Document:

EXHIBIT 10.1

 

	

	
         

         

         

        CREDIT AGREEMENT

         

         

        dated as of

         

         

        September 27, 2019

         

         

among

 

 

        ESCO TECHNOLOGIES INC.

        

        The Foreign Subsidiary Borrowers Party Hereto

         

         

        The Lenders Party Hereto
 

        JPMORGAN
CHASE BANK, N.A.

as Administrative Agent

         

        BMO HARRIS BANK N.A.

        as Syndication Agent

         

        and

         

        BANK OF AMERICA, N.A., SUNTRUST BANK, U.S.
        BANK NATIONAL ASSOCIATION and WELLS FARGO BANK, NATIONAL ASSOCIATION

        as Co-Documentation Agents

        

 

	 	
         

         
	 
	
        JPMORGAN CHASE BANK, N.A. and BMO CAPITAL
        MARKETS CORP.

        as Joint Bookrunners and Joint Lead Arrangers

         

         

 

    

     

    

 

Table Of Contents

 

	 	Page
	 	 
	ARTICLE I Definitions	1
	 	 
	Section 1.01.   Defined Terms	1
	Section 1.02.   Classification of Loans and Borrowings	31
	Section 1.03.   Terms Generally	31
	Section 1.04.   Accounting Terms; GAAP; Pro Forma Calculations	31
	Section 1.05.   Status of Obligations	32
	Section 1.06.   Interest Rates; LIBOR Notification	32
	Section 1.07.   Divisions	33
	 	 
	ARTICLE II The Credits	33
	 	 
	Section 2.01.   Commitments	33
	Section 2.02.   Loans and Borrowings	33
	Section 2.03.   Requests for Revolving Borrowings	34
	Section 2.04.   Determination of Dollar Amounts	35
	Section 2.05.   Swingline Loans	35
	Section 2.06.   Letters of Credit	37
	Section 2.07.   Funding of Borrowings	42
	Section 2.08.   Interest Elections	42
	Section 2.09.   Termination and Reduction of Commitments	44
	Section 2.10.   Repayment of Loans; Evidence of Debt	44
	Section 2.11.   Prepayment of Loans	45
	Section 2.12.   Fees	46
	Section 2.13.   Interest	47
	Section 2.14.   Alternate Rate of Interest	47
	Section 2.15.   Increased Costs	49
	Section 2.16.   Break Funding Payments	50
	Section 2.17.   Taxes	51
	Section 2.18.   Payments Generally; Pro Rata Treatment; Sharing of Set-offs	55
	Section 2.19.   Mitigation Obligations; Replacement of Lenders	57
	Section 2.20.   Expansion Option	58
	Section 2.21.   [Intentionally Omitted]	59
	Section 2.22.   Judgment Currency	59
	Section 2.23.   Designation of Foreign Subsidiary Borrowers	59
	Section 2.24.   Defaulting Lenders	60
	 	 
	ARTICLE III Representations and Warranties	62
	 	 
	Section 3.01.   Organization; Powers; Subsidiaries	62
	Section 3.02.   Authorization; Enforceability	62
	Section 3.03.   Governmental Approvals; No Conflicts	63
	Section 3.04.   Financial Condition; No Material Adverse Change	63
	Section 3.05.   Properties	63
	Section 3.06.   Litigation, Environmental and Labor Matters	63
	Section 3.07.   Compliance with Laws and Agreements	64
	Section 3.08.   Investment Company Status	64
	Section 3.09.   Taxes	64
	Section 3.10.   ERISA	64

 

     

     

    

 

Table Of Contents

(continued)

 

	 	Page
	 	
	Section 3.11.   Disclosure	64
	Section 3.12.   Federal Reserve Regulations	65
	Section 3.13.   Liens	65
	Section 3.14.   No Default	65
	Section 3.15.   No Burdensome Restrictions	65
	Section 3.16.   Security Interest in Collateral	65
	Section 3.17.   Solvency	65
	Section 3.18.   Anti-Corruption Laws and Sanctions	65
	Section 3.19.   Centre of Main Interests and Establishment	65
	Section 3.20.   EEA Financial Institutions	65
	 	 
	ARTICLE IV Conditions	66
	 	 
	Section 4.01.   Effective Date	66
	Section 4.02.   Each Credit Event	67
	Section 4.03.   Designation of a Foreign Subsidiary Borrower	68
	 	 
	ARTICLE V Affirmative Covenants	68
	 	 
	Section 5.01.   Financial Statements and Other Information	69
	Section 5.02.   Notices of Material Events	70
	Section 5.03.   Existence; Conduct of Business	70
	Section 5.04.   Payment of Obligations	70
	Section 5.05.   Maintenance of Properties; Insurance	71
	Section 5.06.   Books and Records; Inspection Rights	71
	Section 5.07.   Compliance with Laws and Material Contractual Obligations	71
	Section 5.08.   Use of Proceeds	71
	Section 5.09.   Subsidiary Guaranty	72
	Section 5.10.   Pledge Agreements	72
	Section 5.11.   Centre of Main Interests and Establishment	72
	 	 
	ARTICLE VI Negative Covenants	73
	 	 
	Section 6.01.   Indebtedness	73
	Section 6.02.   Liens	74
	Section 6.03.   Fundamental Changes and Asset Sales	75
	Section 6.04.   Investments, Loans, Advances, Guarantees and Acquisitions	77
	Section 6.05.   Swap Agreements	77
	Section 6.06.   Transactions with Affiliates	77
	Section 6.07.   Restricted Payments	78
	Section 6.08.   Restrictive Agreements	78
	Section 6.09.   Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents	78
	Section 6.10.   Non-Guarantor Subsidiaries	79
	Section 6.11.   Financial Covenants	79

 

    	 	2	 

     

    

 

Table Of Contents

(continued)

 

	 	Page
	 	 
	ARTICLE VII Events of Default	80
	 	 
	SECTION 7.01 Events of Default	80
	 	 
	ARTICLE VIII The Administrative Agent	83
	 	 
	Section 8.01.   Authorization and Action	83
	Section 8.02.   Administrative Agent’s Reliance, Indemnification, Etc.	85
	Section 8.03.   Posting of Communications	86
	Section 8.04.   The Administrative Agent Individually	88
	Section 8.05.   Successor Administrative Agent	88
	Section 8.06.   Acknowledgments of Lenders and Issuing Bank	89
	Section 8.07.   Collateral Matters	89
	Section 8.08.   Credit Bidding	91
	Section 8.09.   Certain ERISA Matters	91
	 	 
	ARTICLE IX Miscellaneous	93
	 	 
	Section 9.01.   Notices	93
	Section 9.02.   Waivers; Amendments	94
	Section 9.03.   Expenses; Indemnity; Damage Waiver	96
	Section 9.04.   Successors and Assigns	97
	Section 9.05.   Survival	101
	Section 9.06.   Counterparts; Integration; Effectiveness; Electronic Execution	101
	Section 9.07.   Severability	101
	Section 9.08.   Right of Setoff	102
	Section 9.09.   Governing Law; Jurisdiction; Consent to Service of Process	102
	Section 9.10.   WAIVER OF JURY TRIAL	103
	Section 9.11.   Headings	103
	Section 9.12.   Confidentiality	103
	Section 9.13.   USA PATRIOT Act	104
	Section 9.14.   Releases of Subsidiary Guarantors	104
	Section 9.15.   Interest Rate Limitation	105
	Section 9.16.   No Fiduciary Duty, Etc.	105
	Section 9.17.   Acknowledgment and Consent to Bail-In of EEA Financial Institutions	106
	Section 9.18.   SECTION 9.18 Acknowledgement Regarding Any Supported QFCs	106
	 	 
	ARTICLE X Cross-Guarantee	108
	 	 
	ARTICLE IX Company Guarantee	110

 

    	 	3	 

     

    

 

Table Of Contents

(continued)

 

	 	 	Page
	 	 	 
	SCHEDULES:

	 	 
	 	 	 
	Schedule 2.01A	– Commitments	 
	Schedule 2.01B	– Letter of Credit Commitments	 
	Schedule 2.06	-- Existing Letters of
    Credit	 
	Schedule 3.01	– Subsidiaries	 
	Schedule 6.01	– Existing Indebtedness	 
	Schedule 6.02	– Existing Liens	 
	Schedule 6.04	– Existing Investments
    in Subsidiaries	 
	 	 	 
	EXHIBITS:	 	 
	 	 	 
	Exhibit A	– Form of Assignment
    and Assumption	 
	Exhibit B	– [Reserved]	 
	Exhibit C	– Form of Increasing
    Lender Supplement	 
	Exhibit D	– Form of Augmenting
    Lender Supplement	 
	Exhibit E	– List of Closing
    Documents	 
	Exhibit F-1	– Form of Borrowing
    Subsidiary Agreement	 
	Exhibit F-2	– Form of Borrowing
    Subsidiary Termination	 
	Exhibit G	– Form of Subsidiary
    Guaranty	 
	Exhibit H-1	– Form of U.S. Tax
    Certificate (Foreign Lenders That Are Not Partnerships)	 
	Exhibit H-2	– Form of U.S. Tax
    Certificate (Foreign Participants That Are Not Partnerships)	 
	Exhibit H-3	– Form of U.S. Tax
    Certificate (Foreign Participants That Are Partnerships)	 
	Exhibit H-4	– Form of U.S. Tax
    Certificate (Foreign Lenders That Are Partnerships)	 
	Exhibit I-1	– Form of Borrowing
    Request	 
	Exhibit I- 2	– Form of Interest
    Election Request	 

 

    	 	4	 

     

    

 

CREDIT AGREEMENT (this
“Agreement”) dated as of September 27, 2019 among ESCO TECHNOLOGIES INC., the FOREIGN SUBSIDIARY BORROWERS from
time to time party hereto, the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, BMO
HARRIS BANK N.A., as Syndication Agent, and BANK OF AMERICA, N.A., SUNTRUST BANK, U.S. BANK NATIONAL ASSOCIATION and WELLS FARGO
BANK, NATIONAL ASSOCIATION, as Co-Documentation Agents.

 

The
parties hereto agree as follows:

 

ARTICLE
I

 

Definitions

 

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

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, bearing interest
at a rate determined by reference to the Alternate Base Rate.

 

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

 

“Adjusted LIBO
Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate.

 

“Administrative
Agent” means JPMorgan Chase Bank, N.A. (including its branches and affiliates), in its capacity as administrative agent
for the Lenders hereunder.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Affected Foreign
Subsidiary” means any Foreign Subsidiary to the extent such Foreign Subsidiary acting as a Subsidiary Guarantor would
cause a Deemed Dividend Problem. As of the Effective Date, neither UK Borrower is an Affected Foreign Subsidiary.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

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

 

“Aggregate Commitment”
means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and
conditions hereof. As of the Effective Date, the Aggregate Commitment is $500,000,000.

 

    

     

    

 

“Agreed Currencies”
means (a) with respect to Revolving Loans, (i) Dollars, (ii) euro, (iii) Pounds Sterling, (iv) Canadian Dollars
and (v) any other currency (x) that is a lawful currency (other than Dollars) that is readily available and freely transferable
and convertible into Dollars, (y) for which a LIBOR Screen Rate is available and (z) that is agreed to by the Administrative Agent
and each of the Lenders (any such currency described in this clause (a), an “Agreed Revolving Loan Currency”),
and (b) with respect to any Letter of Credit (i) any Agreed Revolving Loan Currency and (ii) any other foreign currency agreed
to by the Administrative Agent and the applicable Issuing Bank (any such currency described in this clause (b), an “Agreed
LC Currency”).

 

“Agreed
LC Currency” has the meaning assigned to such term in clause (b) of the definition of “Agreed Currencies”.

 

“Agreed
Revolving Loan Currency” has the meaning assigned to such term in clause (a) of the definition of “Agreed Currencies”.

 

“Alternate Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period in Dollars
on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the
purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBOR Screen Rate (or if the LIBOR Screen
Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on
such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall
be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate,
respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14, then the Alternate
Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For
the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 0.00%, such rate
shall be deemed to be 0.00% for purposes of this Agreement.

 

“Alternative
Rate” has the meaning assigned to such term in Section 2.14(a).

 

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

 

“Applicable
Party” has the meaning assigned to it in Section 8.03(c).

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the Aggregate Commitment represented by such Lender’s
Commitment; provided that, in the case of Section 2.24 when a Defaulting Lender shall exist, “Applicable Percentage”
shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such
Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based
upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting
Lender at the time of determination.

 

“Applicable
Pledge Percentage” means 100% but 65% in the case of a pledge by the Company or any Domestic Subsidiary of its Equity
Interests in an Affected Foreign Subsidiary.

 

    2

     

    

 

“Applicable
Rate” means, for any day, with respect to any Eurocurrency Revolving Loan or any ABR Revolving Loan or with respect
to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurocurrency
Spread”, “ABR Spread” or “Facility Fee Rate”, as the case may be, based upon the Leverage Ratio
applicable on such date:

 

	 	Leverage Ratio:	Eurocurrency

 Spread	
        ABR

        Spread

        
	Facility

Fee Rate
	
        Category 1:

         
	
        < 1.00 to 1.00

         
	0.90%	0.00%	0.10%
	Category 2:	
        > 1.00 to 1.00 but

        < 1.75 to 1.00
	
        1.00%

         
	0.00%	0.125%
	Category 3:	
        > 1.75 to 1.00 but

        < 2.50 to 1.00
	
        1.10%

         
	0.10%	0.15%
	
        Category 4:

         
	
        > 2.50 to 1.00 but

        < 3.25 to 1.00
	1.30%	0.30%	0.20%
	Category 5	> 3.25 to 1.00	
        1.50%

         
	0.50%	0.25%

 

For purposes of the
foregoing,

 

(i) if at
any time the Company fails to deliver the Financials on or before the date the Financials are due pursuant to Section 5.01,
Category 5 shall be deemed applicable for the period commencing three (3) Business Days after the required date of delivery
and ending on the date which is three (3) Business Days after the Financials are actually delivered, after which the Category
shall be determined in accordance with the table above as applicable;

 

(ii) adjustments,
if any, to the Category then in effect shall be effective three (3) Business Days after the Administrative Agent has received
the applicable Financials (it being understood and agreed that each change in Category shall apply during the period commencing
on the effective date of such change and ending on the date immediately preceding the effective date of the next such change);
and

 

(iii) notwithstanding
the foregoing, the opening Category shall be Category 3 until the Administrative Agent’s receipt of the applicable Financials
for the Company’s first full fiscal quarter ending after the Effective Date and adjustments to the Category then in effect
shall thereafter be effected in accordance with the preceding paragraphs.

 

“Approved Electronic
Platform” has the meaning assigned to such term in Section 8.03(a).

 

“Approved Fund”
has the meaning assigned to such term in Section 9.04(b).

 

“Arranger”
means, collectively, JPMorgan Chase Bank, N.A. and BMO Capital Markets Corp. each in its capacity as joint bookrunner and joint
lead arranger hereunder.

 

“Assignment
and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent
of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A
or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative
Agent.

 

“Augmenting
Lender” has the meaning assigned to such term in Section 2.20.

 

“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and
the date of termination of the Commitments.

 

    3

     

    

 

“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.

 

“Banking Services”
means each and any of the following bank services provided to the Company or any Subsidiary by any Lender or any of its Affiliates:
(a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored
value cards, (c) merchant processing services and (d) treasury management services (including, without limitation, controlled
disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate
depository network services).

 

“Banking Services
Agreement” means any agreement entered into by the Company or any Subsidiary in connection with Banking Services.

 

“Banking Services
Obligations” means any and all obligations of the Company or any Subsidiary, whether absolute or contingent and howsoever
and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions
therefor) in connection with Banking Services.

 

“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors
or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination
of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof, provided
that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest,
in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such
Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow
or disaffirm any contracts or agreements made by such Person.

 

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

 

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

 

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

 

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

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

    4

     

    

 

“Borrower”
means the Company or any Foreign Subsidiary Borrower.

 

“Borrowing”
means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency
Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.

 

“Borrowing Request”
means a request by any Borrower for a Revolving Borrowing in accordance with Section 2.03, which shall be substantially in
the form attached hereto as Exhibit I-1.

 

“Borrowing Subsidiary
Agreement” means a Borrowing Subsidiary Agreement substantially in the form of Exhibit F-1.

 

“Borrowing Subsidiary
Termination” means a Borrowing Subsidiary Termination substantially in the form of Exhibit F-2.

 

“Burdensome
Restrictions” means any consensual encumbrance or restriction of the type described in clause (a) or (b) of
Section 6.08.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
by law to remain closed; provided that, when used in connection with a Eurocurrency Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in the relevant Agreed Currency in the London interbank market,
in the case of a LIBOR Quoted Currency, or the principal financial center of such Agreed Currency in the case of a Non-Quoted Currency
(and, if the Borrowings or LC Disbursements which are the subject of a borrowing, drawing, payment, reimbursement or rate selection
are denominated in euro, the term “Business Day” shall also exclude any day on which the TARGET2 payment system
is not open for the settlement of payments in euro).

 

“Canadian Dollars”
means the lawful currency of Canada.

 

“Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount
of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“CDOR Rate”
means, for any Loans denominated in Canadian Dollars, the CDOR Screen Rate or, if applicable pursuant to the terms of Section 2.14(a),
the applicable Alternative Rate.

 

“CDOR Screen
Rate” means, for the relevant Interest Period, the Canadian deposit offered rate which, in turn means on any day the
sum of: (a) the annual rate of interest determined with reference to the arithmetic average of the discount rate quotations of
all institutions listed in respect of the relevant Interest Period for Canadian Dollar-denominated bankers’ acceptances displayed
and identified as such on the “Reuters Screen CDOR Page” as defined in the International Swap Dealer Association, Inc.
definitions, as modified and amended from time to time, as of 10:00 a.m. (Toronto, Ontario time) on the Quotation Day for such
Interest Period (as adjusted by the Administrative Agent after 10:00 a.m. (Toronto, Ontario time) to reflect any error in the posted
rate of interest or in the posted average annual rate of interest), plus (b) 0.10% per annum; provided that if such
rates are not available on the Reuters Screen CDOR Page on any particular day, then the Canadian deposit offered rate component
of such rate on that day shall be calculated as the cost of funds quoted by the Administrative Agent to raise Canadian Dollars
for the applicable Interest Period as of 10:00 a.m. (Toronto, Ontario time) on the Quotation Day for such Interest Period for commercial
loans or other extensions of credit to businesses of comparable credit risk; or if such day is not a Business Day, then as quoted
by the Administrative Agent on the immediately preceding Business Day; provided that if the CDOR Screen Rate as so determined
would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

    5

     

    

 

“Change in Control”
means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within
the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity
Interests representing more than 30% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests
of the Company; (b) during any period of 12 consecutive calendar months, occupation of a majority of the seats (other than
vacant seats) on the board of directors of the Company by Persons who were not (i) directors of the Company on the first day of
such 12 consecutive calendar month period, (ii) nominated or appointed by the board of directors of the Company or (iii) approved
by the board of directors of the Company as director candidates prior to their election; (c) the acquisition of direct or
indirect Control of the Company by any Person or group; (d) the occurrence of a change in control, or other similar provision,
as defined in any agreement or instrument evidencing any Material Indebtedness (triggering a default or mandatory prepayment, which
default or mandatory prepayment has not been waived in writing); or (e) the Company ceases to own, directly or indirectly,
and Control 100% (other than directors’ qualifying shares) of the ordinary voting and economic power of any Foreign Subsidiary
Borrower.

 

“Change in Law”
means the occurrence, after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes
a party to this Agreement), of: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority, or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of
such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with any request, rules, guideline, requirement
or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement;
provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines, requirements or directives thereunder, or issued in connection therewith or
in the implementation thereof, and (y) 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 the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law” regardless of the date enacted, adopted, issued or implemented.

 

“Charges”
has the meaning assigned to it in Section 9.15.

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans or Swingline Loans.

 

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

 

“Co-Documentation
Agent” means each of Bank of America, N.A., SunTrust Bank, U.S. Bank National Association and Wells Fargo Bank, National
Association, in its capacity as co-documentation agent for the credit facility evidenced by this Agreement.

 

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters
of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.09,
(b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set
forth on Schedule 2.01A, or in the Assignment and Assumption or other documentation or record (as such term is defined
in Section 9-102(a)(70) of the UCC) as provided in Section 9.04(b)(ii)(C) pursuant to which such Lender shall have assumed its
Commitment, as applicable.

 

    6

     

    

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor
statute.

 

“Communications”
has the meaning assigned to such term in Section 9.01(d).

 

“Company”
means ESCO Technologies Inc., a Missouri corporation.

 

“Computation
Date” is defined in Section 2.04.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated), or are
Taxes imposed in lieu of net income Taxes (e.g. Washington State B&O Tax), or that are franchise Taxes or branch profits Taxes.

 

“Consent Letter”
means the consent letter, dated as of September 27, 2019, delivered by the Administrative Agent to the Company.

 

“Consolidated
Capital Expenditures” means, without duplication, any expenditures for any purchase or other acquisition of any asset
which would be classified as a fixed or capital asset on a consolidated balance sheet of the Company and its Subsidiaries prepared
in accordance with GAAP.

 

“Consolidated
EBITDA” means, with reference to any period, Consolidated Net Income plus, without duplication and to the extent
deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest Expense, (ii) expense for income
taxes paid or accrued, (iii) depreciation, (iv) amortization, (v) non-recurring non-cash expenses or losses incurred
other than in the ordinary course of business, (vi) non-recurring cash expenses or losses incurred other than in the ordinary course
of business in an aggregate amount not to exceed $5,000,000 for any period of four consecutive fiscal quarters (each such period,
a “Reference Period”), (vii) non-cash expenses related to stock based compensation minus, to the extent
included in Consolidated Net Income, (1) interest income, (2) income tax credits and refunds (to the extent not netted
from tax expense), (3) any cash payments made during such period in respect of items described in clauses (v) or (vii) above
subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were incurred and (4) extraordinary, unusual
or non-recurring income or gains realized other than in the ordinary course of business, all calculated for the Company and its
Subsidiaries in accordance with GAAP on a consolidated basis. For the purposes of calculating Consolidated EBITDA for any Reference
Period, (i) if at any time during such Reference Period the Company or any Subsidiary shall have made any Material Disposition,
the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive)
attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount
equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period, and (ii) if during such Reference
Period the Company or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall
be calculated after giving effect thereto on a pro forma basis as if such Material Acquisition occurred on the first day of such
Reference Period. As used in this definition, “Material Acquisition” means any acquisition of property or series
of related acquisitions of property that (a) constitutes (i) assets comprising all or substantially all or any significant
portion of a business or operating unit of a business, or (ii) all or substantially all of the common stock or other Equity
Interests of a Person, and (b) involves the payment of consideration by the Company and its Subsidiaries in excess of $5,000,000;
and “Material Disposition” means any sale, transfer or disposition of property or series of related sales, transfers,
or dispositions of property that yields gross proceeds to the Company or any of its Subsidiaries in excess of $5,000,000.

 

    7

     

    

 

“Consolidated
Interest Expense” means, with reference to any period, the interest expense (including without limitation interest expense
under Capital Lease Obligations that is treated as interest in accordance with GAAP) of the Company and its Subsidiaries calculated
on a consolidated basis for such period with respect to all outstanding Indebtedness of the Company and its Subsidiaries allocable
to such period in accordance with GAAP (including, without limitation, all commissions, discounts and other fees and charges owed
with respect to letters of credit and bankers acceptance financing and net costs under interest rate Swap Agreements to the extent
such net costs are allocable to such period in accordance with GAAP). In the event that the Company or any Subsidiary shall have
completed a Material Acquisition or a Material Disposition since the beginning of the relevant period, Consolidated Interest Expense
shall be determined for such period on a pro forma basis as if such acquisition or disposition, and any related incurrence or repayment
of Indebtedness, had occurred at the beginning of such period.

 

“Consolidated
Net Income” means, with reference to any period, the net income (or loss) of the Company and its Subsidiaries calculated
in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that there shall be excluded
any income (or loss) of any Person other than the Company or a Subsidiary, but any such income so excluded may be included in such
period or any later period to the extent of any cash dividends or distributions actually paid in the relevant period to the Company
or any wholly-owned Subsidiary of the Company.

 

“Consolidated
Sales” means, with reference to any period, total sales of the Company and its Subsidiaries calculated in accordance
with GAAP on a consolidated basis as of such date.

 

“Consolidated
Tangible Assets” means, as of the date of determination thereof, Consolidated Total Assets minus the Intangible Assets
of the Company and its Subsidiaries on such date.

 

“Consolidated
Total Assets” means, as of the date of any determination thereof, total assets of the Company and its Subsidiaries calculated
in accordance with GAAP on a consolidated basis as of such date.

 

“Consolidated
Total Indebtedness” means at any time the sum, without duplication, of (a) the aggregate Indebtedness of the Company
and its Subsidiaries calculated on a consolidated basis as of such time in accordance with GAAP and (b) the aggregate amount
of Indebtedness of the Company and its Subsidiaries relating to the maximum drawing amount of all letters of credit outstanding
and bankers acceptances.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and
“Controlled” have meanings correlative thereto.

 

“Corporation
Tax Act 2009” means the Corporation Tax Act 2009 of the United Kingdom.

 

“Covered
Entity” means any of the following:

 

(i)          a
“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

    8

     

    

 

(ii)         a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii)        a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered
Party” has the meaning assigned to it in Section 9.18.

 

“Credit Event”
means a Borrowing, the issuance, amendment, renewal or extension of a Letter of Credit, an LC Disbursement or any of the foregoing.

 

“Credit Party”
means the Administrative Agent, each Issuing Bank, the Swingline Lender or any other Lender.

 

“Deemed Dividend
Problem” means, with respect to any Foreign Subsidiary, such Foreign Subsidiary’s accumulated and undistributed
earnings and profits being deemed to be repatriated to the Company or the applicable parent Domestic Subsidiary under Section 956
of the Code and the effect of such repatriation causing adverse tax or accounting consequences to the Company or such parent Domestic
Subsidiary, in each case as determined by the Company in its commercially reasonable judgment acting in good faith and in consultation
with its legal and tax advisors.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“Defaulting
Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded
or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline
Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i)
above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith
determination that a condition precedent to funding (specifically identified and including the particular default, if any) has
not been satisfied, (b) has notified the Company or any Credit Party in writing, or has made a public statement to the effect,
that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public
statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically
identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally
under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after
request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender
that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations
in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory
to it and the Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action.

 

“Direction”
has the meaning assigned to such term in the definition of “Excluded UK Taxes”.

 

    9

     

    

 

“Dollar Amount”
of any currency at any date means (i) the amount of such currency if such currency is Dollars or (ii) the equivalent
amount thereof in Dollars if such currency is a Foreign Currency, calculated on the basis of the Exchange Rate for such currency,
on or as of the most recent Computation Date provided for in Section 2.04.

 

“Dollars”
or “$” refers to lawful money of the United States of America.

 

“Domestic Subsidiary”
means a Subsidiary organized under the laws of a jurisdiction located in the United States of America, unless such Subsidiary is
wholly owned by one or more Foreign Subsidiaries.

 

“Dormant Subsidiary”
means a Subsidiary of the Company that has only de minimis assets and does not conduct any business.

 

“ECP”
means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations
promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

 

“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 institution established in an EEA Member Country which is a
subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with
its parent.

 

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

 

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

 

“Effective Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

 

“Eligible Foreign
Subsidiary” means ESCO Luxembourg Holding LLC S.C.S., an entity organized under the laws of Luxembourg, Doble Lemke GmbH
(f/k/a ESCO European Holding GmbH), an entity organized under the laws of Germany, one or more Foreign Subsidiaries organized or
incorporated under the laws of England and Wales, and any other Foreign Subsidiary that is approved from time to time by the Administrative
Agent and the Lenders (such approval not to be unreasonably withheld).

 

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material into the indoor or
outdoor environment or to occupational health and safety matters.

 

    10

     

    

 

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

 

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

 

“Equivalent
Amount” of any currency with respect to any amount of Dollars at any date means the equivalent in such currency of such
amount of Dollars, calculated on the basis of the Exchange Rate for such other currency at 11:00 a.m., London time, on the
date on or as of which such amount is to be determined.

 

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

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single employer under
Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and
Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure to satisfy the
“minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), 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 incurrence by the Company or any of its ERISA Affiliates
of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans
or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of its ERISA Affiliates of any liability
with respect to the withdrawal or partial withdrawal of the Company or any of its ERISA Affiliates from any Plan or Multiemployer
Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from
the Company or any ERISA Affiliate of any notice, concerning the imposition upon the Company or any of its ERISA Affiliates of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within
the meaning of Title IV of ERISA.

 

“Establishment”
has the meaning assigned to such term in Article 2(10) of the Regulation.

 

“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.

 

“euro”
and/or “EUR” means the single currency of the Participating Member States.

 

“Eurocurrency”,
when used in reference to a currency means an Agreed Currency and when used in reference to any Loan or Borrowing, means that such
Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate.

 

    11

     

    

 

“Eurocurrency
Payment Office” of the Administrative Agent means, for each Foreign Currency, the office, branch, affiliate or correspondent
bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Company and
each Lender.

 

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

 

“Exchange Rate”
means, on any day, (a) with respect to any Foreign Currency, the rate of exchange for the purchase of Dollars with such Foreign
Currency last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Thomson Reuters
Corp. (“Reuters”) source on the Business Day (New York City time) immediately preceding the date of determination,
or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars with the Foreign
Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in
place of Reuters chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases
to provide such rate of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent using any
method of determination it deems appropriate in its sole discretion) and (b) if such amount is denominated in any other currency,
the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate
in its sole discretion.

 

“Excluded Swap
Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a
portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified
Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan
Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security
interest becomes effective with respect to such Specified Swap Obligation. If a Specified Swap Obligation arises under a master
agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is
attributable to swaps for which such Guarantee or security interest is or becomes illegal.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated) or are Taxes imposed in lieu of net income
Taxes (e.g. Washington State B&O Tax), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of
such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable
lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) in the case of a Lender, U.S. Federal, Luxembourg or German withholding Taxes imposed on amounts payable to or for the
account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect
on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to
an assignment request by any Borrower under Section 2.19(b) and, for the avoidance of doubt, for purposes of this definition, a
Lender shall be treated as having an interest in the Loan, Letter of Credit or Commitment to any Foreign Subsidiary Borrower on
the date such Lender becomes a party hereto, whether or not such Foreign Subsidiary Borrower is a party hereto on such date) or
(ii) such Lender changes the location of its lending office, except in each case to the extent that, pursuant to Section 2.17,
amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired
the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed the location
of its lending office, (c) Excluded UK Taxes, (d) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f)
and (e) any withholding Taxes imposed under FATCA.

 

    12

     

    

 

“Excluded UK
Taxes” means UK withholding taxes imposed on amounts payable to or for the account of a Credit Party with respect to
an applicable interest in a Loan, Letter of Credit or Commitment, if on the date on which payment of the amount falls due:

 

(a)         the
payment could have been made to the relevant Credit Party without any deduction for UK withholding taxes if the Credit Party had
been a Qualifying Credit Party, but on that date that Credit Party is not or has ceased to be a Qualifying Credit Party other than
as a result of any change after the date it became a Credit Party under this Agreement in (or in the interpretation, administration,
or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority; or

 

(b)         the
relevant Credit Party is a Qualifying Credit Party solely by virtue of paragraph (b) of the definition of “Qualifying Credit
Party” and:

 

(i)           an
officer of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of
the Income Tax Act 2007 which relates to the payment and that Credit Party has received from the person making the payment or from
another UK Loan Party a certified copy of that Direction; and

 

(ii)          the
payment could have been made to the Credit Party without any deduction for UK withholding taxes if that Direction had not been
made; or

 

(c)         the
relevant Credit Party is a Treaty Credit Party and the person making the payment is able to demonstrate that the payment could
have been made to the Credit Party without any deduction for UK withholding taxes had that Credit Party complied with its obligations
under Section 2.17(f)(iii).

 

“Existing Credit
Agreement” means that certain Credit Agreement, dated as of December 21, 2015 among the Borrower, the lenders party thereto
and JPMorgan Chase Bank, N.A., as administrative agent thereunder (as amended, supplemented or otherwise modified prior to the
Effective Date).

 

“Existing Letters
of Credit” has the meaning assigned to such term in Section 2.06(a).

 

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

 

“Federal Funds
Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions
by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time,
and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate, provided that, if the
Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of
this Agreement.

 

“Financial Officer”
means the chief financial officer, principal accounting officer, treasurer or controller of the Company.

 

    13

     

    

 

“Financials”
means the annual or quarterly financial statements, and accompanying certificates and other documents, of the Company and its Subsidiaries
required to be delivered pursuant to Section 5.01(a) or 5.01(b).

 

“First Tier
Foreign Subsidiary” means each Foreign Subsidiary with respect to which any one or more of the Company and its Domestic
Subsidiaries directly owns or Controls more than 50% of such Foreign Subsidiary’s issued and outstanding Equity Interests.

 

“Foreign Currencies”
means Agreed Currencies other than Dollars.

 

“Foreign Currency
LC Exposure” means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn and unexpired amount
of all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC
Disbursements in respect of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.

 

“Foreign Currency
Letter of Credit” means a Letter of Credit denominated in a Foreign Currency.

 

“Foreign Currency
Sublimit” means (a) $75,000,000 or (b) if the Company elects to increase the Commitments pursuant to Section 2.20, the
sum of the amount in clause (a) and the aggregate amount of all such increased Commitments.

 

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

 

“Foreign Subsidiary”
means any Subsidiary which is not a Domestic Subsidiary.

 

“Foreign Subsidiary
Borrower” means any Eligible Foreign Subsidiary that becomes a Foreign Subsidiary Borrower pursuant to Section 2.23
and that has not ceased to be a Foreign Subsidiary Borrower pursuant to such Section (including, without limitation, each UK Borrower).

 

“Foreign Subsidiary
Borrower Amendment” is defined in Section 2.23.

 

“GAAP”
means generally accepted accounting principles in the United States of America.

 

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial
accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the
Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of
the foregoing).

 

    14

     

    

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business.

 

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

 

“Hostile Acquisition”
means (a) the acquisition of the Equity Interests of a Person through a tender offer or similar solicitation of the owners
of such Equity Interests which has not been approved (prior to such acquisition) by the board of directors (or any other applicable
governing body) of such Person or by similar action if such Person is not a corporation and (b) any such acquisition as to
which such approval has been withdrawn.

 

“IBA”
has the meaning assigned to such term in Section 1.06.

 

“Income Tax
Act 2007” means the Income Tax Act 2007 of the United Kingdom.

 

“Impacted
Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate”.

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.20.

 

“Incremental
Term Loan” has the meaning assigned to such term in Section 2.20.

 

“Incremental
Term Loan Amendment” has the meaning assigned to such term in Section 2.20.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all
Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect
of bankers’ acceptances, and (k) all obligations of such Person under Sale and Leaseback Transactions. The Indebtedness
of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner)
to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with
such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

 

    15

     

    

 

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

 

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

 

“Ineligible
Institution” has the meaning assigned to such term in Section 9.04(b).

 

“Information”
has the meaning assigned to it in Section 9.12.

 

“Information
Memorandum” means the Confidential Information Memorandum dated September 2019 relating to the Company and the Transactions.

 

“Intangible
Assets” means the aggregate amount, for the Company and its Subsidiaries on a consolidated basis, of all assets classified
as intangible assets under GAAP, including, without limitation, customer lists, acquired technology, goodwill, computer software,
trademarks, patents, copyrights, organization expenses, franchises, licenses, trade names, brand names, mailing lists, catalogs,
unamortized debt discount and capitalized research and development costs.

 

“Interest Coverage
Ratio” has the meaning assigned to such term in Section 6.11(b).

 

“Interest Election
Request” means a request by the applicable Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08
which shall be substantially in the form attached hereto as Exhibit I-2.

 

“Interest Payment
Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September
and December and the Maturity Date, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable
to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than
three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period and the Maturity Date and (c) with respect to any Swingline Loan, the
day that such Loan is required to be repaid and the Maturity Date.

 

“Interest Period”
means with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months thereafter, as the applicable Borrower (or the Company
on behalf of the applicable Borrower) may elect; provided, that (i) if any Interest Period would end on a day other
than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business
Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and
(ii) any Interest Period pertaining to a Eurocurrency Borrowing that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing.

 

    16

     

    

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places
as the applicable Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent
manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the applicable Screen
Rate for the longest period (for which the applicable Screen Rate is available for the applicable currency) that is shorter than
the Impacted Interest Period and (b) the applicable Screen Rate for the shortest period (for which the applicable Screen Rate
is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time.

 

“Investments”
has the meaning assigned to such term in Section 6.04.

 

“IRS”
means the United States Internal Revenue Service.

 

“Issuing Bank”
means JPMorgan Chase Bank, N.A., BMO Harris Bank N.A., Wells Fargo Bank, National Association and any other Lender that agrees
to act as an Issuing Bank, each in its individual capacity as an issuer of Letters of Credit hereunder, and its respective successors
in such capacity as provided in Section 2.06(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters
of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any
such Affiliate with respect to Letters of Credit issued by such Affiliate. Each reference herein to the “Issuing Bank”
in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect
thereto.

 

“LC Collateral
Account” has the meaning assigned to such term in Section 2.06(j).

 

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

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus
(b) the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company at
such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

 

“LC Overall
Sublimit” means $40,000,000.

 

“Legal Reservations”
means:

 

(a)         the
principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws
relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

 

(b)         the
time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person
against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; and

 

(c)         any
other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion
as to matters of English law delivered pursuant to the Loan Documents or which would be set out as qualifications or reservations
as to matters of law of general application in a legal opinion in customary form as to enforceability under English law.

 

“Lenders”
means the Persons listed on Schedule 2.01A and any other Person that shall have become a Lender hereunder pursuant
to Section 2.20 or pursuant to an Assignment and Assumption or other documentation contemplated hereby, other than any such
Person that ceases to be a party hereto pursuant to an Assignment and Assumption or other documentation contemplated hereby. Unless
the context otherwise requires, the term “Lenders” includes the Swingline Lender and the Issuing Banks.

 

    17

     

    

 

“Letter of Credit”
means any letter of credit issued pursuant to this Agreement.

 

“Letter of Credit
Commitment” means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit
hereunder. The initial amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.01B, or if an
Issuing Bank has entered into an Assignment and Assumption or has otherwise assumed a Letter of Credit Commitment after the Effective
Date, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative
Agent. The Letter of Credit Commitment of an Issuing Bank may be modified from time to time by agreement between such Issuing Bank
and the Company, and notified to the Administrative Agent.

 

“Leverage Ratio”
has the meaning assigned to such term in Section 6.11(a).

 

“LIBO Rate”
means, with respect to (a) any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any applicable Interest
Period, the LIBOR Screen Rate at approximately 11:00 a.m., London time, on the Quotation Day for such currency and Interest Period
and (b) any Eurocurrency Borrowing denominated in any Non-Quoted Currency and for any applicable Interest Period, the applicable
Local Screen Rate for such Non-Quoted Currency at approximately 11:00 a.m. Toronto, Ontario time, on the Quotation Day for
such currency and Interest Period; provided that, if the LIBOR Screen Rate or Local Screen Rate, as applicable, shall not
be available at such time for such Interest Period (the “Impacted Interest Period”), then the LIBO Rate for
such currency and such Interest Period shall be the Interpolated Rate. It is understood and agreed that all of the terms and conditions
of this definition of “LIBO Rate” shall be subject to Section 2.14.

 

“LIBOR
Screen Rate” means, for any day and time, with respect to any Eurocurrency Borrowing denominated in any LIBOR
Quoted Currency and for any applicable Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration
(or any other Person that takes over the administration of such rate) for such LIBOR Quoted Currency for a period equal in length
to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such
rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page or screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as
selected by the Administrative Agent in its reasonable discretion); provided that if the LIBOR Screen Rate as so determined
would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“LIBOR Quoted
Currency” means Dollars, euro, Pounds Sterling, Swiss Francs and Japanese Yen.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities.

 

“Limitation
Acts” means the Limitation Act 1980 of the United Kingdom and the Foreign Limitation Periods Act 1984 of the United Kingdom.

 

“Loan”
means a loan made by the Lenders to a Borrower pursuant to this Agreement.

 

    18

     

    

 

“Loan Documents”
means this Agreement, each Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination, the Subsidiary Guaranty, the
Pledge Agreements, any promissory notes issued pursuant to Section 2.10(e), any Letter of Credit applications and any and
all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in
favor of, the Administrative Agent or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts,
notices, letter of credit applications and any agreements between any Borrower and an Issuing Bank regarding the Issuing Bank’s
Letter of Credit Commitment or the respective rights and obligations between such Borrower and such Issuing Bank in connection
with the issuance of Letters of Credit, and all other written matter whether heretofore, now or hereafter executed by or on behalf
of any Loan Party, or any officer of any Loan Party, and delivered to the Administrative Agent or any Lender in connection with
this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan Document
shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications
thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference
becomes operative.

 

“Loan Parties”
means, collectively, the Borrowers and the Subsidiary Guarantors.

 

“Loans”
means all of the loans made by the Lenders to each of the Borrowers pursuant to this Agreement, collectively.

 

“Local Screen
Rate” means the CDOR Screen Rate.

 

“Local Time”
means (i) New York City time in the case of a Loan, Borrowing or LC Disbursement denominated in Dollars and (ii) local
time in the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency (it being understood that such local
time shall mean London, England time unless otherwise notified by the Administrative Agent).

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, operations or financial condition of the Company
and the Subsidiaries taken as a whole, (b) the ability of any Borrower to perform any of its obligations under this Agreement
or (c) the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or remedies of the
Administrative Agent and the Lenders thereunder.

 

“Material Indebtedness”
means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any
one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $40,000,000. For purposes of determining
Material Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary in respect of any
Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Company or
such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

    19

     

    

 

“Material Subsidiary”
means (a) each Foreign Subsidiary Borrower, (b) each other Subsidiary which, as of the last day of the most recent fiscal quarter
of the Company, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered
pursuant to Section 5.01(a) or (b) (or, if prior to the date of the delivery of the first financial statements to be delivered
pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)), contributed greater than
five percent (5%) of Consolidated Tangible Assets as of such date and (c) each other Subsidiary which, as of the last day of the
most recent fiscal year of the Company, for the fiscal year then ended, contributed greater than five percent (5%) of Consolidated
Sales for such period; provided that, if at any such measurement date, the aggregate amount of Consolidated Tangible Assets
attributable to all Subsidiaries (other than Affected Foreign Subsidiaries) that are not Material Subsidiaries exceeds fifteen
percent (15%) of Consolidated Tangible Assets as of the end of any such fiscal quarter, or the aggregate amount of Consolidated
Sales attributable to all Subsidiaries (other than Affected Foreign Subsidiaries) that are not Material Subsidiaries exceeds twenty
percent (20%) of Consolidated Sales as of the end of any such fiscal year, the Company (or, in the event the Company has failed
to do so within ten (10) Business Days of the due date of the relevant Financials, the Administrative Agent) shall designate sufficient
Subsidiaries (other than Affected Foreign Subsidiaries) as “Material Subsidiaries” to eliminate such excess, and such
designated Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries. Notwithstanding the foregoing,
none of the Company’s Subsidiaries that are organized under the laws of the People’s Republic of China shall be a Material
Subsidiary.

 

“Maturity Date”
means September 27, 2024.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Non-Quoted
Currency” means Canadian Dollars.

 

“NYFRB”
means the Federal Reserve Bank of New York.

 

“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided
that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means
the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal
funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined
would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Obligations”
means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all
expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
obligations and liabilities of any of the Company and its Subsidiaries to any of the Lenders, the Administrative Agent, any Issuing
Bank or any indemnified party, individually or collectively, direct or indirect, joint or several, absolute or contingent, matured
or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or
incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other
obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

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

 

    20

     

    

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 

“Overnight Bank
Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings
by U.S.–managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set
forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank
funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

 

“Overnight Foreign
Currency Rate” means, for any amount payable in a Foreign Currency, the rate of interest per annum as determined by the
Administrative Agent at which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for
more than three (3) Business Days, then for such other period of time as the Administrative Agent may reasonably elect) for
delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in
the interbank market upon request of such major banks for the relevant currency as determined above and in an amount comparable
to the unpaid principal amount of the related Credit Event, plus any taxes, levies, imposts, duties, deductions, charges or withholdings
imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such relevant
currency.

 

“Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Participant”
has the meaning assigned to such term in Section 9.04(c).

 

“Participant
Register” has the meaning assigned to such term in Section 9.04(c).

 

“Participating
Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency
in accordance with legislation of the European Union relating to economic and monetary union.

 

“Patriot
Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

    21

     

    

 

“Permitted
Acquisition” means any Acquisition (other than a Hostile Acquisition) or series of related Acquisitions by the Company
or any Subsidiary, if, at the time of and immediately after giving effect thereto, (a) no Default has occurred and is continuing
or would arise after giving effect thereto, (b) such Person or division or line of business is engaged in the same or a similar
line of business as the Company and the Subsidiaries or business reasonably related or incidental thereto or representing a reasonable
expansion thereof, (c) all actions required have been taken as of the date of such Permitted Acquisition with respect to
such acquired or newly formed Subsidiary under Sections 5.09 and 5.10 shall have been taken, (d) the Company and the
Subsidiaries are in compliance, on a pro forma basis, with the covenants contained in Section 6.11 (in the case of the Leverage
Ratio, giving effect to the Temporary Leverage Ratio Step Up if the Company has exercised, or has indicated that it will exercise,
the Temporary Leverage Ratio Step Up in connection with such Acquisition) recomputed as of the last day of the most recently ended
fiscal quarter of the Company for which financial statements are available, as if such Acquisition (and any related incurrence
or repayment of Indebtedness, with any new Indebtedness being deemed to be amortized over the applicable testing period in accordance
with its terms) had occurred on the first day of each relevant period for testing such compliance and, if the aggregate consideration
paid in respect of such Acquisition exceeds $50,000,000, the Company shall have delivered to the Administrative Agent a certificate
of a Financial Officer of the Company to such effect, together with all relevant financial information, statements and projections
reasonably requested by the Administrative Agent, (e) in the case of a merger or consolidation involving the Company, the
Company is the surviving entity of such merger and/or consolidation, (f) in the case of a merger or consolidation involving a
Subsidiary Guarantor, such Subsidiary Guarantor is the surviving entity of such merger and/or consolidation or the entity surviving
such merger and/or consolidation assumes the Subsidiary Guarantor’s obligations under the Subsidiary Guaranty, and (g) the
aggregate consideration paid in respect of such Acquisition, when taken together with the aggregate consideration paid in respect
of all other Acquisitions (other than any Acquisition consummated at a time when the Dollar limitation does not apply in accordance
with the following proviso) does not exceed $100,000,000 during any fiscal year of the Company; provided that such Dollar
limitation shall not be applicable if at the time of the consummation of such Acquisition and immediately after giving effect
(including giving effect on a pro forma basis) thereto, the Leverage Ratio is equal to or less than 3.50 to 1.00.

 

“Permitted Encumbrances”
means:

 

(a)  Liens imposed by
law for Taxes that are not yet due or are being contested in compliance with Section 5.04;

 

(b)  carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being contested
in compliance with Section 5.04;

 

(c)  pledges and deposits
made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social
security laws or regulations;

 

(d)  pledges and deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business;

 

(e)  judgment Liens in
respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;

 

(f)  easements, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business
that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere
with the ordinary conduct of business of the Company or any Subsidiary;

 

(g)  customary rights
of setoff upon deposits of cash in favor of banks and other depository institutions and Liens of a collecting bank arising under
the UCC in respect of payment items in the course of collection;

 

(h)  Liens, if any, arising
from precautionary UCC financing statement filings (or similar filings under applicable law) regarding operating leases or consignments;

 

    22

     

    

 

(i)  Liens, if any, representing
any interest or title of a licensor, lessor (including landlords) or sublicensor or sublessor, or a licensee, lessee or sublicensee
or sublessee, in the property subject to any lease (other than Capital Lease Obligations), license or sublicense agreement entered
into in the ordinary course of business that do not materially detract from the value of the affected property or interfere with
the ordinary conduct of business of the Company or any Subsidiary on such affected property; and

 

(j)  Liens arising under
applicable law and in the ordinary course of business in favor of customs and forwarding agents and similar Persons in respect
of imported goods and merchandise in the custody of such Persons so long as such liens only attach to such imported goods and merchandise;

 

provided that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness.

 

“Permitted Investments”
means:

 

(a) direct obligations
of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by
any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in
each case maturing within one year from the date of acquisition thereof;

 

(b) investments in commercial
paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit
rating obtainable from S&P or from Moody’s;

 

(c) investments in certificates
of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued
or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and
undivided profits of not less than $500,000,000;

 

(d) fully collateralized
repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above and
entered into with a financial institution satisfying the criteria described in clause (c) above; and

 

(e) money market funds
that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are
rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.

 

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

 

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or, if
such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA.

 

“Plan Asset
Regulations” means 29 CFR S 2510.3-101 et seq., as modified by Section 3(42) of ERISA.

 

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

 

    23

     

    

 

“Pledge Agreements”
means any pledge agreements, share mortgages, charges and comparable instruments and documents from time to time executed pursuant
to the terms of Section 5.10 in favor of the Administrative Agent for the benefit of the Secured Parties as amended, restated,
supplemented or otherwise modified from time to time.

 

“Pledge Subsidiary”
means each First Tier Foreign Subsidiary which is a Material Subsidiary; provided that if a pledge of 100% of the voting shares
of Equity Interests of any such Foreign Subsidiary which is a Material Subsidiary could give rise to a Deemed Dividend Problem,
such pledge shall be limited to 65% of the voting Equity Interests and 100% of the non-voting Equity Interests of the First Tier
Foreign Subsidiary in the relevant ownership chain.

 

“Pledged Equity”
means all pledged Equity Interests in or upon which a security interest or Lien is from time to time granted to the Administrative
Agent, for the benefit of the Secured Parties, under the Pledge Agreements.

 

“Pounds Sterling”
means the lawful currency for the time being of the United Kingdom.

 

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

 

“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.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

“QFC
Credit Support” has the meaning assigned to it in Section 9.18.

 

“Qualified Cash”
means as of any date of determination, the amount by which (a) the aggregate amount of unrestricted cash and Permitted Investments
of the Company and its Subsidiaries (net of related tax obligations, if any, for repatriation or withholding, and net of any transaction
costs or expenses related thereto) that is (i) free and clear of all liens other than Permitted Encumbrances, (ii) not
subject to any legal or contractual restrictions on repatriation to the United States at such time and (iii) in a lawful currency
that is readily available, freely transferable and able to be converted into dollars, exceeds (b) $15,000,000; provided
that in no event shall Qualified Cash exceed $50,000,000.

 

“Qualifying
Credit Party” means a Credit Party which is beneficially entitled to interest payable to that Credit Party in respect
of an advance under a Loan, Letter of Credit or Commitment and is:

 

(a)         a
Credit Party:

 

(i)        which
is a bank (as defined for the purpose of section 879 of the Income Tax Act 2007) making an advance under a Loan, Letter of Credit
or Commitment and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of
that advance or would be within such charge as respects such payments apart from section 18A of the Corporation Tax Act 2009; or

 

    24

     

    

 

(ii)       in
respect of an advance made under a Loan, Letter of Credit or Commitment by a person that was a bank (as defined for the purpose
of section 879 of the Income Tax Act 2007) at the time that that advance was made and within the charge to United Kingdom corporation
tax as respects any payments of interest made in respect of that advance; or

 

(b)         a
Credit Party which is:

 

(i)          a
company resident in the United Kingdom for United Kingdom tax purposes; 

 

(ii)         a
partnership each member of which is:

 

(1)       a
company so resident in the United Kingdom; or

 

(2)       a
company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
and which brings into account in computing its chargeable profits (within the meaning of section 19 of the Corporation Tax Act
2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the Corporation
Tax Act 2009;

 

(iii)        a
company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning
of section 19 of the Corporation Tax Act 2009) of that company; 

 

(c)         a
Treaty Credit Party; or 

 

(d)        a
Credit Party which is a building society (as defined for the purpose of section 880 of the Income Tax Act 2007) making an advance
under a Loan, Letter of Credit or Commitment.

 

“Quotation
Day” means, with respect to any Eurocurrency Borrowing for any Interest Period, (i) if the currency is Pounds Sterling
or Canadian Dollars, the first day of such Interest Period, (ii) if the currency is euro, the day that is two (2) TARGET2 Days
before the first day of such Interest Period, and (iii) for any other currency, two (2) Business Days prior to the commencement
of such Interest Period (unless, in each case, market practice differs in the relevant market where the LIBO Rate for such currency
is to be determined, in which case the Quotation Day will be determined by the Administrative Agent in accordance with market practice
in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those
days)).

 

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

 

“Register”
has the meaning assigned to such term in Section 9.04(b).

 

“Regulation”
means the Council of the European Union Regulation No. 2015/848 of 20 May 2015 on Insolvency Proceedings (recast).

 

“Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees,
agents, advisors and representatives of such Person and such Person’s Affiliates.

 

    25

     

    

 

“Required Lenders”
means, subject to Section 2.24, (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to Section
7.01 or the Commitments terminating or expiring, Lenders having Revolving Credit Exposures and Unfunded Commitments representing
more than 50% of the sum of the Total Revolving Credit Exposure and Unfunded Commitments at such time, provided that, solely
for purposes of declaring the Loans to be due and payable pursuant to Section 7.01, the Unfunded Commitment of each Lender shall
be deemed to be zero; and (b) for all purposes after the Loans become due and payable pursuant to Section 7.01 or the Commitments
expire or terminate, Lenders having Revolving Credit Exposures representing more than 50% of the Total Revolving Credit Exposure
at such time; provided that, in the case of clauses (a) and (b) above, (x) the Revolving Credit Exposure of any Lender that
is a Swingline Lender shall be deemed to exclude any amount of its Swingline Exposure in excess of its Applicable Percentage of
all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section 2.24 of the Swingline Exposures of Defaulting
Lenders in effect at such time, and the Unfunded Commitment of such Lender shall be determined on the basis of its Revolving Credit
Exposure excluding such excess amount and (y) for the purpose of determining the Required Lenders needed for any waiver, amendment,
modification or consent of or under this Agreement or any other Loan Document, any Lender that is a Borrower or an Affiliate of
a Borrower shall be disregarded.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interests in the Company or any Subsidiary, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of
any such Equity Interests in the Company or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests
in the Company or any Subsidiary.

 

“Revolving Credit
Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Revolving Loans and its LC Exposure and Swingline Exposure at such time.

 

“Revolving Loan”
means a Loan made pursuant to Section 2.01.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.

 

“Sale
and Leaseback Transaction” means any sale or other transfer of any property or asset by any Person with the intent to
lease such property or asset as lessee.

 

“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, including 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 OFAC,
the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s
Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or
controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject
of any Sanctions.

 

“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 OFAC or the U.S. Department of State or (b) the United Nations Security Council, the
European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom.

 

    26

     

    

 

 

“Screen Rate”
means collectively the LIBOR Screen Rate and the Local Screen Rate.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Secured Obligations”
means (i) the Obligations and (ii) all Swap Obligations and Banking Services Obligations owing to one or more Lenders or their
respective Affiliates; provided that the definition of “Secured Obligations” shall not create or include any guarantee
by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations
of such Loan Party for purposes of determining any obligations of any Loan Party.

 

“Secured Parties”
means the holders of the Secured Obligations from time to time and shall include (i) each Lender and each Issuing Bank in
respect of its Loans and LC Exposure respectively, (ii) the Administrative Agent, each Issuing Bank and the Lenders in respect
of all other present and future obligations and liabilities of the Company and each Subsidiary of every type and description arising
under or in connection with this Agreement or any other Loan Document, (iii) each Lender and Affiliate of such Lender in respect
of Swap Agreements and Banking Services Agreements entered into with such Person by the Company or any Subsidiary, (iv) each
indemnified party under Section 9.03 in respect of the obligations and liabilities of each of the Borrowers to such Person
hereunder and under the other Loan Documents, and (v) their respective successors and (in the case of a Lender, permitted)
transferees and assigns.

 

“Securities
Act” means the United States Securities Act of 1933.

 

“Solvent”
means, in reference to any Person, (i) the fair value of the assets of such Person, at a fair valuation, will exceed its debts
and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of such Person
will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) such Person will be able to
pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (iv) such Person will not have unreasonably small capital with which to conduct the business in which it is engaged as
such business is now conducted and is proposed to be conducted after the Effective Date.

 

“Specified
Ancillary Obligations” means all obligations and liabilities (including interest and fees accruing during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding)
of any of the Subsidiaries, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute
or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or
otherwise, to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services Agreement.

 

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

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any
marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority,
the Board, the Financial Conduct Authority, the Prudential Regulation Authority, the European Central Bank or other Governmental
Authority for any category of deposits or liabilities customarily used to fund loans in the applicable currency, expressed in the
case of each such requirement as a decimal. Such reserve, liquid asset, fees or similar requirements shall include those imposed
pursuant to Regulation D of the Board. Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset, fee
or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time
to any Lender under any applicable law, rule or regulation, including Regulation D of the Board. The Statutory Reserve Rate
shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement.

 

    27

     

    

 

“Subordinated
Indebtedness” means any Indebtedness of the Company or any Subsidiary the payment of which is subordinated to payment
of the obligations under the Loan Documents.

 

“Subordinated
Indebtedness Documents” means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered
into in connection with any Subordinated Indebtedness.

 

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise
Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

 

“Subsidiary”
means any subsidiary of the Company.

 

“Subsidiary
Guarantor” means each Material Subsidiary or any other Subsidiary at the Company’s election (other than Affected
Foreign Subsidiaries) that is party to the Subsidiary Guaranty. The Subsidiary Guarantors on the Effective Date are identified
as such in Schedule 3.01 hereto.

 

“Subsidiary
Guaranty” means that certain Guaranty dated as of the Effective Date in the form of Exhibit G (including
any and all supplements thereto) and executed by each Subsidiary Guarantor party thereto, and, in the case of any guaranty by a
Foreign Subsidiary, any other guaranty agreements as are requested by the Administrative Agent and its counsel, in each case as
amended, restated, supplemented or otherwise modified from time to time.

 

“Supported
QFC” has the meaning assigned to it in Section 9.18.

 

“Swap Agreement”
means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving,
or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of the Company or the Subsidiaries shall be a Swap
Agreement.

 

“Swap Obligations”
means any and all obligations of the Company or any Subsidiary, whether absolute or contingent and howsoever and whensoever created,
arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under
(a) any and all Swap Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations,
buy backs, reversals, terminations or assignments of any such Swap Agreement transaction.

 

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“Swingline Exposure”
means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any
Lender at any time shall be the sum of (a) its Applicable Percentage of the aggregate principal amount of all Swingline Loans outstanding
at such time (excluding, in the case of any Lender that is a Swingline Lender, Swingline Loans made by it that are outstanding
at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans), adjusted
to give effect to any reallocation under Section 2.24 of the Swingline Exposure of Defaulting Lenders in effect at such time,
and (b) in the case of any Lender that is a Swingline Lender, the aggregate principal amount of all Swingline Loans made by such
Lender outstanding at such time, less the amount of participations funded by the other Lenders in such Swingline Loans.

 

“Swingline Lender”
means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder,
and its successors in such capacity.

 

“Swingline Loan”
means a Loan made pursuant to Section 2.05.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system
ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement)
for the settlement of payments in euro.

 

“TARGET2
Day” means a day that TARGET2 is open for the settlement of payments in euro.

 

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

 

“Total Revolving
Credit Exposure” means, at any time, the sum of (a) the outstanding principal amount of the Revolving Loans and Swingline
Loans at such time and (b) the total LC Exposure at such time.

 

“Temporary Leverage
Ratio Step-Up” has the meaning assigned to such term in Section 6.11(a).

 

“Transactions”
means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing
of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

 

“Treaty”
has the meaning assigned to such term in the definition of “Treaty State”.

 

“Treaty Credit
Party” means a Credit Party which:

 

(a)       is
treated as a resident of a Treaty State for the purposes of a Treaty;

 

(b)       does
not carry on a business in the United Kingdom through a permanent establishment with which that Credit Party’s participation
in the Loan, Letter of Credit or Commitment is effectively connected; and

 

    29

     

    

 

(c)       qualifies
for full exemption from UK income tax on payments of interest to or for the account of a Credit Party with respect to an applicable
interest in a Loan, Letter of Credit or Commitment, subject to the completion of necessary procedural formalities.

 

“Treaty State”
means a jurisdiction having a double taxation agreement (a “Treaty”) with the United Kingdom which makes provision
for full exemption from UK income tax on interest.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

 

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

 

“UK Borrower”
means, (a) as of the Effective Date, each of ESCO UK Holding Company I Ltd. and ESCO UK Global Holdings Ltd., and (b) from and
after the date on which it may become a party hereto after the Effective Date pursuant to Section 2.23, any Eligible Foreign Subsidiary
incorporated in England and Wales, unless such Subsidiary has ceased to constitute a Foreign Subsidiary Borrower pursuant to Section
2.23.

 

“UK Loan Party”
means a Loan Party which makes a payment of interest under a Loan, Letter of Credit or Commitment which arises in the United Kingdom
for the purposes of UK withholding tax.

 

“UK Relevant
Entity” means any Loan Party capable of becoming the subject of an order for winding up or administration under the Insolvency
Act 1986 of the United Kingdom.

 

“Unfunded Commitment”
means, with respect to each Lender, the Commitment of such Lender less its Revolving Credit Exposure.

 

“Unliquidated
Obligations” means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated
at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under
a letter of credit issued by it; (ii) any other obligation (including any guarantee) that is contingent in nature at such
time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations.

 

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S.
Special Resolution Regime” has the meaning assigned to it in Section 9.18.

 

“U.S. Tax
Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

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

 

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“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.

 

Section
1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred
to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”)
or by Class and Type (e.g., a “Eurocurrency Revolving Loan”). Borrowings also may be classified and
referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency
Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”).

 

Section
1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and
other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily
comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions
on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any
statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified
(including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include
such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any
Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the
words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract
rights.

 

Section
1.04. Accounting Terms; GAAP; Pro Forma Calculations. (a) Except as otherwise expressly provided herein, all terms
of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided
that, if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then 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. 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 (i) 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 the Company or any Subsidiary at “fair value”, as defined therein
and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting
Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness
shall at all times be valued at the full stated principal amount thereof.

 

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(b)        
All pro forma computations required to be made hereunder giving effect to any acquisition or disposition,
or issuance, incurrence or assumption of Indebtedness, or other transaction shall in each case be calculated giving pro
forma effect thereto (and, in the case of any pro forma computation made hereunder to determine whether such acquisition or disposition,
or issuance, incurrence or assumption of Indebtedness, or other transaction is permitted to be consummated hereunder, to any other
such transaction consummated since the first day of the period covered by any component of such pro forma computation and on or
prior to the date of such computation) as if such transaction had occurred on the first day of the period of four consecutive fiscal
quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section
5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the last fiscal quarter included in
the financial statements referred to in Section 3.04(a)), and, to the extent applicable, to the historical earnings and cash flows
associated with the assets acquired or disposed of (but without giving effect to any synergies or cost savings) and any related
incurrence or reduction of Indebtedness, all in accordance with Article 11 of Regulation S-X under the Securities Act. If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as
if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any
Swap Agreement applicable to such Indebtedness).

 

(c)         
Notwithstanding anything to the contrary contained in Section 1.04(a) or in the definition of “Capital Lease
Obligations,” only those leases that would constitute capital leases in conformity with GAAP on December 31, 2018 shall be
considered capital leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made
or delivered, as applicable, in accordance therewith.

 

Section
1.05. Status of Obligations. In the event that the Company or any other Loan Party shall at any time issue or have
outstanding any Subordinated Indebtedness, the Company shall take or cause such other Loan Party to take all such actions as shall
be necessary to cause the Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated
Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies
available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. Without
limiting the foregoing, the Obligations are hereby designated as “senior indebtedness” and as “designated senior
indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which
such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the
terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies
available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.

 

Section
1.06. Interest Rates; LIBOR Notification. The interest rate on Eurocurrency Loans is determined by reference to the
LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent
the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017,
the U.K. Financial Conduct Authority announced that, after the end of 2021,it would no longer persuade or compel contributing banks
to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the
“IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing
in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate
upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality, public and private sector industry
initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered
rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth
in Section 2.14(c) of this Agreement, such Section 2.14(c) provides a mechanism for determining an alternative rate of interest.
The Administrative Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon
which the interest rate on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any responsibility
for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London
interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor
rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such
alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(c), will be similar
to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London
interbank offered rate prior to its discontinuance or unavailability.

 

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

 

ARTICLE
II

 

The Credits

 

Section
2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender (severally and not jointly)
agrees to make Revolving Loans to each of the Borrowers in Agreed Currencies from time to time during the Availability Period
in an aggregate principal amount that will not result in (a) subject to Section 2.04, the Dollar Amount of such Lender’s
Revolving Credit Exposure exceeding such Lender’s Commitment, (b) subject to Section 2.04, the sum of the Dollar
Amount of the Total Revolving Credit Exposure exceeding the Aggregate Commitment or (c) subject to Section 2.04, the
Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies, exceeding
the Foreign Currency Sublimit. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers
may borrow, prepay and reborrow Revolving Loans.

 

Section
2.02. Loans and Borrowings. (a) Each Revolving Loan (other than a Swingline Loan) shall be made as part of a Borrowing
consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any
Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided
that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to
make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.

 

(b)          
Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans
as the relevant Borrower may request in accordance herewith; provided that each ABR Loan shall only be made in Dollars.
Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Loan by causing any domestic or foreign branch
or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16
and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option
shall not affect the obligation of the relevant Borrower to repay such Loan in accordance with the terms of this Agreement.

 

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(c)          
At the commencement of each Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in
an aggregate amount that is an integral multiple of $1,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 1,000,000
units of such currency) and not less than $5,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 5,000,000 units
of such currency). At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is
an integral multiple of $1,000,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate
amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement
of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple
of $500,000 and not less than $500,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided
that there shall not at any time be more than a total of ten (10) Eurocurrency Revolving Borrowings outstanding.

 

(d)         
Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert
or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

 

Section
2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the applicable Borrower, or the Company
on behalf of the applicable Borrower, shall notify the Administrative Agent of such request (a) by irrevocable written notice
(via a written Borrowing Request signed by the applicable Borrower, or the Company on behalf of the applicable Borrower, promptly
followed by telephonic confirmation of such request) in the case of a Eurocurrency Borrowing, not later than 12:00 noon,
Local Time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars) or by irrevocable written
notice (via a written Borrowing Request signed by such Borrower, or the Company on its behalf) not later than four (4) Business
Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case before the date of the proposed
Borrowing or (b) by telephone in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on the
day of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement
of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 11:00 a.m., New York City time,
on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly
by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request signed by the applicable Borrower, or
the Company on behalf of the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following
information in compliance with Section 2.02:

 

(i)              
the name of the applicable Borrower;

 

(ii)            
the aggregate principal amount of the requested Borrowing;

 

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

 

(iv)            
whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

(v)            
in the case of a Eurocurrency Borrowing, the Agreed Currency and initial Interest Period to be applicable thereto,
which shall be a period contemplated by the definition of the term “Interest Period”; and

 

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(vi)            
the location and number of the applicable Borrower’s account to which funds are to be disbursed, which shall
comply with the requirements of Section 2.07.

 

If no election as to the Type of Revolving
Borrowing is specified, then, in the case of a Borrowing denominated in Dollars, the requested Revolving Borrowing shall be an
ABR Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the relevant
Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing
Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount
of such Lender’s Loan to be made as part of the requested Borrowing.

 

Section
2.04. Determination of Dollar Amounts. The Administrative Agent will determine the Dollar Amount of:

 

(a)         
each Eurocurrency Borrowing as of the date of such Borrowing or, if applicable, the date of conversion/continuation
of any Borrowing as a Eurocurrency Borrowing,

 

(b)        
the LC Exposure (i) as of the date of each request for the issuance, amendment, renewal or extension of any Letter
of Credit, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that
has the effect of increasing the face amount thereof, and

 

(c)         
all outstanding Credit Events on and as of the last Business Day of each calendar quarter and, during the continuation
of an Event of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by
the Required Lenders.

 

Each day upon or as of which the Administrative
Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a
“Computation Date” with respect to each Credit Event for which a Dollar Amount is determined on or as of such day.

 

Section
2.05. Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender may in its
sole discretion make Swingline Loans in Dollars to the Company from time to time during the Availability Period, in an aggregate
principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline
Loans exceeding $50,000,000, (ii) the Dollar Amount of the Swingline Lender’s Revolving Credit Exposure exceeding its Commitment
or (iii) subject to Section 2.04, the Dollar Amount of the Total Revolving Credit Exposure exceeding the Aggregate Commitment;
provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline
Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Company may borrow, prepay and
reborrow Swingline Loans.

 

(b)          To
request a Swingline Loan, the Company shall notify the Administrative Agent of such request by telephone (confirmed by
telecopy or electronic mail), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each
such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the
requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from
the Company. The Swingline Lender shall make each Swingline Loan available to the Company by means of a credit to the general
deposit account of the Company with the Administrative Agent designated for such purpose (or, in the case of a Swingline Loan
made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to such Issuing
Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.

 

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(c)         
 The Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New
York City time, on any Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the
Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate.
Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice
such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees,
upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s
Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations
in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment
shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation
under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with
respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of
the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders.
The Administrative Agent shall notify the Company of any participations in any Swingline Loan acquired pursuant to this paragraph,
and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender.
Any amounts received by the Swingline Lender from the Company (or other party on behalf of the Company) in respect of a Swingline
Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the
Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent
to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may
appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent,
as applicable, if and to the extent such payment is required to be refunded to the Company for any reason. The purchase of participations
in a Swingline Loan pursuant to this paragraph shall not relieve the Company of any default in the payment thereof.

 

(d)        
 The Swingline Lender may be replaced at any time by written agreement among the Company, the Administrative Agent,
the replaced Swingline Lender and the successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such
replacement of the Swingline Lender. At the time any such replacement shall become effective, the Company shall pay all unpaid
interest accrued for the account of the replaced Swingline Lender pursuant to Section 2.13(a). From and after the effective
date of any such replacement, (x) the successor Swingline Lender shall have all the rights and obligations of the replaced
Swingline Lender under this Agreement with respect to Swingline Loans made thereafter and (y) references herein to the term
"Swingline Lender" shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor
and all previous Swingline Lenders, as the context shall require. After the replacement of the Swingline Lender hereunder, the
replaced Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline
Lender under this Agreement with respect to Swingline Loans made by it prior to its replacement, but shall not be required to make
additional Swingline Loans.

 

(e)          
Subject to the appointment and acceptance of a successor Swingline Lender, the Swingline Lender may resign as Swingline
Lender at any time upon thirty days’ prior written notice to the Administrative Agent, the Company and the Lenders, in which
case, the Swingline Lender shall be replaced in accordance with Section 2.05(d) above.

 

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Section
2.06. Letters of Credit.

 

(a)          
General. Subject to the terms and conditions set forth herein, any Borrower may request the issuance of Letters
of Credit denominated in Agreed LC Currencies for its own account or the account of a Subsidiary (provided that the Company shall
be a co-applicant and co-obligor with respect to each Letter of Credit issued for the account of any Subsidiary), in a form reasonably
acceptable to the Administrative Agent and the relevant Issuing Bank, at any time and from time to time during the Availability
Period. Notwithstanding the foregoing, the letters of credit identified on Schedule2.06 (the “Existing Letters of Credit”)
shall be deemed to be “Letters of Credit” issued on the Effective Date for all purposes of the Loan Documents. In the
event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter
of credit application or other agreement submitted by the relevant Borrower to, or entered into by the relevant Borrower with,
the relevant Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding
anything herein to the contrary, no Issuing Bank shall have an obligation hereunder to issue, and shall not issue, any Letter of
Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned
Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions, (ii) in any manner that
would result in a violation of any Sanctions by any party to this Agreement or (iii) in any manner that would result in a violation
of one or more policies of such Issuing Bank applicable to letters of credit generally. The Company unconditionally and irrevocably
agrees that, in connection with any Letter of Credit issued for the account of any Subsidiary as provided in the first or second
sentence of this paragraph, the Company will be fully responsible for the reimbursement of LC Disbursements in accordance with
the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it
were the sole account party in respect of such Letter of Credit (the Company hereby irrevocably waiving any defenses that might
otherwise be available to it as a guarantor or surety of the obligations of such a Subsidiary that shall be an account party in
respect of any such Letter of Credit).

 

(b)          
Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter
of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the relevant Borrower shall hand deliver
or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the relevant Issuing Bank)
to an Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or
extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or
extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which
such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit,
the Agreed LC Currency applicable thereto, the name and address of the beneficiary thereof and such other information as shall
be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by an Issuing Bank, the relevant Borrower also
shall submit a letter of credit application on the relevant Issuing Bank’s standard form in connection with any request for
a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal
or extension of each Letter of Credit the relevant Borrower shall be deemed to represent and warrant that), after giving effect
to such issuance, amendment, renewal or extension, subject to Sections 2.04 and 2.11(b), (i) the Dollar Amount of the LC Exposure
shall not exceed the LC Overall Sublimit, (ii) (x) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit
issued by an Issuing Bank at such time plus (y) the aggregate Dollar Amount of all LC Disbursements made by such Issuing Bank that
have not yet been reimbursed by or on behalf of such Borrower at such time shall not exceed its Letter of Credit Commitment, (iii)
no Lender’s Dollar Amount of Revolving Credit Exposure shall exceed its Commitment, (iv) the sum of the Dollar Amount of
the Total Revolving Credit Exposure shall not exceed the Aggregate Commitment and (v) the Dollar Amount of the total outstanding
Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies, shall not exceed the Foreign Currency Sublimit.

 

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(c)          
Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of
(i) the date three years after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension
thereof, three years after such renewal or extension) and (ii) the Maturity Date; provided, that a Letter of Credit may
expire up to three years beyond the Maturity Date with the consent of the applicable Issuing Bank so long as the relevant Borrower
cash collateralizes 105% of the face amount of such Letter of Credit in the manner described in Section 2.06(j) no later than ten
(10) Business Days prior to the Maturity Date; provided, further, that a Letter of Credit issued to a bank in India
may expire later than the earlier of (x) three years after the date of the issuance of such Letter of Credit and (y) three years
after the Maturity Date with the consent of the applicable Issuing Bank so long as the relevant Borrower cash collateralizes 105%
of the face amount of such Letter of Credit in the manner described in Section 2.06(j) no later than ten (10) Business Days prior
to the Maturity Date.

 

(d)          
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) and without any further action on the part of any Issuing Bank or the Lenders, each Issuing Bank hereby grants
to each Lender, and each Lender hereby acquires from each Issuing Bank, a participation in such Letter of Credit equal to such
Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration
and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent,
for the account of the relevant Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing
Bank and not reimbursed by the relevant Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement
payment required to be refunded to the relevant Borrower for any reason; provided that, (i) if the applicable LC Disbursement
or other reimbursement payment is denominated in Foreign Currency that is not an Agreed Revolving Loan Currency, or (ii) if the
applicable Issuing Bank shall so elect in its sole discretion by notice to the Lenders with respect to any LC Disbursement or other
reimbursement payment denominated in any other Foreign Currency, such payment described in clause (i) or (ii) shall be made in
Dollars in the Lender’s Applicable Percentage of the Dollar Amount of such LC Disbursement or other reimbursement payment.
Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters
of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal
or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments,
and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

 

(e)          
Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the relevant
Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the Dollar Amount equal to such
LC Disbursement, calculated as of the date such Issuing Bank made such LC Disbursement (or if an Issuing Bank shall so elect in
its sole discretion by notice to the relevant Borrower, in such other Agreed LC Currency which was paid by such Issuing Bank pursuant
to such LC Disbursement in an amount equal to such LC Disbursement) not later than 1:00 p.m., Local Time, on the date that such
LC Disbursement is made, if the relevant Borrower shall have received notice of such LC Disbursement prior to 11:00 a.m.,
Local Time, on such date, or, if such notice has not been received by the relevant Borrower prior to such time on such date, then
not later than 1:00 p.m., Local Time, on the Business Day immediately following the day that the relevant Borrower receives such
notice, if such notice is not received prior to such time on the day of receipt; provided that, if such LC Disbursement
is not less than the Dollar Amount of $1,000,000, the relevant Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or 2.05 that such payment be financed with (i) to the extent such LC Disbursement
was made in Dollars, an ABR Revolving Borrowing or Swingline Loan in Dollars in an amount equal to such LC Disbursement, (ii) to
the extent such LC Disbursement was made in a Foreign Currency that is not an Agreed Revolving Loan Currency, an ABR Revolving
Borrowing or Swingline Loan in Dollars in the Dollar Amount of such LC Disbursement and (iii) to the extent such LC Disbursement
was made in a Foreign Currency that is an Agreed Revolving Loan Currency, a Eurocurrency Revolving Borrowing in such Foreign Currency
in an amount equal to such LC Disbursement, and, in each case, to the extent so financed, the relevant Borrower’s obligation
to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, Swingline Loan or Eurocurrency
Revolving Borrowing. If the relevant Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender
of the applicable LC Disbursement, the payment then due from the relevant Borrower in respect thereof and such Lender’s Applicable
Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable
Percentage of the payment then due from the relevant Borrower, in the same manner as provided in Section 2.07 with respect
to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders;
provided that (x) with respect to any such payment in respect of a Letter of Credit denominated in an Agreed LC Currency
that is not an Agreed Revolving Loan Currency or (y) if the applicable Issuing Bank so elects in its sole discretion with respect
to any Letter of Credit denominated in any other Foreign Currency, any Lender may make such payment described in clause (x) or
(y) in Dollars in the Dollar Amount of such LC Disbursement), and the Administrative Agent shall promptly pay to the relevant Issuing
Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from
the relevant Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the relevant Issuing
Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such
Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse
an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above)
shall not constitute a Loan and shall not relieve the relevant Borrower of its obligation to reimburse such LC Disbursement. If
the relevant Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject the
Administrative Agent, any Issuing Bank or any Lender to any stamp duty, ad valorem charge or similar tax that would not be
payable if such reimbursement were made or required to be made in Dollars, the relevant Borrower shall, at its option, either (x) pay
the amount of any such tax requested by the Administrative Agent, the relevant Issuing Bank or the relevant Lender or (y) reimburse
each LC Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Equivalent Amount, calculated using the
applicable Exchange Rates, on the date such LC Disbursement is made, of such LC Disbursement.

 

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(f)          
Obligations Absolute. Each Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e)
of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms
of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under
a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate
in any respect, (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document
that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether
or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge
of, or provide a right of setoff against, each Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders
nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of
any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required
to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the
control of the relevant Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from
liability to the relevant Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive
damages, claims in respect of which are hereby waived by each Borrower to the extent permitted by applicable law) suffered by such
Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross
negligence or willful misconduct on the part of any Issuing Bank (as finally determined by a court of competent jurisdiction),
such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without
limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in
substantial compliance with the terms of a Letter of Credit, each Issuing Bank may, in its sole discretion, either accept and make
payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary,
or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such
Letter of Credit.

 

    39

     

    

 

(g)         
Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit. Each Issuing Bank shall promptly notify the Administrative
Agent and the relevant Borrower by telephone (confirmed by telecopy or electronic mail) of such demand for payment and whether
such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving
such notice shall not relieve the relevant Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect
to any such LC Disbursement made on its behalf (or, in the case of the Company, on behalf of any Subsidiary that is the account
party on the applicable Letter of Credit).

 

(h)        
Interim Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the relevant Borrower shall
reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest,
for each day from and including the date such LC Disbursement is made to but excluding the date that the relevant Borrower reimburses
such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans (or in the case such LC Disbursement is denominated
in a Foreign Currency, at the Overnight Foreign Currency Rate for such Agreed LC Currency plus the then effective Applicable
Rate with respect to Eurocurrency Revolving Loans); provided that, if the relevant Borrower fails to reimburse such LC Disbursement
when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this
paragraph shall be for the account of such Issuing Bank, except that interest accrued on and after the date of payment by any Lender
pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent
of such payment.

 

(i)          
Replacement of Issuing Bank.

 

(i)       
Any Issuing Bank may be replaced at any time by written agreement among the Borrowers, the Administrative Agent,
the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement
of an Issuing Bank. At the time any such replacement shall become effective, each relevant Borrower shall pay all unpaid fees accrued
for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement,
(i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect
to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed
to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context
shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall
continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then
outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

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(ii)      
Subject to the appointment and acceptance of a successor Issuing Bank, an Issuing Bank may resign as an Issuing Bank
at any time upon thirty days’ prior written notice to the Administrative Agent, the Company and the Lenders, in which case,
such resigning Issuing Bank shall be replaced in accordance with Section 2.06(i)(i) above.

 

(j)          
Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the
Company receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated,
Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant
to this paragraph, the Company or the relevant Borrower shall deposit in an account with the Administrative Agent, in the name
of the Administrative Agent and for the benefit of the Lenders (the “LC Collateral Account”), an amount in cash
equal to 105% of the Dollar Amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided
that (i) the portions of such amount attributable to undrawn Foreign Currency Letters of Credit or LC Disbursements in a Foreign
Currency that the relevant Borrower is not late in reimbursing shall be deposited in the applicable Foreign Currencies in the actual
amounts of such undrawn Letters of Credit and LC Disbursements, (ii) the obligation to deposit such cash collateral shall
become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any
kind, upon the occurrence of any Event of Default described in clauses (h), (i) or (q) of Article VII, and (iii)
the obligation of any Foreign Subsidiary Borrower that is an Affected Foreign Subsidiary to deposit such cash collateral shall
be limited to the LC Exposure with respect to Letters of Credit issued for the account of the Foreign Subsidiary Borrowers and
shall not include LC Exposure with respect to Letters of Credit issued for the account of the Company or any Domestic Subsidiary.
For the purposes of this paragraph, the Foreign Currency LC Exposure shall be calculated using the applicable Exchange Rate on
the date notice demanding cash collateralization is delivered to the Company. The relevant Borrower also shall deposit cash collateral
pursuant to this paragraph as and to the extent required by Section 2.06(c) or Section 2.11(b). Such deposit shall be held
by the Administrative Agent as collateral for the payment and performance of the Obligations of such relevant Borrower. The Administrative
Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Company
hereby grants the Administrative Agent a security interest in the LC Collateral Account. Other than any interest earned on the
investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and
at the relevant Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such
investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse
the relevant Issuing Bank for LC Disbursements on account of the relevant Borrower for which it has not been reimbursed and, to
the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the relevant Borrower for the
LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure
representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations (provided that cash collateral
deposited by any Foreign Subsidiary Borrower that is an Affected Foreign Subsidiary shall only be applied to the Obligations of
the Foreign Subsidiary Borrowers). If any Borrower is required to provide an amount of cash collateral hereunder as a result of
the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to such Borrower
within three (3) Business Days after all Events of Default have been cured or waived.

 

(k)         
Issuing Bank Agreements. Each Issuing Bank agrees
that, unless otherwise requested by the Administrative Agent, such Issuing Bank shall report in writing to the Administrative Agent
(i) on the first Business Day of each week, the daily activity (set forth by day) in respect of Letters of Credit during the immediately
preceding week, including all issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements
and reimbursements, (ii) on or prior to each Business Day on which such Issuing Bank expects to issue, amend, renew or extend any
Letter of Credit, the date of such issuance, amendment, renewal or extension, the name of the Borrower that is the account party,
and the aggregate face amount of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving
effect to such issuance, amendment, renewal or extension occurred (and whether the amount thereof changed), it being understood
that such Issuing Bank shall not permit any issuance, renewal, extension or amendment resulting in an increase in the amount of
any Letter of Credit to occur without first obtaining written confirmation from the Administrative Agent that it is then permitted
under this Agreement, (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date of such LC Disbursement
and the amount of such LC Disbursement, (iv) on any Business Day on which any Borrower fails to reimburse an LC Disbursement required
to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount and currency of such LC Disbursement
and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request.

 

    41

     

    

 

Section
2.07. Funding of Borrowings.

 

(a)          
Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds (i) in the case of Loans denominated in Dollars, by 1:00 p.m., New York City time, to the account of the Administrative
Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in the case of each Loan denominated
in a Foreign Currency, by 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for
such currency and at such Eurocurrency Payment Office for such currency; provided that Swingline Loans shall be made as
provided in Section 2.05. The Administrative Agent will make such Loans available to the relevant Borrower by promptly crediting
the amounts so received, in like funds, to (x) an account of the Company maintained with the Administrative Agent in New York
City or Chicago and designated by the Company in the applicable Borrowing Request, in the case of Loans denominated in Dollars
and (y) an account of such Borrower in the relevant jurisdiction and designated by such Borrower in the applicable Borrowing
Request, in the case of Loans denominated in a Foreign Currency; provided that ABR Revolving Loans made to finance the reimbursement
of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the relevant Issuing
Bank.

 

(b)          
Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing
(or in the case of an ABR Borrowing, prior to 1:00 p.m., New York City time, on the date of such Borrowing) that such Lender will
not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance
upon such assumption, make available to the relevant Borrower a corresponding amount. In such event, if a Lender has not in fact
made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and such Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency
Rate in the case of Loans denominated in a Foreign Currency) or (ii) in the case of such Borrower, the interest rate applicable
to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s
Loan included in such Borrowing.

 

Section
2.08. Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurocurrency Revolving Borrowing, shall have an initial Interest Period as specified in
such Borrowing Request. Thereafter, the relevant Borrower may elect to convert such Borrowing to a different Type or to continue
such Borrowing and, in the case of a Eurocurrency Revolving Borrowing, may elect Interest Periods therefor, all as provided in
this Section. A Borrower may elect different options with respect to different portions of the affected Borrowing, in which case
each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not
be converted or continued.

 

    42

     

    

 

(b)         
To make an election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify the Administrative
Agent of such election (by telephone or irrevocable written notice in the case of a Borrowing denominated in Dollars or by irrevocable
written notice (via an Interest Election Request signed by such Borrower, or the Company on its behalf) in the case of a Borrowing
denominated in a Foreign Currency) by the time that a Borrowing Request would be required under Section 2.03 if such Borrower
were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy
to the Administrative Agent of a written Interest Election Request signed by the relevant Borrower, or the Company on its behalf.
Notwithstanding any contrary provision herein, this Section shall not be construed to permit any Borrower to (i) change the
currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.02(d)
or (iii) convert any Borrowing to a Borrowing of a Type not available under such Borrowing.

 

(c)         
Each telephonic and written Interest Election Request shall specify the following information in compliance with
Section 2.02:

 

(i)               
the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing
(in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting
Borrowing);

 

(ii)              
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)            
whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

 

(iv)            
if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period and Agreed Currency to be applicable
thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term
“Interest Period”.

 

If any such Interest Election Request requests
a Eurocurrency Borrowing but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected
an Interest Period of one month’s duration.

 

(d)         
Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of
the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e)         
If the relevant Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Revolving
Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein,
at the end of such Interest Period (i) in the case of a Borrowing denominated in Dollars, such Borrowing shall be converted
to an ABR Borrowing and (ii) in the case of a Borrowing denominated in a Foreign Currency in respect of which the applicable
Borrower shall have failed to deliver an Interest Election Request prior to the third (3rd) Business Day preceding
the end of such Interest Period, such Borrowing shall automatically continue as a Eurocurrency Borrowing in the same Agreed Currency
with an Interest Period of one month unless such Eurocurrency Borrowing is or was repaid in accordance with Section 2.11.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent,
at the request of the Required Lenders, so notifies the Company, then, so long as an Event of Default is continuing (i) no
outstanding Revolving Borrowing denominated in Dollars may be converted to or continued as a Eurocurrency Borrowing, (ii) unless
repaid, each Eurocurrency Revolving Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto and (iii) unless repaid, each Eurocurrency Revolving Borrowing denominated in a Foreign Currency
shall automatically be continued as a Eurocurrency Borrowing with an Interest Period of one month.

 

    43

     

    

 

Section
2.09. Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate
on the Maturity Date.

 

(b)         
The Company may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each
reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and
(ii) the Company shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the
Loans in accordance with Section 2.11, the Dollar Amount of the Total Revolving Credit Exposure would exceed the Aggregate
Commitment.

 

(c)         
The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b)
of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying
such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided
that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness
of other credit facilities or other transactions specified therein, in which case such notice may be revoked by the Company (by
notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination
or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in
accordance with their respective Commitments.

 

Section
2.10. Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) to
the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan made to such Borrower
on the Maturity Date in the currency of such Loan and (ii) in the case of the Company, to the Administrative Agent for the
account of the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and
the fifth Business Day after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made,
the Company shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative
Agent to repay any Swingline Loans outstanding.

 

(b)         
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of each Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable
and paid to such Lender from time to time hereunder.

 

(c)         
The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder,
the Class, Agreed Currency and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or
interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of
any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

    44

     

    

 

(d)          
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender
or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of any
Borrower to repay the Loans made to it in accordance with the terms of this Agreement.

 

(e)          
Any Lender may request that Loans made by it to any Borrower be evidenced by a promissory note. In such event, the
relevant Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or,
if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter,
the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04)
be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if any such promissory
note is a registered note, to such payee and its registered assigns).

 

(f)           
Notwithstanding anything to the contrary herein, in no event shall any Foreign Subsidiary Borrower that is an Affected
Foreign Subsidiary be obligated to repay the principal of or interest on any Loan made to the Company.

 

Section
2.11. Prepayment of Loans.

 

(a)          
Any Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
subject to prior notice in accordance with the provisions of this Section 2.11(a). The applicable Borrower, or the Company
on behalf of the applicable Borrower, shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan,
the Swingline Lender) by written notice (promptly confirmed by telephonic or electronic mail confirmation of such request) of any
prepayment hereunder (i) in the case of prepayment of a Eurocurrency Revolving Borrowing, not later than 12:00 noon,
Local Time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars) or four (4) Business
Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case before the date of prepayment, (ii) in
the case of prepayment of an ABR Revolving Borrowing, not later than 12:00 noon, New York City time, on the date of prepayment
or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment.
Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion
thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination
of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination
is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Revolving Borrowing,
the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall
be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02.
Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans of the applicable Borrower included in the prepaid
Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break
funding payments pursuant to Section 2.16.

 

    45

     

    

 

(b)          
If at any time, (i) other than as a result of fluctuations in currency exchange rates, (A) the sum of the
aggregate principal Dollar Amount of all of the Revolving Credit Exposures (calculated, with respect to those Credit Events denominated
in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the Aggregate Commitment
or (B) the sum of the aggregate principal Dollar Amount of all of the outstanding Revolving Credit Exposures denominated in
Foreign Currencies (the “Foreign Currency Exposure”) (so calculated), as of the most recent Computation Date
with respect to each such Credit Event, exceeds the Foreign Currency Sublimit or (ii) solely as a result of fluctuations in
currency exchange rates, (A) the sum of the aggregate principal Dollar Amount of all of the Revolving Credit Exposures (so
calculated) exceeds 105% of the Aggregate Commitment, (B) the Foreign Currency Exposure, as of the most recent Computation
Date with respect to each such Credit Event, exceeds 105% of the Foreign Currency Sublimit or (C) the aggregate Dollar Amount of
all LC Exposures (so calculated) exceeds 105% of the LC Overall Sublimit, the relevant Borrowers shall in each case immediately
repay their relevant Borrowings or cash collateralize their relevant LC Exposure in an account with the Administrative Agent pursuant
to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause (x) the aggregate Dollar Amount
of all Revolving Credit Exposures (so calculated) to be less than or equal to the Aggregate Commitment, (y) the Foreign Currency
Exposure to be less than or equal to the Foreign Currency Sublimit and (z) the aggregate Dollar Amount of all LC Exposures to be
less than or equal to the LC Overall Sublimit, as applicable, provided, that no Foreign Subsidiary Borrower that is an Affected
Foreign Subsidiary shall be required to repay Borrowings or cash collateralize LC Exposure of the Company or any Domestic Subsidiary.

 

Section
2.12. Fees. (a) The Company agrees to pay to the Administrative Agent for the account of each Lender a facility fee,
which shall accrue at the Applicable Rate on the aggregate amount of the Commitment of such Lender (whether used or unused) during
the period from and including the Effective Date to but excluding the date on which such Commitment terminates; provided
that, if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such facility fee shall
continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its
Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued facility
fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which
the Commitments terminate, commencing on the first such date to occur after the Effective Date; provided that any facility
fees accruing after the date on which the Commitments terminate shall be payable on demand. All facility fees shall be computed
on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day).

 

(b)           The
Company agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to
its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable
to Eurocurrency Revolving Loans on the average daily Dollar Amount of such Lender’s LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later
of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure
and (ii) to the relevant Issuing Bank for its own account a fronting fee, which shall accrue at the rate of 0.125% per annum
on the average daily Dollar Amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements)
attributable to Letters of Credit issued by such Issuing Bank during the period from and including the Effective Date to but excluding
the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as such
Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer,
presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Unless otherwise specified above,
participation fees and fronting fees accrued through and including the last day of March, June, September and December of each
year shall be payable on the fifteenth day following such last day, commencing on the first such date to occur after the Effective
Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing
after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to any Issuing Bank pursuant
to this paragraph shall be payable within ten (10) days after demand. All participation fees and fronting fees shall be computed
on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). Participation fees and fronting fees in respect of Letters of Credit denominated in Dollars shall be
paid in Dollars, and participation fees and fronting fees in respect of Letters of Credit denominated in a Foreign Currency shall
be paid in such Foreign Currency.

 

    46

     

    

 

(c)          
The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the
times separately agreed upon between the Company and the Administrative Agent.

 

(d)          
All fees payable hereunder shall be paid on the dates due, in Dollars (except as otherwise expressly provided in
this Section 2.12) and immediately available funds, to the Administrative Agent (or to the relevant Issuing Bank, in the case
of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid shall not
be refundable under any circumstances.

 

Section
2.13. Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest
at the Alternate Base Rate plus the Applicable Rate.

 

(b)          
The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period
in effect for such Borrowing plus the Applicable Rate.

 

(c)          
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by
any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall
bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any
Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in
the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(d)          
Accrued interest on each Revolving Loan shall be payable in arrears, in the same Agreed Currency as the applicable
Loan, on each Interest Payment Date for such Revolving Loan and upon termination of the Commitments; provided that (i) interest
accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment
of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on
the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event
of any conversion of any Eurocurrency Revolving Loan prior to the end of the current Interest Period therefor, accrued interest
on such Loan shall be payable on the effective date of such conversion.

 

(e)          
All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) (A) interest
computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and (B) interest
computed by reference to the CDOR Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and
(ii) interest for Borrowings denominated in Pounds Sterling shall be computed on the basis of a year of 365 days, and
in each case of the foregoing clauses (i) and (ii) shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined
by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

Section
2.14. Alternate Rate of Interest.

 

(a)          
If at the time that the Administrative Agent shall seek to determine the applicable Screen Rate on the Quotation
Day for any Interest Period for a Eurocurrency Borrowing, such applicable Screen Rate shall not be available for such Interest
Period and/or for the applicable currency with respect to such Eurocurrency Borrowing for any reason, and the Administrative Agent
shall reasonably determine that it is not possible to determine the Interpolated Rate (including, without limitation, because the
LIBOR Screen Rate is not available or published on a current basis) (which conclusion shall be conclusive and binding absent manifest
error), then, (i) if such Borrowing shall be requested in Dollars, then such Borrowing shall be made as an ABR Borrowing at the
Alternate Base Rate and (ii) if such Borrowing shall be requested in any Foreign Currency, the LIBO Rate shall be equal to the
rate determined by the Administrative Agent in its reasonable discretion after consultation with the Company and consented to in
writing by the Required Lenders (the “Alternative Rate”); provided, however, that until such time
as the Alternative Rate shall be determined and so consented to by the Required Lenders, Borrowings shall not be available in such
Foreign Currency.

 

    47

     

    

 

(b)          
If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

 

(i)                
the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including,
without limitation, because the LIBOR Screen Rate is not available or published on a current basis), for a Loan in the applicable
currency or for the applicable Interest Period; or

 

(ii)              
the Administrative Agent is advised by the Required Lenders that the Adjusted
LIBO Rate or the LIBO Rate, as applicable, for a Loan in the applicable currency or for the applicable Interest Period will not
adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included
in such Borrowing for the applicable currency and such Interest Period;

 

then the Administrative Agent shall give
notice thereof to the applicable Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable
thereafter and, until the Administrative Agent notifies the applicable Borrower and the Lenders that the circumstances giving rise
to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing
to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing in the applicable currency or for the applicable Interest
Period, as the case may be, shall be ineffective and any such Eurocurrency Borrowing shall be repaid or (solely if such Eurocurrency
Borrowing is denominated in Dollars) converted into an ABR Borrowing on the last day of the then current Interest Period applicable
thereto, (ii) if any Borrowing Request requests a Eurocurrency Revolving Borrowing in Dollars, such Borrowing shall be made
as an ABR Borrowing and (iii) if any Borrowing Request requests a Eurocurrency Borrowing in a Foreign Currency, then the LIBO Rate
for such Eurocurrency Borrowing shall be the Alternative Rate; provided that if the circumstances giving rise to such notice
affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

 

(c)          
If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error)
that (i) the circumstances set forth in clause (b)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the
circumstances set forth in clause (b)(i) have not arisen but either (w) the supervisor for the administrator of the LIBOR Screen
Rate has made a public statement that the administrator of the LIBOR Screen Rate is insolvent (and there is no successor administrator
that will continue publication of the LIBOR Screen Rate), (x) the administrator of the LIBOR Screen Rate has made a public statement
identifying a specific date after which the LIBOR Screen Rate will permanently or indefinitely cease to be published by it (and
there is no successor administrator that will continue publication of the LIBOR Screen Rate), (y) the supervisor for the administrator
of the LIBOR Screen Rate has made a public statement identifying a specific date after which the LIBOR Screen Rate will permanently
or indefinitely cease to be published or (z) the supervisor for 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 an applicable
LIBOR Screen Rate for any LIBOR Quoted Currency may no longer be used for determining interest rates for loans, then the Administrative
Agent and the Company shall (A) endeavor to establish an alternate rate of interest to the LIBO Rate for Loans denominated in Dollars,
and (B) endeavor to establish an Alternative Rate as described in clause (a) above for Loans denominated in LIBOR Quoted Currencies
other than Dollars, in each case, that gives due consideration to the then prevailing market convention for determining a rate
of interest for syndicated loans in the United States in Dollars or such LIBOR Quoted Currency at such time, as applicable and
shall enter into an amendment to this Agreement to reflect such alternate rate or rates of interest and such other related changes
to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the
Applicable Rate); provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be
deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.02, any such amendment
establishing an alternate rate of interest for Loans denominated in Dollars shall become effective without any further action or
consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business
Days of the date notice of such alternate rate or rates of interest is provided to the Lenders, a written notice from the Required
Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest or Alternate Rate, as
applicable, shall be determined in accordance with this clause (c) (but, in the case of the circumstances described in clause (ii)(w),
clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.14(c), only to the extent the LIBOR Screen Rate for the
applicable LIBOR Quoted Currency and such Interest Period is not available or published at such time on a current basis), (x) any
Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency
Borrowing, and any Borrowing Request for a Eurocurrency Borrowing in a Foreign Currency shall, in each case, be ineffective and
any such Eurocurrency Borrowing shall be repaid or (solely if such Eurocurrency Borrowing is denominated in Dollars) converted
into an ABR Borrowing on the last day of the then current Interest Period applicable thereto, and (y) if any Borrowing Request
requests a Eurocurrency Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing.

 

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

 

(i)              
impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended
by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank;

 

(ii)             
impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other
than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or

 

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

 

and the result of any of the foregoing
shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any
Loan or of maintaining its obligation to make any such Loan (including, without limitation, pursuant to any conversion of any Borrowing
denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency) or to increase the cost to such Lender,
such Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit (including, without
limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other
Agreed Currency) or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other Recipient
hereunder, whether of principal, interest or otherwise (including, without limitation, pursuant to any conversion of any Borrowing
denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency), then the applicable Borrower will
pay to such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate
such Lender, such Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered
as reasonably determined by such Lender or such Issuing Bank (which determination shall be made in good faith (and not on an arbitrary
or capricious basis) and consistent with similarly situated customers of the applicable Lender or the applicable Issuing Bank under
agreements having provisions similar to this Section 2.15 after consideration of such factors as such Lender or such Issuing Bank
then reasonably determines to be relevant).

 

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(b)          
If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has
or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital
of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made
by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level
below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the
policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity), then
from time to time the applicable Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount
or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company
for any such reduction suffered as reasonably determined by such Lender or such Issuing Bank (which determination shall be made
in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable
Lender or the applicable Issuing Bank under agreements having provisions similar to this Section 2.15 after consideration of such
factors as such Lender or such Issuing Bank then reasonably determines to be relevant).

 

(c)          
A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender
or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section
shall be delivered to the Company and shall be conclusive absent manifest error. The Company shall pay, or cause the relevant Borrowers,
as applicable, to pay, such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within
ten (10) days after receipt thereof.

 

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

 

Section
2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other
than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of
any prepayment pursuant to Section 2.11), (b) the conversion of any Eurocurrency Loan other than on the last day of
the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the
date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(a)
and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the
Interest Period applicable thereto as a result of a request by the Company pursuant to Section 2.19, then, in any such event,
the relevant Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss, cost
or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the
amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted
LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then
current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for
such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits
in the relevant currency of a comparable amount and period from other banks in the eurocurrency market. A certificate of any Lender
setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the
applicable Borrower and shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown
as due on any such certificate within ten (10) days after receipt thereof.

 

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Section
2.17. Taxes.

 

(a)          
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any
Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable
law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any
Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as
necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional
sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no
such deduction or withholding been made.

 

(b)          
Payment of Other Taxes by the Borrowers. The relevant Borrower shall timely pay to the relevant Governmental
Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

 

(c)          
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental
Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified
copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

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

 

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(e)               
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10
days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the relevant
Loan Parties have not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation
of the relevant Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions
of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender,
in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any
and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the
Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

 

(f)                
Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with
respect to payments made under any Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times
reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, any Lender, if reasonably requested by the Borrowers or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will
enable the Borrowers or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

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

 

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

 

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

 

(1) in the case of a Foreign
Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest
under any Loan Document, an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN, establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Loan Document, IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax
treaty;

 

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(2)
in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed
copy of IRS Form W-8ECI;

 

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

 

(4) to the
extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
W-8BEN-E, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign
Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest
exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on
behalf of each such direct and indirect partner;

 

(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in
U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit such Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)             
if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to such Borrower and the Administrative Agent at the
time or times prescribed by law and at such time or times reasonably requested by such Borrower or the Administrative Agent such
documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by such Borrower or the Administrative Agent as may be necessary for such Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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(iii)            
Without limiting the generality of Section 2.17(f)(i), any Treaty Credit Party and each UK Loan Party which makes
a payment to which that Treaty Credit Party is entitled shall cooperate in completing any procedural formalities necessary for
that UK Loan Party to obtain authorization from HM Revenue & Customs to make that payment without withholding or deduction
of tax (including the Treaty Credit Party providing its scheme reference number under HM Revenue & Custom’s Double Taxation
Treaty Passport scheme (if applicable) and its jurisdiction of tax residence). Each Credit Party and UK Loan Party shall, upon
becoming aware that a UK Loan Party must make a withholding of UK tax from a payment to a Credit Party, promptly notify the Administrative
Agent, and if the Administrative Agent receives such notification from a Credit Party, it shall notify the relevant UK Loan Party.

 

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

 

(g)               
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that
it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment
of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but
only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the
indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification
payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require
any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential)
to the indemnifying party or any other Person.

 

(h)               
Survival. Each party’s obligations under this Section 2.17 shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments
and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

(i)                
Defined Terms. For purposes of this Section 2.17, the term “Lender” includes each Issuing
Bank and the term “applicable law” includes FATCA.

 

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Section
2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

 

(a)               
Each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or
reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in
the case of payments denominated in Dollars by the Company, 1:00 p.m., New York City time and (ii) in the case of payments
denominated in a Foreign Currency, 1:00 p.m., Local Time, in the city of the Administrative Agent’s Eurocurrency Payment
Office for such currency, in each case on the date when due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received
on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made (i) in the
same currency in which the applicable Credit Event was made (or where such currency has been converted to euro, in euro) and (ii) to
the Administrative Agent at its offices at 10 South Dearborn Street, Chicago, Illinois 60603 or, in the case of a Credit Event
denominated in a Foreign Currency, the Administrative Agent’s Eurocurrency Payment Office for such currency, except payments
to be made directly to an Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15,
2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such
payments denominated in the same currency received by it for the account of any other Person to the appropriate recipient promptly
following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall
be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable
for the period of such extension. Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit
Event in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with
the result that the type of currency in which the Credit Event was made (the “Original Currency”) no longer
exists or for any reason the relevant Borrower is not able to make payment to the Administrative Agent for the account of the Lenders
in such Original Currency, or the terms of this Agreement request or require the conversion of such Credit Event into Dollars,
then all payments to be made by such Borrower hereunder in such currency shall instead be made when due in Dollars in an amount
equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that
each Borrower takes all risks of the imposition of any such currency control or exchange regulations or conversion, and each Borrower
agrees to indemnify and hold harmless the Issuing Banks, the Administrative Agent and the Lenders from and against any loss resulting
from any Credit Event denominated in a Foreign Currency that is not repaid to the Issuing Banks, the Administrative Agent or the
Lenders, as the case may be, in the Original Currency.

 

(b)               
If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts
of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first,
towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC
Disbursements then due to such parties.

 

(c)               
At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums,
reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and
other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following
a request by a Borrower (or the Company on behalf of a Borrower) pursuant to Section 2.03 or a deemed request as provided
in this Section or may be deducted from any deposit account of such Borrower maintained with the Administrative Agent. If (i) a
Borrower so requests or (ii) a Default has occurred and is continuing under this Agreement, each Borrower hereby irrevocably authorizes
(x) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as
it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall constitute
Loans (including Swingline Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03,
2.04 or 2.05, as applicable and (y) the Administrative Agent to charge any deposit account of the relevant Borrower maintained
with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount
due under the Loan Documents.

 

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(d)               
If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of
any principal of or interest on a Revolving Loan or participation in an LC Disbursement or a Swingline Loan resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of such Revolving Loan or participation in such LC Disbursement
or Swingline Loan and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the applicable Revolving Loan or participations in
the applicable LC Disbursement or Swingline Loan of other Lenders to the extent necessary so that the benefit of all such payments
shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest in the applicable
Revolving Loan or participation in LC Disbursement or Swingline Loan; provided that (i) if any such participations are purchased
and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed
to apply to any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement or any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in
LC Disbursements and Swingline Loans to any assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof
(as to which the provisions of this paragraph shall apply). Each Borrower consents to the foregoing and agrees, to the extent it
may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may
exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender
were a direct creditor of such Borrower in the amount of such participation.

 

(e)               
Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the date on which
any payment is due to the Administrative Agent for the account of the Lenders or any relevant Issuing Bank hereunder that such
Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date
in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may
be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders or such Issuing
Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to
such Lender or such Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to
it to but excluding the date of payment to the Administrative Agent, at the greater of the NYFRB Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the
Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency).

 

(f)                
If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d)
or (e), 2.07(b), 2.18(e) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision
hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the
benefit of the Administrative Agent, the Swingline Lender or the Issuing Banks to satisfy such Lender’s obligations under
such Sections until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account
over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding
obligations of such Lender under such Sections; in the case of each of (i) and (ii) above, in any order as determined
by the Administrative Agent in its discretion.

 

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Section
2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15,
or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for
funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)              
If (i) any Lender requests compensation under Section 2.15, (ii) any Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any
Lender becomes a Defaulting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 9.04), all its interests, rights and obligations under the Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company
shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, each Issuing
Bank and the Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment
of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Company (in the case of all other amounts) and (iii) in the case of any such
assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17,
such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment
and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company
to require such assignment and delegation cease to apply. Each party hereto agrees that (i) an assignment required pursuant to
this paragraph may be effected pursuant to an Assignment and Assumption executed by the Company, the Administrative Agent and the
assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved
Electronic Platform as to which the Administrative Agent and such parties are participants), and (ii) the Lender required to make
such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented
to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties
to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by
the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.

 

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Section
2.20. Expansion Option. The Company may from time to time elect to increase the Commitments or enter into one or
more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $25,000,000
so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans in any Agreed
Currency does not exceed the Dollar Equivalent of $250,000,000. The Company may arrange for any such increase or tranche to be
provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate in such Incremental
Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities
(each such new bank, financial institution or other entity, an “Augmenting Lender”;
provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Commitments, or to
participate in such Incremental Term Loans, or provide new Commitments, as the case may be; provided that (i) each
Augmenting Lender, shall be subject to the approval of the Company, the Administrative Agent and the Issuing Banks and the Swingline
Lender to the extent the consent of the Issuing Banks or the Swingline Lender would be required to effect an assignment under
Section 9.04(b), and (ii) (x) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement
substantially in the form of Exhibit C hereto, and (y) in the case of an Augmenting Lender, the Company and such
Augmenting Lender execute an agreement substantially in the form of Exhibit D hereto. No consent of any Lender (other
than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments
or Incremental Term Loan pursuant to this Section 2.20. Increases and new Commitments and Incremental Term Loans created
pursuant to this Section 2.20 shall become effective on the date agreed by the Company, the Administrative Agent and the
relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding
the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall
become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental
Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived
by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed
by a Financial Officer of the Company and (B) the Company shall be in compliance (on a pro forma basis) with the covenants
contained in Section 6.11 and (ii) the Administrative Agent shall have received documents and opinions consistent with
those delivered on the Effective Date as to the organizational power and authority of the Borrowers to borrow hereunder after
giving effect to such increase. On the effective date of any increase in the Commitments or any Incremental Term Loans being made,
(i) each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in
immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required
in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each
Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding
Revolving Loans, and (ii) except in the case of any Incremental Term Loans, the relevant Borrowers shall be deemed to have
repaid and reborrowed all outstanding Revolving Loans made to them as of the date of any increase in the Commitments (with such
reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered
by the applicable Borrower, or the Company on behalf of the applicable Borrower, in accordance with the requirements of Section 2.03).
The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of
all accrued interest on the amount prepaid and, in respect of each Eurocurrency Loan, shall be subject to indemnification by the
relevant Borrowers pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of
the related Interest Periods. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving
Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (c) shall
be treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (i) the
terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may provide for material
additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity
Date and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans. Incremental Term Loans may be
made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement
and, as appropriate, the other Loan Documents, executed by the Borrowers, each Increasing Lender participating in such tranche,
each Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment
may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be
necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20.
Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender
to increase its Commitment hereunder, or provide Incremental Term Loans, at any time. In
connection with any increase of the Commitments or Incremental Term Loans pursuant to this Section 2.20, any Augmenting Lender
becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and
(2) in the case of any Augmenting Lender that is organized under the laws of a jurisdiction outside of the United States of America,
provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary
for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations,
including without limitation, the Patriot Act.

 

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Section
2.21. [Intentionally Omitted].

 

Section
2.22. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due from any Borrower hereunder in the currency expressed to be payable herein (the “specified 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 the Administrative Agent could purchase the specified currency
with such other currency at the Administrative Agent’s main New York City office on the Business Day preceding that on which
final, non-appealable judgment is given. The obligations of each Borrower in respect of any sum due to any Lender or the Administrative
Agent hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the
extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged
to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal,
reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified currency
so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified
currency, each Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding
any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount
of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent, as the
case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess
as a disproportionate payment to such Lender under Section 2.18, such Lender or the Administrative Agent, as the case may
be, agrees to remit such excess to such Borrower.

 

Section
2.23. Designation of Foreign Subsidiary Borrowers. The Company may at any time and from time to time designate any
Eligible Foreign Subsidiary as a Foreign Subsidiary Borrower by delivery to the Administrative Agent of a Borrowing Subsidiary
Agreement (which document may include certain limitations of the obligations of the applicable Foreign Subsidiary Borrower signatory
thereto in respect of this Agreement which are required pursuant to applicable laws of the jurisdiction of organization of such
Foreign Subsidiary Borrower and which are mutually agreed upon by the Administrative Agent and the Company) executed by such Subsidiary
and the Company and the satisfaction of the other conditions precedent set forth in Section 4.03, and upon such delivery
and satisfaction such Subsidiary shall for all purposes of this Agreement be a Foreign Subsidiary Borrower and a party to this
Agreement until the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination with
respect to such Subsidiary, whereupon such Subsidiary shall cease to be a Foreign Subsidiary Borrower and a party to this Agreement.
Notwithstanding the preceding sentence, no Borrowing Subsidiary Termination will become effective as to any Foreign Subsidiary
Borrower at a time when any principal of or interest on any Loan to such Borrower shall be outstanding hereunder, provided
that such Borrowing Subsidiary Termination shall be effective to terminate the right of such Foreign Subsidiary Borrower to
make further Borrowings under this Agreement. As soon as practicable upon receipt of a Borrowing Subsidiary Agreement, the Administrative
Agent shall furnish a copy thereof to each Lender. Without limiting the foregoing, in connection with the initial designation
of any Borrower as a Foreign Subsidiary Borrower, this Agreement may be amended pursuant to an amendment or an amendment and restatement
(a “Foreign Subsidiary Borrower Amendment”) executed by the Company, the applicable Foreign Subsidiary Borrower
and the Administrative Agent, without the consent of any other Lenders, in order to effect such amendments to this Agreement as
may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and its counsel, to effect this Section
2.23 as it relates to such Foreign Subsidiary Borrower or its home jurisdiction. Such Foreign Subsidiary Borrower Amendment may
be in addition to, or in substitution for, a Borrowing Subsidiary Agreement.

 

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

 

(a)               
fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.12(a);

 

(b)               
any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.03 or otherwise) or received by the
Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined
by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative
Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing
Banks or Swingline Lender hereunder; third, to cash collateralize the Issuing Bank’s LC Exposure with respect to such
Defaulting Lender in accordance with this Section; fourth, as the Company may request (so long as no Default or Event of
Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as
required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent
and the Company, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing Bank’s
future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement,
in accordance with this Section; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or Swingline
Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Bank or Swingline Lender
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or
under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts
owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting
Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document;
and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that
if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting
Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued
at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to
pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment
of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations
in the Borrowers’ obligations
corresponding to such Defaulting Lender’s LC Exposure and Swingline Loans are held by the Lenders pro rata in accordance
with the Commitments without giving effect to clause (d) below. Any payments, prepayments or other amounts paid or payable
to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant
to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

 

(c)               
the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether
the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification
pursuant to Section 9.02); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in
the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby;

 

(d)               
if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

 

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(i)                
all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than the portion of such
Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders
in accordance with their respective Applicable Percentages but only to the extent (A) the sum of all non-Defaulting Lenders’
Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of
all non-Defaulting Lenders’ Commitments and (B) each non-Defaulting Lender’s Revolving Credit Exposure does not exceed
such non-Defaulting Lender’s Commitment;

 

(ii)              
if the reallocation described in clause (i) above cannot, or can only partially, be effected, within one (1) Business
Day following notice by the Administrative Agent (x) first, the Company shall prepay such Swingline Exposure and (y) second,
the Company or the applicable Borrower shall cash collateralize, for the benefit of the relevant Issuing Banks only, the Borrowers’
obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant
to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is
outstanding;

 

(iii)            
if the Company or the relevant Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure
pursuant to clause (ii) above, the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b)
with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash
collateralized;

 

(iv)             
if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees
payable to the Lenders pursuant to Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’
Applicable Percentages; and

 

(v)               
if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized
pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other
Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the
portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and letter of credit fees payable under
Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the relevant Issuing Banks
until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

 

(e)               
so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan
and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related
exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting
Lenders and/or cash collateral will be provided by the Company or the relevant Borrowers in accordance with Section 2.24(d),
and participating interests in any such newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated
among non-Defaulting Lenders in a manner consistent with Section 2.24(d)(i) (and such Defaulting Lender shall not participate
therein).

 

If (i) a Bankruptcy
Event or a Bail-In Action with respect to a Parent of any Lender shall occur following the date hereof and for so long as such
event shall continue or (ii) the Swingline Lender or any Issuing Bank has a good faith belief that any Lender has defaulted
in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender
shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend, renew, extend or increase
any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall have entered into arrangements
with the Borrowers or such Lender, satisfactory to the Swingline Lender or such Issuing Bank, as the case may be, to defease any
risk to it in respect of such Lender hereunder.

 

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In the event that the
Administrative Agent, the Company, the Swingline Lender and each Issuing Bank each agrees that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders
shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par
such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary
in order for such Lender to hold such Loans in accordance with its Applicable Percentage.

 

ARTICLE
III

 

Representations and Warranties

 

Each Borrower, as to
itself and its Subsidiaries, represents and warrants to the Lenders that:

 

Section
3.01. Organization; Powers; Subsidiaries. Each of the Company and its Subsidiaries (other than Dormant Subsidiaries) is
duly organized, validly existing and in good standing (to the extent such concept is applicable in the relevant jurisdiction)
under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now
conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect, is qualified to do business in, and is in good standing (to the extent such concept is applicable)
in, every jurisdiction where such qualification is required. Schedule 3.01 hereto identifies each Subsidiary
in existence on the Effective Date, noting whether such Subsidiary is a Material Subsidiary, the jurisdiction of its incorporation
or organization, as the case may be, the percentage of issued and outstanding shares of each class of its capital stock or other
equity interests owned by the Company and the other Subsidiaries and, if such percentage is not 100% (excluding directors’
qualifying shares as required by law), a description of each class issued and outstanding. All of the outstanding shares of capital
stock and other equity interests of each Subsidiary are validly issued and outstanding and fully paid and nonassessable and all
such shares and other equity interests indicated on Schedule 3.01 as owned by the Company or another Subsidiary are
owned, beneficially and of record on and as of the Effective Date, by the Company or any Subsidiary free and clear of all Liens,
other than Liens created under the Pledge Agreements and Permitted Encumbrances. As of the Effective Date, there are no outstanding
commitments or other obligations of the Company or any Subsidiary to issue, and no options, warrants or other rights of any Person
to acquire, any shares of any class of capital stock or other equity interests of the Company or any Subsidiary, other than in
respect of stock option plans or other benefit plans for management, directors or employees of the Company and its Subsidiaries.

 

Section
3.02. Authorization; Enforceability. The Transactions are within each Loan Party’s organizational or constitutional
powers and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders of such
Loan Party. The Loan Documents to which each Loan Party is a party have been duly executed and delivered by such Loan Party and
constitute a legal, valid and binding obligation of such Loan Party, enforceable 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.

 

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Section
3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any material consent or approval
of, registration or filing with, or any other action by, any Governmental Authority, except (i) filings or registrations with
respect to perfection of the security interests and Liens granted pursuant to the Pledge Agreements, and (ii) such as have been
obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter,
by-laws or other organizational or constitutional documents of the Company or any of its Subsidiaries or any order of any Governmental
Authority, (c) will not violate or result in a default under any indenture, material agreement or other material instrument
binding upon the Company or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to
be made by the Company or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any
asset of the Company or any of its Subsidiaries, other than Liens created under the Loan Documents.

 

Section
3.04. Financial Condition; No Material Adverse Change. (a) The Company has heretofore furnished to the Lenders its
consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended
September 30, 2018 reported on by KPMG LLC, independent public accountants, and (ii) as of and for the fiscal quarters and the
portions of the fiscal year ended December 31, 2018, March 31, 2019 and June 30, 2019, certified by its chief financial officer.
Such financial statements present fairly, in all material respects, the financial position and results of operations and cash
flows of the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject
to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 

(b)               
Since September 30, 2018, there has been no material adverse change in the business, assets, operations or financial
condition of the Company and its Subsidiaries, taken as a whole.

 

Section
3.05. Properties. (a) Each of the Company and its Subsidiaries has good title to, or valid leasehold interests in,
all its real and personal property material to its business, except for defects in title that do not interfere in any material
respect with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes.

 

(b)               
Each of the Company and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents
and other intellectual property material to its business, and the use thereof by the Company and its Subsidiaries does not infringe
upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.

 

Section
3.06. Litigation, Environmental and Labor Matters. (a) There are no actions, suits, proceedings or investigations
by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Borrower, threatened in writing
against the Company or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination
and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect or (ii) that involve this Agreement or the Transactions.

 

(b)               
Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect, neither the Company nor any of its Subsidiaries (i) is in violation of any Environmental Law
or has not obtained, or is not maintaining or complying with any permit, license or other approval required under any Environmental
Law, or (ii) has received written notice of any claim, or has knowledge of any threatened claim, with respect to any Environmental
Liability.

 

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(c)               
There are no strikes, lockouts or slowdowns against the Company or any of its Subsidiaries pending or, to their knowledge,
threatened in writing. The hours worked by and payments made to employees of the Company and its Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law relating to such matters.
All material payments due from the Company or any of its Subsidiaries, or for which any claim may be made against the Company or
any of its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued
as liabilities on the books of the Company or such Subsidiary. The consummation of the Transactions will not give rise to any right
of termination or right of renegotiation on the part of any union under any collective bargaining agreement under which the Company
or any of its Subsidiaries is bound.

 

Section
3.07. Compliance with Laws and Agreements. Each of the Company and its Subsidiaries is in compliance with all
laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and
other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect.

 

Section
3.08. Investment Company Status. Neither the Company nor any of its Subsidiaries is an “investment company”
as defined in, or subject to regulation under, the Investment Company Act of 1940.

 

Section
3.09. Taxes. Each of the Company and its Subsidiaries has timely filed or caused to be filed all federal income Tax
returns and all other material federal, state, local and foreign Tax returns required to have been filed and has paid or caused
to be paid all Taxes required to have been paid by it, except (a) Taxes that are not yet delinquent, (b) Taxes that are being
contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside
on its books adequate reserves, or (c) to the extent that the failure to do so could not reasonably be expected to result
in a Material Adverse Effect.

 

Section
3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with
all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material
Adverse Effect.

 

Section
3.11. Disclosure. (a) The Company has disclosed to the Lenders all agreements, instruments and corporate or
other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or
in the aggregate, could reasonably be expected to result in a Material Adverse Effect. The Information Memorandum and any of the
other reports, financial statements, certificates or other information furnished by or on behalf of the Company or any Subsidiary
to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified
or supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or omit
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided that, with respect to projected financial information, the Borrowers represent only that such
information was prepared in good faith based upon assumptions believed by the Company to be reasonable at the time made, it being
recognized by the Lenders that, subject to the immediately preceding representation in this proviso, such information as it relates
to future events is not to be viewed as fact and that actual results during the period or periods covered by such information
may differ from the projected results set forth therein by a material amount.

 

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(b)               
As of the Effective Date, to the best knowledge of the Company, the information included in the Beneficial Ownership
Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in
all respects.

 

Section
3.12. Federal Reserve Regulations. No part of the proceeds of any Loan have been used or will be used, whether
directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations
T, U and X.

 

Section
3.13. Liens. There are no Liens on any of the real or personal properties of the Company or any Subsidiary
except for Liens permitted by Section 6.02.

 

Section
3.14. No Default. No Default or Event of Default has occurred and is continuing.

 

Section
3.15. No Burdensome Restrictions. No Borrower is subject to any Burdensome Restrictions except Burdensome Restrictions
permitted under Section 6.08.

 

Section
3.16. Security Interest in Collateral. The provisions of this Agreement and the other Loan Documents create
legal and valid perfected Liens on all the Pledged Equity in favor of the Administrative Agent, for the benefit of the Secured
Parties, and such Liens constitute perfected and continuing Liens on the Pledged Equity, securing the Obligations, enforceable
against the applicable Loan Party and all third parties, and having priority over all other Liens on the Pledged Equity other
than Permitted Encumbrances.

 

Section
3.17. Solvency.

 

(a)               
Immediately after the consummation of the Transactions, the Company and its Subsidiaries, taken as a whole, are and
will be Solvent.

 

(b)               
The Company does not intend to, nor will it permit any of its Subsidiaries to, and the Company does not believe that
it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing
of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be payable on or in
respect of its Indebtedness or the Indebtedness of any such Subsidiary.

 

Section
3.18. Anti-Corruption Laws and Sanctions. The
Company has implemented and maintains in effect policies and procedures designed to promote and achieve compliance in all material
respects by the Company and its Subsidiaries with Anti-Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries
and their respective officers and employees and to the knowledge of the Company its directors and agents, are in compliance with
Anti-Corruption Laws and applicable Sanctions in all material respects and, in the case of any Foreign Subsidiary Borrower,
is not knowingly engaged in any activity that could reasonably be expected to result in such Borrower being designated as a Sanctioned
Person. None of (a) the Company, any Subsidiary or to the knowledge of the Company or such Subsidiary
any of their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company or
any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned
Person. No Borrowing or Letter of Credit, use of proceeds or other Transactions will violate
any Anti-Corruption Law or applicable Sanctions.

 

Section
3.19. Centre of Main Interests and Establishment. Each Loan Party incorporated
in the United Kingdom has its centre of main interests (as that term is used in Article 3(1) of the Regulation) in its jurisdiction
of incorporation and has no Establishment in any other jurisdiction.

 

Section
3.20. EEA Financial Institutions. No Loan Party is an EEA Financial Institution.

 

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ARTICLE
IV

 

Conditions

 

Section
4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters
of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived
in accordance with Section 9.02):

 

(a)               
The Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart
of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may
include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement and (ii) duly executed copies of the Loan Documents and such other legal opinions, certificates, documents,
instruments and agreements as the Administrative Agent shall reasonably request in connection with the Transactions, all in form
and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of closing
documents attached as Exhibit E.

 

(b)               
The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and
the Lenders and dated the Effective Date) of (i) Bryan Cave Leighton Paisner LLP, counsel for the Loan Parties and (ii) Alyson
S. Barclay, Senior Vice President and General Counsel of the Company, and in each case in form and substance reasonably satisfactory
to the Administrative Agent and covering such matters relating to the Loan Parties, the Loan Documents or the Transactions as the
Administrative Agent shall reasonably request. The Company hereby requests such counsel to deliver such opinion.

 

(c)               
The Lenders shall have received (i) satisfactory audited consolidated financial statements of the Company for
the two most recent fiscal years ended prior to the Effective Date as to which such financial statements are available, (ii) satisfactory
unaudited interim consolidated financial statements of the Company for each quarterly period ended subsequent to the date of the
latest financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are publicly
available and (iii) satisfactory financial statement projections through and including the Company’s 2024 fiscal year,
together with such information as the Administrative Agent and the Lenders shall reasonably request (including, without limitation,
a detailed description of the assumptions used in preparing such projections).

 

(d)               
The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel
may reasonably request relating to the organization, existence and good standing of the initial Loan Parties, the authorization
of the Transactions and any other material legal matters relating to such Loan Parties, the Loan Documents or the Transactions,
all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list
of closing documents attached as Exhibit E.

 

(e)               
The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President,
a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a)
and (b) of Section 4.02.

 

(f)                
The Administrative Agent shall have received evidence reasonably satisfactory to it that all governmental and third
party approvals necessary or, in the reasonable discretion of the Administrative Agent, advisable in connection with the Transactions
and the continuing operations of the Company and its Subsidiaries have been obtained and are in full force and effect.

 

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(g)               
The Administrative Agent shall have received an opening compliance certificate signed by a Financial Officer and
otherwise in form and substance reasonably satisfactory to the Administrative Agent, but solely demonstrating compliance with the
Leverage Ratio as of the end of the fiscal quarter ending June 30, 2019 (after giving effect (including pro forma effect) to all
obligations anticipated to be incurred on the Effective Date as well as any Acquisitions consummated following June 30, 2019 but
on or prior to the Effective Date) for purposes of establishing the initial Applicable Rate hereunder.

 

(h)               
 The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective
Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid
by the Company hereunder.

 

(i)                
 (i) The Administrative Agent shall have received, at least five days prior to the Effective Date, all documentation
and other information regarding the Borrowers requested in connection with applicable “know your customer” and anti-money
laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Company at least 10 days
prior to the Effective Date and (ii) to the extent any Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the
Company at least 10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to such Borrower shall have
received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature
page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).

 

(j)                
The Administrative Agent shall have received evidence satisfactory to it that the Existing Credit Agreement has been
terminated and cancelled and any and all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid
with the proceeds of the initial Loans) and any and all liens thereunder have been terminated and released.

 

The Administrative Agent shall notify the
Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

Section
4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and
of the Issuing Banks to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

 

(a)               
The representations and warranties of the Borrowers set forth in this Agreement shall be true and correct in all
material respects (or in all respects if such representation and warranty is qualified by “material” or “Material
Adverse Effect”) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such
Letter of Credit, as applicable.

 

(b)               
At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension
of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing.

 

Each Borrowing and each issuance, amendment,
renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrowers on the
date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

 

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Section
4.03. Designation of a Foreign Subsidiary Borrower. The designation of a Foreign Subsidiary Borrower pursuant to
Section 2.23 is subject to the condition precedent that the Company or such proposed Foreign Subsidiary Borrower shall have
furnished or caused to be furnished to the Administrative Agent:

 

(a)               
Duly executed Borrowing Subsidiary Agreement and, if applicable, Foreign Subsidiary Borrower Amendment and any other
Loan Documents reasonably requested by the Administrative Agent;

 

(b)               
Copies, certified by the Secretary or Assistant Secretary (or director, in the case of any Foreign Subsidiary Borrower
incorporated in England and Wales) of such Subsidiary, of its Board of Directors’ resolutions (and resolutions of other bodies
or persons, if any are deemed necessary or customary by counsel for the Administrative Agent) approving the Borrowing Subsidiary
Agreement, Foreign Subsidiary Borrower Amendment (if applicable) and any other Loan Documents to which such Subsidiary is becoming
a party and such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization
or incorporation, existence and good standing of such Subsidiary;

 

(c)               
An incumbency certificate, executed by the Secretary or Assistant Secretary of such Subsidiary, which shall identify
by name and title and bear the signature of the officers of such Subsidiary authorized to request Borrowings hereunder and sign
the Borrowing Subsidiary Agreement, Foreign Subsidiary Borrower Amendment (if applicable) and the other Loan Documents to which
such Subsidiary is becoming a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely
until informed of any change in writing by the Company or such Subsidiary;

 

(d)               
Opinions of counsel to such Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent
and its counsel, with respect to the laws of its jurisdiction of organization and such other matters as are reasonably requested
by counsel to the Administrative Agent and addressed to the Administrative Agent and the Lenders;

 

(e)               
Any promissory notes requested by any Lender, and any other instruments and documents reasonably requested by the
Administrative Agent;

 

(f)                
To the extent such Foreign Subsidiary Borrower is not specifically named as an Eligible Foreign Subsidiary, all documentation
and other information required by bank regulatory authorities under applicable “know your customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act which shall be reasonably satisfactory to the Administrative Agent
and the Lenders; and

 

(g)               
All legal matters (including with respect to withholding tax) incident to the making of such Credit Event shall be
satisfactory to the Administrative Agent and its counsel in their commercially reasonable discretion.

 

ARTICLE
V

 

Affirmative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid
in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Company
covenants and agrees with the Lenders that:

 

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Section
5.01. Financial Statements and Other Information. The Company will furnish to the Administrative Agent and each Lender:

 

(a)               
within ninety (90) days after the end of each fiscal year of the Company (or, if earlier, by the date that the
Annual Report on Form 10-K of the Company for such fiscal year would be required to be filed under the rules and regulations
of the SEC, giving effect to any automatic extension available thereunder for the filing of such form), its audited consolidated
balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year,
setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent
public accountants of recognized national standing (without a “going concern” or like qualification or exception and
without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries
on a consolidated basis in accordance with GAAP consistently applied;

 

(b)               
within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of
the Company (or, if earlier, by the date that the Quarterly Report on Form 10-Q of the Company for such fiscal quarter would
be required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available thereunder
for the filing of such form), its consolidated balance sheet and related statements of operations, stockholders’ equity and
cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each
case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the
end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects
the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

 

(c)               
concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of
a Financial Officer of the Company (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying
the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed
calculations demonstrating compliance with Section 6.11 and the identity of all Material Subsidiaries and (iii) stating
whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred
to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements
accompanying such certificate;

 

(d)               
as soon as available, but in any event not more than sixty (60) days after the end of each fiscal year of the
Company, a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement)
of the Company for the upcoming fiscal year in form reasonably satisfactory to the Administrative Agent;

 

(e)               
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and
other materials filed by the Company or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of
the functions of said Commission, or with any national securities exchange, or distributed by the Company to its shareholders generally,
as the case may be; and

 

(f)                
promptly following any request therefor, (x) such other information regarding the operations, business affairs and
financial condition of the Company or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent
or any Lender may reasonably request and (y) information and documentation reasonably requested by the Administrative Agent or
any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act and the Beneficial Ownership Regulation.

 

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Documents required to be delivered pursuant
to clauses (a) and (b) of this Section 5.01 may be delivered electronically and if so delivered, shall be deemed
to have been delivered on the date on which such documents are filed for public availability on the SEC’s Electronic Data
Gathering and Retrieval System; provided that the Company shall notify (which may be by facsimile or electronic mail) the
Administrative Agent of the filing of any such documents and, upon request by the Administrative Agent, provide to the Administrative
Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein,
in every instance the Company shall be required to provide paper copies of the compliance certificates required by clause (c)
of this Section 5.01 to the Administrative Agent.

 

Section
5.02. Notices of Material Events. The Company will furnish to the Administrative Agent and each Lender prompt written
notice of the following:

 

(a)               
the occurrence of any Default;

 

(b)               
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority
against or affecting the Company or any Affiliate thereof that has a reasonable possibility of adverse determination, and, if adversely
determined, could reasonably be expected to result in a Material Adverse Effect;

 

(c)               
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect;

 

(d)               
any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect; and

 

(e)               
any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would
result in a change to the list of beneficial owners identified in such certification.

 

Each notice delivered under this Section
shall be accompanied by a statement of a Financial Officer or other executive officer of the Company setting forth the details
of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

Section
5.03. Existence; Conduct of Business. The Company will, and will cause each of its Subsidiaries to, do or cause to
be done all things necessary to preserve, renew and keep in full force and effect its (a) legal existence and (b) the rights,
qualifications, licenses, permits, privileges, franchises, governmental authorizations and intellectual property rights material
to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its
business is conducted, except, in the case of clause (b), unless such failure to do so could not reasonably be expected to cause
a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution
permitted under Section 6.03.

 

Section
5.04. Payment of Obligations. The Company will, and will cause each of its Subsidiaries to, pay its obligations,
including Tax liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same
shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by
appropriate proceedings, (b) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto
in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result
in a Material Adverse Effect.

 

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Section
5.05. Maintenance of Properties; Insurance. The Company will, and will cause each of its Subsidiaries to, (a) keep
and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear,
casualty and condemnation excepted; provided, however, that nothing in this Section shall prevent the Company or any of its Subsidiaries
from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the reasonable judgment of
the Company, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material
respect to the Lenders, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts
and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same
or similar locations.

 

Section
5.06. Books and Records; Inspection Rights. The Company will, and will cause each of its Subsidiaries to, keep proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its
business and activities. The Company will, and will cause each of its Subsidiaries to, permit any representatives designated by
the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make
extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants,
all at such reasonable times and as often as reasonably requested, provided, that unless an Event of Default is in existence,
only one (1) such inspection shall be permitted in any fiscal year and the Company shall be required to reimburse the Administrative
Agent for the reasonable costs thereof. The Company acknowledges that the Administrative Agent, after exercising its rights of
inspection, may prepare and distribute to the Lenders certain reports pertaining to the Company and its Subsidiaries’ assets
for internal use by the Administrative Agent and the Lenders.

 

Section
5.07. Compliance with Laws and Material Contractual Obligations. The Company will, and will cause each of its Subsidiaries
to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including
without limitation Environmental Laws) and (ii) perform in all material respects its obligations under material agreements to
which it is a party, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. The Company will maintain in effect and enforce policies and procedures designed
to promote compliance by the Company and its Subsidiaries with Anti-Corruption Laws and applicable Sanctions.

 

Section
5.08. Use of Proceeds. The proceeds of the Loans will be used only to finance the working capital needs, and for
general corporate purposes, of the Company and its Subsidiaries, including, without limitation, to fund all or a portion of the
purchase price of a Permitted Acquisition. No part of the proceeds of any Loan will be used, whether directly or indirectly, for
any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. No Borrower will
request any Borrowing or Letter of Credit, and no Borrower shall use, and the Company shall ensure that its Subsidiaries and its
or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit
(i) 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, (ii) for the purpose of funding, financing or facilitating any
activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities,
businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States, the
United Kingdom or in a European Union member state or (iii) in any manner that would result in the violation of any Sanctions
applicable to any party hereto.

 

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Section
5.09. Subsidiary Guaranty. As promptly as possible but in any event (a) within thirty (30) days (or such later
date as may be agreed upon by the Administrative Agent) after any Person becomes a Subsidiary or any Subsidiary qualifies independently
as, or is designated by the Company or the Administrative Agent as, a Subsidiary Guarantor pursuant to the definition of “Material
Subsidiary”, or (b) on or prior to the date any Subsidiary that is not a Subsidiary Guarantor provides a guarantee of other
Indebtedness of the Company, the Company shall provide the Administrative Agent with written notice thereof setting forth information
in reasonable detail describing the material assets of such Person and shall cause each such Subsidiary to deliver to the Administrative
Agent a joinder to the Subsidiary Guaranty (in the form contemplated thereby) pursuant to which such Subsidiary agrees to be bound
by the terms and provisions thereof, such Subsidiary Guaranty to be accompanied by appropriate corporate resolutions, other corporate
documentation and legal opinions in form and substance reasonably satisfactory to the Administrative Agent and its counsel. Notwithstanding
the foregoing, (a) no Foreign Subsidiary shall be subject to the guaranty requirements contained herein if the Administrative
Agent and its counsel reasonably determine that the benefit of the guaranty, relative to the cost and expense associated therewith,
is excessive and (b) no Affected Foreign Subsidiary shall guarantee or be obligated hereby to guarantee the payment or performance
of any Obligations incurred by, or on behalf of, the Company or any Domestic Subsidiary.

 

Section
5.10. Pledge Agreements. Each Borrower shall execute or cause to be executed, by no later than sixty (60) days (or
such later date as is agreed to by the Administrative Agent in its reasonable discretion) after the date on which any Foreign
Subsidiary would qualify or be designated by the Company as a Pledge Subsidiary, a Pledge Agreement in favor of the Administrative
Agent for the benefit of the Secured Parties with respect to the Applicable Pledge Percentage of all of the outstanding Equity
Interests of such Pledge Subsidiary; provided that no such pledge of the Equity Interests of a Foreign Subsidiary shall
be required hereunder to the extent such pledge is prohibited by applicable law or the Administrative Agent and its counsel reasonably
determine that, in light of the cost and expense associated therewith, such pledge would not provide material Pledged Equity for
the benefit of the Secured Parties pursuant to legally binding, valid and enforceable Pledge Agreements. The Company further agrees
to deliver to the Administrative Agent all such Pledge Agreements, together with appropriate corporate resolutions and other documentation
(including legal opinions, the stock certificates representing the Equity Interests subject to such pledge, stock powers with
respect thereto executed in blank, and such other documents as shall be reasonably requested to perfect the Lien of such pledge)
in each case in form and substance reasonably satisfactory to the Administrative Agent, and in a manner that the Administrative
Agent shall be reasonably satisfied that it has a first priority perfected pledge of or charge over the Pledged Equity related
thereto, subject to Permitted Encumbrances. Without limitation to the foregoing, in respect of any Pledge Subsidiary incorporated
in England and Wales, such Pledge Subsidiary shall deliver either: (i) a certificate of an authorized signatory of that Pledge
Subsidiary certifying that: (A) each of the Company and its Subsidiaries has complied within the relevant timeframe with any notice
it has received pursuant to Part 21A of the United Kingdom Companies Act 2006 from that Pledge Subsidiary; and (B) no “warning
notice” or “restrictions notice” (in each case as defined in Schedule 1B of the United Kingdom Companies Act
2006) has been issued in respect of those shares, together with a copy of the “PSC register” (within the meaning of
section 790C(10) of the United Kingdom Companies Act 2006) of that Pledge Subsidiary, which is certified by an authorized signatory
of that Pledge Subsidiary to be correct, complete, and not amended or superseded as at a date no earlier than the date of the
relevant Pledge Agreement; or (ii) a certificate of an authorized signatory of that Pledge Subsidiary certifying that such Pledge
Subsidiary is not required to comply with Part 21A of the United Kingdom Companies Act 2006.

 

Section
5.11. Centre of Main Interests and Establishment. No Loan Party incorporated in the United Kingdom shall without
the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) take any action
that shall cause its registered office or centre of main interests (as that term is used in Article 3(1) of the Regulation) to
be situated outside its jurisdiction of incorporation, or cause it to have an Establishment situated outside of its jurisdiction
of incorporation.

 

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Section
5.12. Post-Closing Matters. Within thirty (30) days of the Effective Date, each UK
Borrower shall deliver to the Administrative Agent a copy (duly certified by a director of the relevant UK Borrower as being in
full force and effect and not having been superseded as at the relevant date of delivery) of a resolution signed by the holders
of all of the issued shares of the relevant UK Borrower, approving and ratifying the terms of, and the transactions contemplated
by, the Loan Documents to which the relevant UK Borrower is a party and approving and ratifying the execution by the relevant UK
Borrower of the Loan Documents to which it is a party.

 

ARTICLE
VI

 

Negative Covenants

 

Until the Commitments
have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full
and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the Company covenants
and agrees with the Lenders that, except as permitted by the Consent Letter:

 

Section
6.01. Indebtedness. The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit
to exist any Indebtedness, except:

 

(a)               
the Obligations;

 

(b)               
Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and
replacements of any such Indebtedness with Indebtedness owing by the same obligor that does not increase the outstanding principal
amount thereof;

 

(c)               
Indebtedness of the Company to any Subsidiary and of any Subsidiary to the Company or any other Subsidiary; provided
that Indebtedness of any Subsidiary that is not a Loan Party to any Loan Party shall be subject to the limitations set forth in
Section 6.04(d);

 

(d)               
Subject to Section 6.04, Guarantees by the Company of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness
of the Company or any other Subsidiary;

 

(e)               
Indebtedness of the Company or any Subsidiary incurred to finance the acquisition, construction or improvement of
any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition
of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements
of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness
is incurred prior to or within one hundred twenty (120) days after such acquisition or the completion of such construction
or improvement and (ii) the aggregate principal amount of Indebtedness outstanding at any time that is permitted by this clause (e)
shall not exceed the greater of (x) $50,000,000 or (y) 10.0% of Consolidated Tangible Assets, determined as of the most recent
date for which the Company’s Financials have been delivered under Section 5.01 (or, if prior to the date of the first financial
statements to be delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a));

 

(f)                
Indebtedness of the Company or any Subsidiary as an account party in respect of trade letters of credit;

 

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(g)               
Indebtedness of the Company or any Subsidiary to the extent secured by a Lien on any asset of the Company or any
Subsidiary permitted by Section 6.02(e);

 

(h)               
Indebtedness in respect of bankers’ acceptances, overdraft facilities, automatic clearinghouse arrangements,
employee credit card programs, corporate cards and purchasing cards and other business cash management arrangements in the ordinary
course of business;

 

(i)                
Indebtedness consisting of obligations of the Company or its Subsidiaries under deferred consideration or other similar
arrangements (including earn-outs, indemnifications, incentive non-competes and other contingent obligations and agreements consisting
of the adjustment of purchase price or similar adjustments) incurred by such Person in connection with any Permitted Acquisition
or disposition permitted by Section 6.03;

 

(j)                
[Reserved];

 

(k)               
Indebtedness of the Company or any Subsidiary assumed in connection with any Permitted Acquisition so long as such
Indebtedness exists at the time of such Permitted Acquisition and is not incurred in contemplation of or in connection with such
Permitted Acquisition, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount
thereof; and

 

(l)                
unsecured Indebtedness in an aggregate principal amount not exceeding $100,000,000 at any time outstanding; provided
that, however, the aggregate amount of Indebtedness of Subsidiaries that are not Loan Parties under this clause (l) shall not exceed
$50,000,000 at any time outstanding.

 

Section
6.02. Liens. The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist
any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts
receivable) or rights in respect of any thereof, except:

 

(a)               
Permitted Encumbrances and Liens created under the Loan Documents;

 

(b)               
any Lien on any property or asset of the Company or any Subsidiary existing on the date hereof and set forth in Schedule 6.02;
provided that (i) such Lien shall not apply to any other property or asset of the Company or any Subsidiary and (ii) such
Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof
that do not increase the outstanding principal amount thereof;

 

(c)               
any Lien existing on any property or asset prior to the acquisition thereof by the Company or any Subsidiary or existing
on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a
Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or
such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the
Company or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition
or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not
increase the outstanding principal amount thereof;

 

(d)               
Liens on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided
that (i) such security interests secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such security
interests and the Indebtedness secured thereby are incurred prior to or within one hundred twenty (120) days after such acquisition
or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of
acquiring, constructing or improving such fixed or capital assets and (iv) such security interests shall not apply to any
other property or assets of the Company or any Subsidiary;

 

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(e)               
Liens on cash and Permitted Investments in an aggregate amount not to exceed $10,000,000 at any time securing obligations
under Swap Agreements permitted under Section 6.05;

 

(f)                
any Lien arising in the ordinary course of business in favor of a customer of a Subsidiary in connection with “bill
and hold” sales transactions, provided that such Lien shall not encumber any property or assets of such Subsidiary other
than the property subject to such bill and hold sales transaction; and

 

(g)               
Liens on assets of the Company and its Subsidiaries not otherwise permitted above so long as the aggregate principal
amount of the Indebtedness and other obligations subject to such Liens does not at any time exceed the greater of (i) $20,000,000
and (ii) 5% of Consolidated Tangible Assets, determined as of the most recent date for which the Company’s Financials have
been delivered under Section 5.01 (or, if prior to the date of the first financial statements to be delivered pursuant to Section
5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)).

 

Section
6.03. Fundamental Changes and Asset Sales. (a) The Company will not, and will not permit any Subsidiary to, merge
into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of transactions) any of its assets, (including pursuant to a
Sale and Leaseback Transaction), or any of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or
hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto
no Default shall have occurred and be continuing (or, solely in the case of clauses (i) and (ii) below, no Event of Default shall
have occurred and be continuing):

 

(iii)            
any Person may merge into the Company in a transaction in which the Company is the surviving corporation;

 

(iv)             
any Subsidiary may merge into a Loan Party in a transaction in which the surviving entity is such Loan Party (provided
that any such merger involving the Company must result in the Company as the surviving entity), any Subsidiary which is not a Loan
Party may merge into a Pledge Subsidiary in a transaction in which the surviving entity is such Pledge Subsidiary and any Subsidiary
which is not a Loan Party may merge with or into any other Subsidiary which is not a Loan Party;

 

(v)               
any Loan Party may sell, transfer, lease or otherwise dispose of its assets to any other Loan Party;

 

(vi)             
any Loan Party may sell, transfer, lease or otherwise dispose of its assets to any other Subsidiary that is not a
Loan Party provided, except as permitted by clauses (v) and (vi) below, that the aggregate book value of the assets subject to
such sales, transfers, leases or dispositions during the term of this Agreement shall not exceed the greater of (i) $20,000,000
or (ii) 5.0% of Consolidated Tangible Assets, determined as of the most recent date for which the Company’s Financials have
been delivered under Section 5.01 (or, if prior to the date of the first financial statements to be delivered pursuant to Section
5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a));

 

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(vii)            any
Subsidiary that is not a Loan Party may sell, transfer, lease or otherwise dispose of its assets to any Subsidiary that is not
a Loan Party;

 

(viii)           the Company and its Subsidiaries may (A) sell inventory and Permitted Investments in the ordinary course of
business, (B) effect sales, trade-ins or dispositions of used equipment for value in the ordinary course of business consistent
with past practice, (C) enter into licenses of intellectual property or technology in the ordinary course of business, and
(D) subject to clause (vii) below,  make any other sales, transfers, leases or dispositions the book value of which, taken
together with the book value of all other property of the Company and its Subsidiaries previously leased, sold or disposed of as
permitted by this clause (D) during any fiscal year of the Company, does not exceed an amount equal to five percent (5%) of
Consolidated Tangible Assets (calculated as of the end of the immediately preceding fiscal quarter for which the Company’s
Financials were most recently delivered pursuant to Section 5.01(a) or (b) or, if prior to the date of the delivery of the first
financial statements to be delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section
3.04(a));

 

(ix)             the
Company and its Subsidiaries may dispose of a Subsidiary or line of business in a single transaction or series of related transactions,
provided that the book value of the assets to be divested in connection with such transaction or series of transactions does not
exceed an amount equal to twenty-five percent (25%) of Consolidated Tangible Assets (calculated as of the end of the immediately
preceding fiscal quarter for which the Company’s Financials were most recently delivered pursuant to Section 5.01(a) or
(b) or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section 5.01(a) or
(b), the most recent financial statements referred to in Section 3.04(a)); provided further that, at the time of
any such disposition (and after giving pro forma effect thereto), the aggregate book value of the assets divested under Section
6.03(a)(vi)(D) and this clause (vii) during the term of this Agreement shall not exceed an amount equal to thirty percent (30%)
of Consolidated Tangible Assets (calculated as of the end of the immediately preceding fiscal quarter for which the Company’s
Financials were most recently delivered pursuant to Section 5.01(a) or (b) or, if prior to the date of the delivery of the first
financial statements to be delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section
3.04(a));

 

(x)              any
Subsidiary that is not a Loan Party or Pledge Subsidiary may liquidate or dissolve if the Company determines in good faith that
such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders;
and

 

(xi)             any
Subsidiary that is not a Loan Party may sell, transfer, lease or otherwise dispose of its assets to any Loan Party; provided that,
such transactions are on an arms-length basis for fair consideration.

 

(b)          The Company will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business
other than businesses of the type conducted by the Company and its Subsidiaries on the date of execution of this Agreement and
businesses reasonably related or incidental thereto or representing a reasonable expansion thereof.

 

(c)          The
Company will not, nor will it permit any of its Subsidiaries to, change its fiscal year from the basis in effect on the Effective
Date.

 

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Section
6.04. Investments, Loans, Advances, Guarantees and Acquisitions. The Company will not, and will not permit any of
its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger or consolidation with, any Person that was not
a wholly owned Subsidiary prior to such merger or consolidation) any capital stock, evidences of Indebtedness or other securities
(including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances
to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase
or otherwise acquire (in one transaction or a series of transactions) any Person or any assets of any other Person constituting
a business unit (collectively, “Investments”), except:

 

(a)          Permitted Investments;

 

(b)          Permitted
Acquisitions;

 

(c)          Investments
by the Company and its Subsidiaries existing on the date hereof and set forth in Schedule 6.04 in Subsidiaries;

 

(d)          Investments made after the date hereof by the Company in or to any Subsidiary and made by any Subsidiary in or to
the Company or any other Subsidiary (provided, except as provided in clause (f) below, that the amount of Investments that may
be made and remain outstanding, at any time, by Loan Parties to Subsidiaries which are not Loan Parties, shall not exceed the greater
of (x) $50,000,000 or (y) 10% of Consolidated Tangible Assets, determined as of the most recent date for which the Company’s
Financials have been delivered under Section 5.01 (or, if prior to the date of the first financial statements to be delivered pursuant
to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a));

 

(e)          Guarantees
constituting Indebtedness permitted by Section 6.01; and

 

(f)           any
other Investment made after the date hereof (other than Acquisitions) so long as the aggregate amount of all such Investments
does not exceed the greater of (i) $30,000,000 and (ii) 7.5% of Consolidated Tangible Assets, determined as of the most recent
date for which the Company’s Financials have been delivered under Section 5.01 (or, if prior to the date of the first financial
statements to be delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)))
during the term of this Agreement.

 

For purposes of compliance with Sections
6.04(d) and (f), the amount of any investment shall be the amount initially invested, without adjustment for subsequent
increases or decreases in the value of such Investment, less any amount paid, repaid, returned, distributed or otherwise received
in cash in respect of such Investment.

 

Section
6.05. Swap Agreements. The Company will not, and will not permit any of its Subsidiaries to, enter into any Swap
Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Company or any Subsidiary has
actual exposure (other than those in respect of Equity Interests of the Company or any of its Subsidiaries), and (b) Swap
Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Company
or any Subsidiary.

 

Section
6.06. Transactions with Affiliates. The Company will not, and will not permit any of its Subsidiaries to, sell,
lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or
otherwise engage in any other transactions with, any of its Affiliates, except (a)  at prices and on terms and conditions
not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third
parties, (b) transactions between or among the Company and its wholly owned Subsidiaries not involving any other Affiliate
and (c) any Restricted Payment permitted by Section 6.07.

 

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Section
6.07. Restricted Payments. The Company will not, and will not permit any of its Subsidiaries to, declare or make,
or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) the Company may declare and pay dividends
with respect to its Equity Interests payable solely in additional shares of its common stock (or warrants, options or other rights
to acquire additional shares of its common stock), (b) Subsidiaries may declare and pay dividends ratably with respect to
their Equity Interests, (c) the Company may make Restricted Payments pursuant to and in accordance with stock option plans
or other benefit plans for management, directors or employees of the Company and its Subsidiaries and (d) the Company and
its Subsidiaries may make any other Restricted Payment so long as no Default or Event of Default has occurred and is continuing
prior to making such Restricted Payment or would arise after giving effect (including giving effect on a pro forma basis) thereto
and the aggregate amount of all such Restricted Payments during any fiscal year of the Company does not exceed $30,000,000; provided
that, if at the time of and immediately after giving effect (including giving effect on a pro forma basis) thereto, the Leverage
Ratio is less than or equal to 2.50 to 1.00, there shall be no Dollar limitation on such Restricted Payments.

 

Section
6.08. Restrictive Agreements. The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly,
enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon
(a) the ability of the Company or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or
assets in favor of the Administrative Agent for the benefit of the Lenders to secure the Obligations, or (b) the ability
of any Subsidiary to pay dividends or other distributions with respect to holders of its Equity Interests or to make or repay
loans or advances to the Company or any other Subsidiary or to Guarantee Indebtedness of the Company or any other Subsidiary;
provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document,
(ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale
of property or a Subsidiary pending such sale, provided such restrictions and conditions apply only to the property or Subsidiary
that is to be sold and such sale is permitted hereunder, (iii) clause (a) of the foregoing shall not apply to restrictions
or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions
apply only to the property or assets securing such Indebtedness, (iv) clause (a) of the foregoing shall not apply to
customary provisions in leases and other contracts restricting the assignment thereof, and (v) clause (b) of the foregoing shall
not apply to restrictions contained in documents governing Indebtedness permitted hereunder so long as such restrictions are no
more restrictive to the Company and its Subsidiaries than the restrictions or covenants contained in this Agreement.

 

Section
6.09. Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents. The Company will not, and
will not permit any Subsidiary to, directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem,
retire or otherwise acquire, any Subordinated Indebtedness or any Indebtedness from time to time outstanding under the Subordinated
Indebtedness Documents. Furthermore, the Company will not, and will not permit any Subsidiary to, amend the Subordinated Indebtedness
Documents or any document, agreement or instrument evidencing any Indebtedness incurred pursuant to the Subordinated Indebtedness
Documents (or any replacements, substitutions, extensions or renewals thereof) or pursuant to which such Indebtedness is issued
where such amendment, modification or supplement provides for the following or which has any of the following effects:

 

(a)           increases
the overall principal amount of any such Indebtedness or increases the amount of any single scheduled installment of principal
or interest;

 

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(b)          shortens or accelerates the date upon which any installment of principal or interest becomes due or adds any additional
mandatory redemption provisions;

 

(c)          shortens
the final maturity date of such Indebtedness or otherwise accelerates the amortization schedule with respect to such Indebtedness;

 

(d)          increases the rate of interest accruing on such Indebtedness;

 

(e)          provides
for the payment of additional fees or increases existing fees;

 

(f)           amends
or modifies any financial or negative covenant (or covenant which prohibits or restricts the Company or any Subsidiary from taking
certain actions) in a manner which is more onerous or more restrictive in any material respect to the Company or such Subsidiary
or which is otherwise materially adverse to the Company, any Subsidiary and/or the Lenders or, in the case of any such covenant,
which places material additional restrictions on the Company or such Subsidiary or which requires the Company or such Subsidiary
to comply with more restrictive financial ratios or which requires the Company to better its financial performance, in each case
from that set forth in the existing applicable covenants in the Subordinated Indebtedness Documents or the applicable covenants
in this Agreement; or

 

(g)          amends, modifies or adds any affirmative covenant in a manner which (i) when taken as a whole, is materially
adverse to the Company, any Subsidiary and/or the Lenders or (ii) is more onerous than the existing applicable covenant in
the Subordinated Indebtedness Documents or the applicable covenant in this Agreement.

 

Section
6.10. Non-Guarantor Subsidiaries. The Company shall not at any time permit any Subsidiary to guaranty any other
Indebtedness of the Company unless and until such Subsidiary has become a Subsidiary Guarantor pursuant to, and in accordance
with the terms of, Section 5.09 hereof.

 

Section
6.11. Financial Covenants.

 

(a)          Maximum
Leverage Ratio. The Company will not permit the ratio (the “Leverage Ratio”), determined as of the end
of each of its fiscal quarters ending on and after September 30, 2019, of (i) Consolidated Total Indebtedness minus
Qualified Cash to (ii) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending with the end
of such fiscal quarter, all calculated for the Company and its Subsidiaries on a consolidated basis, to be greater than 3.50 to
1.00; provided, that the Company may, only once during the term of this Agreement, elect to increase the maximum Leverage
Ratio permitted under this Section 6.11(a) to 4.00 to 1.00 for a period of four consecutive fiscal quarters in connection
with a Permitted Acquisition occurring during the first of such four fiscal quarters if the aggregate consideration paid or to
be paid in respect of such Permitted Acquisition exceeds $100,000,000 (such one-time increase, the “Temporary Leverage
Ratio Step-Up”).

 

(b)          Minimum
Interest Coverage Ratio. The Company will not permit the ratio (the “Interest Coverage Ratio”), determined
as of the end of each of its fiscal quarters ending on and after September 30, 2019, of (i) Consolidated EBITDA to (ii) Consolidated
Interest Expense, in each case for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal
quarter, all calculated for the Company and its Subsidiaries on a consolidated basis, to be less than 3.00 to 1.00.

 

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ARTICLE
VII

 

Events of Default

 

SECTION 7.01
Events of Default. If any of the following events (“Events of Default”) shall occur:

 

(a)          any
Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and
as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b)          any
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a)
of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and
such failure shall continue unremedied for a period of three (3) Business Days;

 

(c)          any
representation or warranty made or deemed made by or on behalf of any Borrower or any Subsidiary in or in connection with this
Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or
in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or
any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have
been incorrect in any material respect (or in any respect if such representation and warranty is qualified by “material”
or “Material Adverse Effect”) when made or deemed made;

 

(d)          any
Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect
to any Borrower’s existence), 5.08, 5.09 or 5.10, in Article VI, in Article X or in Article XI;

 

(e)          any
Borrower or any Subsidiary Guarantor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained
in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document,
and such failure shall continue unremedied for a period of thirty (30) days after notice thereof from the Administrative
Agent to the Company (which notice will be given at the request of any Lender);

 

(f)           the
Company or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect
of any Material Indebtedness, when and as the same shall become due and payable;

 

(g)          any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness
or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment,
repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall
not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness;

 

(h)          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Company or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of
a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Subsidiary or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or
an order or decree approving or ordering any of the foregoing shall be entered;

 

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(i)           the Company or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter
in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Company or any Subsidiary or for a substantial part of its assets, (iv) file
an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment
for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(j)           the Company or any Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts
as they become due;

 

(k)          one
or more judgments for the payment of money in an aggregate amount in excess of $30,000,000 (to the extent not covered by insurance
as to which the relevant insurance company has acknowledged coverage) shall be rendered against the Company, any Subsidiary or
any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon
any assets of the Company or any Subsidiary to enforce any such judgment;

 

(l)           an
ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be
expected to result in a Material Adverse Effect;

 

(m)         a
Change in Control shall occur;

 

(n)          the
occurrence of any “default”, as defined in any Loan Document (other than this Agreement) or the breach of any of the
terms or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace
therein provided;

 

(o)          any
material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms
(or the Company or any Subsidiary shall challenge the enforceability of any Loan Document or shall assert in writing, or engage
in any action or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise
is not valid, binding and enforceable in accordance with its terms);

 

(p)          any Pledge Agreement shall for any reason (other than pursuant to the terms hereof or thereof) fail to create a valid
and perfected first priority security interest in any Pledged Equity purported to be covered thereby, or any action shall be taken
by or on behalf of any Borrower or any Subsidiary to discontinue or to assert the invalidity or unenforceability of any Pledge
Agreement; or

 

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(q)            (i) any UK Relevant Entity is unable or admits inability to pay its debts as they fall due or is deemed to or declared
to be unable to pay its debts under applicable law, suspends or threatens in writing to suspend making payments on any of its debts
or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding
any Lender, any Issuing Bank or the Administrative Agent in its capacity as such) with a view to rescheduling any of its indebtedness,
or (ii) the value of the assets of any UK Relevant Entity is less than its liabilities (taking into account contingent and prospective
liabilities), or (iii) a moratorium is declared in respect of any indebtedness of any UK Relevant Entity (so that if a moratorium
occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium), or (iv) any corporate action,
legal proceedings or other procedure or step is taken in relation to (A) the suspension of payments, a moratorium on any indebtedness,
winding up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise)
of any UK Relevant Entity, (B) a composition, compromise, assignment or arrangement with any creditor of any UK Relevant Entity,
(C) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer
in respect of any UK Relevant Entity or any of its assets or (D) the enforcement of any Lien over any assets of any UK Relevant
Entity, or any analogous procedure or step is taken in any jurisdiction, save that this sub paragraph (iv) shall not apply to any
winding up petition which is frivolous or vexatious and is discharged, stayed or dismissed within sixty (60) days of commencement,
or (v) any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects
any asset or assets of a UK Relevant Entity having an aggregate value of $30,000,000 and not discharged within sixty (60) days;

 

then, and in every such event (other than
an event with respect to any Borrower described in clause (h), (i) or (q) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice
to the Company, take any or all of the following actions, at the same or different times: (i) terminate the Commitments, and
thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole
(or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees
and other Obligations of each Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Borrower and (iii) require
cash collateral for the LC Exposure in accordance with Section 2.06(j) hereof; and in case of any event with respect to any Borrower
described in clause (h), (i) or (q) of this Article, the Commitments shall automatically terminate and the principal
of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued interest thereon and all fees and
other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. Upon the occurrence and during the
continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any
rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity.

 

Any proceeds of Pledged
Equity received by the Administrative Agent after an Event of Default has occurred and is continuing and the Administrative Agent
so elects or the Required Lenders so direct, shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements
including amounts then due to the Administrative Agent and the Issuing Banks from any Borrower, second, to pay any fees
or expense reimbursements then due to the Lenders from any Borrower, third, to pay interest then due and payable on the
Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and any other amounts owing with
respect to Banking Services Obligations and Swap Obligations ratably, fifth, to pay an amount to the Administrative Agent
equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the
aggregate amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations and sixth, to the payment
of any other Obligation due to the Administrative Agent or any Lender by any Borrower. Notwithstanding
the foregoing, amounts received from any Loan Party shall not be applied to any Excluded Swap Obligation of such Loan Party. The
Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all
such proceeds and payments to any portion of the Obligations.

 

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ARTICLE
VIII

 

The Administrative
Agent

 

Section
8.01. Authorization and Action. (a) Each Lender and each Issuing Bank hereby irrevocably
appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as
the administrative agent under the Loan Documents and each Lender and each Issuing Bank authorizes the Administrative Agent to
take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are
delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto.
Without limiting the foregoing, each Lender and each Issuing Bank hereby authorizes the Administrative Agent to execute and deliver,
and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise
all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

 

(b)              As
to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative
Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting
(and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless
and until revoked in writing, such instructions shall be binding upon each Lender and the Issuing Bank; provided, however,
that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes
exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory
to it from the Lenders and the Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any other Loan
Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating
to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination
of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization
or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from
the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification
or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower, any Subsidiary
or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or
any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its
own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any
of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it.

 

(c)              In
performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on
behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the maintenance
of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the
foregoing:

 

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(i)               the
Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship
as the agent, fiduciary or trustee of or for any Lender, Issuing Bank or holder of any other obligation other than as expressly
set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing
(and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan
Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express)
obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is
intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees
that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative
Agent in connection with this Agreement and the transactions contemplated hereby;

 

(ii)              where
the Administrative Agent is required or deemed to act as a trustee in respect of any Pledged Equity over which a security interest
has been created pursuant to a Loan Document expressed to be governed by the laws of England and Wales or any other country other
than the United States, or is required or deemed to hold any collateral “on trust” pursuant to the foregoing, the
obligations and liabilities of the Administrative Agent to the holders of the Obligations in its capacity as trustee shall be
excluded to the fullest extent permitted by applicable law;

 

(iii)             to
the extent that English law is applicable to the duties of the Administrative Agent under any of the Loan Documents, Section 1
of the Trustee Act 2000 of the United Kingdom shall not apply to the duties of the Administrative Agent in relation to the trusts
constituted by that Loan Document; where there are inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 of the
United Kingdom and the provisions of this Agreement or such Loan Document, the provisions of this Agreement shall, to the extent
permitted by applicable law, prevail and, in the case of any inconsistency with the Trustee Act 2000 of the United Kingdom, the
provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act; and

 

(iv)            
nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for
any sum or the profit element of any sum received by the Administrative Agent for its own account;

 

(d)              The
Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties.
The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent
shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct
in the selection of such sub-agent.

 

(e)              None
of any Syndication Agent, any Co-Documentation Agent or any Arranger shall have obligations or duties whatsoever in such capacity
under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all
such persons shall have the benefit of the indemnities provided for hereunder.

 

(f)               In
case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any
Loan or any other obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered (but not obligated)
by intervention in such proceeding or otherwise:

 

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(i)              to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim under Sections 2.12, 2.13,
2.15, 2.17 and 9.03) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender and each
Issuing Bank and each other Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative
Agent shall consent to the making of such payments directly to the Lenders and the Issuing Banks or the other Secured Parties,
to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents
(including under Section 9.03). Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize
or consent to or accept or adopt on behalf of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or
composition affecting the Obligations or the rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote
in respect of the claim of any Lender or Issuing Bank in any such proceeding.

 

(g)             The
provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and, except
solely to the extent of the Company’s rights to consent pursuant to and subject to the conditions set forth in this Article,
none of any Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary
under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits
of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article.

 

Section
8.02. Administrative Agent’s Reliance, Indemnification, Etc. (a) Neither the Administrative
Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such party, the Administrative
Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent
of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the
Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or
(y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined
by a court of competent jurisdiction by a final and non-appealable judgment) 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 Administrative Agent 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 to perform its obligations hereunder or thereunder.

 

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(b)             The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating that
it is a “notice of default”) is given to the Administrative Agent by a Borrower, a Lender or the Issuing Bank, and
the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document
delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items (which on their
face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition
that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent , or (vi)
the creation, perfection or priority of Liens on the Pledged Equity. Notwithstanding anything herein to the contrary, the Administrative
Agent shall not be liable for, or be responsible for any claim, liability, loss, cost or expense suffered by any Borrower, any
Subsidiary, any Lender or any Issuing Bank as a result of, any determination of the Revolving Credit Exposure, any of the component
amounts thereof or any portion thereof attributable to each Lender or Issuing Bank, or any Exchange Rate or Dollar Amount.

 

(c)             Without
limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory
note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b),
(iii) may consult with legal counsel (including counsel to the Borrowers), independent public accountants and other experts selected
by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of
such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or Issuing Bank and shall not be
responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party
in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the
making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or
the Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent
shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the making of such Loan
or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect
of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which
writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made
to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party
or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

 

Section
8.03. Posting of Communications. (a) Each Borrower agrees that the Administrative
Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Banks by posting the
Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative
Agent to be its electronic transmission system (the “Approved Electronic Platform”).

 

(b)             Although
the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies
implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password
authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each
user may access the Approved Electronic Platform only on a deal-by-deal basis, each Lender, each Issuing Bank and each Borrower
acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative
Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved
Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each Lendes, each
Issuing Bank and each Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and
understands and assumes the risks of such distribution.

 

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(c)              THE
APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED
ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS.
NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION
WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY CO-DOCUMENTATION
AGENT, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”)
HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE)
ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET
OR THE APPROVED ELECTRONIC PLATFORM.

 

“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 the Administrative Agent, any Lender
or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

 

(d)              Each
Lender and Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted
to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender or Issuing Bank for
purposes of the Loan Documents. Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could
be in the form of electronic communication) from time to time of such Lender’s or Issuing Bank’s (as applicable) email
address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent
to such email address.

 

(e)              Each
Lender, each Issuing Bank and each Borrower agrees that the Administrative Agent may, but (except as may be required by applicable
law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally applicable document retention procedures and policies.

 

(f)              Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any
notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

 

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Section
8.04. The Administrative Agent Individually. With respect to its Commitment,
Loans (including Swingline Loans), Letter of Credit Commitments and Letters of Credit, the Person serving as the Administrative
Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities
as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms “Issuing Bank”,
“Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates,
include the Administrative Agent in its individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable.
The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of,
act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other
business with, any Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative
Agent and without any duty to account therefor to the Lenders or the Issuing Bank.

 

Section
8.05. Successor Administrative Agent. (a) The Administrative Agent may resign
at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Banks and the Company, whether or
not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right
to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required
Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice
of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor
Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case,
such appointment shall be subject to the prior written approval of the Company (which approval may not be unreasonably withheld
and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as
Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested
with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as
Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties
and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent’s resignation
hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to
assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.

 

(b)              Notwithstanding
paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have
accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring
Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Company,
whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents; provided that, solely
for purposes of maintaining any security interest granted to the Administrative Agent under any Loan Document for the benefit
of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral
agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Loan Document, and,
in the case of any collateral in the possession of the Administrative Agent, shall continue to hold such collateral, in each case
until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this Section (it
being understood and agreed that the retiring Administrative Agent shall have no duty or obligation to take any further action
under any Loan Document, including any action required to maintain the perfection of any such security interest); and (ii) the
Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative
Agent; provided that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative
Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all
notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given
or made to each Lender and Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its
capacity as such, the provisions of this Article and Section 9.03, as well as any exculpatory, reimbursement and indemnification
provisions set forth in any other Loan Document, 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 while
the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso
under clause (i) above.

 

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Section
8.06. Acknowledgments of Lenders. (a) Each Lender represents that it is engaged
in making, acquiring or holding commercial loans in the ordinary course of its business and that it has, independently and without
reliance upon the Administrative Agent, any Arranger, any Co-Documentation Agent or any other Lender, or any of the Related Parties
of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender also acknowledges
that it will, independently and without reliance upon the Administrative Agent, any Arranger, any Co-Documentation Agent or any
other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain
material, non-public information within the meaning of the United States securities laws concerning the Borrowers and their Affiliates)
as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

(b)              Each
Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment
and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged
receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved
by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

 

Section
8.07. Collateral Matters. (a) Except with respect to the exercise of setoff
rights in accordance with Section 9.08 or with respect to a Secured Party’s right to file a proof of claim in an insolvency
proceeding, no Secured Party shall have any right individually to realize upon any collateral or to enforce any Guarantee of the
Secured Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised
solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms thereof.

 

(b)              In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Banking Services the
obligations under which constitute Secured Obligations and no Swap Agreement the obligations under which constitute Secured Obligations,
will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the
management or release of any collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits
of any collateral securing the Secured Obligations, each Secured Party that is a party to any Banking Services Agreement or Swap
Agreement in respect of Swap Obligations, as applicable, shall be deemed to have appointed the Administrative Agent to serve as
administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party
thereunder, subject to the limitations set forth in this paragraph.

 

(c)              The
Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion, to subordinate any Lien on
any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property
that is permitted by Section 6.02(b). The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire
into any representation or warranty regarding the existence, value or collectability of any collateral, the existence, priority
or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan Party in connection therewith,
nor shall the Administrative Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor
or maintain any portion of any collateral.

 

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(d)             Each
Borrower, on its behalf and on behalf of its Subsidiaries, and each Lender, on its behalf and on the behalf of its affiliated
Secured Parties, hereby irrevocably constitute the Administrative Agent as the holder of an irrevocable power of attorney (fondé
de pouvoir within the meaning of Article 2692 of the Civil Code of Québec) in order to hold hypothecs and security
granted by each Borrower or any Subsidiary on property pursuant to the laws of the Province of Quebec to secure obligations of
any Borrower or any Subsidiary under any bond, debenture or similar title of indebtedness issued by any Borrower or any Subsidiary
in connection with this Agreement, and agree that the Administrative Agent may act as the bondholder and mandatary with respect
to any bond, debenture or similar title of indebtedness that may be issued by any Borrower or any Subsidiary and pledged in favor
of the Secured Parties in connection with this Agreement. Notwithstanding the provisions of Section 32 of the An Act respecting
the special powers of legal persons (Québec), JPMorgan Chase Bank, N.A. as Administrative Agent may acquire and be the
holder of any bond issued by any Borrower or any Subsidiary in connection with this Agreement (i.e., the fondé de pouvoir
may acquire and hold the first bond issued under any deed of hypothec by any Borrower or any Subsidiary).

 

(e)             The Administrative Agent is hereby authorized to execute and deliver any documents necessary or appropriate to create
and perfect the rights of pledge for the benefit of the Secured Parties including a right of pledge with respect to the entitlements
to profits, the balance left after winding up and the voting rights of the Company as ultimate parent of any subsidiary of the
Company which is organized under the laws of the Netherlands and the Equity Interests of which are pledged in connection herewith
(a “Dutch Pledge”). Without prejudice to the provisions of this Agreement and the other Loan Documents, the
parties hereto acknowledge and agree with the creation of parallel debt obligations of the Company or any relevant Subsidiary as
will be described in any Dutch Pledge (the “Parallel Debt”), including that any payment received by the Administrative
Agent in respect of the Parallel Debt will - conditionally upon such payment not subsequently being avoided or reduced by virtue
of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws of general application
- be deemed a satisfaction of a pro rata portion of the corresponding amounts of the Secured Obligations, and any payment
to the Secured Parties in satisfaction of the Secured Obligations shall - conditionally upon such payment not subsequently being
avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar
laws of general application - be deemed as satisfaction of the corresponding amount of the Parallel Debt. The parties hereto acknowledge
and agree that, for purposes of a Dutch Pledge, any resignation by the Administrative Agent is not effective until its rights under
the Parallel Debt are assigned to the successor Administrative Agent.

 

(f)              The parties hereto acknowledge and agree for the purposes of taking and ensuring the continuing validity of German
law governed pledges (Pfandrechte) with the creation of parallel debt obligations of the Company and its Subsidiaries as
will be further described in a separate German law governed parallel debt undertaking. The Administrative Agent shall (i) hold
such parallel debt undertaking as fiduciary agent (Treuhänder) and (ii) administer and hold as fiduciary agent
(Treuhänder) any pledge created under a German law governed Pledge Agreement which is created in favor of any Secured
Party or transferred to any Secured Party due to its accessory nature (Akzessorietät), in each case in its own name
and for the account of the Secured Parties. Each Lender (on behalf of itself and its affiliated Secured Parties) hereby authorizes
the Administrative Agent to enter as its agent in its name and on its behalf into any German law governed Pledge Agreement, accept
as its agent in its name and on its behalf any pledge or other creation of any accessory security right in relation to this Agreement
and to agree to and execute on its behalf as its representative in its name and on its behalf any amendments, supplements and other
alterations to any such Pledge Agreement and to release on behalf of any such Lender or Secured Party any such Pledge Agreement
and any pledge created under any such Pledge Agreement in accordance with the provisions herein and/or the provisions in any such
Pledge Agreement.

 

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Section
8.08. Credit Bidding. The Secured Parties hereby irrevocably authorize the Administrative
Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some
or all of any collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and
in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of any collateral
(a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129
of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any other
sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the
Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with
any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid
by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent
or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation
of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent
interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle
or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent
shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle
or vehicles, (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be
deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such
sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition
vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles,
including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing
documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this
Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the
termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section
9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized
to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether
as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or
debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take
any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire
collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the
acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall
automatically be reassigned to the Secured Parties pro rata with their original interest in such Obligations and the equity interests
and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without
the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion
of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above,
each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee
of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative
Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any
credit bid or the consummation of the transactions contemplated by such credit bid.

 

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

 

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(i)               such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans
in connection with the Loans, the Letters of Credit or the Commitments,

 

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

 

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

 

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

 

(b)              In
addition, unless sub-clause (i) in the immediately preceding clause (a) 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, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of any Borrower or any other Loan Party, that none of the Administrative Agent, or any Arranger, any Syndication Agent,
any Co-Documentation Agent or any of their respective Affiliates is a fiduciary with respect to collateral or the assets of such
Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related hereto or thereto).

 

(c)              The Administrative Agent, and each Arranger, Syndication Agent and Co-Documentation Agent hereby informs the Lenders
that each such Person is not undertaking to provide 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 Loans, the Letters of
Credit, the Commitments, this Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Loans, the Letters
of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit
or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated
hereby, the 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.

 

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ARTICLE
IX

 

Miscellaneous

 

Section
9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

 

(i)                if
to any Borrower, to it c/o  ESCO Technologies Inc., 9900A Clayton Road, St. Louis, MO 63124, Attention of Lara Crews (Telecopy
No. (314) 213-7250; Telephone No. (314) 213-7230);

 

(ii)               if to the Administrative Agent, (A) in the case of Borrowings denominated in Dollars, to
JPMorgan Chase Bank, N.A., Commercial Loan Services, 10 South Dearborn Street, Floor L2, Chicago, Illinois 60603, Attention of
Philip Martino (Telecopy No. (844) 490-5663) and (B) in the case of Borrowings denominated in Foreign Currencies, to
J.P. Morgan Europe Limited, 25 Bank Street, Canary Wharf, London, E14 5JP, Attention of The Manager, Loan & Agency Services
(Telecopy No. 44 207 777 2360);

 

(iii)              if to JPMorgan as an Issuing Bank, to it at: JPMorgan Chase Bank, N.A., 10 South
Dearborn Street, Floor L2, Chicago, Illinois 60603, Attention of GTS Client Services (Telecopy No. (312) 288-8950), or in
the case of any other Issuing Bank, to it at the address and telecopy number specified from time to time by such Issuing Bank to
the Company and the Administrative Agent;

 

(iv)              if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., Commercial Loan Services,
10 South Dearborn Street, Floor L2, Chicago, Illinois 60603, Attention of Philip Martino (Telecopy No. (844) 490-5663); and

 

(v)               if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours
for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices
delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided
in said paragraph (b).

 

(b)          Notices
and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by using Approved Electronic
Platforms pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices
pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative
Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications.

 

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

 

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

 

Section
9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, any Issuing Bank or any
Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right
or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and
are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed
as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice
or knowledge of such Default at the time.

 

(b)          Except
as provided in Section 2.20 with respect to an Incremental Term Loan Amendment, or in Section 2.23 with respect to a Foreign
Subsidiary Borrower Amendment, and subject to Section 2.14(c) and clauses (c) and (f) below, neither this Agreement nor any provision
hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers
and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided
that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce
the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder,
without the written consent of each Lender directly affected thereby (except that any amendment or modification of the financial
covenants in this Agreement (or defined terms used in the financial covenants in this Agreement) shall not constitute a reduction
in the rate of interest or fees for purposes of this clause (ii)), (iii) postpone the scheduled date of payment of the principal
amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive
or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each
Lender directly affected thereby, (iv) change Section 2.18(b) or (d) or the final paragraph of Article VII in a
manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v)
change the payment waterfall provisions of Section 2.24(b) or the last paragraph of Section 7.01 without the written consent of
each Lender, (vi) change any of the provisions of this Section or the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder
or make any determination or grant any consent hereunder, without the written consent of each Lender (it being understood that,
solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental
Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the
Revolving Loans are included on the Effective Date), (vii) release the Company or all or substantially all of the Subsidiary
Guarantors from their obligations under Article X, Article XI or the Subsidiary Guaranty without the written consent of each
Lender, or (viii) except as provided in clause (d) of this Section or in any Pledge Agreement, release all or substantially
all of the Pledged Equity without the written consent of each Lender; provided further that no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder
without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be (it
being understood that any change to Section 2.24 shall require the consent of the Administrative Agent, the Issuing Banks and
the Swingline Lender); provided further, that no such agreement shall amend or modify the provisions of Section
2.06 without the prior written consent of the Administrative Agent and the Issuing Banks.
Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall
be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause
(i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly
affected by such amendment, waiver or other modification.

 

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(c)          Notwithstanding
the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of
the Required Lenders, the Administrative Agent and the Borrowers to each relevant Loan Document (x) to add one or more credit
facilities (in addition to the Incremental Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to
permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share
ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans, Incremental Term Loans and the
accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities
in any determination of the Required Lenders and Lenders.

 

(d)          The
Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens
granted to the Administrative Agent by the Loan Parties on any Pledged Equity (i) upon the termination of all the Commitments,
payment and satisfaction in full in cash of all Secured Obligations (other than Unliquidated Obligations), (ii) constituting
property being sold or disposed of if the Company certifies to the Administrative Agent that the sale or disposition is made in
compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without
further inquiry), or (iii) as required to effect any sale or other disposition of such Pledged Equity in connection with
any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Any such release shall not
in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations
of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which
shall continue to constitute part of the Pledged Equity.

 

(e)           If,
in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders
is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting
Lender”), then the Company may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided
that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Company
and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting
Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all
obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b)
of Section 9.04, and (ii) each Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such
replacement (1) the outstanding principal amount of its Loans and participations in LC Disbursements and all interest, fees
and other amounts then accrued but unpaid to such Non-Consenting Lender by such Borrower hereunder to and including the date of
termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an
amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16
had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.

 

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(f)           Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrowers only,
amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect
or inconsistency.

 

Section
9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrowers shall pay (i) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements
of counsel for the Administrative Agent, in connection with the syndication and distribution (including, without limitation, via
the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and
administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof
or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and
documented out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension
of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative
Agent, any Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent,
any Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement
and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans or Letters of Credit; provided, that no Foreign Subsidiary Borrower that is an Affected Foreign Subsidiary shall
be liable for any amounts hereunder to the extent such amounts are attributable to the Company or any Domestic Subsidiary.

 

(b)          The
Borrowers shall indemnify the Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any
and all losses, claims, damages, liabilities and related out-of-pocket expenses, including the fees, charges and disbursements
of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a
result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance
by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions
contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any
Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand
do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability
related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by the Company or any of its Subsidiaries, and regardless of whether any Indemnitee is a party thereto; provided
that (x) such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related out-of-pocket expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee and (y) no Foreign Subsidiary Borrower that is an
Affected Foreign Subsidiary shall be liable for any amounts hereunder to the extent such amounts are attributable to the Company
or any Domestic Subsidiary. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims or damages arising from any non-Tax claim.

 

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(c)           Each
Lender severally agrees to pay any amount required to be paid by the Company under paragraph (a) or (b) of this Section 9.03 to
the Administrative Agent, the Issuing Banks and the Swingline Lender, and each Related Party of any of the foregoing Persons (each,
an “Agent Indemnitee”) (to the extent not reimbursed by the Company and without limiting the obligation of
the Company to do so), ratably according to their respective Applicable 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 Commitments shall have terminated
and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date),
from and against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements
of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted
against such Agent Indemnitee 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 Indemnitee under or in connection with any of the foregoing; provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
such Agent Indemnitee in its capacity as such; provided further 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 Indemnitee’s
gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.

 

(d)          To
the extent permitted by applicable law, no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee
(i) for any damages arising from the use by others of information or other materials obtained through telecommunications,
electronic or other information transmission systems (including the Internet), or (ii) on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as
a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof.

 

(e)           All amounts due under this Section shall be payable not later than fifteen (15) days after written demand
therefor.

 

Section
9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the
relevant Issuing Bank that issues any Letter of Credit), except that (i) no Borrower may assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer
by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights
or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including
any Affiliate of the relevant Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c)
of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the
Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)          (i)            Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible
Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

(A)            
the Company (provided that the Company shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within seven (7) Business Days after having received notice thereof);
provided, further, that no consent of the Company shall be required for an assignment to a Lender, an Affiliate of
a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;

 

(B)             
the Administrative Agent;

 

(C)             
the Issuing Banks; and

 

(D)             
the Swingline Lender.

 

(ii)              Assignments
shall be subject to the following additional conditions:

 

(A)             except
in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Company and the Administrative
Agent otherwise consent, provided that no such consent of the Company shall be required if an Event of Default has occurred
and is continuing;

 

(B)              each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all
the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(C)              the
parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the
extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform
as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing
and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such
Lenders; and

 

(D)             the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an 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 the Company and its Affiliates and their Related Parties 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.

 

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For
the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have
the following meanings:

 

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

 

“Ineligible
Institution” means (a) a natural person, (b) a Defaulting Lender or its Parent, (c) the Company, any of its Subsidiaries
or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of,
a natural person or relative(s) thereof.

 

(i)               Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified
in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15,
2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (c) of this Section.

 

(ii)              The
Administrative Agent, acting for this purpose as a non-fiduciary agent of each Borrower, shall maintain at one of its offices
a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive,
and each Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice
to the contrary. The Register shall be available for inspection by the Company, any Issuing Bank and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

 

(iii)            
Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee,
or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic
Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b)
of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein
in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required
to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative Agent shall
have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until
such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes
of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

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(c)           Any Lender may, without the consent of, or notice to, any Borrower, the Administrative Agent, the Issuing Banks or
the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”), other than
an Ineligible Institution, in all or a portion of such Lender’s rights and obligations under this Agreement (including all
or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under
this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations; and (C) the Borrowers, the Administrative Agent, the Issuing Banks and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of
this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.
Each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the
requirements and limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation
required under Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees
to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section;
and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any participation,
than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.18(d) as though it were a Lender. Each Lender that sells a participation shall, acting solely
for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations
under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation
to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating
to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to
the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

(d)          Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank,
and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge
or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.

 

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Section
9.05. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents
and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan
Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other
party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or
knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue
in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as
the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII
shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment
of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or
any other Loan Document or any provision hereof or thereof.

 

Section
9.06. Counterparts; Integration; Effectiveness; Electronic Execution. This Agreement may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements
with respect to (i) fees payable to the Administrative Agent and (ii) the reductions of the Letter of Credit Commitment of an
Issuing Bank constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto,
and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic means
that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and
words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated
hereby shall be deemed to include Electronic Signatures, deliveries 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, physical delivery thereof 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 nothing herein shall require
the Administrative Agent to accept electronic signatures in any form or format without its prior written consent.

 

Section
9.07. Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

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Section
9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated) at any time
held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower or
any Subsidiary Guarantor against any of and all of the Obligations held by such Lender, irrespective of whether or not such Lender
shall have made any demand under the Loan Documents and although such obligations may be unmatured. The rights of each Lender
under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.
Notwithstanding the foregoing, in no event shall such deposits or obligations owing to or for the credit of a Foreign Subsidiary
Borrower that is an Affected Foreign Subsidiary be set off or applied against any Obligations of the Company or any Domestic Subsidiary.

 

Section
9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement and the other Loan Documents
(unless explicitly stated to be governed by the law of another jurisdiction) shall be construed in accordance with and governed
by the law of the State of New York.

 

(b)           Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District
Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each
of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect
any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating
to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.

 

(c)           Each
Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court.

 

(d)          Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Each
Foreign Subsidiary Borrower irrevocably designates and appoints the Company, as its authorized agent, to accept and acknowledge
on its behalf, service of any and all process which may be served in any suit, action or proceeding of the nature referred to
in Section 9.09(b) in any federal or New York State court sitting in New York City. The Company hereby represents, warrants
and confirms that the Company has agreed to accept such appointment (and any similar appointment by a Subsidiary Guarantor which
is a Foreign Subsidiary). Said designation and appointment shall be irrevocable by each such Foreign Subsidiary Borrower until
all Loans, all reimbursement obligations, interest thereon and all other amounts payable by such Foreign Subsidiary Borrower hereunder
and under the other Loan Documents shall have been paid in full in accordance with the provisions hereof and thereof and such
Foreign Subsidiary Borrower shall have been terminated as a Borrower hereunder pursuant to Section 2.23. Each Foreign Subsidiary
Borrower hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 9.09(b)
in any federal or New York State court sitting in New York City by service of process upon the Company as provided in this Section 9.09(d);
provided that, to the extent lawful and possible, notice of said service upon such agent shall be mailed by registered
or certified air mail, postage prepaid, return receipt requested, to the Company and (if applicable to) such Foreign Subsidiary
Borrower at its address set forth in the Borrowing Subsidiary Agreement to which it is a party or to any other address of which
such Foreign Subsidiary Borrower shall have given written notice to the Administrative Agent (with a copy thereof to the Company).
Each Foreign Subsidiary Borrower irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any
such service in such manner and agrees that such service shall be deemed in every respect effective service of process upon such
Foreign Subsidiary Borrower in any such suit, action or proceeding and shall, to the fullest extent permitted by law, be taken
and held to be valid and personal service upon and personal delivery to such Foreign Subsidiary Borrower. To the extent any Foreign
Subsidiary Borrower has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether
from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment, execution or otherwise), each
Foreign Subsidiary Borrower hereby irrevocably waives such immunity in respect of its obligations under the Loan Documents. Nothing
in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other
manner permitted by law.

 

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

 

Section
9.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting,
this Agreement.

 

Section
9.12. Confidentiality. Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’
directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential), (b) to the extent requested by any Governmental Authority (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection
with the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (1) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (2) any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to any Borrower and its obligations, (g) on
a confidential basis to (1) any rating agency in connection with rating the Company or its Subsidiaries or the credit facilities
provided for herein or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP
numbers with respect to the credit facilities provided for herein, (h) with the consent of the Company or (i) to the extent
such Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available
to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Company. For
the purposes of this Section, “Information” means all information received from the Company relating to the Company
or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender
on a nonconfidential basis prior to disclosure by the Company and other than information pertaining to this Agreement routinely
provided by arrangers to data service providers, including league table providers, that serve the lending industry. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with
its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

 

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EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT
MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND
CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE
SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES
LAWS.

 

ALL
INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE COMPANY OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR
IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
ABOUT THE COMPANY, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS
TO THE COMPANY AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY
RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE
LAW.

 

Section
9.13. USA PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies each
Loan Party that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that
identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will
allow such Lender to identify such Loan Party in accordance with the Patriot Act. The Company hereby agrees to provide to any
Lender any such information from time to time reasonably requested by such Lender.

 

Section
9.14. Releases of Subsidiary Guarantors.

 

(a)           A
Subsidiary Guarantor shall automatically be released from its obligations under the Subsidiary Guaranty upon the consummation
of any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be a Subsidiary; provided
that, if so required by this Agreement, the Required Lenders shall have consented to such transaction and the terms of such
consent shall not have provided otherwise. In connection with any termination or release pursuant to this Section, the Administrative
Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Loan Party, at such Loan Party’s
expense, all documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and
delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent.

 

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(b)           Further, the Administrative Agent may (and is hereby irrevocably authorized by each Lender to), upon the request
of the Company, release any Subsidiary Guarantor from its obligations under the Subsidiary Guaranty if such Subsidiary Guarantor
is no longer a Material Subsidiary.

 

(c)           At
such time as the principal and interest on the Loans, all LC Disbursements, the fees, expenses and other amounts payable under
the Loan Documents and the other Obligations (other than obligations under any Swap Agreement or any Banking Services Agreement,
and other Obligations expressly stated to survive such payment and termination) shall have been paid in full in cash, the Commitments
shall have been terminated and no Letters of Credit shall be outstanding, the Subsidiary Guaranty and all obligations (other than
those expressly stated to survive such termination) of each Subsidiary Guarantor thereunder shall automatically terminate, all
without delivery of any instrument or performance of any act by any Person.

 

Section
9.15. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable
law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)
which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable
law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall
be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of
such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges
payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until
such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by
such Lender.

 

Section
9.16. No Fiduciary Duty, Etc. (a) Each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’
understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other
Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to each
Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor
or a fiduciary to, or an agent of, any Borrower or any other person. Each Borrower agrees that it will not assert any claim against
any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions
contemplated hereby. Additionally, each Borrower acknowledges and agrees that no Credit Party is advising such Borrower as to any
legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. Each Borrower shall consult with its own
advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions
contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrowers
with respect thereto.

 

(b)           Each Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each
Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage
activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit
Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the
accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations)
of, the Borrowers and other companies with which it may have commercial or other relationships. With respect to any securities
and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and
financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

 

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(c)           In
addition, each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party
and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to
other companies in respect of which the Borrowers or their Subsidiaries may have conflicting interests regarding the transactions
described herein and otherwise. No Credit Party will use confidential information obtained from any Borrower by virtue of the
transactions contemplated by the Loan Documents or its other relationships with the Borrowers in connection with the performance
by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies.
Each Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated
by the Loan Documents, or to furnish to the Borrowers, confidential information obtained from other companies.

 

Section
9.17. Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion
Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

(iii)            the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution
Authority.

 

Section
9.18. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through
a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit
Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect
to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of
New York and/or of the United States or any other state of the United States):

 

In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under
the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights
in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a
BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under
the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such
Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect
to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit
Support.

 

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ARTICLE
X

 

Cross-Guarantee

 

In order to induce the
Lenders to extend credit to the other Borrowers hereunder, but subject to the last sentence of this Article X, each Borrower
hereby absolutely and irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, the payment
when and as due of the Secured Obligations of such other Borrowers. Each Borrower further agrees that the due and punctual payment
of such Secured Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that
it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Secured Obligation.
Each of the Borrowers hereby irrevocably and unconditionally agrees, jointly and severally
with the other Borrowers, that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as
an independent and primary obligation, indemnify the Administrative Agent, the Issuing Banks and the Lenders immediately on demand
against any cost, loss or liability they incur as a result of any other Borrower or any of its Affiliates not paying any amount
which would, but for such unenforceability, invalidity or illegality, have been payable by such Borrower under this Article
X on the date when it would have been due (but so that the amount payable by each Borrower under this indemnity will not exceed
the amount which it would have had to pay under this Article X if the amount claimed had been recoverable on the basis of
a guarantee).

 

Each Borrower waives
presentment to, demand of payment from and protest to any Borrower of any of the Secured Obligations, and also waives notice of
acceptance of its obligations and notice of protest for nonpayment. The obligations of each Borrower hereunder shall not be affected
by (a) the failure of the Administrative Agent, any Issuing Bank or any Lender to assert any claim or demand or to enforce
any right or remedy against any Borrower under the provisions of this Agreement, any other Loan Document or otherwise; (b) any
extension or renewal of any of the Obligations; (c) any rescission, waiver, amendment or modification of, or release from,
any of the terms or provisions of this Agreement, or any other Loan Document or agreement; (d) any default, failure or delay,
willful or otherwise, in the performance of any of the Secured Obligations; (e) the failure of the Administrative Agent to
take any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the
Secured Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership of any
Borrower or any other guarantor of any of the Obligations; (g) the enforceability or validity of the Secured Obligations or
any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral
securing the Secured Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Borrower
or any other guarantor of any of the Secured Obligations, for any reason related to this Agreement, any Swap Agreement, any Banking
Services Agreement, any other Loan Document, or any provision of applicable law, decree, order or regulation of any jurisdiction
purporting to prohibit the payment by such Borrower or any other guarantor of the Secured Obligations, of any of the Obligations
or otherwise affecting any term of any of the Secured Obligations; or (h) any other act, omission or delay to do any other
act which may or might in any manner or to any extent vary the risk of such Borrower or otherwise operate as a discharge of a guarantor
as a matter of law or equity or which would impair or eliminate any right of such Borrower to subrogation.

 

    107

     

    

 

Each Borrower further
agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding
shall have stayed the accrual or collection of any of the Secured Obligations or operated as a discharge thereof) and not merely
of collection, and waives any right to require that any resort be had by the Administrative Agent, any Issuing Bank or any Lender
to any balance of any deposit account or credit on the books of the Administrative Agent, any Issuing Bank or any Lender in favor
of any Borrower or any other Person.

 

The obligations of each
Borrower hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and shall not be
subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality
or unenforceability of any of the Secured Obligations, any impossibility in the performance of any of the Secured Obligations or
otherwise.

 

Each
Borrower further agrees that its obligations hereunder shall constitute a continuing and irrevocable guarantee of all Secured
Obligations now or hereafter existing and shall continue to be effective or be reinstated,
as the case may be, if at any time payment, or any part thereof, of any Obligation (including a payment effected through exercise
of a right of setoff) is rescinded, or is or must otherwise be restored or returned by the Administrative Agent, any Issuing Bank
or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower or otherwise (including pursuant to any settlement
entered into by a Secured Party in its discretion).

 

In furtherance of the
foregoing and not in limitation of any other right which the Administrative Agent, any Issuing Bank or any Lender may have at law
or in equity against any Borrower by virtue hereof, upon the failure of any other Borrower to pay any Secured Obligation when and
as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Borrower hereby
promises to and will, upon receipt of written demand by the Administrative Agent, any Issuing Bank or any Lender, forthwith pay,
or cause to be paid, to the Administrative Agent, any Issuing Bank or any Lender in cash an amount equal to the unpaid principal
amount of such Obligations then due, together with accrued and unpaid interest thereon. Each Borrower further agrees that if payment
in respect of any Secured Obligation shall be due in a currency other than Dollars and/or at a place of payment other than New
York, Chicago or any other Eurocurrency Payment Office and if, by reason of any Change in Law, disruption of currency or foreign
exchange markets, war or civil disturbance or other event, payment of such Secured Obligation in such currency or at such place
of payment shall be impossible or, in the reasonable judgment of the Administrative Agent, any Issuing Bank or any Lender, disadvantageous
to the Administrative Agent, any Issuing Bank or any Lender in any material respect, then, at the election of the Administrative
Agent, such Borrower shall make payment of such Secured Obligation in Dollars (based upon the applicable Equivalent Amount in effect
on the date of payment) and/or in New York, Chicago or such other Eurocurrency Payment Office as is designated by the Administrative
Agent and, as a separate and independent obligation, shall indemnify the Administrative Agent, any Issuing Bank and any Lender
against any losses or reasonable out-of-pocket expenses that it shall sustain as a result of such alternative payment.

 

Upon payment by any Borrower
of any sums as provided above, all rights of such Borrower against any Borrower arising as a result thereof by way of right of
subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment
in full in cash of all the Secured Obligations owed by such Borrower to the Administrative Agent, any Issuing Bank and the Lenders.

 

    108

     

    

 

Nothing shall discharge
or satisfy the liability of any Borrower hereunder except the full performance and payment in cash of the Secured Obligations.

 

Each
Borrower hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support
as may be needed from time to time by each other Loan Party to honor all of its obligations under this Article X or the
Subsidiary Guaranty, as applicable, in respect of Specified Swap Obligations (provided, however, that each Borrower shall only
be liable under this paragraph for the maximum amount of such liability that can be hereby incurred without rendering its obligations
under this paragraph or otherwise under this Article X voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer, and not for any greater amount). Each Borrower intends that this paragraph constitute, and this paragraph
shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Guarantor for
all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

Notwithstanding anything
contained in this Article X or any other provision of this Agreement to the contrary, no Foreign Subsidiary Borrower which
is and remains an Affected Foreign Subsidiary shall be liable hereunder for any of the Loans made to, or any other Secured Obligation
to the extent incurred by or on behalf of, the Company or any Subsidiary Guarantor which is a Domestic Subsidiary.

 

ARTICLE
IX

Company Guarantee

 

In
order to induce the Lenders to extend credit to the Company hereunder and for other good and valuable consideration (the receipt
and sufficiency of which are hereby acknowledged), the Company hereby absolutely and irrevocably and unconditionally guarantees,
as a primary obligor and not merely as a surety, the payment when and as due of the Specified Ancillary Obligations of the Subsidiaries.
The Company further agrees that the due and punctual payment of such Specified Ancillary Obligations may be extended or renewed,
in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding
any such extension or renewal of any such Specified Ancillary Obligation.

 

The
Company waives presentment to, demand of payment from and protest to any Subsidiary of any of the Specified Ancillary Obligations,
and also waives notice of acceptance of its obligations and notice of protest for nonpayment. The obligations of the Company hereunder
shall not be affected by (a) the failure of any applicable Lender (or any of its Affiliates) to assert any claim or demand or to
enforce any right or remedy against any Subsidiary under the provisions of any Banking Services Agreement, any Swap Agreement or
otherwise; (b) any extension or renewal of any of the Specified Ancillary Obligations; (c) any rescission, waiver, amendment or
modification of, or release from, any of the terms or provisions of this Agreement, any other Loan Document, any Banking Services
Agreement, any Swap Agreement or other agreement; (d) any default, failure or delay, willful or otherwise, in the performance of
any of the Specified Ancillary Obligations; (e) the failure of any applicable Lender (or any of its Affiliates) to take any steps
to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Specified Ancillary
Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership of any Subsidiary
or any other guarantor of any of the Specified Ancillary Obligations; (g) the enforceability or validity of the Specified Ancillary
Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect
to any collateral securing the Specified Ancillary Obligations or any part thereof, or any other invalidity or unenforceability
relating to or against any Subsidiary or any other guarantor of any of the Specified Ancillary Obligations, for any reason related
to this Agreement, any other Loan Document, any Banking Services Agreement, any Swap Agreement, or any provision of applicable
law, decree, order or regulation of any jurisdiction purporting to prohibit the payment by such Subsidiary or any other guarantor
of the Specified Ancillary Obligations, of any of the Specified Ancillary Obligations or otherwise affecting any term of any of
the Specified Ancillary Obligations; or (h) any other act, omission or delay to do any other act which may or might in any manner
or to any extent vary the risk of the Company or otherwise operate as a discharge of a guarantor as a matter of law or equity or
which would impair or eliminate any right of the Company to subrogation.

 

    109

     

    

 

The
Company further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy
or similar proceeding shall have stayed the accrual or collection of any of the Specified Ancillary Obligations or operated as
a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by any applicable Lender
(or any of its Affiliates) to any balance of any deposit account or credit on the books of the Administrative Agent, any Issuing
Bank or any Lender in favor of any Subsidiary or any other Person.

 

The
obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity,
illegality or unenforceability of any of the Specified Ancillary Obligations, any impossibility in the performance of any of the
Specified Ancillary Obligations or otherwise.

 

The
Company further agrees that its obligations hereunder shall constitute a continuing and irrevocable guarantee of all Specified
Ancillary Obligations now or hereafter existing and shall continue to be effective or be reinstated, as the case may be, if at
any time payment, or any part thereof, of any Specified Ancillary Obligation (including a payment effected through exercise of
a right of setoff) is rescinded, or is or must otherwise be restored or returned by any applicable Lender (or any of its Affiliates)
upon the insolvency, bankruptcy or reorganization of any Subsidiary or otherwise (including pursuant to any settlement entered
into by a holder of Specified Ancillary Obligations in its discretion).

 

In
furtherance of the foregoing and not in limitation of any other right which any applicable Lender (or any of its Affiliates) may
have at law or in equity against the Company by virtue hereof, upon the failure of any Subsidiary to pay any Specified Ancillary
Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise,
the Company hereby promises to and will, upon receipt of written demand by any applicable Lender (or any of its Affiliates), forthwith
pay, or cause to be paid, to such applicable Lender (or any of its Affiliates) in cash an amount equal to the unpaid principal
amount of such Specified Ancillary Obligations then due, together with accrued and unpaid interest thereon. The Company further
agrees that if payment in respect of any Specified Ancillary Obligation shall be due in a currency other than Dollars and/or at
a place of payment other than New York, Chicago or any other Eurocurrency Payment Office and if, by reason of any Change in Law,
disruption of currency or foreign exchange markets, war or civil disturbance or other event, payment of such Specified Ancillary
Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of any applicable Lender
(or any of its Affiliates), disadvantageous to such applicable Lender (or any of its Affiliates) in any material respect, then,
at the election of such applicable Lender, the Company shall make payment of such Specified Ancillary Obligation in Dollars (based
upon the applicable Equivalent Amount in effect on the date of payment) and/or in New York, Chicago or such other Eurocurrency
Payment Office as is designated by such applicable Lender (or its Affiliate) and, as a separate and independent obligation, shall
indemnify such applicable Lender (and any of its Affiliates) against any losses or reasonable out-of-pocket expenses that it shall
sustain as a result of such alternative payment.

 

    110

     

    

 

Upon
payment by the Company of any sums as provided above, all rights of the Company against any Subsidiary arising as a result thereof
by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible
payment in full in cash of all the Specified Ancillary Obligations owed by such Subsidiary to the applicable Lender (or its applicable
Affiliates).

 

Nothing
shall discharge or satisfy the liability of the Company hereunder except the full performance and payment in cash of the Secured
Obligations.

 

[Signature
Pages Follow]

 

    111

     

    

 

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

 

	 	ESCO TECHNOLOGIES INC.,
	 	as the Company
	 	 
	 	By	 /s/Gary E. Muenster
	 	 	Name: Gary E. Muenster
	 	 	Title: Executive Vice President and
	 	 	Chief Financial Officer
	 	 
	 	ESCO UK GLOBAL HOLDINGS LTD.,
	 	as a Foreign Subsidiary Borrower
	 	 
	 	By	 /s/Alyson Schlinger Barclay
	 	 	Name: Alyson Schlinger Barclay
	 	 	Title: Director
	 	 
	 	ESCO UK HOLDING COMPANY I LTD.,
	 	as a Foreign Subsidiary Borrower
	 	 
	 	By	 /s/Alyson Schlinger Barclay
	 	 	Name: Alyson Schlinger Barclay
	 	 	Title: Director

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
    individually as a Lender, as the Swingline Lender, as an Issuing Bank and as Administrative Agent
	 	 
	 	By 	/s/Christopher A. Salek
	 	 	Name: Christopher A. Salek
	 	 	Title: Vice President
	 	 
	 	Jurisdiction of tax residence:
    USA
	 	DTTP Scheme number: 13/M/268710/DTTP

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

	 	BMO HARRIS BANK N.A.,
	 	individually as a Lender and
    as an Issuing Bank
	 	 
	 	By	 /s/Daniel R. Kraus
	 	 	Name: Daniel R. Kraus
	 	 	Title: Managing Director
	 	 
	 	Jurisdiction of tax residence:
    USA
	 	DTTP Scheme number: 13/B/359708

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as a Lender
	 	 
	 	By	 /s/Jason Payne
	 	 	Name: Jason Payne
	 	 	Title: Vice President
	 	 
	 	Jurisdiction of tax residence:
    USA
	 	DTTP Scheme number: 13/B/7418/DTTP

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

	 	SUNTRUST BANK,
	 	as a Lender
	 	 
	 	By 	/s/Lisa Garling
	 	 	Name: Lisa Garling
	 	 	Title: Director
	 	 
	 	Jurisdiction of tax residence:
    United States
	 	DTTP Scheme number: 13/S/67712/DTTP

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	By	 /s/Marty McDonald
	 		Name: Marty McDonald
	 		Title: Vice President
	 	 
	 	Jurisdiction of tax residence:
    USA
	 	DTTP Scheme number: 13/U/62184/DTTP

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

	 	WELLS FARGO
    BANK, NATIONAL ASSOCIATION, individually as a Lender and as an Issuing Bank
	 	 
	 	By	 /s/Kelli L. Gilliam
	 	 	Name: Kelli L. Gilliam
	 	 	Title: Senior Vice President
	 	 
	 	Jurisdiction of tax residence:
    United States of America
	 	DTTP Scheme number: 13/W/61173/DTTP

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

	 	COMMERCE BANK,
	 	as a Lender
	 	 
	 	By	 /s/T. William White
	 	 	Name: T. William White
	 	 	Title: Senior Vice President
	 	 
	 	Jurisdiction of tax residence:
    U.S.A.
	 	DTTP Scheme number: 13/C/370632/DTTP

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

	 	FIFTH THIRD
    BANK,
	 	as a Lender
	 	 
	 	By	 /s/Ann Kyne
	 	 	Name: Ann Kyne
	 	 	Title: Officer
	 	 
	 	Jurisdiction of tax residence:
    United States
	 	DTTP Scheme number: 13/F/24267/DTTP

 

Signature Page to Credit Agreement

ESCO Technologies Inc.

 

    

     

    

 

SCHEDULE 2.01A

 

COMMITMENTS

 

	LENDER	 	COMMITMENT	 
	JPMORGAN CHASE BANK, N.A.	 	$	80,000,000.00	 
	BMO HARRIS BANK, N.A.	 	$	80,000,000.00	 
	BANK OF AMERICA, N.A.	 	$	60,000,000.00	 
	SUNTRUST BANK	 	$	60,000,000.00	 
	U.S. BANK NATIONAL ASSOCIATION	 	$	60,000,000.00	 
	WELLS FARGO BANK N.A.	 	$	60,000,000.00	 
	COMMERCE BANK	 	$	50,000,000.00	 
	FIFTH THIRD BANK	 	$	50,000,000.00	 
	AGGREGATE COMMITMENT	 	$	500,000,000.00	 

 

    

     

    

 

SCHEDULE 2.01B

 

LETTER OF CREDIT COMMITMENTS

 

	ISSUING BANK	 	LETTER OF CREDIT COMMITMENT	 
	JPMORGAN CHASE BANK, N.A.	 	$	15,000,000.00	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION	 	$	15,000,000.00	 
	BMO HARRIS BANK N.A.	 	$	15,000,000.00	 

 

 

    

     

    

 

SCHEDULE
2.06

EXISTING LETTERS OF CREDIT

 

	 	 	Date of	 	Issuing	 	 	 	Undrawn	 	 	 	 	 	Issued	 
	Subsidiary	 	Issuance	 	Bank	 	LC #	 	Amount	 	Expiry	 	Purpose	 	Amount	 
	ESCO	 	17-Apr-17	 	Wells Fargo	 	SC7004568W	 	1,720,145.00	 	01-May-20	 	Collateral for Work Comp (AIG)	 	 	 
	ESCO	 	29-Sep-17	 	Wells Fargo	 	SC7004929W	 	2,875,000.00	 	01-Oct-20	 	Collateral for Work Comp (Zurich)	 	 	 
	 	 	 	 	 	 	SUBTOTAL:	 	4,595,145.00	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ETS	 	21-Jul-17	 	JP Morgan	 	CPCS-778721	 	26,997.10	 	15-Jul-20	 	Research Centre Imarat (RCI) Labs	 	 	 
	ETS	 	03-Aug-15	 	JP Morgan	 	CPCS-816825	 	111,324.00	 	31-Jan-20	 	Axis Bank/Ministry of Defence	 	 	 
	ETS	 	30-Jan-18	 	JP Morgan	 	CPCS-860150	 	165,163.00	 	08-Nov-20	 	HLL Lifecare Limited	 	 	 
	ETS	 	02-Jun-15	 	JP Morgan	 	CPCS-869211	 	74,216.00	 	31-Jan-20	 	Axis Bank/The President of India	 	 	 
	ETS	 	04-Jun-18	 	JP Morgan	 	NUSCGS006725	 	23,688.00	 	06-May-21	 	The Director, Research Centre Imirat	 	 	 
	ETS	 	19-Nov-18	 	JP Morgan	 	NUSCGS025028	 	313,973.75	 	31-Dec-19	 	The Automotive Research Association of India	 	 	 
	ETS	 	07-Dec-18	 	JP Morgan	 	NUSCGS025142	 	111,400.00	 	01-Dec-20	 	The President of India/Terminal Ballistics
    Research	 	 	 
	ETS	 	18-Dec-18	 	JP Morgan	 	NUSCGS025144	 	532,326.58	 	20-Mar-20	 	JPM Germany/GSI	 	EURO	484,351.56	 
	ETS	 	14-May-19	 	JP Morgan	 	NUSCGS025760	 	122,540.00	 	01-Dec-20	 	State Bank of India/The President of India,
    TBRL	 	 	 
	ETS	 	22-Mar-19	 	JP Morgan	 	NUSCGS025970	 	141,647.00	 	30-Jan-20	 	China FAW Group Import and Export Co. Ltd.	 	 	 
	ETS	 	22-Mar-19	 	JP Morgan	 	NUSCGS025971	 	358,244.00	 	30-Aug-20	 	China FAW Group Import and Export Co. Ltd.	 	 	 
	ETS	 	03-Jun-19	 	JP Morgan	 	NUSCGS028953	 	253,787.00	 	15-Sep-21	 	State Bank of India/SAMEER	 	 	 
	ETS	 	18-Jul-19	 	JP Morgan	 	NUSCGS028978	 	122,000.00	 	28-Apr-20	 	Sushi Gungbo Env. And Reliability Lab	 	 	 
	ETS	 	19-Sep-20	 	JP Morgan	 	NUSCGS029680	 	30,280.30	 	28-Feb-20	 	GE BE Private Ltd.	 	 	 
	 	 	 	 	 	 	SUBTOTAL:	 	2,387,586.73	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PTI	 	29-May-19	 	JP Morgan	 	NUSCGS028883	 	96,646.50	 	18-Apr-21	 	Korea Aerospace Industries, Ltd.	 	 	 
	 	 	 	 	 	 	 	 	96,646.50	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	NRG	 	04-Sep-19	 	JP Morgan	 	NUSCGS029866	 	17,500.00	 	31-Jan-22	 	Gazprombank (Switzerland)/Red Wind B.V.	 	 	 
	 	 	 	 	 	 	 	 	17,500.00	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Plastique	 	12-Aug-19	 	JP Morgan	 	NUSCGS029731	 	48,672.00	 	31-Aug-20	 	HMRC	 	GBP	40,000.00	 
	 	 	 	 	 	 	 	 	48,672.00	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DOBLE	 	25-Aug-15	 	JP Morgan	 	CTCS-934306	 	265,806.65	 	09-Oct-20	 	JPMorgan Saudi Arabia	 	SAR	996,961.00	 
	DOBLE	 	23-Sep-16	 	JP Morgan	 	CPCS-862231	 	265,806.65	 	29-Oct-20	 	JPMorgan Saudi Arabia	 	SAR	996,961.00	 
	DOBLE	 	06-Mar-19	 	JP Morgan	 	NUSCG025967	 	500,000.00	 	01-Mar-20	 	Fianzas Y Cauciones Atlas S.A.	 	 	 
	 	 	 	 	 	 	SUBTOTAL:	 	1,031,613.30	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	TOTAL	 	 	 	 	 	8,177,163.53	 	 	 	 	 	 	 

 

    

     

    

 

SCHEDULE 3.01

 

Subsidiaries

 

	Subsidiary	Jurisdiction of 

Incorporation or 

Organization	Material	Ownership
	ESCO Technologies Holding LLC	Delaware	Yes	ESCO Technologies Inc.
	Comtrak Technologies, L.L.C. 	Missouri	No	ESCO Technologies Holding LLC
	Crissair, Inc.	California	Yes	ESCO Technologies Holding LLC
	Doble Engineering Company	Massachusetts	Yes	ESCO Technologies Holding LLC
	ETS-Lindgren Inc.	Illinois	Yes	ESCO Technologies Holding LLC
	Globe Composite Solutions, LLC	Delaware	No	ESCO Technologies Holding LLC
	Hazeltine Europe, Inc.	Delaware	No	ESCO Technologies Holding LLC
	Mayday Holdings, LLC	Delaware	No	ESCO Technologies Holding LLC
	NRG Systems, Inc.	Vermont	No	ESCO Technologies Holding LLC
	PTI Technologies Inc.	Delaware	Yes	ESCO Technologies Holding LLC
	Thermoform Engineered Quality LLC	Delaware	Yes	ESCO Technologies Holding LLC
	VACCO Industries	California	Yes	ESCO Technologies Holding LLC
	Westland Technologies, Inc.	California	No	ESCO Technologies Holding LLC
	Hi-Tech Materials, Inc.	Texas	No	Mayday Holdings, LLC

 

    1

     

    

 

	Mayday Manufacturing Co.	Texas	Yes	Mayday Holdings, LLC
	Comtrak International Services, Inc.	Missouri 	No	Comtrak Technologies
	Doble International LLC	Delaware	No	Doble Engineering Company
	Doble TransiNor AS	Norway	No	Doble Engineering Company
	Doble Pan-American Power Technology (Beijing) Co. Ltd.	China	No	Doble Engineering Company
	Manta Test Systems, Ltd.	Ontario	No	Doble Engineering Company
	ESCO International Holding Inc.	Delaware	No	Doble Engineering Company
	Xtensible Solutions, LLC	Delaware	No	Doble Engineering Company
	Doble Canada Holding LP	Alberta, Canada	No	Doble Engineering Company/Doble International LLC
	Doble US Canada LLC	Delaware	No	Doble Canada Holding LP
	Morgan Schaffer Ltd.	Quebec	No	Doble US Canada LLC
	Lindgren PRC Holding Inc.	Delaware	No	ETS-Lindgren Inc.
	ETS-Lindgren Taiwan, LLC	Texas	No	ETS-Lindgren Inc.
	ESCO Luxembourg Holding LLC	Delaware	No	ESCO International Holding Inc.
	ESCO Luxembourg Holding LLC S.C.S.	Luxembourg	No	ESCO International Holding Inc.
	ESCO UK Global Holdings Ltd.	United Kingdom	Yes	ESCO Luxembourg Holding LLC S.C.S.
	Beijing Lindgren Electron Magnetic Technology Co., Ltd.	China	No	Lindgren PRC Holding Inc.
	Doble Engineering Private Ltd	India	No	ESCO UK Global Holdings Ltd.
	Doble PowerTest Ltd.	United Kingdom	No	ESCO UK Global Holdings Ltd.

 

    2

     

    

 

	Doble Lemke GmbH	Germany	No	ESCO UK Global Holdings Ltd.
	Doble AustralAsia PTY Limited	Australia	No	ESCO UK Global Holdings Ltd.
	Doble Engineering Africa Pty, Ltd.	South Africa	No	ESCO UK Global Holdings Ltd.
	ESCO UK Holding Company I Ltd.	United Kingdom	Yes	ESCO UK Global Holdings Ltd.
	ETS-Lindgren Oy (fka Euroshield Oy)	Finland	No	ESCO UK Global Holdings Ltd.
	ETS Lindgren Japan, Inc. 	Japan	No	ESCO UK Global Holdings Ltd.
	ETS- Lindgren Engineering India Pvt. Ltd	India	No	ESCO UK Global Holdings Ltd.
	ESCO International Minority Holding LLC	Delaware	No	Doble PowerTest Ltd.
	Doble Engineering DMCC	United Arab Emirates	No	Doble PowerTest Ltd.
	Doble Electric Utility Solutions Mexico S. de R.L. de C.V.	Mexico	No	Doble PowerTest Ltd.; ESCO International Minority Holding LLC
	ETS-Lindgren Technology (Tianjin) Co. Ltd.	China	No	ESCO UK Holding Company I Ltd.
	Plastique Holdings Ltd.	United Kingdom	No	ESCO UK Holding Company I Ltd.
	ETS Lindgren Limited. (fka RayProof, Limited.)	United Kingdom	No	ESCO UK Holding Company I Ltd.
	Plastique sp. zoo.	Poland	No	Plastique Holdings Ltd.
	Plastique Ltd.	United Kingdom	No	Plastique Holdings Ltd.

  

    3

     

    

 

SCHEDULE 6.01

 

EXISTING INDEBTEDNESS

 

None.

 

    

     

    

 

SCHEDULE 6.02

 

EXISTING LIENS

 

 

    

     

    

 

	DEBTOR	JURISDICTION	SECURED

PARTY	FINANCING

STATEMENT

NO.	FILING

DATE	COLLATERAL

DESCRIPTION
	Doble Engineering Company	Massachusetts Secretary of the Commonwealth (UCC and State Tax Liens)	HYG Financial Services, Inc.

P.O. Box 35701

Billings, MT 59107	201740458830	10/11/17	Leased equipment
	Mayday Manufacturing Co.	Texas Secretary of State (UCC and Federal Tax Liens)	CIT Finance LLC

10201 Centurion Parkway North, Suite 100

Jacksonville, FL 32256	14-0032333221	10/09/14	Leased equipment
	Mayday Manufacturing Co.	Texas Secretary of State (UCC and Federal Tax Liens)	DMG Mori USA Inc.

2400 Huntington Blvd.

Hoffman Estates, IL 60192	17-0024265047	07/17/17	1 x NLX3000/700 Machine, accessories
	Mayday Manufacturing Co.	Texas Secretary of State (UCC and Federal Tax Liens)	DMG Mori USA Inc.

2400 Huntington Blvd.

Hoffman Estates, IL 60192	17-0024266058	07/17/17	1 x NLX3000/700 Machine, accessories
	Mayday Manufacturing Co.	Texas Secretary of State (UCC and Federal Tax Liens)	DMG Mori USA Inc.

2400 Huntington Blvd.

Hoffman Estates, IL 60192	17-0038917763	11/17/17	Sprint 42 Machine, accessories
	Mayday Manufacturing Co.	Texas Secretary of State (UCC and Federal Tax Liens)	Ellison Technologies Inc.

9912 Pioneer Blvd.

Santa Fe Springs, Ca 90670	18-0042461268	12/05/18	Doosan Lynx 2100LYB, accessories
	Mayday Manufacturing Co.	Texas Secretary of State (UCC and Federal Tax Liens)	DMG Mori USA Inc.

2400 Huntington Blvd.

Hoffman Estates, IL 60192	19-0011103703	03/28/19	1 CMX 1100 Machine, accessories
	PTI Technologies Inc.	Delaware Secretary of State (UCC and Federal Tax Liens)	Commerce Bank

P.O. Box 11309

St. Louis, MO 63105	2013 5118360

2018 7386895 (cont.)	12/26/13

10/24/18	Leased equipment
	PTI Technologies Inc.	Delaware Secretary of State (UCC and Federal Tax Liens)	MB Financial Bank, N.A.

6111 North River road, 9th Floor

Rosemont, IL 60018	2017 3671382

2017 5616682 (amend.)	06/05/17

08/23/17	Leased equipment

 

    

     

    

 

	DEBTOR	JURISDICTION	SECURED

PARTY	FINANCING

STATEMENT

NO.	FILING

DATE	COLLATERAL

DESCRIPTION
	PTI Technologies Inc.	Delaware Secretary of State (UCC and Federal Tax Liens)	Konica Minolta Premier Finance

P.O. Box 35701

Billings, MT 59107	2018 1083373	02/15/18	Leased equipment
	Thermoform Engineered Quality LLC (Original Debtor:  TekPackaging, LLC)	Delaware Secretary of State (UCC and Federal Tax Liens)	Commerce Bank, N.A.

P.O. Box 11309

St. Louis, MO 63105	2008 1622339

2011 4624030 (amend.)

2012 4388999 (cont.)

2017 7769815 (cont.)	05/09/08

11/16/11

11/14/12

11/22/17	Leased equipment
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Commerce Bank

P.O. Box 11309

St. Louis, MO 63105	2012 1735929

2012 5022290 (amend.)

2013 0764176 (amend.)

2016 6862062 (cont.)	05/04/12

12/24/12

02/27/13

11/07/16	Leased equipment
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Dell Financial Services L.L.C.

One Dell Way

Round Rock, TX 78682	2013 3233336

2018 4394710 (cont.)	08/19/13

06/27/18	Leased equipment
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Dell Financial Services L.L.C.

One Dell Way

Round Rock, TX 78682	2013 3234045

2018 4394702 (cont.)	08/19/13

06/27/18	Leased equipment
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Konica Minolta Business Solutions USA Inc.

10201 Centurion Parkway North, Suite 100

Jacksonville, FL 32256	2014 1399799

2018 7442730 (cont.)	04/09/14

10/26/18	Leased equipment
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Commerce Bank

P.O. Box 11309

St. Louis, MO 63105	2014 2107720

2019 2692940 (cont.)	05/30/14

04/18/19	Leased equipment
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Commerce Bank

P.O. Box 11309

St. Louis, MO 63105	2014 5222492	12/23/14	Leased equipment

 

    2

     

    

 

	DEBTOR	JURISDICTION	SECURED

PARTY	FINANCING

STATEMENT

NO.	FILING

DATE	COLLATERAL

DESCRIPTION
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Commerce Bank

P.O. Box 11309

St. Louis, MO 63105	2016 0318830

2016 5157290 (amend.)	01/15/16

08/24/16	Leased equipment
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Commerce Bank

P.O. Box 11309

St. Louis, MO 63105	2016 0593275

2016 0608479 (amend.)

2016 2968491 (amend.)	02/01/16

02/01/16

05/18/16	Leased equipment
	Thermoform Engineered Quality LLC 	Delaware Secretary of State (UCC and Federal Tax Liens)	Konica Minolta Premier Finance

10201 Centurion Parkway North, Suite 100

Jacksonville, FL 32256	2019 1052013

2019 1210033 (amend.)	02/14/19

02/20/19	Leased equipment
	VACCO Industries 	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Citibank, N.A.

388 Greenwich Street

New York, NY 10013	0416360701

09-71904410 (cont.)

14-74044673 (cont.)

19-76921690 (amend.)

19-77096703 (cont.)	06/02/04

03/13/09

03/24/14

01/15/19

04/19/19	Accounts Receivable from United Technologies Corp.; Accounts Receivable by Sikorsky Aircraft Corporation
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427801731	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-006)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427801852	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-007)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427801973	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. Purchase Order: PPA087-008)

 

    3

     

    

 

	DEBTOR	JURISDICTION	SECURED

PARTY	FINANCING

STATEMENT

NO.	FILING

DATE	COLLATERAL

DESCRIPTION
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427802005	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-010)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427802126	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-011)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427802247	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-012)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427824685	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-013)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427824706	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-014)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427824827	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-015)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427824948	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-016)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427825070	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA087-017)

 

    4

     

    

 

	DEBTOR	JURISDICTION	SECURED

PARTY	FINANCING

STATEMENT

NO.	FILING

DATE	COLLATERAL

DESCRIPTION
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	14-7427825191	09/10/14	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPA098-026)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	DMG Mori USA Inc.

2400 Huntington Blvd.

Hoffman Estates, IL 60192	16-7560165805	12/08/16	S/N 11960001293
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7606503287	09/18/17	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPD028-015)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7606503308	09/18/17	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPD069-070)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7606503429	09/18/17	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPD095-086)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7607588837	09/25/17	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPD163-079)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7607589080	09/25/17	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPD169-024)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7617653225	11/20/17	All personal property including raw materials, inventory, work-in-process, etc (Purchase Order: PPD195-037)

 

    5

     

    

 

	DEBTOR	JURISDICTION	SECURED

PARTY	FINANCING

STATEMENT

NO.	FILING

DATE	COLLATERAL

DESCRIPTION
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7617653346	11/20/17	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPD207-084)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7619656311	12/04/17	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPD223-032)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	17-7624978556	12/28/17	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPD024-047)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Electric Boat Corporation

75 Eastern Point Road

Groton, CT 06340	18-7630672878	01/29/18	All personal property including raw materials, inventory, work-in-process, etc. (Purchase Order: PPC215-013)
	VACCO Industries	California Secretary of State (UCC, Federal and State Tax Liens, Judgments)	Xerox Financial Services

45 Glover Ave.

Norwalk, CT 06856	18-7665905441	08/28/18	Leased equipment

 

    6

     

    

 

 

SCHEDULE 6.04

 

EXISTING INVESTMENTS IN SUBSIDIARIES

 

	FROM	To	Amount	Purpose
	ESCO UK Hold Co I Ltd.	ETS-Lindgren Technology (Tianjin) Co. Ltd.	$	 2,000,000	Investment in newly created Tianjin entity
	Esco Technologies Holding LLC	Plastique Holdings Ltd.	$ 	39,322,998	Funds to acquire Plastique via I/C notes
	Doble Engineering Company	Manta Test Systems Ltd.	$ 	10,503,941	Funds to acquire Manta plus add'l Investment
	Doble Engineering Company	Doble Canada Holding/Morgan Schaffer Ltd.	$	 48,227,735	Funds to acquire MS via I/C notes

 

     

     

    

 

EXHIBIT A

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into
by and between [Insert name of Assignor]
(the “Assignor”) and [Insert
name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as
amended, 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 the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in
its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor
under the respective facilities identified below (including any letters of credit, 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.

 

	1.	Assignor:	 	 

 

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

 

	3.	Borrowers:	ESCO Technologies Inc. and certain Foreign Subsidiary Borrowers

 

	4.	Administrative Agent:	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement

 

	5.	Credit Agreement:	The Credit Agreement dated as of September 27, 2019, among ESCO Technologies Inc., the Foreign Subsidiary Borrowers from time
to time parties thereto, the Lenders parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents
parties thereto

 

	6.	Assigned Interest:	 

 

 

1 Select as applicable.

 

     

     

    

 

	Aggregate Amount of

Commitment/Loans for all

Lenders 	Amount of Commitment/Loans

Assigned	Percentage Assigned of

Commitment/Loans2
	$	$	%
	$	$	%
	$	$	%

 

	7.	The Assignee confirms, for the benefit of the Administrative Agent and without liability to any Borrower, that it is:

 

		(a)	[a Qualifying
Credit Party (other than a Credit Party);]

 

		(b)	[a Treaty Credit
Party;]

 

		(c)	[not a Qualifying
Credit Party]. 3

 

	8.	[The Assignee confirms that the person beneficially
entitled to interest payable to that Credit Party in respect of an advance under a Loan, Letter of Credit or Commitment is either:

 

		(a)	a company resident in the United Kingdom for United Kingdom tax purposes; or

 

		(b)	a partnership each member of which is:

 

		(i)	a company so resident in the United Kingdom; or

 

		(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19
of the Corporation Tax Act 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason
of Part 17 of the Corporation Tax Act 2009; or

 

		(c)	a
company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
and which brings into account interest payable in respect of that advance in computing its chargeable profits (within the meaning
of section 19 of the Corporation Tax Act 2009).]4

 

	9.	[The
Assignee confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [   ])
and is tax resident in [   ]5, so that interest payable to it by borrowers is generally subject to full exemption from UK
withholding tax, and requests that the Company notify:

 

		(a)	each Borrower which is a party as a Borrower as at the date of the assignment; and

 

 

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

3 Delete as applicable - each Assignee is required
to confirm which of these three categories it falls within.

4 Include only if Assignee falls within paragraph
(b) of the definition of Qualifying Credit Party in the Agreement.

5 Insert jurisdiction of tax residence.

 

    	 	2	 

     

    

 

		(b)	each additional Borrower which becomes a Borrower after the date of the assignment, that it wishes
that scheme to apply to the Agreement.]6

 

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

 

 

6
Include if Assignee holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to
the Agreement.

 

    	 	3	 

     

    

 

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:	 
	 	 
	JPMORGAN CHASE BANK, N.A., as Administrative Agent, an Issuing Bank and Swingline Lender	 
	 	 
	By:	 	 
	 	Title:	 
	 	 
	BMO HARRIS BANK N.A., as an Issuing Bank	 
	 	 
	By:	 	 
	 	Title:	 
	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as an Issuing Bank	 
	 	 
	By:	 	 
	 	Title:	 
	 	 
	[Consented to:]7
    	 
	 	 
	ESCO TECHNOLOGIES INC.	 
	 	 
	By:	 	 
	 	Title:	 

 

 

7 To be added
only if the consent of the Company is required by the terms of the Credit Agreement.

 

    	 	4	 

     

    

 

ANNEX I

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.        Representations
and Warranties.

 

1.1      Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim 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 the
Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance
or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document.

 

1.2.     Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required
to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date,
it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies
of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance
on the Administrative Agent or any other Lender, and (v) 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, duly completed and executed
by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the
Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Documents, 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, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3.        General
Provisions. This 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. Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee and the
Assignor by Electronic Signature or delivery of an executed counterpart of a signature page of this Assignment and Assumption by
any Approved Electronic Platform 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 B

 

[Reserved]

 

     

     

    

 

EXHIBIT C

 

FORM OF INCREASING LENDER SUPPLEMENT

 

INCREASING LENDER SUPPLEMENT,
dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Credit Agreement,
dated as of September 27, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among ESCO Technologies Inc. (the “Company”), the Foreign Subsidiary Borrowers from time
to time party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the
“Administrative Agent”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to
Section 2.20 of the Credit Agreement, the Company has the right, subject to the terms and conditions thereof, to effectuate
from time to time an increase in the Aggregate Commitment and/or one or more tranches of Incremental Term Loans under the Credit
Agreement by requesting one or more Lenders to increase the amount of its Commitment and/or to participate in such a tranche;

 

WHEREAS, the Company
has given notice to the Administrative Agent of its intention to [increase
the Aggregate Commitment] [and]
[enter into a tranche of Incremental Term Loans] pursuant
to such Section 2.20; and

 

WHEREAS, pursuant to
Section 2.20 of the Credit Agreement, the undersigned Increasing Lender now desires to [increase
the amount of its Commitment] [and] [participate
in a tranche of Incremental Term Loans] under
the Credit Agreement by executing and delivering to the Company and the Administrative Agent this Supplement;

 

NOW, THEREFORE, each
of the parties hereto hereby agrees as follows:

 

1.        The
undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement
it shall [have its Commitment increased by $[__________],
thereby making the aggregate amount of its total Commitments equal to $[__________]] [and] [participate
in a tranche of Incremental Term Loans with a commitment amount equal to $[__________] with
respect thereto].

 

2.        The
Company hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date
hereof.

 

3.        Terms
defined in the Credit Agreement shall have their defined meanings when used herein.

 

4.        This
Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

5.        This
Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

     

     

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above
written.

 

	 	[INSERT NAME OF INCREASING LENDER]
	 	 	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

Accepted and agreed
to as of the date first written above:

 

ESCO TECHNOLOGIES INC.  

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Acknowledged as of
the date first written above:

 

JPMORGAN CHASE BANK, N.A.  

as Administrative Agent

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	2	 

     

    

 

EXHIBIT D

 

FORM OF AUGMENTING LENDER SUPPLEMENT

 

AUGMENTING LENDER SUPPLEMENT,
dated __________, 20___ (this “Supplement”), to the Credit Agreement, dated as of September 27, 2019 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among ESCO Technologies
Inc. (the “Company”), the Foreign Subsidiary Borrowers from time to time party thereto, the Lenders party thereto
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H

 

WHEREAS, the Credit
Agreement provides in Section 2.20 thereof that any bank, financial institution or other entity may [extend
Commitments] [and] [participate
in tranches of Incremental Term Loans] under
the Credit Agreement subject to the approval of the Company and the Administrative Agent, by executing and delivering to the Company
and the Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and

 

WHEREAS, the undersigned
Augmenting Lender was not an original party to the Credit Agreement but now desires to become a party thereto;

 

NOW, THEREFORE, each
of the parties hereto hereby agrees as follows:

 

1.        The
undersigned Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date
of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto,
with a [Commitment with respect to Revolving
Loans of $[__________]] [and] [a
commitment with respect to Incremental Term Loans of $[__________]].

 

2.        The undersigned Augmenting
Lender (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms that it
has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will, independently and without
reliance upon the Administrative 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 decisions in taking or not taking action under the Credit Agreement or any other instrument
or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action
as agent on its behalf and to exercise such powers and discretion under the Credit Agreement or any other instrument or document
furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers
as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform
in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it
as a Lender.

 

3.        The undersigned’s
address for notices for the purposes of the Credit Agreement is as follows:

 

[___________]

 

     

     

    

 

4.        The Company hereby
represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof.

 

5.        The Augmenting Lender
confirms, for the benefit of the Administrative Agent and without liability to any Borrower, that it is:

 

(a)       [a
Qualifying Credit Party (other than a Credit Party);]

 

(b)       [a
Treaty Credit Party;]

 

(c)       [not
a Qualifying Credit Party]. 8

 

6.        [The
Augmenting Lender confirms that the person beneficially entitled to interest payable to that Credit Party in respect of an advance
under a Loan, Letter of Credit or Commitment is either:

 

(a)       a
company resident in the United Kingdom for United Kingdom tax purposes; or

 

(b)       a
partnership each member of which is:

 

  (i)        a
company so resident in the United Kingdom; or

 

  (ii)       a
company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
and which brings into account in computing its chargeable profits (within the meaning of section 19 of the Corporation Tax
Act 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the
Corporation Tax Act 2009; or

 

(c)       a
company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
and which brings into account interest payable in respect of that advance in computing its chargeable profits (within the meaning
of section 19 of the Corporation Tax Act 2009).]9

 

7.        [The
Augmenting Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [   ])
and is tax resident in [   ]10
, so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax, and
requests that the Company notify:

 

(d)       each
Borrower which is a party as a Borrower as at the date of the assignment; and

 

 

8 Delete as applicable - each Augmenting Lender
is required to confirm which of these three categories it falls within.

9 Include only if Augmenting Lender falls within
paragraph (b) of the definition of Qualifying Credit Party in the Agreement.

10 Insert
jurisdiction of tax residence.

 

    	 	2	 

     

    

 

(e)      each
additional Borrower which becomes a Borrower after the date of the assignment, that it wishes that scheme to apply to the Agreement.]11

 

8.       Terms
defined in the Credit Agreement shall have their defined meanings when used herein.

 

9.        This Supplement shall
be governed by, and construed in accordance with, the laws of the State of New York.

 

10.      This Supplement may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

[remainder
of this page intentionally left blank]

 

 

11 Include if Augmenting Lender holds a passport
under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Agreement.

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above
written.

 

		[INSERT NAME OF AUGMENTING LENDER]
	 	 	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

Accepted and agreed to as of the date first written above:

 

ESCO TECHNOLOGIES INC. 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Acknowledged as of
the date first written above:

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	4	 

     

    

 

 

EXHIBIT E

 

LIST OF CLOSING DOCUMENTS

 

ESCO TECHNOLOGIES INC.

CERTAIN FOREIGN SUBSIDIARY BORROWERS

 

CREDIT FACILITIES

 

September 27, 2019

 

LIST OF CLOSING DOCUMENTS1

 

A.       LOAN
DOCUMENTS

 

		1.	Credit Agreement (the “Credit Agreement”) by and among ESCO Technologies Inc.,
a Missouri corporation (the “Company”), the Foreign Subsidiary Borrowers from time to time parties thereto (collectively
with the Company, the “Borrowers”), the institutions from time to time parties thereto as Lenders (the “Lenders”)
and JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent for itself and the other Lenders (the “Administrative
Agent”), evidencing a revolving credit facility to the Borrowers from the Lenders in an initial aggregate principal amount
of $500,000,000.

 

SCHEDULES

 

	Schedule 2.01A	--	Commitments
	Schedule 2.01B	--	Letter of Credit Commitments
	Schedule 2.06	--	Existing Letters of Credit
	Schedule 3.01	--	Subsidiaries
	Schedule 6.01	--	Existing Indebtedness
	Schedule 6.02	--	Existing Liens
	Schedule 6.04	--	Existing Investments in Subsidiaries 

 

EXHIBITS

 

	Exhibit A	--	Form of Assignment and Assumption
	Exhibit B	--	[Reserved]
	Exhibit C	--	Form of Increasing Lender Supplement
	Exhibit D	--	Form of Augmenting Lender Supplement
	Exhibit E	--	List of Closing Documents
	Exhibit F-1	--	Form of Borrowing Subsidiary Agreement
	Exhibit F-2	--	Form of Borrowing Subsidiary Termination
	Exhibit G	--	Form of Subsidiary Guaranty
	Exhibit H-1	--	Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)

 

 

 

1 Each capitalized term used herein and not defined herein shall have the meaning
assigned to such term in the above-defined Credit Agreement. Items appearing in bold and italics shall be prepared
and/or provided by the Company and/or Company’s counsel.

 

     

     

    

 

	Exhibit H-2	--	Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
	Exhibit H-3	--	Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
	Exhibit H-4	--	Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)
	Exhibit I-1	--	Form of Borrowing Request
	Exhibit I-2	--	Form of Interest Election Request

 

			

		2.	Notes executed by the initial Borrowers in favor of each of the Lenders, if any, which has requested
a note pursuant to Section 2.10(e) of the Credit Agreement.

 

		3.	Guaranty executed by the initial Subsidiary Guarantors (collectively with the Borrowers, the “Loan
Parties”) in favor of the Administrative Agent.

 

B.       CORPORATE
DOCUMENTS

 

		4.	Certificate of the Secretary or an Assistant Secretary or a director (in respect of any UK
Borrower) of each Loan Party certifying (i) that there have been no changes in the Certificate of Incorporation or other charter
document of such Loan Party, as attached thereto and as certified as of a recent date by the Secretary of State (or analogous governmental
entity) of the jurisdiction of its organization, since the date of the certification thereof by such governmental entity, (ii) the
By-Laws or other applicable organizational or constitutional document, as attached thereto, of such Loan Party as in effect on
the date of such certification, (iii) resolutions of the Board of Directors or other governing body of such Loan Party approving
the terms of, and the transactions contemplated by, and authorizing the execution, delivery and performance of, each Loan Document
to which it is a party, (iv) to the extent customary in the relevant jurisdiction, a resolution signed by the holders of all of
the issued shares of the relevant Loan Party, approving the terms of, and the transactions contemplated by, the Loan Documents
to which the relevant Loan Party is a party and resolving that the relevant Loan Party execute the Loan Documents to which it is
a party, and (v) the names and true signatures of the incumbent officers of each Loan Party authorized to sign the Loan Documents
to which it is a party, and (in the case of each Borrower) authorized to request a Borrowing or the issuance of a Letter of Credit
under the Credit Agreement.

 

		5.	Good Standing Certificate (or analogous documentation if applicable) for each Loan Party
from the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, to the extent generally
available in such jurisdiction.

 

C.       OPINIONS

 

		6.	Opinion of Bryan Cave Leighton Paisner LLP, special counsel for the Loan Parties.

 

		7.	Opinion of Alyson S. Barclay, Senior Vice President and General Counsel for the Loan Parties.

 

		8.	Opinion of Bryan Cave Leighton Paisner LLP, special English counsel for the UK Borrowers.

 

D.       CLOSING
CERTIFICATE AND MISCELLANEOUS

 

		9.	Certificate signed by the President, a Vice President or a Financial Officer of the Company
certifying the following: (i) all of the representations and warranties of the Company set forth in the Credit Agreement are
true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material Adverse
Effect shall be true and correct in all respects), (ii) no Default or Event of Default has occurred and is then continuing
and (iii) compliance with the Leverage Ratio as of the end of the fiscal quarter ending June 30, 2019 (after giving effect to all
obligations anticipated to be incurred on the Effective Date).

 

    	 	2	 

     

    

 

		10.	Consent Letter.

 

		11.	Payoff documentation providing evidence satisfactory to the Administrative Agent that the Existing
Credit Agreement has been terminated and cancelled (along with all of the agreements, documents and instruments delivered in connection
therewith) and all Indebtedness owing thereunder has been repaid and any and all liens thereunder have been terminated.

 

    	 	3	 

     

    

 

EXHIBIT F-1

 

[FORM
OF]

 

BORROWING SUBSIDIARY AGREEMENT

 

BORROWING SUBSIDIARY
AGREEMENT dated as of [_____],
among ESCO Technologies Inc., a Missouri corporation (the “Company”), [Name
of Foreign Subsidiary Borrower], a [__________]
(the “New Borrowing Subsidiary”), and JPMorgan Chase Bank, N.A. as Administrative Agent (the “Administrative
Agent”).

 

Reference is hereby made
to the Credit Agreement dated as of September 27, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among the Company, the Foreign Subsidiary Borrowers from time to time party thereto, the Lenders from time
to time party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent. Capitalized terms used herein but not otherwise defined
herein shall have the meanings assigned to such terms in the Credit Agreement. Under the Credit Agreement, the Lenders have agreed,
upon the terms and subject to the conditions therein set forth, to make Loans to certain Foreign Subsidiary Borrowers (collectively
with the Company, the “Borrowers”), and the Company and the New Borrowing Subsidiary desire that the New Borrowing
Subsidiary become a Foreign Subsidiary Borrower. In addition, the New Borrowing Subsidiary hereby authorizes the Company to act
on its behalf as and to the extent provided for in Article II of the Credit Agreement. [Notwithstanding
the preceding sentence, the New Borrowing Subsidiary hereby designates the following officers as being authorized to request Borrowings
under the Credit Agreement on behalf of the New Subsidiary Borrower and sign this Borrowing Subsidiary Agreement and the other
Loan Documents to which the New Borrowing Subsidiary is, or may from time to time become, a party: [______________].]

 

Each of the Company and
the New Borrowing Subsidiary represents and warrants that the representations and warranties of the Company in the Credit Agreement
relating to the New Borrowing Subsidiary and this Agreement are true and correct in all material respects (provided that any representation
or warranty qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the date
hereof, other than representations given as of a particular date, in which case they shall be true and correct in all material
respects (provided that any representation or warranty qualified by materiality or Material Adverse Effect shall be true and correct
in all respects) as of that date. [The Company
and the New Borrowing Subsidiary further represent and warrant that the execution, delivery and performance by the New Borrowing
Subsidiary of the transactions contemplated under this Agreement and the use of any of the proceeds raised in connection with this
Agreement will not contravene or conflict with, or otherwise constitute unlawful financial assistance under, Sections 677
to 683 (inclusive) of the United Kingdom Companies Act 2006 of England and Wales (as amended).]1
[INSERT OTHER PROVISIONS REASONABLY REQUESTED
AND MUTUALLY AGREED UPON BY ADMINISTRATIVE AGENT, COMPANY AND/OR THEIR RESPECTIVE COUNSELS]
The Company agrees that the Guarantee of the Company contained in the Credit Agreement will apply to the Obligations of the New
Borrowing Subsidiary. Upon execution of this Agreement by each of the Company, the New Borrowing Subsidiary and the Administrative
Agent, the New Borrowing Subsidiary shall be a party to the Credit Agreement and shall constitute a “Foreign Subsidiary Borrower”
for all purposes thereof, and the New Borrowing Subsidiary hereby agrees to be bound by all provisions of the Credit Agreement.

 

 

1 To be included
only if a New Borrowing Subsidiary will be a Borrower organized or incorporated under the laws of England and Wales.

 

     

     

    

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of New York.

 

[Signature
Page Follows]

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their authorized officers as of the date first appearing above.

 

	 	ESCO TECHNOLOGIES INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	[NAME OF NEW BORROWING SUBSIDIARY]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	3	 

     

    

 

EXHIBIT F-2

 

[FORM
OF]

 

BORROWING SUBSIDIARY TERMINATION

 

JPMorgan Chase Bank, N.A.

as Administrative Agent

for the Lenders referred to below

10 South Dearborn

Chicago, Illinois 60603

Attention: [__________]

 

[Date]

 

Ladies and Gentlemen:

 

The undersigned, ESCO
Technologies Inc. (the “Company”), refers to the Credit Agreement dated as of September 27, 2019 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company, the Foreign
Subsidiary Borrowers from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms
used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

Effective as of ______,
20__, the Company hereby terminates the status of [______________]
(the “Terminated Borrowing Subsidiary”) as a Foreign Subsidiary Borrower under the Credit Agreement.
[The Company represents and warrants that no
Loans made to the Terminated Borrowing Subsidiary are outstanding as of the date hereof and that all amounts payable by the Terminated
Borrowing Subsidiary in respect of interest and/or fees (and, to the extent notified by the Administrative Agent or any Lender,
any other amounts payable under the Credit Agreement) pursuant to the Credit Agreement have been paid in full on or prior to the
date hereof.] [The Company acknowledges
that the Terminated Borrowing Subsidiary shall continue to be a Borrower until such time as all Loans made to the Terminated Borrowing
Subsidiary shall have been prepaid and all amounts payable by the Terminated Borrowing Subsidiary in respect of interest and/or
fees (and, to the extent notified by the Administrative Agent or any Lender, any other amounts payable under the Credit Agreement)
pursuant to the Credit Agreement shall have been paid in full, provided that the Terminated Borrowing Subsidiary shall
not have the right to make further Borrowings under the Credit Agreement.]

 

[Signature
Page Follows]

 

     

     

    

 

This instrument shall
be construed in accordance with and governed by the laws of the State of New York.

 

	 	Very truly yours,
	 	 
	 	 
	 	ESCO TECHNOLOGIES INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Copy to:	JPMorgan Chase Bank, N.A.
	 	270 Park Avenue
	 	New York, New York 10017

 

    	 	2	 

     

    

 

 

EXHIBIT G

 

[FORM
OF]

 

SUBSIDIARY GUARANTY

 

GUARANTY

 

THIS GUARANTY (as the
same may be amended, restated, supplemented or otherwise modified from time to time, this “Guaranty”) is made
as of September 27, 2019, by and among each of the Subsidiaries of ESCO Technologies Inc., a Missouri corporation (the “Company”)
listed on the signature pages hereto each an “Initial Guarantor”) and those additional Subsidiaries of the Company
which become parties to this Guaranty by executing a supplement hereto (a “Guaranty Supplement”) in the form
attached hereto as Annex I (such additional Subsidiaries, together with the Initial Guarantors, the “Guarantors”)
in favor of JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), for the benefit
of the Secured Parties under the Credit Agreement described below. Unless otherwise defined herein, capitalized terms used herein
and not defined herein shall have the meanings ascribed to such terms in the Credit Agreement.

 

WITNESSETH

 

WHEREAS, the Company,
the Foreign Subsidiary Borrowers parties thereto (the “Foreign Subsidiary Borrowers” and, together with the
Company, the “Borrowers”), the institutions from time to time parties thereto as lenders (the “Lenders”),
and the Administrative Agent have entered into that certain Credit Agreement of even date herewith (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which Credit Agreement
provides, subject to the terms and conditions thereof, for extensions of credit and other financial accommodations to be made by
the Lenders to or for the benefit of the Borrowers;

 

WHEREAS, it is a condition
precedent to the extensions of credit by the Lenders under the Credit Agreement that each of the Guarantors (constituting all of
the Subsidiaries of the Company required to execute this Guaranty pursuant to Section 5.09 of the Credit Agreement) execute
and deliver this Guaranty, whereby each of the Guarantors, without limitation and with full recourse, shall guarantee the payment
when due of all Secured Obligations, including, without limitation, all principal, interest, letter of credit reimbursement obligations
and other amounts that shall be at any time payable by the Borrowers under the Credit Agreement or the other Loan Documents; and

 

WHEREAS, in consideration
of the direct and indirect financial and other support and benefits that the Borrowers have provided, and such direct and indirect
financial and other support and benefits as the Borrowers may in the future provide, to the Guarantors, and in consideration of
the increased ability of each Guarantor that is a Subsidiary of the Company to receive funds through contributions to capital,
and for each Guarantor to receive funds through intercompany advances or otherwise, from funds provided to the Borrowers pursuant
to the Credit Agreement and the flexibility provided by the Credit Agreement for each Guarantor to do so which significantly facilitates
the business operations of the Borrowers and each Guarantor and in order to induce the Lenders and the Administrative Agent to
enter into the Credit Agreement, and to make the Loans and the other financial accommodations to the Borrowers and to issue the
Letters of Credit described in the Credit Agreement, each of the Guarantors is willing to guarantee the Secured Obligations under
the Credit Agreement and the other Loan Documents;

 

    

     

    

 

NOW, THEREFORE, in consideration
of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

Section
1.         
Representations, Warranties and Covenants. Each of the Guarantors represents and warrants to each Lender
and the Administrative Agent as of the date of this Guaranty, giving effect to the consummation of the transactions contemplated
by the Loan Documents on the Effective Date, and thereafter on each date as required by Section 4.02 of the Credit Agreement that:

 

(a)               
It (i) is a corporation, partnership or limited liability company duly incorporated or organized, as the case may be, validly
existing and in good standing under the laws of its jurisdiction of incorporation or organization, (ii) except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is duly qualified
to do business as a foreign entity and is in good standing (to the extent such concept is applicable) under the laws of each jurisdiction
where the business conducted by it makes such qualification necessary, and (iii) has all requisite corporate, partnership or limited
liability company power and authority, as the case may be, to own, operate and encumber its property and to conduct its business
in each jurisdiction in which its business is conducted or proposed to be conducted, except to the extent that the failure to have
such authority could not reasonably be expected to result in a Material Adverse Effect.

 

(b)               
It has the requisite corporate, limited liability company or partnership, as applicable, power and authority and legal right
to execute and deliver this Guaranty and to perform its obligations hereunder. The execution and delivery by it of this Guaranty
and the performance of its obligations hereunder have been duly authorized by proper corporate, limited liability company or partnership
proceedings, including any required shareholder, member or partner approval, and this Guaranty constitutes a legal, valid and binding
obligation of such Guarantor, enforceable against such Guarantor, in accordance with its terms, except as enforceability may be
limited by (i) bankruptcy, insolvency, fraudulent conveyances, reorganization or similar laws relating to or affecting the enforcement
of creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law),
and (iii) requirements of reasonableness, good faith and fair dealing.

 

(c)               
Neither the execution and delivery by it of this Guaranty, nor the consummation by it of the transactions herein contemplated,
nor compliance by it with the terms and provisions hereof, will (a) require any material consent or approval of, registration
or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force
and effect, (b) will violate any applicable law or regulation or the charter, by-laws or other organizational or constitutional
documents of such Guarantor or any order of any Governmental Authority, (c) will violate or result in a default under any
indenture, material agreement or other material instrument binding upon such Guarantor or its assets, or give rise to a right thereunder
to require any payment to be made by such Guarantor, and (d) will result in the creation or imposition of any Lien on any
asset of such Guarantor, other than Liens created under the Loan Documents.

 

(d)               
It has no Indebtedness other than Indebtedness permitted under Section 6.01 of the Credit Agreement.

 

In addition to the
foregoing, each of the Guarantors covenants that, so long as any Lender has any Commitment or Letter of Credit outstanding under
the Credit Agreement or any amount payable under the Credit Agreement or any other Secured Obligations shall remain unpaid, it
will, and, if necessary, will cause each applicable Borrower to, fully comply with those covenants and agreements of such Borrower
applicable to such Guarantor set forth in the Credit Agreement.

 

    4

     

    

 

Section
2.         The
Guaranty. Each of the Guarantors hereby irrevocably and unconditionally guarantees, jointly and severally with the other Guarantors,
the full and punctual payment and performance when due (whether at stated maturity, upon acceleration or otherwise) of the Secured
Obligations, including, without limitation, (i) the principal of and interest on each Loan made to any Borrower pursuant to the
Credit Agreement, (ii) obligations owing under or in connection with Letters of Credit, (iii) all other amounts payable by any
Borrower under the Credit Agreement and the other Loan Documents, and including, without limitation, all Swap Obligations and
Banking Services Obligations, and (iv) the punctual and faithful performance, keeping, observance, and fulfillment by any Borrower
of all of the agreements, conditions, covenants, and obligations of such Borrower contained in the Loan Documents (all of the
foregoing being referred to collectively as the “Guaranteed Obligations” (provided, however, that the definition of
“Guaranteed Obligations” shall not create any guarantee by any Guarantor of (or grant of security interest by any
Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations
of any Guarantor)). Upon the failure by any Borrower, or any of its Affiliates, as applicable, to pay punctually any such amount
or perform such obligation, subject to any applicable grace or notice and cure period, each of the Guarantors agrees that it shall
forthwith on demand pay such amount or perform such obligation at the place and in the manner specified in the Credit Agreement
or the relevant other Loan Document, as the case may be. Each of the Guarantors hereby agrees that this Guaranty is an absolute,
irrevocable and unconditional guaranty of payment and is not a guaranty of collection.

 

Section
3.         
Guaranty Unconditional. The obligations of each of the Guarantors hereunder shall be unconditional and absolute
and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by:

 

(i)              
any extension, renewal, settlement, indulgence, compromise, waiver or release of or with respect to the Guaranteed Obligations
or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Guaranteed
Obligations, whether (in any such case) by operation of law or otherwise, or any failure or omission to enforce any right, power
or remedy with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or with respect to
any obligation of any other guarantor of any of the Guaranteed Obligations;

 

(ii)              
any modification or amendment of or supplement to the Credit Agreement, any Swap Agreement, any Banking Services Agreement
or any other Loan Document, including, without limitation, any such amendment which may increase the amount of, or the interest
rates applicable to, any of the Guaranteed Obligations;

 

(iii)            
any release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of
any collateral securing the Guaranteed Obligations or any part thereof, any other guaranties with respect to the Guaranteed Obligations
or any part thereof, or any other obligation of any person or entity with respect to the Guaranteed Obligations or any part thereof,
or any nonperfection or invalidity of any direct or indirect security for the Guaranteed Obligations;

 

(iv)             
any change in the corporate, partnership, limited liability company or other existence, structure or ownership of any Borrower
or any other guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding
affecting such Borrower or any other guarantor of the Guaranteed Obligations, or any of their respective assets or any resulting
release or discharge of any obligation of such Borrower or any other guarantor of any of the Guaranteed Obligations;

 

    5

     

    

 

(v)             
the existence of any claim, setoff or other rights which the Guarantors may have at any time against any Borrower, any other
guarantor of any of the Guaranteed Obligations, the Administrative Agent, any Secured Party or any other Person, whether in connection
herewith or in connection with any unrelated transactions, provided that nothing herein shall prevent the assertion of any
such claim by separate suit or compulsory counterclaim;

 

(vi)             
the enforceability or validity of the Guaranteed Obligations or any part thereof or the genuineness, enforceability or validity
of any agreement relating thereto or with respect to any collateral securing the Guaranteed Obligations or any part thereof, or
any other invalidity or unenforceability relating to or against any Borrower or any other guarantor of any of the Guaranteed Obligations,
for any reason related to the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document,
or any provision of applicable law, decree, order or regulation purporting to prohibit the payment by such Borrower or any other
guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations or otherwise affecting any term of any of the Guaranteed
Obligations;

 

(vii)           
the failure of the Administrative Agent to take any steps to perfect and maintain any security interest in, or to preserve
any rights to, any security or collateral for the Guaranteed Obligations, if any;

 

(viii)          
the election by, or on behalf of, any one or more of the Secured Parties, in any proceeding instituted under Chapter 11
of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (or any successor statute, the “Bankruptcy Code”),
of the application of Section 1111(b)(2) of the Bankruptcy Code or any other applicable federal, state, provincial, municipal,
local or foreign law relating to such matters;

 

(ix)             
any borrowing or grant of a security interest by any Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy
Code or any other applicable federal, state, provincial, municipal, local or foreign law relating to such matters;

 

(x)              
the disallowance, under Section 502 of the Bankruptcy Code or any other applicable federal, state, provincial, municipal,
local or foreign law relating to such matters, of all or any portion of the claims of the Secured Parties or the Administrative
Agent for repayment of all or any part of the Guaranteed Obligations;

 

(xi)             
the failure of any other guarantor to sign or become party to this Guaranty or any amendment, change, or reaffirmation hereof;
or

 

(xii)           
any other act or omission to act or delay of any kind by any Borrower, any other guarantor of the Guaranteed Obligations,
the Administrative Agent, any Secured Party or any other Person or any other circumstance whatsoever which might, but for the provisions
of this Section 3, constitute a legal or equitable discharge of any Guarantor’s obligations hereunder or otherwise
reduce, release, prejudice or extinguish its liability under this Guaranty.

 

Section
4.         
Continuing Guarantee; Discharge Only Upon Payment In Full; Reinstatement In Certain Circumstances. Each of
the Guarantors’ obligations hereunder shall constitute a continuing and irrevocable guarantee of all Guaranteed Obligations
now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations shall have been paid in full
in cash (other than Unliquidated Obligations that have not yet arisen) and the Commitments and all Letters of Credit issued under
the Credit Agreement shall have terminated or expired or, in the case of all Letters of Credit, are fully collateralized on terms
reasonably acceptable to the Administrative Agent, at which time, subject to all the foregoing conditions, the guarantees made
hereunder shall automatically terminate. If at any time any payment of the principal of or interest on any Loan, Secured Obligation
or any other amount payable by any Borrower or any other party under the Credit Agreement, any Swap Agreement, any Banking Services
Agreement or any other Loan Document (including a payment effected through exercise of a right of setoff) is rescinded, or is or
must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of any Borrower or otherwise (including
pursuant to any settlement entered into by a Secured Party in its discretion), each of the Guarantors’ obligations hereunder
with respect to such payment shall be reinstated as though such payment had been due but not made at such time. The parties hereto
acknowledge and agree that each of the Guaranteed Obligations shall be due and payable in the same currency as such Guaranteed
Obligation is denominated, but if currency control or exchange regulations are imposed in the country which issues such currency
with the result that such currency (the “Original Currency”) no longer exists or the relevant Guarantor is not able
to make payment in such Original Currency, then all payments to be made by such Guarantor hereunder in such currency shall instead
be made when due in Dollars in an amount equal to the Dollar Amount (as of the date of payment) of such payment due, it being the
intention of the parties hereto that each Guarantor takes all risks of the imposition of any such currency control or exchange
regulations.

 

    6

     

    

 

Section
5.         
General Waivers; Additional Waivers. 

 

(a)               
General Waivers. Each of the Guarantors irrevocably waives acceptance hereof, presentment, demand or action on delinquency,
protest, the benefit of any statutes of limitations and, to the fullest extent permitted by law, any notice not provided for herein
or under the other Loan Documents, as well as any requirement that at any time any action be taken by any Person against any Borrower,
any other guarantor of the Guaranteed Obligations, or any other Person.

 

(b)               
Additional Waivers. Notwithstanding anything herein to the contrary, each of the Guarantors hereby absolutely, unconditionally,
knowingly, and expressly waives, to the fullest extent permitted by law:

 

(i)                
any right it may have to revoke this Guaranty as to future indebtedness or notice of acceptance hereof;

 

(ii)              
(1) notice of acceptance hereof; (2) notice of any Loans, Letters of Credit or other financial accommodations made or extended
under the Loan Documents or the creation or existence of any Guaranteed Obligations; (3) notice of the amount of the Guaranteed
Obligations, subject, however, to each Guarantor’s right to make inquiry of the Administrative Agent and the Secured Parties
to ascertain the amount of the Guaranteed Obligations at any reasonable time; (4) notice of any adverse change in the financial
condition of any Borrower or of any other fact that might increase such Guarantor’s risk hereunder; (5) notice of presentment
for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents; (6) notice of any Default
or Event of Default; and (7) all other notices (except if such notice is specifically required to be given to such Guarantor
hereunder or under the Loan Documents) and demands to which each Guarantor might otherwise be entitled;

 

(iii)            
its right, if any, to require the Administrative Agent and the other Secured Parties to institute suit against, or to exhaust
any rights and remedies which the Administrative Agent and the other Secured Parties has or may have against, the other Guarantors
or any third party, or against any Collateral provided by the other Guarantors, or any third party; and each Guarantor further
waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations
shall have been fully and finally performed and indefeasibly paid in full in cash) of the other Guarantors or by reason of the
cessation from any cause whatsoever of the liability of the other Guarantors in respect thereof;

 

    7

     

    

 

(iv)             
(a) any rights to assert against the Administrative Agent and the other Secured Parties any defense (legal or equitable),
set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against the other Guarantors or any
other party liable to the Administrative Agent and the other Secured Parties; (b) any defense, set-off, counterclaim, or claim,
of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or
enforceability of the Guaranteed Obligations or any security therefor; (c) any defense such Guarantor has to performance hereunder,
and any right such Guarantor has to be exonerated, arising by reason of: (1) the impairment or suspension of the Administrative
Agent’s and the other Secured Parties’ rights or remedies against the other guarantor of the Guaranteed Obligations;
(2) the alteration by the Administrative Agent and the other Secured Parties of the Guaranteed Obligations; (3) any discharge of
the other Guarantors’ obligations to the Administrative Agent and the other Secured Parties by operation of law as a result
of the Administrative Agent’s and the other Secured Parties’ intervention or omission; or (4) the acceptance by the
Administrative Agent and the other Secured Parties of anything in partial satisfaction of the Guaranteed Obligations; and (d) the
benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any
act which shall defer or delay the operation of any statute of limitations applicable to the Guaranteed Obligations shall similarly
operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder;
and

 

(v)               
any defense arising by reason of or deriving from (a) any claim or defense based upon an election of remedies by the Administrative
Agent and the Secured Parties; or (b) any election by the Administrative Agent and the other Secured Parties under the Bankruptcy
Code, to limit the amount of, or any collateral securing, its claim against the Guarantors.

 

Section
6.         
Subordination of Subrogation; Subordination of Intercompany Indebtedness.

 

(a)               
Subordination of Subrogation. Until the Guaranteed Obligations have been fully and finally performed and indefeasibly
paid in full in cash (other than Unliquidated Obligations), the Guarantors (i) shall have no right of subrogation with respect
to such Guaranteed Obligations and (ii) waive any right to enforce any remedy which the Issuing Bank, any of the Secured Parties
or the Administrative Agent now have or may hereafter have against any Borrower, any endorser or any guarantor of all or any part
of the Guaranteed Obligations or any other Person, and until such time the Guarantors waive any benefit of, and any right to participate
in, any security or collateral given to the Secured Parties, the Issuing Bank and the Administrative Agent to secure the payment
or performance of all or any part of the Guaranteed Obligations or any other liability of any Borrower to the Secured Parties,
the Issuing Bank or the Administrative Agent. Should any Guarantor have the right, notwithstanding the foregoing, to exercise its
subrogation rights, each Guarantor hereby expressly and irrevocably (A) subordinates any and all rights at law or in equity to
subrogation, reimbursement, exoneration, contribution, indemnification or set off that such Guarantor may have to the payment in
full in cash of the Guaranteed Obligations until the Guaranteed Obligations are indefeasibly paid in full in cash (other than Unliquidated
Obligations) and (B) waives any and all defenses available to a surety, guarantor or accommodation co-obligor until the Guaranteed
Obligations are indefeasibly paid in full in cash (other than Unliquidated Obligations that have not yet arisen). Each Guarantor
acknowledges and agrees that this subordination is intended to benefit the Administrative Agent and the Secured Parties and shall
not limit or otherwise affect such Guarantor’s liability hereunder or the enforceability of this Guaranty, and that the Administrative
Agent, the Secured Parties and their respective successors and assigns are intended third party beneficiaries of the waivers and
agreements set forth in this Section 6(a).

 

    8

     

    

 

(b)               
Subordination of Intercompany Indebtedness. Each Guarantor agrees that any and all claims of such Guarantor against
any Borrower or any other Guarantor hereunder (each an “Obligor”) with respect to any “Intercompany Indebtedness”
(as hereinafter defined), any endorser, obligor or any other guarantor of all or any part of the Guaranteed Obligations, or against
any of its properties shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Guaranteed
Obligations; provided that, as long as no Event of Default has occurred and is continuing, such Guarantor may receive payments
of principal and interest from any Obligor with respect to Intercompany Indebtedness. Notwithstanding any right of any Guarantor
to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such Guarantor,
whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the
rights of the Secured Parties and the Administrative Agent in those assets. No Guarantor shall have any right to possession of
any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Guaranteed
Obligations shall have been fully paid and satisfied (in cash) and all financing arrangements pursuant to any Loan Document, any
Swap Agreement or any Banking Services Agreement have been terminated. If all or any part of the assets of any Obligor, or the
proceeds thereof, are subject to any distribution, division or application to the creditors of such Obligor, whether partial or
complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for
the benefit of creditors or any other action or proceeding, or if the business of any such Obligor is dissolved or if substantially
all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an “Insolvency
Event”), any payment or distribution of any kind or character, either in cash, securities or other property, which shall
be payable or deliverable upon or with respect to any indebtedness of any Obligor to any Guarantor (“Intercompany Indebtedness”)
shall be paid or delivered directly to the Administrative Agent for application on any of the Guaranteed Obligations, due or to
become due, until such Guaranteed Obligations shall have first been fully paid and satisfied (in cash). Should any payment, distribution,
security or instrument or proceeds thereof be received by the applicable Guarantor upon or with respect to the Intercompany Indebtedness
after any Insolvency Event and prior to the satisfaction of all of the Guaranteed Obligations and the termination of all financing
arrangements pursuant to any Loan Document among any Borrower and the Secured Parties, such Guarantor shall receive and hold the
same in trust, as trustee, for the benefit of the Secured Parties and shall forthwith deliver the same to the Administrative Agent,
for the benefit of the Secured Parties, in precisely the form received (except for the endorsement or assignment of such Guarantor
where necessary), for application to any of the Guaranteed Obligations, due or not due, and, until so delivered, the same shall
be held in trust by such Guarantor as the property of the Secured Parties. If any such Guarantor fails to make any such endorsement
or assignment to the Administrative Agent, the Administrative Agent or any of its officers or employees is irrevocably authorized
to make the same. Each Guarantor agrees that until the Guaranteed Obligations (other than the Unliquidated Obligations) have been
paid in full (in cash) and satisfied and all financing arrangements pursuant to any Loan Document among any Borrower and the Secured
Parties have been terminated, no Guarantor will assign or transfer to any Person (other than the Administrative Agent) any claim
any such Guarantor has or may have against any Obligor.

 

Section
7.         
Contribution with Respect to Guaranteed Obligations.

 

(a)               
To the extent that any Guarantor shall make a payment under this Guaranty (a “Guarantor Payment”) which,
taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount
which otherwise would have been paid by or attributable to such Guarantor if each Guarantor had paid the aggregate Guaranteed Obligations
satisfied by such Guarantor Payment in the same proportion as such Guarantor’s “Allocable Amount” (as defined
below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Guarantors
as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full in
cash of the Guarantor Payment and the Guaranteed Obligations (other than Unliquidated Obligations that have not yet arisen), and
all Commitments and Letters of Credit have terminated or expired or, in the case of all Letters of Credit, are fully collateralized
on terms reasonably acceptable to the Administrative Agent, and the Credit Agreement, the Swap Agreements and the Banking Services
Agreements have terminated, such Guarantor shall be entitled to receive contribution and indemnification payments from, and be
reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts
in effect immediately prior to such Guarantor Payment.

 

    9

     

    

 

(b)               
As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the excess of the
fair saleable value of the property of such Guarantor over the total liabilities of such Guarantor (including the maximum amount
reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Guarantor
that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other
Guarantors as of such date in a manner to maximize the amount of such contributions.

 

(c)               
This Section 7 is intended only to define the relative rights of the Guarantors, and nothing set forth in this Section
7 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the
same shall become due and payable in accordance with the terms of this Guaranty.

 

(d)               
The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of
the Guarantor or Guarantors to which such contribution and indemnification is owing.

 

(e)               
The rights of the indemnifying Guarantors against other Guarantors under this Section 7 shall be exercisable upon
the full and indefeasible payment of the Guaranteed Obligations in cash (other than Unliquidated Obligations that have not yet
arisen) and the termination or expiry (or in the case of all Letters of Credit full collateralization), on terms reasonably acceptable
to the Administrative Agent, of the Commitments and all Letters of Credit issued under the Credit Agreement and the termination
of the Credit Agreement, the Swap Agreements and the Banking Services Agreements.

 

Section
8.         
Limitation of Guaranty. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each
Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to
avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent
Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Guarantor’s
obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation,
indemnification or contribution which such Guarantor may have under this Guaranty, any other agreement or applicable law shall
be taken into account.

 

Section
9.        
Stay of Acceleration. If acceleration of the time for payment of any amount payable by any Borrower under
the Credit Agreement, any counterparty to any Swap Agreement, any Banking Services Agreement or any other Loan Document is stayed
upon the insolvency, bankruptcy or reorganization of such Borrower or any of its Affiliates, all such amounts otherwise subject
to acceleration under the terms of the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document
shall nonetheless be payable by each of the Guarantors hereunder forthwith on demand by the Administrative Agent.

 

    10

     

    

 

Section
10.      Notices.
All notices, requests and other communications to any party hereunder shall be given in the manner prescribed in Section 9.01 of
the Credit Agreement with respect to the Administrative Agent at its notice address therein and, with respect to any Guarantor,
in the care of the Company at the address of the Company set forth in the Credit Agreement, or such other address or telecopy number
as such party may hereafter specify for such purpose in accordance with the provisions of Section 9.01 of the Credit Agreement.

 

Section
11.      No
Waivers. No failure or delay by the Administrative Agent or any Secured Party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. The rights and remedies provided in this Guaranty, the Credit Agreement,
any Swap Agreement, any Banking Services Agreement and the other Loan Documents shall be cumulative and not exclusive of any rights
or remedies provided by law.

 

Section
12.      Successors
and Assigns. This Guaranty is for the benefit of the Administrative Agent and the Secured Parties and their respective successors
and permitted assigns, provided, that no Guarantor shall have any right to assign its rights or obligations hereunder without the
consent of the Administrative Agent, and any such assignment in violation of this Section 12 shall be null and void; and in the
event of an assignment of any amounts payable under the Credit Agreement, any Swap Agreement, any Banking Services Agreement or
the other Loan Documents in accordance with the respective terms thereof, the rights hereunder, to the extent applicable to the
indebtedness so assigned, may be transferred with such indebtedness. This Guaranty shall be binding upon each of the Guarantors
and their respective successors and assigns.

 

Section
13.      Changes
in Writing. Other than in connection with the addition of additional Subsidiaries, which become parties hereto by executing
a Guaranty Supplement hereto in the form attached as Annex I, neither this Guaranty nor any provision hereof may be changed, waived,
discharged or terminated orally, but only in writing signed by each of the Guarantors and the Administrative Agent.

 

Section
14.      Governing
Law; Jurisdiction. 

 

(a)               
THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

(b)               
Each Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District
Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out
of or relating to this Guaranty or any other Loan Document, or for recognition or enforcement of any judgment, and each Guarantor
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each Guarantor agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Guaranty or any other Loan Document shall affect any right that the Administrative
Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty or any other
Loan Document against any Guarantor or its properties in the courts of any jurisdiction.

 

(c)               
Each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Guaranty or any other Loan Document in any court referred to in paragraph (b) of this Section. Each Guarantor hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

    11

     

    

 

(d)               
Each party to this Guaranty irrevocably consents to service of process in the manner provided for notices in Section
10 of this Guaranty, and each of the Guarantors hereby appoints the Company as its agent for service of process. Nothing in
this Guaranty or any other Loan Document will affect the right of any party to this Guaranty to serve process in any other manner
permitted by law.

 

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

 

Section
16.      No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In the
event an ambiguity or question of intent or interpretation arises, this Guaranty shall be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Guaranty.

 

Section
17.      Taxes,
Expenses of Enforcement, Etc.

 

(a)               
Taxes.

 

Each payment
by any Guarantor hereunder or under any promissory note or application for a Letter of Credit shall be made without withholding
for any Taxes, unless such withholding is required by any law. If any Guarantor determines, in its sole discretion exercised in
good faith, that it is so required to withhold Taxes, then such Guarantor may so withhold and shall timely pay the full amount
of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes,
then the amount payable by such Guarantor shall be increased as necessary so that, net of such withholding (including such withholding
applicable to additional amounts payable under this Section), the applicable Recipient receives the amount it would have received
had no such withholding been made.

 

(ii)       In
addition, such Guarantor shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law.

 

(iii)       As
soon as practicable after any payment of Indemnified Taxes by any Guarantor to a Governmental Authority, such Guarantor shall deliver
to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative
Agent.

 

    12

     

    

 

(iv)       The
Guarantors shall jointly and severally indemnify each Recipient for any Indemnified Taxes that are paid or payable by such Recipient
in connection with any Loan Document (including amounts payable under this Section 17(a)) and any reasonable out-of-pocket expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. The indemnity under this Section 17(a) shall be paid within ten (10) days after the Recipient
delivers to any Guarantor a certificate stating the amount of any Indemnified Taxes so payable by such Recipient. Such certificate
shall be conclusive of the amount so payable absent manifest error. Such Recipient shall deliver a copy of such certificate to
the Administrative Agent. In the case of any Lender making a claim under this Section 17(a) on behalf of any of its beneficial
owners, an indemnity payment under this Section 17(a) shall be due only to the extent that such Lender is able to establish that,
with respect to the applicable Indemnified Taxes, such beneficial owners supplied to the applicable Persons such properly completed
and executed documentation necessary to claim any applicable exemption from, or reduction of, such Indemnified Taxes.

 

(i)                
(v) By accepting the benefits hereof, each Lender agrees that it will comply with Section 2.17(f) of the Credit Agreement.

 

(b)               
Expenses of Enforcement, Etc. The Guarantors agree to reimburse the Administrative Agent and the other Secured Parties
for any reasonable costs and out-of-pocket expenses (including attorneys’ fees) paid or incurred by the Administrative Agent
or any other Secured Party in connection with the collection and enforcement of amounts due under the Loan Documents, including
without limitation this Guaranty.

 

Section
18.      Setoff.
At any time after all or any part of the Guaranteed Obligations have become due and payable (by acceleration or otherwise), each
Secured Party and the Administrative Agent may, without notice to any Guarantor and regardless of the acceptance of any security
or collateral for the payment hereof, set off and apply toward the payment of all or any part of the Guaranteed Obligations any
and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated at any time held)
and other obligations at any time owing by such Secured Party or the Administrative Agent or any of their Affiliates to or for
the credit or the account of any Guarantor against any of and all the Guaranteed Obligations, irrespective of whether or not such
Secured Party or the Administrative Agent shall have made any demand under this Guaranty and although such obligations may be unmatured.
The rights of each Secured Party or the Administrative Agent under this Section are in addition to other rights and remedies (including
other rights of setoff) which such Secured Party or the Administrative Agent may have.

 

Section
19.      Financial
Information. Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of each of
the Borrowers, the other Guarantors and any and all endorsers and/or other guarantors of all or any part of the Guaranteed Obligations,
and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations, or any part thereof, that diligent
inquiry would reveal, and each Guarantor hereby agrees that none of the Secured Parties or the Administrative Agent shall have
any duty to advise such Guarantor of information known to any of them regarding such condition or any such circumstances. In the
event any Secured Party or the Administrative Agent, in its sole discretion, undertakes at any time or from time to time to provide
any such information to a Guarantor, such Secured Party or the Administrative Agent shall be under no obligation (i) to undertake
any investigation not a part of its regular business routine, (ii) to disclose any information which such Secured Party or the
Administrative Agent, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential
or (iii) to make any other or future disclosures of such information or any other information to such Guarantor.

 

    13

     

    

 

Section
20.      Severability.
Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective
to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions
of this Guaranty.

 

Section
21.      Merger.
This Guaranty represents the final agreement of each of the Guarantors with respect to the matters contained herein and may not
be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements, between each such Guarantor
and any Secured Party or the Administrative Agent.

 

Section
22.      Headings.
Section headings in this Guaranty are for convenience of reference only and shall not govern the interpretation of any provision
of this Guaranty.

 

Section
23.      Judgment
Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from any Guarantor hereunder
in the currency expressed to be payable herein (the “Specified 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 the Administrative Agent could purchase the Specified Currency with such other currency at the Administrative
Agent’s main New York City office on the Business Day preceding that on which final, non-appealable judgment is given. The
obligations of each Guarantor in respect of any sum due hereunder shall, notwithstanding any judgment in a currency other than
the Specified Currency, be discharged only to the extent that on the Business Day following receipt by any Secured Party (including
the Administrative Agent), as the case may be, of any sum adjudged to be so due in such other currency such Secured Party (including
the Administrative Agent), as the case may be, may in accordance with normal, reasonable banking procedures purchase the Specified
Currency with such other currency. If the amount of the Specified Currency so purchased is less than the sum originally due to
such Secured Party (including the Administrative Agent), as the case may be, in the Specified Currency, each Guarantor agrees,
to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify
such Secured Party (including the Administrative Agent), as the case may be, against such loss, and if the amount of the Specified
Currency so purchased exceeds (a) the sum originally due to any Secured Party (including the Administrative Agent), as the case
may be, in the Specified Currency and (b) amounts shared with other Secured Parties as a result of allocations of such excess as
a disproportionate payment to such other Secured Party under Section 2.18 of the Credit Agreement, such Secured Party (including
the Administrative Agent), as the case may be, agrees, by accepting the benefits hereof, to remit such excess to such Guarantor.

 

Section
24.      Termination
of Guarantors. The obligations of any Guarantor under this Guaranty shall automatically terminate in accordance with Section
9.14 of the Credit Agreement.

 

    14

     

    

 

Section
25.      Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty
or Article X of the Credit Agreement, as applicable, in respect of Specified Swap Obligations (provided, however, that each Qualified
ECP Guarantor shall only be liable under this Section 25 for the maximum amount of such liability that can be hereby incurred without
rendering its obligations under this Section 25 or otherwise under this Guaranty voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this
Section 25 shall remain in full force and effect until a discharge of such Qualified ECP Guarantor’s Guaranteed Obligations
in accordance with the terms hereof and the other Loan Documents. Each Qualified ECP Guarantor intends that this Section 25 constitute,
and this Section 25 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each
other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. As used herein, “Qualified ECP
Guarantor” means, in respect of any Specified Swap Obligation, each Guarantor that has total assets exceeding $10,000,000
at the time the relevant Guarantee or grant of the relevant security interest becomes or would become effective with respect to
such Specified Swap Obligation or such other Person as constitutes an ECP and can cause another Person to qualify as an ECP at
such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

Section
26.      Counterparts.
This Guaranty may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Guaranty by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the
actual executed signature page shall be effective as delivery of a manually executed counterpart of this Guaranty. The
words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to any document to be signed in connection with this Guaranty and the transactions contemplated hereby shall be
deemed to include Electronic Signatures, deliveries 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, physical delivery thereof 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.

 

[SIGNATURE PAGES TO FOLLOW]

 

    15

     

    

 

IN WITNESS WHEREOF,
each of the Initial Guarantors has caused this Guaranty to be duly executed by its authorized officer as of the day and year first
above written.

 

	 	[GUARANTORS]

	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    

     

    

 

Acknowledged and Agreed

as of the date first written above:

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    2

     

    

 

ANNEX I TO GUARANTY

 

Reference is hereby made
to the Guaranty (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”)
made as of September 27, 2019, made by each of the Subsidiaries of ESCO Technologies Inc. (the “Company”) listed
on the signature pages thereto (each an “Initial Guarantor”, and together with any additional Subsidiaries which
become parties to the Guaranty by executing Guaranty Supplements thereto substantially similar in form and substance hereto, the
“Guarantors”), in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, under the
Credit Agreement. Each capitalized term used herein and not defined herein shall have the meaning given to it in the Guaranty.

 

By its execution below,
the undersigned [NAME OF NEW GUARANTOR],
a [corporation] [partnership] [limited
liability company] (the “New Guarantor”), agrees
to become, and does hereby become, a Guarantor under the Guaranty and agrees to be bound by such Guaranty as if originally a party
thereto. By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties
contained in Section 1 of the Guaranty are true and correct in all respects as of the date hereof.

 

IN WITNESS WHEREOF, the
New Guarantor has executed and delivered this Annex I counterpart to the Guaranty as of this __________ day of _________,
20___.

 

	 	[NAME
    OF NEW GUARANTOR]
	 	 
	 	By:  	                    
	 	Its:

 

    

     

    

 

EXHIBIT H-1

 

[FORM
OF]

 

U.S.
TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made
to the Credit Agreement dated as of September 27, 2019 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among ESCO Technologies Inc. (the “Company”), the Foreign Subsidiary
Borrowers from time to time party thereto, the Lenders from time to time party thereto (collectively with the Company, the “Borrowers”)
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).

 

Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the Loan(s) (as well as any 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 any Borrower within
the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to any Borrower as
described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS
Form 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 the Borrowers and the Administrative Agent and (2) the undersigned shall
have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

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

 

	[NAME
    OF LENDER]	 
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	Date:
    __________, 20[__]	 

 

    

     

    

 

EXHIBIT H-2

 

[FORM
oF]

 

U.S.
TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made
to the Credit Agreement dated as of September 27, 2019 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among ESCO Technologies Inc. (the “Company”), the Foreign Subsidiary
Borrowers from time to time party thereto, the Lenders from time to time party thereto (collectively with the Company, the “Borrowers”)
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).

 

Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code,
and (iv) it is not a controlled foreign corporation related to any 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 IRS Form 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 H-3

 

[FORM
OF]

 

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made
to the A Credit Agreement dated as of September 27, 2019 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among ESCO Technologies Inc. (the “Company”), the Foreign
Subsidiary Borrowers from time to time party thereto, the Lenders from time to time party thereto (collectively with the Company,
the “Borrowers”) and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative
Agent”).

 

Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect 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 any 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 any 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 IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form 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 H-4

 

[FORM
OF]

 

U.S.
TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made
to the Credit Agreement dated as of September 27, 2019 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among ESCO Technologies Inc. (the “Company”), the Foreign Subsidiary
Borrowers from time to time party thereto, the Lenders from time to time party thereto (collectively with the Company, the “Borrowers”)
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).

 

Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as
well as any 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 any 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 any Borrower as described in Section 881(c)(3)(C) of
the Code.

 

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

 

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

 

[NAME
OF LENDER]

 

	By:	 	 
	Name:	 
	Title:	 

 

Date: __________, 20[__]

 

    

     

    

 

EXHIBIT
I-1

 

FORM
OF BORROWING REQUEST

 

JPMorgan
Chase Bank, N.A.,

as
Administrative Agent

for
the Lenders referred to below

 

[10
South Dearborn

Chicago, Illinois 60603

Attention: [__________]

Facsimile:
[__________]]1

 

With a copy to:

 

[__________]

[__________]

Attention: [__________]

Facsimile:
[__________]

 

Re:
[Company]

[Date]

Ladies
and Gentlemen:

 

Reference is hereby
made to the Credit Agreement dated as of September 27, 2019 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among ESCO Technologies Inc. (the “Company”), the Foreign
Subsidiary Borrowers from time to time party thereto, the Lenders from time to time party thereto (collectively with the Company,
the “Borrowers”) and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative
Agent”). Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Credit Agreement. The [undersigned
Borrower][Company, on behalf of [Foreign
Subsidiary Borrower],]
hereby gives you notice pursuant to Section 2.03 of the Credit Agreement that it requests a Borrowing under the Credit Agreement,
and in that connection the [undersigned Borrower][Company,
on behalf of [Foreign Subsidiary Borrower],]
specifies the following information with respect to such Borrowing requested hereby:

  

		1.	Name of Borrower: __________

 

		2.	Aggregate principal amount of Borrowing:2
__________

 

		3.	Date of Borrowing (which shall be a Business Day): __________

 

		4.	Type of Borrowing (ABR or Eurocurrency): __________

 

		5.	Interest Period and the last day thereof (if a Eurocurrency
Borrowing):3 __________

 

		6.	Agreed Currency: __________

 

		7.	Location and number of the applicable Borrower’s account
or any other account agreed upon by the Administrative Agent and such Borrower to which proceeds of Borrowing are to be disbursed:
__________

 

[Signature
Page Follows]

 

 

1
If request is in respect of Revolving Loans in a Foreign Currency,
please replace this address with the London address from Section 9.01(a)(ii).

2 
Not less than applicable amounts
specified in Section 2.02(c).

3 Which
must comply with the definition of “Interest Period” and end not later than the Maturity Date. 

 

    

     

    

 

The
undersigned hereby represents and warrants that the conditions to lending specified in Section[s] [4.01
and]17
4.02 of the Credit Agreement are satisfied as of the date hereof.

 

Very truly yours,

[COMPANY,

as the Company]

[FOREIGN
SUBSIDIARY BORROWER,

as a Borrower]

 

	 	By:	 
	 	Name:
	 	Title:

 

 

17
 To be included only for Borrowings on the Effective Date.

 

    2

     

    

 

EXHIBIT
I-2

 

FORM
OF INTEREST ELECTION REQUEST

 

JPMorgan
Chase Bank, N.A.,

as
Administrative Agent

for
the Lenders referred to below

 

[10
South Dearborn

Chicago, Illinois 60603

Attention:
[_______]

Facsimile: ([__])
[__]-[_____]]1

 

Re:
[Company]

 

[Date]

 

Ladies
and Gentlemen:

 

Reference is hereby
made to the Credit Agreement dated as of September 27, 2019 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among ESCO Technologies Inc. (the “Company”), the Foreign
Subsidiary Borrowers from time to time party thereto, the Lenders from time to time party thereto (collectively with the Company,
the “Borrowers”) and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative
Agent”). Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Credit Agreement. The [undersigned
Borrower][Company, on behalf of [Subsidiary
Borrower],]
hereby gives you notice pursuant to Section 2.08 of the Credit Agreement that it requests to [convert][continue]
an existing Borrowing under the Credit Agreement, and in that connection the [undersigned
Borrower][Company, on behalf of [Foreign
Subsidiary Borrower],]
specifies the following information with respect to such [conversion][continuation]
requested hereby: 

 

		1.	List Borrower, date, Type, principal amount, Agreed Currency
and Interest Period (if applicable) of existing Borrowing: __________

 

		2.	Aggregate principal amount of resulting Borrowing: __________

 

		3.	Effective date of interest election (which shall be a Business
Day): __________

 

		4.	Type of Borrowing (ABR or Eurocurrency): __________

 

		5.	Interest Period and the last day thereof (if a Eurocurrency
Borrowing):2 __________

 

		6.	Agreed Currency: __________

 

[Signature
Page Follows]

  

 

1  If
request is in respect of Revolving Loans in a Foreign Currency, please replace this address with the London address from
Section 9.01(a)(ii).

2 
Which must comply with the definition of “Interest Period” and end not later than the Maturity Date. 

 

    

     

    

 

Very truly
yours,

 

[COMPANY,

as the Company]

[FOREIGN
SUBSIDIARY BORROWER,

as
a Borrower]

 

	 	By:	 
	 	Name:
	 	Title:

 

    2EX-4.1

 Exhibit 4.1 

OPTUM PARTNER SERVICES 

EXECUTIVE SAVINGS PLAN 

(Restated Effective January 1, 2019) 
  

 

 OPTUM PARTNER SERVICES 

EXECUTIVE SAVINGS PLAN 

(Restated Effective January 1, 2019) 

SECTION 1 
 INTRODUCTION
AND DEFINITIONS 
 1.1. Statement of Plan. Effective January 1, 2014, Optum Medical Services, P.C. (“Optum”), as plan sponsor, and
certain affiliated corporations (hereinafter together with Optum sometimes collectively referred to as the “Employers”) created and established a nonqualified, unfunded, deferred compensation plan (the “Plan”) for the benefit of
a select group of management or highly compensated employees of the Employers to defer the receipt of compensation which would otherwise be paid to those employees. The Plan is hereby amended and restated in its entirety, effective January 1,
2019, in order to incorporate all amendments previously made to the Plan and to make certain other changes. 
 1.2. Definitions. When the following
terms are used herein with initial capital letters, they shall have the following meanings: 
 1.2.1. Account — the separate bookkeeping account
established for each Participant which represents the separate unfunded and unsecured general obligation of the Employers established with respect to each person who is a Participant in this Plan in accordance with Section 2 and to which are
credited the dollar amounts specified in Sections 3, 4 and 5 and from which are subtracted payments made pursuant to Section 9. To the extent necessary to accommodate and effect the distribution elections made by Participants pursuant to
Section 9.3 or Section 9.8.1, separate bookkeeping sub-accounts shall be established with respect to each of the several annual forms of distribution elections and
pre-selected in-service distribution elections made by Participants. 

1.2.2. Administrator — The Optum Partner Services Plan Administration Committee, or any other person or committee designated by Optum to
administer the Plan in accordance with Section 13. 
 1.2.3. Affiliate — a business entity which is not an Employer but which is part of a
“controlled group” with the Employer or under “common control” with an Employer, as those terms are defined in section 414(b) and (c) of the Code (applying an eighty percent (80%) common ownership standard except for
purposes of determining whether a Participant has incurred a Separation from Service, for which purpose a fifty percent (50%) common ownership standard shall be applied in accordance with Treasury Regulation
§1.409A-1(h)(3)). A business entity which is a predecessor to an Employer shall be treated as an Affiliate if the Employer maintains a plan of such predecessor business entity or if, and to the extent
that, such treatment is otherwise required by regulations under section 414(a) of the Code. A business entity shall also be treated as an Affiliate if, and to the extent that, such treatment is required by regulations under section 414(o) of the
Code. In addition to said required treatment, the Administrator may, in his or her discretion, designate as an Affiliate any business entity which is not such a “controlled group,” “common control” or “predecessor”
business entity but which is otherwise affiliated with an Employer, subject to such limitations as the Administrator may impose. 

 1.2.4. Annual Valuation Date — each December 31. 

1.2.5. Base Salary — a Participant’s base or regular compensation, including vacation, sick leave, or other forms of paid time off, but
excluding all forms of non-cash compensation, all Incentive Awards, and amounts paid in addition to base compensation, including by way of illustration but not limited to medical director fees, hospital pay
and stipends, overtime, premium shift pay, bonuses, referral awards, and severance or separation pay. The Administrator may include certain classes of compensation in, or exclude classes of compensation from, Base Salary, by action communicated to
Participants during the election period described in Section 4.2.1. 
 1.2.6. Beneficiary — a beneficiary designated by a Participant (or
automatically by operation of the Plan) to receive all or a part of the Participant’s Account in the event of the Participant’s death prior to full distribution thereof. A beneficiary so designated shall not be considered a Beneficiary
until the death of the Participant. 
 1.2.7. CEO — the Chief Executive Officer of Optum or his or her delegee for Plan purposes. 

1.2.8. Code — the Internal Revenue Code of 1986, as amended. 

1.2.9. Effective Date — January 1, 2019. Except as otherwise provided herein, the benefits payable to any Participant who incurred a
Separation from Service prior to January 1, 2019, shall be determined by the substantive terms of the Plan as then in effect. 
 1.2.10. Eligible
Employee — 
  

	(a)	 In General. Any physician employed by an Employer earning a Base Salary of not less than $150,000. In
order to be an Eligible Employee, an Employee must be earning a Base Salary of not less than $150,000, regardless of whether the Employee is employed at a full-time level. 

 

	(b)	 Authority to Make Changes. Notwithstanding the foregoing, the Administrator may from time to time in his
or her discretion modify the criteria for Eligible Employees, provided that in no event shall any person be considered an Eligible Employee who is not a member of a select group of management or highly compensated employees (as that expression is
used in ERISA). 

 1.2.11. Employers — Optum, each business entity listed as an Employer in the Schedule I to this Plan; any
other business entity that employs persons who are selected for participation under Section 2.3 of this Plan; and any successor thereof. 
 1.2.12.
ERISA — the Employee Retirement Income Security Act of 1974, as amended. 

  
 2 

 1.2.13. Incentive Award — any incentive awards that are payable under any incentive plan
designated by the Administrator that relate to a performance period of not more than one year, excluding any Performance Award. 
 1.2.14. Optum
— Optum Medical Services, P.C., or any successor thereto. 
 1.2.15. Optum Board — the Board of Directors of Optum, including any
properly authorized committee of the Board of Directors. 
 1.2.16. Participant — an employee of an Employer who is selected for participation
in this Plan in accordance with the provisions of Section 2 and who has elected to defer compensation under Section 4. An employee who has become a Participant shall continue to be a Participant in this Plan until the date of the
Participant’s death or, if earlier, the date when the Participant has received a distribution of the Participant’s entire Account. 
 1.2.17.
Performance Award — any incentive awards that are payable under any long-term incentive plan designated by the Administrator. 
 1.2.18.
Plan — the nonqualified, unfunded, deferred compensation programs maintained by the Employers for the benefit of Participants eligible to participate therein, as set forth in this Plan. 

1.2.19. Plan Year — the calendar year, or such other twelve month period as may be designated by the Administrator. 

1.2.20. Separation from Service — a severance of an employee’s employment relationship with the Employers and all Affiliates for any reason
as defined in section 409A of the Code and Treasury Regulation §1.409A-1(h). The Employers shall determine whether an employee has incurred a Separation from Service in accordance with section 409A of the
Code and Treasury Regulation §1.409A-1(h). 
 1.2.21. Specified Employee — an employee who, as of
the date of the employee’s Separation from Service, is a key employee of an Employer or an Affiliate within the meaning of section 409A of the Code and determined pursuant to procedures adopted by UnitedHealth Group. 

1.2.22. UnitedHealth Group — UnitedHealth Group, Incorporated, a Minnesota corporation that is the parent corporation of the group that includes
Optum, or any successor thereto. 
 1.2.23. UnitedHealth ESP — The UnitedHealth Group Executive Savings Plan, a nonqualified deferred
compensation plan maintained by UnitedHealth Group for the benefit of certain employees of UnitedHealth Group and its subsidiaries. 
 1.2.24. Valuation
Date — any day that the U.S. securities markets are open and conducting business. 

  
 3 

 SECTION 2 

ELIGIBILITY TO PARTICIPATE 
 2.1.
Selection for Participation in the Plan. Only Eligible Employees who are selected for participation in this Plan by the Administrator and who are notified that they are selected for participation shall be eligible to become a Participant in
this Plan. The Administrator shall not select any employee for participation unless the Administrator determines that such employee is a member of a select group of management or highly compensated employees (as that expression is used in ERISA).

 2.2. Enrollment Requirements. As a condition of participation, each selected employee who is eligible to participate in this Plan as of the first
day of a Plan Year shall complete, execute and return to the Administrator or his or her designee an election form prior to the first day of such Plan Year, or such earlier deadline as may be established by the Administrator or his or her designee.

 Notwithstanding the foregoing, a selected employee who first becomes eligible to participate in this Plan (and all other like-type plans of the Employers
and all Affiliates which are required to be aggregated for purposes of section 409A of the Code) after the first day of a Plan Year must complete these requirements within thirty (30) days after such employee first becomes eligible to
participate in this Plan, or within such earlier deadline as may be established by the Administrator, in his or her sole discretion, in order to participate for such period. In such event, such employee’s participation in this Plan shall
commence as soon as administratively feasible after he or she elects to participate in this Plan, and such employee shall not be permitted to defer under this Plan any portion of the employee’s Base Salary or Incentive Award that are paid (or
earned) with respect to services performed prior to the employee’s participation commencement date, except to the extent permissible under section 409A of the Code and the regulations issued thereunder. 

Each selected employee who is eligible to participate in this Plan shall commence participation in this Plan only after the employee has met all enrollment
requirements set forth in this Plan and required by the Administrator, including returning all required documents to the Administrator within the specified time period. Notwithstanding the foregoing, the Administrator or his or her designee shall
process such Participant’s deferral elections as soon as administratively feasible after such deferral elections are received by the Administrator or his or her designee. 

If an employee fails to meet all requirements contained in this Section 2.2 within the period required, that employee shall not be eligible to
participate in this Plan during such Plan Year. 
 2.3. Special Eligibility Rule For Former Participants. If a Participant terminates employment with
the Employer and all Affiliates and such Participant: 
  

	(a)	 is subsequently reemployed by an Employer as an Eligible Employee, and 

 

	(b)	 is selected for participation in this Plan by the Administrator, 

 

	(c)	 either 

  
 4 

	 	(i)	 has been paid all amounts deferred under this Plan (and all other like-type plans of the Employers and all
Affiliates which are required to be aggregated for purposes of section 409A of the Code), and on and before the date of the last payment was not eligible to continue (or elect to continue) to participate in this Plan (and all other like-type plans
of the Employers and all Affiliates which are required to be aggregated for purposes of section 409A of the Code) for periods after the last payment, or 

  

	 	(ii)	 has not been eligible to participate in this Plan (or any other like-type plan of any Employer or Affiliate
which is required to be aggregated with this Plan for purposes of section 409A of the Code) at any time during the twenty-four (24) month period ending on the date such employee is selected for participation in this Plan, other than by the
accrual of earnings, 

 the Administrator may designate that such employee shall be allowed to reenter the Plan as a Participant as of a
fixed prospective date that is other than the first day of a Plan Year so long as that prospective date is within thirty (30) days of selection. Such employee shall be subject to the same enrollment requirements as any other selected employee
who first becomes eligible to participate in this Plan after the first day of a Plan Year as provided in Section 2.2. A Participant whose employment is transferred to an Affiliate that has not adopted this Plan (or any other like-type plan
which is required to be aggregated with this Plan for purposes of section 409A of the Code) and who otherwise meets the requirements of this Section 2.3 shall be treated as having terminated employment.  

2.4. Special Rule For Certain Employees of Acquired Companies. If an employee of any company that is acquired by an Employer or an Affiliate: 

 

	(a)	 is employed as an Eligible Employee, 

 

	(b)	 has not been eligible to participate in any account balance deferred compensation plan which is required to be
aggregated with this Plan for purposes of section 409A of the Code (other than by the accrual of earnings) at any time during the twenty-four (24) month period ending on the date such employee is selected for participation in this Plan, and

  

	(c)	 is selected for participation in this Plan by the Administrator, 

the Administrator may designate that such employee shall be allowed to enter the Plan as a Participant as of a fixed prospective date that is other than the
first day of a Plan Year so long as that prospective date is within thirty (30) days of selection. Such employee shall be subject to the same enrollment requirements as any other selected employee who first becomes eligible to participate in
this Plan after the first day of a Plan Year as provided in Section 2.2. 
 2.5. Termination of Participation. If an employee selected for
participation in this Plan for one Plan Year is not selected for a subsequent Plan Year, no further deferrals shall be made by or for such employee in that subsequent Plan Year. If an employee selected for participation in this Plan ceases to be a
member of a select group of management or highly compensated employees 

  
 5 

 
(as that expression is used in ERISA), such employee’s deferral elections shall be cancelled as of the first day of the Plan Year beginning after such employee ceases to be a select group of
management or highly compensated employees. In the event that a Participant is no longer eligible to defer compensation under this Plan, the Participant’s Account shall continue to be governed by the terms of this Plan until such time as the
Participant’s Account is paid in accordance with the terms of the Plan. 
 2.6 Special Rule for Overseas Employees. If an employee is
compensated by an Affiliate located outside of the United States, and such compensation is paid outside of the United States (an “Overseas Employee”), such employee shall not be eligible to participate in the Plan. If a Participant becomes
an Overseas Employee, any compensation paid by such Affiliate shall not be included in his or her Incentive Award, Performance Award or Base Salary for purposes of Section 4, and the last sentence of Section 2.5 shall apply to such
Participant as if he or she had ceased to be a member of a select group of management or highly compensated employees. If an otherwise eligible employee ceases to be an Overseas Employee during a Plan Year, and is or becomes employed within the
United States as an Eligible Employee, and the employee has not been eligible to participate in the Plan, or any other account balance deferred compensation plan maintained by any Employer or Affiliate (other than the accrual of earnings) at any
time during the twenty-four (24) month period ending on the date such employee is selected for this Plan, the Administrator may designate that such employee shall be allowed to enter the Plan as a Participant as of a fixed prospective date that
is not later than thirty (30) days after selection. Such employee who is selected for participation during a Plan Year shall be subject to the same enrollment requirements as any other selected employee who first becomes eligible to participate
in this Plan after the first day of a Plan Year as provided in Section 2.2. Notwithstanding the foregoing, an employee who is compensated both by an Employer located within the United States and an Affiliate located outside of the United States
during the same period, may continue to be, or, if otherwise eligible, may become, a Participant, but only compensation paid within the United States shall be included in his or her Incentive Award, Performance Award or Base Salary. For purposes of
this Section 2.6, Puerto Rico, and any other territory or possession of the United States that is not subject to the Internal Revenue Code of 1986, shall be considered to be outside of the United States. 

SECTION 3 
 TRANSFERS
BETWEEN PLANS OF AFFILIATES 
 Optum is a wholly owned indirect subsidiary of UnitedHealth Group, which sponsors the UnitedHealth ESP, a nonqualified
deferred compensation plan for the benefit of UnitedHealth Group and its subsidiaries, all of which are Affiliates as defined in this Plan. The following rules shall apply to transfers of employment between an Employer and any other Affiliate that
occurs during a Plan Year: 
 (a)    If a participant in either this Plan or the UnitedHealth ESP is transferred during a Plan Year to
the employ of any Employer or Affiliate that has adopted either this Plan or the UnitedHealth ESP as of the first day of the Plan Year (the “New Participating Employer”), then 

  
 6 

 
the deferral elections made under either this Plan or the UnitedHealth ESP shall be applied to compensation paid by the New Participating Employer as follows: 

 

	 	(i)	 An election to defer Base Salary for the Plan Year in which such transfer occurs shall be treated as an
election to defer the same percentage of the Participant’s Base Salary paid by the New Participating Employer under either this Plan or the UnitedHealth ESP for the balance of the Plan Year. 

 

	 	(ii)	 An election to defer any incentive compensation paid with respect to a performance period of not more than one
year, which performance period either coincides with or is contained with the Plan Year, shall be treated as an election to defer the same percentage of any incentive compensation plan sponsored by the New Participating Employer for a performance
period of not more than one year which performance period either coincides with or is contained with the Plan Year, but only if, at the time the participant made the original deferral election he could have made an election to defer such incentive
compensation consistent with section 409A (regardless of whether the Plan or UnitedHealth ESP would have permitted such an election). 

  

	 	(iii)	 If the participant is participating in any long-term incentive plan with a performance period that exceeds one
year, and is transferred during such performance period, any election to defer any long-term incentive compensation paid with respect to such performance period, shall be treated as an election to defer the same percentage of any long-term incentive
compensation plan sponsored by the New Participating Employer for a performance period that ends on the same date as the original performance period, but only if, at the time the participant made the original deferral election he could have made an
election to defer such incentive compensation consistent with section 409A (regardless of whether the Plan or UnitedHealth ESP would have permitted such an election). 

 

	 	(iv)	 If the participant first became eligible to participate in the Plan or UnitedHealth ESP in the Plan Year in
which the transfer occurs, and was permitted to make an election because of his initial eligibility, the rules described above shall apply to the remaining portion of the Plan Year, and whether the Employer or Affiliate to which the participant is
transferred is a New Participating Employer shall be determined by whether the Employer or Affiliate had adopted either this Plan or the UnitedHealth ESP on the date of the participant’s initial eligibility. 

(b)    Except as otherwise provided in (a), or as otherwise required by Section 409A of the Code, a participant’s deferral
election shall not apply to any compensation paid by any Employer or Affiliate other than the Employer or Affiliate by which he was employed at the time the election was made, provided, however, that: 

 

	 	(i)	 To the extent any form of incentive compensation with respect to which a Participant has made a deferral
election becomes payable after the Participant’s employment has been transferred to another Employer or Affiliate, it shall be deferred as if the Participant had still been employed by an Employer at the time of payment. 

  
 7 

	 	(ii)	 Nothing contained herein shall preclude the Administrator from permitting an Eligible Employee participant to
make a deferral election following a transfer of employment if such election would otherwise be permitted under Section 4. 

(c)    Accounts representing compensation deferred under the UnitedHealth ESP of a person whose employment is transferred to an Employer
may be transferred to this Plan, and the Account balance of a Participant whose employment is transferred to an Affiliate that participates in the UnitedHealth ESP may be transferred to the UnitedHealth ESP, in both cases in accordance with
procedures, and subject to limitations, established by the Administrator; provided, however, that such transfer shall have no effect on the time or form of payment of the amount transferred, except as otherwise permitted by section 409A of the Code.

 SECTION 4 

INCENTIVE DEFERRAL OPTION AND 

SALARY DEFERRAL OPTION PLAN 
 4.1.
Incentive Award Deferral Option. 
 4.1.1. Amount of Deferrals. A Participant may elect to defer between (and including) 1% and 100% of such
Participant’s Incentive Award. To be effective for an Incentive Award paid during a Plan Year, the deferral election must be received by the Administrator or his or her designee prior to the first day of the Plan Year that includes the first
day of the performance period for which the Incentive Award is earned (or such earlier deadline designated by the Administrator). Such election shall be irrevocable for the Plan Year with respect to which it is made once it has been accepted by the
Administrator. If a Participant receives an in-service distribution for an unforeseeable emergency (pursuant to Section 9.8.2(b)) prior to January 1, 2019, the Participant’s deferral election in
effect at the time of such distribution shall be cancelled as soon as administratively practicable following the date such distribution is made. The Participant may not again elect to defer compensation under this Plan until the enrollment period
for the Plan Year that ends at least six (6) months after such distribution. If a Participant receives a hardship withdrawal (as defined in Treasury Regulation §1.401(k)-1(d)(3)) prior to
January 1, 2019, from the Optum Partner Services 401(k) Savings Plan or any other 401(k) plan maintained by the Employers or an Affiliate, the Participant’s deferral election in effect at the time of such withdrawal shall be cancelled as
soon as administratively practicable following the date such withdrawal is made. The Participant may not again elect to defer compensation under this Plan until the enrollment period for the Plan Year that begins at least six (6) months after
such withdrawal. 
 4.1.2. Crediting to Accounts. The Administrator shall cause to be credited to the Account of each Participant the amount, if any,
of such Participant’s voluntary deferrals of any Incentive Awards under Section 4.1.1. Such amount shall be credited as soon as administratively feasible after the day such Incentive Award would otherwise have been paid to the Participant,
and shall be fully vested. 

  
 8 

 4.1.3. Matching Credits. The Administrator shall cause to be credited to the Account of each
Participant an additional matching amount equal to 50% of the amount credited to such Participant’s Account under Section 4.1.2 above. For this purpose, however, deferrals at a rate exceeding 6% of the Participant’s Incentive Award
shall be disregarded. Such matching amounts shall be credited as soon as administratively feasible on or after the day the related deferral of the Incentive Award is credited, and shall be fully vested. 

4.2. Salary Deferral Option. 
 4.2.1. Amount of
Deferrals. A Participant may elect to defer between (and including) 1% and 80% of such Participant’s Base Salary for a Plan Year. To be effective for a Plan Year, the deferral election must be received by the Administrator or his or her
designee prior to the first day of the Plan Year (or such earlier deadline designated by the Administrator). Such election shall be irrevocable for the Plan Year with respect to which it is made once it has been accepted by the Administrator. If a
Participant first becomes eligible to participate in the Plan after the first day of such Plan Year, the Participant’s deferral election shall apply with respect to Base Salary paid for services to be performed after the deferral election is
received by the Administrator or his or her designee. 
 If a Participant receives an in-service distribution for an
unforeseeable emergency (pursuant to Section 9.8.2(b)) prior to January 1, 2019, the Participant’s deferral election in effect at the time of such distribution shall be cancelled as soon as administratively practicable following the
date such distribution is made. The Participant may not again elect to defer Base Salary under this Plan until the enrollment period for the Plan Year that begins at least six (6) months after such distribution. If a Participant receives a
hardship withdrawal (as defined in Treasury Regulation §1.401(k)-1(d)(3)) prior to January 1, 2019, from the Optum 401(k) Savings Plan or any other 401(k) plan maintained by the Employers or an
Affiliate, the Participant’s deferral election in effect at the time of such withdrawal shall be cancelled as soon as administratively practicable following the date such withdrawal is made. The Participant may not again elect to defer Base
Salary under this Plan until the enrollment period for the Plan Year that begins at least six (6) months after such withdrawal. 
 4.2.2. Crediting
to Accounts. The Administrator shall cause to be credited to the Account of each Participant the amount, if any, of such Participant’s voluntary deferrals of salary or other pay under Section 4.2.1. Such amount shall be credited as
soon as administratively feasible after the day such salary or other pay would otherwise have been paid to the Participant, and shall be fully vested. 

4.2.3. Matching Credits. The Administrator shall cause to be credited to the Account of each Participant an additional matching amount equal to 50% of
the amount credited to such Participant’s Account under Section 4.2.2 above. For this purpose, however, deferrals at a rate exceeding 6% of the Participant’s Base Salary shall be disregarded. Such matching amounts shall be credited as
soon as administratively feasible on or after the day the related deferral of the Base Salary is credited, and shall be fully vested. 

  
 9 

 4.3. Performance Award Deferral Option (for Long-Term Awards). 

4.3.1. Amount of Deferrals. A Participant may elect to defer between (and including) 1% and 100% of such Participant’s Performance Award. To the
extent permitted under section 409A of the Code and related Regulations and guidance, the deferral election must be received by the Administrator or his or her designee prior to the first day of the first Plan Year in the performance period (or such
earlier deadline designated by the Administrator), or any later deadline designated by the Administrator which is at least six (6) months before the end of the performance period. Such election shall be irrevocable for the applicable
performance period with respect to which it is made once it has been accepted by the Administrator. 
 If a Participant receives an in-service distribution for an unforeseeable emergency (pursuant to Section 9.8.2(b)) prior to January 1, 2019, the Participant’s deferral election in effect at the time of such distribution shall be
cancelled as soon as administratively practicable following the date such distribution is made. The Participant may not again elect to defer all or a portion of a Performance Award under this Plan until the enrollment period for the Plan Year that
begins at least six (6) months after such distribution. If a Participant receives a hardship withdrawal (as defined in Treasury Regulation §1.401(k)-1(d)(3)) prior to January 1, 2019, from the
Optum Partner Services 401(k) Savings Plan or any other 401(k) plan maintained by the Employers or an Affiliate, the Participant’s deferral election in effect at the time of such withdrawal shall be cancelled as soon as administratively
practicable following the date such withdrawal is made. The Participant may not again elect to defer all or a portion of a Performance Award under this Plan until the enrollment period for the Plan Year that begins at least six (6) months after
such withdrawal. 
 4.3.2. Crediting to Accounts. The Administrator shall cause to be credited to the Account of each Participant the amount, if any,
of such Participant’s voluntary deferrals of any Performance Awards under Section 4.3.1. Such amount shall be credited as soon as administratively feasible after the day such Performance Award would otherwise have been paid to the
Participant, and shall be fully vested. 
 4.3.3. No Matching Credits. No matching amounts shall be credited for deferrals of Performance Awards
under Section 4.3.1. 
 4.4. Employer Discretionary Supplements. Upon written notice to the Administrator, the Employer of any Participant may
determine that additional amounts shall be credited to the Accounts of such Participant. Such notice shall also specify the date of such crediting. Notwithstanding Section 7, such notice may also establish vesting rules for such amounts, in
which case separate Accounts shall be established for such amounts for such Participants. 
 4.5. Limitation on Deferrals. Notwithstanding any other
provision of this Plan, any amount deferred by a Participant from any paycheck shall not exceed the amount that would accommodate current payment of all required withholdings from such paycheck. 

  
 10 

 SECTION 5 

CREDITS FROM MEASURING INVESTMENTS 
 5.1.
Designation of Measuring Investments. Through a voice response system (or other written or electronic means) approved by the Administrator, each Participant shall designate the following “Measuring Investments,” which shall be used
to determine the value of such Participant’s Account (until changed as provided herein): 
  

	(a)	 One or more Measuring Investments for the current Account balance, and 

 

	(b)	 One or more Measuring Investments for amounts that are credited to the Account in the future.

 The Accounts and such Measuring Investments are specified solely as a device for computing the amount of benefits to be paid by the
Employers under the Plan, and the Employers are not required to purchase such investments. The Measuring Investments shall be listed in the enrollment guide for the Plan. Participants may change the Measuring Investment designations for their
Accounts as of any business date of the Plan Year 
 5.2. Operational Rules for Measuring Investments. The Administrator shall adopt rules specifying
the Measuring Investments, the circumstances under which a particular Measuring Investment may be elected, or shall be automatically utilized, the minimum or maximum amount or percentage of an Account which may be allocated to a Measuring
Investment, the procedures for making or changing Measuring Investment elections, the extent (if any) to which Beneficiaries of deceased Participants may make Measuring Investment elections and the effect of a Participant’s or
Beneficiary’s failure to make an effective Measuring Investment election with respect to all or any portion of an Account. 
 SECTION
6 
 OPERATIONAL RULES 
 6.1.
Operational Rules for Deferrals. Except as otherwise determined by the Administrator, a Participant’s election to defer compensation under Section 4 shall be “evergreen” and shall remain in effect for subsequent Plan Years
unless, prior to such Plan Year, the election is changed or terminated, the Participant is not selected for participation for that subsequent Plan Year, or the Participant’s election was cancelled by reason of the Participant receiving an in-service distribution before the Effective Date for an unforeseeable emergency or a hardship withdrawal from a 401(k) plan. If a Participant’s pay after deferrals is not sufficient to cover pre-tax and after-tax benefit payroll deductions, and tax or other payroll withholding requirements, the Participant’s deferrals shall be reduced to the extent necessary
to meet such requirements. 
 6.2. Establishment of Accounts. There shall be established for each Participant an unfunded, bookkeeping Account. 

6.3. Adjustment of Accounts. The Administrator shall cause the value of each Account to be increased (or decreased) from time to time for additions
distributions, investment gains (or losses) and expenses charged to the Account. 
 6.4. Accounting Rules. The Administrator may adopt (and revise)
accounting rules for adjustment of the Accounts. 

  
 11 

 SECTION 7 

VESTING OF ACCOUNTS 
 The Account of each
Participant shall be fully (100%) vested and nonforfeitable at all times (except for any special vesting rules that apply to Employers discretionary supplements under Section 4.4). 

SECTION 8 
 SPENDTHRIFT
PROVISION 
 Participants and Beneficiaries shall have no power to transfer any interest in an Account nor shall any Participant or Beneficiary have any
power to anticipate, alienate, dispose of, pledge or encumber the same while it is in the possession or control of the Employers, nor shall the Administrator recognize any assignment thereof, either in whole or in part, nor shall the Account be
subject to attachment, garnishment, execution following judgment or other legal process (including without limitation any domestic relations order, whether or not a “qualified domestic relations order” under section 414(p) of the Code and
section 206(d) of ERISA) before the Account is distributed to the Participant or Beneficiary. The power to designate Beneficiaries to receive the Account of a Participant in the event of such Participant’s death shall not permit or be construed
to permit such power or right to be exercised by the Participant so as thereby to anticipate, pledge, mortgage or encumber such Participant’s Account or any part thereof. Any attempt by a Participant to so exercise said power in violation of
this provision shall be of no force and effect and shall be disregarded by the Administrator. 
 SECTION 9 

DISTRIBUTIONS 
 9.1. Time of
Distribution to Participant. 
 9.1.1. General Rule. Upon Participant’s Separation from Service, the Employer shall commence payment of such
Participant’s Account (reduced by the amount of any applicable payroll, withholding and other taxes) in the form and at the time designated by the Participant pursuant to Section 9.3. 

9.1.2. No Application for Distribution Required. A Participant’s Account shall be distributed automatically following the Participant’s
Separation from Service. A Participant shall not be required to apply for distribution. 
 9.1.3. Code Section 162(m) Delay. If
the Administrator reasonably determines that if a Participant’s Account were distributed at the time otherwise provided in this Section 9, deduction of all or a portion of such distribution would not be permitted due to the application of
section 162(m) of the Code (as in effect prior to January 1, 2018), distribution of such portion shall be deferred until the first year in which the Administrator reasonably anticipates, or should reasonably anticipate, that the deduction of
such payment will not be barred by application of section 162(m); provided that distributions of all such amounts under the Plan, or any other plan that must be aggregated with this Plan for purposes of section 409A of the Code, are so delayed.
Where the payment is delayed to a date on or after the Participant’s Separation from Service, the 

  
 12 

 
payment will be considered a payment upon a separation from service for purposes of Section 9.2(e). No election may be provided to the service provider with respect to the timing of the
payment under this Section 9.1.3. 
 9.1.4. Effect of Reemployment. If a Participant is reemployed by the Employer or an Affiliate after
Separation from Service, distribution of the Participant’s Account shall be made in the manner described in Section 9.2 and shall not be suspended as a result of the Participant’s reemployment. 

9.2. Form of Distribution. Distribution of the Participant’s Account shall be made in whichever of the following forms as the Participant shall
have designated at the time of his or her enrollment (as described in Section 9.3): 
  

	(a)	 Lump Sum. In the form of a single lump sum. The amount of such distribution shall be determined as soon
as administratively feasible as of a Valuation Date following the Plan Year in which the Participant experienced a Separation from Service and shall be actually paid to the Participant as soon as practicable after such determination (but not later
than the last day of the February following such Plan Year). 

  

	(b)	 Installments. In the form of a series of five (5) or ten (10) annual installments. If a
Participant elects to receive payments in the form of installments, then pursuant to section 409A of the Code and the regulations issued thereunder (and for purposes of the re-election provisions in
Section 9.4.3), the series of installment payments shall be treated as the entitlement to a single payment (rather than a series of separate payments). 

  

	 	(i)	 General Rule. The amount of the first installment will be determined as soon as administratively
feasible as of a Valuation Date following the Plan Year in which the Participant experienced a Separation from Service and shall be actually paid to the Participant as soon as practicable after such determination (but not later than the last day of
the February following such Plan Year). The amount of future installments will be determined as soon as administratively feasible following the end of each later Plan Year. The amount of each installment shall be determined by dividing the Account
balance as of the Valuation Date as of which the installment is being paid, by the number of remaining installment payments to be made (including the payment being determined). Such installments shall be actually paid as soon as practicable after
each such determination (but not later than the last day of the February following such Plan Year). 

  

	 	(ii)	 Exception for Small Amounts. This Section 9.2(b)(ii) shall apply only if the first installment is
payable on or before December 31, 2018. Notwithstanding anything to the contrary in the other paragraphs of this Section 9, if: 

  

	 	(A)	 at the time of any distribution of installments from this Plan or any other account balance deferred
compensation plan of Employers or an Affiliate, the combined value of (1) the Participant’s Account in this Plan as of the Valuation Date as of which an installment is to be determined and (2) the Participant’s post-2004 accounts
in all other account balance deferred 

  
 13 

	 	
compensation plans of the Employers or an Affiliate is determined to be equal to or less than the applicable dollar amount under section 402(g)(1)(B) of the Code for such calendar year, and

  

	 	(B)	 all such other account balance deferred compensation plans in which the Participant has an account provide for
a mandatory small amount cashout of elective deferrals on the same basis as this Section 9.2(b)(ii), 

 then, the
portion of the Participant’s Account in this Plan which is payable in the form of installments shall be distributed to the Participant in a lump sum as soon as practicable after such Valuation Date (but not later than the last day of the
February following such Plan Year). 
  

	(c)	 Five (5) Year Delay, Then Lump Sum. In the form of a single lump sum following the
fifth (5th) anniversary of the Participant’s Separation from Service. The amount of such distribution shall be determined as soon as administratively feasible as of a Valuation Date following the Plan Year in which occurs the fifth (5th)
anniversary of the Participant’s Separation from Service. Actual distribution shall be made as soon as administratively practicable after such determination (but not later than the last day of the February following the Plan Year in which
occurs such fifth (5th) anniversary). 

  

	(d)	 Ten (10) Year Delay, Then Lump Sum. In the form of a single lump sum following the
tenth (10th) anniversary of the Participant’s Separation from Service. The amount of such distribution shall be determined as soon as administratively feasible as of a Valuation Date following the Plan Year in which occurs the tenth (10th)
anniversary of the Participant’s Separation from Service. Actual distribution shall be made as soon as administratively practicable after such determination (but not later than the last day of the February following the Plan Year in which
occurs such tenth (10th) anniversary). 

  

	(e)	 Six-Month Delay. If, however, the Participant is a Specified
Employee on the date of the Participant’s Separation from Service, distribution shall be delayed until the first day of the seventh month following the month in which occurs the Participant’s Separation from Service (or upon the death of
the employee, if earlier). All amounts that would otherwise have been paid prior to such date shall be paid as soon as practicable after such date, and the timing of payment of any subsequent installments shall be determined without regard to this
Section 9.2(e). 

 9.3. Election of Form of Distribution by Participant. 

9.3.1. Initial Enrollment. Through a voice response system (or other written or electronic means) approved by the Administrator, each Participant shall
elect at the time of initial enrollment in the Plan whether distribution shall be made (as described in Section 9.2) in either (i) an immediate lump sum, (ii) five (5) or ten (10) annual installments, or (iii) a delayed lump
sum following the fifth (5th) or tenth (10th) anniversary of the Participant’s Separation from Service. Such election shall apply with respect to distribution of that portion of the Participant’s Account attributable to deferrals and
matching credits (if any) for the Participant’s initial year of participation in the Plan and any investment gains or losses on such deferrals and matching credits (if any). Subject to Section 9.3.3, an initial distribution election shall
remain in effect for subsequent Plan Years. 

  
 14 

 9.3.2. Default Election of Form of Distribution. If a Participant fails to elect a form of
distribution at the time of initial enrollment in the Plan, such Participant shall be deemed to have elected that distribution be made in an immediate lump sum as described in Section 9.2(a). 

9.3.3. Separate Distribution Elections Permitted for Subsequent Plan Years. An initial or default distribution election made by a Participant shall
remain in effect for subsequent Plan Years unless, prior to a subsequent Plan Year, the Participant elects a different form of distribution for that portion of the Participant’s Account attributable to deferrals and matching credits (if any)
for such subsequent Plan Year and any investment gains or losses on such deferrals and matching credits (if any). Through a voice response system (or other written or electronic means) approved by the Administrator, a Participant may elect a
different form of distribution for that portion of the Participant’s Account attributable to deferrals and matching credits (if any) for a subsequent Plan Year. To be effective for deferrals and matching credits (if any) for a Plan Year, the
new distribution election must be received by the Administrator or his or her designee prior to the first day of the Plan Year (or such earlier deadline designated by the Administrator). If a Participant files a new distribution election with the
Administrator pursuant to this Section 9.3.3, such distribution election shall remain in effect for all subsequent Plan Years unless, prior to a subsequent Plan Year, the Participant files another distribution election with the Administrator
electing a different form of distribution for that portion of the Participant’s Account attributable to deferrals and matching credits (if any) for such subsequent Plan Year and any subsequent investment gains or losses on such deferrals and
matching credits (if any). 
 9.3.4. Re-Election of Form of Distribution. Through a voice response system (or
other written or electronic means) approved by the Administrator, the Participant may elect from time to time to change the form of payment for a specified portion of the Participant’s Account or to delay payment of a specified portion of the
Participant’s Account. Each subsequent distribution election shall be effective as to the specified portion of the Participant’s Account. Notwithstanding the foregoing, any new distribution election shall be disregarded as if it had never
been filed (and the prior distribution election shall be given effect) unless the distribution election: 
  

	(a)	 is filed by the Participant while employed by the Employer or an Affiliate at least twelve (12) months
before the Participant’s Separation from Service or Death, and if the Participant incurs a Separation from Service or Death within twelve (12) months after the election is filed, the election shall be void; and 

 

	(b)	 has the effect of delaying payment of the lump sum (or, in the case of installments which are treated as the
entitlement to a single payment and not a series of separate payments, the initial commencement date) under the prior election for at least five (5) years 

A Participant may not make more than two (2) elections pursuant to this Section 9.3.4 with respect to the same portion of the Participant’s
Account. No spouse, former spouse, Beneficiary or other person shall have any right to participate in the Participant’s decision to revise 

  
 15 

 
distribution elections. Notwithstanding the foregoing, the Administrator shall interpret all provisions of this Plan relating to the change of any distribution election in a manner that is
consistent with section 409A of the Code and the regulations and other guidance issued thereunder. Accordingly, if the Administrator determines that a requested revision to a distribution election is inconsistent with section 409A of the Code or
other applicable tax law, the request shall not be effective. 
 9.4. Payment to Beneficiary Upon Death of Participant. 

9.4.1. Payment to Beneficiary When Death Occurs Before Separation from Service. If a Participant dies before Separation from Service, such
Participant’s Beneficiary will receive payment of the Participant’s Account at the same time and in the same form the Participant would have received if the Participant had experienced a Separation from Service on the date of death. 

9.4.2. Payment to Beneficiary When Death Occurs After Separation from Service. If a Participant dies after a Separation from Service, the
Participant’s Beneficiary shall receive distribution of the Participant’s Account at the same time and in the same form the Participant would have received if the Participant had survived. 

9.4.3. Beneficiary Not Required to Apply for Distribution. Distribution shall be made to the Beneficiary when the Administrator receives notice of the
Participant’s death, without the requirement of an application. 
 9.4.4. Election of Measuring Investments by Beneficiaries. A Beneficiary of a
deceased Participant shall generally have the same rights to designate Measuring Investments for the Participant’s Account that Participants have under Section 5. The Administrator may adopt (and revise) rules to govern designations of
Measuring Investments by Beneficiaries. Unless changed by the Administrator, the following rules shall apply: 
  

	(a)	 The Measuring Investments for the Account of a deceased Participant shall not be changed until the Beneficiary
so determines. 

  

	(b)	 If a deceased Participant has more than one Beneficiary, the unanimous consent of all Beneficiaries shall be
required to change Measuring Investments for such Participant’s Account. 

 9.5. Designation of Beneficiaries. 

9.5.1. Right to Designate. Each Participant may designate, upon forms to be furnished by and filed with the Administrator (or through other means
approved by the Administrator), one or more primary Beneficiaries or alternative Beneficiaries to receive all or a specified part of such Participant’s Account in the event of such Participant’s death. The Participant may change or revoke
any such designation from time to time without notice to or consent from any Beneficiary. No such designation, change or revocation shall be effective unless executed by the Participant and received by the Administrator during the Participant’s
lifetime. 

  
 16 

 9.5.2. Failure of Designation. If a Participant: 

 

	(a)	 fails to designate a Beneficiary, 

 

	(b)	 designates a Beneficiary and thereafter revokes such designation without naming another Beneficiary, or

  

	(c)	 designates one or more Beneficiaries and all such Beneficiaries so designated fail to survive the Participant,

 such Participant’s Account, or the part thereof as to which such Participant’s designation fails, as the case may be, shall
be payable to the representative of the Participant’s estate. 
 9.5.3. Disclaimers by Beneficiaries. A Beneficiary entitled to a distribution
of all or a portion of a deceased Participant’s Account may disclaim an interest therein subject to the following requirements. To be eligible to disclaim, a Beneficiary must be a natural person, must not have received a distribution of all or
any portion of the Account at the time such disclaimer is executed and delivered, and must have attained at least age twenty-one (21) years as of the date of the Participant’s death. Any disclaimer
must be in writing and must be executed personally by the Beneficiary before a notary public. A disclaimer shall state that the Beneficiary’s entire interest in the undistributed Account is disclaimed or shall specify what portion thereof is
disclaimed. To be effective, duplicate original executed copies of the disclaimer must be both executed and actually delivered to the Administrator after the date of the Participant’s death but not later than nine (9) months after the date
of the Participant’s death. A disclaimer shall be irrevocable when delivered to the Administrator. A disclaimer shall be considered to be delivered to the Administrator only when actually received by the Administrator. The Administrator shall
be the sole judge of the content, interpretation and validity of a purported disclaimer. Upon the filing of a valid disclaimer, the Beneficiary shall be considered not to have survived the Participant as to the interest disclaimed. A disclaimer by a
Beneficiary shall not be considered to be a transfer of an interest in violation of any other provisions under this Plan. No other form of attempted disclaimer shall be recognized by the Administrator. 

9.5.4. Special Rules. Unless the Participant has otherwise specified in the Participant’s Beneficiary designation, the following rules shall
apply: 
  

	(a)	 If there is not sufficient evidence that a Beneficiary was living at the time of the death of the Participant,
it shall be deemed that the Beneficiary was not living at the time of the death of the Participant. 

  

	(b)	 If a Beneficiary survives the Participant but dies before the receipt of all payments due such Beneficiary
hereunder, such remaining payments shall be payable to the representative of such Beneficiary’s estate. 

  

	(c)	 If the Participant designates as a Beneficiary the person who is the Participant’s spouse on the date of
the designation, either by name or by relationship, or both, the dissolution, annulment or other legal termination of the marriage between the Participant and such person shall automatically revoke such designation. (The foregoing shall not prevent
the 

  
 17 

	 	
Participant from designating a former spouse as a Beneficiary on a form executed by the Participant and received by the Administrator after the date of the legal termination of the marriage
between the Participant and such former spouse, and during the Participant’s lifetime.) 

  

	(d)	 Any designation of a nonspouse Beneficiary by name that is accompanied by a description of relationship to the
Participant shall be given effect without regard to whether the relationship to the Participant exists either then or at the Participant’s death. 

  

	(e)	 Any designation of a Beneficiary only by statement of relationship to the Participant shall be effective only
to designate the person or persons standing in such relationship to the Participant at the Participant’s death. 

 The Administrator
shall be the sole judge of the content, interpretation and validity of a purported Beneficiary designation. 
 9.6. Death Prior to Full Distribution.
If, at the death of the Participant, any payment to the Participant was due or otherwise pending but not actually paid, the amount of such payment shall be included in the Account which is payable to the Beneficiary (and shall not be paid to the
Participant’s estate). 
 9.7. Facility of Payment. In case of minority, incapacity or legal disability of a Participant or Beneficiary entitled
to receive any distribution under this Plan, payment shall be made, if the Administrator shall be advised of the existence of such condition: 
  

	(a)	 to the court-appointed guardian or conservator of such Participant or Beneficiary, or 

 

	(b)	 if there is no court-appointed guardian or conservator, to the lawfully authorized representative of the
Participant or Beneficiary (and the Administrator, in his or her sole discretion, shall determine whether a person is a lawfully authorized representative for this purpose), or 

 

	(c)	 to an institution entrusted with the care or maintenance of the incapacitated or disabled Participant or
Beneficiary, provided such institution has satisfied the Administrator, in his or her sole discretion, that the payment will be used for the best interest and assist in the care of such Participant or Beneficiary, and provided further, that no prior
claim for said payment has been made by a person described in (a) or (b) above. 

 Any payment made in accordance with the foregoing
provisions of this section shall constitute a complete discharge of any liability or obligation of the Employers therefor. 
 9.8. In-Service Distributions. 
 9.8.1. Pre-Selected In-Service Distributions. Each Participant shall have the opportunity, when enrolling in the Plan for each Plan Year, to elect one (1), but not more than one (1),
pre-selected in-service distribution dates for the total amount of the Participant’s Account attributable to 

  
 18 

 
deferral and matching credits (if any) for such Plan Year and any subsequent investment gains of losses on such deferrals and matching credits (if any), subject to the following rules: 

 

	(a)	 Such election shall be made through a voice response system (or other written or electronic means) approved by
the Administrator. 

  

	(b)	 No such distribution shall be made before January 1 of the calendar year that follows the third full Plan
Year after the Participant was first eligible to elect a pre-selected in-service distribution from that portion of the Participant’s Account attributable to
deferrals and matching credits (if any) for such Plan Year and any subsequent investment gains or losses on such amounts e.g., the earliest pre-selected
in-service distribution date for any deferrals made in 2014 is January 1, 2018). Notwithstanding the foregoing, the Administrator may permit in-service
distributions to be deferred until an earlier date, which shall be specified in the deferral election. 

  

	(c)	 A Participant may receive more than one (1) pre-selected in-service distribution in any Plan Year but only if each distribution is attributable to deferrals and matching credits (if any) for different Plan Years. Only one
(1) pre-selected in-service distribution may be made in any Plan Year from that portion of the Participant’s Account attributable to deferrals and matching
credits (if any) for the same Plan Year. 

  

	(d)	 A Participant who elects a pre-selected
in-service distribution date and subsequently experiences a Separation from Service or dies, will receive such in-service distribution, if the in-service distribution date is prior to the distribution of the Participant’s total Account. 

  

	(e)	 Through a voice response system (or other written or electronic means) approved by the Administrator, the
Participant may elect to postpone any pre-selected in-service distribution for at least five (5) years. A pre-selected in-service distribution may be postponed only twice. The Participant must file the election with the Administrator at least twelve (12) months before the original scheduled date of distribution. Such election
shall not take effect until at least twelve (12) months after the date it is filed with the Administrator. 

  

	(f)	 Except as provided in paragraph (e) of this Section, Participant may not cancel or make any change to the
time or form of payment of a pre-selected in-service distribution. 

  

	(g)	 The distribution amount shall be determined as soon as administratively feasible as of a Valuation Date on or
after the pre-selected distribution date and shall be actually paid as soon as practicable after such determination. 

9.8.2. Distribution for Unforeseeable Emergency. A Participant who has incurred an unforeseeable emergency may request a distribution from the
Participant’s Account if the Administrator determines that such distribution is for one of the purposes described in (b) below and the conditions in (b) below have been satisfied. 

  
 19 

	(a)	 Election. A Participant may elect in writing to receive distribution of all or a portion of the
Participant’s Account prior to the time the Account would otherwise be distributable to alleviate an unforeseeable emergency (as defined in (b) below). A Beneficiary of a deceased Participant may also request an early distribution for an
unforeseeable emergency. 

  

	(b)	 Unforeseeable Emergency Defined. For purposes of this Section, an “unforeseeable emergency”
means a severe financial hardship to the Participant resulting from: 

  

	 	(i)	 an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary,
or the Participant’s dependent (as defined in section 152 of the Code, without regard to sections 152(b)(1), 152(b)(2) and 152(d)(1)(B) of the Code), 

  

	 	(ii)	 the loss of the Participant’s property due to casualty, or 

 

	 	(iii)	 other similar extraordinary and unforeseeable emergency circumstances arising as a result of events beyond the
control of the Participant. 

 Whether a Participant is faced with an unforeseeable emergency will be determined based on
the relevant facts and circumstances. If a severe financial hardship is or may be relieved either (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets (to the extent the
liquidation of such assets would not itself cause severe financial hardship), or (iii) by cessation of deferrals under this Plan (at the earliest possible date otherwise permitted under this Plan) or any 401(k) plan, then the hardship shall not
constitute an unforeseeable emergency for purposes of this Plan. If a Beneficiary of a deceased Participant requests an early distribution for an unforeseeable emergency, then the references in this definition to “Participant” shall be
deemed to be references to such Beneficiary. 
  

	(c)	 Distribution Amount. The amount of such distribution is limited to the amount reasonably necessary to
satisfy the unforeseeable emergency, taking into account any tax payable upon the distribution. The amount of such distribution shall be determined as soon as administratively feasible following the receipt and approval of the request by the
Administrator or his or her designee and shall be actually paid as soon as administratively practicable after such determination. If the Participant has elected different times or forms of payment for deferrals from different Plan Years, the
allocation of the distribution among Plan Years shall be as determined by the Administrator. 

  

	(d)	 Suspension Rule. If a Participant receives a distribution due to an unforeseeable emergency prior to
January 1, 2019, the Participant’s deferrals under Sections 3 and 4 will cease as soon as administratively practicable following the date such distribution is made. The Participant may not again elect to defer compensation under this Plan
until the enrollment period for the Plan Year that ends at least six (6) months after such distribution. 

 9.9. Distributions in
Cash. All distributions from this Plan shall be made in cash. 

  
 20 

 9.10 Rule Governing Distribution Elections. The Administrator may make, and revise from time to time,
rules and procedures governing the election of distributions, which rules and procedures may limit the right of Participants or Beneficiaries to make and revise such elections. No Participant or Beneficiary shall be considered to have a vested right
in the ability to make or revise elections governing the time or form of distribution. 
 SECTION 10 

FUNDING OF PLAN 
 10.1. Unfunded
Plan. Each Participant’s right to receive payments under the Plan constitutes only the unsecured (but legally enforceable) promises of the Employer by whom the Participant was employed to make such payments. No Employer or Affiliate shall
have any obligation to pay any amount deferred or accrued by a Participant while the Participant was employed by another Employer, or any earnings thereon. No Participant shall have any lien, prior claim or other security interest in any property of
any Employer. The Employers shall have no obligation to establish or maintain any fund, trust or account (other than a bookkeeping account) for the purpose of funding or paying the benefits promised under the Plan. If such a fund, trust or account
is established, the property therein that is allocable to a particular Employer shall remain the sole and exclusive property of that Employer. The Employers shall be obligated to pay the cost of the Plan out of their general assets. All references
to accounts, accruals, gains, losses, income, expenses, payments, custodial funds and the like are included merely for the purpose of measuring the obligation of the Employers to Participants in the Plan and shall not be construed to impose on the
Employers the obligation to create any separate fund for purposes of the Plan. 
 10.2. Corporate Obligation. Neither any officer of any Employer nor
the Administrator in any way secures or guarantees the payment of any benefit or amount which may become due and payable hereunder to or with respect to any Participant. Each Participant and other person entitled at any time to payments hereunder
shall look solely to the assets of such Participant’s Employer for such payments as an unsecured, general creditor. After benefits have been paid to or with respect to a Participant and such payment purports to cover in full the benefit
hereunder, such former Participant or other person or persons, as the case may be, shall have no further right or interest in any other Plan assets. No person shall be under any liability or responsibility for failure to effect any of the objectives
or purposes of the Plan by reason of the insolvency of any of the Employers. 
 SECTION 11 

AMENDMENT AND TERMINATION 
 11.1.
Amendment and Termination. The Optum Board may unilaterally amend the Plan prospectively, retroactively or both, at any time and for any reason deemed sufficient by it 

  
 21 

 
without notice to any person affected by this Plan and the Optum Board may terminate this Plan both with regard to persons receiving benefits and persons expecting to receive benefits in the
future; provided, however, that: 
  

	(a)	 No Reduction or Delay. The benefit, if any, payable to or with respect to a Participant, whether or not
the Participant has had a Separation from Service as of the effective date of such amendment, shall not be, without the written consent of the Participant, diminished by such amendment. 

 

	(b)	 Cash Lump Sum Payment. To the extent permissible under section 409A of the Code and related treasury
regulations and guidance, upon termination of the Plan the Administrator may distribute the Accounts of Participants in a single lump sum without regard to such Participant’s elections. 

11.2. No Oral Amendments. No modification of the terms of the Plan or termination of this Plan shall be effective unless it is in writing and signed on
behalf of the Optum Board by a person authorized to execute such writing. No oral representation concerning the interpretation or effect of the Plan shall be effective to amend the Plan. 

11.3. Plan Binding on Successors. Optum shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise of all
or substantially all of the business and/or assets of Optum), by agreement, to expressly assume and agree to perform this Plan in the same manner and to the same extent that Optum would be required to perform it if no such succession had taken
place. 
 11.4. Certain Amendments. The Administrator may unilaterally amend the Plan to the same extent, and subject to the same limitations, as the
Optum Board pursuant to Section 11.1; provided, however, that the Administrator shall not adopt any amendment that would materially increase the cost of the Plan. The determination by the Administrator that he or she is authorized to adopt an
amendment shall be presumed correct and any such amendment adopted by Administrator shall be binding on all employees, Participants, Beneficiaries, and other persons claiming a benefit under the Plan. 

SECTION 12 

DETERMINATIONS — RULES AND REGULATIONS 

12.1. Determinations. The Administrator shall make such determinations as may be required from time to time in the administration of the Plan. The
Administrator shall have the discretionary authority and responsibility to interpret and construe the Plan and to determine all factual and legal questions under the Plan, including but not limited to the entitlement of Participants and
Beneficiaries, and the amounts of their respective interests. Each interested party may act and rely upon all information reported to them hereunder and need not inquire into the accuracy thereof, nor be charged with any notice to the contrary. 

12.2. Rules, Regulations and Procedures. The Administrator may adopt, and revise from time to time, such rules, regulations and procedures as it deems
to be necessary or appropriate for the administration of the Plan. If any rule, regulation or procedure adopted by the Administrator is inconsistent with any provision of the Plan that is administrative or ministerial in nature, including any
provision of the Plan that relates to the time or manner for making any election or performing any action, the Plan shall be deemed amended to the extent of the inconsistency. 

  
 22 

 12.3. Method of Executing Instruments. Information to be supplied or written notices to be made or
consents to be given by Optum or the Administrator pursuant to any provision of the Plan may be signed in the name of Optum or the Administrator by any officer who has been authorized to make such certification or to give such notices or consents.

 12.4. Original Claim. The claim procedures set forth in this Section 12.4 shall be the exclusive administrative procedure for the disposition
of claims for benefits arising under the Plan. 
 12.4.1. Initial Claim. An individual may, subject to any applicable deadline, file with the
Administrator a written claim for benefits under the Plan in a form and manner prescribed by the Administrator. 
  

	(a)	 If the claim is denied in whole or in part, the Administrator shall notify the claimant of the adverse benefit
determination within ninety (90) days after receipt of the claim. 

  

	(b)	 The ninety (90) day period for making the claim determination may be extended for ninety (90) days if
the Administrator determines that special circumstances require an extension of time for determination of the claim, provided that the Administrator notifies the claimant, prior to the expiration of the initial ninety (90) day period, of the
special circumstances requiring an extension and the date by which a claim determination is expected to be made. 

 12.4.2. Notice of
Initial Adverse Determination. A notice of an adverse determination shall set forth in a manner calculated to be understood by the claimant: 
  

	(a)	 the specific reasons for the adverse determination; 

 

	(b)	 references to the specific provisions of the Plan (or other applicable Plan document) on which the adverse
determination is based; 

  

	(c)	 a description of any additional material or information necessary to perfect the claim and an explanation of
why such material or information is necessary; and 

  

	(d)	 a description of the claim and review procedures, including the time limits applicable to such procedure, and a
statement of the claimant’s right to bring a civil action under ERISA section 502(a) following an adverse determination on review. 

12.4.3. Request for Review. Within sixty (60) days after receipt of an initial adverse benefit determination notice, the claimant may file with
the Administrator a written request for a review of the adverse determination and may, in connection therewith submit written comments, documents, records and other information relating to the claim benefits. Any request for review of the initial
adverse determination not filed within sixty (60) days after receipt of the initial adverse determination notice shall be untimely. 

  
 23 

 12.4.4. Claim on Review. If the claim, upon review, is denied in whole or in part, the Administrator
shall notify the claimant of the adverse benefit determination within sixty (60) days after receipt of such a request for review. 
  

	(a)	 The sixty (60) day period for deciding the claim on review may be extended for sixty (60) days if the
Administrator determines that special circumstances require an extension of time for determination of the claim, provided that the Administrator notifies the claimant, prior to the expiration of the initial sixty (60) day period, of the special
circumstances requiring an extension and the date by which a claim determination is expected to be made. 

  

	(b)	 In the event that the time period is extended due to a claimant’s failure to submit information necessary
to decide a claim on review, the claimant shall have sixty (60) days within which to provide the necessary information and the period for making the claim determination on review shall be tolled from the date on which the notification of the
extension is sent to the claimant until the date on which the claimant responds to the request for additional information or, if earlier, the expiration of sixty (60) days . 

 

	(c)	 The Administrator’s review of a denied claim shall take into account all comments, documents, records, and
other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

12.4.5. Notice of Adverse Determination for Claim on Review. A notice of an adverse determination for a claim on review shall set forth in a manner
calculated to be understood by the claimant: 
  

	(a)	 the specific reasons for the denial; 

 

	(b)	 references to the specific provisions of the Plan (or other applicable Plan document) on which the adverse
determination is based; 

  

	(c)	 a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to,
and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits; 

  

	(d)	 a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to
obtain information about such procedures; and 

  

	(e)	 a statement of the claimant’s right to bring an action under ERISA section 502(a). 

12.4.6. General Rules. 
  

	(a)	 No inquiry or question shall be deemed to be a claim or a request for a review of a denied claim unless made in
accordance with the established claim procedures. The Administrator may require that any claim for benefits and any request for a review of a denied claim be filed on forms to be furnished by The Administrator the upon request.

  
 24 

	(b)	 All decisions on original claims for all Participants shall be made by the Administrator.

  

	(c)	 Claimants may be represented by a lawyer or other representative at their own expense, but the Administrator
reserves the right to require the claimant to furnish written authorization and establish reasonable procedures for determining whether an individual has been authorized to act on behalf of a claimant. A claimant’s representative shall be
entitled to copies of all notices given to the claimant. 

  

	(d)	 The decision of the Administrator on a request for a review of a denied claim may be provided to the claimant
in electronic form instead of in writing at the discretion of the Administrator. 

  

	(e)	 In connection with the review of a denied claim, the claimant or the claimant’s representative shall be
provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits. 

 

	(f)	 The time period within which a benefit determination will be made shall begin to run at the time a claim or
request for review is filed in accordance with the claims procedures, without regard to whether all the information necessary to make a benefit determination accompanies the filing. 

 

	(g)	 The claims and review procedures shall be administered with appropriate safeguards so that benefit claim
determinations are made in accordance with governing plan documents and, where appropriate, the plan provisions have been applied consistently with respect to similarly situated claimants. 

 

	(h)	 For the purpose of this Section, a document, record, or other information shall be considered
“relevant” if such document, record, or other information: (i) was relied upon in making the benefit determination; (ii) was submitted, considered, or generated in the course of making the benefit determination, without regard to
whether such document, record, or other information was relied upon in making the benefit determination; (iii) demonstrates compliance with the administration processes and safeguards designed to ensure that the benefit claim determination was
made in accordance with governing plan documents and that, where appropriate, the Plan provisions have been applied consistently with respect to similarly situated claimants; and (iv) constitutes a statement of policy or guidance with respect
to the Plan concerning the denied treatment option or benefit for the claimant’s diagnosis, without regard to whether such advice or statement was relied upon in making the benefit determination. 

 

	(i)	 The Administrator may, in its discretion, rely on any applicable statute of limitation or deadline as a basis
for denial of any claim. 

  

	(j)	 The Administrator may permanently or temporarily delegate is responsibilities under this claim procedures to an
individual or a committee of individuals. 

  
 25 

 12.5. Limitations and Exhaustion. 

12.5.1. Limitations. No claim shall be considered under these administrative procedures unless it is filed with the Administrator within one
(1) year after the claimant knew (or reasonably should have known) of the principal facts on which the claim is based. Every untimely claim shall be denied by the Administrator without regard to the merits of the claim. No legal action (whether
arising under section 502 or section 510 of ERISA or under any other statute or non-statutory law) may be brought by any claimant on any matter pertaining to the Plans unless the legal action is commenced in
the proper forum before the earlier of: 
  

	(a)	 two (2) years after the claimant knew (or reasonably should have known) of the principal facts on which
the claim is based, or 

  

	(b)	 ninety (90) days after the claimant has exhausted these administrative procedures. 

Knowledge of all facts that a Participant knew (or reasonably should have known) shall be imputed to each claimant who is or claims to be a Beneficiary of the
Participant (or otherwise claims to derive an entitlement by reference to a Participant) for the purpose of applying the one (1) year and two (2) year periods. 

12.5.2. Exhaustion Required. The exhaustion of these administrative procedures is mandatory for resolving every claim and dispute arising under the
Plans. As to such claims and disputes: 
  

	(a)	 no claimant shall be permitted to commence any legal action relating to any such claim or dispute (whether
arising under section 502 or section 510 of ERISA or under any other statute or non-statutory law) unless a timely claim has been filed under these administrative procedures and these administrative procedures
have been exhausted; and 

  

	(b)	 in any such legal action all explicit and implicit determinations by the Administrator (including, but not
limited to, determinations as to whether the claim was timely filed) shall be afforded the maximum deference permitted by law. 

SECTION 13 
 PLAN
ADMINISTRATION 
 13.1. Officers. Except as hereinafter provided, functions generally assigned to Optum shall be discharged by its officers or
delegated and allocated as provided herein. 
 13.2. Administrator. The Administrator shall: 

 

	(a)	 keep a record of all its proceedings and acts and keep all books of account, records and other data as may be
necessary for the proper administration of the Plans; notify the Employers of any action taken by the Administrator and, when required, notify any other interested person or persons; 

 

	(b)	 determine from the records of the Employers the compensation, status and other facts regarding Participants and
other employees; 

  
 26 

	(c)	 prescribe forms to be used for distributions, notifications, etc., as may be required in the administration of
the Plans; 

  

	(d)	 set up such rules, applicable to all Participants similarly situated, as are deemed necessary to carry out the
terms of this Plan; 

  

	(e)	 perform all other acts reasonably necessary for administering the Plans and carrying out the provisions of this
Plan and performing the duties imposed on it by the Optum Board; 

  

	(f)	 resolve all questions of administration of the Plans not specifically referred to in this section;

  

	(g)	 in accordance with regulations of the Secretary of Labor, provide adequate notice in writing to any claimant
whose claim for benefits under the Plans has been denied, setting forth the specific reasons for such denial, written in a manner calculated to be understood by the claimant; and 

 

	(h)	 delegate or redelegate to one or more persons, jointly or severally, and whether or not such persons are
employees of the Employers, such functions assigned to the Administrator hereunder as it may from time to time deem advisable. 

 If it so
determines, Optum may create a committee and assign any or all duties, authority and responsibilities currently assigned to the Administrator to such committee. 

13.3. Delegation. The Optum Board and the Administrator shall not be liable for an act or omission of another person with regard to a responsibility
that has been allocated to or delegated to such other person pursuant to the terms of the Plan or pursuant to procedures set forth in the Plan. 
 13.4.
Conflict of Interest. If any individual to whom authority has been delegated or redelegated hereunder shall also be a Participant in either Plan, such Participant shall have no authority with respect to any matter specially affecting such
Participant’s individual rights hereunder or the interest of a person superior to him or her in the organization (as distinguished from the rights of all Participants and Beneficiaries or a broad class of Participants and Beneficiaries), all
such authority being reserved exclusively to other individuals as the case may be, to the exclusion of such Participant, and such Participant shall act only in such Participant’s individual capacity in connection with any such matter. 

13.5. Administrator. The Optum Partner Services Plan Administration Committee, or such other person or committee as the Optum Board shall designate,
shall be the administrator for purposes of section 3(16)(A) of ERISA. Such committee may establish its own rules of procedure, and may delegate its authority to any member of such committee, officer or employee of Optum or any Employer, third party
recordkeeper, or any other person. Except to the extent otherwise determined by the Administrator, the authority of the Administrator with respect to ministerial or routine administrative matters may be exercised by any member of the committee, or
by the senior officer of Optum responsible for human resources matters or persons acting under his or her authority, subject to the supervision of the Administrator. 

  
 27 

 13.6. Service of Process. In the absence of any designation to the contrary by the Administrator, the
General Counsel of Optum is designated as the appropriate and exclusive agent for the receipt of process directed to the Plans in any legal proceeding, including arbitration, involving the Plan. 

13.7. Expenses. All expenses of administering the Plan shall be payable out of the trust fund established for the Plan except to the extent that the
Employers, in their discretion, directly pay the expenses. 
 13.8. Tax Withholding. The Employer (or its delegee) shall withhold the amount of any
federal, state or local income tax or other tax required to be withheld by the Employer under applicable law with respect to any amount payable under the Plan. 

13.9. Certifications. Information to be supplied or written notices to be made or consents to be given by the Administrator pursuant to any provision
of this Plan may be signed in the name of the Administrator by any officer who has been authorized to make such certification or to give such notices or consents. 

13.10. Errors in Computation or Payment. Neither Optum or the Employer shall be liable or responsible for any error in the computation of the Account
or the determination of any benefit payable to or with respect to any Participant resulting from any misstatement of fact made by the Participant or by or on behalf of any survivor to whom such benefit shall be payable, directly or indirectly, to
the Employer and used by the Administrator in determining the benefit. The Administrator shall not be obligated or required to increase the benefit payable to or with respect to such Participant which, on discovery of the misstatement, is found to
be understated as a result of such misstatement of the Participant. However, the benefit of any Participant which is overstated by reason of any such misstatement or any other reason shall be reduced to the amount appropriate in view of the truth
(and to recover any prior overpayment). To the extent that any Participant or Beneficiary erroneously receives a payment under the Plan that is in excess of the amount that should have been paid (regardless of whether such error resulted from a
misstatement by the Participant or Beneficiary, the Participant or Beneficiary shall be required to return the amount of the excess, and the Plan may take any action necessary or appropriate to recover the amount of the excess, including bringing an
action against the Participant or Beneficiary, and the person receiving such excess shall be deemed to hold the excess (and any proceeds thereof) in trust for the Plan. 

SECTION 14 

CONSTRUCTION 
 14.1. Applicable
Laws. 
 14.1.1. ERISA Status. The Plan is maintained with the understanding that the Plan is an unfunded plan maintained primarily for the
purpose of providing deferred compensation for a select group of management or highly compensated employees as provided in section 201(2), section 301(3) and section 401(a)(1) of ERISA. Each provision shall be interpreted and administered
accordingly. 

  
 28 

 14.1.2. IRC Status. This Plan is intended to be a nonqualified deferred compensation arrangement. The
rules of section 401(a) et. seq. of the Code shall not apply to this Plan. The rules of section 3121(v) and section 3306(r)(2) of the Code shall apply to this Plan. The rules of section 409A of the Code shall apply to this Plan to the extent
applicable and this Plan shall be construed and administered accordingly. It is expressly intended that for purposes of section 409A of the Code this Plan be considered an account balance plan that consists of amounts deferred at the election of the
service provider and amounts deferred other than at the election of the service provider. Notwithstanding the foregoing, neither the Employer nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to any
Participant or any other person for any taxes, penalties, interest or like amounts that may be imposed on the Participant or other person on account of any amounts under this Plan or on account of any failure to comply with any Code section. 

14.1.3. References to Laws. Any reference in the Plan to a statute or regulation shall be considered also to mean and refer to any subsequent amendment
or replacement of that statute or regulation. 
 14.2. Effect on Other Plans. This Plan shall not alter, enlarge or diminish any person’s
employment rights or obligations or rights or obligations under any other employee pension benefit or employee welfare benefit plan. 
 14.3.
Disqualification. Notwithstanding any other provision of the Plan or any election or designation made under the Plan, any potential Beneficiary who feloniously and intentionally kills a Participant shall be deemed for all purposes of the Plan
and all elections and designations made under the Plan to have died before such Participant. A final judgment of conviction of felonious and intentional killing is conclusive for this purpose. In the absence of a conviction of felonious and
intentional killing, the Administrator shall determine whether the killing was felonious and intentional for this purpose. 
 14.4. Rules of Document
Construction. 
 (a)    Whenever appropriate, words used herein in the singular may be read in the plural, or words used herein in
the plural may be read in the singular; the masculine may include the feminine; and the words “hereof,” “herein” or “hereunder” or other similar compounds of the word “here” shall mean and refer to the entire
Plan and not to any particular paragraph or Section of the Plan unless the context clearly indicates to the contrary. 
 (b)    The
titles given to the various Sections of the Plan are inserted for convenience of reference only and are not part of the Plan, and they shall not be considered in determining the purpose, meaning or intent of any provision hereof. 

(c)    Notwithstanding anything apparently to the contrary contained in the Plan, the Plan shall be construed and administered to prevent
the duplication of benefits provided under the Plans and any other qualified or nonqualified plan maintained in whole or in part by the Employers. 
 14.5.
Choice of Law. This instrument has been executed and delivered in the State of Minnesota and has been drawn in conformity to the laws of that State and shall, except to the extent that 

  
 29 

 
federal law is controlling, be construed and enforced in accordance with the laws of the State of Minnesota. Any legal action with respect to the Plan must be brought in the United States
District Court for the District of Minnesota, and shall be governed by the procedural and substantive laws of the State of Minnesota, to the extent such laws are not preempted by ERISA, notwithstanding any conflict of laws principles. Each
Participant, by agreeing to participate in the Plan, consents to the jurisdiction of such court and to the transfer of any action brought in any other court to the venue of such court, and waives any objection based on the doctrine of forum non
conveniens or any related doctrine. 
 14.6. No Employment Contract. This Plan is not and shall not be deemed to constitute a contract of
employment between the Employer and any person, nor shall anything herein contained be deemed to give any person any right to be retained in the employ of the Employer or in any way limit or restrict any such Employer’s right or power to
discharge any person at any time and to treat any person without regard to the effect which such treatment might have upon him or her as a Participant in the Plan. Neither the terms of the Plan nor the benefits under the Plan nor the continuance of
the Plan shall be a term of the employment of any employee. The Employer shall not be obliged to continue the Plan. 
  

							
	Dated: December 28, 2018.	 		 	OPTUM MEDICAL SERVICES, P.C.
				
		 		 	By:	 	 /s/ Ronald J. Shumacher, M.D.

		 		 		 	 Ronald J. Shumacher, M.D.
 President of Optum
Medical Services, P.C.

  
 30 

 SCHEDULE I 

EMPLOYERS PARTICIPATING 

IN THE 
 OPTUM PARTNER
SERVICES EXECUTIVE SAVINGS PLAN 
 Optum Medical Services, P.C. (Plan Sponsor) 

Centers for Family Medicine, GP 
 Greater Phoenix Collaborative
Care, P.C. 
 Inspiris Medical Services of New Jersey, P.C. 

Inspiris of Michigan Medical Services, P.C. 
 Inspiris of New York
Medical Services, P.C. 
 Inspiris of Texas Physicians Group 

Medical Clinic of North Texas, PLLC 
 Memorial Healthcare IPA, GP

 Monarch HealthCare, A Medical Group, Inc. 
 Optum Clinic,
P.A. 
 Optum Medical Services of Colorado, P.C. 
 ProHealth
Physicians, P.C. 
 Robert B. McBeath, M.D. III, P.C. 
 Robert
B. McBeath, M.D., P.C. 
 TeamMD Physicians of Texas, Inc. 

TeamMD Physicians, P.C. (formerly known as Mobile Medical Professionals, Inc.) 

WellMed Medical Group, P.A. 
 WellMed Networks Florida, Inc. 

WellMed Networks, Inc. 
 WND Medical, PLLC dba WellMed Family Care

 XLHome, P.C 
 XLHome of Michigan, P.C. 

XLHome Northeast, P.C. 
 XLHome Oklahoma, Inc. 

  
 31

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