Document:

Exhibit 4.4

 

RUBIUS THERAPEUTICS, INC.,

Issuer

AND

[TRUSTEE],

Trustee

INDENTURE

Dated
as of [●], 202[●]

Subordinated Debt Securities

 

TABLE
OF CONTENTS1

 

	ARTICLE 1 DEFINITIONS	 
	Section 1.01	Definitions of Terms	 
	ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	 
	Section 2.01	Designation and Terms of Securities	 
	Section 2.02	Form of Securities and Trustee’s Certificate	 
	Section 2.03	Denominations: Provisions for Payment	 
	Section 2.04	Execution and Authentications	 
	Section 2.05	Registration of Transfer and Exchange	 
	Section 2.06	Temporary Securities	 
	Section 2.07	Mutilated, Destroyed, Lost or Stolen Securities	 
	Section 2.08	Cancellation	 
	Section 2.09	Benefits of Indenture	 
	Section 2.10	Authenticating Agent	 
	Section 2.11	Global Securities	 
	ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	 
	Section 3.01	Redemption	 
	Section 3.02	Notice of Redemption	 
	Section 3.03	Payment Upon Redemption	 
	Section 3.04	Sinking Fund	 
	Section 3.05	Satisfaction of Sinking Fund Payments with Securities	 
	Section 3.06	Redemption of Securities for Sinking Fund	 
	ARTICLE 4 COVENANTS	 
	Section 4.01	Payment of Principal, Premium and Interest	 
	Section 4.02	Maintenance of Office or Agency	 
	Section 4.03	Paying Agents	 
	Section 4.04	Appointment to Fill Vacancy in Office of Trustee	 
	Section 4.05	Compliance with Consolidation Provisions	 
	ARTICLE 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	 
	Section 5.01	Company to Furnish Trustee Names and Addresses of Securityholders	 
	Section 5.02	Preservation Of Information; Communications With Securityholders	 
	Section 5.03	Reports by the Company	 
	Section 5.04	Reports by the Trustee	 
	ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	 
	Section 6.01	Events of Default	 
	Section 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee	 

	Section 6.03	Application of Moneys Collected	 
	Section 6.04	Limitation on Suits	 
	Section 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver	 
	Section 6.06	Control by Securityholders	 
	Section 6.07	Undertaking to Pay Costs	 

 

	1	This Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

     

     

    

 

	ARTICLE 7 CONCERNING THE TRUSTEE	 
	Section 7.01	Certain Duties and Responsibilities of Trustee	 
	Section 7.02	Certain Rights of Trustee	 
	Section 7.03	Trustee Not Responsible for Recitals or Issuance or Securities	 
	Section 7.04	May Hold Securities	 
	Section 7.05	Moneys Held in Trust	 
	Section 7.06	Compensation and Reimbursement	 
	Section 7.07	Reliance on Officer’s Certificate or Opinion of Counsel	 
	Section 7.08	Disqualification; Conflicting Interests	 
	Section 7.09	Corporate Trustee Required; Eligibility	 
	Section 7.10	Resignation and Removal; Appointment of Successor	 
	Section 7.11	Acceptance of Appointment By Successor	 
	Section 7.12	Merger, Conversion, Consolidation or Succession to Business	 
	Section 7.13	Preferential Collection of Claims Against the Company	 
	Section 7.14	Notice of Default	 
	ARTICLE 8 CONCERNING THE SECURITYHOLDERS	 
	Section 8.01	Evidence of Action by Securityholders	 
	Section 8.02	Proof of Execution by Securityholders	 
	Section 8.03	Who May be Deemed Owners	 
	Section 8.04	Certain Securities Owned by Company Disregarded	 
	Section 8.05	Actions Binding on Future Securityholders	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES	 
	Section 9.01	Supplemental Indentures Without the Consent of Securityholders	 
	Section 9.02	Supplemental Indentures With Consent of Securityholders	 
	Section 9.03	Effect of Supplemental Indentures	 
	Section 9.04	Securities Affected by Supplemental Indentures	 
	Section 9.05	Execution of Supplemental Indentures	 
	ARTICLE 10 SUCCESSOR ENTITY	 
	Section 10.01	Company May Consolidate, Etc	 
	Section 10.02	Successor Entity Substituted	 
	ARTICLE 11 SATISFACTION AND DISCHARGE	 
	Section 11.01	Satisfaction and Discharge of Indenture	 
	Section 11.02	Discharge of Obligations	 
	Section 11.03	Deposited Moneys to be Held in Trust	 
	Section 11.04	Payment of Moneys Held by Paying Agents	 
	Section 11.05	Repayment to Company	 

	ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	 
	Section 12.01	No Recourse	 
	ARTICLE 13 MISCELLANEOUS PROVISIONS	 
	Section 13.01	Effect on Successors and Assigns	 
	Section 13.02	Actions by Successor	 
	Section 13.03	Surrender of Company Powers	 
	Section 13.04	Notices	 
	Section 13.05	Governing Law; Jury Trial Waiver	 
	Section 13.06	Treatment of Securities as Debt	 
	Section 13.07	Certificates and Opinions as to Conditions Precedent	 
	Section 13.08	Payments on Business Days	 
	Section 13.09	Conflict with Trust Indenture Act	 
	Section 13.10	Counterparts	 
	Section 13.11	Separability	 
	Section 13.12	Compliance Certificates	 
	Section 13.13	USA PATRIOT ACT	 
	Section 13.14	Calculations	 
	TRUST INDENTURE ACT CROSS-REFERENCE TABLE	 

 

     

     

    

 

INDENTURE

 

INDENTURE,
dated as of [●], 202[●] , among RUBIUS THERAPEUTICS, INC.., a Delaware corporation (the “Company”),
and [TRUSTEE] as trustee (the “Trustee”):

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance
of subordinated debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal
amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to
be authenticated by the certificate of the Trustee;

 

WHEREAS,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized
the execution of this Indenture; and

 

WHEREAS,
all things necessary to make this Indenture a valid and binding agreement of the Company, in accordance with its terms, have been done.

 

NOW,
THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted
and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE 1

DEFINITIONS

 

Section 1.01 Definitions of Terms.

 

The terms defined in this Section (except
as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all
purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and
shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of
1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture
supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms
in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating Agent” means
an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law” means Title
11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board of Directors” means
the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such Board.

 

“Board Resolution” means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification and delivered to the Trustee.

 

“Business Day” means, with
respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan,
the City of New York, or at a place of payment, are authorized or obligated by law, executive order or regulation to close.

 

“Commission” means the Securities
and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing
such duties at such time.

 

“Company” means Rubius Therapeutics, Inc.,
a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions of Article 10,
shall also include its successors and assigns.

 

     

     

    

 

“Company Order” means a written
order of the Company, signed by an Officer of the Company, and delivered to the Trustee.

 

“Corporate Trust Office” means
the office of the Trustee at which, at any particular time, its corporate trust business shall be administered, which office at the date
hereof is located at .

 

“Custodian” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Defaulted Interest” has the
meaning set forth in Section 2.03.

 

“Depositary” means, with respect
to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository
Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute
or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11.

 

“Event of Default” means, with
respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any,
therein designated.

 

“Exchange Act” means the United
States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

“Global Security” means a Security
issued to evidence all or a part of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee
to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in
the name of the Depositary or its nominee.

 

“Governmental Obligations” means
securities that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is
pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States
of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that,
in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the applicable
series of Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such
Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for
the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation
evidenced by such depositary receipt.

 

“herein”, “hereof”
and “hereunder”, and other words of similar import, refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision.

 

“Indenture” means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into in accordance with the terms hereof and shall include the terms of particular series of Securities established as contemplated by
Section 2.01.

 

“Interest Payment Date”, when
used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in
a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest
with respect to Securities of that series is due and payable.

 

“Officer” means, with respect
to the Company, the Chairman of the Board of Directors, a Chief Executive Officer, a President, a Chief Financial Officer, a Chief Operating
Officer, any Executive Vice President, any Senior Vice President, any Vice President, the Treasurer or any Assistant Treasurer, the Controller
or any Assistant Controller or the Secretary or any Assistant Secretary.

 

     

     

    

 

“Officer’s Certificate”
means a certificate signed by any Officer. Each such certificate shall include the statements provided for in Section 13.07,
if and to the extent required by the provisions thereof.

 

“Opinion of Counsel” means
an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is
delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07,
if and to the extent required by the provisions thereof.

 

“Outstanding”, when used with
reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities
of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled
by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled;
(b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount
shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and
segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities
or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided
in Article 3, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities
in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.

 

“Person” means any individual,
corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization,
any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security;
and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed
or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Responsible Officer” when
used with respect to the Trustee means any officer within the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter relating to this Indenture is referred because of such person’s knowledge of and familiarity with the particular subject
and, in each case, who shall have direct responsibility for the administration of this Indenture (which, for the avoidance of doubt, includes
without limitation any supplemental indenture hereto).

 

“Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

 

“Securityholder”, “holder”,
 “registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security
is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.

 

“Security Register” and “Security
Registrar” shall have the meanings as set forth in Section 2.05.

 

“Subsidiary” means, with respect
to any Person:

 

(1) any corporation or company
a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is, at the date of determination,
directly or indirectly, owned by such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such Person
and one or more subsidiaries of such Person;

 

(2) a partnership in which such
Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership; or

 

     

     

    

 

(3) any partnership, limited liability
company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person,
directly or indirectly, at the date of determination, have (x) at least a majority ownership interest or (y) the power to elect
or appoint or direct the election or appointment of the managing partner or member of such Person or, if applicable, a majority of the
directors or other governing body of such Person.

 

“Trustee” means , and, subject
to the provisions of Article 7, shall also include its successors and assigns, and, if at any time there is more than one
Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with
respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended and in effect from time to time.

 

“U.S. dollar” or “$”
means the lawful currency of the United States of America.

 

ARTICLE 2

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION
AND

EXCHANGE OF SECURITIES

 

Section 2.01 Designation and Terms of
Securities.

 

(a) The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the
aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant
to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in
or pursuant to a Board Resolution, and set forth in an Officer’s Certificate or established in one or more indentures supplemental
hereto:

 

(1) the title of the Securities
of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2) any limit upon the aggregate
principal amount of the Securities of that series which may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series);

 

(3) the date or dates on which
the principal of the Securities of the series is payable;

 

(4) if the price (expressed as
a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price other than the principal amount
thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable,
the portion of the principal amount of such Securities that is convertible into another security or the method by which any such portion
shall be determined;

 

(5) the rate or rates at which
the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(6) the date or dates from which
such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest
Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such
Interest Payment Dates or the manner of determination of such record dates;

 

(7) the right, if any, to extend
the interest payment periods and the duration of such extension;

 

(8) the period or periods within
which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, converted or exchanged,
in whole or in part;

 

     

     

    

 

(9) the obligation, if any, of
the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions
(including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period
or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed
or purchased, in whole or in part, pursuant to such obligation;

 

(10) the form of the Securities
of the series including the form of the Certificate of Authentication for such series;

 

(11) if other than minimum denominations
of one thousand U.S. dollars ($1,000) or any integral multiple of $1,000 thereof, the denominations in which the Securities of the series
shall be issuable;

 

(12) any and all other terms (including
terms, to the extent applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations
of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent with the terms of this
Indenture, as amended by any supplemental indenture) including any terms which may be required by or advisable under United States laws
or regulations or advisable in connection with the marketing of Securities of that series;

 

(13) whether the Securities of the
series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which
such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global
Security or Securities;

 

(14) whether the Securities will be
convertible into or exchangeable for shares of common stock, preferred stock or other securities of the Company or any other Person and,
if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange
price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the
holders’ option) conversion or exchange features, and the applicable conversion or exchange period;

 

(15) if other than the full principal
amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.01;

 

(16) any additional or alternative
Events of Default;

 

(17) additional or alternative covenants
(which may include, among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries
to: incur additional indebtedness; issue additional securities; create liens; pay dividends or make distributions in respect of the capital
stock of the Company or the Company’s Subsidiaries; redeem capital stock; place restrictions on the Company’s Subsidiaries’
ability to pay dividends, make distributions or transfer assets; make investments or other restricted payments; sell or otherwise dispose
of assets; enter into sale-leaseback transactions; engage in transactions with stockholders or affiliates; issue or sell stock of the
Company’s Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among other financial covenants,
financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based,
asset-based or other financial ratios) provided for with respect to the Securities of the series;

 

(18) the currency or currencies, including
composite currencies, in which payment of the principal of (and premium, if any) and interest, if any, on such Securities shall be payable
(if other than the currency of the United States of America), which unless otherwise specified shall be the currency of the United States
of America as at the time of payment is legal tender for payment of public or private debts;

 

(19) if the principal of (and premium,
if any) or interest, if any, on such Securities is to be payable, at the election of the Company or any holder thereof, in a coin or currency
other than that in which such Securities are stated to be payable, then the period or periods within which, and the terms and conditions
upon which, such election may be made;

 

     

     

    

 

(20) whether interest will be payable
in cash or additional Securities at the Company’s or the Securityholders’ option and the terms and conditions upon which the
election may be made;

 

(21) the terms and conditions, if any,
upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of
the series to any Securityholder that is not a “United States person” for federal tax purposes;

 

(22) additional or alternative provisions,
if any, related to defeasance and discharge of the offered Securities;

 

(23) the applicability of any guarantees;

 

(24) any restrictions on transfer,
sale or assignment of the Securities of the series; and

 

(25) any other terms of the series.

 

All Securities of any one series shall be substantially
identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.

 

If any of the terms of the series are established
by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the
secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate
of the Company setting forth the terms of the series.

 

Securities of any particular series may be issued
at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest,
if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable
and with different redemption dates.

 

Section 2.02 Form of Securities and
Trustee’s Certificate.

 

The Securities of any series and the Trustee’s
certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have
such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange
on which Securities of that series may be listed, or to conform to usage.

 

Section 2.03 Denominations: Provisions
for Payment.

 

The Securities shall be issuable as registered
Securities and in the minimum denominations of one thousand U.S. dollars ($1,000) or any integral multiple of $1,000 thereof, subject
to Section 2.01(a)(11). The Securities of a particular series shall bear interest payable on the dates and at the rate specified
with respect to that series. Subject to Section 2.01(a)(18), the principal of and the interest on the Securities of any series,
as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United
States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for
that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of
a 360-day year composed of twelve 30-day months.

 

     

     

    

 

The interest installment on any Security that
is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the
Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record
date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption
and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment
Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03.

 

Any interest on any Security that is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having
been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause
(2) below:

 

(1) The Company may elect to make
payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities)
are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the
following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such
Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment
of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee in
writing of such special record date and in such notice, instruct the Trustee to send such notice to holders, in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent
electronically or mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register
(as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest
and the special record date therefor having been sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
such Securities (or their respective Predecessor Securities) are registered on such special record date.

 

(2) The Company may make or cause
to be made payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable
by the Trustee.

 

Unless otherwise set forth in a Board Resolution
or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01
hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest
Payment Date for such series shall mean either (i) the fifteenth day of the month immediately preceding the month in which an Interest
Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the
first day of a month, or (ii) the first day of the month in which an Interest Payment Date established for such series pursuant to
Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is
a Business Day.

 

Subject to the foregoing provisions of this Section,
each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such
series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

 

Section 2.04 Execution and Authentications.

 

The Securities shall be signed on behalf of the
Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

     

     

    

 

The Company may use the facsimile signature of
any Person who shall have been an Officer, notwithstanding the fact that at the time the Securities shall be authenticated and delivered
or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends
or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the
Trustee.

 

A Security shall not be valid until authenticated
manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the
Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this
Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of
any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery
of such Securities, signed by an Officer, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities.

 

In authenticating such Securities and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section 7.01)
shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the form
and terms thereof have been established in conformity with the provisions of this Indenture, that all conditions precedent in connection
with the issuance, authentication and delivery of such Securities have been met and that such Securities are legal, valid and binding
obligations against the Company, enforceable against it in accordance with its terms, subject to customary exceptions and qualifications.

 

The Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities
under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.

 

Section 2.05 Registration of Transfer
and Exchange.

 

(a) Securities of any series may be exchanged
upon presentation thereof at the office or agency of the Company designated for such purpose, for other Securities of such series of authorized
denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge
in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series
that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b) The Company shall keep, or cause to be
kept, at its office or agency designated for such purpose a register or registers (herein referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities
as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the
purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the
 “Security Registrar”).

 

Upon surrender for transfer of any Security at
the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office
or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented
for a like aggregate principal amount.

 

All Securities presented or surrendered for exchange
or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar)
by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the
registered holder or by such holder’s duly authorized attorney in writing.

 

     

     

    

 

(c) Except as provided pursuant to Section 2.01
pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental
to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities
in case of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04
not involving any transfer.

 

(d) The Company shall not be required (i) to
issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day
of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business
on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called
for redemption, other than the unredeemed portion of any such Securities being redeemed in part. The provisions of this Section 2.05
are, with respect to any Global Security, subject to Section 2.11 hereof.

 

The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial
owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as
are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

 

Neither the Trustee nor any Agent shall have any
responsibility or liability for any actions taken or not taken by the Depositary.

 

Section 2.06 Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver, temporary Securities
(printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of
the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for
temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company
and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive
Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and
thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the
office or agency of the Company designated for the purpose, and the Trustee shall, upon receipt of a Company Order, authenticate and such
office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities
of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until
further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under
this Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

Section 2.07 Mutilated, Destroyed, Lost
or Stolen Securities.

 

In case any temporary or definitive Security shall
become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon receipt
of a Company Order the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number
not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the
Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee
such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft,
the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the
applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same
upon receipt of a Company Order. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Trustee) connected therewith.

 

     

     

    

 

In case any Security that has or is about to become
due and payable, whether upon maturity of the Securities of a series or upon declaration or otherwise shall become mutilated or be destroyed,
lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender
thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such
security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction
of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

Every replacement Security issued pursuant to
the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated,
destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities
shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments
or other securities without their surrender.

 

Section 2.08 Cancellation.

 

All Securities surrendered for the purpose of
payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the
Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof
except as expressly required or permitted by any of the provisions of this Indenture. On written request of the Company at the time of
such surrender, the Trustee shall deliver to the Company evidence of cancellation for such canceled Securities held by the Trustee. The
Trustee shall cancel and dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition
to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption
or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

Section 2.09 Benefits of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities
(and, with respect to the provisions of Article 14, the holders of any indebtedness of the Company to which the Securities
of any series are subordinated) any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant,
condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto
and of the holders of the Securities (and, with respect to the provisions of Article 14, the holders of any indebtedness of
the Company to which the Securities of any series are subordinated).

 

Section 2.10 Authenticating Agent.

 

So long as any of the Securities of any series
remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right
to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued
upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the
authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each
Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently
reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business
to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or
examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these
provisions, it shall resign immediately.

 

     

     

    

 

Any Authenticating Agent may at any time resign
by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company
shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the
Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor
Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall
become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant
hereto.

 

Section 2.11 Global Securities.

 

(a) If the Company shall establish pursuant
to Section 2.01 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute
and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent,
and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall
be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or held by
it, pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except
as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to
another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b) Notwithstanding the provisions of Section 2.05,
the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only
to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company
or to a nominee of such successor Depositary.

 

(c) If at any time the Depositary for a series
of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the
Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation,
and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes
aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request
from the Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series
and the Company will execute, and subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal
amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine
that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11
shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04,
the Trustee, upon receipt of an Officer’s Certificate and a Company Order evidencing such determination by the Company, will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange
of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security
shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to
this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant
to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee in writing. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

ARTICLE 3

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.01 Redemption.

 

The Company may redeem the Securities of any series
issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01
hereof.

 

     

     

    

 

Section 3.02 Notice of Redemption.

 

(a) In case the Company shall desire to exercise
such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company reserved
for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee (upon 5 Business Days written
notice, unless a shorter period shall be satisfactory to the Trustee) to, give notice of such redemption to holders of the Securities
of such series to be redeemed by mailing, electronically or by first class postage prepaid mail, a notice of such redemption not less
than 15 days and not more than 90 days, except that redemption notices may be sent more than 90 days prior to the redemption date if the
notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge, before the date fixed for redemption
of that series to such holders (with a copy to the Trustee) at their last addresses as they shall appear upon the Security Register, unless
a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice
to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect
the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption
of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.

 

Each such notice of redemption shall specify the
date fixed for redemption, if applicable, any record date with respect to such redemption and the redemption price at which Securities
of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made
at the office or agency of the Company, upon presentation and surrender of such Securities, that interest accrued to the date fixed for
redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption
is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders
of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.

 

In case any Security is to be redeemed in part
only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state
that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount
equal to the unredeemed portion thereof will be issued.

 

(b) If less than all the Securities of a
series are to be redeemed, the Company shall give the Trustee at least 20 days’ notice (unless a shorter notice shall be satisfactory
to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed,
and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion (and subject
to the applicable procedures of the Depositary) and that may provide for the selection of a portion or portions (equal to one thousand
U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000,
the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed,
in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer,
instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to send notice
of redemption in the manner set forth in this Section, such notice to be in the name and at the expense of the Company. In any case in
which notice of redemption is to be sent by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to,
or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records,
or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be
required under the provisions of this Section.

 

Section 3.03 Payment Upon Redemption.

 

(a) If the giving of notice of redemption
shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice
shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest
accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after
the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect
to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at
the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date,
the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record
date pursuant to Section 2.03).

 

     

     

    

 

(b) Upon presentation of any physical Security
of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency
where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series
of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

 

Section 3.04 Sinking Fund.

 

The provisions of Sections 3.04, 3.05
and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as
contemplated by Section 2.01 for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any
payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional
sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities
of any series as provided for by the terms of Securities of such series.

 

Section 3.05 Satisfaction of Sinking Fund
Payments with Securities.

 

The Company (i) may deliver Outstanding Securities
of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to
be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have
not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price
specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be
reduced accordingly.

 

Section 3.06 Redemption of Securities
for Sinking Fund.

 

Not less than 45 days prior to each sinking fund
payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to
the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to
the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant
to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee
any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities
to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE 4

COVENANTS

 

Section 4.01 Payment of Principal, Premium
and Interest.

 

The Company will duly and punctually pay or cause
to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner
provided herein and established with respect to such Securities. Payments of principal on the physical Securities may be made at the time
provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such
Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date. Payments
of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check
mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire
transfer to an account in the United States if such Securityholder shall have furnished wire instructions in writing to the Security Registrar
and the Trustee no later than 15 days prior to the relevant payment date.

 

     

     

    

 

Section 4.02 Maintenance of Office or
Agency.

 

So long as any series of the Securities remain
Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at such other location or locations
as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment,
(ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii) notices
in respect of the Securities of that series and this Indenture may be given or made, such designation to continue with respect to such
office or agency until the Company shall, by written notice in an Officer’s Certificate and delivered to the Trustee, designate
some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations and notices may be made at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and notices; provided,
however, the Trustee shall not be considered an agent of the Company for service of process.

 

Section 4.03 Paying Agents.

 

(a) If the Company shall appoint one or more
paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute
and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:

 

(1) that it will hold all sums
held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether
such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled
thereto;

 

(2) that it will give the Trustee
notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium,
if any) or interest on the Securities of that series when the same shall be due and payable;

 

(3) that it will, at any time
during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such paying agent;

 

(4) that upon any receivership,
insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company,
the Trustee will automatically be the Paying Agent; and

 

(5) that it will perform all other
duties of paying agent as set forth in this Indenture.

 

(b) If the Company shall act as its own paying
agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest
on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient
to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to
such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or
any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of
Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit
with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in
trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the
Company will promptly notify the Trustee of this action or failure so to act.

 

     

     

    

 

(c) Notwithstanding anything in this Section to
the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05,
and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums
to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent;
and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all
further liability with respect to such money.

 

(d) The Company initially appoints the Trustee
at its Corporate Trust Office as its paying agent with respect to the Securities.

 

Section 4.04 Appointment to Fill Vacancy
in Office of Trustee.

 

The Company, whenever necessary to avoid or fill
a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at
all times be a Trustee hereunder.

 

Section 4.05 Compliance with Consolidation
Provisions.

 

The Company will not, while any of the Securities
remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction,
or sell or convey all or substantially all of its property to any other Person unless the provisions of Article 10 hereof
are complied with.

 

ARTICLE 5

SECURITYHOLDERS’ LISTS AND REPORTS BY
THE COMPANY

AND THE TRUSTEE

 

Section 5.01 Company to Furnish Trustee
Names and Addresses of Securityholders.

 

The Company will furnish or cause to be furnished
to the Trustee (a) within 5 days after each regular record date (as defined in Section 2.03) a list, in such form as
the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date,
provided that the Company shall not be obligated to furnish or cause to be furnished such list at any time that the list shall
not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee
may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a
date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list
need be furnished for any series for which the Trustee shall be the Security Registrar.

 

Section 5.02 Preservation Of Information;
Communications With Securityholders.

 

(a) The Trustee shall preserve, in as current
a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most
recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received
by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b) The Trustee may destroy any list furnished
to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c) Securityholders may communicate as provided
in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or
under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of
the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

     

     

    

 

Section 5.03 Reports by the Company.

 

(a) The Company covenants and agrees to provide
(which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies
of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13
or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee
any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, that
so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System
(EDGAR), or Interactive Data Electronic Applications (IDEA), or any successor system, such filings shall be deemed to have been filed
with the Trustee for purposes hereof without any further action required by the Company; provided that an electronic link to such
filing, together with an electronic notice of such filing have been sent to the Trustee it being understood that the Trustee shall have
no responsibility to determine whether such filings have been made. For the avoidance of doubt, a failure by the Company to file annual
reports, information and other reports with the Commission within the time period prescribed thereof by the Commission shall not be deemed
a breach of this Section 5.03.

 

(b) Delivery of reports, information and
documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s
receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information
contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled
to rely exclusively on an Officer’s Certificate).

 

Section 5.04 Reports by the Trustee.

 

(a) If required by Section 313(a) of
the Trust Indenture Act, the Trustee, within sixty (60) days after each May 15, commencing the calendar year after the year in which
the first Securities are issued hereunder, shall transmit by mail, first class postage prepaid, to the Securityholders, as their names
and addresses appear upon the Security Register, a brief report dated as of such May 15, which complies with Section 313(a) of
the Trust Indenture Act.

 

(b) The Trustee shall comply with Section 313(b) and
313(c) of the Trust Indenture Act.

 

(c) A copy of each such report shall, at
the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any
Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee in writing when any Securities
become listed on any securities exchange or of any delisting thereof.

 

ARTICLE 6

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON

EVENT OF DEFAULT

 

Section 6.01 Events of Default.

 

(a) Whenever used herein with respect to
Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and
is continuing:

 

(1) the Company defaults in the
payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and
such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company
in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose;

 

     

     

    

 

(2) the Company defaults in the
payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable
whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established
with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms
of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any;

 

(3) the Company fails to observe
or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with
respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly
included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days
after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice
of Default” hereunder, shall have been given to the Company by the Trustee or to the Company and the Trustee by the holders
of at least 25% in principal amount of the Securities of that series at the time Outstanding;

 

(4) the Company pursuant to or
within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against
it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property
or (iv) makes a general assignment for the benefit of its creditors; or

 

(5) a court of competent jurisdiction
enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a
Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order
or decree remains unstayed and in effect for 90 days.

 

(b) In each and every such case (other than
an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the Securities of that series
shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the
Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders),
may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due
and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of
Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities
of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the
holders of the Securities.

 

(c) At any time after the principal of (and
premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and payable, and
before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders
of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company
and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee
a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium,
if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal
and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest,
at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the
Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other
than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall
not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.

 

No such rescission and annulment shall extend
to or shall affect any subsequent default or impair any right consequent thereon.

 

     

     

    

 

(d) In case the Trustee shall have proceeded
to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued
or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then
and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to
their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though
no such proceedings had been taken.

 

Section 6.02 Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

(a) The Company covenants that if an Event
of Default described in Section 6.01(a) or 6.01(b) shall have occurred with respect to the Securities of any series, the
Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have
been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with
interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable
law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under
Section 7.06.

 

(b) If the Company shall fail to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to
institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action
or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon
the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of
the property of the Company or other obligor upon the Securities of that series, wherever situated.

 

(c) In case of any receivership, insolvency,
liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its
creditors or property, irrespective of whether the Trustee shall have made any demand pursuant to this Section 6.02, the Trustee
shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as
may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable
in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable
by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and
payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim,
and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver,
assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

 

(d) All rights of action and of asserting
claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee
without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit
of the holders of the Securities of such series.

 

In case of an Event of Default hereunder, the
Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted
in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Nothing contained herein shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect
of the claim of any Securityholder in any such proceeding.

 

     

     

    

 

 

Section 6.03 Application of Moneys Collected.

 

Any moneys or properties collected by the Trustee
pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon
presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof
if fully paid:

 

FIRST:
To the payment of all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Section 7.06
and any subordination terms of the series specified as contemplated by Article 14;

 

SECOND:
To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in
respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and

 

THIRD:
To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section 6.04 Limitation on Suits.

 

No holder of any Security of any series shall
have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at
law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof
with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not
less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the
Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have
offered to the Trustee such indemnity reasonably satisfactory to it as it may require against the costs, expenses, claims and liabilities
to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity,
shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in
principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

Notwithstanding anything contained herein to the
contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and
premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or
in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective
dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it
is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker
and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by
virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such
Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture
(it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly
prejudicial to such holders), except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities
of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall
be entitled to such relief as can be given either at law or in equity.

 

Section 6.05 Rights and Remedies Cumulative;
Delay or Omission Not Waiver.

 

(a) Except as otherwise provided in Section 2.07,
all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be
deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise
established with respect to such Securities.

 

     

     

    

 

(b) No delay or omission of the Trustee or
of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid
shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject
to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders
may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

Section 6.06 Control by Securityholders.

 

The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict
with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. The Trustee shall
have the right to decline to follow any such direction if the Trustee in good faith shall determine that the proceeding so directed, subject
to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial
to the Securityholders not involved in the proceeding. Prior to taking any action under this Indenture, the Trustee shall be entitled
to indemnity or security satisfactory to it against loss, liability or expense that may be caused by taking such action. The holders of
a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance
with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance
of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences,
except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when
the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance
with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this
Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 6.07 Undertaking to Pay Costs.

 

All parties to this Indenture agree, and each
holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant
in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted
by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such
series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.

 

ARTICLE 7

CONCERNING THE TRUSTEE

 

Section 7.01 Certain Duties and Responsibilities
of Trustee.

 

(a) The Trustee, prior to the occurrence
of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities
of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee.
In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall
exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs.

 

     

     

    

 

(b) No provision of this Indenture shall
be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1) prior to the occurrence of
an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect
to that series that may have occurred:

 

(A) the duties and obligations of
the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and
the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations
as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee; and

 

(B) in the absence of willful misconduct
on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein);

 

(2) the Trustee shall not be liable
for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts;

 

(3) the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less
than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this
Indenture with respect to the Securities of that series; and

 

(4) none of the provisions contained
in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal or financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the
repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such
risk is not reasonably assured to it.

 

Section 7.02 Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.01:

 

(a) The Trustee may rely and shall be protected
in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, security or other paper or document or other evidence of indebtedness believed by it to be genuine and to have
been signed or presented by the proper party or parties. The Trustee need not investigate any fact or matter stated in the document. The
Trustee shall receive and retain financial reports and statements of the Company to the extent provided herein, but shall have no duty
to review or analyze such reports or statements to determine compliance with covenants or other obligations of the Company;

 

(b) Any request, direction, order or demand
of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company
by any authorized Officer of the Company (unless other evidence in respect thereof is specifically prescribed herein);

 

     

     

    

 

(c) The Trustee may consult with counsel
of its selection and the advice of such counsel or, if requested, any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

(d) The Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders
pursuant to the provisions of this Indenture, unless such Securityholders shall have offered (and if requested, provided) to the Trustee
security or indemnity satisfactory to it against the costs, expenses, claims and liabilities that may be incurred therein or thereby;

 

(e) The Trustee shall not be liable for any
action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers
conferred upon it by this Indenture;

 

(f) The Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, approval, bond, security, or other papers or documents or other evidence of indebtedness, unless requested in writing
so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected
thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses, claims or liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require indemnity or security satisfactory to it against such costs, expenses, claims or liabilities as a condition to so
proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid
by the Company upon demand;

 

(g) The Trustee may execute any of the trusts
or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 

(h) In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;

 

(i) In no event shall the Trustee be responsible
or liable for special, punitive, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss
of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action;

 

(j) The permissive rights of the Trustee
enumerated herein shall not be construed as duties;

 

(k) The Trustee may request that the Company
deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions
pursuant to this Indenture; and

 

(l) The Trustee shall not be required to
give any bond or surety in respect of the performance of its powers and duties hereunder.

 

In addition, the Trustee shall not be deemed to
have knowledge of any Default or Event of Default until a Responsible Officer of the Trustee shall have received written notification
in the manner set forth in this Indenture, and such notice references the Securities and this Indenture or a Responsible Officer of the
Trustee shall have obtained actual knowledge.

 

     

     

    

 

Section 7.03 Trustee Not Responsible for
Recitals or Issuance or Securities.

 

(a) The recitals contained herein and in
the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.

 

(b) The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities.

 

(c) The Trustee shall not be accountable
for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application
of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01,
or for the use or application of any moneys received by any paying agent other than the Trustee.

 

Section 7.04 May Hold Securities.

 

The Trustee or any paying agent or Security Registrar,
in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not
Trustee, paying agent or Security Registrar.

 

Section 7.05 Moneys Held in Trust.

 

Subject to the provisions of Section 11.05,
all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for
interest on any moneys received by it hereunder except such as it may agree in writing with the Company to pay thereon.

 

Section 7.06 Compensation and Reimbursement.

 

(a) The Company covenants and agrees to pay
to the Trustee, and the Trustee shall be entitled to, such compensation (which shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services
rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder
of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for
all reasonable and documented expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions
of this Indenture (including the reasonable and documented fees and the expenses and disbursements of its counsel and of all Persons not
regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence or willful misconduct. The
Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against,
any documented loss, liability or expense, including reasonable and documented attorneys’ fees, incurred without negligence or willful
misconduct on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including
the reasonable and documented costs and expenses of defending itself against any claim of liability in the premises (whether asserted
by the Company, or any holder or any other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder, or in connection with enforcing the provisions of this Section.

 

(b) The obligations of the Company under
this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and
advances shall constitute indebtedness of the Company to which the Securities are subordinated. Such additional indebtedness shall be
secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held
in trust for the benefit of the holders of particular Securities.

 

(c) To ensure the Company’s payment
obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds or property held or collected by the Trustee,
except that held in trust to pay principal of, premium, if any, or interest on particular Securities. When the Trustee incurs expenses
or renders services in connection with an Event of Default specified in Section 6.01(a)(4) or (5), the expenses
(including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute
expenses of administration under any Bankruptcy Law. The provisions of this Section 7.06 shall survive the termination of
this Indenture and the earlier resignation or removal of the Trustee.

 

     

     

    

 

Section 7.07 Reliance on Officer’s
Certificate or Opinion of Counsel.

 

Except as otherwise provided in Section 7.01,
whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a
matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee,
be deemed to be conclusively proved and established by an Officer’s Certificate and Opinion of Counsel delivered to the Trustee
and such certificate and opinion, in the absence of negligence or willful misconduct on the part of the Trustee, shall be full warrant
to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08 Disqualification; Conflicting
Interests.

 

If the Trustee has or shall acquire any “conflicting
interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects
comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section 7.09 Corporate Trustee Required;
Eligibility.

 

There shall at all times be a Trustee with respect
to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United
States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act
as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of
at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District
of Columbia authority.

 

If such corporation or other Person publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly
or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with
the effect specified in Section 7.10.

 

Section 7.10 Resignation and Removal;
Appointment of Successor.

 

(a) The Trustee or any successor hereafter
appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company
and by transmitting notice of resignation by electronic mail, or by first class postage prepaid mail, to the Securityholders of such series,
as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board
of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities
of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months
may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

     

     

    

 

(b) In case at any time any one of the following
shall occur:

 

(i) the Trustee shall fail to
comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has
been a bona fide holder of a Security or Securities for at least six months; or

 

(ii) the Trustee shall cease to
be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the
Company or by any such Securityholder; or

 

(iii) the Trustee shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the
Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of
its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the Company may remove the Trustee with respect
to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one
copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who
has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such
court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c) The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series
by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.

 

(d) Any resignation or removal of the Trustee
and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall
become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e) Any successor trustee appointed pursuant
to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there
shall be only one Trustee with respect to the Securities of any particular series.

 

Section 7.11 Acceptance of Appointment
By Successor.

 

(a) In case of the appointment hereunder
of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring
Trustee shall, upon full payment of any amount then due it pursuant to Section 7.06, execute and deliver an instrument transferring
to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such
successor trustee all property and money held by such retiring Trustee hereunder.

 

     

     

    

 

(b) In case of the appointment hereunder
of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each
successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein
each successor trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in
the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for
or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall
be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee
shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further
responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under
this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates.

 

(c) Upon request of any such successor trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all
such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.

 

(d) No successor trustee shall accept its
appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.

 

(e) Upon acceptance of appointment by a successor
trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class
postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit
such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to
be transmitted at the expense of the Company.

 

Section 7.12 Merger, Conversion, Consolidation
or Succession to Business.

 

Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, including the administration
of the trust created by this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the
execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.13 Preferential Collection of
Claims Against the Company.

 

The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee
who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 

Section 7.14 Notice of Default.

 

If any Event of Default occurs and is continuing
and if such Event of Default is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Securityholder
in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within
the later of 90 days after it occurs and 30 days after it is actually known to a Responsible Officer of the Trustee or written notice
of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case
of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding
such notice if and so long as it in good faith determines that the withholding of such notice is in the interest of the Securityholders.

 

     

     

    

 

ARTICLE 8

CONCERNING THE SECURITYHOLDERS

 

Section 8.01 Evidence of Action by Securityholders.

 

Whenever in this Indenture it is provided
that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take
any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action),
the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein
may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series
in person or by agent or proxy appointed in writing.

 

If the Company shall solicit from the Securityholders
of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option,
as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no
obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date
shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding
Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver
or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided,
however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

Section 8.02 Proof of Execution by Securityholders.

 

Subject to the provisions of Section 7.01,
proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof
of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a) The fact and date of the execution by
any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b) The ownership of Securities shall be
proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof. The Trustee may require such
additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section 8.03 Who May be Deemed Owners.

 

Prior to the due presentment for registration
of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose
name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not
such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar)
for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03)
interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar
shall be affected by any notice to the contrary.

 

     

     

    

 

Section 8.04 Certain Securities Owned
by Company Disregarded.

 

In determining whether the holders of the requisite
aggregate principal amount of Securities of a particular series have concurred in any direction, consent, demand, authorization, notice
or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of
that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other
obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination,
except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver,
only Securities of such series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. The Securities
so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish
to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person
directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor.
In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

Section 8.05 Actions Binding on Future
Securityholders.

 

At any time prior to (but not after) the evidencing
to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate
principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a
Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action
may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action
so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding
upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration
of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any
action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified
in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the
Securities of that series.

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 9.01 Supplemental Indentures Without
the Consent of Securityholders.

 

In addition to any supplemental indenture otherwise
authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders
at any time Outstanding, for one or more of the following purposes:

 

(a) to cure any ambiguity, defect, or inconsistency
herein or in the Securities of any series;

 

(b) to comply with Article 10;

 

(c) to provide for uncertificated Securities
in addition to or in place of certificated Securities;

 

(d) to add to the covenants, restrictions,
conditions or provisions relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants,
restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions,
conditions or provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence
and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to
surrender any right or power herein conferred upon the Company;

 

(e) to add to, delete from, or revise the
conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities,
as herein set forth;

 

     

     

    

 

(f) to make any change that does not adversely
affect the rights of any Securityholder in any material respect;

 

(g) to provide for the issuance of and establish
the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any
certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of
the holders of any series of Securities;

 

(h) to evidence and provide for the acceptance
of appointment hereunder by a successor trustee or to appoint a separate trustee with respect to any series; or

 

(i) to comply with any requirements of the
Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture Act.

 

The Trustee is hereby authorized to join with
the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by the provisions
of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the
time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

Section 9.02 Supplemental Indentures With
Consent of Securityholders.

 

With the consent (evidenced as provided in Section 8.01)
of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental
indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture
Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders
of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities
of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce
any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required
to consent to any such supplemental indenture.

 

It shall not be necessary for the consent of the
Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such consent shall approve the substance thereof. The Trustee shall not be obligated to enter into any such
supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.03 Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series only,
be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes
with respect to such series.

 

     

     

    

 

Section 9.04 Securities Affected by Supplemental
Indentures.

 

Securities of any series affected by a supplemental
indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or
of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities
exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for
the Securities of that series then Outstanding.

 

Section 9.05 Execution of Supplemental
Indentures.

 

Upon the request of the Company, accompanied by
its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The
Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article is authorized or permitted by the terms of this Article and that all conditions precedent
to the execution of the supplemental indenture have been complied with and with respect to such Opinion of Counsel, that such supplemental
indenture is the legal, valid and binding obligation of the Company, enforceable against each of them in accordance with its terms, subject
to customary exceptions and qualifications.

 

Promptly after the execution by the Company and
the Trustee of any supplemental indenture pursuant to the provisions of this Article, the Company shall transmit by electronic mail, or
by first class mail, postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders
of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Company to mail, or
cause the mailing of, such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

ARTICLE 10

SUCCESSOR ENTITY

 

Section 10.01 Company May Consolidate,
Etc.

 

Nothing contained in this Indenture shall prevent
any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations
or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer
or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to
any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the
same; provided, however, (a) the Company hereby covenants and agrees that, upon any such consolidation or merger (in
each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual
payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each
series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture
with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by
the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as
then in effect) executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have
been merged, or by the entity which shall have acquired such property and (b) in the event that the Securities of any series then
Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by
such supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive
upon conversion or exchange of such Securities the number of securities or property to which a holder of the number of shares of common
stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such
conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition. If the
Company is not the surviving entity of any such transaction, the Company or the continuing entity agrees to deliver to the Trustee an
Officer’s Certificate and Opinion of Counsel stating that the transaction and the supplemental indenture complies with this Section 10.01
and that all conditions precedent herein relating to the transaction have been satisfied.

 

     

     

    

 

Section 10.02 Successor Entity Substituted.

 

(a) In case of any such consolidation, merger,
sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and
delivered to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding,
such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company
herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

(b) In case of any such consolidation, merger,
sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities
thereafter to be issued as may be appropriate.

 

(c) Nothing contained in this Article shall
require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor
of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person
(whether or not affiliated with the Company).

 

ARTICLE 11

SATISFACTION AND DISCHARGE

 

Section 11.01 Satisfaction and Discharge
of Indenture.

 

If at any time: (a) the Company shall have
delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation
(other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07
and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in
trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or
(b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee
as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity
or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium,
if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company
shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall
thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07,
4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may
be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company
and at the cost and expense of the Company shall execute such instruments reasonably requested by the Company acknowledging satisfaction
of and discharging this Indenture with respect to such series.

 

Section 11.02 Discharge of Obligations.

 

If at any time all such Securities of a particular
series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01
shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations
sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as
the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to
such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations
of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections
2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall
survive until such Securities shall mature and be paid.

 

     

     

    

 

Thereafter, Sections 7.06 and 11.05
shall survive.

 

Section 11.03 Deposited Moneys to be Held
in Trust.

 

All moneys or Governmental Obligations deposited
with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either
directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of
Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.04 Payment of Moneys Held by
Paying Agents.

 

In connection with the satisfaction and discharge
of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon
demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect
to such moneys or Governmental Obligations.

 

Section 11.05 Repayment to Company.

 

Any moneys or Governmental Obligations deposited
with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest
on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two
years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due
and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the
Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged from such
trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental
Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only
to the Company for the payment thereof.

 

ARTICLE 12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS

AND DIRECTORS

 

Section 12.01 No Recourse.

 

No recourse under or upon any obligation, covenant
or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against
any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this
Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach
to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor
or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all
such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all
such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness
hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture
and the issuance of such Securities.

 

     

     

    

 

ARTICLE 13

MISCELLANEOUS PROVISIONS

 

Section 13.01 Effect on Successors and
Assigns.

 

All the covenants, stipulations, promises and
agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 13.02 Actions by Successor.

 

Any act or proceeding by any provision of this
Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor
of the Company.

 

Section 13.03 Surrender of Company Powers.

 

The Company by instrument in writing executed
by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon
such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 13.04 Notices.

 

Except as otherwise expressly provided herein,
any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee
or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by any standard
form of telecommunication or by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing
by the Company with the Trustee), as follows: [ ]. Any notice, election, request or demand by the Company or any Securityholder or by
any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes,
if given or made in writing at the Corporate Trust Office of the Trustee. Notwithstanding anything herein to the contrary, where reference
herein is made to notice of any event (including notice of redemption) to a Securityholder of Global Securities, whether by mail or otherwise,
such notice shall be sufficiently given when delivered to the Depositary (or its designee) pursuant to the customary procedures of the
Depositary.

 

Section 13.05 Governing Law; Jury Trial
Waiver.

 

THIS INDENTURE AND EACH SECURITY, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH SECURITY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). EACH OF THE COMPANY AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 13.06 Treatment of Securities
as Debt.

 

It is intended that the Securities will be treated
as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this
intention.

 

     

     

    

 

Section 13.07 Certificates and Opinions
as to Conditions Precedent.

 

(a) Upon any application or demand by the
Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s
Certificate stating that all covenants and conditions precedent provided for in this Indenture (other than the certificate to be delivered
pursuant to Section 13.12) relating to the proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such covenants and conditions precedent have been complied with.

 

(b) Each certificate or opinion provided
for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include
(i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or
opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section 13.08 Payments on Business Days.

 

Except as provided pursuant to Section 2.01
pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental
to this Indenture, in any case where the date that principal of, interest and/or premium, if any, on any Security is due or otherwise
payable shall not be a Business Day or is a day on which the banking institutions in the city of the office of the Paying Agent are authorized
or obligated by law to close or be closed, then payment of principal, premium, if any, and/or interest may be made on the next succeeding
day that is a Business Day and is not a day on which the banking institutions in the city of the office of the Paying Agent are authorized
or obligated by law to close or be closed with the same force and effect as if made on the nominal date of maturity or redemption, and
no interest shall accrue for the period after such nominal date.

 

Section 13.09 Conflict with Trust Indenture
Act.

 

If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

 

Section 13.10 Counterparts.

 

This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The
exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 13.11 Separability.

 

In case any one or more of the provisions contained
in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this
Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein
or therein.

 

Section 13.12 Compliance Certificates.

 

The Company shall deliver to the Trustee, within
120 days after the end of each fiscal year during which any Securities of any series were outstanding, an Officer’s Certificate
stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain
a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that
a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company
has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall
be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company
signing such certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status.

 

     

     

    

 

Section 13.13 USA PATRIOT ACT.

 

The parties hereto acknowledge that in accordance
with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism
and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes
a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

Section 13.14 Calculations.

 

It is understood that the Trustee nor the Paying
Agent shall have no responsibility for any calculations hereunder and shall be entitled to conclusively rely on the calculations of the
Company without any independent verification or investigation.

 

ARTICLE 14

SUBORDINATION OF SECURITIES

 

Section 14.01 Subordination Terms.

 

The payment by the Company of the principal of,
premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture
supplemental hereto relating to such series.

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.

 

	RUBIUS THERAPEUTICS, INC., as Issuer
	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 
	[TRUSTEE], as Trustee
	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Signature Page to Form of Indenture

 

     

     

    

 

TRUST INDENTURE
ACT CROSS-REFERENCE TABLE2

 

	Section of Trust Indenture Act of 1939, as amended	 	Section of Indenture
	310(a)	 	7.09
	310(b)	 	7.08 7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01

                                   5.02(a)

	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)

                                   5.04(b)

	313(d)	 	5.04(c)
	314(a)	 	5.03

                                   13.12

	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)

                                   7.01(b)

	315(b)	 	7.14
	315(c)	 	7.01(a)
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06

                                   8.04

	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

	2	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT
AGREEMENT dated as of June 7, 2022 (this “Amendment”), relating to the 364-Day Credit Agreement dated as of June
9, 2021 (the “Existing Credit Agreement”), among AUTOMATIC DATA PROCESSING, INC. (the “Company”),
the BORROWING SUBSIDIARIES from time to time party thereto, the LENDERS from time to time party thereto and JPMORGAN CHASE BANK, N.A.,
as Administrative Agent (the “Administrative Agent”).

 

WHEREAS
the Lenders have agreed to extend credit to the Company and each other Borrower under the Existing Credit Agreement on the terms and
subject to the conditions set forth therein;

 

WHEREAS
the Company has requested that the Lenders amend the Existing Credit Agreement in order to extend the Termination Date applicable to
consenting Lenders thereunder to July 1, 2022 and to effect certain other modifications to the Existing Credit Agreement as set forth
herein; and

 

WHEREAS
the Administrative Agent and the Lenders whose signatures appear below (the “Consenting Lenders”) are willing to consent
to the extension of the Termination Date and the other modifications to the Existing Credit Agreement, in each case, on the terms and
subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1. Defined Terms. Capitalized terms used but not otherwise defined herein (including in the
preamble and the recitals hereto) have the meanings assigned to them in the Existing Credit Agreement.

 

SECTION
2. Amendment of the Existing Credit Agreement. Effective as of the First Amendment Effective
Date (as defined below) the Existing Credit Agreement (excluding the Schedules and Exhibits thereto, each of which shall remain as in
effect immediately prior to the First Amendment Effective Date) is hereby amended by inserting the language indicated in single or double
underlined text (indicated textually in the same manner as the following examples: single-underlined
text or double-underlined text) in Annex I hereto
and by deleting the language indicated by strikethrough text (indicated textually in the same manner as the following example: stricken
text) in Annex I hereto (the Existing Credit Agreement, as so amended, being referred to as the “Amended Credit
Agreement”).

 

SECTION
3. Representations and Warranties. The Company and each other Borrower hereby represents
and warrants that (i) this Amendment is within such Borrower’s corporate powers and has been duly authorized by all necessary corporate
and, if required, stockholder action of such Borrower, (ii) this Amendment has been duly executed and delivered by such Borrower, (iii)
this Amendment constitutes a legal, valid and binding obligation of such Borrower, 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, (iv) as of the First Amendment Effective Date, no Default or Event of Default has occurred
and is continuing and (v) the representations and warranties set forth in Article III of the Amended Credit Agreement and in the other
Loan Documents are true and correct in all material respects on and as of the First Amendment Effective Date, with the same effect as
though made on and as of the First Amendment Effective Date, except to the extent such representations and warranties expressly relate
to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier
date.

 

SECTION
4. Effectiveness. This Amendment and the amendment of the Existing Credit Agreement contemplated
hereby shall become effective as of the first date (the “First Amendment Effective Date”) on which:

 

(a)
The Administrative Agent (or its counsel) shall have received from the Company, each other Borrower
(if any) and the Consenting Lenders, which shall constitute at least the Required Lenders, either (i) a counterpart of this Amendment
signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or
e-mail transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment;

 

(b)
the Administrative Agent shall have received a certificate, dated the First Amendment Effective
Date and signed by the President, a Vice President or a Financial Officer of the Company, confirming that on and as of the First Amendment
Effective Date (i) the representations and warranties of the Borrowers set forth in the Loan Documents are true and correct in all material
respects and (ii) no Default or Event of Default has occurred or is continuing; and

 

(c)
the Administrative Agent shall have received, to the extent invoiced, reimbursement or payment of
all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder.

 

SECTION
5. Costs and Expenses. The Company shall pay all reasonable out-of-pocket costs and expenses
incurred by the Administrative Agent in connection with this Amendment, including the reasonable fees, charges and disbursements of Cravath,
Swaine & Moore LLP, counsel for the Administrative Agent.

 

SECTION
6. Effect of this Amendment. (a) Except as expressly set forth herein or in the Amended Credit
Agreement, this Amendment and the Amended Credit Agreement shall not by implication or otherwise limit, impair, constitute a waiver of
or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Existing Credit Agreement or any other
Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements
contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle the Company or any other Borrower to a consent to, or a
waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the
Existing Credit

 

    2 

     

    

Agreement,
the Amended Credit Agreement or any other Loan Document in similar or different circumstances. The Company and each other Borrower agrees
that all of its obligations, liabilities and indebtedness under each Loan Document, including guarantee obligations, shall remain in
full force and effect, in accordance with applicable law, on a continuous basis after giving effect to this Amendment.

 

(b)
On and after the First Amendment Effective Date, each reference in the Amended Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein” or other words of similar import,
as used in the Amended Credit Agreement, shall be deemed to be a reference to the Existing Credit Agreement as amended hereby and the
term “Credit Agreement”, as used in any other Loan Document, shall be deemed to be a reference to the Amended Credit Agreement.

 

SECTION
7. Interpretation. This Amendment shall constitute a “Loan Document” for all
purposes of the Amended Credit Agreement and the other Loan Documents.

 

SECTION
8. Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)
This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 

(b)
Each party to this Amendment 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 and of the United States
District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out
of or relating to the Loan Documents, 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 shall be heard and determined in such New York
State court 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 Amendment or any other Loan Document shall affect any right that the Administrative Agent or any Lender
may otherwise have to bring any action or proceeding relating to this Amendment against any Borrower or its properties in the courts
of any jurisdiction.

 

(c)
Each party hereto 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 Amendment 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 Amendment irrevocably consents to service of process in the manner provided for
notices in Section 10.01 of the Amended Credit Agreement. Nothing in this Amendment will affect the right of any party to this Amendment
to serve process in any other manner permitted by law.

 

SECTION
9. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT

 

    3 

     

    

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
10. Counterparts. This Amendment 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. Delivery of an executed counterpart of a signature page of this Amendment by fax, emailed .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 Amendment. The words “execution”, “signed”, “signature”, “delivery”, and words
of like import in or relating to this Amendment and/or any document to be signed in connection with this Amendment and the transactions
contemplated hereby shall be deemed to include Electronic Signatures (as defined below), 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. “Electronic Signatures” means any electronic
symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate
or accept such contract or record.

 

SECTION
11. Headings. Section headings used herein are for convenience of reference only, are not
part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

 

[Signature
page follows]

 

    4 

     

    

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

 

	 	AUTOMATIC DATA PROCESSING, INC.,
	 	 
	 	 
	 	by	/s/ Michael C. Eberhard
	 	 	Name:Michael C. Eberhard
	 	 	Title:Corporate Vice President and Treasurer

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

	 	

    JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent,
	 	 
	 	 
	 	by	/s/ Ryan Zimmerman
	 	 	Name:Ryan Zimmerman
	 	 	Title:Vice President

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

	 	 BANK OF AMERICA, N.A., as a Lender
	 	 
	 	 
	 	by	/s/ Dylan Honza
	 	 	Name:Dylan Honza
	 	 	Title:Vice President

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	BNP PARIBAS

	 	 
	 	 
	 	by	/s/ Brendan Heneghan
	 	 	Name:Brendan Heneghan
	 	 	Title:Director

 

	 	 
	 	 
	 	 
	 	by	/s/ Nicolas
    Doche
	 	 	Name:Nicolas Doche
	 	 	Title:Vice President

 

 

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

 

	Name of Institution:	DEUTSCHE BANK AG NEW YORK.BRANCH
	 	 
	 	 
	 	by	/s/ Ming K. Chu
	 	 	Name: Ming K. Chu
	 	 	Title: Director

 

	 	 
	 	 
	 	 
	 	by*	/s/ Yvonne Tilden
	 	 	Name:Yvonne Tilden
	 	 	Title:Managing Director

 

 

*
The second signature block is for the use of those Lenders that require two signatures.

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 
	 	 
	 	by	/s/ Karen H. McClain
	 	 	Name:Karen H. McClain
	 	 	Title:Managing Director

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	 Barclays Bank PLC
	 	 
	 	 
	 	by	/s/ Amir Barash
	 	 	Name:Amir Barash
	 	 	Title:Director Executed in NY

 

	 	 
	 	 
	 	 
	 	by*	 
	 	 	Name:
	 	 	Title:

 

 

*
The second signature block is for the use of those Lenders that require two signatures.

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	 MUFG BANK, LTD.
	 	 
	 	 
	 	by	/s/ Lillian Kim
	 	 	Name:Lillian Kim
	 	 	Title:Director

 

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	PNC Bank, National Association
	 	 
	 	 
	 	by	/s/
    Timothy Ambrose
	 	 	Name:Timothy Ambrose
	 	 	Title:Vice President

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	BMO Bank of Montreal
	 	 
	 	 
	 	by	/s/ Geoff Clark
	 	 	Name:Geoff Clark
	 	 	Title:Director, Corporate
Finance Division

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	 
	 	by	/s/ BRIAN
    SEIPKE
	 	 	Name:BRIAN SEIPKE
	 	 	Title:SR. VICE PRESIDENT

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	ROYAL BANK OF CANADA
	 	 
	 	 
	 	by	/s/ Jennifer Flann

	 	 	Name:Jennifer Flann

	 	 	Title:Director - Corporate Client Group

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	MORGAN STANLEY BANK, N.A.
	 	 
	 	 
	 	by	/s/ Michael King
	 	 	Name:Michael King
	 	 	Title:Authorized Signatory

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	INTESA SANPAOLO SpA - NY BRANCH
	 	 
	 	 
	 	by	/s/ Glen Binder
	 	 	Name:Glen Binder
	 	 	Title:Global Relationship Manager

 

	 	 
	 	 
	 	 
	 	by	/s/ Manuela Insana
	 	 	Name:Manuela Insana
	 	 	Title:Relationship Manager

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	SOCIETE GENERALE
	 	 
	 	 
	 	by	/s/ Andrew Johnman
	 	 	Name:Andrew Johnman
	 	 	Title:Co-Head of Technology Banking

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	TRUIST BANK
	 	 
	 	 
	 	by	/s/ Katherine Bass
	 	 	Name:Katherine Bass
	 	 	Title:Managing Director

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	FIFTH THIRD BANK, NATIONAL ASSOC.
	 	 
	 	 
	 	by	/s/ Jose
    A Rosado
	 	 	Name:Jose
    A Rosado
	 	 	Title: SVP

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	Santander Bank, N.A.
	 	 
	 	 
	 	by	/s/ Jennifer Baydian
	 	 	Name:Jennifer Baydian
	 	 	Title:Senior Vice President

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	The Bank of Nova Scotia
	 	 
	 	 
	 	by	/s/ Marilena Devcic
	 	 	Name:Marilena Devcic
	 	 	Title:Director

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	The Northern Trust Company
	 	 
	 	 
	 	by	/s/ Andrew D. Holtz
	 	 	Name:Andrew D. Holtz
	 	 	Title:Senior Vice President

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	THE BANK OF NEW YORK MELLON
	 	 
	 	 
	 	by	/s/ Thomas
    J. Tarasovich, Jr.
	 	 	Name:Thomas J. Tarasovich, Jr.
	 	 	Title:Vice President

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	ING Bank N.V., Dublin Branch, as a Lender
	 	 
	 	 
	 	by	/s/ Cormac Langford
	 	 	Name:Cormac Langford
	 	 	Title:Director

 

	 	 
	 	 
	 	 
	 	by	/s/ Sean Hassett
	 	 	Name:Sean Hassett
	 	 	Title:Director

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	 	THE HUNTINGTON NATIONAL BANK, as a Lender
	 	 
	 	 
	 	by	/s/ Ted Jurgielewicz
	 	 	Name:Ted Jurgielewicz
	 	 	Title:Director

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	Svenska Handelsbanken AB (publ), New York Branch
	 	 
	 	 
	 	by	/s/ Mark Emmett
	 	 	Name:Mark Emmett
	 	 	Title:Vice President

 

	 	 
	 	 
	 	 
	 	by	/s/ Anna Gustafsson
	 	 	Name:Anna Gustafsson
	 	 	Title:Head of Corporate Banking

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	HSBC Bank USA, N.A.
	 	 
	 	 
	 	by	/s/ Sarah McClintock
	 	 	Name:Sarah McClintock
	 	 	Title:Managing Director

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	LENDER   	TD BANK N.A.
	 	 
	 	 
	SIGNATURE   	by	/s/ STEVE LEVI
	AUTHORIZED OFFICER:   	 	Name:STEVE LEVI
	 	 	Title:SENIOR VICE PRESIDENT
	EMAIL:   	 	STEVE.LEVI@TD.COM
	TELEPHONE:   	 	914-467-0530

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	BAYERISCHE LANDESBANK, NEW YORK BRANCH
	 	 
	 	 
	 	by	/s/ Varbin Staykoff
	 	 	Name:Varbin Staykoff
	 	 	Title:Senior Director

 

	 	 
	 	 
	 	 
	 	by	/s/ Elke Videgain
	 	 	Name:Elke Videgain
	 	 	Title:Vice President

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	City National Bank
	 	 
	 	 
	 	by	/s/ Louis Serio
	 	 	Name:Louis Serio
	 	 	Title:SVP

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    

 

	Name of Institution:	First Hawaiian Bank
	 	 
	 	 
	 	by	/s/ Stephen Agnew-Miller
	 	 	Name:Stephen Agnew-Miller
	 	 	Title:Vice President

 

    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]

     

    
 

ANNEX I

 

PROPOSED AMENDMENTS
REFLECTING THE FIRST AMENDMENT

ADDED TEXT SHOWN
UNDERSCORED, DELETED TEXT SHOWN STRIKETHROUGH

	
 

                                                                                               US$3,750,000,000

    364-DAY CREDIT AGREEMENT

     

    dated as of

     

    June 9, 2021,

    

    among

    

    AUTOMATIC DATA PROCESSING, INC.

     

    The BORROWING
    SUBSIDIARIES

    referred to herein

     

    The LENDERS
    Party Hereto

     

    JPMORGAN CHASE
    BANK, N.A.,

    as Administrative Agent

     

    _________________________

     

    BANK OF AMERICA,
    N.A.

    BNP PARIBAS

     

    WELLS FARGO
    BANK, N.A. and

    DEUTSCHE BANK SECURITIES INC.,

    as Syndication Agents

    

     

    BARCLAYS BANK
    PLC and

    MUFG BANK, LTD.,

     

    as Documentation
    Agents

     

    JPMORGAN CHASE
    BANK, N.A.

    BOFA SECURITIES, INC.

     

    BNP PARIBAS
    SECURITIES CORP.

     

    WELLS FARGO
SECURITIES, LLC and

DEUTSCHE BANK SECURITIES INC.,

as Joint Lead Arrangers and Joint Bookrunners

[CS&M Ref. No.
6701-136]

 

     

     

    

TABLE OF CONTENTS

 

ARTICLE
I

Definitions

 

	SECTION 1.01.
    Defined Terms.	1
	SECTION 1.02. Classification
    of Loans and Borrowings.	2122
	SECTION 1.03. Terms
    Generally.	2122
	SECTION 1.04. Accounting
    Terms; GAAP.	2123
	SECTION 1.05. Divisions.	2223
	SECTION 1.06. Interest
    Rates; LIBORBenchmark
    Notification.	2223
	 	 

ARTICLE
II

The Credits

 

	SECTION 2.01.
    Commitments.	2324
	SECTION 2.02. Loans
    and Borrowings.	2324
	SECTION 2.03. Requests
    for Revolving Borrowings.	2425
	SECTION 2.04. Competitive
    Bid Procedure.	2526
	SECTION 2.05. Funding
    of Borrowings.	2728
	SECTION 2.06. Repayment of
    Borrowings; Evidence of Debt; Extension of Maturity Date.	2728
	SECTION 2.07. Interest
    Elections.	2930
	SECTION 2.08. Termination
    and Reduction of Commitments.	3031
	SECTION 2.09. Prepayment
    of Loans.	3132
	SECTION 2.10. Fees.	3132
	SECTION 2.11. Interest.	3233
	SECTION 2.12. Alternate
    Rate of Interest.	3334
	SECTION 2.13. Increased
    Costs.	3537
	SECTION 2.14. Break
    Funding Payments.	3638
	SECTION 2.15. Taxes.	3638
	SECTION 2.16. Payments
    Generally; Pro Rata Treatment; Sharing of Setoffs.	3840
	SECTION 2.17. Mitigation
    Obligations; Replacement of Lenders.	4042
	SECTION 2.18. Designation
    of Borrowing Subsidiaries.	4043
	SECTION 2.19. Defaulting
    Lenders.	4143
	 	 

ARTICLE
III

Representations and Warranties

 

	SECTION 3.01.
    Organization; Powers.	4244
	SECTION 3.02. Authorization;
    Enforceability.	4244
	SECTION 3.03. Governmental
    Approvals; No Conflicts.	4244
	SECTION 3.04. Financial
    Position; No Material Adverse Change.	4245

     

     

    

Contents, p. 2

 

	SECTION 3.05.
    Properties.	4345
	SECTION 3.06. Litigation
    and Environmental Matters.	4345
	SECTION 3.07. Compliance
    with Laws and Agreements.	4346
	SECTION 3.08. Federal
    Reserve Regulations..	4346
	SECTION 3.09. Investment
    Company Status.	4446
	SECTION 3.10. Taxes.	4446
	SECTION 3.11. ERISA.	4446
	SECTION 3.12. Disclosure..	4446
	SECTION 3.13. Anti-Corruption
    Laws and Sanctions.	4447
	SECTION 3.14. Affected
    Financial Institution.	4547
	 	 

ARTICLE
IV

Conditions

 

	SECTION 4.01.
    Effective Date.	4547
	SECTION 4.02. Each
    Credit Event.	4648
	SECTION 4.03. Initial
    Credit Event for each Borrowing Subsidiary.	4648
	 	 

ARTICLE
V

Affirmative Covenants

 

	SECTION 5.01.
    Financial Statements and Other Information.	4749
	SECTION 5.02. Notices
    of Material Events.	4850
	SECTION 5.03. Existence;
    Conduct of Business.	4850
	SECTION 5.04. Payment
    of Taxes.	4850
	SECTION 5.05. Maintenance
    of Properties.	4951
	SECTION 5.06. Books
    and Records; Inspection Rights.	4951
	SECTION 5.07. Compliance
    with Laws.	4951
	SECTION 5.08. Use
    of Proceeds.	4951
	 	 

ARTICLE
VI

Negative Covenants

 

	SECTION 6.01.
    Liens.	5052
	SECTION 6.02. Sale
    and Leaseback Transactions.	5153
	SECTION 6.03. Fundamental
    Changes.	5153
	 	 

ARTICLE
VII

Events of Default

 

ARTICLE
VIII

The Administrative Agent

 

     

     

    

Contents, p. 3

 

ARTICLE
IX

Guarantee

 

ARTICLE
X

Miscellaneous

 

	SECTION 10.01.
    Notices.	6062
	SECTION 10.02. Waivers;
    Amendments.	6163
	SECTION 10.03. Limitation
    of Liability; Expenses; Indemnity.	6264
	SECTION 10.04. Successors
    and Assigns.	6466
	SECTION 10.05. Survival.	6668
	SECTION 10.06. Counterparts;
    Integration; Effectiveness.	6769
	SECTION 10.07. Severability.	6870
	SECTION 10.08. Right
    of Setoff.	6870
	SECTION 10.09. Governing
    Law; Jurisdiction; Consent to Service of Process.	6971
	SECTION 10.10. WAIVER
    OF JURY TRIAL.	6971
	SECTION 10.11. Headings.	7072
	SECTION 10.12. Confidentiality.	7072
	SECTION 10.13. Conversion
    of Currencies..	7173
	SECTION 10.14. Interest
    Rate Limitation.	7173
	SECTION 10.15. Certain
    Notices.	7274
	SECTION 10.16. No
    Fiduciary Relationship.	7274
	SECTION 10.17. Acknowledgement
    of and Consent to Bail-In of Affected Financial Institutions.	7274
	 	 

SCHEDULES:

	Schedule 2.01	—  Lenders and Commitments
	Schedule 2.16	—  Payment Instructions
	Schedule 6.01	—  Liens
	 	 

EXHIBITS:

	Exhibit A	—  Form of Assignment and Assumption
	Exhibit B-1	—  Form of Borrowing Subsidiary Agreement
	Exhibit B-2	—  Form of Borrowing Subsidiary Termination
	Exhibit C	—  Form of Promissory Note
	Exhibit D	—  Form of Opinion of General Counsel of the Company

     

     

    

364-DAY
CREDIT AGREEMENT dated as of June 9, 2021 (this “Agreement”), among AUTOMATIC DATA PROCESSING, INC., a Delaware
corporation (the “Company”); the BORROWING SUBSIDIARIES from time to time party hereto (the Company and the Borrowing
Subsidiaries being collectively called the “Borrowers”); the LENDERS from time to time party hereto; and JPMORGAN
CHASE BANK, N.A., as Administrative Agent.

 

The
Company has requested that the Lenders (such term and each other capitalized term used and not otherwise defined herein having the meaning
assigned to it in Article I) extend credit in the form of Commitments under which the Borrowers may obtain Loans in US Dollars in an
aggregate principal amount outstanding at any time of US$3,750,000,000. The Company has also requested that the Lenders provide (a) a
procedure pursuant to which the Borrowers may invite the Lenders to bid on an uncommitted basis on short-term Loans to the Borrowers
and (b) a procedure pursuant to which the Borrowers may obtain Loans on an uncommitted basis from individual Lenders on terms to
be negotiated at the time such Loans are requested. The proceeds of borrowings hereunder are to be used for general corporate purposes
of the Borrowers and their subsidiaries, including the refinancing of any indebtedness outstanding under the Company’s 364-Day
Credit Agreement dated as of June 10, 2020 and its Five-Year Credit Agreement dated as of June 13, 2018 (together, the “Existing
Credit Agreements”) or under the Company’s Five-Year Credit Agreement dated as of June 12, 2019.

 

The
Lenders are willing to establish the credit facilities referred to in the preceding paragraph upon the terms and subject to the conditions
set forth herein. Accordingly, 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 whether such Loan, or the Loans comprising such Borrowing, are
bearingbear interest at a rate determined by reference
to the Alternate Base Rate.

 

“Adjusted
Daily Simple SOFR” means an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) 0.10%; provided that if the Adjusted
Daily Simple SOFR as so determined would be less than the Floor,
such rate shall be deemed to be equal to the Floor
for the purposes of this Agreement.

 

“Adjusted
Term SOFR Rate” means, for any Interest
Period, an interest rate per annum equal to (a)
the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined 

 

     

    2 

    

would
be less than the Floor, such rate shall be deemed to be equal to the Floor for
purposes of this Agreement. 

 

“Administrative
Agent” means JPMCB, in its capacity as administrative agent for the Lenders hereunder, or any successor in such capacity. Unless
the context requires otherwise, the term “Administrative Agent” shall include any Affiliate of JPMCB through which JPMCB
shall perform any of its obligations in such capacity hereunder.

 

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

 

“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.

 

“Agreement
Currency” has the meaning assigned to such term in Section 10.13(b).

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the highestgreatest
of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% per
annum and (c) the LIBOAdjusted
Term SOFR Rate for a one month interest period onInterest
Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day,
the immediately preceding Business Day) plus 1% per annum. For purposes of clause (c) above, the LIBO;
provided that for the purpose of this definition, the Adjusted Term SOFR Rate onfor
any day shall be based on the applicable ScreenTerm
SOFR Reference Rate at approximately 11:00 a.m., London time, on such day for deposits in
US Dollars with a maturity of one month (without any rounding5:00
a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator
in the Term SOFR Reference Rate methodology). Any change in the Alternate Base Rate due to a change in the Prime Rate, the
NYFRB Rate or the LIBOAdjusted
Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or
the LIBOAdjusted Term SOFR
Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.12 (for
the avoidance of doubt, only until any amendment has become effectivethe
Benchmark Replacement has been determined pursuant to Section 2.12(b)), 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 shallas determined
pursuant to the foregoing would be less than zero0.00%,
such rate shall be deemed to be zero for purposes
of this Agreement0.00%.

 

“Amendment
Agreement” means that certain Amendment Agreement, dated as of June 7, 2022, by and among the Company,
the Administrative Agent and the Consenting Lenders.

 

     

    3 

    

“Ancillary
Document” has the meaning assigned to such term in Section 10.06(b).

 

“Anti-Corruption
Laws” means the FCPA and other laws, rules and regulations applicable to the Borrower or its Subsidiaries concerning or relating
to bribery or corruption.

 

“Applicable
Rate” means a rate per annum equal to, with respect to (a) any EurocurrencyTerm
Benchmark Loan, 0.625% and (b) any ABR Loan, 0.00%.

 

“Arranger”
means each of JPMCB, BofA Securities, Inc., BNP Paribas Securities Corp., Wells Fargo Securities, LLC and Deutsche Bank Securities Inc.,
each in its capacity as joint lead arranger and joint bookrunner for the credit facility established hereunder.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party
whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other
form approved by the Administrative Agent.

 

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

 

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

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such
Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as
applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any
frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for
the avoidance of 

 

     

    4 

    

doubt,
any tenor for such Benchmark that is then-removed
from the definition of “Interest Period” pursuant to clause (e) of Section 2.12.

 

“Bankruptcy
Event” means, with respect to any Person, that such Person becomes the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business or custodian 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, 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. If, however, 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, such ownership interest will constitute a Bankruptcy Event. Nothing in this definition or
elsewhere in this Agreement shall require any Person to disclose any information that it would be prohibited from disclosing under applicable
law or regulation.

 

“Benchmark”
means, initially, with respect to any Term Benchmark Loan, the Term SOFR Rate; provided that if a Benchmark Transition Event, and the
related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate or the then-current Benchmark, then “Benchmark”
means the applicable Benchmark Replacement to
the extent that such Benchmark Replacement has
replaced such prior benchmark rate pursuant to clause (b) of Section 2.12.

 

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

 

(1)
the Adjusted Daily Simple SOFR;

 

“Benchmark
Replacement” means(2)
the sum of: (a) the alternate benchmark rate (which may be
a SOFR-Based Rate) that has been selected by the Administrative Agent and the Company as
the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any
selection or recommendation of a replacement benchmark rate or
the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii)
any evolving or then-prevailing market convention for determining a benchmark
rate of interest as a replacement to the
LIBO Rate for U.S. dollar-denominatedfor the then-current
Benchmark for US Dollar-denominated syndicated credit facilities at
such time in the United States and (b) the related Benchmark
Replacement Adjustment; provided that, if 

 

     

    5 

    

If
the Benchmark Replacement as so determined
pursuant to clause (1) or (2) above would be less than zerothe
Floor, the Benchmark Replacement will be deemed to be zerothe
Floor for the purposes of this Agreement; provided further that any such Benchmark Replacement
shall be administratively feasible as determined by the Administrative Agent in its
sole discretion and the other
Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of
the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting
of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment,
 (which may be a positive or negative value or zero),
that has been selected by the Administrative Agent and the Company for the
applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or
method for calculating or determining such spread adjustment, for the replacement of the LIBO Ratesuch
Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on
the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a
spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the
LIBO Ratesuch Benchmark with the applicable Unadjusted
Benchmark Replacement for U.S. dollar-denominatedUS
Dollar-denominated syndicated credit facilities at such time (for
the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction
to the Applicable Rate).

 

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

 

     

    6 

    

“Benchmark
Replacement Date” means, with respect to any
Benchmark, the earlierearliest
to occur of the following events with respect to the LIBO Ratesuch
then-current Benchmark:

 

(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the
Screen Ratesuch Benchmark (or the published component used
in the calculation thereof) permanently or indefinitely ceases to provide the Screen Rateall
Available Tenors of such Benchmark (or such component thereof); or

 

(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the first
date of the public on
which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory
supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness
will be determined by reference to the
most recent statement
or publication of information referenced thereinin
such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the
Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference
Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in
the case of clause (1) or (2) with respect to
any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors
of such Benchmark (or the published component used in the calculation thereof).

 

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

 

(1)
a public statement or publication of information by or on behalf of the administrator of the Screen
Ratesuch Benchmark (or the published component used in the
calculation thereof) announcing that such administrator has ceased or will cease to provide the
Screen Rateall Available Tenors of such Benchmark (or such
component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no
successor administrator that will continue to provide the Screen Rateany
Available Tenor of such Benchmark (or such component thereof);

 

(2)
a public statement or publication of information by the regulatory supervisor for the administrator of the
Screen Rate, the U.S.such Benchmark (or the published component
used in the calculation thereof), the Federal

 

     

    7 

    

Reserve
SystemBoard, the NYFRB, the
CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for the
Screen Ratesuch Benchmark (or such component),
a resolution authority with jurisdiction over the administrator for the Screen Ratesuch
Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for the Screen Ratesuch Benchmark
(or such component), in each case, which states that
the administrator of the Screen Ratesuch
Benchmark (or such component) has ceased or will cease to provide the Screen Rateall
Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely,;
provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide the Screen Rate; and/or any
Available Tenor of such Benchmark (or such component thereof); or

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of the
Screen Ratesuch Benchmark (or the published component used
in the calculation thereof) announcing that the Screen Rate isall
Available Tenors of such Benchmark (or such component thereof) are no longer,
or as of a specified future date will no longer be, representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable
Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected
date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable,
and, in each case, consented to by the Company in writing and notified in writing to the Administrative Agent (in the case of such notice
by the Required Lenders) and the Lenders, as applicable.

 

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

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and
its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and
solely to the extent that the LIBO Rate has not been
replaced with aany Benchmark Replacement,
the period (if any) (x) beginning at the time that sucha
Benchmark Replacement Date pursuant to clauses (1) or (2) of that
definition has occurred if, at such time, no Benchmark Replacement has replaced the LIBO
Ratesuch then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with Section
2.12 and (y) ending at the time that a Benchmark Replacement has replaced the LIBO Ratesuch
then-current Benchmark for

 

     

    8 

    

all
purposes hereunder pursuant toand
under any Loan Document in accordance with Section 2.12.

 

“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 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”.

 

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

 

“Borrower”
means the Company or any Borrowing Subsidiary.

 

“Borrowing”
means Loans (including Competitive Loans and Contract Loans) of the same Class and Type, made, converted or continued on the same date
and, in the case of EurocurrencyTerm
Benchmark Loans or Fixed Rate Loans, as to which a single Interest Period is in effect.

 

“Borrowing
Minimum” means US$5,000,000.

 

“Borrowing
Multiple” means US$1,000,000.

 

“Borrowing
Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03.

 

“Borrowing
Subsidiary” means any Subsidiary that has been designated as such pursuant to Section 2.18 and that has not ceased to be a
Borrowing Subsidiary as provided in such Section.

 

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

 

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

 

“Business
Day” means any day that is not(other
than a Saturday, or
a Sunday or other day)
on which commercial banks are
open for business in New York City are authorized or required by law to remain closedor
Chicago; 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 deposits in US Dollars in the London
interbank market.in relation to Term Benchmark Loans and any
interest rate settings, fundings, disbursements, settlements or payments of any such Term Benchmark 

 

     

    9 

    

Loan,
or any other dealings of such Term Benchmark Loan, any such day that is only an U.S. Government Securities Business Day.

 

“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 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.

 

“Change
in Law” means (a) the adoption of any law, rule, regulation or treaty after the date of this Agreement, (b) any change in any
law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority
after the date of this Agreement or (c) compliance by any Lender or by any lending office of such Lender or by such Lender’s
holding company with any request, rule, guideline 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, no act, event
or circumstance referred to in clause (a), (b) or (c) of this definition shall be deemed to have occurred prior to the date of this Agreement
as a result of the applicable law, rule, regulation, treaty, interpretation, application, request, guideline or directive having been
adopted, made or issued under the general authority of the Dodd-Frank Wall Street Reform and Consumer Protection Act or Basel III as
promulgated by the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities.

 

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

 

“CME
Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured
Overnight Financing Rate (SOFR) (or a successor administrator). 

 

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

 

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Loans pursuant to Section 2.01, expressed as an amount
representing the maximum aggregate amount of such Lender’s Revolving Loan Exposure hereunder, as such commitment may be (a) reduced
from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to
such Lender pursuant to Section 10.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01 or
in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount
of the Commitments on the date hereof is US$3,750,000,000.

 

     

    10 

    

“Company”
has the meaning assigned to such term in the heading of this Agreement.

 

“Competitive
Bid” means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04.

 

“Competitive
Bid Rate” means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making
such Competitive Bid.

 

“Competitive
Bid Request” means a request for Competitive Bids in accordance with Section 2.04.

 

“Competitive
Borrowing” means a Borrowing comprised of Competitive Loans.

 

“Competitive
Loan” means a Loan made pursuant to Section 2.04. Each Competitive Loan shall be a EurocurrencyTerm
Benchmark Loan or a Fixed Rate Loan.

 

“Competitive
Loan Exposure” means, with respect to any Lender at any time, the aggregate principal amount of the outstanding Competitive
Loans of such Lender.

 

“Consenting
Lender” means each Lender party to the Amendment Agreement. 

 

“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology
for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a
mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative
Agent in accordance with: 

 

(1)       the
rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining
compounded SOFR; provided that:

 

(2)       if,
and to the extent that, the Administrative Agent, in consultation with the Company,
determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate,
or methodology for this rate, and conventions for this rate that the Administrative Agent, in consultation with the Company, determines
in its reasonable discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded
SOFR for U.S. dollar-denominated syndicated credit facilities at such time; 

 

provided,
further, that if the Administrative Agent, in consultation with the Company, decides that any
such rate, methodology or convention determined in accordance with
clause (1) or clause (2) is not administratively feasible for the Administrative
Agent, then Compounded SOFR will be deemed unable to be determined 

 

     

    11 

    

for
purposes of the definition of “Benchmark Replacement.”

 

“Consolidated
Net Worth” means the shareholders’ equity of the Company, determined on a consolidated basis in accordance with GAAP.

 

“Contract
Loan” has the meaning assigned to such term in Section 2.02(e).

 

“Contract
Loan Exposure” means, with respect to any Lender at any time, the aggregate principal amount of the outstanding Contract Loans
of such Lender.

 

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

 

“Corresponding
Tenor” with respect to a Benchmark Replacement meansany
Available Tenor means, as applicable, either a tenor (including overnight) or
an interest payment period having approximately the same length (disregarding business day adjustment) as the
applicable tenor for the applicable Interest Period with respect to the LIBO
Ratesuch Available Tenor.

 

“Daily
Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal SOFR for the day (such day “SOFR
Determination Date”) that is five U.S. Government Securities Business Day prior to (i) if such SOFR Rate Day is a U.S. Government
Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S.
Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator
on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including
the effective date of such change in SOFR without notice to the Company.

 

“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, constitute an Event of Default.

 

“Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund
any portion of its Loans or (ii) pay over to the Administrative Agent or any other Lender any other amount required to be paid by it
hereunder, unless, in the case of clause (i) above, it notifies the Administrative Agent in writing that such failure is the result of
its 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, any other Borrower or the Administrative Agent 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 its good faith determination that a condition precedent (specifically

 

     

    12 

    

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 Business Days after request by the Administrative Agent, acting in
good faith, to provide a certification in writing from an authorized officer thereof that it will comply with its obligations (and is
financially able to meet such obligations) to fund Loans under this Agreement, provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon the receipt by the Administrative Agent of such certification in form and substance satisfactory
to the Administrative Agent, or (d) has become the subject of a Bankruptcy Event or a Bail-In Action (as defined in Section 10.17).

 

“Early
Opt-in Election” means the occurrence of:

 

(1)
(i) a determination by the Administrative Agent and
the Company or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Company) that the Required
Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language
similar to that contained in Section 2.12 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest
rate to replace the LIBO Rate, and 

 

(2)
(i) the election by the Administrative Agent and the Company or (ii) the election by the Required Lenders with the written consent of
the Company to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent and the
Company of written notice of such election to the Lenders or by the Required Lenders and the Company of written notice of such election
to the Administrative Agent and the other Lenders.

 

“Effective
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 10.02).

 

“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
Assignee” means (a) a Lender, (b) an Affiliate of a Lender and (c) any other Person, other than, in each case, (i) a natural
person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person), (ii)
a Defaulting Lender, (iii) the Company or any of its Affiliates or (iv) a Sanctioned Person.

 

“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 or to health and safety matters.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation,
fines, penalties

 

     

    13 

    

or
indemnities), of any of the Borrowers or any of their Subsidiaries directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,
(c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment
or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any
of the foregoing.

 

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

 

“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, 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) any failure by any Plan
to satisfy the minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such
Plan, in each case 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
ERISA Affiliate 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 ERISA Affiliate of any liability
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (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 of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning
of Title IV of ERISA, or in endangered or critical status, within the meaning of Section 305 of ERISA; or (h) a determination
that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4)
of the Code).

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBO
Rate.

 

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

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on
account of any Obligation hereunder, (a) income or franchise Taxes imposed on (or measured by) its net income by the United States
of America (or any political subdivision thereof), or by the jurisdiction under which such recipient is organized or in which its principal
office or any

 

     

    14 

    

lending
office from which it makes Loans hereunder is located, (b) any branch profit Taxes imposed by the United States of America or any similar
Tax imposed by any other jurisdiction described in clause (a) above, (c) except in the case of an assignee pursuant to a request by the
Company under Section 2.17(b), any withholding Tax that is imposed by the United States of America (or any political subdivision thereof)
on payments by a Borrower from an office within such jurisdiction to the extent such Tax is in effect and would apply as of the
date such Lender becomes a party to this Agreement or relates to payments received by a new lending office designated by such Lender
and is in effect and would apply at the time such lending office is designated, (d) any withholding Taxes imposed by the United
States of America pursuant to FATCA and (e) any withholding Tax that is attributable to such Lender’s failure to comply
with Section 2.15(f), except, in the case of clause (c) above, to the extent that (i) such Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts with respect to such withholding
Tax pursuant to Section 2.15 or (ii) such withholding Tax shall have resulted from the making of any payment to a location other
than the office designated by the Administrative Agent or such Lender for the receipt of payments of the applicable type.

 

“Existing
Credit Agreements” has the meaning assigned to such term in the introductory statement.

 

“Exposure”
means, with respect to any Lender at any time, such Lender’s Revolving Loan Exposure, Competitive Loan Exposure and Contract Loan
Exposure at such time.

 

“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), and any current or future regulations or official interpretations thereof.

 

“FCA”
has the meaning set forth in Section 1.06.

 

“FCPA”
means the United States Foreign Corrupt Practices Act of 1977.

 

“Federal
Funds Effective Rate” means, for any day, the rate calculated by the NYFRB (rounded upwards,
if necessary, to the next 1/100 of 1.0%) based on such day’s federal funds transactions by depository institutions
(, as determined
in such manner as the NYFRB shall be
set forth on its public websitethe
NYFRB’s Website from time to time),
and published on the next succeeding business dayBusiness
Day by the NYFRB as the effective federal funds effective
rate; provided that if the Federal Funds Effective Rate, as
so determined as provided above, would be less than zero,
the Federal Funds Effective Rate shall for all0.00%, such
rate shall be deemed to be 0.00% for purposes of this Agreement be zero.

 

“Federal
Reserve Bank of New York’s Website”
means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

     

    15 

    

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

 

“First
Amendment Effective Date” has the meaning assigned to such term in Amendment Agreement.

 

“Fixed
Rate” means, with respect to any Competitive Loan (other than a EurocurrencyTerm
Benchmark Competitive Loan), the fixed rate of interest per annum specified by the Lender making such Competitive Loan in
its related Competitive Bid.

 

“Fixed
Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the First Amendment Effective Date, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR, as
applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR shall
be 0.00%. 

 

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

 

“Governmental
Authority” means any nation or government, any federal, state, local or other political subdivision thereof and any entity
exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government (including
any applicable supranational bodies such as, without limitation, the European Union, the European Central Bank, the Bank for International
Settlements and the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

 

“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

 

     

    16 

    

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.

 

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

 

“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 and
(j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. 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.

 

“Indemnified
Taxes” means Taxes other than Excluded Taxes.

 

“Interest
Election Request” means a request by the relevant Borrower to convert or continue a Borrowing in accordance with Section 2.07.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December, (b) with
respect to any EurocurrencyTerm
Benchmark 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, (c) with respect to any Fixed Rate 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 Fixed Rate Loan with an Interest Period of more than 90 days’ duration (unless otherwise
specified in the applicable Competitive Bid Request), each day prior to the last day of such Interest Period that occurs at intervals
of 90 days’ duration after the first day of such Interest Period, and any other dates specified in the applicable
Competitive Bid Request as Interest Payment Dates with respect to such Borrowing and (d) with respect to

 

     

    17 

    

any
Contract Loan, the date or dates agreed upon by the relevant Borrower and the applicable Lender or, if no such dates shall have been
agreed upon, the last day of each March, June, September and December.

 

“Interest
Period” means, (a) with respect to any EurocurrencyTerm
Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in
the calendar month that is one, or
three or six months thereafter, as
the relevant (in each case, subject to the availability for
the Benchmark applicable to the relevant Loan or Commitment), as the Borrower may elect, (b) with respect to any Fixed Rate
Borrowing, the period (which shall not be less than seven days or more than 360 days) commencing on the date of such Borrowing and ending
on the date specified in the applicable Competitive Bid Request and (c) with respect to any Contract Loan, the period commencing on the
date of such Borrowing and ending on the date agreed upon by the relevant Borrower and the applicable Lender; 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, in the case of a EurocurrencyTerm
Benchmark Borrowing only, 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 EurocurrencyTerm
Benchmark 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.  and
(iii) in the case of a Term
Benchmark Borrowing, no tenor that has been removed from this definition pursuant to Section 2.12(e) shall be available for any
Borrowing. 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.

 

““Interpolated
Screen Rate” means, with respect to any Eurocurrency
Borrowing for
any Interest Period, a
rate per annum which results from interpolating on a linear basis between (a) the applicable Screen Rate for the longest maturity
for which a Screen Rate is available that is shorter than such Interest Period and (b) the applicable Screen Rate for the shortest
maturity for which a Screen Rate is available that is longer than such Interest Period, in each case at 11:00 a.m., London time, two
Business
Days prior to the commencement of such Interest
Period.

 

“JPMCB”
means JPMorgan Chase Bank, N.A. and its successors.

 

“Judgment
Currency” has the meaning assigned to such term in Section 10.13(b).

 

“Lender-Related
Person” has the meaning assigned to such term in Section 10.03(a).

 

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and
Assumption, other

 

     

    18 

    

than
any such Person that shall have ceased to be a party hereto pursuant to an Assignment and Assumption.

 

“Liabilities”
means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

 

“LIBO
Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, the applicable Screen Rate
at 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided
that (a) if the applicable Screen Rate shall not be available at such time for such Interest Period but the applicable Screen
Rate shall be available at such time for maturities both longer and shorter than such Interest Period, then the LIBO Rate shall be the
Interpolated Screen Rate as of such time and (b) if the LIBO Rate, determined as set forth above, shall be less than zero,
such rate shall be deemed to be zero for purposes
of this Agreement.

 

“LIBOR”
has the meaning set forth in Section 1.06. 

 

“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.

 

“Loan
Documents” means this Agreement, the Amendment Agreement,
each Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination and each promissory note delivered pursuant to this Agreement.

 

“Loans”
means the loans made by the Lenders to the Borrowers pursuant to this Agreement.

 

“Margin”
means, with respect to any Competitive Loan bearing interest at a rate based on the LIBOAdjusted
Term SOFR Rate, the marginal rate of interest, if any, to be added to or subtracted from the LIBOAdjusted
Term SOFR Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its
related Competitive Bid.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations, prospects or condition, financial
or otherwise, of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform any of its obligations
under this Agreement or (c) the rights of or benefits available to the Lenders under this Agreement.

 

“Material
Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of the
Company and its Subsidiaries in an aggregate principal amount exceeding US$250,000,000. For purposes of determining Material Indebtedness,
the “principal amount” of the obligations of any

 

     

    19 

    

Borrower
or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that such Borrower or Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.

 

“Material
Subsidiary” means (a) any Subsidiary that is a Borrower, (b) any Subsidiary that directly or indirectly owns or Controls any
Material Subsidiary and (c) any other Subsidiary (i) the consolidated revenues of which for the most recent period of four
fiscal quarters of the Company for which audited financial statements have been delivered pursuant to Section 5.01 were greater than
10% of the Company’s consolidated revenues for such period or (ii) the consolidated assets of which as of the end of such
period were greater than 10% of the Company’s consolidated assets as of such date; provided that if at any time the aggregate
consolidated revenues or assets of all Subsidiaries that are not Material Subsidiaries for or at the end of any period of four fiscal
quarters exceeds 10% of the Company’s consolidated revenues for such period or 10% of the Company’s consolidated assets as
of the end of such period, the Company shall (or, in the event the Company has failed to do so within 10 days, the Administrative
Agent may) designate sufficient Subsidiaries as “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries
shall for all purposes of this Agreement constitute Material Subsidiaries. For purposes of making the determinations required by this
definition, revenues and assets of foreign Subsidiaries shall be converted into US Dollars at the rates used in preparing the consolidated
balance sheet of the Company included in the applicable financial statements.

 

“Maturity
Date” means the Termination Date or any later date to which the Maturity Date shall have been extended pursuant to Section
2.06(f).

 

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

 

“Notice
of Illegality” has the meaning assigned to such term in Section 2.18.

 

“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, onfor
the immediately preceding Business Day); provided that if none of such rates isare
published for any day that is a Business Day, the term “NYFRB Rate” shall meanmeans
the rate for a federal funds transaction quoted at 11:00 a.m. (New York City time) on
such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided,
further, that if the NYFRB Rate,any
of the aforesaid rates as so determined as provided above, would be less
than zero, the NYFRB Rate shall for all0.00%,
such rate shall be deemed to be 0.00% for purposes of this Agreement be zero.

 

     

    20 

    

“NYFRB’s
Website” means the website of the NYFRB
at http://www.newyorkfed.org, or any successor source. 

 

“Obligations”
means the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the
pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding) on the Loans made to any Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary,
secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Borrowers under this
Agreement and the other Loan Documents.

 

“Other
Taxes” means any and all present or future recording, stamp, documentary, excise, transfer, sales, property or similar taxes,
charges or levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement or any other Loan Document.

 

“Overnight
Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency
borrowingseurodollar transactions denominated in US Dollars
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 websitethe
NYFRB’s 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 compositeovernight
bank funding rate).

 

“Participant”
has the meaning assigned to such term in Section 10.04(e).

 

“Participant
Register” has the meaning assigned to such term in Section 10.04(h).

 

“Patriot
Act” has the meaning assigned to such term in Section 10.15.

 

“Payment”
has the meaning assigned to such term in Article VIII.

 

“Payment
Notice” has the meaning assigned to such term in Article VIII.

 

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

 

“Percentage”
means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments
have terminated or expired, the Percentages shall be determined based upon the Commitments most recently in effect, giving effect to
any assignments.

 

     

    21 

    

“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 30 days or are being contested in good faith;

 

(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)
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; and

 

(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 any of the Borrowers or any of their Subsidiaries;

 

provided
that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness or any Lien in favor of the PBGC.

 

“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 any of the Borrowers 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.

 

“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

 

     

    22 

    

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.

 

“Reference
Time” with respect to any setting
of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two Business
Days preceding the date of such setting or (2) if such Benchmark is not the Term SOFR Rate, the time determined
by the Administrative Agent in its reasonable
discretion. 

 

“Register”
has the meaning assigned to such term in Section 10.04.

 

“Related
Fund” means, with respect to any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans
and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

 

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

 

“Relevant
Governmental Body” means the Board and/or the NYFRB, or a committee officially endorsed or convened by the Board and/or the
NYFRB or, in each case, any successor thereto.

 

“Required
Lenders” means, at any time, Lenders having unused Commitments and Revolving Loan Exposures representing more than 50% of the
aggregate total unused Commitments and Revolving Loan Exposures at such time; provided that, for purposes of declaring the Loans
to be due and payable pursuant to Article VII, and for all purposes after the Loans become due and payable pursuant to Article VII
or the Commitments expire or terminate, the outstanding Competitive Loans and Contract Loans of the Lenders shall be included in their
respective Revolving Loan Exposures in determining the Required Lenders.

 

“Revolving
Borrowing” means a Borrowing comprised of Revolving Loans.

 

“Revolving
Loan” means a Loan made by a Lender pursuant to Section 2.01. Each Revolving Loan shall be a EurocurrencyTerm
Benchmark Loan or an ABR Loan.

 

“Revolving
Loan Exposure” means, at any time, the aggregate principal amount of the Revolving Loans outstanding at such time. The Revolving
Loan Exposure of any Lender at any time shall be such Lender’s Percentage of the total Revolving Loan Exposure at such time.

 

     

    23 

    

“Sale
and Leaseback Transaction” means any arrangement whereby the Company or a Subsidiary, directly or indirectly, shall sell or
transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent
or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property being
sold or transferred.

 

“Sanction
Laws” means laws and executive orders of the United States of America, the United Nations Security Council, the European Union
or Her Majesty’s Treasury of the United Kingdom imposing economic or financial sanctions or trade embargoes, and regulations implementing
such laws and executive orders.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is the subject or target of any Sanction Laws that are applicable
to transactions with such country or Persons operating, organized or resident therein generally (and not merely to transactions with
specifically designated Persons operating, organized or resident therein). On the date hereofFirst
Amendment Effective Date, the Sanctioned Countries are the Crimea
Region of Ukraine, the so-called Donetsk People’s Republic, the so-called
Luhansk People’s Republic, Cuba, Iran, Syria and North Korea and
Syria.

 

“Sanctioned
Person” means (a) any Person on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of
Foreign Assets Control of the U.S. Department of Treasury or on any other list maintained by any Governmental Authority under applicable
Sanction Laws, (b) any Person operating, organized or resident in a Sanctioned Country with whom the Company is prohibited from doing
business as a result of applicable Sanction Laws, or (c) any Person who is, to the Company’s knowledge, owned or controlled by
any Person or Persons described in the preceding clauses (a) and (b).

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR
Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).

 

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

 

“Screen
Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, a rate per annum equal to
the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration
of such rate) for deposits in the US Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period as displayed on the Reuters screen page that displays such rate (currently page LIBOR01) (or, in the event such rate does not
appear on a page of the Reuters screen, on the appropriate page of such other
information service that publishes such rate as shall be selected
by the Administrative Agent from time to time in
its reasonable discretion). If no such rate shall be available for
a particular Interest Period but rates shall be available for maturities both longer and shorter than such Interest Period, than the
LIBO Rate for such Interest Period shall be the Interpolated Screen Rate. Notwithstanding the foregoing, if the Screen Rate, determined
as provided above in this definition, would be less than zero, the Screen Rate shall for all purposes of this Agreement be zero.

 

     

    24 

    

“SOFR”
with respect to any day means the secured overnight financing rate
published for such day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank
of New York’s Website.

 

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

 

“Statutory
Reserves” means any reserve, liquid asset or similar requirements established by any Governmental Authority of the United States
to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in US Dollars
or by reference to which interest rates applicable to Loans are determined.

 

“subsidiary”
means, with respect to any Person, any entity with respect to which such Person alone owns, such Person or one or more of its subsidiaries
together own, or such Person and any Person Controlling such Person together own, in each case directly or indirectly, capital stock
or other equity interests having ordinary voting power to elect a majority of the members of the Board of Directors of such corporation
or other entity or having a majority interest in the capital or profits of such corporation or other entity.

 

“Subsidiary”
means any subsidiary of the Company.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority.

 

“Term
Benchmark” when used in reference to any
Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted Term SOFR Rate.

 

“Term
SOFR” means the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body
Determination Day” has the meaning assigned to it under the definition
of Term SOFR Reference Rate.

 

“Term
SOFR Rate” means, with respect to any Term
Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00
a.m., Chicago time, two U.S. Government Securities Business
Days prior to the commencement of such tenor 

 

     

    25 

    

comparable
to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

 

“Term
SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any
Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative
Agent as the forward-looking term rate based
on SOFR. If by 5:00 pm (New
York City time) on such Term SOFR Determination
Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and
a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR
Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business
Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business
Day is not more than five Business Days prior to such Term SOFR Determination Day. 

 

“Termination
Date” means (a) with respect to the Lenders who are not Consenting
Lenders, June 8, 2022 and (b) only with respect to the Consenting
Lenders, July 1, 2022.

 

“Transactions”
means the execution, delivery and performance by the Company and the other Borrowers of the Loan Documents, the borrowing of Loans hereunder
and the use of the proceeds thereof.

 

“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 LIBOAdjusted
Term SOFR Rate, the Alternate Base Rate or a Fixed Rate.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that,
if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed
to be zero for the purposes of this Agreement.

 

“US
Dollars” or “US $” means the lawful money of the United States of America.

 

“U.S.
Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities. 

 

     

    26 

    

“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 Borrower and the Administrative Agent.

 

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 “EurocurrencyTerm
Benchmark Loan”) or by Class and Type (e.g., a “EurocurrencyTerm
Benchmark Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving
Borrowing”) or by Type (e.g., a “ EurocurrencyTerm
Benchmark Borrowing”) or by Class and Type (e.g., a “EurocurrencyTerm
Benchmark 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”. 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, supplemented
or otherwise modified (subject to any restrictions on such amendments, 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, (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, (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 and (g) 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 law).

 

SECTION
1.04. Accounting Terms; GAAP. 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

 

     

    27 

    

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.

 

SECTION
1.05. 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), 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 if any new Person comes into existence, such new Person shall be deemed
to have been organized on the first date of its existence by the holders of its equity interests at such time.

 

SECTION
1.06. Interest Rates; LIBORBenchmark
Notification. The interest rate on Eurocurrency Loans is determined
by reference to the LIBO Rate, which is derived from the London interbank offered rate that has been
the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark reference rates and, as a result, such
interest rate benchmark may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on
which it is calculated may change. The London interbank offered rate (“LIBOR”)
is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank
market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly
announced that: immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently
cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease;
and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject
to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market
and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that dates
announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact
the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Each party to
this agreement should consult its own advisors to stay informed of any such developments. Public and private sector industry initiatives
are currently underway to identify new or alternative reference rates to be used in place of LIBORa
Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory
reform. Upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election,
Section 2.12(b) provides a mechanism for determining an alternative rate of interest. The Administrative
Agent will promptly notify the Company, pursuant to Section 2.12(d), 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,
performance or any other matter related to the London interbank offered rate or other rates
in the definition of “LIBO Rate”any interest rate
used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof (including,
without limitation, (i) any such alternative, successor or 

 

     

    28 

    

replacement
rate implemented pursuant to Section 2.12(b), whether upon the occurrence of
a Benchmark Transition Event or an Early Opt-in Election, and (ii)
the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.12(c)),,
including without limitation, whether the composition or characteristics of any such alternative,
successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO
Rateexisting interest rate being replaced or have
the same volume or liquidity as did the London interbank offeredany
existing interest rate prior to its discontinuance or unavailability. The
Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest
rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant
adjustments thereto, in each case, in a manner adverse to the Company. The Administrative Agent may select information sources or services
in its reasonable discretion to
ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case
pursuant to the terms of this Agreement, and shall have no liability to the Company, any Lender or any other person or entity for damages
of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether
in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof)
provided by any such information source or service. 

 

ARTICLE
II

 

The Credits

 

SECTION
2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender severally
agrees to make Revolving Loans to the Company and the Borrowing Subsidiaries from time to time during the Availability Period in US Dollars
in an aggregate principal amount at any time outstanding that will not result in (i) such Lender’s Revolving Loan Exposure exceeding
its Commitment or (ii) the aggregate Exposures exceeding the aggregate Commitments.

 

SECTION
2.02. Loans and Borrowings. (a)  Each Revolving Loan shall be made as part of a Borrowing
consisting of Revolving Loans made by the Lenders (or their Affiliates as provided in paragraph (b) below) ratably in accordance with
their respective Commitments. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.04. Each
Contract Loan shall be made in accordance with the procedures set forth in paragraph (e) below. 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 hereunder.

 

(b)
Subject to Section 2.12, (i) each Revolving Borrowing shall be comprised entirely of EurocurrencyTerm
Benchmark Loans or ABR Loans as the applicable Borrower may request in accordance herewith and (ii) each Competitive Borrowing
shall be comprised entirely of EurocurrencyTerm
Benchmark Loans or

 

     

    29 

    

Fixed
Rate Loans, as the applicable Borrower may request in accordance herewith. 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
2.12, 2.13, 2.14 and 2.15 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 applicable Borrower to repay such Loan in accordance with the terms of this Agreement.
Notwithstanding any other provision of this Agreement, the Borrowers shall not be responsible under Section 2.13 or 2.15 for any increased
costs incurred by a Lender as a result of a change in the location from which such Lender makes Loans unless such Lender is legally required
to make such change.

 

(c)
At the commencement of each Interest Period for any Borrowing (other than a Borrowing comprised
of Competitive Loans or Contract Loans), such Borrowing shall be in an aggregate amount that is at least equal to the Borrowing Minimum
and an integral multiple of the Borrowing Multiple; provided that an ABR Borrowing may be made in an aggregate amount that is
equal to the aggregate available Commitments. 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 five EurocurrencyTerm
Benchmark 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.

 

(e)
At any time, any Borrower and any Lender may agree that such Lender will make a Loan (a “Contract
Loan”) to the Borrower denominated in US Dollars and bearing interest at an agreed upon rate, for an interest period to be
agreed upon and upon such other terms as the applicable Borrower and Lender may agree (it being understood that a Contract Loan shall
not be required to be in any particular minimum amount); provided, that, (i) after giving effect to the making of any such Contract
Loan, the aggregate Exposures shall not exceed the aggregate Commitments and (ii) no such Loan shall be a Contract Loan unless the relevant
Borrower and the applicable Lender expressly agree at the time such Loan is made, and notify the Administrative Agent, that such Loan
shall be a Contract Loan for purposes of this Agreement. If the applicable Borrower and Lender shall, after any Contract Loan is made,
agree that such Contract Loan shall no longer be a Contract Loan hereunder and shall notify the Administrative Agent of such agreement,
such Loan shall, as of the date of such agreement, cease to be a Contract Loan or to be entitled to any further benefits under this Agreement.
Contract Loans shall be deemed Loans for all purposes under this Agreement. Each Borrower and Lender shall promptly notify the Administrative
Agent of (i) the date, principal amount, maturity, interest rate, Interest Period and Interest Payment Dates of each Contract Loan made
by such Lender to such Borrower and (ii) the date and amount of any repayment or prepayment of any such Contract Loan.

 

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 by telephone (a) in
the

 

     

    30 

    

case
of a EurocurrencyTerm Benchmark
Borrowing, not later than 2:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing
and (b) in the case of an ABR Borrowing, not later than 2:00 p.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 in a form approved by the Administrative Agent and signed by the applicable Borrower, or by 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 Borrower requesting such Borrowing (or on whose behalf the Company is requesting such Borrowing);

 

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

 

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

 

(iv)
the Type of the requested Borrowing;

 

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

 

(vi)
the location and number of the relevant Borrower’s account to which funds are to be disbursed,
which shall comply with the requirements of Section 2.05.

 

If no election
as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified
with respect to any requested EurocurrencyTerm
Benchmark 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 the Loan to be made by such Lender as part of the requested Borrowing.

 

SECTION
2.04. Competitive Bid Procedure. (a) Subject to the terms and conditions set forth herein,
from time to time during the Availability Period any Borrower may request Competitive Bids for Competitive Loans in US Dollars and may
(but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans; provided that the aggregate Exposures
at any time shall not exceed the aggregate Commitments. To request Competitive Bids, the Company or the applicable Borrower shall notify
the Administrative Agent of such request by telephone (i) in the case of a EurocurrencyTerm
Benchmark Competitive Borrowing, not later than 10:00 a.m., New York City time, four Business Days before the date of the
proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 12:00 noon, New York City time,
one Business Day before the date of the proposed Competitive Borrowing. Not more than three Competitive Bid Requests may be submitted
on the same day. Each telephonic Competitive Bid Request shall be confirmed promptly by

 

     

    31 

    

hand
delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in a form approved by the Administrative Agent
and signed by the Company. Each such telephonic and written Competitive Bid Request shall specify the following information in compliance
with Section 2.02:

 

(i)
the Borrower requesting the Competitive Bid and the aggregate amount of the requested Borrowing;

 

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

 

(iii)
whether such Borrowing is to be a EurocurrencyTerm
Benchmark Borrowing or a Fixed Rate Borrowing;

 

(iv)
the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by
the definition of the term “Interest Period”; and

 

(v)
the location and number of the Company’s account to which funds are to be disbursed, which
shall comply with the requirements of Section 2.05.

 

Promptly following
receipt of a Competitive Bid Request in accordance with this Section, the Administrative Agent shall notify the Lenders of the details
thereof by telecopy, inviting the Lenders to submit Competitive Bids.

 

(b)
Each Lender may (but shall not have any obligation to) make one or more Competitive Bids to the
Company in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent
and must be received by the Administrative Agent by telecopy, (i) in the case of a EurocurrencyTerm
Benchmark Competitive Borrowing, not later than 12:00 noon, New York City time, four Business Days before the date of the
proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on
the date of the proposed Competitive Borrowing. Competitive Bids that do not conform to the form approved by the Administrative Agent
may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable.
Each Competitive Bid shall specify (i) the principal amount (which may equal the entire principal amount of the Competitive Borrowing
requested by the Company) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the Competitive Bid Rate or
Rates at which the Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to
no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof.

 

(c)
The Administrative Agent shall promptly notify the Company by telecopy of the Competitive Bid Rate
and the principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid.

 

(d)
Subject only to the provisions of this paragraph, the applicable Borrower may accept or reject any
Competitive Bid. The Borrower shall notify the

 

     

    32 

    

Administrative
Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to
accept or reject each Competitive Bid, (i) in the case of a EurocurrencyTerm
Benchmark Competitive Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the
proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 10:30 a.m., New York City time, on
the date of the proposed Competitive Borrowing; provided that (i) the failure of the Borrower to give such notice shall be
deemed to be a rejection of each Competitive Bid, (ii) the Borrower shall not accept a Competitive Bid made at a particular Competitive
Bid Rate if such Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive
Bids accepted by the Borrower shall not exceed the aggregate amount of the requested Competitive Borrowing specified in the related Competitive
Bid Request and (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept Competitive Bids at
the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall
be made pro rata in accordance with the amount of each such Competitive Bid; provided further that in calculating the pro rata
allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv)
the amounts shall be rounded to integral multiples of the Borrowing Multiple in a manner determined by the Borrower. A notice given by
the Borrower pursuant to this paragraph shall be irrevocable.

 

(e)
The Administrative Agent shall promptly notify each bidding Lender by telecopy whether or not its
Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon
become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of which its Competitive Bid has been
accepted.

 

(f)
If the Administrative Agent or one of its Affiliates shall elect to submit a Competitive Bid in
its capacity as a Lender, it shall submit such Competitive Bid directly to the applicable Borrower at least one quarter of an hour earlier
than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph (b)
of this Section.

 

SECTION
2.05. Funding of Borrowings. (a) Each Lender shall make each Loan (other than a Contract
Loan) to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 2:00 p.m., New
York City time (or if later, in the case of an ABR Borrowing, one hour after the Lenders shall have been notified of the applicable Borrowing
Request), to the account of the Administrative Agent. The Administrative Agent will make such Loans available to the relevant Borrower
by promptly crediting the amounts so received, in like funds, to an account of such Borrower maintained by the Administrative Agent (or
another account specified by such Borrower in the applicable Borrowing Request) in New York City. Each Lender shall make each Contract
Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by the time and to the account
agreed upon by the relevant Borrower and the applicable Lender.

 

     

    33 

    

(b)
Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date
of any 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, and the Administrative Agent
has made an amount corresponding to such share available to such Borrower, 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 rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount or (ii) in
the case of such Borrower, the interest rate applicable to the subject Loan. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Loan included in such Borrowing and the Administrative Agent shall return to such
Borrower any amount (including interest) paid by such Borrower to the Administrative Agent pursuant to this paragraph.

 

SECTION
2.06. Repayment of Borrowings; Evidence of Debt; Extension of Maturity Date. (a) Each Borrower hereby unconditionally promises to pay to the Administrative Agent for the accounts of the applicable Lenders (i) the then
unpaid principal amount of the Loans comprising each Borrowing of such Borrower on the Maturity Date and (ii) the then unpaid principal
amount of each Competitive Loan on the last day of the Interest Period applicable thereto. Each Borrower hereby unconditionally promises
to pay to the applicable Lender the then unpaid principal amount of each Contract Loan on the date or dates agreed by such Borrower and
such Lender.

 

(b)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
the obligations of each Borrower to such Lender resulting from the Loans made by such Lender.

 

(c)
The Administrative Agent shall maintain accounts in which it shall record (i) the amount of
each Borrowing made hereunder, the Class and Type thereof and the Interest Period applicable thereto and (ii) the amount of any
sum received by the Administrative Agent hereunder for the accounts of the Lenders and each Lender’s share thereof.

 

(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.

 

     

    34 

    

(e)
Any Lender may request that Loans of any Class made by it to any Borrower be evidenced by a promissory
note if it is the policy of such Lender to obtain promissory notes in transactions comparable to those provided for herein or if such
Lender has another business reason for requesting such a promissory note. In such event, each applicable 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) in the form of Exhibit C hereto. Thereafter, the Loans evidenced by each such promissory note and interest thereon
shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such
form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered
assigns).

 

(f)
Each Borrower may, by notice to the Administrative Agent (which shall promptly deliver a copy to
each of the Lenders) given not less than 45 days and not more than 60 days prior to the Termination Date, extend the Maturity Date to
a date not later than the first anniversary of the Termination Date; provided that any such extension of the Maturity Date shall
be subject to the satisfaction, on and as of the Termination Date, of the following conditions:

 

(i)
The representations and warranties of the Borrowers set forth herein shall be true and correct on
and as of the Termination Date, except to the extent such representations and warranties expressly relate to an earlier date (in which
case such representations and warranties shall be true and correct as of such earlier date).

 

(ii)
Immediately before and after the Termination Date, no Default shall have occurred and be continuing.

 

An extension of
the Maturity Date as set forth herein shall be deemed to constitute a representation and warranty by each Borrower on and as of the Termination
Date as to the matters specified in paragraphs (i) and (ii) of this Section 2.06(f). Loans repaid or prepaid after the Termination Date
may not be reborrowed.

 

SECTION
2.07. Interest Elections. (a) Each Borrowing initially shall be of the Type specified
in the applicable Borrowing Request and, in the case of a EurocurrencyTerm
Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. After the initial Revolving
Borrowings, the Borrowers may elect to convert and continue such Revolving Borrowings to or as other Revolving Borrowings as provided
in this Section. The Borrowers may elect different options with respect to different portions of the affected Borrowings, in which case
each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings and any Loans resulting from
an election made with respect to any such portion shall be considered a separate Borrowing. Notwithstanding any other provision of this
Section, no Borrowing may be converted into or continued as a Borrowing with an Interest Period ending after the Maturity Date. This
Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.

 

     

    35 

    

(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 in the case of an election that would result in a Borrowing, by the time and date
that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a 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 in a
form approved by the Administrative Agent and 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 elect an Interest Period for EurocurrencyTerm
Benchmark Loans that does not comply with Section 2.02(d).

 

(c)
Each telephonic and written Interest Election Request shall specify the following information in
compliance with Section 2.03:

 

(i)
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 a EurocurrencyTerm
Benchmark Borrowing or an ABR Borrowing is elected; and

 

(iv)
in the case of an election of a EurocurrencyTerm
Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”; provided that no EurocurrencyTerm
Benchmark Borrowing may be elected with an Interest Period that would extend after the Maturity Date.

 

If any such Interest
Election Request requests a EurocurrencyTerm
Benchmark Borrowing but does not specify an Interest Period, then the 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 EurocurrencyTerm
Benchmark 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 such Borrowing shall be converted to an ABR Borrowing.

 

     

    36 

    

(f)
The conversion or continuation of any Borrowing shall not constitute a repayment of amounts outstanding
or a new advance of funds hereunder.

 

SECTION
2.08. Termination and Reduction of Commitments. (a) Unless previously terminated, the
Commitments shall terminate on the Termination 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 the Borrowing Multiple and not less
than the Borrowing Minimum 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 2.09, the Revolving Loan Exposure of any Lender would exceed its Commitment or
the aggregate Exposures would exceed the aggregate Commitments.

 

(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 Business Days prior to the effective date of such termination or reduction, specifying
the effective date of such election. Promptly following receipt of any such 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, 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
2.09. Prepayment of Loans. (a) Any Borrower, or the Company on behalf of any Borrower,
shall have the right at any time and from time to time to prepay any Borrowing of such Borrower in whole or in part, subject to prior
notice in accordance with paragraph (d) of this Section; provided that, unless the applicable Borrowers and Lenders shall have
otherwise agreed at the time such Loans were made, Competitive Loans or Contract Loans may be prepaid only with the consent of the Lenders
making such Loans.

 

(b)
If the aggregate Exposures shall exceed the aggregate Commitments, then (i) on the last day of any
Interest Period for any EurocurrencyTerm
Benchmark Borrowing, and (ii) on any other date in the event ABR Borrowings shall be outstanding, the applicable Borrowers
shall prepay Loans in an amount equal to the lesser of (A) the amount necessary to eliminate such excess (after giving effect to
any other prepayment of Loans on such day) and (B) the amount of the applicable Borrowings referred to in clause (i) or (ii), as
applicable.

 

(c)
Prior to any optional or mandatory prepayment of Borrowings hereunder, the applicable Borrower shall
select the Borrowing or Borrowings to be

 

     

    37 

    

prepaid
and shall specify such selection in the notice of such prepayment pursuant to paragraph (d) of this Section.

 

(d)
The applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative
Agent by telephone (confirmed by telecopy) of any prepayment of a Borrowing hereunder (i) in the case of a EurocurrencyTerm
Benchmark Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of such
prepayment and (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the
date of such 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 optional prepayment is given in connection with a conditional
notice of termination of the Commitments as contemplated by Section 2.08(c), then such notice of prepayment may be revoked if such
notice of termination is revoked in accordance with Section 2.08(c). Promptly following receipt of any such notice, the Administrative
Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be
permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing
shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest
to the extent required by Section 2.11 and (ii) break funding payments pursuant to Section 2.14.

 

SECTION
2.10. Fees. (a) The Company
agrees to pay to the Administrative Agent in US Dollars for the account of each Lender (except, in the case of any Defaulting Lender,
as provided in Section 2.19) a commitment fee, which shall accrue at the rate of 0.0175% per annum on the daily unused amount of the
Commitment of such Lender during the period from and including the date hereof to but excluding the date on which such Commitment terminates.
Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing on
the first such date to occur after the date hereof, and on the date on which the Commitments terminate. All commitment 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). For purposes of computing commitment fees, a Commitment of a Lender shall be deemed to be used to the extent of
the outstanding Loans of such Lender.

 

(b)
On the Termination Date, the Company agrees to pay to the Administrative Agent for the account of
each Lender a term-out fee equal to 0.75% of the outstanding amount of such
Lender’s Loans that are not repaid on the Termination Date.

 

(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 immediately available funds, to the
Administrative Agent for distribution, in the case of

 

     

    38 

    

commitment
fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

 

SECTION
2.11. Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the
Alternate Base Rate plus the Applicable Rate.

 

(b)
The Loans comprising each EurocurrencyTerm
Benchmark Borrowing shall bear interest (i) in the case of a Revolving Borrowing, at the LIBOAdjusted
Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (ii) in the case of
a EurocurrencyTerm Benchmark
Competitive Loan, at the LIBOAdjusted
Term SOFR Rate for the Interest Period in effect for such Borrowing plus (or minus, as applicable) the Margin applicable to
such Loan.

 

(c)
Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan.

 

(d)
Each Contract Loan shall bear interest at a rate per annum agreed upon between the applicable Borrower
and Lender.

 

(e)
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee 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% per annum
plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section and (ii) in the case of any other
amount payable, 2% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) above.

 

(f)
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such
Loan; provided that (i) interest accrued pursuant to paragraph (e) above shall be payable on demand, (ii) in the event of any
repayment or prepayment of any Loan (other than a prepayment of an ABR 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 EurocurrencyTerm
Benchmark 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.

 

(g)
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest
computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on
the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate or LIBOAdjusted
Term SOFR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest
error.

 

     

    39 

    

SECTION
2.12. Alternate Rate of Interest. (a)  If prior
to the commencement of any Interest Period for a Eurocurrency BorrowingSubject
to clauses (b), (c), (d), (e) and (f) of this Section 2.12, if:

 

(i)
the Administrative Agent determines (which determination shall be conclusive absent manifest error)
(A) prior to the commencement of any Interest Period for a Term Benchmark
Borrowing that adequate and reasonable means do not exist for ascertaining the LIBOAdjusted
Term SOFR Rate (including because the ScreenTerm
SOFR Reference Rate is not available or published on a current basis) for such Interest Period;
provided that no Benchmark Transition Event shall have occurred at such time
or (B) at any time, that adequate and reasonable means do not exist for ascertaining
Adjusted Daily Simple SOFR; or

 

(ii)
the Administrative Agent is advised by a majority in interest of the Lenders (or in the case of
a EurocurrencyTerm Benchmark
Competitive Loan, the Lender that is required to make such Loan) that would participate in such Borrowing that the
LIBO (A) prior
to the commencement of any Interest Period for a Term
Benchmark Borrowing, the Adjusted Term SOFR Rate for such 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 such Interest Period or (B) at any time, Adjusted Daily Simple SOFR 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;

 

then the Administrative
Agent shall give notice thereof to the applicable Borrower and the applicable Lenders by telephone or telecopy as promptly as practicable
thereafter and, until (x) the Administrative Agent notifies
the applicable Borrower and the applicable Lenders that the circumstances giving rise to such notice no longer exist,
(A) with respect to the relevant Benchmark and (y) the Borrower
delivers a new Interest Election Request in accordance with the terms of Section 2.07 or a new Borrowing Request in accordance with the
terms of Section 2.03, any Interest Election Request that requests the conversion of any Borrowing to, or continuation of
any Borrowing as, a Eurocurrency Borrowing shall be ineffective, and any Eurocurrency Borrowing that
is requested to be continued shall be repaid on the last day of the then
current Interest Period applicable thereto, and (B) anyTerm
Benchmark Borrowing and any Borrowing Request for a Eurocurrency Borrowing shall be ineffectivethat
requests a Term Benchmark Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable,
for (x) an Adjusted Daily Simple SOFR Borrowing so long as Adjusted Daily Simple SOFR is not also the subject of Section 2.12(a)(i) or
(ii) above or (y) an ABR Borrowing if Adjusted Daily Simple SOFR also is the subject of Section 2.12(a)(i) or (ii) above;
provided that (x) if the circumstances giving rise to such notice do not affect all the Lenders, then requests by the applicable
Borrower for EurocurrencyTerm
Benchmark Competitive Borrowings may be made to Lenders that are not affected thereby and (y) if the circumstances giving
rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. Furthermore,
if any Term Benchmark 

 

     

    40 

    

Loan
or Adjusted Daily Simple SOFR Loan is outstanding on the date of the applicable Borrower’s receipt of the notice from the Administrative
Agent referred to in this Section 2.12(a) with respect to the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR, as applicable, then
until (x) the Administrative Agent notifies the applicable Borrower and the applicable Lenders that the circumstances giving rise to
such notice no longer exist with respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Interest Election Request
in accordance with the terms of Section 2.07 or a new Borrowing Request in accordance with the terms of Section 2.03, (1) any Term Benchmark
Loan shall on the last day of the Interest
Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by
the Administrative Agent to, and shall constitute,
(x) an Adjusted Daily Simple SOFR Borrowing so long as Adjusted Daily Simple SOFR is not also the subject of Section 2.12(a)(i) or (ii)
above or (y) an ABR Loan if Adjusted Daily Simple SOFR also is the subject of Section 2.12(a)(i) or (ii) above, on such day and (2) any
Adjusted Daily Simple SOFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute, an ABR
Loan.

 

(b)
Notwithstanding anything to the contrary herein or in any other Loan Document, upon
the occurrence ofif a Benchmark Transition Event
or an Early Opt-in Election, as applicable, the Administrative
Agent and the Company may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement.
Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. and
its related Benchmark Replacement Date have occurred prior
to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined
in accordance with clause (1) of the definition of “Benchmark Replacement”
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any
Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent
of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with
clause (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m.
(New York City time) on the fifth (5th) Business
Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Company,date
notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party
to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written
notice of objection to such proposed amendmentBenchmark
Replacement from Lenders comprising the Required Lenders; provided
that, with respect to any proposed amendment
containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein.
Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders
have delivered to the Administrative Agent written notice that such Required Lenders 

 

     

    41 

    

accept
such amendment. No replacement of LIBO Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start
Date..

 

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

 

(d)
The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (ii) the
implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes,
(1) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (iv2)
the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the
Administrative Agent or the Required Lenders (or the relevant,
if applicable, any Lender (or group of Lenders in the case of Eurocurrency Competitive Borrowings)),
pursuant to this Section 2.12, including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or
any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without
consent from any other party heretoto
this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.12.

 

(e)
Notwithstanding anything to the contrary herein or
in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement),
(i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed
on a screen or other information service that
publishes such rate from time to time as selected
by the Administrative Agent in its reasonable discretion or
(B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of
“Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor
and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service
for a 

 

     

    42 

    

Benchmark
(including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative
for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period”
for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(f)
(e) Upon
the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i)
any Interest Election Request that requests thethe Company
may revoke any request for a Term Benchmark Borrowing of, conversion of any Revolving Borrowing
to,  or continuation of any Revolving
Borrowing as, a Eurocurrency Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurocurrency Revolving Borrowing,
such Borrowing shall be made as an ABR Borrowing and (iii) any request by a Borrower for a Eurocurrency Competitive Borrowing shall be
ineffective.Term Benchmark Loans to be made, converted or
continued during any Benchmark Unavailability Period and, failing that, the Company will be deemed to have converted any request for
a Term Benchmark Borrowing into a request for a Borrowing of or conversion to (A) an Adjusted Daily Simple SOFR Borrowing so long as
Adjusted Daily Simple SOFR is not the subject of
a Benchmark Transition Event or (B) an ABR Borrowing
if Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time
that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate. Furthermore,
if any Term Benchmark Loan or Adjusted Daily Simple SOFR Loan is outstanding on the date of the Company’s receipt of notice of
the commencement of a Benchmark Unavailability Period
with respect to the Adjusted Term SOFR Rate or
Adjusted Daily Simple SOFR, as applicable, then until such time as a Benchmark Replacement is implemented pursuant to this Section 2.12,
(1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day
if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) an Adjusted Daily Simple SOFR
Loan so long as Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if Adjusted Daily Simple
SOFR is the subject of a Benchmark Transition Event, on such day and (2) any Adjusted Daily Simple SOFR Loan shall on and from such day
be converted by the Administrative Agent to, and shall constitute, an ABR Loan.

 

SECTION
2.13. Increased Costs. (a)  If any Change in Law or the applicability of any Statutory
Reserves shall:

 

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

 

(ii)
impose on any Lender or the Londonapplicable
offshore interbank market any other condition affecting this Agreement or EurocurrencyTerm
Benchmark Loans made by such Lender or participations therein;

 

and the result
of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting into or maintaining any EurocurrencyTerm
Benchmark Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of

 

     

    43 

    

any sum received
or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Company will pay or cause the other Borrowers
to pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction
suffered.

 

(b)
If any Lender reasonably 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 capital or on the capital of such Lender’s holding
company, if any, as a consequence of this Agreement or the Loans made by, such Lender, to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies
and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Company
will pay or cause the other Borrowers to pay to such Lender, as the case may be, such additional amount or amounts as will compensate
such Lender or such Lender’s holding company for any such reduction suffered.

 

(c)
Each Lender shall determine the amount or amounts necessary to compensate such Lender or such Lender’s
holding company, as the case may be, as specified in paragraph (a) or (b) of this Section using the methods customarily used by
it for such purpose (and if such Lender uses more than one such method, the method used hereunder shall be that which most accurately
determines such amount or amounts). A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender
or such Lender’s holding company, as the case may be, as specified in paragraph (a) or (b) of this Section, and an explanation
in reasonable detail of the method and calculations by which such amount shall have been determined, shall be delivered to the Company
and shall be conclusive absent manifest error. The Company shall pay or cause the other Borrowers to pay to such Lender the amount shown
as due on any such certificate within 15 Business Days after receipt thereof.

 

(d)
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s right to demand such compensation; provided that the Company shall not be required
to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and delivers a certificate with
respect thereto as provided in paragraph (c) above; 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
2.14. Break Funding Payments. In the event of (a) the payment of any principal of any EurocurrencyTerm
Benchmark Loan or Fixed Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result
of an Event of Default), (b) the conversion of any EurocurrencyTerm
Benchmark Loan to a Loan of a different Type or Interest Period other than on the last day of the Interest Period applicable
thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto
(regardless of whether such notice

 

     

    44 

    

may
be revoked under Section 2.09(d) and is revoked in accordance therewith), or (d) the assignment or deemed assignment of any EurocurrencyTerm
Benchmark Loan or Fixed Rate 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 2.17, then, in any such event, the applicable Borrower shall compensate each Lender for the loss,
cost and expense attributable to such event. In the case of a Eurocurrency Loan 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
that would have accrued on the principal amount of such Loan had such event not occurred, at the 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 that would accrue on such principal amount for such period at the interest rate such Lender would bid were it to bid,
at the commencement of such period, for deposits of a comparable amount and period from other banks in the London interbank market. A
certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting
forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, 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 15 Business Days after receipt thereof.

 

SECTION
2.15. Taxes. (a) Any and all payments by or on account of any Borrower in respect of
any Obligation hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes
or Other Taxes; provided that if any Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable
to additional sums payable under this Section) the Administrative Agent or the applicable Lender, as the case may be, receives an amount
equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such
Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

 

(b)
In addition, the Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable law.

 

(c)
The relevant Borrower shall indemnify the Administrative Agent and each Lender, within 15 Business
Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such
Lender, as the case may be, on or with respect to any payment by or on account of any obligation of any Borrower hereunder or under any
other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability setting forth in reasonable detail

 

     

    45 

    

the
circumstances giving rise thereto and the calculations used by such Lender to determine the amount thereof delivered to the Company by
a Lender, or by the Administrative Agent, on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(d)
As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Borrower to
a Governmental Authority, such Borrower 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.

 

(e)
Each Lender shall severally indemnify the Administrative Agent for (i) any Taxes (but, in the case
of any Indemnified Taxes, only to the extent that the relevant Borrower has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the relevant Borrower to do so) attributable to such Lender and (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 10.04(h) relating to the maintenance of a Participant
Register, in each case that are paid or payable by the Administrative Agent in connection with any Loan Document and any penalties, interest
and 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. The indemnity under this paragraph (e) shall be paid within 15 Business Days after the Administrative
Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such
certificate shall be conclusive of the amount so paid or payable absent manifest error.

 

(f)
(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax under the law
of the jurisdiction in which a Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under
this Agreement shall deliver to the Company (with a copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Company as will permit
such payments to be made without withholding or at a reduced rate; provided that such Lender has received written notice from
the Company advising it of the availability of such exemption or reduction and containing all applicable documentation.

 

(ii)
If a payment made to a Lender under any Loan Document would be subject to United States federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent, at the time or times prescribed by law and
at such time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed
by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Withholding Agent as may
be necessary for the Withholding Agent to comply with its obligations under

 

     

    46 

    

FATCA,
to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine
the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.15(f)(ii), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement.

 

SECTION
2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) Except as agreed
by the relevant Borrower and the applicable Lenders with respect to Contract Loans, each Borrower shall make each payment required to
be made by it hereunder or under any other Loan Document (whether of principal, interest or fees, or of amounts payable under Section 2.13,
2.14 or 2.15, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without
set-off or counterclaim. Any amounts received after such time (or any other applicable time agreed by the relevant Borrower and the applicable
Lenders with respect to Contract Loans) 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 to the Administrative
Agent to the applicable account specified in Schedule 2.16 for the account of the applicable Lenders or, in any such case, to such other
account as the Administrative Agent shall from time to time specify in a notice delivered to the Company and the applicable Borrower;
provided that payments to the applicable Lenders in respect of Contract Loans and payments pursuant to Sections 2.13, 2.14,
2.15 and 10.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to
the Persons specified therein (it being agreed that the Borrowers will be deemed to have satisfied their obligations with respect to
payments referred to in this proviso if they shall make such payments to the persons entitled thereto in accordance with instructions
provided by the Administrative Agent; the Administrative Agent agrees to provide such instructions upon request, and no Borrower will
be deemed to have failed to make such a payment if it shall transfer such payment to an improper account or address as a result of the
failure of the Administrative Agent to provide proper instructions). The Administrative Agent shall distribute any such payments received
by it for the account of any Lender or other Person promptly, in accordance with customary banking practices, following receipt thereof
at the appropriate lending office or other address specified by such Lender or other Person. 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. All payments hereunder shall be made in
US Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required
if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the
regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

 

(b)
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 its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Loans and accrued interest thereon than the proportion received by any

 

     

    47 

    

other
Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans 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 their Loans and accrued interest thereon; 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 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 the Borrower in the amount of such participation. Any purchaser of a participation under this paragraph
shall have the benefit of Sections 2.13, 2.14 and 2.15 with respect to the participation purchased, but shall not be deemed by virtue
of such purchase to have extended any Commitment that it had not extended prior to such purchase.

 

(c)
Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the
date on which any payment is due for the account of all or certain of the Lenders 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 applicable Lenders, 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 applicable Lenders severally agrees to repay to the Administrative Agent forthwith on demand
the amount so distributed to such Lender 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 a rate determined by the Administrative Agent in accordance with
banking industry practices on interbank compensation.

 

(d)
If any Lender shall fail to make any payment required to be made by it to the Administrative Agent
pursuant to this Agreement, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply
any amounts thereafter received by it for the account of such Lender to satisfy such Lender’s obligations to the Administrative
Agent until all such unsatisfied obligations are fully paid.

 

SECTION
2.17. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation
under Section 2.13, 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 2.15, then such Lender shall consult with the Company regarding any actions that
could be taken to reduce amounts payable under such Sections and the costs of taking such actions and shall, at the request of the Company
following

 

     

    48 

    

such
consultations, 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 2.13 or 2.15, 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, direct, out-of-pocket costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

(b)
If (i) any Lender requests compensation under Section 2.13, (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 2.15, (iii) any
Lender becomes a Defaulting Lender or (iv) any Lender delivers a Notice of Illegality pursuant to Section 2.18, 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 10.04), 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 (A) the Company shall have received the prior written consent of the Administrative Agent, which
consent shall not be unreasonably withheld, conditioned or delayed, (B) such Lender shall have received payment of an amount equal to
the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee or the Company and (C) in the case of any such assignment and delegation resulting from the delivery of a Notice of Illegality
under Section 2.18, it shall not be unlawful under Federal or applicable state or foreign law for the assignee to make Loans or otherwise
extend credit to or do business with the Subsidiary in respect of which such Notice of Illegality was delivered. 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.

 

SECTION
2.18. Designation of Borrowing Subsidiaries. The Company may at any time and from time to
time designate any Subsidiary as a Borrowing Subsidiary by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed
by such Subsidiary and the Company. As soon as practicable upon receipt thereof, the Administrative Agent will post a copy of such Borrowing
Subsidiary Agreement to the Lenders. Each Borrowing Subsidiary Agreement shall become effective on the date five Business Days after
it has been posted by the Administrative Agent to the Lenders (subject to the receipt by any Lender of any information reasonably requested
by it not later than the third Business Day after the posting of such Borrowing Subsidiary Agreement under the Patriot Act or other “know-your-customer”
laws including, to the extent such Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation,
a Beneficial Ownership Certification in relation to such Subsidiary), unless prior thereto the Administrative Agent shall have received
written notice from any Lender that it shall be unlawful under Federal or applicable state or foreign law or prohibited under such Lender’s
bona fide internal policies of general

 

     

    49 

    

applicability
for such Lender to make Loans or otherwise extend credit to or do business with such Subsidiary (a “Notice of Illegality”),
in which case such Borrowing Subsidiary Agreement shall not become effective until such time as such Lender withdraws such Notice of
Illegality or ceases to be a Lender hereunder pursuant to Section 2.17(b). Upon the effectiveness of a Borrowing Subsidiary Agreement
as provided in the preceding sentence, the applicable Subsidiary shall for all purposes of this Agreement be a Borrowing Subsidiary 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 Borrowing Subsidiary and a party to this Agreement. Notwithstanding
the preceding sentence, no Borrowing Subsidiary Termination will become effective as to any Borrowing Subsidiary at a time when any principal
of or interest on any Loan to such Borrowing Subsidiary shall be outstanding hereunder, provided that such Borrowing Subsidiary
Termination shall be effective to terminate the right of such Borrowing Subsidiary to make further Borrowings under this Agreement. As
soon as practicable upon receipt of a Borrowing Subsidiary Agreement, the Administrative Agent shall send a copy thereof to each Lender.

 

SECTION
2.19. Defaulting Lenders. (a) Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then (i) commitment fees shall cease to accrue on the unused portion of the Commitment
of such Defaulting Lender pursuant to Section 2.10(a); and (ii) the Commitment and Revolving Loan Exposure of such Defaulting Lender
shall be disregarded for purposes of any determination of whether the Required Lenders or other requisite Lenders have taken or may take
any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.02); provided
that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender shall require the consent of
such Defaulting Lender.

 

(b)
In the event that the Administrative Agent and the Company shall agree that a Defaulting Lender
has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall fund its Loan
to each Borrower or purchase at par Loans of the other Lenders (other than Competitive Loans), in each case as the Administrative Agent
shall determine may be necessary in order for such Lender to hold such Loans ratably in accordance with its Commitment. Such Lender shall
cease to be a Defaulting Lender upon remedying all matters to the satisfaction of the Administrative Agent and the Borrower that caused
such Lender to be a Defaulting Lender, including the funding of any Loan or the closing of the purchase of any Loan necessary in order
for such Lender to hold such Loans ratably in accordance with its Commitment.

 

     

    50 

    

ARTICLE
III

 

Representations and Warranties

 

The
Company and each other Borrower represents and warrants to the Lenders that:

 

SECTION
3.01. Organization; Powers. The Company and each of the Material Subsidiaries is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation, 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 in, every jurisdiction where
such qualification is required.

 

SECTION
3.02. Authorization; Enforceability. The Transactions are within the Company’s and
each other Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action.
This Agreement has been duly executed and delivered by the Company and each other Borrower and constitutes a legal, valid and binding
obligation of each of them, 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.

 

SECTION
3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any
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 and except as may be required under applicable securities laws and regulations, (b) will
not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Company or any other Borrower
or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or instrument
governing Material Indebtedness binding upon the Company or any Subsidiary or their assets, or give rise to a right thereunder to require
any payment to be made by the Company or any Subsidiary, and (d) will not result in the creation or imposition of any Lien on any asset
of the Company or any Subsidiary under any indenture, agreement or instrument governing Material Indebtedness.

 

SECTION
3.04. Financial Position; 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 as of
and for the fiscal year ended June 30, 2020 (the “Annual Financial Statements”), reported on by Deloitte &
Touche LLP, independent registered public accountants, certified by its chief financial officer as presenting fairly, in all
material respects, the financial position and results of operations of the Company and its consolidated subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, and its consolidated balance sheet and statements of income,
stockholders’ equity and cash flows as of and for the fiscal quarters ended September 30, 2020, December 31, 2020 and
March 31, 2021 (collectively, the

 

     

    51 

    

“Quarterly
Financial Statements”), certified by one of its Financial Officers as presenting fairly, in all material respects, the financial
position 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. The Annual Financial Statements and the Quarterly
Financial Statements present fairly, in all material respects, the financial position and results of operations and cash flows of the
Company and the consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to, in the case of the
Quarterly Financial Statements, normal year-end adjustments and the absence of footnotes.

 

(b)
Since March 31, 2021, there has been no material adverse change in the business, assets, operations,
prospects or condition, financial or otherwise, of the Company and the Subsidiaries, taken as a whole.

 

SECTION
3.05. Properties. The Company and each Material Subsidiary has good title to, or valid leasehold
interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with
its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes 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.

 

SECTION
3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings
by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Company, threatened against or affecting
the Company and 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 other matters that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, none of the Company and the Subsidiaries (i) has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become
subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows
of any basis for any Environmental Liability.

 

SECTION
3.07. Compliance with Laws and Agreements. The Company and each Material Subsidiary 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 be in compliance, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION
3.08. Federal Reserve Regulations. (a) Neither any Borrower nor any Subsidiary is engaged
principally, or as a substantial part of its activities, in the business

 

     

    52 

    

of
extending credit for the purpose of purchasing or carrying Margin Stock (within the meaning of Regulation U).

 

(b)
No part of the proceeds of any Loan has been or will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, to purchase or carry Margin Stock (as defined in Regulation U of the Board) or to refinance
Indebtedness originally incurred for such purpose, or in any manner or for any purpose that has resulted or will result in a violation
of Regulation T, U or X of the Board.

 

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

 

SECTION
3.10. Taxes. The Company and the Material Subsidiaries have timely filed or caused to be
filed all Tax returns and reports required to have been filed and have paid or caused to be paid all Taxes required to have been paid
by them, except (a) any Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such
Subsidiary has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected
to result in a Material Adverse Effect.

 

SECTION
3.11. 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. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than US$100,000,000 the fair market value of the assets of such Plan, and the present value of
all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting
Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than US$100,000,000
the fair market value of the assets of all such underfunded Plans.

 

SECTION
3.12. Disclosure. Neither the Confidential Information Memorandum nor any of the other reports,
financial statements, certificates or other information furnished by or on behalf of the Borrowers 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) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

 

SECTION
3.13. Anti-Corruption Laws and Sanctions. The Company has implemented and will maintain and
enforce policies and procedures that are in the Company’s judgment appropriate to ensure compliance by the Company, its Subsidiaries,
and their directors, officers, employees and agents with applicable Anti-Corruption Laws and applicable Sanction Laws. None of the Company
or any Subsidiary or, to the

 

     

    53 

    

knowledge
of any Borrower, any of their directors, officers or employees, is a Sanctioned Person.

 

SECTION
3.14. Affected Financial Institution. No Borrower is an Affected Financial Institution (as
defined in Section 10.17).

 

ARTICLE
IV

 

Conditions

 

SECTION
4.01. Effective Date. This Agreement shall become effective on the date on which each of
the following conditions is satisfied (or waived in accordance with Section 10.02):

 

(a)
The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a
counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which
may include facsimile or e-mail transmission of a signed signature page of this Agreement) that such party has signed a counterpart of
this Agreement.

 

(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 Michael A. Bonarti, Esq., General Counsel of the Company, substantially in the
form of Exhibit D, and covering such other matters relating to the Company, this Agreement or the Transactions as the Required Lenders
shall reasonably request. The Company hereby requests such counsel to deliver such opinion.

 

(c)
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 Borrowers, the authorization
of the Transactions and any other legal matters relating to the Borrowers, this Agreement or the Transactions, all in form and substance
satisfactory to the Administrative Agent and its counsel.

 

(d)
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 (without giving effect to the parenthetical in such paragraph (a)).

 

(e)
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.

 

(f)
The commitments under the Existing Credit Agreements shall have been or shall simultaneously be
terminated and the principal of and interest

 

     

    54 

    

accrued
on all loans outstanding thereunder and all fees and other amounts accrued or owing thereunder shall have been or shall simultaneously
be paid in full.

 

The Administrative
Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding
the foregoing, the obligations of the Lenders to make Loans shall not become effective unless each of the foregoing conditions is satisfied
(or waived pursuant to Section 10.02) at or prior to 5:00 p.m., New York City time, on June 9, 2021 (and, in the event such
conditions are not so satisfied or waived, the Commitments shall terminate at such time).

 

SECTION
4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of
any Borrowing is subject to the satisfaction of the following conditions:

 

(a)
The representations and warranties of the Borrowers set forth in this Agreement (other than the
representations set forth in Sections 3.04(b) and 3.06(a)) shall be true and correct in all material respects on and as of the date of
such Borrowing.

 

(b)
At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred
and be continuing.

 

Each Borrowing
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.

 

SECTION
4.03. Initial Credit Event for each Borrowing Subsidiary. The obligation of each Lender to
make Loans to any Borrowing Subsidiary is subject to the satisfaction of the following conditions:

 

(a)
The Administrative Agent (or its counsel) shall have received a Borrowing Subsidiary Agreement of
such Borrowing Subsidiary duly executed by all parties thereto.

 

(b)
The Administrative Agent shall have received such documents, legal opinions and certificates as
the Administrative Agent or its counsel may reasonably request relating to the formation, existence and good standing of such Borrowing
Subsidiary, the authorization of the Transactions insofar as they relate to such Borrowing Subsidiary and any other legal matters relating
to such Borrowing Subsidiary, its Borrowing Subsidiary Agreement or such Transactions, all in form and substance satisfactory to the
Administrative Agent and its counsel.

 

     

    55 

    

ARTICLE
V

 

Affirmative Covenants

 

Until
the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees and other amounts payable
hereunder shall have been paid in full, the Company and each other Borrower covenants and agrees with the Lenders that:

 

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

 

(a)
within 90 days after the end of each fiscal year of the Company, 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 Deloitte & Touche 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 position and results of operations of the Company and its consolidated subsidiaries on a consolidated
basis in accordance with GAAP consistently applied;

 

(b)
within 45 days after the end of each of the first three fiscal quarters of each fiscal year
of the Company, 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 position 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 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;

 

(d)
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 of its subsidiaries with the Securities and Exchange Commission, or any Governmental
Authority succeeding to any or all of the

 

     

    56 

    

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

 

(e)
promptly following any request therefor, such other information regarding the operations, business
affairs and financial position of the Company or any of its subsidiaries, or compliance with the terms of this Agreement, as the Administrative
Agent or any Lender may reasonably request.

 

Reports required
to be delivered pursuant to subsections (a), (b) and (d) of this Section 5.01 shall be deemed to have been delivered on the date
on which the Company posts such reports on the Company’s website on the Internet at www.adp.com or when such report is posted on
the SEC’s website at www.sec.gov; provided that the Company shall
deliver paper copies of the reports referred to in subsection (a), (b) and (d) of this Section 5.01 to the Administrative Agent or any
Lender who requests the Company to deliver such paper copies until written notice to cease delivering paper copies is given by the Administrative
Agent or such Lender. The Administrative Agent shall promptly make available to each Lender a copy of the certificate to be delivered
pursuant to subsection (c) of this Section 5.01 by posting such certificate on IntraLinks or by other similar means.

 

SECTION
5.02. Notices of Material Events. The Company will furnish to the Administrative Agent and
each Lender prompt written notice (in any case within five Business Days) 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 Subsidiary as to which there is a reasonable possibility of an adverse determination
and that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; and

 

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

 

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 other Borrower
to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights,
licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit
any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

 

     

    57 

    

SECTION
5.04. Payment of Taxes. The Company will, and will cause each Material Subsidiary to, pay
its Tax liabilities, that, if not paid, could 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.

 

SECTION
5.05. Maintenance of Properties. The Company will, and will cause each Material Subsidiary
to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear
excepted.

 

SECTION
5.06. Books and Records; Inspection Rights. The Company will 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 permit any representatives designated by the Administrative Agent, or by any Lender through the Administrative Agent,
at reasonable times and 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.

 

SECTION
5.07. Compliance with Laws. The Company will, and will cause each Material Subsidiary to,
comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including ERISA and
environmental laws), 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 and enforce policies and procedures that are in the Company’s judgment
appropriate to ensure compliance by the Company, its Subsidiaries, and their directors, officers, employees and agents with applicable
Anti-Corruption Laws and applicable Sanction Laws.

 

SECTION
5.08. Use of Proceeds. (a) The proceeds of the Loans will be used only for general corporate
purposes, including the refinancing of any indebtedness outstanding on the Effective Date under the Existing Credit Agreements or under
the Company’s Five-Year Credit Agreement dated as of June 12, 2019. No part of the proceeds of any Loan will be used, whether directly
or indirectly, to purchase or carry Margin Stock (as defined in Regulation U of the Board) or to refinance Indebtedness originally incurred
for such purpose, or in any manner or for any purpose that will result in a violation of Regulation T, U or X of the Board.

 

(b)
The proceeds of any Borrowing will not knowingly be used by the Borrowers or their Subsidiaries
for the purpose of (i) making or furthering a payment, a promise to pay or an offer of money or value to any Person in violation of applicable
Anti-Corruption Laws, (ii) financing any activity or transaction of or with any Sanctioned Person or in any Sanctioned Country, to the
extent such activities or transactions would be prohibited by Sanctions Laws if conducted by a corporation incorporated in the United

 

     

    58 

    

States
or (iii) carrying out any other transaction that would result in the violation of any applicable Sanction Laws.

 

ARTICLE
VI

 

Negative Covenants

 

Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees and other amounts payable hereunder
have been paid in full, the Company and each other Borrower covenants and agrees with the Lenders that:

 

SECTION
6.01. 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 thereof, except:

 

(a)
Permitted Encumbrances;

 

(b)
any Lien on any property or asset of the Company or any Subsidiary existing on the date hereof and
set forth in Schedule 6.01; provided that (i) such Lien shall not apply to any other property or asset of any of the
Borrowers or any of their Subsidiaries 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 any
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 Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such
acquisition or the completion of such construction or improvement, (ii) the Indebtedness secured thereby does not exceed the cost
of acquiring, constructing or improving such fixed or capital assets and (iii) such security interests shall not apply to any other
property or assets of the Company or any Subsidiary;

 

     

    59 

    

(e)
Liens on securities deemed to exist under repurchase agreements and reverse repurchase agreements
entered into by the Company and the Subsidiaries; and

 

(f)
other Liens not expressly permitted by clauses (a) through (e) above; provided that the sum
of (i) the aggregate principal amount of outstanding obligations secured by Liens permitted under this clause (f) and (ii) the Attributable
Debt permitted by Section 6.02(b) does not at any time exceed 25% of Consolidated Net Worth. For the avoidance of doubt, the Company
may treat obligations that appear on its consolidated balance sheet arising from factoring or other financing arrangements pursuant to
which it or any subsidiary sells accounts receivable as being secured by a Lien for purposes of this Section 6.01(f).

 

SECTION
6.02. Sale and Leaseback Transactions. The Company will not, and will not permit any of its
Subsidiaries to, enter into any Sale and Leaseback Transaction except:

 

(a)
Sale and Leaseback Transactions to which the Borrower or any Subsidiary is a party as of the date
hereof; and

 

(b)
other Sale and Leaseback Transactions; provided that the sum of (i) the aggregate principal
amount of outstanding obligations secured by Liens permitted by Section 6.01(f) and (ii) the aggregate Attributable Debt in respect of
Sale and Leaseback Transactions permitted by this clause (b) does not at any time exceed 25% of Consolidated Net Worth.

 

SECTION
6.03. Fundamental Changes. Neither the Company nor any other Borrower will 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 and including by means of any merger or sale of capital stock or otherwise)
all or substantially all of its assets (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 would result from such transaction,
the Company or any Borrower may merge or consolidate with any Person if (a) the Company or such Borrower, as the case may be, is the
surviving Person or (b) the surviving Person (i) is organized under the laws of The United States of America or, in the case of a merger
or consolidation of a Borrower other than the Company, the jurisdiction of organization of such Borrower, and (ii) assumes in writing
all of the Company’s or such Borrower’s obligations under this Agreement pursuant to documentation reasonably satisfactory
to the Administrative Agent, such satisfaction to be based solely upon the validity and enforceability of the assumption contained in
such documentation.

 

     

    60 

    

ARTICLE
VII

 

Events of Default

 

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

 

(a)
the Company or any other Borrower shall fail to pay any principal of any Loan, 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)
the Company or any other 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, when and as the same shall
become due and payable, and such failure shall continue unremedied for a period of three Business Days;

 

(c)
any representation or warranty made or deemed made by or on behalf of the Company or any Borrower
in or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial
statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver
hereunder, shall prove to have been incorrect in any material respect when made or deemed made;

 

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

 

(e)
the Company or any Borrower 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), and such failure shall
continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender to the Company;

 

(f)
the Company or any Subsidiary shall default in the payment of any Material Indebtedness when and
as due, or any event or condition shall occur that results in any Material Indebtedness becoming due prior to its scheduled maturity;
provided, that if the maturity of any Material Indebtedness of a Person acquired directly or indirectly by the Company after the
date hereof shall be accelerated by reason of such acquisition, no Event of Default under this paragraph (f) shall be deemed to have
occurred with respect to such Material Indebtedness so long as such acceleration shall have been rescinded, or such Material Indebtedness
shall have been repaid, within five Business Days following the date of such acceleration;

 

(g)
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 Material Subsidiary or its debts, or of a substantial

 

     

    61 

    

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 Material
Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for
60 days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(h)
the Company or any Material 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 (g) 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 Material 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; or

 

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

 

then, and in every
such event (other than an event with respect to any Borrower described in clause (g) or (h) 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 either or both of the following actions, at the same or different times:  (i) terminate the Commitments,
and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in
whole (or in part, in which case any principal or other amount 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 the Borrowers accrued hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to
any of the Borrowers described in clause (g) or (h) of this Article, the Commitments shall automatically terminate and the principal
of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder,
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.

 

     

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ARTICLE
VIII

 

The Administrative Agent

 

In
order to expedite the transactions contemplated by this Agreement, the Person named in the heading of this Agreement is hereby appointed
to act as Administrative Agent on behalf of the Lenders. Each of the Lenders and each assignee of any Lender hereby irrevocably authorizes
the Administrative Agent to take such actions on behalf of such Lender or assignee and to exercise such powers as are delegated to the
Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.
The Administrative Agent is hereby expressly authorized by the Lenders, without hereby limiting any implied authority, and by the Borrowers
with respect to clause (c) below, (a) to receive on behalf of the Lenders all payments of principal of and interest on the Loans
and all other amounts due to the Lenders hereunder, and promptly to distribute to each Lender its proper share of each payment so received;
(b) to give notice on behalf of each of the Lenders to the Company of any Default or Event of Default specified in this Agreement
of which the Administrative Agent has actual knowledge acquired in connection with its agency hereunder; and (c) to distribute to
each Lender copies of all notices, financial statements and other materials delivered by the Company or any other Borrower pursuant to
this Agreement or the other Loan Documents as received by the Administrative Agent.

 

With
respect to the Loans made by it hereunder, the Administrative Agent in its individual capacity and not as the Administrative Agent shall
have the same rights and powers as any other Lender and may exercise the same as though it were not the Administrative Agent, and the
Administrative Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any
of the Borrowers or any of their Subsidiaries or other Affiliates thereof as if it were not the Administrative Agent.

 

The
Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting
the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless
of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that
the Administrative Agent is required to exercise upon receipt of notice in writing by the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in Section 10.02), and (c) except as expressly set forth in
the Loan Documents, the Administrative Agent shall not have any duty to disclose, and the Administrative Agent shall not be liable for
the failure to disclose, any information relating to any of the Borrowers or any of their Subsidiaries that is communicated to or obtained
by the institution serving as the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be
liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in Section 10.02) or in the absence of its

 

     

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own
gross negligence or willful misconduct. The Administrative Agent shall not be deemed to have knowledge of any Default unless and until
written notice thereof is given to the Administrative Agent by a Borrower (in which case the Administrative Agent shall give written
notice to each other Lender), 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 hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to
be delivered to the Administrative Agent.

 

The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper
Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by
the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who
may be counsel for any Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken
or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

The
Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents,
which may include any of its branches or affiliates, appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions
of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well
as activities as the Administrative Agent.

 

Subject
to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign
at any time by notifying the Lenders and the Company. Upon any such resignation, the Required Lenders shall have the right, with the
consent of the Company (not to be unreasonably withheld, conditioned or delayed and except during the continuance of an Event of Default
hereunder, when no consent shall be required), to appoint a successor. In addition, if the Administrative Agent is a Defaulting Lender
due to it having had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with the reorganization or liquidation of its business or custodian appointed for it, the Required Lenders shall have the right, by notice
in writing to the Company and the Administrative Agent, to remove the Administrative Agent in its capacity as such and, with the consent
of the Company (not to be unreasonably withheld, conditioned or delayed and except during the continuance of an Event of Default

 

     

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hereunder,
when no consent shall be required), to appoint a successor. If (a) no successor to a retiring 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
gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, 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 or (b) no successor to a
removed Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days following the
issuance of a notice of removal, the removal shall become effective on such 30th day and on such date the Required Lenders
shall succeed as Administrative Agent to such removed Administrative Agent. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties
of the retiring or removed Administrative Agent, as the case may be, and such retiring or removed Administrative Agent shall be discharged
from its duties and obligations hereunder. After the Administrative Agent’s resignation or removal, as the case may be, hereunder,
the provisions of this Article and Section 10.03 shall continue in effect for the benefit of such retiring or removed Administrative
Agent, as the case may be. its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken
by any of them while it was acting as Administrative Agent.

 

Each
Lender agrees (a) to reimburse the Administrative Agent, on demand, in the amount of its pro rata share (based on the amount of
its Loans and available Commitments hereunder) of any expenses incurred for the benefit of the Lenders by the Administrative Agent, including
counsel fees and compensation of agents and employees paid for services rendered on behalf of the Lenders, that shall not have been reimbursed
by the Company or any other Borrower and (b) to indemnify and hold harmless the Administrative Agent and any of its Related Parties,
on demand, in the amount of such pro rata share, from and against any and all liabilities, taxes, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred
by or asserted against it in its capacity as Administrative Agent or any of them in any way relating to or arising out of this Agreement
or any other Loan Document or action taken or omitted by it or any of them under this Agreement or any other Loan Document, to the extent
the same shall not have been reimbursed by the Company or any other Borrower; provided that no Lender shall be liable to the Administrative
Agent or any such other indemnified Person for any portion of such liabilities, taxes, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are determined to have resulted from the gross negligence or willful misconduct
of the Administrative Agent, and any of its Related Parties or any of their respective directors, officers, employees or agents.

 

Each
Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges 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 from time to time deem appropriate, continue

 

     

    65 

    

to
make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement
or any document furnished hereunder or thereunder.

 

None
of the Lenders identified on the facing page or signature pages of this Agreement or elsewhere herein as a “syndication agent”
or “documentation agent” shall have any right, power, obligation, liability, responsibility or duty under this Agreement
other than those applicable to all Lenders as such.

 

Each
Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in
its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment,
prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were
erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof),
such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of
any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect
of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid
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 from time to time in effect, and (y) to the extent permitted by applicable law, such Lender
shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment
with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without
limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any
Lender under this paragraph or the following paragraph shall be conclusive, absent manifest error.

 

Each
Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in
a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any
of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied
by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender
agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender
shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly,
but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion
thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including
the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid 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 from time to time in effect.

 

     

    66 

    

Each
Borrower hereby agrees that in the event an erroneous Payment (or portion thereof) is not recovered from any Lender that has received
such erroneous Payment (or portion thereof) for any reason, (x) the Administrative Agent shall be subrogated to all the rights of such
Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by any Borrower, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous
Payment that is, comprised of funds received by the Administrative Agent from any Borrower for the purpose of satisfying Obligations.

 

Each
party’s obligations under the preceding three paragraphs shall survive the resignation or replacement of the Administrative Agent
or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations under any Loan Document.

 

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, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company or any
Subsidiary, that at least one of the following is and will be true: (i) such Lender is not using “plan assets” (within the
meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans 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 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 Commitments and this
Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement
satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement, or (iv) such other representation, warranty and covenant as may
be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

 

     

    67 

    

In
addition, unless sub-clause (i) in the immediately preceding paragraph is true with respect to a Lender or a Lender has provided another
representation, warranty and covenant as provided in accordance with sub-clause (iv) in the immediately preceding paragraph, 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, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company or any
Subsidiary, that none of the Administrative Agent, the Arrangers or any of their respective Affiliates is a fiduciary with respect to
the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent
under this Agreement, any Loan Document or any documents related to hereto or thereto).

 

The
Administrative Agent and the Arrangers hereby inform the Lenders that each such Person is not undertaking to provide impartial investment
advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has
a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or
other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the
Commitments for an amount less than the amount being paid for an interest in the Loans 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.

 

ARTICLE
IX

 

Guarantee

 

In
order to induce the Lenders to extend credit to the other Borrowers hereunder, the Company hereby irrevocably and unconditionally guarantees,
as a primary obligor and not merely as a surety, the payment when and as due of the Obligations of such other Borrowers. The Company
further agrees that the due and punctual payment of such 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 Obligation.

 

The
Company waives presentment to, demand of payment from and protest to any Borrower of any of the 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 the Administrative Agent or any

 

     

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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 Obligations; or (e) 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.

 

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 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 or any Lender to any balance of any deposit
account or credit on the books of the Administrative Agent or any Lender in favor of any Borrower 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 Obligations, any impossibility in the performance of any of the Obligations or otherwise.

 

The
Company further agrees that its obligations hereunder 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 is rescinded or must otherwise be restored by the Administrative Agent or any Lender
upon the bankruptcy or reorganization of any Borrower or otherwise.

 

In
furtherance of the foregoing and not in limitation of any other right which the Administrative Agent or any Lender may have at law or
in equity against the Company by virtue hereof, upon the failure of any other Borrower to pay any 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 the Administrative Agent or any Lender, forthwith pay, or cause to be paid, to the Administrative Agent
or such Lender in cash an amount equal to the unpaid principal amount of such Obligations then due, together with accrued and
unpaid interest thereon.

 

Upon
payment by the Company of any sums as provided above, all rights of the Company 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 of all the Obligations owed by such Borrower to the Administrative Agent and the Lenders.

 

     

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

 

ARTICLE
X

 

Miscellaneous

 

SECTION
10.01. 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 Automatic Data Processing, Inc., One ADP Boulevard, MS #420, Roseland, NJ
07068-1728, Attention of Treasurer (Fax No. 973-974-3320), with a copy to Automatic Data Processing, Inc., One ADP Boulevard, MS #450,
Roseland, NJ 07068-1728, Attention of General Counsel (Fax No. 973-974-3324);

 

(ii)
if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan
and Agency Services Group, 500 Stanton Christiana Rd., NCC5 / 1st Floor, Newark, DE 19713, Attention: Zohaib
Nazir (E-Mail: 12016395215@tls.ldsprod.com), with a copy to JPMorgan Chase Bank, N.A., 383 Madison Avenue, Floor 24, New York, NY, 10179,
Attention of Ryan Zimmerman (E-Mail: ryan.zimmerman@jpmorgan.comLoan
& Agency Services Group, (Tel: 312 954 9852, Fax: 302-634-8459, Email: zohaib.nazir@chase.com; Agency Withholding Tax Inquiries,
Email: agency.tax.reporting@jpmorgan.com; Agency Compliance/Financials/Intralinks, Email: covenant.compliance@jpmchase.com);
and

 

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

 

Any party hereto
may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto or in
the case of a Lender, to the Administrative Agent and the Borrowers. All notices and other communications given to any party hereto in
accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 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 Borrowers and the Lenders hereunder may be delivered or
furnished by using an electronic platform 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 Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic

 

     

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communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

(c)
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.

 

SECTION
10.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent 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
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 any Loan Document 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 shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may
have had notice or knowledge of such Default at the time.

 

(b)
Subject to Section 2.12, neither this Agreement nor any other Loan Document nor any provision hereof
or thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Company and
the Required Lenders or by the Company and the Administrative Agent with the consent of the Required Lenders or, in the case of any other
Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Borrowers that are
parties thereto, in each case with the consent of the Required Lenders; provided that no such agreement shall (i) increase any
Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan, reduce the rate of
interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender adversely affected thereby, (iii)
postpone the date of any scheduled payment of the principal amount of any Loan, 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 affected thereby (provided that nothing shall limit the right of

 

     

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each
Borrower to extend the Maturity Date pursuant to Section 2.06(f)), (iv) change Section 2.16(b) or (c) in a manner that would alter
the pro rata sharing of payments required thereby without the written consent of each Lender (it being understood that the addition of
new tranches of loans or commitments that may be extended under this Agreement shall not be deemed to alter such pro rata sharing of
payments), (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision
of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make
any determination or grant any consent thereunder, without the written consent of each Lender (except, in each case, to provide for new
tranches of loans or commitments that may be extended under this Agreement), (vi) release the Company from, or limit or condition,
its obligations under Article IX, without the written consent of each Lender, (vii) change the currency in which Loans may
be made without the written consent of each Lender affected thereby or (viii) change Section 10.17 in any manner without the written
consent of each Lender that is an Affected Financial Institution (as defined in Section 10.17); provided further that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under any other Loan
Document without the prior written consent of the Administrative Agent.

 

SECTION
10.03. Limitation of Liability; Expenses; Indemnity.  (a) Limitation of Liability.
To the extent permitted by applicable law (i)(i) no Borrower shall assert, and each Borrower hereby waives, any claim against the Administrative
Agent, any Arranger, any Syndication Agent, any Documentation Agent and any Lender, and any Related Party of any of the foregoing Persons
(each such Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information
or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information
transmission systems (including the Internet), and (ii)(ii) no party hereto shall assert, and each such party hereby waives, any Liabilities
against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or
instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof; provided that, nothing
in this Section 10.03(a)(a) shall relieve the Company or any other Borrower of any obligation it may have to indemnify an Indemnitee,
as provided in Section 10.03(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by
a third party.

 

(b)
Expenses. The Company 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 one counsel for
the Administrative Agent and such Affiliates, in connection with the syndication of the credit facility provided for herein, the preparation
and administration of this Agreement or the other Loan Documents or any amendments, modifications or waivers of the provisions hereof
or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of
any counsel for the Administrative Agent or any Lender, in connection

 

     

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with
the enforcement or protection of its rights under any Loan Document, including its rights under this Section, or in connection with the
Loans made, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

 

(c)
Indemnity. The Company shall indemnify the Administrative Agent 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, liabilities, out-of-pocket costs or expenses, including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee (whether by a third party or by any Borrower)
arising out of, in connection with or as a result of (i) any transaction or proposed transaction (whether or not consummated) in
which any proceeds of any Borrowing hereunder are applied or proposed to be applied, directly or indirectly, by any of the Borrowers
or their Subsidiaries, (ii) any Loan or the use of the proceeds therefrom or (iii) the execution, delivery or performance by any of the
Borrowers and their Subsidiaries of the Loan Documents, or any actions or omissions of a Borrower or any of its Subsidiaries in connection
therewith; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, liabilities,
costs or expenses (x) shall be found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the
gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Company or any Borrowing Subsidiary
against an Indemnitee for a material breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document,
if the Company or such Borrowing Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined
by a court of competent jurisdiction to the effect that such a material breach in bad faith has occurred. Without limiting the provisions
of Section 2.15(c), this Section 10.03(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages,
etc. arising from any non-Tax claim.

 

(d)
To the extent that the Company fails to pay any amount required to be paid by it to the Administrative
Agent under paragraph (b) or (c) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed loss, liability, cost or expense, as the case may be, was incurred by or asserted against the Administrative
Agent. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum (without
duplication) of the total Exposures and unused Commitments at the time.

 

(e)
All amounts due under this Section shall be payable within 15 Business Days after receipt by the
Company of a reasonably detailed invoice therefor.

 

SECTION
10.04. 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, except that neither
the Company nor any Borrower may assign or otherwise transfer any of its rights or obligations hereunder

 

     

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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). 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 and, to the extent expressly contemplated hereby, the Related Parties of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)
Any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans or other amounts at the time owing to it); provided
that (i)  the Administrative Agent (except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund
of a Lender) and the Company (except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund of a Lender
or if an Event of Default has occurred and, except in the case of an Event of Default under Sections (a), (b), (g) or (h) of Article
VII of this Agreement, has been continuing for 30 days) must each give their prior written consent to such assignment (which consents
shall not be unreasonably withheld, conditioned or delayed), (ii) except in the case of an assignment to a Lender, an Affiliate of a
Lender or a Related Fund of any Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitments and
outstanding Loans, the Commitments and outstanding 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 US$10,000,000
unless each of the Company and the Administrative Agent otherwise consent, (iii) the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of US$3,500 and (iv) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; provided further
that (x) any consent of the Company otherwise required under this paragraph shall not be required if an Event of Default referred
to in clause (g), (h) or (i) of Article VII has occurred and is continuing, (y) 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 10 Business Days after having
received notice thereof and (z) no assignment shall be made to any Person other than an Eligible Assignee. Subject to acceptance and
recording thereof pursuant to paragraph (d) 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 2.13, 2.14, 2.15 and 10.03). Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this paragraph 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 (e) of this Section.
The Borrowers shall not be responsible under Section 2.13

 

     

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or
2.15 for any increased costs incurred by a Lender as a result of an assignment under this Section to an Affiliate of such Lender unless
such Lender is legally required to make such assignment.

 

(c)
The Administrative Agent, acting for this purpose as an agent of each Borrower, shall maintain at
one of its offices in The City of New York 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 of the Loans owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers,
the Administrative Agent and the Lenders may 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 and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)
Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and
an assignee, 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. No assignment shall be effective for purposes of this Agreement unless it has been made in compliance with this
Agreement as provided in this paragraph.

 

(e)
Any Lender may, without the consent of any Borrower or the Administrative Agent, sell participations
to one or more Eligible Assignees (a “Participant”) 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 (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 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 clause (i), (ii), (iii) or (vi) of the first proviso to Section 10.02(b) that affects such Participant. Subject
to paragraph (f) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13,
2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section.

 

     

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(f)
A Participant shall not be entitled to receive any greater payment under Section 2.13 or 2.15
than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant so provides and is made with the Company’s prior written consent. A Participant shall
not be entitled to the benefits of Section 2.15 unless the Company is notified of the participation sold to such Participant and
such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.15(f) as though it were a Lender.

 

(g)
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank or other applicable central bank or, in the case of a Lender that is an investment fund, to the trustee under the indenture to which
such fund is a party, 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.

 

(h)
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 this Agreement or any other Loan Document
(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 or Loans or its other obligations under this Agreement or any other Loan Document) to any Person except to the extent
that such disclosure is necessary to establish that such Commitment, Loan 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.

 

SECTION
10.05. Survival. All covenants, agreements, representations and warranties made by the Borrowers
herein or in any other Loan Document or 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 or thereto and shall survive the
execution and delivery of this Agreement and any other Loan Document and the making of any Loans, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Administrative Agent 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 so long as the Commitments have not expired or terminated. The provisions of Sections 2.13,
2.14, 2.15, 10.03 and 10.12 and Article VIII

 

     

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shall
survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of
the Loans and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

 

SECTION
10.06. Counterparts; Integration; Effectiveness. (a) 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, any separate letter agreements with
respect to fees payable to the Administrative Agent and any provisions in any commitment letter executed and delivered by the Borrower
in connection with the transactions contemplated hereby that by the express terms of such commitment letter survive the execution or
effectiveness of this Agreement, 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.

 

(b)
Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan
Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice
delivered pursuant to Section 10.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other
Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an
Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such
Ancillary Document, as applicable. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include
Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or
any other electronic means that reproduces an image of an actual executed signature page), 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; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any
form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without
limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative
Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrowers
without further verification thereof and without any obligation to review the appearance or form of any such Electronic signatureSignature
and (ii) upon the request of the Administrative Agent or any Lender,

 

     

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any
Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing,
the Borrowers hereby (i) agree that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement
of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, and the Borrowers, Electronic Signatures
transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or
any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity
and enforceability as any paper original, (ii) agree that the Administrative Agent and each of the Lenders may, at its option, create
one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record
in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document
(and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and
enforceability as a paper record), (iii) waive any argument, defense or right to contest the legal effect, validity or enforceability
of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement,
such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv)
waive any claim against any Related Party of the Administrative Agent or any Lender for any Liabilities arising solely from the Administrative
Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or
any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result
of the failure of the Borrowers to use any available security measures in connection with the execution, delivery or transmission of
any Electronic Signature.

 

SECTION
10.07. Severability. Any provision of this Agreement 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 hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

SECTION
10.08. 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
against any of and all the obligations of such Borrower now or hereafter existing under this Agreement held by such Lender, irrespective
of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender
agrees promptly to notify the Administrative Agent after any such set-off and application made by such Lender; provided, however,
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender under this

 

     

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Section
are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

 

SECTION
10.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement
shall be construed in accordance with and governed by the law of the State of New York.

 

(b)
Each party hereto 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 and of the United States
District Court of the Southern District of New York, 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 or any Lender may otherwise
have to bring any action or proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction.

 

(c)
Each party hereto 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 10.01. 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.

 

SECTION
10.10. 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

 

     

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BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION
10.11. 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
10.12. Confidentiality. (a)  The Administrative Agent and each Lender agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates and to
its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (including
service providers engaged by the Administrative Agent or any Lender in connection with the administration and management of the Loan
Documents and the Commitments), to Related Funds’ directors and officers and to any direct or indirect contractual counterparty
in swap agreements (it being understood that each Person to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority
(including any self-regulatory authority) having jurisdiction over such Lender, (iii) to the extent required by applicable laws
or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) to the extent required or
advisable in the judgment of counsel in connection with any suit, action or proceeding relating to the enforcement of rights of the Administrative
Agent or the Lenders against the Borrowers under this Agreement or any other Loan Document, (vi) subject to an agreement containing provisions
substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap
or derivative transaction or any credit insurance provider relating to the Borrower and its obligations, (vii) with the consent of the
Company or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this
Section of which the Administrative Agent or such Lender is aware or (B) becomes available to the Administrative Agent or any Lender
on a nonconfidential basis from a source other than the Company other than as a result of a breach of this Section of which the Administrative
Agent or such Lender is aware. For the purposes of this Section, “Information” means all information received from
the Company relating to the Company or its business, other than (i) any such information that is available to the Administrative Agent
or any Lender on a nonconfidential basis prior to disclosure by the Company other than as a result of a breach of this Section of which
the Administrative Agent or such Lender is aware and (ii) customary information with respect to the terms of the credit facility established
under 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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(b)
Each Lender acknowledges that Information furnished to it pursuant to this Agreement may include
material non-public information concerning the Company and its Related Parties or the Company’s 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.

 

(c)
All information, including requests for waivers and amendments, furnished by the Company, the Subsidiaries
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 Subsidiaries and their Related Parties or the Company’s securities.
Accordingly, each Lender represents to the Borrower 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, including Federal and state securities laws.

 

SECTION
10.13. Conversion of Currencies. (a) If, for the purpose of obtaining judgment in any
court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest
extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures
in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding
the day on which final judgment is given.

 

(b)
The obligations of each Borrower in respect of any sum due to any party hereto or any holder of
the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the
“Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement
Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any
sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may, in accordance with normal banking procedures in the
relevant jurisdiction, purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased
is less than the sum originally due to the Applicable Creditor in the Agreement Currency, such Borrower agrees, as a separate obligation
and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers contained
in this Section 10.13 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.

 

SECTION
10.14. 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,

 

     

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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 shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate, shall have been received by such Lender.

 

SECTION
10.15. Certain Notices. Each Lender hereby notifies each Borrower that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and the
Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies such Borrower, which information
includes the name and address of such Borrower and other information that will allow such Lender to identify such Borrower in accordance
with the Patriot Act and the Beneficial Ownership Regulation. Each Borrower agrees to provide the Lenders, upon request, with all documentation
and other information required to be obtained by the Lenders pursuant to applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

 

SECTION
10.16. No Fiduciary Relationship. Each Borrower, on behalf of itself and the Subsidiaries,
agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, each
Borrower, the Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, the Lenders and their Affiliates, on
the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of
the Administrative Agent, the Lenders or their Affiliates, and no such duty will be deemed to have arisen in connection with any such
transactions or communications. Each Borrower, on behalf of itself, the Subsidiaries and its and their respective Affiliates, waives
and releases, to the fullest extent permitted by law, any claims that such Borrower, the Subsidiaries or such Affiliates may have against
the Administrative Agent, any Person identified on the facing page or signature pages of this Agreement or elsewhere herein as a “syndication
agent” or “documentation agent”, any Lender or any Affiliate of any of the foregoing in respect of any breach or alleged
breach of agency or fiduciary duty.

 

SECTION
10.17. Acknowledgement of and Consent to Bail-In of Affected Financial Institutions. (a)
(a) Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such
parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to
the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

 

(i)
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to
any such liabilities arising hereunder which

 

     

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may
be payable to it by any party hereto that is an Affected Financial Institution; and

 

(ii)
the effects of any Bail-in Action on any such liability, including, if applicable, (A) a reduction
in full or in part or cancelation of any such liability, (B) a conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it
or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Loan Document or (C) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any applicable Resolution Authority.

 

(b)
The following terms shall for purposes of this Section have the meanings set forth below:

 

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

 

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

 

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

 

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

 

“EEA
Member Country” means any member state 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

 

     

    83 

    

(including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“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.

 

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

 

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

 

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

 

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

 

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