
	3.07	Survival	36
	SECTION 4 CONDITIONS PRECEDENT TO EXTENSIONS OF CREDIT	37
	4.01	Conditions Precedent to Effective Date	37
	4.02	Conditions Precedent to Borrowings	38
	4.03	Determinations Under Sections 4.01 and 4.02	38

 

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	4.04	Actions by Lenders During Certain Funds Period	38
	SECTION 5 REPRESENTATIONS AND WARRANTIES 	39
	5.01	Existence and Qualification; Compliance with Laws	39
	5.02	Power; Authorization; Enforceable Obligations	39
	5.03	No Legal Bar	40
	5.04	Financial Statements; No Material Adverse Effect	40
	5.05	Litigation	40
	5.06	Use of Proceeds	40
	5.07	Anti-Corruption Laws and Sanctions	40
	5.08	Target Acquisition Documents	41
	SECTION 6 AFFIRMATIVE COVENANTS	41
	6.01	Financial Statements	41
	6.02	Certificates, Notices and Other Information	42
	6.03	Payment of Taxes	43
	6.04	Preservation of Existence	43
	6.05	Compliance With Laws	43
	6.06	Inspection Rights	43
	6.07	Keeping of Records and Books of Account	43
	6.08	Designation of Unrestricted Subsidiaries	43
	6.09	Anti-Corruption Laws and Sanctions	44
	6.10	Guarantors	44
	6.11	Scheme and Offer	44
	SECTION 7 NEGATIVE COVENANTS	45
	7.01	Liens	45
	7.02	Non-Guarantor Subsidiary Indebtedness	46
	7.03	Fundamental Changes	46
	7.04	ERISA	47
	7.05	Anti-Corruption Laws and Sanctions	47
	7.06	Financial Covenant	47
	7.07	Scheme and Offer	47
	SECTION 8 EVENTS OF DEFAULT AND REMEDIES	48
	8.01	Events of Default	48
	8.02	Remedies Upon Event of Default	49
	8.03	Clean-Up Period	50
	SECTION 9 THE AGENTS	50
	9.01	Appointment	50
	9.02	Delegation of Duties	51
	9.03	Exculpatory Provisions	51
	9.04	Reliance by Administrative Agent	51

 

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	9.05	Notice of Default	51
	9.06	Non-Reliance on Agents and Other Lenders	52
	9.07	Indemnification	52
	9.08	Agent in Its Individual Capacity	52
	9.09	Successor Administrative Agent	53
	9.10	Syndication Agent	53
	9.11	Certain ERISA Matters	53
	SECTION 10 MISCELLANEOUS	55
	10.01	Amendments; Consents	55
	10.02	Requisite Notice; Electronic Communications	56
	10.03	Attorney Costs and Expenses	58
	10.04	Binding Effect; Assignment	58
	10.05	Set-off	60
	10.06	Sharing of Payments	61
	10.07	No Waiver; Cumulative Remedies	61
	10.08	Usury	62
	10.09	Counterparts, Electronic Execution of Assignments and Certain Other Documents	62
	10.10	Integration	62
	10.11	Nature of Lenders’ Obligations	63
	10.12	Survival of Representations and Warranties	63
	10.13	Indemnity by Borrower	63
	10.14	Nonliability of Lenders	64
	10.15	No Third Parties Benefitted	65
	10.16	Severability	65
	10.17	Confidentiality	65
	10.18	Headings	66
	10.19	Time of the Essence	66
	10.20	Status of Lenders and Administrative Agent	66
	10.21	Removal and Replacement of Lenders	68
	10.22	Governing Law; Submission to Jurisdiction; Waivers	68
	10.23	Waiver of Right to Trial by Jury	69
	10.24	USA PATRIOT Act	69
	10.25	Judgment Currency	69
	10.26	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	70

    iii 

     

    

EXHIBITS

 

	A	Form of Guarantee Agreement
	B	Form of Request for Extension of Credit
	C	Form of Compliance Certificate
	D	Form of Assignment and Assumption 
	E	[Reserved]
	F-1	Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Not Partnerships
    For U.S. Federal Income Tax Purposes)
	F-2	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That Are Not Partnerships
    For U.S. Federal Income Tax Purposes)
	F-3	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That Are Partnerships
    For U.S. Federal Income Tax Purposes)
	F-4	Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Partnerships For
    U.S. Federal Income Tax Purposes)
	G	Form of Target Acquisition Certificate

 

SCHEDULES

 

	A	Asset Monetization Transactions
	2.01	Commitments
	6.08	Unrestricted Subsidiaries
	10.02	Addresses for Notices

    iv 

     

    

TERM
LOAN CREDIT AGREEMENT

 

This TERM LOAN
CREDIT AGREEMENT is entered into as of August 22, 2018, by and among Comcast Corporation, a Pennsylvania corporation (“Borrower”),
each lender from time to time party hereto (collectively, “Lenders” and individually, a “Lender”), Bank
OF AMERICA, N.A., as Administrative Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as syndication agent (in such capacity,
“Syndication Agent”).

 

RECITALS

 

WHEREAS, Borrower
has requested that the Lenders and Administrative Agent provide the Term Loan Facility (as defined below), and the Lenders and
Administrative Agent are willing to do so on the terms and conditions set forth herein; and

 

NOW, THEREFORE,
in consideration of the above premises, the parties hereto hereby agree as follows:

 

SECTION
1

DEFINITIONS AND ACCOUNTING TERMS

 

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

 

“Acceptance
Condition” means, with respect to an Offer, the condition set forth in the Offer Documents with respect to the number of
acceptances to an Offer which must be secured to declare such Offer unconditional as to acceptances which shall be more than 50%
of the Target shares carrying voting rights.

 

“Acquisition”
means (a) any purchase or other acquisition of assets or series of related purchases or other acquisitions of assets by Borrower
or any Restricted Subsidiary (including by way of asset or stock purchase, swap or merger) other than from Borrower or any Restricted
Subsidiary or (b) the designation by Borrower of an Unrestricted Subsidiary as a Restricted Subsidiary.

 

“Acquisition
Debt” means any Indebtedness of Borrower or any of its Restricted Subsidiaries (or an Unrestricted Subsidiary, so long as,
in the good faith determination of Borrower, such Unrestricted Subsidiary is expected to become a Restricted Subsidiary in connection
with the consummation of the applicable Material Acquisition) that has been issued for the purpose of financing, in whole or in
part, the Target Acquisition or any other acquisition that is a Material Acquisition in accordance with clause (ii) of the definition
thereof and any related transactions or series of related transactions in respect of the Target Acquisition or any other acquisition
that is a Material Acquisition in accordance with clause (ii) of the definition thereof (including for the purpose of refinancing
or replacing all or a portion of any pre-existing Indebtedness of the Target Group or the Person(s) or assets to be acquired);
provided that (a) the release of the proceeds thereof to Borrower and its Restricted Subsidiaries (or an Unrestricted Subsidiary,
so long as, in the good faith determination of Borrower, such Unrestricted Subsidiary is expected to become a Restricted Subsidiary
in connection with the consummation of such Material Acquisition) is contingent upon the consummation of the Target Acquisition
or such Material Acquisition and, pending such release, such proceeds are held in escrow (and, if the definitive agreement (or,
in the case of a tender offer or similar transaction, the definitive offer document) for the Target Acquisition or such Material
Acquisition is terminated prior to the consummation thereof or if the Target Acquisition or such Material Acquisition is otherwise
not consummated by the date specified in the

 

    

    2

    

definitive
documentation relating to such Indebtedness, such proceeds shall be promptly applied to satisfy and discharge all obligations
of Borrower and its Restricted Subsidiaries (or an Unrestricted Subsidiary, so long as, in the good faith determination of Borrower,
such Unrestricted Subsidiary is expected to become a Restricted Subsidiary in connection with the consummation of such Material
Acquisition) in respect of such Indebtedness) or (b) such Indebtedness contains a “special mandatory redemption” provision
(or other similar provision) or otherwise permits such Indebtedness to be redeemed or prepaid if the Target Acquisition or such
Material Acquisition is not consummated by the date specified in the definitive documentation relating to such Indebtedness (and
if the definitive agreement (or, in the case of a tender offer or similar transaction, the definitive offer document) for the
Target Acquisition or such Material Acquisition is terminated in accordance with its terms prior to the consummation of the Target
Acquisition or such Material Acquisition or the Target Acquisition or such Material Acquisition is otherwise not consummated by
the date specified in the definitive documentation relating to such Indebtedness, such Indebtedness is so redeemed or prepaid
within 90 days of such termination or such specified date, as the case may be).

 

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

 

“Administrative
Agent’s Office” means Administrative Agent’s address and, as appropriate, account as Administrative Agent has
designated by written notice to Borrower and Lenders.

 

“Administrative
Agent-Related Persons” means Administrative Agent (including any successor agent), together with its Affiliates and the
officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.

 

“Administrative
Questionnaire” means, with respect to each Lender, an administrative questionnaire in the form prepared by Administrative
Agent and submitted to Administrative Agent (with a copy to Borrower) duly completed by such Lender.

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by, or is under direct
or indirect common Control with, such Person.

 

“Agent
Parties” has the meaning set forth in Section 10.02(e)(ii).

 

“Agents”
means the collective reference to Administrative Agent and Syndication Agent.

 

“Aggregate
Exposure” means, with respect to any Lender at any time, an amount equal to the sum of such Lender’s Loans then
outstanding and such Lender’s Commitments then in effect.

 

“Aggregate
Exposure Percentage” means, with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s
Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time.

 

“Agreement”
means this Term Loan Credit Agreement, as amended, restated, extended, supplemented or otherwise modified in writing from time
to time.

 

“Agreement
Currency” has the meaning set forth in Section 10.25(b).

 

    

    3

    

“Annualized
EBITDA” means, at any date of determination, EBITDA for the two (2) fiscal quarter periods then most recently ended times
two (2).

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower or any of its Subsidiaries from
time to time concerning or relating to bribery or corruption.

 

“Applicable
Amount” means, with respect to the Loans and Commitments, the rate per annum, in basis points, set forth under the relevant
column heading below based upon the applicable Debt Ratings:

 

	Pricing
    Level	Debt
    Ratings

    S&P/Moody’s	Commitment
    Fee	Base
    Rate 	Eurodollar
    Rate
	1	≥
    A+/A1	9.0	0.0	75.0
	2	A/A2	9.0	0.0	87.5
	3	A-/A3	9.0	0.0	100.0
	4	BBB+/Baa1	11.0	12.5	112.5
	5	≤
    BBB/Baa2	11.0	25.0	125.0

 

As used in
this definition, “Debt Rating” means, as of any date of determination, the rating as determined by either S&P
or Moody’s (collectively, the “Debt Ratings”) of Borrower’s senior unsecured non-credit-enhanced long-term
Indebtedness for borrowed money (the “Subject Debt”); provided that, solely for purposes of determining the
Applicable Amount, if a Debt Rating is issued by each of S&P and Moody’s, then the higher of such Debt Ratings shall
apply (with Pricing Level 1 being the highest and Pricing Level 5 being the lowest), unless there is a split in Debt Ratings of
more than one level, in which case the level that is one level lower than the higher Debt Rating shall apply. The Debt Ratings
shall be determined from the most recent public announcement of any Debt Ratings or changes thereto. Any change in the Applicable
Amount shall become effective on and as of the date of any public announcement of any Debt Rating that indicates a different Applicable
Amount. If the rating system of S&P or Moody’s shall change, Borrower and Administrative Agent shall negotiate in good
faith to amend this definition to reflect such changed rating system and, pending the effectiveness of such amendment (which shall
require the approval of Required Lenders), the Debt Rating shall be determined by reference to the rating most recently in effect
prior to such change. If and for so long as either S&P or Moody’s (but not both) has ceased to rate the Subject Debt,
then (x) if such rating agency has ceased to issue debt ratings generally, or if Borrower has used commercially reasonable efforts
to maintain ratings from both S&P and Moody’s, the Debt Rating shall be deemed to be the Remaining Debt Rating and (y)
otherwise, the Debt Rating shall be deemed to be one Pricing Level below the Remaining Debt Rating. If and for so long as both
S&P and Moody’s have ceased to rate the Subject Debt, then (x) if S&P and Moody’s have ceased to issue debt
ratings generally, the Debt Rating shall be the Debt Rating most recently in effect prior to such event and (y) otherwise, the
Debt Rating will be the Debt Rating at Pricing Level 5. For the purpose of the foregoing, “Remaining Debt Rating”
means, at any time that one of S&P or Moody’s, but not both, is rating the Subject Debt, the rating assigned by such
rating agency from time to time.

 

“Applicable
Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of the relevant Interest Period, any date that such
Term Loan is prepaid or Converted in whole or in part and the maturity date of such Term Loan; provided, however,
that if any Interest Period for a Eurodollar Rate Loan exceeds three months, interest shall also be paid on the Business Day which
falls every three months after the beginning of such Interest Period; and (b) as to any other Obligations, the last Business Day
of each calendar quarter and the maturity date of such Obligation, except as otherwise provided herein.

 

    

    4

    

“Applicable
Percentage” means as to any Lender at any time, the percentage which the sum of such Lender’s undrawn Commitment and
the aggregate principal amount of such Lender’s Loans then outstanding in respect of Commitments constitutes of the aggregate
principal amount of the sum of the undrawn Commitments and the Loans then outstanding in respect of Commitments.

 

“Applicable
Time” means New York City time.

 

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

 

“Arranger” means each of MLPFS
(or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of
America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses
may be transferred following the date of this Agreement) and WFS, in their respective capacity as a Joint Lead Arranger and Joint
Bookrunner hereunder and each of SG Americas, LLC, Sumitomo Mitsui Banking Corporation and Mizuho Bank, Ltd., in their respective
capacity as Joint Lead Arranger (collectively, the “Arrangers”).

  

“Asset
Monetization Transactions” has the meaning set forth in the definition of Consolidated Total Indebtedness.

 

“Assignment
and Assumption” means an Assignment and Assumption substantially in the form of Exhibit D or any other form (including electronic
documentation generated by use of an electronic platform) approved by the Administrative Agent and the Borrower.

 

“Attorney
Costs” means the reasonable and documented or invoiced fees and disbursements of a law firm or other external counsel.

 

“Attributable
Indebtedness” means, with respect to any Sale-Leaseback Transaction, the present value (discounted at the rate set forth
or implicit in the terms of the lease included in such Sale-Leaseback Transaction) of the total obligations of the lessee for
rental payments (other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments, utilities,
operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the
lease included in such Sale-Leaseback Transaction (including any period for which such lease has been extended). In the case of
any lease that is terminable by the lessee upon payment of a penalty, the Attributable Indebtedness shall be the lesser of the
Attributable Indebtedness determined assuming termination on the first date such lease may be terminated (in which case the Attributable
Indebtedness shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease
subsequent to the first date on which it may be so terminated) or the Attributable Indebtedness determined assuming no such termination.

 

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

 

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

 

“Bank
of America” means Bank of America, N.A.

 

“Bank
of America Fee Letter” means that certain Fee Letter, dated as of August 6, 2018, by and among Borrower, MLPFS and Bank
of America

 

    

    5

    

“Base
Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate in effect for such
day plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America
as its “prime rate” in effect at its principal office in New York City (the prime rate not being intended to be the
lowest rate of interest charged by Bank of America in connection with extensions of credit to debtors) and (c) the Eurodollar
Rate that would be calculated as of such day (or, if such day is not a Business Day, as of the next preceding Business Day) in
respect of a proposed Eurodollar Rate Loan with a one month Interest Period plus 1%. The “prime rate” is a rate set
by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified
in the public announcement of such change.

 

“Base
Rate Loan” means a Loan made hereunder that bears interest based upon the Base Rate and is funded in Dollars.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation,
which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners
of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry
and Financial Markets Association.

 

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

 

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

 

“Bidco”
means a wholly-owned Subsidiary of Borrower formed for the purpose of acquiring all or a portion of the Target shares as set forth
in the Offer Document.

 

“BLR
Group” means: (i) Brian L. Roberts (“BLR”); (ii) his wife; (iii) a lineal descendant of BLR; (iv) the estate
of BLR; (v) any trust of which at least one of the trustees is any one or more of BLR, his wife and his lineal descendants, or
the principal beneficiaries of which are any one or more of BLR, his wife and his lineal descendants; (vi) any Person which is
Controlled by any one or more of the foregoing; and (vii) any group (within the meaning of the Securities Exchange Act of 1934
and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of which any of the foregoing
is a member.

 

“Borrower”
has the meaning set forth in the introductory paragraph hereto.

 

“Borrowing”
and “Borrow” each mean a borrowing of Term Loans hereunder.

 

“Borrower
Materials” has the meaning set forth in Section 6.02.

 

“Bridge
Commitments” means the Commitments (as defined in the Bridge Credit Agreement).

 

    

    6

    

“Bridge
Credit Agreement” means that certain 364-Day Bridge Credit Agreement dated as of April 25, 2018, by and among Comcast Corporation,
the lenders party thereto, Bank of America, as administrative agent, and Wells Fargo, as syndication agent.

 

“Bridge
Loans” means the Loans (as defined in the Bridge Credit Agreement).

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York or in London
are authorized or required by law to close, and, if the applicable Business Day relates to a Eurodollar Rate Loan, any such day
on which dealings are carried out in the applicable offshore Dollar market; provided that the term “Business Day”,
when used in connection with any Eurodollar Rate Loan (or Base Rate Loan the rate of which is based on the Eurodollar Rate), shall
also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market.

 

“Cable
Subsidiary” means a Subsidiary of Borrower (a) that operates a cable communications business or (b) whose sole purpose is
to directly or indirectly own or hold an investment in another Person that operates a cable communications business.

 

“Certain
Funds Period” means the period from and including the Effective Date to and including the first to occur of:

 

(a) 11:59 p.m.
(New York City time) on July 25, 2019;

 

(b) 11:59 p.m.
(New York City time) on the date upon which an Offer lapses, terminates or is withdrawn (unless, within ten Business Days of such
date, Borrower has notified Administrative Agent that it intends to launch a Scheme or a new Offer and a Rule 2.7 Announcement
in respect of that Scheme or Offer, as applicable, is issued;

 

(c) 11:59 p.m.
(New York City time) on the date which is twenty-one (21) days after the later of (i) the date on which an Offer has become or
has been declared unconditional in all respects and (ii) the date on which an Offer has closed for acceptances (unless, in each
case, compulsory squeeze-out procedures for the acquisition of minority shareholdings in the Target pursuant to Part 28 of the
Companies Act (“Compulsory Acquisition Procedures”) have commenced before such date);

 

(d) 11:59 p.m.
(New York City time) on the date on which the Target becomes a direct or indirect wholly-owned Subsidiary of Borrower and Borrower
has paid all sums due pursuant to or in connection with, the Target Acquisition and any surrender or cancellation of options or
awards over the shares of the Target;

 

(e) if the
Target Acquisition is effected by way of a Scheme, 11:59 p.m. (New York City time) on the date falling 14 days after the Scheme
Effective Date or, if later, the date immediately following any extension of the period for settlement of consideration provided
by the Panel pursuant to the Takeover Code; and

 

(f) 11:59 p.m.
(New York City time) on the date upon which a Scheme lapses, terminates or is withdrawn (or the same is rejected by the High Court
or is not approved by the requisite shareholders of the Target (unless, within ten Business Days of such date, Borrower has notified
Administrative Agent that it intends to launch an Offer and a Rule 2.7 Announcement in respect of that Offer is issued).

 

“Certain
Funds Termination Date” means the date that is the last day of the Certain Funds Period.

 

    

    7

    

“Change
of Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder,
as in effect on the date hereof), other than the BLR Group, of Equity Interests representing more than 50% of the aggregate ordinary
voting power represented by the issued and outstanding Equity Interests of Borrower; or (b) the occupation of a majority of the
seats (other than vacant seats) on the board of directors of Borrower by Persons who were not directors of Borrower on the date
of this Agreement or nominated or appointed or approved by the board of directors of Borrower (or by the Nominating Committee
of such board).

 

“Clean-Up
Period Termination Date” means the date that is 120 days after the earlier of (x) the Final Closing Date and (y) the Final
Closing Date (as defined in the Initial Term Loan Credit Agreement or the Bridge Credit Agreement).

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Comcast
Cable” means Comcast Cable Communications, LLC, a Delaware limited liability company.

 

“Commitment”
means, for each Lender, the amount set forth under the heading “Term Commitment” opposite such Lender’s name
on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender became a party to this Agreement, as such amount
may be reduced or adjusted from time to time in accordance with the terms of this Agreement. As of the Effective Date, the aggregate
amount of the Commitments of all Lenders is $6,000,000,000.

 

“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by Administrative Agent
or any Lender by means of electronic communications pursuant to Section 10.02(e), including through an Electronic System.

 

“Companies
Act” means the Companies Act 2006 of the United Kingdom, as amended.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C, properly completed and signed by a Responsible
Officer of Borrower.

 

“Compulsory
Acquisition Procedures” has the meaning set forth in the definition of Certain Funds Period.

 

“Consolidated
Net Tangible Assets” means, at any time, total assets minus (a) all franchise rights, goodwill, and other
intangible assets, net of accumulated amortization and (b) all current liabilities (other than current portion of long-term debt),
in each case appearing on the consolidated balance sheet of Borrower and its consolidated Subsidiaries most recently delivered
(prior to such time) pursuant to Section 6.01(a) or, at any time prior to the initial delivery of such consolidated balance sheet
pursuant to Section 6.01(a), the consolidated balance sheet of Borrower and its consolidated Subsidiaries as set forth in Borrower’s
annual report most recently filed on Form 10-K with the U.S. Securities and Exchange Commission.

 

“Consolidated
Total Indebtedness” means, as of any date of determination, the total Indebtedness for borrowed money of Borrower and its
Restricted Subsidiaries and Guaranty Obligations of Borrower and its Restricted Subsidiaries in respect of Indebtedness for borrowed
money, determined on a consolidated basis in accordance with GAAP, but excluding, to the extent constituting Indebtedness

 

    

    8

    

for borrowed
money or Guaranty Obligations in respect of Indebtedness for borrowed money, Indebtedness of Borrower and its Restricted Subsidiaries
arising from (A) the asset monetization transactions set forth on Schedule A and any extensions, renewals or replacements thereof
and (B) any asset monetization transactions which are recourse only to the assets so monetized and are done on substantially similar
terms to the asset monetization transactions set forth on Schedule A (collectively, “Asset Monetization Transactions”).

 

“Continuation”
and “Continue” mean, with respect to any Eurodollar Rate Loan, the continuation of such Eurodollar Rate Loan as a
Eurodollar Rate Loan on the last day of the Interest Period for such Loan.

 

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

 

“Control”
or “Controlled” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.

 

“Conversion”
and “Convert” mean, with respect to any Loan, the conversion of such Loan from or into another type of Loan.

 

“Debt
Rating” has the meaning set forth in the definition of Applicable Amount.

 

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

 

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

 

“Default
Rate” means an interest rate equal to (i) in the case of overdue principal of any Loan, 2% per annum plus the rate otherwise
applicable to such Loan as provided in Section 2.09(a) or (ii) in the case of any other overdue amount, 2% per annum plus the
rate applicable to Base Rate Loans, in each case to the fullest extent permitted by applicable Laws.

 

“Defaulting
Lender” means any Lender that has (a) failed to fund its portion of any Borrowing within three Business Days of the date
on which it shall have been required to fund the same (or, in the case of any Borrowing on the Initial Closing Date, on the Initial
Closing Date), (b) notified Borrower, Administrative Agent or any Lender in writing that it does not intend to comply with any
of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply
with its funding obligations under this Agreement or generally under agreements in which it commits to extend credit, (c) failed,
within three Business Days after written request by Administrative Agent (which request shall, in any event, be made promptly
upon request by Borrower), to confirm that it will comply with the terms of this Agreement relating to its obligations to fund
prospective Loans; provided that any such Lender shall cease to be a Defaulting Lender under this clause (c) upon receipt
of such confirmation by Administrative Agent, (d) otherwise failed to pay over to Administrative Agent or any other Lender any
other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good
faith dispute, (e)(i) been (or has a parent

 

    

    9

    

company, including
any intermediate parent company, that has been) adjudicated as, or determined by any Governmental Authority having regulatory
authority over such Person or its assets to be, insolvent or (ii) become the subject of a Bail-in Action or a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance
of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company, including
any intermediate parent company, that has become the subject of a Bail-in Action or a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating
its consent to, approval of or acquiescence in any such Bail-in Action or bankruptcy proceeding or appointment, unless in the
case of any Lender referred to in this clause (e) Borrower and Administrative Agent shall be satisfied that such Lender intends,
and has all approvals required to enable it, to continue to perform its obligations as a Lender hereunder or (f) has otherwise
become a “defaulting” lender generally in credit agreements to which it is a party (as reasonably determined by Administrative
Agent in consultation with Borrower). For the avoidance of doubt, a Lender shall not be deemed to be a Defaulting Lender solely
by virtue of the ownership or acquisition of any Equity Interest in such Lender or its parent by a Governmental Authority.

 

“Disposition”
means (a) any sale, transfer or other disposition of assets or series of sales, transfers or other disposition of assets by Borrower
or any Restricted Subsidiary (including by way of asset or stock sale, swap or merger) other than to Borrower or any Restricted
Subsidiary or (b) the designation by Borrower of a Restricted Subsidiary as an Unrestricted Subsidiary.

 

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

 

“EBITDA”
means, with respect to any Person or any income generating assets, for any period, an amount equal to (a) the operating income
of such Person or generated by such assets calculated in accordance with GAAP adjusted to exclude gains and losses from unusual
or extraordinary items, plus (b) depreciation, amortization and other non-cash charges to operating income, in each case for such
period, minus (c) any cash payments made during such period in respect of any non-cash charges to operating income accrued during
a prior period and added back in determining EBITDA during such prior period pursuant to clause (b) above, plus (d) corporate
overhead expenses incurred by Borrower in an aggregate amount not to exceed $100,000,000 for any fiscal year of Borrower, plus
(e) any and all Transaction Costs incurred by Borrower and/or its Restricted Subsidiaries (in each case whether paid in cash
or accrued).

 

“EDGAR”
means the Electronic Data Gathering, Analysis and Retrieval computer system for the receipt, acceptance, review and dissemination
of documents submitted to the U.S. Securities and Exchange Commission in electronic format.  

 

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

 

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

 

    

    10

    

“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.

 

“Effective
Date” means the date upon which all the conditions precedent in Section 4.01 have been satisfied or waived.

 

“Electronic
System” means any electronic system, including email, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak,
FpML messaging and any other Internet or extranet-based site.

 

“Eligible
Assignee” means (i) a Lender; (ii) an Affiliate of a Lender; (iii) a commercial bank organized under the laws of the United
States, or any State thereof, and having total assets in excess of $5,000,000,000; (iv) a savings and loan association or savings
bank organized under the laws of the United States, or any State thereof, and having total assets in excess of $5,000,000,000;
(v) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Cooperation
and Development or has concluded special lending arrangements with the International Monetary Fund associated with its General
Arrangements to Borrow or of the Cayman Islands, or a political subdivision of any such country, and having total assets in excess
of $5,000,000,000 so long as such bank is acting through a branch or agency located in the United States or in the country in
which it is organized or another country that is described in this clause (v); (vi) the central bank of any country that is a
member of the Organization for Economic Cooperation and Development; or (vii) any other Person approved by Administrative Agent
and Borrower.

 

“Equity
Interests” means shares, shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA
Affiliate” means any person that for purposes of Title I or Title IV of ERISA or Section 412 of the Code would be deemed
at any relevant time to be a “single employer” with Borrower under Section 414(b), (c), (m) or (o) of the Code or
Section 4001 of ERISA.

 

“ERISA
Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure of Borrower or any
ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or any
failure by any Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of
ERISA) applicable to such Plan, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c)
of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the occurrence of any event
or condition which could reasonably be expected to constitute grounds under ERISA for the termination of, or the appointment of
a trustee to administer, any Plan or the incurrence by Borrower or any ERISA Affiliates of any liability under Title IV of ERISA
with respect to the termination of any Plan; (e) the receipt by Borrower or any ERISA Affiliate from the PBGC or a plan administrator
of any notice relating to an intention to terminate any Plan or to appoint a trustee to administer any Plan; (f) the incurrence
by Borrower or any ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer
Plan; or (g) the receipt by Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Borrower
or any ERISA Affiliate of any notice, concerning the imposition of withdrawal liability or a determination

 

    

    11

    

that a Multiemployer
Plan is, or is expected to be, insolvent (within the meaning of Title IV of ERISA), in “endangered” or “critical”
status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or terminated (within the meaning of Section 4041
of ERISA).

 

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

 

“Eurodollar
Rate” means:

 

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

 

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

 

(c)
    if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes
of this Agreement;

 

provided that
to the extent a successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied
in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively
feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the
Administrative Agent.

 

“Eurodollar
Rate Loan” means a Loan bearing interest based on the Eurodollar Rate.

 

“Event
of Default” means any of the events specified in Section 8.

 

“Existing
Restricted Subsidiaries” means all Subsidiaries of Borrower in existence as such on March 28, 2018 and not designated as
“Unrestricted Subsidiaries” pursuant to the terms of the Revolving Credit Agreement as of such date.

 

“Extension
of Credit” means a Borrowing, Conversion or Continuation of Loans and (collectively, the “Extensions of Credit”).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any law, regulation, rule, promulgation, or official
agreement implementing an official intergovernmental agreement with respect to such sections or regulations.

 

“Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System,

 

    

    12

    

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

 

“Fee
Letters” means the Bank of America Fee Letter and the Wells Fargo Fee Letter.

 

“Final
Closing Date” means the first date on which the conditions set forth in clause (c) (unless Compulsory Acquisition Procedures
have commenced before such date), (d) or (e) of the definition of Certain Funds Period shall have occurred.

 

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

 

“GAAP”
means generally accepted accounting principles applied on a consistent basis (but subject to changes approved by Borrower’s
independent certified public accountants).

 

“Governmental
Authority” means (a) any international, foreign, federal, state, county or municipal government, or political subdivision
thereof, (b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality,
central bank or public body, including the Federal Communications Commission, (c) any state public utilities commission or other
authority and any federal, state, county, or municipal licensing or franchising authority or (d) any court or administrative tribunal.

 

“Guarantee
Agreement” means the Guarantee Agreement to be executed and delivered by each Guarantor, substantially in the form of Exhibit
A.

 

“Guarantors”
means Comcast Cable, NBCU and each Restricted Subsidiary that becomes a party to the Guarantee Agreement pursuant to Section 6.10
(in each case to the extent not released as contemplated by this Agreement).

 

“Guaranty
Obligation” means, as to any Person, any (a) guaranty by such Person of Indebtedness of any other Person or (b) legally
binding obligation of such Person to purchase or pay (or to advance or supply funds for the purchase or payment of) Indebtedness
of any other Person, or to purchase property, securities, or services for the purpose of assuring the owner of such Indebtedness
of the payment of such Indebtedness or to maintain working capital, equity capital or other financial statement condition of such
other Person so as to enable such other Person to pay such Indebtedness; provided, however, that the term Guaranty
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount
of any Guaranty Obligation shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation,
or portion thereof, covered by such Guaranty Obligation or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof as determined by the Person in good faith.

 

“High
Court” means the High Court of Justice of England and Wales.

 

“Incremental
Facility” has the meaning set forth in Section 2.15(a).

 

    

    13

    

“Incremental
Loan” has the meaning set forth in Section 2.15(a).

 

“Indebtedness”
means, as to any Person, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale
or other title retention agreements relating to property or assets purchased by such Person, (d) all obligations of such Person
issued or assumed as the deferred purchase price of property or services, (e) all Indebtedness of others secured by any Lien on
property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (f) all Guaranty
Obligations of such Person with respect to Indebtedness of others, (g) all capital lease obligations of such Person, (h) all Attributable
Indebtedness under Sale-Leaseback Transactions under which such Person is the lessee and (i) all obligations of such Person as
an account party in respect of outstanding letters of credit (whether or not drawn) and bankers’ acceptances; provided,
however, that Indebtedness shall not include (i) trade accounts payable arising in the ordinary course of business and
(ii) deferred compensation; provided, further, that in the case of any obligation of such Person which is recourse
only to certain assets of such Person, the amount of such Indebtedness shall be deemed to be equal to the lesser of the amount
of such Indebtedness or the value of the assets to which such obligation is recourse as reflected on the balance sheet of such
Person at the time of the incurrence of such obligation; and provided, further, that the amount of any Indebtedness
described in clause (e) above shall be the lesser of the amount of the Indebtedness or the fair market value of the property securing
such Indebtedness.

 

“Indemnified
Liabilities” has the meaning set forth in Section 10.13.

 

“Indemnitees”
has the meaning set forth in Section 10.13.

 

“Initial
Closing Date” means the date upon which all the conditions precedent in Section 4.02 have been satisfied or waived with
respect to the initial Borrowing of Loans hereunder and such initial Borrowing of Loans occurs.

 

“Initial
Term Loan Credit Agreement” means that certain Term Loan Credit Agreement dated as of April 25, 2018, by and among Comcast
Corporation, the lenders party thereto, Bank of America, as administrative agent, and Wells Fargo, as syndication agent.

 

“Interest
Period” means, for each Eurodollar Rate Loan, (a) initially, the period commencing on the date such Eurodollar Rate Loan
is disbursed or Continued as, or Converted into, such Eurodollar Rate Loan and (b) thereafter, the period commencing on the last
day of the preceding Interest Period, and ending, in each case, on the earlier of (i) the scheduled maturity date of such Loan,
or (ii) one, two, three, six or, if agreed to by each Lender, 12 months or periods less than one month, thereafter; provided
that:

 

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

 

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

 

(iii)  unless Administrative Agent otherwise consents, there may not be more than ten (10) Interest Periods for Eurodollar Rate
Loans in effect at any time.

 

    

    14

    

“IRS”
means the United States Internal Revenue Service.

 

“Judgment
Currency” has the meaning set forth in Section 10.25(b).

 

“Laws”
or “Law” means all international, foreign, federal, state and local statutes, treaties, rules, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including, if consistent therewith, the interpretation or administration
thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof.

 

“Lender”
means each lender from time to time party hereto and, subject to the terms and conditions of this Agreement, their respective
successors and assigns (but not any purchaser of a participation hereunder unless otherwise a party to this Agreement).

 

“Lender
Party” means any Agent or any Lender.

 

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

 

“Leverage
Ratio” means, at any date of determination, the ratio of (a) Consolidated Total Indebtedness as of such date minus
up to $1,000,000,000 of unrestricted cash and cash equivalents on the balance sheet of Borrower and its Restricted Subsidiaries
on or as of such date to (b) Annualized EBITDA of Borrower and its Restricted Subsidiaries, on a consolidated basis; provided
that, at any time after (x) in connection with the Target Acquisition or with respect to any acquisition that is a Material
Acquisition in accordance with clause (ii) of the definition thereof to which the United Kingdom City Code on Takeovers and Mergers
(or any comparable laws, rules or regulations in any other jurisdiction) applies, on (i) April 25, 2018 in connection with the
Target Acquisition or (ii) the date on which a “Rule 2.7 announcement” of a firm intention to make an offer in respect
of a target of such Material Acquisition (or the equivalent notice under such comparable laws, rules or regulations in such other
jurisdiction) is issued or (y) in connection with any acquisition that is a Material Acquisition in accordance with clause (ii)
of the definition thereof, the date a definitive agreement for such Material Acquisition shall have been executed (or, in the
case of a Material Acquisition in the form of a tender offer or similar transaction, after the offer shall have been launched)
and prior to the consummation of such Material Acquisition (or termination of the definitive documentation in respect thereof
(or such later date as such indebtedness ceases to constitute Acquisition Debt as set forth in the definition of “Acquisition
Debt”)), any Acquisition Debt to the extent the proceeds of such Acquisition Debt are held in escrow or held on the balance
sheet of Borrower or any of its Restricted Subsidiaries (or an Unrestricted Subsidiary, so long as, in the good faith determination
of Borrower, such Unrestricted Subsidiary is expected to become a Restricted Subsidiary in connection with the consummation of
such Material Acquisition) shall be excluded from the determination of the Leverage Ratio.

 

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

 

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

 

“LIBOR
Successor Rate” has the meaning set forth in Section 3.03(b).

 

“LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the
definitions of “Base Rate” and “Interest Period”,

 

    

    15

    

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

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, encumbrance, lien (statutory or other), charge or other security interest
(including any conditional sale or other title retention agreement, any financing lease or Sale-Leaseback Transaction having substantially
the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform Commercial Code
or comparable Laws of any jurisdiction), including the interest of a purchaser of accounts receivable; provided that Liens
shall not include ordinary and customary contractual set off rights.

 

“Loan”
means any Term Loan.

 

“Loan
Documents” means this Agreement, the Guarantee Agreement, each Note, each Request for Extension of Credit, each Compliance
Certificate, each fee letter (including the Fee Letters) and each other instrument or agreement from time to time delivered by
any Loan Party pursuant to this Agreement.

 

“Loan
Parties” means Borrower and each of its Subsidiaries that is a party to a Loan Document.

 

“Major
Event of Default” means an Event of Default arising from any of the following with respect to Borrower and the Guarantors
only (and not, for the avoidance of doubt, (a) in relation to any other Subsidiary of Borrower or the Target Group or (b) in
respect of any obligation to procure any action by any other Subsidiary of Borrower or the Target Group):

 

(i)     any circumstance constituting an Event of Default under Section 8.01(a);

 

(ii)    any circumstance constituting an Event of Default under Section 8.01(b);

 

(iii)   any circumstance constituting an Event of Default under Section 8.01(c), but solely as it relates to the failure to perform
or observe any of covenants set forth in Section 7.03 (Fundamental Changes);

 

(iv)   any circumstance constituting an Event of Default under Section 8.01(d), but solely as it relates to the failure to perform
or observe any of the covenants set forth in Section 6.04 (Preservation of Existence) but only insofar as it refers to
“existence” therein, 6.11(a) and (c)(ii) (only) (Scheme and Offer), 7.01 (Liens), 7.05 (Anti-Corruption
Laws and Sanctions) or 7.07 (Scheme and Offer);

 

(v)    any circumstance constituting an Event of Default under Section 8.01(e), but solely as it relates to the inaccuracy of
any representation or warranty set forth in Section 5.01 (Existence and Qualification; Compliance with Laws), 5.02 (Power;
Authorization; Enforceable Obligations), 5.03(a)(i), (ii) and (iii) (No Legal Bar) (but only in respect of Section
5.03(iii) with respect to any Contractual Obligation that is Indebtedness for borrowed money incurred or issued by a Loan Party
in an aggregate principal amount equal to or greater than the Threshold Amount), 

 

    

    16

    

5.06
(Use of Proceeds) (solely with respect to the second sentence thereof) or 5.08 (Target Acquisition Documents);

 

(vi)   any circumstance constituting an Event of Default under Section 8.01(g); and

 

(vii)  any circumstance constituting an Event of Default under Section 8.01(i) (but excluding, in relation to involuntary proceedings,
any Event of Default caused by a frivolous or vexatious (and, in either case, lacking in merit) action, proceeding or petition
in respect of which no order or decree in respect of such involuntary proceeding shall have been entered).

 

“Material
Acquisition” means any Acquisition (the “Subject Acquisition”) (i) made at a time when the Leverage Ratio is
in excess of 4.5 to 1.0 or (ii) that has an Annualized Acquisition Cash Flow Value (as defined below) for the period ended on
the last day of the fiscal quarter most recently ended that is greater than five percent (5%) of the Annualized EBITDA of Borrower
and its Restricted Subsidiaries, on a consolidated basis, for the same period. The “Annualized Acquisition Cash Flow Value”
is an amount equal to (a) the Annualized EBITDA of the assets comprising the Subject Acquisition less (b) the Annualized EBITDA
of any assets disposed of by Borrower or any Restricted Subsidiary (other than to Borrower or any Restricted Subsidiary) in connection
with the Subject Acquisition.

 

“Material
Adverse Effect” means any set of circumstances or events which (a) has or would reasonably be expected to have a material
adverse effect upon the validity or enforceability against Borrower or any Guarantor that is a Significant Subsidiary of any Loan
Document or (b) has had or would reasonably be expected to have a material adverse effect on the ability of Borrower and Guarantors,
taken as a whole, to perform their payment obligations under any Loan Document.

 

“Material
Debt” means Indebtedness for borrowed money incurred or issued by Borrower in an aggregate principal amount equal to or
greater than $500,000,000.

 

“Material
Disposition” means any Disposition (the “Subject Disposition”) (i) made at a time when the Leverage Ratio is
in excess of 4.5 to 1.0 or (ii) that has an Annualized Disposition Cash Flow Value (as defined below), for the period ended on
the last day of the fiscal quarter most recently ended that is greater than five percent (5%) of the Annualized EBITDA of Borrower
and its Restricted Subsidiaries, on a consolidated basis, for the same period. The “Annualized Disposition Cash Flow Value”
is an amount equal to (a) the Annualized EBITDA of the assets comprising the Subject Disposition less (b) the Annualized EBITDA
of any assets acquired by Borrower or any Restricted Subsidiary (other than from Borrower or any Restricted Subsidiary) in connection
with the Subject Disposition.

 

“Materially
Adverse Amendment” means a modification, amendment or waiver to or of the terms or conditions of any Target Acquisition
Document that is, when compared to the terms and conditions that are included in the Rule 2.7 Announcement issued by the Borrower
on April 25, 2018, materially prejudicial to the interests of the Lenders (taken as a whole), it being acknowledged that (a) a
waiver of a pre-condition which then becomes a condition to be satisfied in connection with the Target Acquisition or an increase
to the price of the Target Acquisition would not be materially prejudicial to the interests of the Lenders (taken as a whole),
and (b) any modification, amendment or waiver required by the Takeover Code, the Panel, any other competent regulatory body or
by a court of competent jurisdiction shall not be a Materially Adverse Amendment.

 

“Maturity
Date” means the fourth anniversary of the Initial Closing Date.

 

    

    17

    

“Minimum
Amount” means, with respect to each of the following actions, the minimum amount and any multiples in excess thereof set
forth opposite such action:

 

	Type
    of Action	Minimum
    Amount	Multiples
    in excess thereof
	Borrowing
    or prepayment of, or Conversion into, Base Rate Loans	$15,000,000	$1,500,000
	Borrowing,
    prepayment or Continuation of, or Conversion into, Eurodollar Rate Loans	$15,000,000	$1,500,000
	Reduction
    of Commitments	$20,000,000	$3,000,000
	Assignments	$20,000,000	None

 

“MLPFS”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

 

“Moody’s”
means Moody’s Investors Service, Inc., or its successor, or if it is dissolved or liquidated or no longer performs the functions
of a securities rating agency, such other nationally recognized securities rating agency agreed upon by Borrower and Administrative
Agent and approved by Required Lenders.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA.

 

“NBCU”
means NBCUniversal Media, LLC, a Delaware limited liability company.

 

“Non-Excluded
Taxes” has the meaning set forth in Section 3.01(a).

 

“Notes”
means the collective reference to any promissory note evidencing Loans.

 

“Obligations”
means all advances to, and debts, liabilities, and payment obligations of, Borrower arising under any Loan Document, whether direct
or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest that accrues after the commencement of any proceeding under any Debtor Relief Laws by or against
Borrower.

 

“Offer”
means a public offer by, or made on behalf of, Borrower in accordance with the Takeover Code and the provisions of the Companies
Act for Borrower (or a Subsidiary thereof, including Bidco) to acquire all of the shares of the Target not owned, held or agreed
to be acquired by Borrower (or a Subsidiary thereof, including Bidco).

 

“Offer
Documents” means (a) any Offer Press Release, (b) any document published in accordance with the Takeover Code pursuant to
which an Offer is made to the shareholders of the Target (including, without limitation, any revision to an Offer and any alternative
Offer) and (c) any other document designated in writing as such by Borrower and Administrative Agent.

 

“Offer
Press Release” means a press release announcing, in compliance with Rule 2.7, a firm intention to make an Offer or, as the
case may be, a switch to an Offer in accordance with Section 8 of Appendix 7 to the Takeover Code.

 

    

    18

    

“Other
Taxes” has the meaning set forth in Section 3.01(b).

 

“Outstanding
Obligations” means, as of any date, and giving effect to making any Extension of Credit requested on such date and all payments,
repayments and prepayments made on such date, (a) when reference is made to all Lenders, the aggregate outstanding principal amount
of all Term Loans and (b) when reference is made to one Lender, the aggregate outstanding principal amount of all Term Loans made
by such Lender.

 

“Panel”
means The Panel on Takeovers and Mergers established in 1968 and designated as the supervisory authority in the United Kingdom
to carry out certain regulatory functions in relation to takeovers pursuant to the EU Directive on Takeover Bids (2004/25/EC).

 

“Participant
Register” has the meaning set forth in Section 10.04(d).

 

“PATRIOT
Act” has the meaning set forth in Section 10.24.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any successor thereto established under ERISA.

 

“Permanent
Financing” means the issuance of debt securities by Borrower or a Subsidiary thereof, through a public offering or in a
private placement, the proceeds of which are used (in whole or in part) to consummate the Target Acquisition or to replace or
refinance some or all of the Bridge Loans.

 

“Person”
means any individual, trustee, corporation, general partnership, limited partnership, limited liability company, joint stock company,
trust, unincorporated organization, bank, business association, firm, joint venture or Governmental Authority.

 

“Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained by Borrower or any ERISA Affiliate or to which Borrower
or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer plan (as described
in Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding five plan years.

 

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

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

“Public
Lenders” has the meaning set forth in Section 6.02.

 

“Reference
Statements” means (a) the audited consolidated financial statements of Borrower and its Subsidiaries for the most recent
fiscal year ended prior to the Effective Date as to which such financial statements are available and (b) the unaudited interim
consolidated financial statements of Borrower and its Subsidiaries for each quarterly period, if any, ended subsequent to the
date of the financial statements referenced in clause (a) above and prior to the Effective Date as to which such financial
statements are available.

 

“Refund
Repayment Requirement” has the meaning set forth in Section 3.01(f).

 

    

    19

    

“Register”
has the meaning set forth in Section 2.07(b).

 

“Request
for Extension of Credit” means, unless otherwise specified herein, with respect to a Borrowing, Conversion or Continuation
of Loans, a written request substantially in the form of Exhibit B or such other form as may be approved by the Administrative
Agent and the Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by
the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Required
Lenders” means, as of any date of determination, Lenders (excluding any Lender that is a Defaulting Lender, until all matters
that caused such Lender to be a Defaulting Lender have been remedied) holding more than 50% of the sum of (x) the unused
Commitments at such time and (y) the aggregate principal amount of the Term Loans outstanding at such time.

 

“Requisite
Notice” means a notice delivered in accordance with Section 10.02.

 

“Requisite
Time” means, with respect to any of the actions listed below, the time and date set forth below opposite such action:

 

	Type
    of Action	Applicable
    Time	Date
    of Action
	Delivery
    of Request for Extension of Credit for, or notice for, or determination of any LIBOR Screen Rate related to:	 	 
	Borrowing
    of Base Rate Loans	11:00
    a.m.	One
    Business Day prior to such Loans Borrowing
	Prepayment
    of Base Rate Loans	11:00
    a.m.	Same
    Business Day as such Loans prepayment
	Conversion
    into Base Rate Loans	11:00
    a.m.	Same day as such Conversion
	Borrowing,
    prepayment or Continuation of, or Conversion into, Eurodollar Rate Loans 	11:00
    a.m.	3
                                         Business Days prior to such prepayment, Borrowing, Continuation or Conversion

         

        Determination of a LIBOR
        Screen Rate at 11:00 a.m. (London Time) 2 Business Days prior to the requested Borrowing, Continuation or Conversion

        

	Voluntary
    reduction in or termination of Commitments	11:00
    a.m.  	3
    Business Days prior to such reduction or termination
	Payments
    by Lenders or Borrower to Administrative Agent (other than Payments by Lenders to Administrative Agent of Base Rate Loans)
    	1:00
    p.m.	On
    the date payment is due
	Payments
    by Lenders to Administrative Agent of Base Rate Loans	2.00
    p.m.	On
    the date payment is due 

    

    20

    

“Responsible
Officer” means, as to any Person, the president, any vice president, the controller, the chief financial officer, the treasurer
or any assistant treasurer of such Person and, solely for purposes of notices given pursuant to Section 2, any other officer of
the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other
officer of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative
Agent. Any document or certificate hereunder that is signed by a Responsible Officer of a particular Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate action on the part of such Loan Party and such Responsible Officer
shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted
Group” means, collectively, Borrower and the Restricted Subsidiaries.

 

“Restricted
Subsidiary” means each Subsidiary of Borrower that is not an Unrestricted Subsidiary.

 

“Revolving
Credit Agreement” means that certain Credit Agreement dated as of May 26, 2016, by and among Comcast Corporation, the lenders
party thereto, JPMorgan Chase Bank, N.A.,
as administrative agent, Citibank, N.A., as syndication agent, and Morgan Stanley MUFG Loan Partners, LLC (acting through Morgan
Stanley Senior Funding, Inc. and MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.), Wells Fargo and Mizuho Bank,
Ltd., as co-documentation agents (as it may be amended, restated, amended and restated, supplemented or otherwise modified from
time to time).

 

“Rule
2.7” means Rule 2.7 of the Takeover Code.

 

“Rule
2.7 Announcement” means (in relation to a Scheme) a Scheme Press Release or (in relation to an Offer) an Offer Press Release.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of S&P Global, Inc., or its successor, or if it is dissolved
or liquidated or no longer performs the functions of a securities rating agency, such other nationally recognized securities rating
agency agreed upon by Borrower and Administrative Agent and approved by Required Lenders.

 

“Sale-Leaseback
Transaction” means any arrangement whereby Borrower or any Restricted Subsidiary shall sell or transfer any property, real
or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease property that
it intends to use for substantially the same purpose or purposes as the property sold or transferred.

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”)
or the U.S. Department of State, (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of
the United Kingdom.

 

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

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the
Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations
Security Council, the European Union, or Her Majesty’s Treasury of the United Kingdom (b) any Person located, organized
or resident in

 

    

    21

    

a Sanctioned
Country (except any U.S. Person with a location in a Sanctioned Country pursuant to an OFAC license), or (c) any Person owned
fifty percent or more or Controlled by any Person or Persons described in clause (a) or (b).

 

“Scheduled
Unavailability Date” has the meaning set forth in Section 3.03(b).

 

“Scheme”
means a scheme of arrangement made pursuant to Part 26 of the Companies Act between the Target and the holders of the Target shares
in relation to the transfer of the entire issued share capital of the Target to Bidco (or another Subsidiary of Borrower) as contemplated
by a Scheme Circular (as such Scheme Circular may be amended in accordance with the terms of this Agreement) as such Scheme may
from time to time be amended, added to, revised, renewed or waived in accordance with this Agreement.

 

“Scheme
Circular” means any circular to the shareholders of the Target to be issued by the Target setting out the proposals for
any Scheme.

 

“Scheme
Documents” means (a) any Scheme Press Release, (b) the Scheme Circular (if any) and (c) any other document designated in
writing as such by Borrower and Administrative Agent.

 

“Scheme
Effective Date” means the date on which a copy of the High Court order sanctioning a Scheme is duly filed on behalf of the
Target with the Registrar of Companies in accordance with section 899 of the Companies Act.

 

“Scheme
Press Release” means a press release to be issued by or on behalf of Borrower or the Target announcing, in compliance with
Rule 2.7, a firm intention to make an offer which is to be implemented by means of a Scheme or, as the case may be, a switch to
a Scheme in accordance with Section 8 of Appendix 7 of the Takeover Code.

 

“Significant
Subsidiary” means (i) for so long as each shall remain a Guarantor hereunder, Comcast Cable and NBCU and (ii) any other
Restricted Subsidiary whose Annualized EBITDA was greater than 5% of the Annualized EBITDA of Borrower and its Restricted Subsidiaries,
on a consolidated basis, for the period of two fiscal quarters ended on the last day of the fiscal quarter most recently ended,
or whose assets comprised more than 5% of the total assets of Borrower and its Restricted Subsidiaries, on a consolidated basis,
as of the last day of the fiscal quarter most recently ended.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references
to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of
Borrower.

 

“Syndication
Agent” has the meaning set forth in the introductory paragraph hereto.

 

“Takeover
Code” means the City Code on Takeovers and Mergers (as amended) issued by the Panel.

 

“Target”
means Sky plc, incorporated in England and Wales with registered number 02247735.

 

    

    22

    

“Target
Acquisition” means the acquisition by Borrower or one of its Subsidiaries (which may include Bidco) of at least a majority
of the share capital of the Target. For the avoidance of doubt, the Target Acquisition may, at Borrower’s election, involve
acquisition of greater than a majority of the share capital of the Target and may be consummated in several stages.

 

“Target
Acquisition Certificate” means a certificate substantially in the form of Exhibit G, properly completed and signed by a
Responsible Officer of Borrower.

 

“Target
Acquisition Documents” means any Rule 2.7 Announcement, any Offer Documents, any Scheme Documents and any other document
designated in writing by Borrower and Administrative Agent as a “Target Acquisition Document” from time to time.

 

“Target
Group” means the Target and its Subsidiaries.

 

“Term
Commitment Increase” has the meaning set forth in Section 2.15(a).

 

“Term
Loan” has the meaning set forth in Section 2.01(a).

 

“Term
Loan Facility” means the Commitments and the Extensions of Credit made hereunder.

 

“Threshold
Amount” means $500,000,000.

 

“Transaction
Costs” means all fees, costs and expenses incurred or payable by Borrower or any of its Subsidiaries in connection with
the Transactions.

 

“Transactions”
means, collectively, (a) the execution, delivery and performance by each Loan Party of the Loan Documents (including this Agreement)
to which it is to be a party and any Borrowings hereunder (at any time), (b) the execution, delivery and performance by each Loan
Party of the Loan Documents (as defined in the Bridge Credit Agreement) to which it is to be a party and the borrowing of the
Loans (as defined in the Bridge Credit Agreement) on April 25, 2018 or at any time thereafter, (c) the execution, delivery and
performance by each Loan Party of any amendments or modifications to the Revolving Credit Agreement undertaken in connection with
the Target Acquisition and any other documents executed in connection with any such amendments or modifications, (d) any Permanent
Financing transaction and/or the incurrence of any other interim financing for the Target Acquisition and any refinancing thereof,
(e) the consummation of the Target Acquisition (including any acquisition of Target shares after the Initial Closing Date), (f)
the execution, delivery and performance by each Loan Party of the Loan Documents (as defined in the Initial Term Loan Credit Agreement)
to which it is to be a party and the borrowing of the Loans (as defined in the Initial Term Loan Credit Agreement Credit Agreement)
on April 25, 2018 or at any time thereafter and (g) the payment of the Transaction Costs.

 

“type”
of Term Loan means, as to any Term Loan, its nature as a Base Rate Loan or a Eurodollar Rate Loan.

 

“Unrestricted
Subsidiary” means any Subsidiary of Borrower designated as an “Unrestricted Subsidiary” from time to time in
accordance with Section 6.08. Until so designated, each Subsidiary of Borrower shall be a Restricted Subsidiary.

 

“U.S.
Tax Compliance Certificate” has the meaning set forth in Section 10.20(a).

 

    

    23

    

“Wells
Fargo” means Wells Fargo Bank, National Association.

 

“Wells
Fargo Fee Letter” means that certain Fee Letter, dated as of August 7, 2018, by and among Borrower and WFS.

 

“WFS”
means Wells Fargo Securities LLC.

 

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

 

1.02     Use of Certain Terms.

 

(a)   
All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made
or delivered pursuant hereto or thereto, unless otherwise defined therein.

 

(b)   
As used herein, unless the context requires otherwise, the masculine, feminine and neuter genders and the singular and
plural include one another.

 

(c)   
The words “herein” and “hereunder” and words of similar import when used in any Loan Document shall
refer to the applicable Loan Document as a whole and not to any particular provision thereof. The term “including”
is by way of example and not limitation. References herein to a Section, subsection or clause shall, unless the context otherwise
requires, refer to the appropriate Section, subsection or clause in this Agreement.

 

(d)   
The term “or” is disjunctive; the term “and” is conjunctive. The term “shall” is mandatory;
the term “may” is permissive.

 

1.03     Accounting Terms. All accounting terms not specifically or completely defined in this Agreement shall be construed
in conformity with, and all financial data required to be submitted by this Agreement shall be prepared in conformity with, GAAP
applied on a consistent basis, as in effect from time to time in the United States; provided that if Borrower notifies
Administrative Agent that Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring
after the Effective Date in GAAP or in the application thereof on the operation of such provision, then (a) regardless of whether
such any such notice is given before or after such change in GAAP or the application thereof, then such provision shall be interpreted
on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall
have been withdrawn or such provision amended in accordance herewith and (b) Administrative Agent and Borrower shall negotiate
in good faith to determine such adjustments and amendments to the applicable terms and definitions as to make them consistent
with the intent hereof, and promptly upon Borrower and Administrative Agent reaching such agreement, Administrative Agent shall
notify Lenders of such adjustments and amendments, which shall be conclusive and effective as amendments hereunder, unless Required
Lenders object to such adjustments within 30 days of receipt of notice. 

 

Each Compliance
Certificate shall be prepared in accordance with this Section 1.03, except for the exclusion of Unrestricted Subsidiaries from
the calculations therein. Notwithstanding anything to the contrary contained herein, references herein to “Borrower and
its Restricted Subsidiaries on a consolidated basis” shall be deemed to refer to Borrower and its Restricted Subsidiaries
without taking into account the results or financial position of any Unrestricted Subsidiary and without taking into

 

    

    24

    

account any
interest of Borrower or any of its Restricted Subsidiaries in any Unrestricted Subsidiary. Without limiting the foregoing, for
purposes of determining compliance with any provision of this Agreement and any related definitions, the determination of whether
a lease is to be treated as an operating lease or capital lease shall be made without giving effect to any change in GAAP that
becomes effective on or after the date hereof that would require operating leases to be treated similarly to capital leases, including
as a result of the implementation of proposed ASU Topic 840, or any successor or similar proposal. Notwithstanding any other provision
contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts
and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board
Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value
any Indebtedness or other liabilities of Borrower or any Subsidiary at “fair value”, as defined therein.

 

1.04     Rounding. Any financial ratios required to be maintained by Borrower pursuant to this Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places
by which such ratio is expressed in this Agreement and rounding the result up or down to the nearest number (with a round-up if
there is no nearest number) to the number of places by which such ratio is expressed in this Agreement.

 

1.05     Exhibits and Schedules. All exhibits and schedules to this Agreement, either as originally existing or as the same
may from time to time be supplemented, modified or amended, are incorporated herein by this reference. A matter disclosed on any
Schedule shall be deemed disclosed on all Schedules. 

 

1.06     References to Agreements and Laws. Unless otherwise expressly provided herein, (a) references to agreements (including
the Loan Documents) and other contractual instruments shall include all amendments, restatements, extensions, supplements and
other modifications thereto (unless prohibited by any Loan Document), and (b) references to any Law shall include all statutory
and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

 

1.07     Pro Forma Calculations. For the purposes of calculating Annualized EBITDA of Borrower and its Restricted Subsidiaries,
on a consolidated basis, for any period (a “Test Period”), (i) if at any time from the period commencing on the first
day of such Test Period and ending on the last day of such Test Period (or, in the case of any pro forma calculation required
to be made pursuant hereto in respect of the designation of a Restricted Subsidiary as an Unrestricted Subsidiary that is a Material
Disposition or the designation of an Unrestricted Subsidiary as a Restricted Subsidiary that is a Material Acquisition, ending
on the date such Material Disposition or Material Acquisition is consummated after giving effect thereto), Borrower or any Restricted
Subsidiary shall have made any Material Disposition, the Annualized EBITDA for such Test Period shall be reduced by an amount
equal to the Annualized EBITDA (if positive) for such Test Period attributable to the assets which are the subject of such Material
Disposition or increased by an amount equal to the Annualized EBITDA (if negative) for such Test Period attributable to such assets;
(ii) if during such Test Period Borrower or any Restricted Subsidiary shall have made a Material Acquisition, Annualized EBITDA
of Borrower and its Restricted Subsidiaries, on a consolidated basis, for such Test Period shall be calculated after giving pro
forma effect thereto (including the incurrence or assumption of any Indebtedness in connection therewith) as if such Material
Acquisition (and the incurrence or assumption of any such Indebtedness) occurred on the first day of such Test Period; and (iii)
if during such Test Period any Person that subsequently became a Restricted Subsidiary or was merged with or into Borrower or
any Restricted Subsidiary since the beginning of such Test Period shall have entered into any Material Disposition or Material
Acquisition that would have required an adjustment pursuant to clause (i) or (ii) above if made by Borrower or a Restricted Subsidiary
during such Test Period, Annualized EBITDA of Borrower and its Restricted Subsidiaries, on a 

 

    

    25

    

consolidated
basis, for such Test Period shall be calculated after giving pro forma effect thereto as if such Material Disposition or Material
Acquisition occurred on the first day of such Test Period. For the purposes of this section, whenever pro forma effect is to be
given to a Material Disposition or Material Acquisition and the amount of income or earnings related thereto, the pro forma calculations
shall be determined in good faith by a Responsible Officer of Borrower. Comparable adjustments shall be made in connection with
any determination of Annualized EBITDA.

 

1.08     Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent
have any liability with respect to the administration, submission or any other matter related to the rates in the definition of
“Eurodollar Rate” or with respect to any comparable or successor rate thereto; provided that the foregoing
shall not apply to any liability arising out of the bad faith, willful misconduct or gross negligence of the Administrative Agent.

 

SECTION
2

THE COMMITMENTS AND EXTENSIONS OF CREDIT

 

2.01     Amount and Terms of Commitments.

 

(a)   
Subject to the terms and conditions set forth in this Agreement, during the Certain Funds Period, each Lender with a Commitment
severally agrees to make, Convert and Continue loans in Dollars (each such loan, a “Term Loan”) in such amounts as
Borrower may from time to time request; provided, however, that the amount of the Term Loans to be made by any Lender
at any time shall not exceed such Lender’s Commitment at such time. Term Loans borrowed pursuant to this Section 2.01(a)
and repaid or prepaid may not be reborrowed. Upon the making of any Term Loan by a Lender, such Lender’s Commitment shall
be permanently reduced by the Dollar amount of such Term Loan.

 

(b)   
[Reserved].

 

(c)   
Notwithstanding the foregoing, the Term Loans hereunder shall be available to be drawn on no more than three occasions
(in the aggregate) during the Certain Funds Period; provided that in the event that any Lender shall have failed to make
any Term Loan required to be made by it under Section 2.01, and the Borrower shall request an additional borrowing of Term
Loans, the Borrower shall not be deemed to have requested an additional Borrowing.

 

2.02     Procedure for Borrowings.

 

(a)   
Borrower may request a Borrowing of Term Loans in a Minimum Amount therefor by (A) telephone, or (B) delivering a Request
for Extension of Credit therefor by Requisite Notice to Administrative Agent not later than the Requisite Time therefor; provided
that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Request for Extension of
Credit. All Borrowings shall constitute Eurodollar Rate Loans with an Interest Period of one month unless properly and timely
otherwise designated as set forth in the prior sentence. Requests for Borrowings may be made contingent on the closing of the
Target Acquisition (or a portion of the Target Acquisition).

 

(b)   
Following receipt of a Request for Extension of Credit, Administrative Agent shall promptly notify each Lender by Requisite
Notice of its Applicable Percentage thereof. Each Lender (subject to clause (d) below) shall make the funds for its Term Loan
available to Administrative Agent at Administrative Agent’s Office not later than the Requisite Time therefor on

 

    

    26

    

the
Business Day specified in such Request for Extension of Credit. Upon satisfaction of the applicable conditions set forth in Section
4.02, all funds so received shall be made available to Borrower in like funds received.

 

(c)   
The failure of any Lender to make any Term Loan on any date shall not relieve any other Lender of any obligation to make
a Term Loan on such date, but the Commitments of the Lenders are several and no Lender shall be responsible for the failure of
any other Lender to so make its Term Loan. Borrower shall have the right to replace any Lender which fails to make a Term Loan
when obligated to do so in accordance with Section 10.21.

 

(d)   
Each Lender may, at its option, make any Term Loan available to Borrower by causing any foreign or domestic branch or Affiliate
of such Lender to make such Term Loan; provided that any exercise of such option shall not affect the obligation of Borrower
to repay such Term Loan in accordance with the terms of this Agreement; provided, further that, for the avoidance
of doubt, Borrower shall not be required to pay a greater amount under the increased costs provisions (including yield protection
and taxes) of Section 3 hereof than it would have paid in the absence of the exercise of such option.

 

2.03     [Reserved].

 

2.04     [Reserved]. 

 

2.05     Reduction or Termination of Commitments. 

 

(a)   
Upon Requisite Notice to Administrative Agent not later than the Requisite Time therefor, Borrower may at any time and
from time to time, without premium or penalty, permanently and irrevocably reduce or terminate any of the Commitments. Any such
Requisite Notice may state that such Requisite Notice is conditioned on the effectiveness of other credit facilities or other
financing transactions, in which case such Requisite Notice may be revoked by Borrower (by written notice to Administrative Agent
on or prior to the specified effective time) if such condition is not satisfied. Any such reduction or termination shall be accompanied
by payment of all accrued and unpaid commitment fees with respect to the portion of the Commitments being reduced or terminated.
Administrative Agent shall promptly notify Lenders of any such request for reduction or termination of the Commitments. Each Lender’s
Commitment shall be reduced pro rata by the amount of such reduction.

 

(b)   
Unless previously terminated, the Commitments shall permanently terminate in full at 11:59 p.m. (New York City time) on
the Certain Funds Termination Date (after giving effect to any Borrowings made or to be made on the Certain Funds Termination
Date).

 

2.06     Prepayments and Repayments of Term Loans.

 

(a)   
Upon Requisite Notice to Administrative Agent not later than the Requisite Time therefor, Borrower may at any time and
from time to time voluntarily prepay Term Loans made to it in part in the Minimum Amount therefor or in full without premium or
penalty. Administrative Agent will promptly notify each relevant Lender thereof and of such Lender’s percentage of such
prepayment. Any such Requisite Notice may state that such Requisite Notice is conditioned on the consummation of any portion of
the Target Acquisition or any other transaction, including the establishment of other credit facilities or the consummation of
any other financing transactions, in which case such Requisite Notice may be revoked by Borrower (by written notice to Administrative
Agent on or prior to the specified effective time) if such condition is not satisfied. Any prepayment of

 

    

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a
Eurodollar Rate Loan shall be accompanied by all accrued interest thereon, together with the costs set forth in Section 3.05.

 

(b)   
For the avoidance of doubt, no amortization payments shall be required in respect of any Term Loans.

 

(c)   
Borrower shall pay to Administrative Agent for the ratable account of each Lender, on the Maturity Date, the aggregate
principal amount of the Term Loans then outstanding.

 

2.07     Documentation of Term Loans.

 

(a)   
Upon the request of any Lender made through Administrative Agent, a Lender’s Term Loans may be evidenced by one or
more Notes of Borrower, instead of or in addition to its loan accounts or records. Each such Lender may attach schedules to its
Notes and endorse thereon the date, amount and maturity of its Term Loans and payments with respect thereto. Any failure so to
record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower to pay any amount owing
with respect to the Obligations.

 

(b)   
Administrative Agent shall maintain, at Administrative Agent’s Office, a register for the recordation of the names
and addresses of Lenders and the Commitments and Extensions of Credit of each Lender from time to time (the “Register”).
The Register shall be available for inspection by Borrower or any Lender at any reasonable time and from time to time upon reasonable
prior notice. Administrative Agent shall maintain the Register, acting, solely for this administrative purpose only, as a non-fiduciary
agent for Borrower (it being acknowledged and agreed that Administrative Agent and each Administrative Agent-Related Person, in
such capacity, shall constitute Indemnitees under Section 10.13).

 

(c)   
Administrative Agent shall record in the Register the Commitment and Term Loans from time to time of each Lender, and each
repayment or prepayment in respect thereof. Any recordation shall be conclusive and binding on Borrower and each Lender, absent
manifest error.

 

(d)   
Each Lender shall record on its internal loan accounts or records (and may record on the Note(s) held by such Lender) the
amount of each Term Loan made by it and each payment in respect thereof; provided that the failure to make any such recordation,
or any error in such recordation, shall not affect any Lender’s Commitment or Outstanding Obligations; and provided, further,
that in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall
govern, absent manifest error.

 

(e)   
Borrower, Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders
of the corresponding Commitments and Extensions of Credit listed therein for all purposes hereof, and no assignment or transfer
of any such Commitment or Extensions of Credit shall be effective, in each case, unless and until an Assignment and Assumption
effecting the assignment or transfer thereof shall have been accepted by Administrative Agent and recorded in the Register. Prior
to such recordation, all amounts owed with respect to the applicable Commitment or Outstanding Obligations shall be owed to the
Lender listed in the Register as the owner thereof, and any request, authority or consent of any Person who, at the time of making
such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any
subsequent holder, assignee or transferee of the corresponding Commitments or Outstanding Obligations.

 

    

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2.08     Continuation and Conversion Option.

 

(a)   
Borrower may irrevocably request a Conversion or Continuation of Term Loans on any Business Day in a Minimum Amount therefor
by delivering a Request for Extension of Credit therefor by Requisite Notice to Administrative Agent not later than the Requisite
Time therefor. All Conversions and Continuations of Term Loans shall constitute Eurodollar Rate Loans with an Interest Period
of one month unless properly and timely otherwise designated as set forth in the prior sentence.

 

(b)   
Unless Borrower pays all amounts due under Section 3.05, if any, a Eurodollar Rate Loan may be Continued or Converted only
on the last day of the Interest Period for such Eurodollar Rate Loan. During the existence of an Event of Default, Administrative
Agent may (and upon the request of the Required Lenders shall) prohibit Dollar-denominated Term Loans from being requested as,
Converted into, or Continued as Eurodollar Rate Loans, and Required Lenders may demand that any or all of the then outstanding
Dollar-denominated Eurodollar Rate Loans be Converted immediately into Base Rate Loans.

 

(c)   
Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to any Eurodollar Rate
Loan upon determination of the same. Administrative Agent shall from time to time notify Borrower and Lenders of any change in
Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

 

2.09     Interest.

 

(a)   
Subject to subsection (b) below, and unless otherwise specified herein, Borrower hereby promises to pay interest on the
unpaid principal amount of each Term Loan made to it (before and after default, before and after maturity, before and after judgment
and before and after the commencement of any proceeding under any Debtor Relief Laws) from the date borrowed until paid in full
(whether by acceleration or otherwise) on each Applicable Payment Date at a rate per annum equal to:

 

(i)       
in the case of Base Rate Loans, the Base Rate plus the Applicable Amount for such type of Term Loan; and

 

(ii)       in the case of Eurodollar Rate Loans, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable
Amount for such type of Loan.

 

(b)   
If any amount payable by Borrower under any Loan Document is not paid when due (without regard to any applicable grace
periods), Borrower hereby promises to pay interest (after as well as before entry of judgment thereon to the extent permitted
by law) on such amount at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted
by applicable Law. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be payable
upon demand.

 

(c)   
On any Business Day, Borrower may call Administrative Agent and request information as to the then current Eurodollar Rate
or Base Rate, and Administrative Agent shall provide such information.

 

2.10     Fees.

 

(a)   
Commitment Fee. Borrower shall pay to Administrative Agent, for the account of each Lender pro rata according to
its Applicable Percentage, a commitment fee equal to the Applicable

 

    

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Amount
times the average daily amount of such Lender’s Commitment then outstanding, subject to adjustment as set forth in Section
2.14(a). The commitment fee shall accrue at all times from and after the Effective Date until (and shall be due and payable on)
the earlier of (x) with respect to any Commitments, the date on which such Commitments have terminated, including pursuant to
any Borrowing or otherwise in accordance with Section 2.05 and (y) the Certain Funds Termination Date. The commitment fee
shall accrue at all applicable times, including at any time during which one or more conditions in Section 4 are not met.

 

(b)   
Other Fees. Borrower agrees to pay to Administrative Agent and the other parties hereto (and their respective Affiliates)
the fees in the amounts and on the dates previously agreed to in writing by Borrower and such parties (or their respective Affiliates).

 

2.11     Computation of Interest and Fees. Computation of interest on Base Rate Loans when the Base Rate is determined by
Bank of America’s “prime rate” shall be calculated on the basis of a year of 365 or 366 days, as the case may
be, and the actual number of days elapsed. Computation of all other types of interest and all fees shall be calculated on the
basis of a year of 360 days. Interest shall accrue on each Term Loan for the day on which the Term Loan is made, and shall not
accrue on a Term Loan, or any portion thereof, for the day on which the Term Loan or such portion is paid; provided that
any Term Loan that is repaid on the same day on which it is made shall bear interest for one day.

 

2.12     Making Payments.

 

(a)   
Except as otherwise provided herein, all payments by Borrower or any Lender hereunder shall be made to Administrative Agent
at Administrative Agent’s Office not later than the Requisite Time for such type of payment. All payments received after
such Requisite Time shall be deemed received on the next succeeding Business Day for purposes of the calculation of interest and
fees, but not for purposes of determining whether a Default has occurred. All payments of principal and interest shall be made
in immediately available funds in Dollars. All fees due hereunder shall be payable in Dollars. All payments by Borrower shall
be made without condition or deduction for any counterclaim, defense, recoupment or setoff.

 

(b)   
Upon satisfaction of any applicable terms and conditions set forth herein, Administrative Agent shall promptly make any
amounts received in accordance with Section 2.12(a) available in like funds received as follows: (i) if payable to Borrower, by
crediting a deposit account designated from time to time by Borrower to Administrative Agent by Requisite Notice, and (ii) if
payable to any Lender, by wire transfer to such Lender at its Lending Office. If such conditions are not so satisfied, Administrative
Agent shall return any funds it is holding to the Lenders making such funds available, without interest.

 

(c)   
Subject to the definition of “Interest Period,” if any payment to be made by Borrower shall come due on a day
other than a Business Day, payment shall instead be considered due on the next succeeding Business Day, and such extension of
time shall be reflected in computing interest and fees.

 

(d)   
Subject to Section 4.04, unless Borrower or any Lender has notified Administrative Agent, prior to the Requisite Time any
payment to be made by it is due, that it does not intend to remit such payment, Administrative Agent may, in its sole and absolute
discretion, assume that Borrower or such Lender, as the case may be, has timely remitted such payment and may, in its sole and
absolute discretion and in reliance thereon, make such payment available to the Person entitled thereto. If such payment was not
in fact remitted to Administrative Agent in immediately available funds, then:

 

    

    30

    

(i)
If Borrower failed to make such payment, each Lender shall forthwith on demand repay to Administrative Agent the amount of such
assumed payment made available to such Lender, together with interest thereon in respect of each day from and including the date
such amount was made available by Administrative Agent to such Lender to the date such amount is repaid to Administrative Agent
at the Federal Funds Rate; and

 

(ii)
If any Lender failed to make such payment, Administrative Agent shall be entitled to recover such corresponding amount on demand
from such Lender. If such Lender does not pay such corresponding amount upon Administrative Agent’s demand therefor, Administrative
Agent promptly shall notify Borrower, and Borrower shall pay such corresponding amount to Administrative Agent following the Certain
Funds Termination Date. Administrative Agent also shall be entitled to recover interest on such corresponding amount in respect
of each day from the date such corresponding amount was made available by Administrative Agent to Borrower to the date such corresponding
amount is recovered by Administrative Agent, (A) from such Lender at a rate per annum equal to the Federal Funds Rate, and (B)
from Borrower, at a rate per annum equal to the interest rate applicable to such Borrowing. Nothing herein shall be deemed to
relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which Administrative Agent or Borrower
may have against any Lender as a result of any default by such Lender hereunder.

 

(e)   
If Administrative Agent or any Lender is required at any time to return to Borrower, or to a trustee, receiver, liquidator,
custodian or any official under any proceeding under Debtor Relief Laws, any portion of a payment made by Borrower, each Lender
shall, on demand of Administrative Agent, return its share of the amount to be returned, plus interest thereon from the date of
such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate.

 

2.13    Funding Sources. Nothing in this Agreement shall be deemed to obligate any Lender to obtain the funds for any Term
Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the
funds for any Term Loan in any particular place or manner. 

 

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

 

(a)   
Fees set forth in Section 2.10(a) shall cease to accrue on the unfunded portion of the Commitments of such Defaulting Lender;

 

(b)   
To the extent permitted by applicable Law, any voluntary prepayment of Term Loans shall, if Borrower so directs at the
time of making such voluntary prepayment, be applied to the Term Loans of other Lenders as if such Defaulting Lender had no Term
Loans outstanding and the Aggregate Exposure of such Defaulting Lender in respect of its Commitment were zero; and

 

(c)   
The Aggregate Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or Required Lenders
have taken or may take any action hereunder (including any consent to any amendment, waiver or modification pursuant to Section
10.01); provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which
affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender and
in any event, no such amendment, modification, or waiver shall

 

    

    31

    

increase
the Commitments or the principal amount of any Term Loans of such Defaulting Lender, extend the maturity date applicable thereto
or decrease the rate of interest (including any commitment fees) payable in respect thereof without the consent of such Defaulting
Lender.

 

2.15    Increase in Term Commitments.

 

(a)   
Upon notice to Administrative Agent, Borrower may from time to time, request the addition of one or more new term loan
facilities (each an “Incremental Facility”) (each such request for an Incremental Facility being a “Term
Commitment Increase” and each such loan thereunder an “Incremental Loan”); provided that (i)
any such request for Term Commitment Increase shall be in a minimum amount of $50,000,000 and in minimum additional amounts of
$5,000,000 (unless otherwise agreed by Administrative Agent) and (ii) the aggregate amount of Term Commitment Increases and Incremental
Facilities effected from time to time after the Effective Date shall not exceed such amounts as would cause the Leverage Ratio
as of the end of any fiscal quarter of Borrower to be greater than 5.75 to 1.00. The terms and provisions of the Term Commitment
Increase shall be on terms of which are identical to the Term Loan Facility at the time of the incurrence of such Incremental
Facility. The Incremental Loans in respect of any Incremental Facility shall rank equal in right of payment with the Loans and
shall be guaranteed only by the Guarantors.

 

(b)   
Borrower may request additional Incremental Facilities from existing Lenders or new lenders that are Eligible Assignees.
No Lender shall be obligated to provide any Incremental Loans unless it so agrees and Borrower shall not be obligated to offer
any existing Lender the opportunity to provide any Incremental Loans. Any new lender that is an Eligible Assignee agreeing to
a Commitment in respect of an Incremental Facility shall, upon execution of a customary joinder agreement, become a Lender hereunder.
Such Incremental Facility, and the terms thereof, shall be set forth in an a customary incremental supplement to this Agreement
among Borrower and Lenders under the Incremental Facility (upon execution of such supplement any Eligible Assignee shall become
a Lender hereunder). Schedule 1 to such supplement shall set forth the commitments under the Incremental Facility of each lender
thereunder.

 

(c)   
If Incremental Facilities are effected in accordance with this Section, Administrative Agent and Borrower shall determine
the effective date (the “Incremental Effective Date”) and the final allocation of such Incremental Facility. Administrative
Agent shall promptly notify Borrower and Lenders of the final allocation of such increase and the Incremental Effective Date.
As a condition precedent to such increase, (i) Borrower shall deliver to Administrative Agent a certificate dated as of the Incremental
Effective Date signed by a Responsible Officer of Borrower certifying that the conditions set forth in Section 4.01(a)(iii) are
satisfied with respect to such Incremental Facility, and (ii) each Guarantor shall reaffirm its obligations under the Guarantee
Agreement.

 

SECTION
3

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01     Taxes.

 

(a)   
To the extent permitted by Law, any and all payments by or on account of Borrower to or for the account of any Lender Party
under any Loan Document shall be made free and clear of and without deduction or withholding for or on account of any and all
present or future income, stamp or other taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar
charges, now or hereafter imposed, levied, collected, withheld or assessed and all interest,

 

    

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additions
to tax, or penalties with respect thereto, excluding, (w) in the case of a Lender Party, taxes imposed on or measured by its net
income, and franchise taxes (imposed in lieu of net income taxes) imposed on it, (I) by the jurisdiction (or any political subdivision
thereof) under the Laws of which the Lender Party is organized or maintains a Lending Office, or (II) by reason of any present
or former connection between such Lender Party and the jurisdiction imposing such taxes, other than solely as a result of this
Agreement or any Note or any transaction contemplated thereby, (x) with respect to each Lender Party, taxes imposed by reason
of any present or former connection between such Lender Party and the jurisdiction imposing such taxes, other than solely as a
result of this Agreement or any Note or any transaction contemplated hereby, (y) in the case of a Lender Party organized under
the Laws of a jurisdiction outside the United States (other than an assignee pursuant to a request by Borrower under Section 3.06(b)),
any withholding tax that is imposed on amounts payable to such Lender Party at the time such Lender Party becomes a party to this
Agreement (or designates a new lending office) or is attributable to such Lender Party’s failure to comply with Section
10.20, except to the extent that such Lender Party (or its assignor, if any) was entitled, at the time of designation of a new
lending office (or assignment), to receive additional amounts from Borrower with respect to such withholding tax pursuant to this
Section and (z) withholding taxes imposed pursuant to FATCA (all non-excluded taxes, duties, levies, imposts, deductions, assessments,
fees, withholdings or similar charges, and liabilities imposed on or with respect to any payment made by or on account of any
obligation of any Loan Party under any Loan Document being hereinafter referred to as “Non-Excluded Taxes”). If Borrower
or Administrative Agent shall be required by any Laws to deduct any Non-Excluded Taxes from or in respect of any sum payable under
any Loan Document to any Lender Party, (i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section), such Lender Party receives an amount equal to
the sum it would have received had no such deductions been made, (ii) Borrower or Administrative Agent shall make such deductions
or withholdings, (iii) Borrower or Administrative Agent shall pay the full amount deducted or withheld to the relevant taxation
authority or other authority in accordance with applicable Laws and (iv) with respect to all withholding taxes, within 30 days
after the date of such payment by Borrower, Borrower shall furnish to Administrative Agent (who shall forward the same to such
Lender Party) the original or a certified copy of a receipt evidencing payment thereof.

 

(b)   
In addition, Borrower agrees to pay, or at the option of Administrative Agent timely reimburse it for the payment of, any
and all present or future stamp, court, documentary, intangible, recording, filing or other similar taxes, charges or levies which
arise from any payment made by it under any Loan Document or from the execution, delivery, performance, enforcement or registration
of, or otherwise with respect to, any Loan Document except any such taxes that are imposed with respect to an assignment by the
Lender (hereinafter referred to as “Other Taxes”).

 

(c)   
Borrower agrees to indemnify each Lender Party for the full amount of Non-Excluded Taxes and Other Taxes (including any
Non-Excluded Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) paid by such
Lender Party with respect to any Term Loan or Loan Document and any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto; provided, however, that Borrower shall not be obligated
to indemnify such recipient pursuant to this Section 3.01 in respect of interest, penalties and other liabilities attributable
to any Non-Excluded Taxes or Other Taxes, if such interest, penalties other liabilities are attributable to the gross negligence
or willful misconduct of such Lender Party. After a Lender Party learns of the imposition of Non-Excluded Taxes or Other Taxes,
such Lender will act in good faith to promptly notify Borrower of its obligations hereunder. A certificate as to the amount of
such payment or liability delivered to Borrower by a Lender (with a copy to Administrative Agent), or by Administrative Agent
on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

    

    33

    

(d)   
Indemnification by Lenders. Each Lender shall severally indemnify Administrative Agent, within 10 days after demand therefor,
for (i) any Non-Excluded Taxes or Other Taxes attributable to such Lender (but only to the extent that Borrower has not already
indemnified Administrative Agent for such Non-Excluded Taxes or Other Taxes and without limiting the obligation of Borrower to
do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.04 relating to
the maintenance of a Participant Register and (iii) any excluded Taxes described in Section 3.01(a) that are attributable to such
Lender, in each case, that are payable or paid by Administrative Agent in connection with any Loan Document, and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by
the relevant taxation authority. A certificate as to the amount of such payment or liability delivered to any Lender by Administrative
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes Administrative Agent to set off and apply any and
all amounts at any time owing to such Lender under any Loan Document or otherwise payable by Administrative Agent to the Lender
from any other source against any amount due to Administrative Agent under this paragraph (d).

 

(e)   
Notwithstanding anything to the contrary contained in this Section 3.01, all obligations of Borrower to any Lender under
this Section 3.01 shall be subject to, and conditioned upon such Lender’s compliance with its obligations, if any, under
Section 10.20.

 

(f)    
If any Lender Party determines, in its sole discretion exercised in good faith, that it has received a refund from a relevant
taxing or governmental authority in respect of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by Borrower
or with respect to which Borrower has paid additional amounts pursuant to this Section 3.01, it shall pay over such refund to
Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by Borrower under this Section 3.01 with
respect to the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Lender
Party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided, that in the event such Lender Party is required to repay any or all of such refund to such Governmental Authority (a
“Refund Repayment Requirement”), Borrower, upon the request of such Lender Party, agrees to repay to such Lender Party
the full amount of such Refund Repayment Requirement (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority). This subsection shall not be construed to require any Lender Party to make available its tax returns (or any other
information relating to its taxes which it deems confidential) to Borrower or any other Person.

 

3.02    Illegality. If any Lender determines that any Laws have made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Eurodollar Rate Loans,
or materially restricts the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the applicable offshore
interbank market, or to determine or charge interest rates based upon the Eurodollar Rate, then, on notice thereof by such Lender
to Borrower through Administrative Agent, the obligation of such Lender to make Eurodollar Rate Loans shall be suspended until
such Lender notifies Administrative Agent and Borrower that the circumstances giving rise to such determination no longer exist.
Upon receipt of such notice, Borrower shall, upon demand from such Lender (with a copy to Administrative Agent), prepay or Convert
all Eurodollar Rate Loans of such Lender, either on the last day of the Interest Period thereof, if such Lender may lawfully continue
to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Rate Loans. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for
such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

 

3.03    Inability to Determine Eurodollar Rates. 

 

    

    34

    

(a)   
If, in connection with any Request for Extension of Credit involving any Eurodollar Rate Loan, (a) Administrative Agent
determines that (i) deposits in Dollars are not being offered to banks in the applicable offshore dollar market for the applicable
amount and Interest Period of the requested Eurodollar Rate Loan or (ii) adequate and reasonable means do not exist for determining
the underlying interest rate for such Eurodollar Rate Loan, or (b) Required Lenders determine that such underlying interest rate
does not adequately and fairly reflect the cost to Lenders of funding such Eurodollar Rate Loan, Administrative Agent will promptly
notify Borrower and all Lenders. Thereafter, the obligation of Lenders to make or maintain such Eurodollar Rate Loan shall be
suspended until Administrative Agent revokes such notice. Upon receipt of such notice, Borrower may revoke any pending request
for a Borrowing of Eurodollar Rate Loans or, failing that, be deemed to have converted such request into a request for a Borrowing
of Base Rate Loans in the amount specified therein.

 

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

 

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

 

(ii)
the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made
a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or
used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”), or

 

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

 

then, reasonably promptly after
such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative
Agent and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate reasonably acceptable to the
Borrower and the Administrative Agent (including any mathematical or other adjustments to the benchmark (if any) incorporated
therein), giving due consideration to any evolving or then existing convention for similar syndicated credit facilities for such
alternative benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor
Rate Conforming Changes and any such amendment shall become effective at 5:00 p.m. (New York City time) on the fifth Business
Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to
such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required
Lenders do not accept such amendment.

 

If no LIBOR Successor Rate has
been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred (as applicable),
the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to
make or maintain Eurodollar Rate Loans shall be suspended, (to the extent of the affected Eurodollar Rate Loans or Interest Periods),
and (y) the Eurodollar Rate component shall no longer be utilized in determining the

 

    

    35

    

Base Rate. Upon receipt of such
notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans
(to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such
request into a request for a Committed Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified
therein.

 

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

 

3.04    Increased Cost and Reduced Return; Capital Adequacy.

 

(a)   
If any Lender Party determines that the adoption of any Law or any change in any Law or in the interpretation thereof effective
after the date hereof:

 

(i)
Subjects such Lender Party to any tax (excluding taxes described in clauses (w), (y) and (z) of Section 3.01(a), Non-Excluded
Taxes and Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto with respect to any Eurodollar Rate Loans or its obligation to make Eurodollar
Rate Loans;

 

(ii)
Imposes or modifies any reserve, special deposit, compulsory loan, insurance charge, or similar requirement (other than the reserve
requirement utilized in the determination of the Eurodollar Rate) relating to any extensions of credit or other assets of, or
any deposits with or other liabilities or commitments of, such Lender Party (including its Commitment); or

 

(iii)
Imposes on such Lender Party or on the offshore interbank market any other condition, cost or expense (other than taxes) affecting
this Agreement or any of such extensions of credit or liabilities or commitments;

 

and the result of any of the
foregoing is to increase the cost to such Lender Party of making, Converting into, Continuing, or maintaining any Eurodollar Rate
Loans or to reduce any sum received or receivable by such Lender Party under this Agreement with respect to any Eurodollar Rate
Loans, then from time to time upon demand of such Lender Party (with a copy of such demand to Administrative Agent), Borrower
shall pay to such Lender Party such additional amounts as will compensate such Lender Party for such increased cost or reduction.

 

(b)   
If any Lender Party determines that the adoption of any Law or any change in any Law or in the interpretation thereof effective
after the date hereof, including in regard to capital adequacy and liquidity, has the effect of reducing the rate of return on
the capital of such Lender Party or compliance by such Lender Party (or its Lending Office) or any corporation controlling such
Lender Party as a consequence of such Lender Party’s obligations hereunder (taking into consideration its policies with
respect to capital adequacy and liquidity and such Lender Party’s desired return on capital and desired liquidity levels),
then from time to time upon demand of such Lender Party (with a copy to Administrative Agent), Borrower shall pay to such Lender
Party such additional amounts as will compensate such Lender Party for such reduction.

 

(c)   
Notwithstanding anything herein to the contrary (i) all requests, rules, guidelines, requirements and directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or by United States or foreign regulatory authorities, in each case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street

 

    

    36

    

Reform
and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection
therewith or in implementation thereof, shall in each case be deemed to be a change in Law, regardless of the date enacted, adopted,
issued or implemented.

 

3.05    Breakfunding Costs. Subject to Section 3.06(a), upon demand of any Lender (with a copy to Administrative Agent)
from time to time, Borrower shall promptly compensate such Lender for and hold such Lender harmless from any actual loss, cost
or expense incurred by it as a result of:

 

(a)   
Any Continuation, Conversion, payment or prepayment by Borrower of any Eurodollar Rate Loan on a day other than the last
day of the Interest Period for such Eurodollar Rate Loan (whether voluntary, mandatory, automatic, by reason of acceleration or
otherwise); or

 

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

 

excluding any loss of anticipated
profits but including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such
Term Loan or from fees payable to terminate the deposits from which such funds were obtained.

 

3.06    Matters Applicable to all Requests for Compensation.

 

(a)   
A certificate of Administrative Agent or any Lender claiming compensation under this Section 3 and setting forth the additional
amount or amounts to be paid to it hereunder shall be conclusive in the absence of clearly demonstrable error; provided
that such certificate (i) sets forth with reasonable specificity the calculation of the amount to be paid, (ii) states that Administrative
Agent or such Lender, as applicable, is treating substantially all similarly situated borrowers in a manner that is consistent
with the treatment afforded Borrower hereunder, (iii) is delivered within 90 days of the later of the date of the event giving
rise to such compensation and the date Administrative Agent or such Lender knew or, with the exercise of reasonable care, should
have known of the requirements for such compensation, and (iv) confirms (in the case of a claim for compensation under Section
3.01 or Section 3.04) that either a change in Administrative Agent’s Office or Lending Office, as the case may be, of Administrative
Agent or such Lender, as the case may be, would not have eliminated the request for compensation or that such change would have
been otherwise disadvantageous to Administrative Agent or such Lender, as the case may be. In determining the amount of such compensation,
Administrative Agent or any Lender may use any reasonable averaging and attribution methods.

 

(b)   
Upon any Lender becoming prohibited from making, maintaining or funding Eurodollar Rate Loans pursuant to Section 3.02,
or upon any Lender making a claim for compensation under Section 3.01 or Section 3.04, Borrower may remove or replace such Lender
in accordance with Section 10.21.

 

3.07    Survival. All of Borrower’s obligations under this Section 3 shall survive termination of the Commitments
and payment in full of all Obligations. 

 

    

    37

    

SECTION
4

CONDITIONS PRECEDENT TO EXTENSIONS OF CREDIT

 

4.01    Conditions Precedent to Effective Date. This Agreement shall become effective upon the satisfaction of the conditions
precedent set forth in this Section 4.01:

 

(a)   
Receipt by Administrative Agent of each of the following, each of which shall be originals, facsimiles or pdf copies unless
otherwise specified, each properly executed by a Responsible Officer of the applicable Loan Party, each dated on, or in the case
of third party certificates, recently before, the Effective Date and each in form and substance reasonably satisfactory to Administrative
Agent:

 

(i)
executed counterparts of (a) this Agreement, executed and delivered by Borrower, Administrative Agent and each Person listed on
Schedule 2.01 and (b) the Guarantee Agreement, executed and delivered by each Guarantor (provided that the requirements
of this clause (i) may be satisfied by customary written evidence reasonably satisfactory to Administrative Agent (which may include
electronic transmission of a signed signature page) that such party has signed a counterpart to this Agreement or the Guarantee
Agreement (as applicable));

 

(ii)
a certificate of each Loan Party, dated the Effective Date and executed by a secretary, assistant secretary or Responsible Officer
thereof, which shall (A) certify that attached thereto are (x) a true and complete copy of the certificate or articles of incorporation,
formation or organization of such Loan Party certified by the relevant authority of its jurisdiction of organization, which certificate
or articles of incorporation, formation or organization of such Loan Party attached thereto have not been amended (except as attached
thereto) since the date reflected thereon, (y) a true and correct copy of the by-laws or operating, management, partnership or
similar agreement of such Loan Party, together with all amendments thereto as of the Effective Date and such by-laws or operating,
management, partnership or similar agreement are in full force and effect and (z) a true and complete copy of the resolutions
or written consent, as applicable, of its board of directors, board of managers, sole member or other applicable governing body
(including the debt pricing committee of Borrower) authorizing the execution, delivery and performance of the Loan Documents,
and, in the case of Borrower, the borrowings and other obligations thereunder, which resolutions or consent have not been modified,
rescinded or amended (other than as attached thereto) and are in full force and effect, and (B) identify by name and title and
bear the signatures of the officers, managers, directors or authorized signatories of such Loan Party authorized to sign the Loan
Documents to which such Loan Party is a party on the Effective Date;

 

(iii)
a certificate signed by a Responsible Officer of Borrower certifying that (A) the representations and warranties made by
Borrower herein, or which are contained in any certificate, document or financial or other statement furnished at any time under
or in connection herewith or therewith, shall be correct in all material respects on and as of the Effective Date, (B) no Default
or Event of Default shall have occurred and be continuing and (C) that there has been no event or circumstance since the date
of the Reference Statements which has a Material Adverse Effect;

 

(iv)
opinions of counsel to Borrower in form and substance reasonably satisfactory to Administrative Agent; and

 

    

    38

    

(v)
all information requested by the Arrangers in writing at least ten Business Days prior to the Effective Date, to the extent necessary
to enable such Lender to identify Borrower and Guarantors to the extent required for compliance with the PATRIOT Act or other
“know your customer” rules and regulations (which requested information shall have been received at least three (3)
Business Days prior to the Effective Date) and if the Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation the Borrower shall deliver, to each Lender that so requests, a Beneficial Ownership Certification in relation
to such Borrower.

 

(b)   
With respect to any fees due and payable on or before the Effective Date pursuant to the Fee Letters, either (i) such
fees shall have been paid or (ii) arrangements satisfactory to Administrative Agent and the Arrangers shall have been made
with respect to the payment of such fees.

 

4.02    Conditions Precedent to Borrowings. The agreement of each Lender to make Extensions of Credit requested to be made
by it is subject solely to the satisfaction, in each case on or before the Certain Funds Termination Date, of the applicable conditions
precedent set forth in this Section 4.02:

 

(a)   
The Effective Date shall have occurred.

 

(b)   
With respect to the initial Extension of Credit hereunder, Administrative Agent shall have received a Target Acquisition
Certificate.

 

(c)   
Administrative Agent shall have received evidence that all fees required to be paid on or prior to the date of such Extension
of Credit pursuant to the Fee Letters have been or shall be paid on or prior to such date (or other arrangements satisfactory
to Administrative Agent and the Arrangers shall have been made with respect to the payment of such fees).

 

(d)   
No Major Event of Default shall have occurred and be continuing or would result from the proposed Extension of Credit to
be made on such date.

 

(e)   
It shall not be illegal for any Lender to lend and there is no injunction, restraining order or equivalent prohibiting
any Lender from funding its portion of such Term Loans; provided, that such Lender has used commercially reasonable
efforts to fund its such Term Loans through an Affiliate of such Lender not subject to such legal restriction; provided,
further, that the occurrence of such event in relation to one Lender shall not relieve any other Lender of its obligations
hereunder.

 

4.03    Determinations Under Sections 4.01 and 4.02. For purposes of determining compliance with the conditions specified
in Sections 4.01 or 4.02, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each
document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless
an officer of Administrative Agent responsible for the transactions contemplated by this Agreement shall have received notice
from such Lender prior to the Effective Date or the date of any Extension of Credit, as applicable, specifying its objection thereto.
Administrative Agent (or its counsel) shall promptly notify the Lenders and Borrower in writing of the occurrence of the Effective
Date and of the occurrence of the Initial Closing Date, which writings shall be conclusive and irrevocable.

 

4.04    Actions by Lenders During Certain Funds Period. Notwithstanding (x) anything to the contrary in this Agreement or
any other Loan Document or (y) that any condition set forth in Section 4.01 or Section 4.02 may subsequently be determined not
to have been satisfied, during the 

 

    

    39

    

Certain Funds
Period (unless (i) a Major Event of Default has occurred and is continuing or, in respect of clause (c) below, would result
therefrom, (ii) in respect of clause (c) below, the conditions set forth in Section 4.02, as applicable, are not satisfied
or (iii) it becomes illegal for any Lender to maintain its Commitment; provided that such Lender has used commercially
reasonable efforts to maintain its Commitment through an Affiliate of such Lender not subject to a legal restriction and that
the occurrence of such event in relation to one Lender shall not enable any other Lender to cancel its Commitment), each Lender
shall comply with its obligations to fund Term Loans under the Loan Documents and no Lender shall:

 

(a)   
cancel any of its Commitments;

 

(b)   
rescind, terminate or cancel any Loan Document or exercise any similar right or remedy or make or enforce any claim under
any Loan Document it may have to the extent to do so would prevent or limit the funding of a Borrowing;

 

(c)   
refuse to fund any Term Loan in respect of its outstanding Commitment;

 

(d)   
exercise any right of set-off or counterclaim in respect of any Term Loan to the extent to do so would prevent or limit
the funding of any Borrowing; or

 

(e)   
cancel, accelerate or cause repayment or prepayment of any amounts owing under any Loan Document to the extent to do so
would prevent or limit the funding of any Borrowing;

 

provided
that immediately upon the expiration of the Certain Funds Period all such rights, remedies and entitlements shall be available
to the Lenders notwithstanding that they may not have been used or been available for use during the Certain Funds Period.

 

SECTION
5

REPRESENTATIONS AND WARRANTIES

 

Subject to
Section 4.04. Borrower represents and warrants to Administrative Agent and Lenders that:

 

5.01    Existence and Qualification; Compliance with Laws. Each of Borrower and its Restricted Subsidiaries (a) is a corporation,
partnership or limited liability company duly organized or formed, validly existing and in good standing under the Laws of the
state of its organization, except, with respect to any Restricted Subsidiary that is not a Loan Party, to the extent that the
failure to be so organized, formed, validly existing or in good standing does not have a Material Adverse Effect, and (b) is in
compliance with all Laws, except to the extent that noncompliance does not have a Material Adverse Effect. 

 

5.02    Power; Authorization; Enforceable Obligations. Each Loan Party has the power and authority and the legal right to
execute, deliver and perform each Loan Document to which it is a party, and has taken all necessary organizational action to authorize
the execution, delivery and performance of each Loan Document to which it is a party. Except for such consents, authorizations,
filings or other acts which have been duly made or obtained and are in full force and effect, no consent or authorization of,
filing with, or other act by or in respect of any Governmental Authority is required for the due execution, delivery or performance
of this Agreement or any of the other Loan Documents, except as would not reasonably be expected to have a material adverse effect
on the validity or enforceability of this Agreement or the Guarantee Agreement. Each Loan Document has been duly executed and
delivered 

 

    

    40

    

on behalf of
each Loan Party party thereto, and constitutes a legal, valid and binding obligation of each Loan Party party thereto, enforceable
against each such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other Laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

5.03    No Legal Bar. The execution, delivery, and performance by each Loan Party of the Loan Documents to which it is a
party do not and will not (a) violate or conflict with, or result in a breach of, or require any consent under (i) such Loan Party’s
organizational documents, (ii) any applicable Laws which has a Material Adverse Effect or (iii) any Contractual Obligation, license
or franchise of any Loan Party or by which any Loan Party or its property is bound or subject, in each case with respect to this
clause (iii), which has a Material Adverse Effect or (b) constitute a default under any such Contractual Obligation, license or
franchise which has a Material Adverse Effect. 

 

5.04    Financial Statements; No Material Adverse Effect.

 

(a)   
The Reference Statements fairly present, in all material respects, the financial condition of Borrower and its consolidated
Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein.

 

(b)   
From December 31, 2017 to the Effective Date and the Initial Closing Date, there has been no event or circumstance which
has a Material Adverse Effect.

 

5.05    Litigation. Except as disclosed in Borrower’s public filings prior to the Effective Date, no litigation, investigation
or proceeding of or before an arbitrator or Governmental Authority is pending or, to the knowledge of Borrower, threatened by
or against Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues that has a Material Adverse
Effect.

 

5.06    Use of Proceeds. Borrower will use the proceeds of the Term Loans solely to finance a portion of the Transactions,
which, for the avoidance of doubt, may include a Borrowing of Loans after the Initial Closing Date but prior to the consummation
of the intended acquisition of certain Target shares. No part of the proceeds of any Extensions of Credit hereunder will be used
for “purchasing” or “carrying” “margin stock” as so defined in a manner which violates, or
which would be inconsistent with, the provisions of Regulations T, U, or X of the Board of Governors of the Federal Reserve System.

 

5.07    Anti-Corruption Laws and Sanctions. Borrower has implemented and maintains in effect policies and procedures reasonably
designed to promote compliance by Borrower, its Subsidiaries and their respective directors, officers, employees and agents with
Anti-Corruption Laws and applicable Sanctions, and Borrower, its Subsidiaries and to the knowledge of Borrower its officers, directors,
employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a)
Borrower, any Subsidiary or, to the knowledge of Borrower or such Subsidiary, any of their respective directors, officers or employees,
or (b) to the knowledge of Borrower, any agent of Borrower or any Subsidiary that will act in any capacity in connection with
or benefit from the credit facility established hereby, is a Sanctioned Person.

 

5.08    Target Acquisition Documents.

 

(a)   
In the case of an Offer, the Offer Press Release and the Offer Documents contain all material terms of the Offer (taken
as a whole) as at the date on which they were published.

 

    

    41

    

(b)   
In the case of a Scheme, the Scheme Press Release and the Scheme Documents contain all the material terms of the Scheme
(taken as a whole) as at the date on which they were published.

 

SECTION
6

AFFIRMATIVE COVENANTS

 

Subject to
Section 4.04, so long as any Obligation remains unpaid, or any portion of the Commitments remains outstanding, Borrower shall,
and shall (except in the case of Borrower’s reporting covenants), cause each Restricted Subsidiary to:

 

6.01    Financial Statements. Deliver to Administrative Agent and Lenders, in form and detail satisfactory to Administrative
Agent:

 

(a)   
As soon as available but in any event within 105 days after the end of each fiscal year of Borrower, consolidated balance
sheets as at the end of such fiscal year and related consolidated statements of income and cash flows for such fiscal year of
Borrower and its consolidated Subsidiaries and certified by a Responsible Officer of Borrower, setting forth in comparative form
the figures for the previous fiscal year, all in reasonable detail, audited and accompanied by a report and opinion of independent
certified public accountants of nationally recognized standing reasonably acceptable to Administrative Agent, which report and
opinion shall not be subject to any “going concern” qualification or qualifications as to the scope of the audit.

 

(b)   
As soon as available, but in any event within 60 days after the end of each of the first three fiscal quarters of each
fiscal year of Borrower ending after the Effective Date, consolidated balance sheets as at the end of such fiscal quarter, and
related consolidated statements of income and cash flows for such fiscal quarter and for the portion of Borrower’s fiscal
year then ended, of Borrower and its consolidated Subsidiaries, 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, all in
reasonable detail and certified by a Responsible Officer of Borrower as fairly presenting in all material respects the financial
condition, results of operations and cash flows of Borrower and its consolidated Subsidiaries in accordance with GAAP, subject
only to pro forma adjustments and normal year-end audit adjustments.

 

(c)   
Financial statements and other documents required to be delivered pursuant to this Section 6.01 or Section 6.02(b) may
be delivered electronically and if so delivered, shall be deemed to have been delivered (i) to the extent such documents are included
in materials otherwise filed with the U.S. Securities and Exchange Commission, when such filing is available to the Lenders on
EDGAR or (ii) in any case, on the date on which such documents are posted on Borrower’s behalf on an Internet website to
which each Lender and Administrative Agent has access.

 

6.02     Certificates, Notices and Other Information. Deliver to Administrative Agent in form and detail satisfactory to
Administrative Agent:

 

(a)   
No later than the date required for the delivery of the financial statements referred to in Sections 6.01(a) and (b), a
duly completed Compliance Certificate (which shall include reconciliation of certain financial information with respect to the
Restricted Group) signed by a Responsible Officer of Borrower, which Compliance Certificate shall set forth the necessary adjustments
to exclude the Indebtedness and EBITDA attributed to Unrestricted Subsidiaries from the

 

    

    42

    

calculations
set forth therein and shall give pro forma effect to Material Acquisitions and Material Dispositions in accordance with Section
1.07;

 

(b)   
Promptly after the same are available, copies of all annual, regular, periodic and special reports and registration statements
which Borrower may file or be required to file with the Securities and Exchange Commission under Sections 13 or 15(d) of the Securities
Exchange Act of 1934, and not otherwise required to be delivered to Administrative Agent pursuant hereto;

 

(c)   
Promptly after a Responsible Officer of Borrower obtaining knowledge of the occurrence thereof, notice of any Default or
Event of Default specifying the nature thereof and what action Borrower has taken, is taking or proposes to take with respect
thereto;

 

(d)   
Promptly after a Responsible Officer of Borrower obtaining knowledge of the occurrence thereof, notice of any ERISA Event
that has a Material Adverse Effect; and

 

(e)   
Promptly after such request, such other data and information as from time to time may be reasonably requested by Administrative
Agent or any Lender through Administrative Agent (it being understood that Borrower and its Subsidiaries shall not be required
to provide any information or documents that are subject to confidentiality provisions, the nature of which prohibit such disclosure,
or would violate any attorney-client privilege).

 

The Borrower
hereby acknowledges that (a) the Administrative Agent and/or the Arrangers may, but shall not be obligated to, make available
to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on the Platform and (b) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower
or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related
activities with respect to such Persons’ securities. The Borrower hereby agrees that (w) all Borrower Materials that are
to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall
mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
“PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers and the Lenders
to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities
for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower
Materials constitute Confidential Information, they shall be treated as set forth in Section 10.17); (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side
Information;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that
are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Side Information. Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”

 

6.03    Payment of Taxes. Pay and discharge when due all taxes, assessments and governmental charges or levies imposed on
it or on its income or profits or any of its property, except for any such tax, assessment, charge or levy which is being contested
in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on its books in accordance
with GAAP, and except for such payments which, if not paid, do not in the aggregate, have a Material Adverse Effect.

 

6.04    Preservation of Existence. Preserve and maintain its existence, licenses, permits, rights, franchises and privileges
necessary or desirable in the normal conduct of its business, except where 

 

    

    43

    

failure to
do so does not have a Material Adverse Effect, and except that nothing in this Section 6.04 shall prohibit any transaction permitted
by Section 7.03.

 

6.05    Compliance With Laws. Comply with the requirements of all applicable Laws and orders of any Governmental Authority,
noncompliance with which has a Material Adverse Effect.

 

6.06    Inspection Rights. At any time during regular business hours, upon reasonable notice, and as often as reasonably
requested, but subject to Section 10.17, permit Administrative Agent or any Lender, or any employee, agent or representative thereof,
to examine (and during the existence of an Event of Default, make copies and abstracts from) the records and books of account
of Borrower and its Restricted Subsidiaries and to visit and inspect their properties and to discuss their affairs, finances and
accounts with any of their officers and key employees; provided that, other than during the continuance of an Event of
Default, no more than one such examination, visit or inspection shall occur during any calendar year. Notwithstanding the foregoing,
it is understood and agreed that Borrower and its Subsidiaries shall not be required to provide or otherwise allow access to any
information or documents that are subject to confidentiality provisions, the nature of which prohibit such disclosure, or would
violate any attorney-client privilege.

 

6.07    Keeping of Records and Books of Account. Keep, in all material respects, proper books of record and account, in
which entries shall be made sufficient to permit the preparation of consolidated financial statements in accordance with GAAP.

 

6.08    Designation of Unrestricted Subsidiaries. So long as no Default or Event of Default exists or arises as a result
thereof and subject to the next succeeding sentence, Borrower may from time to time designate a Restricted Subsidiary as an Unrestricted
Subsidiary or designate an Unrestricted Subsidiary as a Restricted Subsidiary; provided that Borrower shall (a) provide
Administrative Agent written notification of such designation prior to or concurrently therewith (which written notification Administrative
Agent will promptly forward to Lenders), (b) if such designation is a Material Acquisition (in the case of the designation of
an Unrestricted Subsidiary as a Restricted Subsidiary) or a Material Disposition (in the case of the designation of a Restricted
Subsidiary as an Unrestricted Subsidiary), within 10 Business Days after such notification, deliver to Administrative Agent a
certificate, in form reasonably acceptable to Administrative Agent, demonstrating pro-forma compliance (in accordance with Section
1.07) with Section 7.06 immediately prior to and after giving effect to such designation and (c) not designate as an Unrestricted
Subsidiary any Guarantor that is a Significant Subsidiary and that guarantees Material Debt unless such Guarantor is simultaneously
released from its guarantee of such Material Debt. Notwithstanding anything to the contrary contained herein, (w) each Guarantor
shall at all times be a Restricted Subsidiary for all purposes hereunder unless such Guarantor is simultaneously released as a
Guarantor upon such designation as contemplated pursuant to Section 6.10, (x) unless designated as an Unrestricted Subsidiary
in compliance with clause (y) below, each Cable Subsidiary shall at all times be a Restricted Subsidiary for all purposes hereunder,
(y) Borrower may designate a Cable Subsidiary as an Unrestricted Subsidiary at any time when the Leverage Ratio (calculated after
giving pro forma effect to such designation) is less than or equal to 4.50 to 1.00 and (z) on and after March 28, 2018, but
prior to the termination of all Bridge Commitments and the repayment in full of all Bridge Loans, Borrower shall not designate
any Existing Restricted Subsidiary as an Unrestricted Subsidiary to the extent that after giving effect to such designation, the
Annualized EBITDA (as of the last day of the most recently ended fiscal quarter prior to such designation) of all such Existing
Restricted Subsidiaries so designated as Unrestricted Subsidiaries on and after March 28, 2018 would exceed 15.0% of the Annualized
EBITDA of Borrower and its Restricted Subsidiaries for the period of two fiscal quarters ended on the last day of the fiscal quarter
most recently ended prior to March 28, 2018. Borrower hereby designates the Subsidiaries listed on Schedule 6.08 as Unrestricted
Subsidiaries.

 

    

    44

    

6.09    Anti-Corruption Laws and Sanctions. Borrower will maintain in effect and enforce policies and procedures reasonably
designed to promote compliance by Borrower, its Subsidiaries and their respective directors, officers, employees and agents with
Anti-Corruption Laws and applicable Sanctions.

 

6.10    Guarantors. Any time after the Effective Date, Borrower may cause any of its Subsidiaries to guarantee the Obligations
of Borrower hereunder by delivering to Administrative Agent an Assumption Agreement to the Guarantee Agreement, in form set forth
on Annex 1 to the Guarantee Agreement and executed by such proposed Guarantor. If, at any time following the Effective Date, a
Guarantor ceases to be a Restricted Subsidiary (including as a result of a redesignation of such Restricted Subsidiary as an Unrestricted
Subsidiary) or ceases to be a Subsidiary, in each case as a result of a transaction not otherwise prohibited hereunder, then such
Guarantor’s guarantee of the Obligations shall be automatically released and such Guarantor shall be automatically released
from its obligations under the Guarantee Agreement.  In addition, if Borrower elects by notice in writing to Administrative
Agent to cause such Guarantor to be released from its guarantee of the Obligations, and a Responsible Officer of Borrower certifies
in writing that immediately after giving effect to such release, no Default or Event of Default shall have occurred and be continuing,
then immediately upon the delivery of such notice and certification to Administrative Agent such Guarantor’s guarantee of
the Obligations shall be automatically released and such Guarantor shall be automatically released from its obligations under
the Guarantee Agreement.  Notwithstanding the foregoing, no Guarantor that is a Significant Subsidiary and that guarantees
any Material Debt may be released from the Guarantee Agreement and its Guaranty Obligation thereunder, including as a result of
being designated as an Unrestricted Subsidiary, unless such Guarantor is simultaneously released from its guarantee of such Material
Debt. Administrative Agent shall execute such documents as Borrower shall reasonably request to evidence the release contemplated
by this Section 6.10.  

 

6.11    Scheme and Offer. Borrower agrees that from the Effective Date, Borrower will (and will procure that Bidco will):

 

(a)   
comply in all material respects with:

 

(i)
the Takeover Code; and

 

(ii)
all other applicable laws and regulations in relation to any Offer or Scheme, in each case in relation to the Target Acquisition
and, subject to any waivers or dispensations granted by the Panel, the U.S. Securities and Exchange Commission or any other applicable
regulator;

 

(b)   
promptly provide Administrative Agent with such information as it may reasonably request regarding the Target Acquisition
subject to confidentiality limitations and except to the extent it is prohibited by law or regulation from doing so; and

 

(c)   
deliver to Administrative Agent as soon as reasonably practicable after it is published copies of:

 

(i)
each Offer Document and any Scheme Documents; and

 

(ii)
each Rule 2.7 Announcement (each of which shall include terms and conditions which are (taken as a whole) not materially prejudicial
to the interests of the Lenders (taken as a whole) when compared to those included in the Rule 2.7 Announcement issued by the
Borrower on April 25, 2018, it being acknowledged that a waiver of a pre-condition which then becomes a condition to be satisfied
in connection

 

    

    45

    

with
the Target Acquisition or an increase to the price of the Target Acquisition will not be materially prejudicial to the interests
of the Lenders (taken as a whole); provided that Borrower may modify or amend any term or condition of any Offer or Scheme
to the extent required by the Code, the Panel, any other competent regulatory body or by a court of competent jurisdiction).

 

SECTION
7

NEGATIVE COVENANTS

 

Subject to
Section 4.04, so long as any Obligations remain unpaid, or any portion of the Commitments remains outstanding:

 

7.01    Liens. Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or indirectly, incur, assume
or suffer to exist, any Lien securing Indebtedness for borrowed money (including without duplication Guaranty Obligations in respect
thereof) upon any of its property, assets or revenues, whether now owned or hereafter acquired, except:

 

(a)   
Liens pursuant to any Loan Document;

 

(b)   
Liens existing on the date hereof securing Indebtedness for borrowed money (including without duplication Guaranty Obligations
in respect thereof) that does not exceed $750,000,000 in the aggregate, and any renewals or extensions thereof, provided
that such Liens are not extended to cover any other property, assets or revenues;

 

(c)   
Liens in favor of Borrower or any Restricted Subsidiary;

 

(d)   
Liens on “margin stock” (as defined in Regulation U of the Board of Governors of the Federal Reserve System);

 

(e)   
Liens on property acquired (by purchase, merger or otherwise) after the date hereof, existing at the time of acquisition
thereof (but not created in anticipation thereof), or placed thereon (at the time of such acquisition or within 180 days of such
acquisition to secure a portion of the purchase price thereof), and any renewals or extensions thereof, so long as the Indebtedness
secured thereby is permitted hereby; provided that such Liens do not and are not extended to cover any other property;

 

(f)    
To the extent constituting Liens securing Indebtedness for borrowed money (including without duplication Guaranty Obligations
in respect thereof), Liens under Sale-Leaseback Transactions, and any renewals or extensions thereof, so long as the Indebtedness
secured thereby does not exceed $1,000,000,000 in the aggregate;

 

(g)   
Liens arising in connection with asset securitization transactions, so long as the aggregate outstanding principal amount
of the obligations secured thereby does not exceed $2,000,000,000 at any one time;

 

(h)   
Liens not otherwise permitted hereby which secure Indebtedness incurred pursuant to Asset Monetization Transactions;

 

(i)    
(A) Liens on any assets of the Target Group which Liens (i) are existing as of the Final Closing Date, (ii) are not incurred
to secure indebtedness financing the Target Acquisition and

 

    

    46

    

(iii)
do not extend to other assets other than (x) after acquired property that is automatically subject to such Lien, (y) proceeds
and products of such property and any replacement, improvement, accessions or additions thereto and (B) any modification, replacement,
refinancing, renewal or extension of such Lien; and

 

(j)    
other Liens, so long as the aggregate outstanding principal amount of the Indebtedness for borrowed money (including without
duplication Guaranty Obligations in respect thereof) secured thereby does not exceed at any time an amount equal to (x) 15% of
Consolidated Net Tangible Assets minus (y) the amount, if any, of any unsecured Indebtedness incurred by any Restricted Subsidiary
that is not a Guarantor pursuant to Section 7.02.

 

7.02    Non-Guarantor Subsidiary Indebtedness. Borrower shall not permit any of its Restricted Subsidiaries that are not
Guarantors to create, incur, assume or permit to exist any Indebtedness, except 

 

(a)   
Indebtedness existing on the date hereof, in an aggregate amount not in excess of (i) the aggregate amount of the Asset
Monetization Transactions set forth on Schedule A plus (ii) $2,000,000,000, and all extensions, renewals and replacements of such
Indebtedness that do not increase the outstanding principal amount thereof;

 

(b)   
Indebtedness of any Restricted Subsidiary to Borrower or any other Restricted Subsidiary;

 

(c)   
(A) Indebtedness of the Target Group that (i) is existing as of the Final Closing Date and (ii) is  not incurred to
finance the Target Acquisition and (B) any modification, replacement, refinancing, renewal or extension of such Indebtedness;
and

 

(d)   
Indebtedness in an aggregate principal amount for all such Restricted Subsidiaries that are not Guarantors not exceeding
at any time (x) 15% of Consolidated Net Tangible Assets minus (y) the amount, if any, of Indebtedness for borrowed money (including
without duplication Guaranty Obligations in respect thereof) of any Loan Party secured pursuant to Section 7.01(j)).

 

7.03    Fundamental Changes. (a) Borrower shall not (A) merge or consolidate with or into any Person or (B) liquidate,
wind-up or dissolve itself or (C) sell, transfer or dispose of all or substantially all of its assets, provided that nothing
in this Section 7.03 shall be construed to prohibit Borrower from reincorporating in another jurisdiction permitted by clause
(iii) below, changing its form of organization or merging into, or transferring all or substantially all of its assets to, another
Person so long as:

 

(i)
either (x) Borrower shall be the surviving entity with substantially the same assets immediately following the reincorporation
or reorganization or (y) the surviving entity or transferee (the “Successor Corporation”) shall, immediately following
the merger or transfer, as the case may be, (A) have substantially all of the assets of Borrower immediately preceding the merger
or transfer, as the case may be, (B) have duly assumed all of Borrower’s obligations hereunder and under the other Loan
Documents in form and substance satisfactory to Administrative Agent (and, if requested by Administrative Agent, the Successor
Corporation shall have delivered an opinion of counsel as to the assumption of such obligations) and (C) either (I) have then-effective
ratings (or implied ratings) published by Moody’s or S&P applicable to such Successor Corporation’s senior, unsecured,
non-credit-enhanced, long term indebtedness for

 

    

    47

    

borrowed
money, which ratings shall be either Baa3 or higher (if assigned by Moody’s) or BBB- or higher (if assigned by S&P)
or (II) be acceptable to Required Lenders;

 

(ii)
immediately after giving effect to such transaction no Default or Event of Default shall have occurred and be continuing; and

 

(iii)
Borrower or a Successor Corporation’s jurisdiction of organization shall be a state within in the United States of America
or the District of Columbia.

 

(b)   
Borrower and its Restricted Subsidiaries, taken as a whole, shall continue to operate cable, media and other communications
businesses as its primary lines of business.

 

Notwithstanding
anything to the contrary herein, for the avoidance of doubt, this Section 7.03 shall not apply to the Target Acquisition or any
transactions undertaken to implement the Target Acquisition, in accordance with the Offer Documents or the Scheme Documents and
the Target Acquisition shall be permitted hereunder.

 

7.04    ERISA. Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or indirectly, at any time
permit (a) any Plan to (i) engage in any non-exempt “prohibited transaction” (as defined in Section 4975 of the Code)
or (ii) fail to comply with ERISA or any other Laws applicable to a Plan or (b) the occurrence of any ERISA Event; which, with
respect to each event described in clauses (a) or (b) above, has a Material Adverse Effect. 

 

7.05    Anti-Corruption Laws and Sanctions. Borrower will not request any Borrowing and Borrower shall not use, and shall
not make available to its Subsidiaries and its or their respective directors, officers, employees and agents, the proceeds of
any Borrowing (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent such
activities, business or transaction are not prohibited by any Sanctions applicable to Borrower or any of its Subsidiaries, or
(C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

7.06    Financial Covenant. Borrower shall not permit the Leverage Ratio as of the end of any fiscal quarter of Borrower
ending after the Initial Closing Date to be greater than 5.75 to 1.00.

 

7.07    Scheme and Offer. 

 

(a)   
Except as consented to by the Required Lenders in writing (such consent not to be unreasonably withheld, conditioned or
delayed), Borrower shall not (and shall procure that Bidco shall not) amend, treat as satisfied or waive any term or condition
of an Offer or a Scheme set out in the relevant Target Acquisition Document other than any such amendment, treatment or waiver
which is not a Materially Adverse Amendment; provided that Borrower may amend, treat as satisfied or waive any term or
condition of an Offer or a Scheme to the extent required by the Takeover Code, the Panel, any other competent regulatory body
or by a court of competent jurisdiction.

 

(b)   
In the case of an Offer, Borrower shall not (and shall procure that Bidco shall not) declare any Offer unconditional as
to acceptances until the Acceptance Condition shall have been satisfied.

 

    

    48

    

SECTION
8

EVENTS OF DEFAULT AND REMEDIES

 

8.01    Events of Default. Subject to Section 4.04, any one or more of the following events shall constitute an Event of
Default:

 

(a)   
Borrower fails to pay any principal on any of its Outstanding Obligations (other than fees) on the date when due; or

 

(b)   
Borrower fails to pay any interest on any of its Outstanding Obligations, or any commitment fees, within five days after
the date when due; or fails to pay any other fees or amount payable to Administrative Agent or any Lender under any Loan Document
within five days after the date when due or, if applicable, after demand is made for the payment thereof; or

 

(c)   
Any default occurs in the observance or performance of any agreement contained in Section 6.02(c), 7.03 or 7.06; or

 

(d)   
Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsections (a), (b) or (c)
above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after notice
thereof to Borrower from Administrative Agent or any Lender; or

 

(e)   
Any representation or warranty by any Loan Party in this Agreement or any other Loan Document or any Compliance Certificate
proves to have been incorrect in any material respect when made or deemed made; or

 

(f)    
(i) Borrower or any Restricted Subsidiary (x) defaults in any payment when due (giving effect to any stated grace periods)
of principal of or interest on any Indebtedness (other than the Obligations) having an aggregate principal amount in excess of
the Threshold Amount or (y) defaults in the observance or performance of any other agreement or condition relating to any Indebtedness
(other than the Obligations) or contained in any instrument or agreement evidencing, securing or relating thereto, and as a consequence,
Indebtedness having an aggregate principal amount in excess of the Threshold Amount shall have become due (automatically or otherwise)
or shall have been required to be redeemed prior to its stated maturity (provided that to the extent that any acceleration
referred to in the preceding provisions of this Section 8.01(f) is duly rescinded by the required holders of the applicable Indebtedness,
such acceleration shall cease to be an Event of Default hereunder, unless and except to the extent that Administrative Agent has
theretofore exercised remedies hereunder pursuant to Section 8.02), or (ii) Borrower or any Guarantor shall generally not pay
its debts as they become due or shall admit in writing its inability to pay its debts as they mature; or

 

(g)   
The Guarantee Agreement, at any time after its execution and delivery and for any reason other than the agreement of Required
Lenders or all Lenders, as may be required hereunder, or satisfaction in full of all the Obligations, ceases to be in full force
and effect or is declared by a court of competent jurisdiction to be null and void, invalid or unenforceable in any material respect;
or a Guarantor denies in writing that it has any or further liability or obligation under the Guarantee Agreement, or purports
to revoke, terminate or rescind the Guarantee Agreement in writing; or

 

(h)   
A final non-appealable judgment against Borrower or any of its Significant Subsidiaries is entered for the payment of money
(which is not covered by insurance) in excess of the

 

    

    49

    

Threshold
Amount if such judgment remains unsatisfied without procurement of a stay of execution for 60 calendar days after the date of
entry of such judgment; or

 

(i)    
Borrower or any of its Significant Subsidiaries institutes or consents to the institution of any proceeding under Debtor
Relief Laws, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property;
or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application
or consent of that Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under
Debtor Relief Laws relating to any such Person or to all or any part of its property is instituted without the consent of that
Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

 

(j)    
There occurs any Change of Control.

 

8.02     Remedies Upon Event of Default. Without limiting any other rights or remedies of Administrative Agent or Lenders
provided for elsewhere in this Agreement, or the other Loan Documents, or by applicable Law, or in equity, or otherwise (but subject
in all cases to Section 4.04):

 

(a)   
Upon the occurrence, and during the continuance, of any Event of Default, Administrative Agent may, with the consent of
the Required Lenders, and (subject to the terms of Section 9) shall, upon the request of Required Lenders, declare all or any
part of the unpaid principal of all Term Loans, all interest accrued and unpaid thereon and all other amounts payable under the
Loan Documents to be immediately due and payable, whereupon the same shall become and be immediately due and payable, without
protest, presentment, notice of dishonor, demand or further notice of any kind, all of which are expressly waived by Borrower.

 

(b)   
If (x) following the expiration of the Certain Funds Period, any Event of Default described in Section 8.01(i) occurs or
(y) during the Certain Funds Period, an Event of Default described in Section 8.01(i) occurs that is a Major Event of Default,
then:

 

(i)
the Commitments and all other obligations of Administrative Agent or Lenders shall automatically terminate without notice to or
demand upon Borrower, which is expressly waived by Borrower; and

 

(ii)
the unpaid principal of all Term Loans, all interest accrued and unpaid thereon and all other amounts payable under the Loan Documents
shall be immediately due and payable, without protest, presentment, notice of dishonor, demand or further notice of any kind,
all of which are expressly waived by Borrower.

 

(c)   
Upon the occurrence of any Event of Default, Administrative Agent may, with the consent of the Required Lenders, and (subject
to the terms of Section 9) shall, upon the request of Required Lenders, protect, exercise and enforce against Borrower the rights
and remedies of Administrative Agent and Lenders under the Loan Documents and such other rights and remedies as are provided by
Law or equity.

 

(d)   
The order and manner in which Administrative Agent’s and Lenders’ rights and remedies are to be exercised shall
be determined by Administrative Agent or Required Lenders in their sole and absolute discretion. Regardless of how a Lender may
treat payments for the purpose of its own accounting, for the purpose of computing the Obligations hereunder, payments received
during the existence of an Event of Default shall be applied first, to costs and expenses (including Attorney

 

    

    50

    

Costs)
incurred by Administrative Agent and each Lender (to the extent that each Lender has a right to reimbursement thereof pursuant
to the Loan Documents), second, to the payment of accrued and unpaid interest on the Obligations to and including the date of
such application, third, to the payment of, or as cash collateral for, the unpaid principal of the Obligations, and fourth, to
the payment of all other amounts (including fees) then owing to Administrative Agent and Lenders under the Loan Documents, in
each case paid pro rata to each Lender in the same proportions that the aggregate Obligations owed to each Lender under the Loan
Documents bear to the aggregate Obligations owed under the Loan Documents to all Lenders, without priority or preference among
Lenders, subject to the last parenthetical of Section 2.01(a) of the Guarantee Agreement.

 

8.03     Clean-Up Period. Notwithstanding anything in any Loan Document to the contrary, for a period commencing on the Initial
Closing Date and ending on the Clean-Up Period Termination Date, any breach of covenants, misrepresentation or other Default or
Event of Default which arises with respect to the Target Group only will be deemed not to be a breach of representation or warranty,
a breach of covenant, a Default or an Event of Default, as the case may be, if:

 

(a)   
it relates exclusively to the Target Group (or any obligation to procure or ensure any action in relation to the Target
Group);

 

(b)   
it is capable of remedy and reasonable steps (consistent with Borrower’s level of control of the Target) are being
taken to remedy it;

 

(c)   
the circumstances giving rise to it have not been procured by or approved by Borrower or any of its Subsidiaries (other
than a member of the Target Group); and

 

(d)   
it is not reasonably likely to have a Material Adverse Effect;

 

provided
that, if the relevant circumstances are continuing on or after the Clean-Up Period Termination Date, there shall be a breach
of representation or warranty, breach of covenant, Default or Event of Default, as the case may be, notwithstanding this Section
8.03.

 

SECTION
9

THE AGENTS

 

9.01    Appointment. Each Lender hereby irrevocably designates and appoints Administrative Agent as the agent of such Lender
under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes Administrative Agent, in such capacity,
to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers
and perform such duties as are expressly delegated to Administrative Agent by the terms of this Agreement and the other Loan Documents,
together with such other powers as are reasonably incidental thereto. For this purpose each Arranger and Lender incorporated in
the Federal Republic of Germany releases the Agent from the restrictions of section 181 alternative 2 of the German Civil Code
(Bürgerliches Gesetzbuch). Notwithstanding any provision to the contrary elsewhere in this Agreement, Administrative Agent
shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any
Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement
or any other Loan Document or otherwise exist against Administrative Agent. The provisions of this Section are solely for the
benefit of the Administrative Agent and the Lenders, and the Borrower shall not have rights as a third party beneficiary of any
of such provisions (other than as provided in Section 9.09 below). It is understood and agreed that the use of the term “agent”
herein or in any other Loan Documents (or any other similar term) 

 

    

    51

    

with reference
to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only
an administrative relationship between contracting parties.

 

9.02    Delegation of Duties. Administrative Agent may execute any of its duties under this Agreement and the other Loan
Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining
to such duties. Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact
selected by it with reasonable care.

 

9.03    Exculpatory Provisions. Neither any Agent nor any of their respective officers, directors, employees, agents, attorneys-in-fact
or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection
with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties
made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report,
statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement
or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement
or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder.
The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any
of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books
or records of any Loan Party.

 

9.04    Reliance by Administrative Agent. (a) Administrative Agent shall be entitled to rely, and shall be fully protected
in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype
message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to Borrower),
independent accountants and other experts selected by Administrative Agent. Administrative Agent shall be fully justified in failing
or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence
of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified
to its satisfaction by Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing
to take any such action. Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this
Agreement, all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all Lenders
and all future holders of the Term Loans.

 

(b) For purposes
of determining compliance with the conditions specified in Section 4.01, absent Requisite Notice by such Lender to Administrative
Agent to the contrary, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter either sent by Administrative Agent to each Lender for consent, approval, acceptance or satisfaction, or required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender.

 

9.05    Notice of Default. Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default unless Administrative Agent has received 

 

    

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notice from
a Lender or Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is
a “notice of default”. In the event that Administrative Agent receives such a notice, Administrative Agent shall give
notice thereof to Lenders. Administrative Agent shall take such action with respect to such Default or Event of Default as shall
be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless
and until Administrative Agent shall have received such directions, Administrative Agent may (but shall not be obligated to) take
such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in
the best interests of Lenders.

 

9.06    Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of
their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties
to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a
Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to
the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and
information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make
its Term Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance
upon any Agent 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 analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial
and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents
expressly required to be furnished to Lenders by Administrative Agent hereunder, Administrative Agent shall not have any duty
or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition
(financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into
the possession of Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.

 

9.07    Indemnification. Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by
the Loan Parties and without limiting the obligation of any Loan Party to do so), ratably according to their respective Aggregate
Exposure Percentage in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought
after the date upon which the Term Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentage
immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the
Term Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments,
this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing;
provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of
a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The agreements
in this Section shall survive the payment of the Term Loans and all other amounts payable hereunder.

 

9.08    Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and generally
engage in any kind of business with any Loan Party and its affiliates as though such Agent were not an Agent. With respect to
its Term Loans made or renewed by 

 

    

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it, each Agent
shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same
as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual
capacity.

 

9.09    Successor Administrative Agent. Administrative Agent may resign as Administrative Agent upon 30 days’ notice
to Lenders and Borrower. If Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan
Documents, then the Required Lenders shall appoint from among Lenders a successor agent for Lenders, which successor agent shall
(unless an Event of Default under Section 8.01(a), Section 8.01(b) or Section 8.01(i) with respect to Borrower shall have occurred
and be continuing) be subject to approval by Borrower (which approval shall not be unreasonably withheld or delayed), whereupon
such successor agent shall succeed to the rights, powers and duties of Administrative Agent, and the term “Administrative
Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s
rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of
such former Administrative Agent or any of the parties to this Agreement or any holders of the Term Loans. If no successor agent
has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative Agent’s
notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and
Lenders shall assume and perform all of the duties of Administrative Agent hereunder until such time, if any, as the Required
Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative
Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while
it was Administrative Agent under this Agreement and the other Loan Documents. After the retiring Administrative Agent’s
resignation hereunder and under the other Loan Documents, the provisions of this Section and Sections 10.03 and 10.13 shall continue
in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect
of any actions taken or omitted to be taken by any of them (i) while the retiring Administrative Agent was acting as Administrative
Agent and (ii) after such resignation for as long as any of them continues to act in any capacity hereunder or under the other
Loan Documents, including in respect of any actions taken in connection with transferring the agency to any successor Administrative
Agent.

 

9.10    Syndication Agent. Neither Syndication Agent nor any Person identified on the cover page of this Agreement as a
Joint Lead Arranger and Joint Bookrunner shall have any right, power, obligation, liability, responsibility or duty hereunder
in its capacity as such. Without limiting the foregoing, Syndication Agent in its capacity as such shall not have or be deemed
to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on Syndication
Agent in deciding to enter into this Agreement or in taking or not taking action hereunder.

 

9.11    Certain ERISA Matters. 

 

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

 

(i)
such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section
3(42) of ERISA) of one or more Benefit Plans in connection with the Term Loans or the Commitments,

 

    

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

 

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

 

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

 

(b)   
In addition, unless Section 9.11(a)(i) is true with respect to a Lender or such Lender has not provided another representation,
warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents
and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became
a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, Administrative Agent and
each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of Borrower or any other
Loan Party, that:

 

(i)
none of Administrative Agent or any Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of
such Lender (including in connection with the reservation or exercise of any rights by Administrative Agent under this Agreement,
any other Loan Document or any documents related to hereto or thereto),

 

(ii)
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Term Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21)
and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management
or control, total assets of at least $50,000,000, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(iii)
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Term Loans, the Commitments and this Agreement is capable of evaluating investment risks independently,
both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations),

 

    

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(iv)
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Term Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with
respect to the Term Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating
the transactions hereunder, and

 

(v)
no fee or other compensation is being paid directly to Administrative Agent or any Arranger or any their respective Affiliates
for investment advice (as opposed to other services) in connection with the Term Loans, the Commitments or this Agreement.

 

(c)   
Administrative Agent and each Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that
such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may
receive interest or other payments with respect to the Term Loans, the Commitments and this Agreement, (ii) may recognize a gain
if it extended the Term Loans or the Commitments for an amount less than the amount being paid for an interest in the Term Loans
or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated
hereby or by the other Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees,
upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum
usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term
out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

 

SECTION
10

MISCELLANEOUS

 

10.01    Amendments; Consents. No amendment, modification, supplement, extension, termination or waiver of any provision
of this Agreement or any other Loan Document, no approval or consent thereunder, and no consent to any departure by any Loan Party
therefrom shall be effective unless in writing signed by each Loan Party party thereto and Required Lenders and acknowledged by
Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose
for which given. Notwithstanding the foregoing sentence, without the approval in writing of Borrower, Administrative Agent and
each Lender directly and adversely affected thereby, no amendment, modification, supplement, termination, waiver, approval, or
consent may be effective to:

 

(a)   
Reduce the amount of principal of any Outstanding Obligations owed to such Lender;

 

(b)   
Reduce the rate of interest payable on any Outstanding Obligations owed to such Lender or the amount or rate of any fee
or other amount payable to such Lender under the Loan Documents, except that Required Lenders may waive or defer the imposition
of the Default Rate and amendments may otherwise be made in accordance with Section 3.03;

 

(c)   
Waive an Event of Default consisting of the failure of Borrower to pay when due principal, interest, any commitment fee,
or any other amount payable to such Lender under the Loan Documents;

 

    

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(d)   
Postpone any date scheduled for the payment of principal of, or interest on, any Term Loan or for the payment of any commitment
fee or for the payment of any other amount, in each case payable to such Lender under the Loan Documents, or extend the term of,
or increase the amount of, such Lender’s Commitment (it being understood that a waiver of any Event of Default not referred
to in subsection (c) above shall require only the consent of Required Lenders) or modify such Lender’s share of the Commitments
(except as contemplated hereby);

 

(e)   
Amend or waive the definition of “Required Lenders”, or the provisions of Section 8.02(d), this Section
10.01 or Section 10.06;

 

(f)    
Amend or extend the “Certain Funds Period” or the “Certain Funds Termination Date”;

 

(g)   
Amend or waive any provision of this Agreement that expressly requires the consent or approval of such Lender;

 

provided, however, that (i) no
amendment, waiver or consent shall, unless in writing and signed by Administrative Agent in addition to Required Lenders or each
affected Lender, as the case may be, affect the rights or duties of Administrative Agent, (ii) any fee letters may be amended,
or rights or privileges thereunder waived, in a writing executed by the parties thereto and (iii) except as otherwise contemplated
hereunder, without the written consent of all Lenders, no amendment, waiver or consent shall release all or substantially all
of Guarantors from their obligations under the Guarantee Agreement with respect to the Term Loans .

 

In the event that any Lender
does not consent to any proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement or
any other Loan Document that requires the consent of each of the Lenders (or each of the Lenders) or each of the Lenders (or each
of the Lenders) directly and adversely affected thereby, so long as the consent of Required Lenders has been obtained, Borrower
shall be permitted to remove or replace such Lender in accordance with Section 10.21.

 

10.02    Requisite Notice; Electronic Communications. 

 

(a)   
Requisite Notice. Notices given in connection with any Loan Document shall be delivered to the intended recipient
at the number and/or address (including email address) set forth in the case of Borrower and Administrative Agent on Schedule
10.02, and in the case of Lenders, on the Administrative Questionnaire (or as otherwise specified from time to time by such recipient
in writing to Administrative Agent) and shall be given by (i) irrevocable written notice or (ii) except as otherwise provided,
irrevocable telephonic (not voicemail) notice. Such notices may be delivered and shall be effective as follows:

 

	Mode of Delivery	 
	 	 
	Mail 	Effective on earlier of actual receipt and fourth Business Day after deposit in U.S. Mail,
    first class postage pre-paid
	 	 
	Courier or hand delivery	When received
	 	 
	Telephone (not voicemail)	When conversation completed (must be confirmed in writing) 

    

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	Facsimile	When sent (except that, if not given during normal business hours for
    the recipient, shall be deemed to be giving at opening of business on next Business Day for recipient)
	 	 
	Electronic Mail	When delivered (usage subject to subsection (b) below)

 

(b)   
Usage of Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or
furnished by Electronic Communication pursuant to procedures approved by the Administrative Agent; provided that the foregoing
shall not apply to notices to any Lender pursuant to Section 2 if such Lender has notified the Administrative Agent that it is
incapable of receiving notices under such Section by Electronic Communications. The Administrative Agent or the Borrower may each,
in its discretion, agree to accept notices and other communications to it hereunder by Electronic Communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

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

 

(c)   
Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to
the other parties hereto.

 

(d)   
Reliance by Administrative Agent and Lenders. Administrative Agent and Lenders shall be entitled to rely and act
upon any notices purportedly given by or on behalf of Borrower even if (i) such notices were not made in a manner specified herein,
were incomplete or were not preceded or followed by any other notice specified herein, or (ii) the terms thereof, as understood
by the recipient, varied from any confirmation thereof. Borrower shall indemnify Administrative Agent-Related Persons and Lenders
from any loss, cost, expense or liability as a result of relying on any notices purportedly given by or on behalf of Borrower
absent the gross negligence or willful misconduct of the Person seeking indemnification.

 

(e)   
Electronic Systems.

 

(i)
Each Loan Party agrees that Administrative Agent may, but shall not be obligated to, make Communications available to the Lenders
by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.

 

(ii)
Any Electronic System used by Administrative Agent is provided “as is” and “as available.” The Agent Parties
(as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions
in the

 

    

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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 any Electronic System. In no event shall Administrative Agent or any of its Affiliates and its and
their respective directors, officers, employees, agents and advisors (collectively, the “Agent Parties”) have any
liability to Borrower or the other Loan Parties, any Lender or any other Person or entity for damages of any kind arising out
of Borrower’s, any Loan Party’s or Administrative Agent’s transmission of Communications through an Electronic
System, except to the extent such damages arise from bad faith, gross negligence or willful misconduct on the part of any Agent
Party as determined by a final non-appealable judgment of a court of competent jurisdiction, provided that in no event
shall any Agent Party be liable for any indirect, special, incidental or consequential damages, losses or expenses (whether in
tort, contract or otherwise).

 

10.03     Attorney Costs and Expenses. Borrower agrees (a) to pay or reimburse Administrative Agent and Syndication Agent
for all reasonable and documented or invoiced costs and expenses incurred in connection with the development, preparation, negotiation
and execution of the Loan Documents, and to pay or reimburse Administrative Agent for all reasonable and documented or invoiced
costs and expenses incurred in connection with the development, preparation, negotiation and execution of any amendment, waiver,
consent, supplement or modification to, any Loan Documents, and any other documents prepared in connection herewith or therewith,
and the consummation and administration of the transactions contemplated hereby and thereby, including all Attorney Costs of one
counsel to Administrative Agent and Syndication Agent and (b) to pay or reimburse Administrative Agent and each Lender for all
reasonable and documented or invoiced costs and expenses incurred in connection with any restructuring, reorganization (including
a bankruptcy reorganization) or enforcement or attempted enforcement of, or preservation of any rights under, any Loan Documents,
and any other documents prepared in connection herewith or therewith, or in connection with any refinancing or restructuring of
any such documents in the nature of a “workout” or of any insolvency or bankruptcy proceeding, including Attorney
Costs of one counsel to Administrative Agent and each Lender (and, if representation of Administrative Agent, and each Lender
in such matter by a single counsel would be inappropriate based on the advice of legal counsel due to the existence of an actual
or potential conflict of interest, of another firm of counsel for such affected Person(s) (taken as a whole) and, if necessary,
one firm of local counsel in any relevant local jurisdiction (which may include a single special counsel acting in multiple jurisdictions)
for such affected Person(s)). The agreements in this Section shall survive repayment of all Obligations.

 

10.04     Binding Effect; Assignment

 

(a)   
This Agreement and the other Loan Documents to which Borrower is a party will be binding upon and inure to the benefit
of Borrower, Administrative Agent, Lenders and their respective successors and assigns, except that, Borrower may not, except
as permitted by Section 7.03, assign its rights hereunder or thereunder or any interest herein or therein without the prior written
consent of all Lenders and any such attempted assignment shall be void. Any Lender may at any time pledge a Note or any other
instrument evidencing its rights as a Lender under this Agreement (including to a Federal Reserve Bank or other central bank having
jurisdiction over such Lender or, if such Lender is a fund, to any trustee or to any other representative of holders of obligations
owed or securities issued by such fund as security for such obligations or securities) but no such pledge shall release such Lender
from its obligations hereunder or grant to any such pledgee the rights of a Lender hereunder absent foreclosure of such pledge,
and any transfer to any Person upon the enforcement of such pledge shall be subject to this Section 10.04.

 

    

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(b)   
From time to time following the date of this Agreement, each Lender may assign all or any portion of its rights and obligations
under this Agreement and the other Loan Documents to one or more Eligible Assignees, other than (i) Borrower and its Subsidiaries
and (ii) natural persons; provided that such assignment shall be subject to Borrower’s consent (which shall not be
unreasonably withheld) at all times other than during the existence of an Event of Default arising under Section 8.01(a), Section
8.01(b) or Section 8.01(i) and the consent of Administrative Agent (which consent shall not be unreasonably withheld); provided
that the consent of Borrower shall not be required with respect to (x) an assignment to another Lender or any Affiliate
of a Lender or (y) an assignment of Term Loans (but for the avoidance of doubt, not any Commitments) to any Approved Fund
unless, in the cases of clauses (x) and (y), such assignment would result in the aggregate Term Loans and Commitments of such
assignee and its Affiliates exceeding 15% of the aggregate Commitments and Loans then outstanding. No such assignment shall become
effective unless and until a copy of a duly signed and completed Assignment and Assumption shall be delivered to Administrative
Agent. Except in the case of an assignment (A) to another Lender or (B) of the entire remaining Commitment or Term Loan, as applicable,
of the assigning Lender, such assignment shall be in an aggregate principal amount not less than the Minimum Amount therefor without
the consent of Borrower and Administrative Agent. The effective date of any assignment shall be as specified in the Assignment
and Assumption, but not earlier than the date which is five Business Days after the date Administrative Agent has received the
Assignment and Assumption. Upon obtaining any consent required as set forth this paragraph, any forms required by Section 10.20
and payment of the requisite fee described below, the assignee named therein shall be a Lender for all purposes of this Agreement
to the extent of the Assigned Interest (as defined in such Assignment and Assumption), and, except for rights and obligations
which by their terms survive termination of any Commitments or the repayment of the Term Loans, the assigning Lender shall be
released from any further obligations under this Agreement to the extent of such Assigned Interest. Upon request, Borrower shall
execute and deliver new or replacement Notes to the assigning Lender and the assignee Lender to evidence Term Loans made by them.
Administrative Agent’s consent to any assignment shall not be deemed to constitute any representation or warranty by any
Administrative Agent-Related Person as to any matter. Administrative Agent shall record the information contained in the Assignment
and Assumption in the Register.

 

(c)   
After receipt of a completed Assignment and Assumption, and receipt of an assignment fee of $3,500 from such assignee and/or
such assigning Lender (including in the case of assignments to Affiliates of assigning Lenders), Administrative Agent shall promptly
accept such Assignment and Assumption and record the information contained therein in the Register on the effective date determined
pursuant thereto.

 

(d)   
Each Lender may from time to time, without the consent of any other Person, grant participations to one or more other Persons
that are Eligible Assignees (including another Lender but excluding (x) Borrower and its Subsidiaries and (y) natural persons)
in all or any portion of its Term Loans, Commitments, Extensions of Credit or any other interest of such Lender hereunder and
under the other Loan Documents; provided, however, that (i) such Lender’s obligations under this Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations, (iii) the participating bank or other financial institution shall not be a Lender hereunder for any purpose except,
if the participation agreement so provides, for the purposes of the increased cost provisions (including yield protection and
taxes) of Section 3 (but only to the extent that the cost of such benefits to Borrower does not exceed the cost which Borrower
would have incurred in respect of such Lender absent the participation) and for purposes of Section 10.06, (iv) Borrower, Administrative
Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement, and (v) the consent of the holder of such participation interest shall not be

 

    

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required
for amendments or waivers of provisions of the Loan Documents; provided, however, that the assigning Lender may,
in any agreement with a participant, give such participant the right to consent (as between the assigning Lender and such participant)
to any matter which (A) extends the Certain Funds Termination Date or the Maturity Date as to such participant or any other date
upon which any payment of money is due to such participant, (B) reduces the rate of interest owing to such participant or any
fee or any other monetary amount owing to such participant (except as otherwise provided in Section 10.07(b)), or (C) reduces
the amount of any scheduled payment of principal owing to such participant. Any Lender that sells a participation to any Person
that is a “foreign corporation, partnership or trust” within the meaning of the Code shall include in its participation
agreement with such Person a covenant by such Person that such Person will comply with the provisions of Section 10.20 as if such
Person were a Lender and provide that Administrative Agent and Borrower shall be third party beneficiaries of such covenant. Each
Lender that sells or grants a participation shall (a) withhold or deduct from each payment to the holder of such participation
the amount of any tax required under applicable law to be withheld or deducted from such payment and not withheld or deducted
therefrom by Borrower or Administrative Agent, (b) pay the tax so withheld or deducted by it to the appropriate taxing authority
in accordance with applicable law and (c) indemnify Borrower and Administrative Agent for any losses, cost and expenses that they
may incur as a result of any failure to so withhold or deduct and pay such tax.

 

Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of 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 Term 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, Extensions of Credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such Commitments, Extensions of Credit or other obligation is in registered form under Section 5f.103-1 (c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Administrative Agent (in its capacity as Administrative
Agent) shall have no responsibility for maintaining a Participant Register.

 

Notwithstanding
anything to the contrary in this Section 10.04, (a) the written consent of Borrower (in its sole discretion) shall be required
for any assignment or participation (other than assignments by a Lender to any of its Affiliates) on or prior to the Certain Funds
Termination Date and any such attempted assignment or participation without the written consent of Borrower shall be null and
void and (b) in connection with any assignment of Commitments on or prior to the Certain Funds Termination Date by a Lender
to any of its Affiliates, the assigning Lender shall not be relieved of its obligations (as in effect immediately prior to giving
effect to such assignment) to fund Term Loans in respect of its Commitments pursuant to this Agreement without the prior written
consent of Borrower (in its sole discretion).

 

10.05    Set-off. Without prejudice to and subject to Section 4.04, in addition to any rights and remedies of Administrative
Agent and Lenders or any assignee of any Lender or any Affiliate thereof (each, a “Proceeding Party”) provided by
law, upon the occurrence and during the continuance of any Event of Default, each Proceeding Party is authorized at any time and
from time to time, without prior notice to Borrower, any such notice being waived by Borrower to the fullest extent permitted
by law, to proceed directly, by right of set-off, banker’s lien or otherwise, against any assets of Borrower which may be
in the hands of such Proceeding Party (including all general or special, time or demand, 

 

    

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provisional
or other deposits and other indebtedness owing by such Proceeding Party to or for the credit or the account of Borrower) and apply
such assets against the Obligations then due and payable, irrespective of whether such Proceeding Party shall have made any demand
therefor. Each Lender agrees promptly to notify Borrower and Administrative Agent after any such set-off and application made
by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off
and application.

 

10.06    Sharing of Payments. Each Lender severally agrees that if it, through the exercise of any right of setoff, banker’s
lien or counterclaim against Borrower or otherwise, receives payment of the Obligations held by it that is ratably more than any
other Lender receives in payment of the Obligations held by such other Lender, then, subject to applicable Laws, (a) such Lender
exercising the right of setoff, banker’s lien or counterclaim or otherwise receiving such payment shall purchase, and shall
be deemed to have simultaneously purchased, from the other Lender a participation in the Obligations held by the other Lender
and shall pay to the other Lender a purchase price in an amount so that the share of the Obligations held by each Lender after
the exercise of the right of setoff, banker’s lien or counterclaim or receipt of payment shall be in the same proportion
that existed prior to the exercise of the right of setoff, banker’s lien or counterclaim or receipt of payment; and (b)
such other adjustments and purchases of participations shall be made from time to time as shall be equitable to ensure that all
Lenders share any payment obtained in respect of the Obligations ratably in accordance with each Lender’s share of the Obligations
immediately prior to, and without taking into account, the payment; provided that, (i) if all or any portion of a disproportionate
payment obtained as a result of the exercise of the right of setoff, banker’s lien, counterclaim or otherwise is thereafter
recovered from the purchasing Lender by Borrower or any Person claiming through or succeeding to the rights of Borrower, the purchase
of a participation shall be rescinded and the purchase price thereof shall be restored to the extent of the recovery, but without
interest and (ii) this Section 10.06 shall not apply to any payments made in accordance with the express provisions of this Agreement
or the other Loan Documents. Each Lender that purchases a participation in the Obligations pursuant to this Section shall from
and after the purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement
with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original
owner of the Obligations purchased. Borrower expressly consents to the foregoing arrangements and agrees that any Lender holding
a participation in an Obligation so purchased may exercise any and all rights of setoff, banker’s lien or counterclaim with
respect to the participation as fully as if Lender were the original owner of the Obligation purchased. 

 

10.07    No Waiver; Cumulative Remedies. 

 

(a)   
No failure by any Lender or Administrative Agent to exercise, and no delay by any Lender or Administrative Agent in exercising,
any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege under any Loan Document preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege.

 

(b)   
The rights, remedies, powers and privileges herein or therein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by Law. Any decision by Administrative Agent or any Lender not to require payment of
any interest (including interest at the Default Rate), fee, cost or other amount payable under any Loan Document or to calculate
any amount payable by a particular method on any occasion shall in no way limit or be deemed a waiver of Administrative Agent’s
or such Lender’s right to require full payment thereof, or to calculate an amount payable by another method that is not
inconsistent with this Agreement, on any other or subsequent occasion.

 

    

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(c)   
Except with respect to Section 9.09, the terms and conditions of Section 9 are for the sole benefit of the Agents and Lenders.

 

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

 

10.09    Counterparts, Electronic Execution of Assignments and Certain Other Documents. This Agreement may be executed in
one or more counterparts (and by different parties hereto in different counterparts), each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page
of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature
page shall be effective as delivery of an original executed counterpart of this Agreement. The words “execute,” “execution,”
“signed,” “signature,” and words of like import in or related to any document to be signed in connection
with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments
or other modifications, Requests for Extensions of Credit, waivers and consents) shall be deemed to include electronic signatures,
the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent,
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided
that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures
approved by it.

 

10.10    Integration. This Agreement, together with the other Loan Documents and any letter agreements referred to herein,
comprises the complete and integrated agreement of the parties regarding the subject matter hereof and supersedes all prior agreements,
written or oral, on the subject matter hereof. In the event of any conflict between the provisions of this Agreement and those
of any other Loan Document, the provisions of this Agreement shall control and govern; provided that the inclusion of supplemental
rights or remedies in favor of Administrative Agent or Lenders in any other Loan Document shall not be deemed a conflict with
this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed
neither against nor in favor of any party, but rather in accordance with the fair meaning thereof. THE LOAN DOCUMENTS REPRESENT
THE FINAL AGREEMENT BETWEEN THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BY SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN SUCH PARTIES.

 

    

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10.11    Nature of Lenders’ Obligations. Nothing contained in this Agreement or any other Loan Document and no action
taken by Administrative Agent or Lenders or any of them pursuant hereto or thereto may, or may be deemed to, make Lenders a partnership,
an association, a joint venture or other entity, either among themselves or with Borrower or any Subsidiary or Affiliate of Borrower.
Each Lender’s obligation to make any Extension of Credit pursuant hereto is several and not joint or joint and several.
A default by any Lender will not increase the Commitments attributable to any other Lender. 

 

10.12    Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan
Document shall survive the execution and delivery thereof. Such representations and warranties have been or will be relied upon
by Administrative Agent and each Lender, notwithstanding any investigation made by Administrative Agent or any Lender or on their
behalf. 

 

10.13    Indemnity by Borrower. Whether or not the transactions contemplated hereby are consummated, Borrower agrees to indemnify,
save and hold harmless each Administrative Agent-Related Person, each other Agent, each Person identified on the cover page of
this Agreement as a Joint Lead Arranger and Joint Bookrunner and each Lender and their respective Affiliates and their and their
Affiliates’ respective directors, officers, agents, attorneys and employees (collectively the “Indemnitees”)
from and against: (i) any and all claims, demands, actions or causes of action that are asserted against any Indemnitee by any
Person relating directly or indirectly to a claim, demand, action or cause of action that such Person asserts or may assert against
Borrower, any of its Affiliates or any of its officers or directors; (ii) any and all claims, demands, actions or causes of action
arising out of or relating to the Loan Documents, the Commitments, the Term Loans, the use or contemplated use of the proceeds
of any Extension of Credit, or the relationship of Borrower, Administrative Agent and Lenders under this Agreement; (iii) any
administrative or investigative proceeding by any Governmental Authority arising out of or related to a claim, demand, action
or cause of action described in clauses (i) or (ii) above; and (iv) any and all liabilities (including liabilities under indemnities),
losses, costs or expenses (including Attorney Costs (limited to one law firm for Lenders unless Lenders have differing interests
or defenses that preclude the engagement of one law firm to represent Lenders)), that any Indemnitee suffers or incurs as a result
of the assertion of any foregoing claim, demand, action, cause of action or proceeding, or as a result of the preparation of any
defense in connection with any foregoing claim, demand, action, cause of action or proceeding, in all cases, including settlement
costs incurred with the prior written consent of Borrower (which consent shall not be unreasonably withheld), whether or not arising
out of the negligence of an Indemnitee, and whether or not an Indemnitee is a party to such claim, demand, action, cause of action
or proceeding (all the foregoing, collectively, the “Indemnified Liabilities”); provided that no Indemnitee
shall be entitled to indemnification for any Indemnified Liability to the extent (i) it is found by a final, non-appealable judgment
of a court of competent jurisdiction to arise from (x) the bad faith, willful misconduct or gross negligence of such Indemnitee
or (y) a material breach by such Indemnitee of its express obligations under this Agreement; or (ii) not resulting from an act
or omission of Borrower or any of its Affiliates in respect of a claim, litigation, investigation or proceeding by one Lender
against another Lender (in each case, for the avoidance of doubt, excluding each of the Agents and each Person identified on the
cover page of this Agreement as a Joint Lead Arranger and Joint Bookrunner in each case in its capacity as such). In no event
shall any Indemnitee be liable for any damages arising from the use by unauthorized Persons of information or other materials
sent through electronic, telecommunications or other information transmission systems that are intercepted by such Persons except
to the extent it is found by a final, non-appealable judgment of a court of competent jurisdiction to arise from the bad faith,
willful misconduct or gross negligence of such Indemnitee. This Section 10.13 shall not apply with respect to taxes other than
any taxes that represent losses, claims, damages, etc. arising from any non-tax claim. The agreements in this Section shall survive
repayment of all Obligations.

 

    

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10.14    Nonliability of Lenders. Borrower acknowledges and agrees that: 

 

(a)   
Any inspections of any property of Borrower made by or through Administrative Agent or Lenders are for purposes of administration
of the Loan Documents only, and Borrower is not entitled to rely upon the same (whether or not such inspections are at the expense
of Borrower);

 

(b)   
By accepting or approving anything required to be observed, performed, fulfilled or given to Administrative Agent or Lenders
pursuant to the Loan Documents, neither Administrative Agent nor Lenders shall be deemed to have warranted or represented the
sufficiency, legality, effectiveness or legal effect of the same, or of any term, provision or condition thereof, and such acceptance
or approval thereof shall not constitute a warranty or representation to anyone with respect thereto by Administrative Agent or
Lenders;

 

(c)   
The relationship between Borrower and Administrative Agent and Lenders is, and shall at all times remain, solely that of
borrower and lenders; neither Administrative Agent nor any Lender undertakes or assumes any responsibility or duty to Borrower
or its Affiliates to select, review, inspect, supervise, pass judgment upon or inform Borrower or its Affiliates of any matter
in connection with their property or the operations of Borrower or its Affiliates; Borrower and its Affiliates shall rely entirely
upon their own judgment with respect to such matters; and any review, inspection, supervision, exercise of judgment or supply
of information undertaken or assumed by Administrative Agent or any Lender in connection with such matters is solely for the protection
of Administrative Agent and Lenders and neither Borrower nor any other Person is entitled to rely thereon;

 

(d)   
In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver
or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging
and other services regarding this Agreement provided by the Administrative Agent, the Arrangers, and the Lenders are arm’s-length
commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers
and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks
and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent,
the Arrangers and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant
parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates,
or any other Person and (B) neither the Administrative Agent, the Arrangers nor any Lender has any obligation to the Borrower
or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers and the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its
Affiliates, and neither Administrative Agent, the Arrangers, nor any Lender has any obligation to disclose any of such interests
to the Borrower or its Affiliates. To the fullest extent permitted by law, each Loan Party hereby agrees not to assert any claims
that it may have against the Administrative Agent, the Arrangers or any Lender with respect to any breach or alleged breach of
agency or fiduciary duty in connection with the financing transactions contemplated hereby.

 

(e)   
Administrative Agent and Lenders, and their Affiliates, may have economic interests that conflict with those of Borrower
and its Affiliates; and

 

(f)    
Neither Administrative Agent nor any Lender shall be responsible or liable to any Person for any loss, damage, liability
or claim of any kind relating to injury or death to Persons or

 

    

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damage
to property caused by the actions, inaction or negligence of Borrower and/or its Affiliates and Borrower hereby indemnifies and
holds Administrative Agent and Lenders harmless from any such loss, damage, liability or claim.

 

10.15    No Third Parties Benefitted. This Agreement is made for the purpose of defining and setting forth certain obligations,
rights and duties of Borrower, Administrative Agent and Lenders in connection with the Extensions of Credit, and is made for the
sole benefit of Borrower, Administrative Agent and Lenders, Administrative Agent’s and Lenders’ successors and permitted
assigns. Except as provided in Section 10.04, no other Person shall have any rights of any nature hereunder or by reason hereof.

 

10.16    Severability. Any provision of the Loan Documents that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective and severable to the extent of such prohibition or unenforceability without invalidating
the remaining provisions thereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. Administrative Agent, Lenders and Borrower agree to negotiate, in good
faith, the terms of a replacement provision as similar to the severed provision as may be possible and be legal, valid, and enforceable.

 

10.17    Confidentiality. Administrative Agent and each Lender shall use any confidential non-public information concerning
Borrower and its Subsidiaries and Affiliates that is furnished to Administrative Agent or such Lender by or on behalf of Borrower
and its Subsidiaries in connection with the Loan Documents (collectively, “Confidential Information”) solely for the
purpose of administering and enforcing the Loan Documents, and it will hold the Confidential Information in confidence and will
not disclose, directly or indirectly, such information to any Person, except (a) to their affiliates or any of their or their
affiliates’ directors, officers, employees, auditors, counsel, advisors, or representatives (collectively, the “Representatives”)
who need to know such information for the purposes set forth in this Section and who have been advised of and acknowledge their
obligation to keep such information confidential and limit the use of such information in accordance with this Section, (b) to
any Eligible Assignee to which such Lender has assigned or desires to assign an interest or participation in the Loan Documents
or the Obligations or to any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap
or derivative transaction relating to Borrower and its obligations, provided that any such foregoing recipient of such
Confidential Information agrees to keep such Confidential Information confidential and limit the use of such Confidential Information
as specified herein, (c) to any governmental agency or regulatory body (including self-regulatory bodies) having or claiming to
have authority to regulate or oversee any aspect of Administrative Agent’s or such Lender’s business or that of their
Representatives in connection with the exercise of such authority or claimed authority (in which case such Lender shall, except
with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising
examination or regulatory authority, use reasonable efforts to promptly notify Borrower, in advance, to the extent lawfully permitted
to do so), (d) to the extent necessary or appropriate to enforce any right or remedy or in connection with any claims asserted
by or against Administrative Agent or such Lender or any of their Representatives, (e) pursuant to any subpoena or any similar
legal process (in which case such Lender shall use reasonable efforts to promptly notify Borrower, in advance, to the extent permitted
by Law), (f) to other Lenders and (g) with the consent of Borrower. For purposes hereof, the term “Confidential Information”
shall not include information that (w) pertains to this Agreement (but not any other information concerning Borrower) routinely
provided by arrangers to data service providers, including league table providers, that serve the lending industry, (x) is in
Administrative Agent’s or a Lender’s possession prior to its being provided by or on behalf of Borrower or any of
its Subsidiaries or Affiliates, provided that such information is not known by Administrative Agent or such Lender to be
subject to another confidentiality agreement with, or other legal or contractual obligation of confidentiality to, Borrower or
any of its 

 

    

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Subsidiaries
or Affiliates, (y) is or becomes publicly available (other than through a breach hereof by Administrative Agent or such Lender),
or (z) becomes available to Administrative Agent or such Lender on a nonconfidential basis, provided that the source of
such information was not known by Administrative Agent or such Lender to be bound by a confidentiality agreement or other legal
or contractual obligation of confidentiality with respect to such information.

 

Each of the
Lenders confirms that it is aware of the terms and requirements of Practice Statement No. 25 (Debt Syndication during Offer
Periods) published by the Panel on 17 June 2009. This section 10.17 is without prejudice to any undertakings or confirmations
given by the Lenders to the Borrower in connection with, or for the purposes of ensuring compliance with Practice Statement No.
25 (Debt Syndication during Offer Periods).

 

10.18    Headings. Section headings in this Agreement and the other Loan Documents are included for convenience of reference
only and are not part of this Agreement or the other Loan Documents for any other purpose. 

 

10.19    Time of the Essence. Time is of the essence of the Loan Documents.

 

10.20    Status of Lenders and Administrative Agent. (a) (i) Each Lender that is a U.S. Person shall deliver to Borrower
and Administrative Agent on or prior to the date on which such Lender becomes a party to this Agreement, and from time to time
thereafter if requested in writing by Borrower or Administrative Agent, executed originals of IRS Form W-9, or any successor form
prescribed by the IRS, certifying that such Lender is exempt from U.S. federal backup withholding tax; (ii) Each Lender organized
under the Laws of a jurisdiction outside the United States, on or prior to the date of this Agreement in the case of each Lender
listed on the signature pages hereof and on or prior to the date on which it becomes a Lender in the case of each other Lender,
and from time to time thereafter if requested in writing by Borrower or Administrative Agent, shall provide Borrower and Administrative
Agent (but only so long as such Lender remains lawfully able to do so) with (x) IRS Form W-8BEN or W-8BEN-E, as appropriate, or
any successor form prescribed by the IRS, certifying that such Lender is entitled to benefits under an income tax treaty to which
the United States is a party which reduces the rate of withholding tax on payments of interest, IRS Form W-8ECI, or any successor
form prescribed by the IRS, certifying that the income receivable pursuant to the Loan Documents is effectively connected with
the conduct of a trade or business in the United States, or IRS Form W-8EXP, or any successor form prescribed by the IRS, (y)
if such Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code and intends to claim an exemption
from United States withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest,”
IRS Form W-8BEN or W-8BEN-E, as applicable, or any successor form prescribed by the IRS, and a certificate substantially in the
form of Exhibit F-1 representing that such Lender is not a bank for purposes of Section 881(c) of the Code, is not a ten-percent
shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of Borrower, and is not a “controlled foreign corporation”
described in Section 881(c)(3)(C) (a “U.S. Tax Compliance Certificate”) or (z) to the extent such Lender is not the
beneficial owner, executed originals of IRS Form W-8IMY, or any successor form prescribed by the IRS, accompanied by IRS Form
W-8ECI, W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit
F-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the
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 F-4 on behalf
of each such direct and indirect partner. Thereafter and from time to time, each such Person shall (i) promptly submit to Administrative
Agent such additional duly completed and signed copies of one of such forms (or such successor forms as shall be adopted from
time to time by the relevant United States taxing authorities) as may then be available under then current United States laws
and regulations to avoid, or such evidence as 

 

    

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is satisfactory
to Borrower and Administrative Agent of any available exemption from or reduction of, United States withholding taxes in respect
of all payments to be made to such Person by Borrower pursuant to this Agreement, (ii) promptly notify Administrative Agent of
any change in circumstances which would modify or render invalid any claimed exemption or reduction and (iii) take such steps
as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary
(including the re-designation of its Lending Office) to avoid any requirement of applicable Laws that Borrower make any deduction
or withholding for taxes from amounts payable to such Person. If such Person fails to deliver the above forms or other documentation,
then Administrative Agent may withhold from any interest payment to such Person an amount equivalent to the applicable withholding
tax imposed by Sections 1441 and 1442 of the Code, without reduction. If any Governmental Authority asserts that Administrative
Agent did not properly withhold any tax or other amount from payments made in respect of such Person, such Person shall indemnify
Administrative Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable
to Administrative Agent under this Section, and costs and expenses (including Attorney Costs) of Administrative Agent. The obligation
of Lenders under this Section shall survive the payment of all Obligations and the resignation of Administrative Agent.

 

(b)   
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 Administrative Agent at the time or times prescribed by
law and at such time or times reasonably requested by Borrower or Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by
Borrower or Administrative Agent as may be necessary for Borrower and Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment. Solely for purposes of this Subsection 10.20(b), “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 promptly update and deliver such form or certification to Borrower and Administrative Agent or promptly notify Borrower
and Administrative Agent in writing of its legal ineligibility to do so.

 

(c)   
The Administrative Agent shall deliver to the Borrower two executed originals of whichever of the following is applicable:

 

(i)
if the Administrative Agent is a U.S. Person, IRS Form W-9 certifying to such Administrative Agent’s exemption from U.S.
federal backup withholding or

 

(ii)
if the Administrative Agent is not a U.S. Person,

 

(A)
IRS Form W-8ECI with respect to payments received for its own account and

 

(B)
IRS Form W-8IMY with respect to any amounts payable to the Administrative Agent for the account of others, certifying that it
is a U.S. branch of a foreign bank or insurance company described in Regulations section 1.1441-1(b)(2)(iv)(A) that is a participating
FFI (including a reporting Model 2 FFI), registered deemed-compliant FFI (including a reporting Model 1 FFI), or NFFE that is
using this

 

    

    68

    

form
as evidence of its agreement with the withholding agent to be treated as a U.S. person with respect to any payments associated
with this withholding certificate.

 

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

 

10.21     Removal and Replacement of Lenders. 

 

(a)   
In the event that any Lender (i) requests compensation under Sections 3.01 or 3.04, (ii) becomes a Defaulting Lender or
(iii) does not consent to any proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement
or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (in the case
of this clause (iii), so long as the consent of the Required Lenders to such amendment, supplement, modification, consent or waiver
has been obtained), Borrower may, upon notice to such Lender and Administrative Agent, remove or replace such Lender by (A) non-ratably
terminating such Lender’s Commitment and/or (B) causing such Lender to assign its rights and obligations under this Agreement
pursuant to Section 10.04(b) to one or more other Lenders or eligible assignees procured by Borrower and otherwise reasonably
acceptable to Administrative Agent; provided that such assigning Lender shall have received payment of an amount equal
to 100% of the outstanding principal, interest and fees owed to such Lender and any other amounts owing hereunder to such Lender
from the assignee Lender or Borrower or such lesser amount as may be agreed with such Lender. Borrower shall, in the case of a
termination of such Lender’s Commitment and prepayment of its Term Loans pursuant to clause (A) preceding, (x) pay in full
all principal, interest, fees and other amounts owing to such Lender through the date of termination and prepayment (including
any amounts payable pursuant to Section 3), except as may otherwise be agreed with such Lender and (y) release such Lender from
its obligations under the Loan Documents from and after the date of termination. Borrower shall, in the case of an assignment
pursuant to clause (B) preceding, cause to be paid the assignment fee payable to Administrative Agent pursuant to Section 10.04(c).
Any such Lender whose Commitment or Loan is being assigned shall, upon payment of (i) all amounts owed to it pursuant to the proviso
in clause (B) preceding and (ii) the assignment fee as described in the preceding sentence, be deemed to have executed and delivered
an Assignment and Assumption covering such Lender’s Commitment or Term Loan, as applicable. Administrative Agent shall distribute
an amended Schedule 2.01, which shall be deemed incorporated into this Agreement, to reflect adjustments to the Lenders and their
Commitments.

 

(b)   
If fees cease to accrue on the unfunded portion of the Commitments of a Defaulting Lender pursuant to Section 2.14(a),
such fees shall not be paid to the non-Defaulting Lenders (or replacement Lenders in respect of any fees accruing prior to such
replacement Lender becoming a Lender hereunder).

 

(c)   
This Section shall supersede any provisions in Section 10.01 to the contrary.

 

10.22     Governing Law; Submission to Jurisdiction; Waivers. 

 

(a)   
THIS AGREEMENT AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER ARISING IN CONTRACT,
TORT OR OTHERWISE) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    

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(b)   
Each party to this Agreement irrevocably and unconditionally:

 

(i)
submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents
to which it is a party to the exclusive general jurisdiction of the courts of the State of New York sitting in the Borough of
Manhattan in the City of New York, the courts of the United States for the Southern District of New York, and appellate courts
from any thereof;

 

(ii)
agrees that a final judgment in any such suit, action or proceeding brought in any such court may be enforced in any other court
to whose jurisdiction the applicable party is or may be subject, by suit upon judgment;

 

(iii)
consents that any such action or proceeding may only be brought in such courts and waives any objection that it may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;

 

(iv)
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to it at its address provided for in Section 10.02;

 

(v)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and

 

(vi)
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section 10.22 any special, exemplary, punitive or consequential damages; provided the waiver set forth in
this clause (vi) shall not affect any obligation of Borrower under Section 10.13.

 

10.23     Waiver of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND
THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

 

10.24     USA PATRIOT Act. Each Lender hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and
record information that identifies Borrower and Guarantors, which information includes the name and address of Borrower and Guarantors
and other information that will allow such Lender to identify Borrower and Guarantors in accordance with the PATRIOT Act. 

 

10.25     Judgment Currency. 

 

    

    70

    

(a)   
If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in one currency into
another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used
shall be that at which in accordance with normal banking procedures Administrative Agent could purchase the first currency with
such other currency in the city in which it normally conducts its foreign exchange operation for the first currency on the Business
Day preceding the day on which final judgment is given.

 

(b)   
The obligation of Borrower in respect of any sum due from it to any Lender or Agent hereunder shall, notwithstanding any
judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with
the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the
Business Day following receipt by such Lender of any sum adjudged to be so due in the Judgment Currency such Lender may in accordance
with normal banking procedures purchase the Agreement Currency with the Judgment Currency; if the amount of Agreement Currency
so purchased is less than the sum originally due to such Lender in the Agreement Currency, Borrower agrees notwithstanding any
such judgment to indemnify such Lender against such loss, and if the amount of the Agreement Currency so purchased exceeds the
sum originally due to any Lender, such Lender agrees to remit to Borrower such excess.

 

10.26     Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by: 

 

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

 

(b)   
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)
a reduction in full or in part or cancellation of any such liability;

 

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

 

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

 

[REMAINDER
OF PAGE INTENTIONALLY BLANK.

SIGNATURE PAGES FOLLOW.]

 

    

     

    

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed by their proper and duly authorized officers as of
the day and year first written above.

 

	 	COMCAST CORPORATION
	 	 	 	 	 
	 	 	 	 	 
	 	By:  	/s/ William E. Dordelman	 
	 	 	Name: 	William E. Dordelman	 
	 	 	Title:  	Senior Vice President and Treasurer	 

 

    
[Signature Page to Term Loan Credit Agreement]

     

    

  

	 	BANK OF AMERICA, N.A., as Administrative Agent
	 	 	 	 	 
	 	 	 	 	 
	 	By:  	/s/ Brandon Bolio	 
	 	 	Name: 	Brandon Bolio	 
	 	 	Title:  	Director	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By:  	/s/ Nicholas Grocholski	 
	 	 	Name: 	Nicholas Grocholski	 
	 	 	Title: 	Director	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	SG AMERICAS SECURITIES, LLC 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Jonathan Logan 	 
	 	 	Name: 	Jonathan Logan	 
	 	 	Title: 	Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

	 	SOCIETE GENERALE, 
	 	as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Jonathan Logan 	 
	 	 	Name: 	Jonathan Logan	 
	 	 	Title: 	Director	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	SUMITOMO MITSUI BANKING CORPORATION,
	 	as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/James D. Weinstein	 
	 	 	Name: 	James D. Weinstein	 
	 	 	Title: 	Managing Director	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	MIZUHO BANK, LTD., as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Donna DeMagistris	 
	 	 	Name: 	Donna DeMagistris	 
	 	 	Title: 	Authorized Signatory	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	SANTANDER BANK, N.A., as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Xavier Ruiz Sena	 
	 	 	Name: 	Xavier Ruiz Sena	 
	 	 	Title: 	Managing Director	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	AGRICULTURAL BANK OF CHINA LTD., NEW YORK BRANCH, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Nelson Chou	 
	 	 	Name: 	Nelson Chou	 
	 	 	Title: 	SVP, Head of Corporate Banking	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	BANK OF CHINA, NEW YORK BRANCH, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Chen Xu 	 
	 	 	Name: 	Chen Xu	 
	 	 	Title: 	President and CEO	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	ING Bank, a Branch of ING-DiBa AG, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Eva Smolen	 
	 	 	Name: 	Eva Smolen	 
	 	 	Title: 	Managing Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Ingo Steen	 
	 	 	Name: 	Ingo Steen	 
	 	 	Title: 	VP	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	NATIONAL WESTMINSTER BANK PLC, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Ben Liptrot	 
	 	 	Name: 	Ben Liptrot	 
	 	 	Title: 	Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ 	 
	 	 	Name: 	 	 
	 	 	Title:	 	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	THE BANK OF NOVA SCOTIA, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Laura Gimena 	 
	 	 	Name: 	Laura Gimena	 
	 	 	Title: 	Director	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	COMMERZBANK AG, NEW YORK BRANCH, as a Lender 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Paolo de Alessandrini	 
	 	 	Name: 	Paolo de Alessandrini	 
	 	 	Title: 	Managing Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Jenny Shum	 
	 	 	Name: 	Jenny Shum	 
	 	 	Title: 	Vice President	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	Fifth Third Bank, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Dan Komitor	 
	 	 	Name: 	Dan Komitor	 
	 	 	Title: 	Senior Relationship Manager	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	INTESA SANPAOLO S.P.A., NEW YORK BRANCH, AS A LENDER
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Manuela Insana	 
	 	 	Name: 	Manuela Insana	 
	 	 	Title: 	VP & Relationship Manager	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Francesco Di Mario 	 
	 	 	Name: 	Francesco Di Mario	 
	 	 	Title: 	FVP & Head of Credit 	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	LLOYDS BANK PLC, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Tina Wong	 
	 	 	Name: 	Tina Wong	 
	 	 	Title: 	Assistant Manager Transaction Execution Category A W011
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Jennifer Larrow	 
	 	 	Name: 	Jennifer Larrow	 
	 	 	Title: 	Assistant Manager Transaction Execution Category A L003

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	SUNTRUST BANK, as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Paige Scheper	 
	 	 	Name: 	Paige Scheper	 
	 	 	Title: 	Vice President	 
	 	 	 	 	 

    
[Signature Page to Term Loan Credit Agreement]

     

    

	 	U.S. BANK NATIONAL ASSOCIATION, 
	 	as a Lender
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 /s/ Garret Komjathy	 
	 	 	Name: 	Garret Komjathy	 
	 	 	Title: 	Senior Vice President	 

 

    
[Signature Page to Term Loan Credit Agreement]

     

    

EXECUTION VERSION

 

EXHIBIT
A

 

FORM OF GUARANTEE
AGREEMENT

 

[Attached]

 

 

     

     

    

EXECUTION
VERSION

 

 

 

 

 

 

 

 

 

 

GUARANTEE
AGREEMENT

 

made by

 

COMCAST CABLE
COMMUNICATIONS, LLC

 

NBCUNIVERSAL
MEDIA, LLC

 

and the other
Subsidiaries from time to time parties hereto

 

in favor
of

 

BANK OF AMERICA,
N.A. as Administrative Agent

 

Dated as
of August 22, 2018

 

 

 

 

 

 

 

 

 

 

 

     

     

    

TABLE
OF CONTENTS

 

Page

 

	SECTION 1 DEFINED TERMS	1
	1.01.	Definitions	1
	1.02.	Other Definitional
    Provisions	2
	SECTION 2 GUARANTEE	2
	2.01.	Guarantee	2
	2.02.	Right of Contribution	3
	2.03.	No Subrogation	3
	2.04.	Amendments, etc. with
    respect to the Borrower Obligations	4
	2.05.	Guarantee Absolute
    and Unconditional	4
	2.06.	Reinstatement	5
	2.07.	Payments	5
	SECTION 3 MISCELLANEOUS	5
	3.01.	Amendments
    in Writing	5
	3.02.	Notices	5
	3.03.	No Waiver by Course
    of Conduct; Cumulative Remedies	5
	3.04.	Enforcement Expenses;
    Indemnification	6
	3.05.	Successors and Assigns	6
	3.06.	Set-Off	6
	3.07.	Counterparts	6
	3.08.	Severability	7
	3.09.	Section Headings	7
	3.10.	Integration	7
	3.11.	GOVERNING LAW	7
	3.12.	Submission To Jurisdiction;
    Waivers	7
	3.13.	Acknowledgements	8
	3.14.	Additional Guarantors	8
	3.15.	WAIVER OF JURY TRIAL	8

 

SCHEDULES

 

		Schedule 1	Notice Addresses

 

ANNEXES

 

		Annex 1	Form Assumption Agreement

 

    i 

     

    

GUARANTEE
AGREEMENT

 

GUARANTEE
AGREEMENT, dated as of August 22, 2018, made by each of the signatories hereto, in favor of BANK OF AMERICA, N.A., as Administrative
Agent (in such capacity, the “Administrative Agent”) for the banks and other financial institutions or entities (the
“Lenders”) from time to time parties to the Term Loan Credit Agreement, dated as of the date hereof (as amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among COMCAST CORPORATION, a Pennsylvania corporation
(the “Borrower”), the Lenders and the Administrative Agent.

 

W I T N E
S S E T H:

 

WHEREAS,
pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms
and subject to the conditions set forth therein;

 

WHEREAS,
the Borrower is a member of an affiliated group of companies that includes each Guarantor;

 

WHEREAS,
the Borrower and Guarantors are engaged in related businesses, and each Guarantor will derive substantial direct and indirect
benefit from the making of the extensions of credit under the Credit Agreement; and

 

WHEREAS,
it is a condition precedent to the effectiveness of the Credit Agreement that the Guarantors shall have executed and delivered
this Agreement to the Administrative Agent for the ratable benefit of the Lenders;

 

NOW,
THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit Agreement
and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Guarantor hereby agrees
with the Administrative Agent, for the ratable benefit of the Lenders, as follows:

 

Section
1

DEFINED TERMS

 

1.01.    Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement.

 

(b)      
The following terms shall have the following meanings:

 

“Agreement”:
this Guarantee Agreement, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Borrower
Obligations”: the collective reference to the unpaid principal of and interest on the Loans made to the Borrower and all
other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate
provided in the Credit Agreement after the maturity of the Loans made to it and interest accruing at the then applicable rate
provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding, relating to the

 

    

     

    

Borrower,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or
any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which
may arise under, out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents or any other document
made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel
to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the
foregoing agreements).

 

“Guarantor
Obligations”: with respect to any Guarantor, all obligations and liabilities of such Guarantor which may arise under or
in connection with this Agreement (including, without limitation, Section 2) or any other Loan Document to which such Guarantor
is a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses
or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders
that are required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document).

 

“Guarantors”:
the collective reference to each of the signatories hereto and the other entities that may become a party hereto as provided herein
(in each case, unless released pursuant to the terms of the Loan Documents).

 

“Obligations”:
in the case of each Guarantor, its Guarantor Obligations.

 

1.02.    Other Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified.

 

(b)      
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

Section
2

GUARANTEE

 

2.01.     Guarantee. (a) Subject to the provisions of Section 2.01(b), each of the Guarantors hereby, jointly and severally,
unconditionally and irrevocably, guarantees to the Administrative Agent, for the ratable benefit of the Lenders and their respective
successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether
at the stated maturity, by acceleration or otherwise) of the Borrower Obligations.

 

(b)      
Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor
hereunder and under the other Loan Documents in its capacity as Guarantor shall in no event exceed the amount which can be guaranteed
by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right
of contribution established in Section 2.02).

 

(c)     
Each Guarantor agrees that the Borrower Obligations may at any time and from time to time exceed the amount of the liability
of such Guarantor hereunder without

 

    2

     

    

impairing
the guarantee contained in this Section 2 or affecting the rights and remedies of the Administrative Agent or any Lender hereunder.

 

(d)      
The guarantee contained in this Section 2 shall remain in full force and effect until all the Borrower Obligations and
the obligations of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by payment in full
(other than contingent indemnification and expense reimbursement obligations) and all Commitments shall be terminated, notwithstanding
that from time to time during the term of the Credit Agreement the Borrower may be free from the Borrower Obligations.

 

(e)     
No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected
by the Administrative Agent or any Lender from the Borrower, any of the Guarantors, any other guarantor or any other Person by
virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction
of or in payment of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any
Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of
the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain
liable for the Borrower Obligations up to the maximum liability of such Guarantor hereunder until the Borrower Obligations (other
than contingent indemnification and expense reimbursement obligations) are paid in full and all Commitments are terminated.

 

2.02.     Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than
its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from
and against any other Guarantor hereunder which has not paid its proportionate share of such payment. For purposes of this Section
2.02, “proportionate share” means, as to any Guarantor, a fraction the numerator of which shall be the net worth of
such Guarantor and the denominator of which shall be the aggregate net worth of all Guarantors. Each Guarantor’s right of
contribution shall be subject to the terms and conditions of Section 2.03. The provisions of this Section 2.02 shall in no respect
limit the obligations and liabilities of any Guarantor to the Administrative Agent and the Lenders, and each Guarantor shall remain
liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder.

 

2.03.     No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds
of any Guarantor by the Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights
of the Administrative Agent or any Lender against the Borrower or any Guarantor or any collateral security or guarantee or right
of offset held by the Administrative Agent or any Lender for the payment of the Borrower Obligations, nor shall any Guarantor
seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments
made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower on account
of the Borrower Obligations (other than contingent indemnification and expense reimbursement obligations) are paid in full and
all Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time
when all of the Borrower Obligations (other than contingent indemnification and expense reimbursement obligations) shall not have
been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated
from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative
Agent in the exact form received by such Guarantor (duly indorsed by such

 

    3

     

    

Guarantor
to the Administrative Agent, if required), to be applied against the Borrower Obligations, whether matured or unmatured, in such
order as the Administrative Agent may determine.

 

2.04.     Amendments, etc. with respect to the Borrower Obligations. Each Guarantor shall remain obligated hereunder notwithstanding
that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand
for payment of any of the Borrower Obligations made by the Administrative Agent or any Lender may be rescinded by the Administrative
Agent or such Lender and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other
Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto,
may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered
or released by the Administrative Agent or any Lender, and the Credit Agreement and the other Loan Documents and any other documents
executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the
Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may deem advisable from time to time, and any
collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of
the Borrower Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender
shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations
or for the guarantee contained in this Section 2 or any property subject thereto.

 

2.05.     Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension
or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon
the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Borrower Obligations,
and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived,
in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on
the one hand, and the Administrative Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have
been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives diligence, presentment,
protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors with respect
to the Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed
as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit
Agreement or any other Loan Document, any of the Borrower Obligations or any collateral security therefor or guarantee or right
of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense,
set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted
by the Borrower or any other Person against the Administrative Agent or any Lender, or (c) any other circumstance whatsoever (with
or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an
equitable or legal discharge of the Borrower for the Borrower Obligations, or of such Guarantor under the guarantee contained
in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and
remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no obligation to, make
a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any
other Person or against any collateral security or guarantee for the

 

    4

     

    

Borrower
Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any
such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any
other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release
of the Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall
not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether
express, implied or available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes
hereof “demand” shall include the commencement and continuance of any legal proceedings.

 

2.06.     Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the
case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is rescinded or must otherwise be
restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization
of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee
or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such
payments had not been made.

 

2.07.     Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without
set-off or counterclaim in the currency otherwise required pursuant to the terms of the Credit Agreement at the Administrative
Agent’s Office.

 

Section
3

MISCELLANEOUS

 

3.01.     Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or
otherwise modified except in accordance with Section 10.01 of the Credit Agreement.

 

3.02.     Notices. All notices, requests and demands to or upon the Administrative Agent or any Guarantor hereunder shall
be effected in the manner provided for in Section 10.02 of the Credit Agreement; provided that any such notice, request or demand
to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1.

 

3.03.     No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any Lender shall by any
act (except by a written instrument pursuant to Section 3.01), delay, indulgence, omission or otherwise be deemed to have waived
any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay
in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as
a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of
any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative
Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may
be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

    5

     

    

3.04.     Enforcement Expenses; Indemnification. (a) Each Guarantor agrees to pay or reimburse each Lender and the Administrative
Agent for all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2
or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a
party, but solely to the extent such costs and expenses would be reimbursable by the Borrower pursuant to Section 10.03 of the
Credit Agreement.

 

(b)      
Each Guarantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever
with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower
would be required to do so pursuant to Section 10.03 of the Credit Agreement.

 

(c)     
The agreements in this Section 3.04 shall survive repayment of the Obligations and all other amounts payable under the
Credit Agreement and the other Loan Documents.

 

3.05.    Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Guarantor and shall
inure to the benefit of the Administrative Agent and the Lenders and their successors and assigns; provided that no Guarantor
may assign, transfer or delegate any of its rights or obligations under this Agreement (except pursuant to a merger, consolidation
or similar transaction permitted by the Credit Agreement) without the prior written consent of the Administrative Agent.

 

3.06.    Set-Off. Each Guarantor hereby irrevocably authorizes the Administrative Agent and each Lender at any time and from
time to time while an Event of Default shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor,
any such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits (general or
special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency,
in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Administrative
Agent or such Lender to or for the credit or the account of such Guarantor, or any part thereof in such amounts as the Administrative
Agent or such Lender may elect, against and on account of the obligations and liabilities of such Guarantor to the Administrative
Agent or such Lender hereunder and claims of every nature and description of the Administrative Agent or such Lender against such
Guarantor, in any currency, whether arising hereunder, under the Credit Agreement, any other Loan Document or otherwise, as the
Administrative Agent or such Lender may elect, whether or not the Administrative Agent or any Lender has made any demand for payment
and although such obligations, liabilities and claims may be contingent or unmatured. The Administrative Agent and each Lender
shall notify such Guarantor promptly of any such set-off and the application made by the Administrative Agent or such Lender of
the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of the Administrative Agent and each Lender under this Section 3.06 are in addition to other rights and remedies (including,
without limitation, other rights of set-off) which the Administrative Agent or such Lender may have.

 

3.07.    Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate
counterparts (including in “.pdf” form), and all of said counterparts taken together shall be deemed to constitute
one and the same instrument.

 

    6

     

    

3.08.    Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

3.09.    Section Headings. The Section headings used in this Agreement are for convenience of reference only and are not
to affect the construction hereof or be taken into consideration in the interpretation hereof.

 

3.10.    Integration. This Agreement and the other Loan Documents represent the agreement of the Guarantors, the Administrative
Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations
or warranties by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set forth
or referred to herein or in the other Loan Documents.

 

3.11.    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK.

 

3.12.    Submission To Jurisdiction; Waivers. Each Guarantor hereby irrevocably and unconditionally:

 

(a)      
submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents
to which it is a party to the exclusive general jurisdiction of the courts of the State of New York sitting in the Borough of
Manhattan in the City of New York, the courts of the United States for the Southern District of New York, and appellate courts
from any thereof;

 

(b)     
agrees that a final judgment in any such suit, action or proceeding brought in any such court may be enforced in any other
court to whose jurisdiction the applicable party is or may be subject, by suit upon judgment;

 

(c)      
consents that any such action or proceeding may only be brought in such courts and waives any objection that it may now
or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought
in an inconvenient court and agrees not to plead or claim the same;

 

(d)     
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to such Guarantor at its address referred to in
Section 3.02 hereof or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

 

(e)      
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and

 

(f)      
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section any special, exemplary, punitive or consequential damages; provided that the waiver set forth
in this clause (f)

 

    7

     

    

shall
not affect any obligation of the Borrower or any Guarantor under Section 3.04 of this Agreement.

 

3.13.     Acknowledgements. Each Guarantor hereby acknowledges that:

 

(a)      
it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents
to which it is a party;

 

(b)     
neither the Administrative Agent nor any Lender shall be deemed to be in an advisory, fiduciary or agency relationship
with any Guarantor or any of their Affiliates or have a fiduciary or other implied duty to any Guarantor or any of their Affiliates
arising out of or in connection with this Agreement or any of the other Loan Documents and the transactions contemplated hereby
and thereby, and the relationship between the Guarantors, on the one hand, and the Administrative Agent and Lenders, on the other
hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)      
no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Lenders or among the Guarantors and the Lenders.

 

3.14.     Additional Guarantors. Each Subsidiary of the Borrower that executes and delivers an Assumption Agreement in the
form of Annex 1 hereto shall become a Guarantor for all purposes of this Agreement, subject in all respects to the provisions
of Section 6.08 and 6.10 of the Credit Agreement, which govern the release of Guarantors from this Agreement. If any Person shall
be released as a Guarantor pursuant to Section 6.08 or 6.10 of the Credit Agreement (as applicable), such Person shall immediately
and automatically, without need for further action, cease to be a Guarantor hereunder and shall be, and shall be deemed to be,
released from all obligations under and in respect of this Agreement. In connection with the release of any Person as a Guarantor,
the Administrative Agent agrees, and the Lenders authorize the Administrative Agent, to execute and deliver documents reasonably
requested to evidence such release.

 

3.15.     WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[Signature
Pages Follow]

 

 

 

 

 

    8

     

    

IN
WITNESS WHEREOF, each of the undersigned has caused this Guarantee Agreement to be duly executed and delivered as of the date
first above written.

 

	 	COMCAST CABLE COMMUNICATIONS, LLC	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

    
[Signature Page – Guarantee Agreement – Term Loan Credit Agreement]
 

     

    

	 	NBCUNIVERSAL MEDIA, LLC	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

    
[Signature Page – Guarantee Agreement – Term Loan Credit Agreement]
 

     

    

	Accepted and agreed as
        of the date first written above:

        

        BANK OF AMERICA, N.A.

        as Administrative Agent

        

	 
	 
	By:	 
	 	Name:
	 	Title:

 

 

 

 

    
[Signature Page – Guarantee Agreement – Term Loan Credit Agreement]
 

     

    

Schedule
1

 

NOTICE ADDRESSES
OF GUARANTORS

 

c/o Comcast Corporation

One Comcast Center

Philadelphia, PA 19103

	Attention: 	General Counsel
	Telephone:	(215) 286-7564
	Facsimile:	(215) 286-7794
	E-mail:	corporate_legal@comcast.com

    

     

    

Annex 1 to

Guarantee Agreement

 

ASSUMPTION
AGREEMENT, dated as of ________________, 201_, made by ______________________________ (the “Additional Guarantor”),
in favor of Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the
banks and other financial institutions or entities (the “Lenders”) parties to the Credit Agreement referred to below.
All capitalized terms not defined herein shall have the meaning ascribed to them in such Credit Agreement.

 

W I T N E
S S E T H:

 

WHEREAS,
COMCAST CORPORATION (the “Borrower”), the Lenders and the Administrative Agent are parties to that certain Term Loan
Credit Agreement, dated as of August 22, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”);

 

WHEREAS,
in connection with the Credit Agreement, the Borrower and certain of its Affiliates (other than the Additional Guarantor) have
entered into the Guarantee Agreement, dated as of August 22, 2018 (as amended, supplemented or otherwise modified from time to
time, the “Guarantee Agreement”) in favor of the Administrative Agent for the benefit of the Lenders; and

 

WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee
Agreement;

 

NOW,
THEREFORE, IT IS AGREED:

 

1.     Guarantee
Agreement. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 3.14 of
the Guarantee Agreement, hereby becomes a party to the Guarantee Agreement as a Guarantor thereunder with the same force and effect
as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes
all obligations and liabilities of a Guarantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the
information set forth in Schedule 1 to the Guarantee Agreement.

 

2.     Governing
Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK.

 

[Signature
Page Follows]

 

 

 

    

     

    

IN
WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above
written.

 

	  	[ADDITIONAL GUARANTOR]	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

    2

     

    

Annex 1-A
to

Assumption Agreement

 

Supplement
to Schedule 1

 

NOTICE
ADDRESS[ES] OF ADDITIONAL GUARANTOR[S]

 

 

 

    

     

    

 

EXHIBIT B

 

[FORM OF]

 

REQUEST FOR
EXTENSION OF CREDIT

 

Date: ______________,
20__

 

To:Bank of America, N.A.,
as Administrative Agent

 

Ladies and Gentlemen:

 

Reference
is made to that certain Term Loan Credit Agreement (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined)
dated as of August 22, 2018, among Comcast Corporation, a Pennsylvania corporation (“Borrower”), the Lenders
from time to time party thereto, Bank of America, N.A., as Administrative Agent, and the other agents party thereto.

 

The undersigned
Responsible Officer hereby requests (select one):

 

[__] A Borrowing of Loans

 

[__] A Conversion or Continuation
of Loans

 

1.       On
___________________________ (a Business Day).

 

2.       Denominated
in Dollars:

 

In
the amount of $___________________________.

 

Comprised
of ____________________________________.[type of Loan requested]

 

3.       For
Eurodollar Rate Loans: with an Interest Period of ___ months1 (or ___ days, if for an Interest Period of less than
one month). 

 

The
foregoing request complies with the requirements of Section 2 of the Credit Agreement. If the requested Extension of Credit is
a Borrowing of Loans, the undersigned hereby certifies that the following statements will be true on the date of the requested
Extension of Credit:

 

(a)       No
Major Event of Default has occurred and is continuing or would result from the proposed Extension of Credit to be made on such
date.

 

 

 

 

 

1
One, two, three, six, or if agreed to by each Lender, twelve months.

 

    2

     

    

 

	 	COMCAST CORPORATION	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    3

     

    

 

EXHIBIT
C

 

[FORM OF]

 

COMPLIANCE
CERTIFICATE

 

Certificate
Date: _____________, 20__

 

Financial
Statement Date: _____________, 20__

 

To:Bank of America, N.A.,
as Administrative Agent

 

Ladies and Gentlemen:

 

Reference
is made to that certain Term Loan Credit Agreement (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined)
dated as of August 22, 2018, among Comcast Corporation, a Pennsylvania corporation (“Borrower”), the Lenders
from time to time party thereto, Bank of America, N.A., as Administrative Agent, and the other agents party thereto.

 

The
undersigned Responsible Officer hereby certifies as of the date hereof that he or she is the _____________ of Borrower, and that,
as such, he or she is authorized to execute and deliver this Certificate to Administrative Agent on behalf of Borrower, and that:

 

[Use
following for fiscal year-end financial statements]

 

1.       Attached
hereto as Annex 1 are the year-end audited financial statements of Borrower and its consolidated Subsidiaries required by Section
6.01(a) of the Credit Agreement for the fiscal year of Borrower ended as of the above date, together with the report and opinion
of independent certified public accountants required by such section.

 

[Use
following for fiscal quarter-end financial statements]

 

1.       Attached
hereto as Annex 1 are the unaudited financial statements of Borrower and its consolidated Subsidiaries required by Section 6.01(b)
of the Credit Agreement for the fiscal quarter of Borrower ended as of the above date. Such financial statements fairly present
in all material respects the financial condition, results of operations and cash flows of Borrower and its consolidated Subsidiaries
in accordance with GAAP as at such date and for such periods, subject only to pro forma adjustments and normal year-end audit
adjustments.

 

2.       The
undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under his
supervision, a detailed review of the transactions and conditions (financial or otherwise) of Borrower during the accounting period
covered by the attached financial statements.

 

3.       A
review of the activities of Borrower during such fiscal period has been made under my supervision with a view to determining whether
during such fiscal period Borrower performed and observed its Obligations under the Loan Documents, and

 

    

     

    

[select
one:]

 

[to
the best knowledge of the undersigned during such fiscal period, Borrower performed and observed each covenant and condition of
the Loan Documents applicable to it.]

 

—or—

 

[the
following covenants or conditions have not been performed or observed and the following is a list of each such Default or Event
of Default and its nature and status:]

 

4.       The
financial covenant analyses and information set forth on Annex 2 attached hereto are true and accurate. Such analyses and information
set forth the necessary adjustments to exclude the Indebtedness and EBITDA attributed to Unrestricted Subsidiaries and give pro
forma effect (in accordance with Section 1.07 of the Credit Agreement) to Material Acquisitions and Material Dispositions made
during the period covered thereby.

 

    2

     

    

IN
WITNESS WHEREOF, the undersigned has executed this Certificate as of the date first above written.

 

	 	COMCAST CORPORATION	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    3

     

    

ANNEX 1
TO COMPLIANCE CERTIFICATE

 

FINANCIAL
STATEMENTS OF BORROWER AND ITS SUBSIDIARIES

 

[Attached]

 

 

 

 

    

     

    

ANNEX 2
TO COMPLIANCE CERTIFICATE

 

FINANCIAL
COVENANT ANALYSES AND INFORMATION

 

[Set forth
detailed calculations]

 

 

 

 

    

     

    

 

EXHIBIT
D

 

[FORM OF]

 

ASSIGNMENT
AND ASSUMPTION

 

This Assignment
and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into between the Assignor named below (the “Assignor”) and the Assignee named below (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Term Loan Credit Agreement identified
below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference
and made a part of this Assignment and Assumption as if set forth herein in full.

 

For
an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement,
as of the Effective Date inserted by Administrative Agent below (i) all of the Assignor’s rights and obligations in its
capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor
under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in
such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and
any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in
connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed
thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to
clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein
collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and,
except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

 

Notwithstanding
anything to the contrary in this Assignment and Assumption, the Assignor acknowledges and agrees that in connection with
any assignment of Commitments on or prior to the Certain Funds Termination Date by a Lender to any of its Affiliates, the Assignor
shall not be relieved of its obligations (as in effect immediately prior to giving effect to such assignment) to fund Loans in
respect of its Commitments pursuant to the Credit Agreement without the prior written consent of Borrower (in its sole discretion).

 

	1.	Assignor:	 
	 	 	 
	2.	Assignee:	
	 	 	 
	3.	Borrower(s):	
	 	 	 
	4.	Administrative Agent:	Bank of America, N.A.,
    as administrative agent under the Credit Agreement

 

    

     

    

	5.	Credit
    Agreement:	The
    Term Loan Credit Agreement dated as of August 22, 2018 among Comcast Corporation, the Lenders party thereto and Bank of America,
    N.A., as Administrative Agent, and the other agents party thereto
	 	 	 
	6.	 Assigned Interest:	 

 

	Facility Assigned2	Aggregate
    Amount of Commitment/Loans for all Lenders	Amount
    of Commitment/Loans Assigned	Percentage
    Assigned of Commitment/Loans3
	 	$	$	%
	 	$	$	%
	 	$	$	%

 

Effective
Date: ______________, 20_--_ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER
IN THE REGISTER THEREFOR.]

 

The Assignee
agrees to deliver to Administrative Agent a completed administrative questionnaire in which the Assignee designates one or more
credit contacts to whom all syndicate-level information (which may contain material non-public information about Borrower, the
Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information
in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws.

 

[Remainder
of page intentionally left blank]

 

 

 

 

 

2
                                         Fill in either Commitment or Term Loan. 

 

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

 

    

     

    

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

 

	 	ASSIGNOR	 
	 	 	 	 
	 	 	 	 
	 	NAME OF ASSIGNOR	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	ASSIGNEE	 
	 	 	 	 
	 	 	 	 
	 	NAME OF ASSIGNEE	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Title:	 	 

 

    

     

    

Consented to and Accepted:

 

BANK OF AMERICA, N.A.,

as Administrative Agent

 

	By	 
	Title:	 

 

 

Consented to:4

 

COMCAST CORPORATION,

as Borrower

 

	By	 
	Title:	 

 

 

 

 

 

		4	Must be included for assignments
on or prior to the Certain Funds Termination Date (other than assignments by a Lender to any of its affiliates) (see Section10.04
of the Credit Agreement). After the Certain Funds Termination Date, include if Borrower consent is required under the terms of
Section 10.04(b) of the Credit Agreement.

 

    

     

    

ANNEX 1
TO ASSIGNMENT AND ASSUMPTION

 

Term Loan
Credit Agreement dated as of August 22, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among Comcast Corporation, a Pennsylvania corporation (“Borrower”), the several banks
and other financial institutions or entities from time to time parties thereto, and Bank of America, N.A., as administrative agent
(in such capacity, “Administrative Agent”), and the other agents party thereto.

 

STANDARD
TERMS AND CONDITIONS FOR

ASSIGNMENT
AND ASSUMPTION

 

1. Representations
and Warranties.

 

1.1
Assignor. Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection
with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Borrower, any of its respective
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance
by Borrower, any of its respective Subsidiaries or Affiliates or any other Person of any of their respective obligations under
any Loan Document.

 

1.2.
Assignee. Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to
be satisfied by it in order to acquire the Assigned Interest and become a Lender (including that it be an Eligible Assignee and
that it otherwise satisfy the requirements set forth in Section 10.04 of the Credit Agreement), (iii) it is capable of extending
credit in all Alternative Currencies provided for under the Credit Agreement, (iv) from and after the Effective Date, it shall
be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have
the obligations of a Lender thereunder, (v) it has received a copy of the Credit Agreement, together with copies of the most recent
financial statements delivered pursuant to Section 6.01 thereof, and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest
on the basis of which it has made such analysis and decision independently and without reliance on Administrative Agent or any
other Lender and (vi) if it is a foreign Lender, attached to the Assignment and Assumption is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement (including, without limitation, Section 10.20), duly completed and
executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on Administrative Agent, the Assignor
or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Loan Documents and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

    

     

    

2.
Payments. From and after the Effective Date, Administrative Agent shall make all payments in respect of the Assigned Interest
(including payments of principal, interest, fees and other amounts) to Assignor for amounts which have accrued to but excluding
the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3.
General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto
and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption
by email or telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This
Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 

    

     

    

EXHIBIT
E

 

[RESERVED]

 

 

 

 

    

     

    

EXHIBIT
F-1

 

FORM
OF

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Non-U.S.
Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is made to that certain Term Loan Credit Agreement (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined)
dated as of August 22, 2018, among Comcast Corporation, a Pennsylvania corporation (the “Borrower”), the Lenders
from time to time party thereto, Bank of America, N.A., as Administrative Agent and the other agents party thereto.

 

Pursuant
to the provisions of Section 10.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished Administrative Agent and Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN
or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform Borrower and Administrative Agent, and (2) the undersigned shall have at all times furnished
Borrower and Administrative Agent with a properly completed and currently effective certificate in either the calendar year in
which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

 

 

	[NAME OF LENDER]
	 	 	 
	By:	 	 
	 	Name	 
	 	Title:	 

 

Date:
________ __, 20__

 

    

     

    

 

EXHIBIT
F-2

 

FORM
OF 

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Non-U.S.
Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is made to that certain Term Loan Credit Agreement (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined)
dated as of August 22, 2018, among Comcast Corporation, a Pennsylvania corporation (the “Borrower”), the Lenders
from time to time party thereto, Bank of America, N.A., as Administrative Agent and the other agents party thereto.

 

Pursuant
to the provisions of Section 10.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning
of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the
Code.

 

The
undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a
properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

 

 

	[NAME OF PARTICIPANT]
	 	 	 
	By:	 	 
	 	Name	 
	 	Title:	 

 

Date: ________ __, 20__

 

    

     

    

 

EXHIBIT
F-3

 

FORM
OF 

 

U.S. TAX
COMPLIANCE CERTIFICATE 

(For Non-U.S.
Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is made to that certain Term Loan Credit Agreement (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined)
dated as of August 22, 2018, among Comcast Corporation, a Pennsylvania corporation (the “Borrower”), the Lenders
from time to time party thereto, Bank of America, N.A., as Administrative Agent and the other agents party thereto.

 

Pursuant
to the provisions of Section 10.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the
sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or
indirect partners/members is a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the
Code.

 

The
undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form
W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

 

 

	[NAME OF PARTICIPANT]
	 	 	 
	By:	 	 
	 	Name	 
	 	Title:	 

 

 

Date: ________ __, 20__

 

    

     

    

 

EXHIBIT
F-4

 

FORM
OF 

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Non-U.S.
Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is made to that certain Term Loan Credit Agreement (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined)
dated as of August 22, 2018, among Comcast Corporation, a Pennsylvania corporation (the “Borrower”), the Lenders
from time to time party thereto, Bank of America, N.A., as Administrative Agent and the other agents party thereto.

 

Pursuant
to the provisions of Section 10.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)),
(iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned
nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C)
of the Code.

 

The
undersigned has furnished Administrative Agent and Borrower with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an
IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner's/member's beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform Borrower and Administrative Agent, and (2) the undersigned
shall have at all times furnished Borrower and Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

 

 

	[NAME OF LENDER]
	 	 	 
	By:	 	 
	 	Name	 
	 	Title:	 

 

 

Date: ________ __, 20__

 

    

     

    

 

EXHIBIT
G

 

FORM
OF

 

TARGET
ACQUISITION CERTIFICATE

 

[
  ], 2018

 

Reference
is made to that certain Term Loan Credit Agreement (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Credit Agreement”); the terms defined therein being used herein as therein defined)
dated as of August 22, 2018, among Comcast Corporation, a Pennsylvania corporation (“Borrower”), the Lenders
from time to time party thereto, Bank of America, N.A., as Administrative Agent, and the other agents party thereto. Capitalized
terms used herein and not otherwise defined shall have the meanings given to such terms in the Credit Agreement.

 

I,
[NAME], Responsible Officer of Borrower, do hereby certify, in my capacity as a Responsible Officer and not in my individual capacity
and without personal liability, that all conditions to the consummation of the Target Acquisition have been satisfied, treated
as satisfied or waived in accordance with Section 7.07(a) of the Credit Agreement (other than, for the avoidance of doubt, any
condition to any Offer or Scheme requiring that the Target Acquisition has been completed).

 

[Signature
Page Follows]

 

    

     

    

IN
WITNESS WHEREOF, I have executed this certificate on the date first above written.

 

	 	By:	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

    [Signature Page to Target Acquisition Certificate]
 

     

    

 

Schedule
A

 

Asset
Monetization Transactions

 

Description:

 

		1.	CENTAUR FUNDING CORP (Vodafone
                                         Preferred)

 

 

 

    S-1
 

     

    

 

Schedule
2.01

 

Commitments

 

	Name of
    Lender	Applicable
    Percentage	Term
    Loans
	Bank
    of America, N.A.	6.250000000%	$375,000,000.00
	Wells
    Fargo Bank, National Association	6.250000000%	$375,000,000.00
	Société
    Générale	7.916666667%	$475,000,000.00
	Sumitomo
    Mitsui Banking Corporation	7.916666667%	$475,000,000.00
	Mizuho
    Bank, Ltd.	7.083333333%	$425,000,000.00
	Santander
    Bank, N.A.	7.916666667%	$475,000,000.00
	Agricultural
    Bank of China LTD., New York Branch	7.083333333%	$425,000,000.00
	Bank
    of China, New York Branch	7.083333333%	$425,000,000.00
	ING
    Bank, a branch of ING-DiBa AG	7.083333333%	$425,000,000.00
	National
    Westminster Bank plc	7.083333333%	$425,000,000.00
	The
    Bank of Nova Scotia	7.083333333%	$425,000,000.00
	Commerzbank
    AG, New York Branch	5.833333333%	$350,000,000.00
	Fifth
    Third Bank	4.166666667%	$250,000,000.00
	Intesa Sanpaolo S.p.A.,
        New York Branch

        
	4.166666667%	$250,000,000.00
	Lloyds
    Bank plc	4.166666667%	$250,000,000.00
	SunTrust
    Bank	1.666666667%	$100,000,000.00
	U.S.
    Bank National Association	1.250000000%	$75,000,000.00
	Total	100.000000000%	$6,000,000,000.00

  

    S-2
 

     

    

 

Schedule
6.08

 

Unrestricted
Subsidiaries

 

		1.	Comcast Holdings Corporation
                                         and its subsidiaries (except Comcast Cable Communications, LLC and its subsidiaries)

 

		2.	Comcast Navy Holdings, LLC and
                                         its subsidiaries, including NBCUniversal Enterprise, Inc.

 

		3.	NBCUniversal Enterprise, Inc.
                                         (f/k/a Navy Holdings, Inc.)

 

		4.	Comcast Contribution Holdings,
                                         LLC and its subsidiaries

 

		5.	Comcast Navy Contribution, LLC
                                         and its subsidiaries

 

		a.	NBCUniversal, LLC and its subsidiaries
                                         (except for NBCUniversal Media, LLC)

 

		6.	Comcast Navy Acquisition, LLC
                                         and its subsidiaries

 

		7.	Comcast CSA Holdings, LLC and
                                         its subsidiaries

 

		8.	NBCUniversal Asia, LLC and its
                                         subsidiaries (Universal Studios Japan)

 

		9.	Subsidiaries of Universal City
                                         Studios Productions LLLP that are solely and specifically related to Comcast’s
                                         ownership and development of a theme park in Beijing China and all of their current and
                                         future subsidiaries. Those entities existing as of the date hereof are: (i) Universal
                                         Studios Recreation China Planning Services LLC, (ii) Universal Beijing WFOE Holding LLC,
                                         (iii) Universal Beijing Servicer Holding LLC, (iv) Universal Beijing Development Services
                                         LLC, (v) Universal Beijing Owner Holding LLC and (vi) Universal Beijing Services LLC

 

		10.	AWTV, LLC and its subsidiaries

 

 

 

 

Note: “subsidiaries”
includes all current and future subsidiaries

 

    S-3
 

     

    

 

Schedule
10.02

 

Addresses
for Notices

 

If to Borrower, to:

 

Comcast Corporation

One Comcast Center

Philadelphia, PA 19103

	Attention: 	General Counsel
	Telephone:	(215) 286-7564
	Facsimile:	(215) 286-7794
	E-mail:	corporate_legal@comcast.com

 

If to Administrative Agent, to:

 

Administrative Agent’s
Office:

(for payments and Requests for
Credit Extensions):

Bank of America, N.A., as Administrative
Agent

Building C, TX2-984-03-23

2380 Performance Drive

Richardson, TX 75082

Attention: Jared McClure

Tel: 469-201-4418

Facsimile: 214-290-9413

Email: jared.l.mcclure@baml.com

 

Other Notices as Administrative
Agent:

Bank of America, N.A., as Administrative
Agent

900 W. Trade St., 6th Floor

NC1-026-06-03

Charlotte, NC 28255

Attention: Melissa Mullis

Tel: 980-386-9372

Facsimile: 704-409-0617

Email: melissa.mullis@baml.com

 

    S-4

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