Document:

Exhibit 101

		
			SECURITIES PURCHASE AGREEMENT
		

		
			This Securities Purchase Agreement (this “Agreement”) is dated as of June 30, 2021, between Pulse Biosciences, Inc., a Delaware corporation (the “Company”), and the purchaser identified on Exhibit A hereto (the “Purchaser”).
		

		
			RECITALS
		

		
			WHEREAS, on the terms and subject to the conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in this Agreement; 
		

		
			WHEREAS, the Company has authorized, upon the terms and conditions stated in this Agreement, the sale and issuance of an aggregate of three million forty-eight thousand seven hundred and eighty (3,048,780) shares of the Company’s common stock, par value $0.001 per share, (the “Common Stock”); and
		

		
			WHEREAS, at the Closing (as hereinafter defined), the Purchaser wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, that number of shares of Common Stock as disclosed on Exhibit A hereto. 
		

		
			NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:
		

			
	
			
				Article 1
			
DEFINITIONS

			
	
			
				 1.1
			Definitions.  In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

		
			“Additional Registration Statement” shall have the meaning ascribed to such term in Section 5.1(a).  
		

		
			“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 
		

		
			“Agreement” shall have the meaning ascribed to such term in the preamble.
		

		
			“Board of Directors” means the board of directors of the Company.
		

		
			“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
		

		

		

		 

		

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		“Change of Control Transaction” means (i) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes and any transaction or series of related transactions the sole purpose of which is to change the state of the Company’s incorporation) other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, as a result of shares in the Company held by such holders prior to such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its parent); or (ii) a sale, lease or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole.
		

		
			“Closing” shall have the meaning ascribed to such term in Section 2.2.
		

		
			“Closing Date” shall have the meaning ascribed to such term in Section 2.2.
		

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

		
			“Common Stock” shall have the meaning ascribed to such term in the preamble.
		

		
			  “Company” shall have the meaning ascribed to such term in the preamble.
		

		
			“Derivative Transaction” shall have the meaning ascribed to such term in Section 4.2(b).
		

		
			  “Effective Date” means the date that a Registration Statement is first declared effective by the SEC.
		

		
			“Effectiveness Period” shall have the meaning ascribed to such term in Section 5.1(b).
		

		
			  “Environmental Laws” shall have the meaning ascribed to such term in Section 3.15.
		

		
			“ERISA” shall have the meaning ascribed to such term in Section 3.16.
		

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

		
			  “GAAP” shall have the meaning ascribed to such term in Section 3.8.
		

		
			“Indemnified Party” shall have the meaning ascribed to such term in Section 5.4(c).
		

		
			“Indemnifying Party” shall have the meaning ascribed to such term in Section 5.4(c).
		

		
			“Initial Registration Statement” has the meaning set forth in Section 5.1(a).
		

		

		

		 

		

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		  “Intellectual Property” means (i) worldwide patents, patent applications, invention disclosures and other rights of invention, filed with any governmental authority, and all reissues, divisions, renewals, extensions, provisionals, continuations and continuations-in-part thereof and all reexamined patents or other applications or patents claiming the benefit of the filing date of any of the foregoing; (ii) worldwide (A) registered trademarks and service marks and registrations and applications for such registrations, and (B) unregistered trademarks and service marks, trade names, fictitious business names, corporate names, trade dress, logos, product names and slogans, including any common law rights; in each case together with the goodwill associated therewith; (iii) worldwide (A) registered copyrights in published or unpublished works, mask work rights and similar rights, including rights created under Sections 901-914 of Title 17 of the United States Code, mask work registrations, and copyright applications for registration, including any renewals thereof, and (B) any unregistered copyrightable works and other rights of authorship in published or unpublished works; (iv) worldwide (A) internet domain names; (B) website content; (C) telephone numbers; and (D) moral rights and publicity rights; (v) any computer program or other software (irrespective of the type of hardware for which it is intended), including firmware and other software embedded in hardware devices, whether in the form of source code, assembly code, script, interpreted language, instruction sets or binary or object code (including compiled and executable programs), including any library, component or module of any of the foregoing, including, in the case of source code, any related images, videos, icons, audio or other multimedia data or files, data files, and header, development or compilations tools, scripts, and files, and (vi) worldwide confidential or proprietary information or trade secrets, including technical information, inventions and discoveries (whether or not patentable and whether or not reduced to practice) and improvements thereto, know-how, processes, discoveries, developments, designs, techniques, plans, schematics, drawings, formulae, preparations, assays, surface coatings, diagnostic systems and methods, patterns, compilations, databases, database schemas, specifications, technical data, inventions, concepts, ideas, devices, methods, and processes; and includes any rights to exclude others from using or appropriating any Intellectual Property rights, including the rights to sue for or assets claims against and remedies against past, present or future infringements or misappropriations of any or all of the foregoing and rights of priority and protection of interests therein, and any other proprietary, intellectual property or other rights relating to any or all of the foregoing anywhere in the world.
		

		
			“Legend Removal Date” shall have the meaning ascribed to such term in Section 6.1(c).
		

		
			“Losses” means any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation. 
		

		
			“Material Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial or otherwise), business, or prospects of the Company taken as a whole, or (ii) the ability of the Company to perform its obligations under the Transaction Documents.
		

		
			“Nasdaq” means The Nasdaq Stock Market, LLC.
		

		
			“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
		

		
			“Price Per Share” shall have the meaning ascribed to such term in Section 2.1.
		

		
			“Principal Trading Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading.
		

		
			“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, a partial proceeding, such as a deposition), whether commenced or threatened in writing.
		

		

		

		 

		

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		“Prospectus” means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.
		

		
			  “Purchaser Party” shall have the meaning ascribed to such term in Section 6.7.
		

		
			“Purchaser” shall have the meaning ascribed to such term in the preamble.
		

		
			“Registration Statement” means each registration statement required to be filed under ARTICLE 5, including the Initial Registration Statement, all Additional Registration Statements, and, in each case, the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.
		

		
			“Registrable Securities” means (i) the Shares and (ii)  any shares of Common Stock issued as a dividend or other distribution with respect to, or in exchange for, or in replacement of, the Shares, provided, that the holder of such Shares has completed and delivered to the Company a Selling Stockholder Questionnaire; and provided further, that the Shares shall cease to be Registrable Securities upon the earliest to occur of the following: (A) sale by any Person to the public either pursuant to a registration statement under the Securities Act or under Rule 144 (in which case, only such Shares sold shall cease to be Registrable Securities) or (B) becoming eligible for sale by the holder thereof pursuant to Rule 144 without volume or manner of sale restrictions.
		

		
			  “Rule 144,” “Rule 415,” and “Rule 424” means Rule 144, Rule 415 and Rule 424, respectively, promulgated by the Commission pursuant to the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.  
		

		
			“SEC Reports” shall have the meaning ascribed to such term in Section 3.7.
		

		
			  “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.
		

		
			“Selling Stockholder Questionnaire” shall have the meaning ascribed to such term in Section 5.2(j).
		

		
			  “Shares” or “Securities” means the shares of Common Stock purchased and sold under this Agreement.
		

		
			  “Trading Day” means a day on which the Principal Trading Market is open for trading.
		

		
			“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the NYSE American, or the New York Stock Exchange (or any successors to any of the foregoing).
		

		
			“Transaction Documents” means this Agreement and all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.
		

		
			“Transfer” means (i) to sell, offer, transfer, assign, mortgage, hypothecate, gift, pledge or dispose of, or (ii) to enter into or agree to enter into any contract, option or other arrangement or understanding with respect to any sale, transfer, pledge, mortgage, hypothecation, gift, assignment or similar disposition.
		

		

		

		 

		

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		“Transfer Agent” means Broadridge Corporate Issuer Solutions, Inc., the current transfer agent of the Company, and any successor transfer agent of the Company.
		

		
			“Voting Commitment” shall have the meaning ascribed to such term in Section 4.2(a).
		

		
			“WSGR” means Wilson Sonsini Goodrich & Rosati, P.C.
		

			
	
			
				Article 2
			
PURCHASE AND SALE

			
	
			
				 2.1
			Purchase and Sale. Subject to and upon the terms and conditions set forth in this Agreement, at the Closing, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, such number of Shares set forth opposite his name on Exhibit A, at a price per Share equal to $16.40 (the “Price Per Share” and the total purchase price for the Shares, the “Shares Purchase Price”).  All indebtedness owed to the Purchaser by the Company (including the outstanding principal balance and accrued but unpaid interest as of the date of this Agreement on such indebtedness) pursuant to that certain Loan Agreement, dated as of March 11, 2021 (the “Loan Agreement”), is to be paid through the cancellation of such indebtedness as set forth under the Share Purchase Price in Exhibit A. It is hereby expressly acknowledged and agreed that no further interest shall accrue pursuant to the Loan Agreement from the date of this Agreement.  

			
	
			
				 2.2
			Closing.  The Company agrees to issue and sell to the Purchaser and, in consideration of and in express reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, the Purchaser agrees to purchase the Shares.  The closing of the purchase and sale of the Shares (the “Closing”) shall take place at the offices of Wilson Sonsini Goodrich & Rosati, P.C. located at 650 Page Mill Road, Palo Alto, California, three Business Days following the satisfaction or waiver of the conditions set forth in Section 2.5, or at such other time and place or on such date as the Purchaser and the Company may agree upon (such date is hereinafter referred to as the “Closing Date”).  

			
	
			
				 2.3
			Payment. On the Closing Date, (a) the Purchaser shall pay to the Company its Shares Purchase Price in United States dollars through (i) the cancellation of indebtedness owed to the Purchaser by the Company (including the outstanding principal balance and accrued but unpaid interest as of the date of this Agreement upon any loans constituting such indebtedness) and (ii) cash and (b) the Company shall irrevocably instruct the Transfer Agent to deliver to the Purchaser, on an expedited basis, a certificate or book entry evidencing the number of Shares set forth opposite the Purchaser’s name on Exhibit A, and in the case of clause (b), duly executed on behalf of the Company and registered in the name of the Purchaser as set forth on the Stock Certificate Questionnaire included as Exhibit B.  

			
	
			
				 2.4
			Deliveries.

			
	
			
				 (a)
			Company.  On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser the following:

			
	
			
				 (i)
			this Agreement duly executed by the Company; and

			
	
			
				 (ii)
			any required Nasdaq notification form. 

			
	
			
				 (b)
			Purchaser.  On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:

			
	
			
				 (i)
			this Agreement duly executed by the Purchaser;

			
	
			
				 (ii)
			a fully completed and duly executed Stock Certificate Questionnaire in the form attached hereto as Exhibit B;

		 

		

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				 (iii)
			a fully completed and duly executed Accredited Investor Qualification Questionnaire in the form attached hereto as Exhibit C;  

			
	
			
				 (iv)
			a fully completed and duly executed Bad Actor Questionnaire in the form attached hereto as Exhibit D; and

			
	
			
				 (v)
			the entire cash consideration comprising part of the Shares Purchase Price, as set forth in Exhibit A, by wire transfer to an account specified by the Company.

			
	
			
				 2.5
			Closing Conditions.

			
	
			
				 (a)
			The obligations of the Company hereunder, with respect to the Purchaser in connection with the Closing, are subject to the following conditions being met:

			
	
			
				 (i)
			the accuracy in all material respects on the Closing Date of the representations and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

			
	
			
				 (ii)
			all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been performed in all material respects; 

			
	
			
				 (iii)
			the delivery by the Purchaser of the items set forth in Section 2.4(b) of this Agreement; and

			
	
			
				 (iv)
			Nasdaq shall have raised no objection to the consummation of the transactions contemplated by the Transaction Documents in the absence of stockholder approval of such transactions.

			
	
			
				 (b)
			The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:

			
	
			
				 (i)
			the representations and warranties made by the Company in ARTICLE 3 hereof shall be true and correct as of the date hereof and the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date;

			
	
			
				 (ii)
			all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date, whether under this Agreement or the other Transaction Documents, shall have been performed in all material respects;

			
	
			
				 (iii)
			the delivery by the Company of the items set forth in Section 2.4(a) of this Agreement;

			
	
			
				 (iv)
			the Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or appropriate for consummation of the purchase and sale of the Shares and the consummation of the other transactions contemplated by the Transaction Documents, all of which shall be in full force and effect, except for such that could not reasonably be expected to have a Material Adverse Effect;

			
	
			
				 (v)
			no judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby or in the other Transaction Documents;

			
	
			
				 (vi)
			no stop order or suspension of trading shall have been imposed by Nasdaq, the Commission or any other governmental or regulatory body with respect to public trading in the Common Stock; 

		 

		

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				 (vii)
			Nasdaq shall have raised no objection to the consummation of the transactions contemplated by the Transaction Documents in the absence of stockholder approval of such transactions; and

			
	
			
				 (viii)
			there shall have been no Material Adverse Effect with respect to the Company since the date hereof.

			
	
			
				Article 3
			
REPRESENTATIONS AND WARRANTIES OF THE COMPANY

		
			The Company hereby represents and warrants to the Purchaser that, except as otherwise disclosed to the Purchaser or as disclosed in the SEC Reports:
		

			
	
			
				 3.1
			Organization, Good Standing and Qualification.  The Company is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to carry on its business as now conducted and to own its properties.  The Company is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property makes such qualification or leasing necessary unless the failure to so qualify has not had and could not reasonably be expected to have a Material Adverse Effect.

			
	
			
				 3.2
			Authorization; Enforcement.  The Company has all corporate right, power and authority to enter into the Transaction Documents and to consummate the transactions contemplated hereby and thereby. All corporate action on the part of the Company, its directors and stockholders necessary for the authorization, execution, delivery and performance of the Transaction Documents by the Company, the authorization, sale, issuance and delivery of the Securities contemplated herein and the performance of the Company’s obligations hereunder and thereunder has been taken. The Transaction Documents have been (or upon delivery will have been) duly executed and delivered by the Company and constitute the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with their terms, except:  (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

			
	
			
				 3.3
			Capitalization.  The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and nonassessable and, other than as disclosed in the SEC Reports, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding capitalization as set forth in the SEC Reports as of the dates referred to therein (other than the grant of additional options, restricted stock units or similar equity securities under the Company’s existing stock option plans, or changes in the number of outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Stock outstanding on the date hereof) and such authorized capital stock conforms in all material respects to the description thereof set forth in the SEC Reports. The description of the securities of the Company in the SEC Reports is complete and accurate in all material respects. Except as disclosed in or contemplated by the SEC Reports, as of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities.

			
	
			
				 3.4
			Issuance; Reservation of Shares.  The issuance of the Shares (i) has been duly and validly authorized by all necessary corporate actions and (ii) is not subject to any preemptive rights, rights of first refusal or similar rights.  The Shares, when issued and paid for pursuant to this Agreement, will be validly issued, fully paid and non-assessable, and shall be free and clear of all encumbrances and restrictions (other than as provided in the Transaction Documents).    

		 

		

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				 3.5
			No Conflicts.  The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale of the Securities will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default under (i) the Company’s Certificate of Incorporation or the Company’s Bylaws, both as in effect on the date hereof (true and complete copies of which have been made available to the Purchaser through the EDGAR system), (ii) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or any of its respective assets or properties, or (iii) any material agreement or instrument to which the Company is a party or by which the Company is bound or to which any of their respective assets or properties is subject, in each case except for any such conflict, breach, violation or default that (i) may have been waived or (ii) would not reasonably be expected to have a Material Adverse Effect.

			
	
			
				 3.6
			Filings, Consents and Approvals.  The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than filings that have been made, or will be made, or consents that have been obtained, or will be obtained, pursuant to the rules and regulations of Nasdaq, including applicable state securities laws and post-sale filings pursuant to applicable state and federal securities laws which the Company undertakes to file or obtain within the applicable time periods.

			
	
			
				 3.7
			SEC Reports.  The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, since May 18, 2016 (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension.  As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The Company has not received any letters of comment from the staff of the Commission that have not been satisfactorily resolved as of the date hereof.

			
	
			
				 3.8
			Financial Statements.  (a) The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing.  Such financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

		
			Sarbanes-Oxley Act. There is and has been no material failure on the part of the Company or, to the knowledge of the Company, any of the Company’s directors or officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications.
		

			
	
			
				 3.9
			Interim Financials.  The published interim results of the Company and its consolidated subsidiaries for the three months ended on March 31, 2021 have been prepared with all due care and attention (having regard to the fact that the results were made publicly available) and on accounting bases and assumptions consistent with those adopted for the preparation of the audited financial statements of the Company and its consolidated subsidiaries for the financial year ended December 31, 2020 and the corresponding interim results of the Company and its consolidated subsidiaries published in the immediately preceding financial year.

		 

		

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				 3.10
			Material Changes; Undisclosed Events, Liabilities or Developments.  Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof:  (i) there has been no event, occurrence or development that has had or that could reasonably be expected to have a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting or changed its principal registered public accounting firm, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities, except pursuant to existing Company equity compensation plans.  The Company does not have pending before the Commission any request for confidential treatment of information.

			
	
			
				 3.11
			Internal Controls.  The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with any applicable requirements of the Exchange Act and has been designed by the Company’s principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; the Company’s internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting; there has been no fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting; since the date of the latest audited financial statements included or incorporated by reference in the Company’s SEC Reports, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Company is made known to the Company’s principal executive officer and principal financial officer by others within those entities; such disclosure controls and procedures are effective. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the Commission thereunder.

			
	
			
				 3.12
			Accountant.  To the Company’s knowledge, Deloitte & Touche LLP, which has expressed its opinion with respect to the Company’s financial statements as of December 31, 2020 and 2019, as included in the SEC Reports (including the related notes), is an independent registered public accounting firm as required by the Securities Act and the Public Company Accounting Oversight Board (United States). Deloitte & Touche LLP has not been engaged by the Company to perform any “prohibited activities” (as defined in Section 10A of the Exchange Act).

			
	
			
				 3.13
			Litigation.  There is not pending or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party or of which any property or assets of the Company is the subject before or by any court or governmental agency, authority or body, or any arbitrator, which, individually or in the aggregate, could reasonably be expected to result in any Material Adverse Effect.  There are no current or pending legal, governmental or regulatory actions, suits or proceedings that are required to be described in the SEC Reports that have not been so described.

			
	
			
				 3.14
			Tax Matters.  The Company has filed all federal, state, local and foreign income and franchise tax returns required to be filed or has requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect), except as set forth in the SEC Reports and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect, except as set forth in or contemplated in the SEC Reports.

		 

		

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				 3.15
			Insurance.  The Company maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure. The Company is not aware of any fact or matter which would lead to any such insurance being vitiated or repudiated, there is no material claim pending or outstanding and all premiums in respect of such insurances are duly paid.

			
	
			
				 3.16
			Environmental Matters.  The Company (A) is in compliance in all material respects with any and all applicable federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (B) has received and is in material compliance with all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its business; and (C) has not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except in any such case for any such failure to comply, or failure to receive required permits, licenses or approvals, or liability as would not, individually or in the aggregate, have a Material Adverse Effect.

			
	
			
				 3.17
			Labor Relations.  No labor disturbance by or dispute with employees of the Company exists or, to the knowledge of the Company, is threatened which would reasonably be expected to result in a Material Adverse Effect. To the knowledge of the Company, each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to, ERISA and the Internal Revenue Code of 1986, as amended (the “Code”).  No prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) meets or exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions.

			
	
			
				 3.18
			Certificates, Authorities and Permits.  The Company holds, and is operating in compliance with, all registrations, approvals, certificates, authorizations and permits of any governmental authority or self-regulatory body required for the conduct of its business as described in the SEC Reports, including without limitation, all such registrations, approvals, certificates, authorizations and permits required by the FDA or any other federal, state, local or foreign agencies or bodies engaged in the regulation of pharmaceuticals or biohazardous substances or materials; and the Company has not received notice of any revocation or modification of any such registration, approval, certificate, authorization and permit or has reason to believe that any such registration, approval, certificate, authorization and permit will not be renewed in the ordinary course that could lead to, the withdrawal, revocation, suspension, modification or termination of any such registration, approval, certificate, authorization or permit, which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Effect.

			
	
			
				 3.19
			Title to Assets.  The Company has good and marketable title to all property (whether real or personal) described in the SEC Reports as being owned by it, in each case free and clear of all liens, claims, security interests, other encumbrances or defects except as described in the SEC Reports, and except those that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  The property held under lease by the Company is held under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company.

		 

		

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				 3.20
			Intellectual Property.  The Company owns, possesses, or can acquire on reasonable terms, all Intellectual Property necessary for the conduct of its business as now conducted or as described in the SEC Reports to be conducted in all material respects, Except as set forth in the SEC Reports, (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any such Intellectual Property (B) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the Company’s rights in or to any such Intellectual Property, and the Company is unaware of any material facts which would form a reasonable basis for any such claim; (C) the Intellectual Property owned by the Company, and to the knowledge of the Company, the Intellectual Property licensed to the Company, have not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property, and the Company is unaware of any material facts which would form a reasonable basis for any such claim; (D) to the Company’s knowledge, there is no pending or threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other material fact which would form a reasonable basis for any such claim; and (E) to the Company’s knowledge, no Company employee is obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of such employee’s best efforts to promote the interest of the Company or that would conflict with the Company’s business; none of the execution and delivery of this Agreement, the carrying on of the Company’s business by the employees of the Company, and the conduct of the Company’s business as proposed, will conflict with or result in a breach of terms, conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under which any such employee is now obligated; and it is not and will not be necessary to use any inventions, trade secrets or proprietary information of any of its consultants, or its employees (or Persons it currently intends to hire) made prior to their employment by the Company, except for technology that is licensed to or owned by the Company.

			
	
			
				 3.21
			[Intentionally Omitted].

			
	
			
				 3.22
			Compliance with Nasdaq Continued Listing Requirements.  The Company is, and has no reason to believe that it will not, upon the issuance of the Securities hereunder, continue to be, in compliance with the listing and maintenance requirements for continued listing on The Nasdaq Capital Market.  Assuming the representations and warranties of the Purchaser set forth in Section 4.2 are true and correct in all material respects, the consummation of the transactions contemplated by the Transaction Documents does not contravene the rules and regulations of Nasdaq. There are no proceedings pending or, to the Company’s knowledge, threatened against the Company relating to the continued listing of the Common Stock on The Nasdaq Capital Market and the Company has not received any notice of, nor to the Company’s knowledge is there any basis for, the delisting of the Common Stock from Nasdaq.

			
	
			
				 3.23
			Application of Takeover Protections.  The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Certificate of Incorporation (or similar charter documents) or the laws of its state of incorporation that would prevent the Purchaser or the Company from fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s issuance of the Securities and the Purchaser’s ownership of the Securities.

			
	
			
				 3.24
			Fees.  No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company, and no Purchaser shall have any obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section 3.24 that may be due in connection with the transactions contemplated by the Transaction Documents.

			
	
			
				 3.25
			No Directed Selling Efforts or General Solicitation.  Neither the Company nor, to the Company’s knowledge, any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any of the Securities.

		 

		

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				 3.26
			No Integrated Offering.  Neither the Company nor, to the Company’s knowledge, any Person acting on its behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) under the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of the Shares under the Securities Act.

			
	
			
				 3.27
			Private Placement.  Assuming the accuracy of the Purchaser’s representations and warranties set forth in ARTICLE 4, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchaser as contemplated hereby.

			
	
			
				 3.28
			Investment Company.  The Company is not and, after giving effect to the offering and sale of the Securities, will not be an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended.

			
	
			
				 3.29
			Foreign Corrupt Practices.  The Company, nor, to the best knowledge of the Company, any director, officer, agent, employee or other Person associated with or acting on behalf of the Company has (A) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (B) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (C) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable non-U.S. anti-bribery law; or (D) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.

			
	
			
				 3.30
			Regulation M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.

			
	
			
				 3.31
			Disclosure.  No representation or warranty by the Company in this Agreement and no statement contained in the SEC Reports or any certificate or other document furnished or to be furnished to the Purchaser pursuant to this Agreement contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not misleading.

			
	
			
				Article 4
			
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

		
			The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein):
		

			
	
			
				 4.1
			Organization; Authority.  The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out his obligations hereunder and thereunder.  The execution and delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.  Each Transaction Document to which the Purchaser is a party has been duly executed by the Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except:  (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

		 

		

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				 4.2
			Purchaser Status.  

			
	
			
				 (a)
			At the time as the Purchaser was offered the Securities, he was, and as of the date hereof he is, an “accredited investor” as defined in Rule 501 under the Securities Act.  The Purchaser is not a broker-dealer registered under Section 15 of the Exchange Act.  The Purchaser is acting alone in his determination as to whether to invest in the Securities. The Purchaser is not a party to any voting agreements or similar arrangements with respect to the Securities. Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by the Purchaser with the Commission with respect to the beneficial ownership of the Company’s Common Stock, such Purchaser is not a member of a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, voting or disposing of the Securities. The Purchaser represents and warrants that he (i) is not and will not become a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any Person as to how such Person, if serving as a director or if elected as a director of the Company, will act or vote on any issue or question (a “Voting Commitment”) or (B) any Voting Commitment that could limit or interfere with such Person’s ability to comply, if serving as or elected as a director of the Company, with such Person’s fiduciary duties under applicable law; (ii) is not and will not become a party to any agreement, arrangement or understanding with any Person other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director of the Company.

			
	
			
				 (b)
			The Purchaser has disclosed in writing to the Company a description of all Derivative Transactions (as defined below) by the Purchaser in effect as of the date hereof, including the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, such Derivative Transactions. For purposes of this Agreement, a “Derivative Transaction” means any agreement, arrangement, interest or understanding entered into by, or on behalf or for the benefit of, the Purchaser or any of his affiliates or associates, whether record or beneficial: (w) the value of which is derived in whole or in part from the value of any class or series of shares or other securities of the Company, (x) which otherwise provides any direct or indirect opportunity to gain or share in any gain derived from a change in the value of securities of the Company, (y) the effect or intent of which is to mitigate loss, manage risk or benefit of security value or price changes, or (z) which provides the right to vote or increase or decrease the voting power of, such Purchaser, or any of his affiliates or associates, with respect to any securities of the Company, which agreement, arrangement, interest or understanding may include, without limitation, any option, warrant, debt position, note, bond, convertible security, swap, stock appreciation right, short position, profit interest, hedge, right to dividends, voting agreement, performance-related fee or arrangement to borrow or lend shares (whether or not subject to payment, settlement, exercise or conversion in any such class or series), and any proportionate interest of such Purchaser in the securities of the Company held by any general or limited partnership, or any limited liability company, of which such Purchaser is, directly or indirectly, a general partner or managing member.

		
			﻿
		

			
	
			
				 4.3
			General Solicitation; Pre-Existing Relationship. The Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.  The Purchaser had a prior substantial pre-existing relationship with the Company.

			
	
			
				 4.4
			Purchase Entirely for Own Account.  The Securities to be received by the Purchaser hereunder will be acquired for such Purchaser’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, and such Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act without prejudice, however, to such Purchaser’s right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state securities laws.  Nothing contained herein shall be deemed a representation or warranty by the Purchaser to hold the Securities for any period of time.

		 

		

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				 4.5
			Adequate Information; No Reliance.  The Purchaser acknowledges and agrees that (a) he has been furnished with all materials it considers relevant to making an investment decision to enter into this Agreement and has had the opportunity to review (and has carefully reviewed) (i) the SEC Reports and (ii) this Agreement (including the exhibits thereto), (b) he has had a full opportunity to ask questions of the Company concerning the Company, its business, operations, financial performance, financial condition and prospects, and the terms and conditions of this Agreement, and to obtain from the Company any information that it considers necessary in making an informed investment decision and to verify the accuracy of the information set forth in the SEC Reports, (c) he has had the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in the transactions contemplated by this Agreement and to make an informed investment decision with respect to such transactions, (d) he is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the Company or any of its affiliates or representatives or any other entity or person, except for (A) the SEC Reports, and (B) the representations and warranties made by the Company in this Agreement, (e) no statement or written material contrary to the SEC Reports has been made or given to him by or on behalf of the Company, and (f) he is able to fend for himself with respect to this Agreement, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the prospective investment in the shares of Common Stock and has the ability to bear the economic risks of his investment and can afford the complete loss of such investment.

			
	
			
				 4.6
			Disclosure of Information.  The Purchaser has had an opportunity to receive all information related to the Company requested by him and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities.  The Purchaser acknowledges receipt of copies of the SEC Reports (or access thereto via EDGAR).  Neither such inquiries nor any other due diligence investigation conducted by the Purchaser shall modify, limit or otherwise affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement.

			
	
			
				 4.7
			Interested Stockholders.  In accordance with Section 203 of the Delaware General Corporation Law, the Purchaser represents and warrants that he does not propose to engage in a combination with the Company.

			
	
			
				 4.8
			Restricted Securities.  The Purchaser understands that the Securities are “restricted securities” and have not been registered under the Securities Act and may not be offered, resold, pledged or otherwise transferred except (i) pursuant to an exemption from registration under the Securities Act or pursuant to an effective registration statement in compliance with Section 5 under the Securities Act and (ii) in accordance with all applicable securities laws of the states of the United States and other jurisdictions.

			
	
			
				 4.9
			Commissions.  No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against the Company or upon the Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Purchaser.

			
	
			
				 4.10
			Cancellation of Indebtedness.  The Purchaser acknowledges and agrees that all indebtedness owed to such Purchaser by the Company (including the outstanding principal balance and accrued but unpaid interest thereon) will be paid and considered cancelled upon the issuance of the Shares at Closing.  

		
			The Company acknowledges and agrees that the representations contained in ARTICLE 4 shall not modify, amend or affect the Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby.
		

		 

		

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				Article 5
			
REGISTRATION RIGHTS

			
	
			
				 5.1
			Registration Statement.  

			
	
			
				 (a)
			The Company shall, within ninety (90) calendar days after the Closing Date, prepare and file with the Commission a Registration Statement covering the resale of all Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance with the Securities Act) and shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of Distribution” in substantially the form attached hereto as Exhibit E.  Notwithstanding any other provision of this ARTICLE 5: (i) if the staff of the Commission does not permit all of the Registrable Securities to be registered on the initial Registration Statement filed pursuant to this Section 5.1(a) (the “Initial Registration Statement”), unless otherwise directed in writing by the Purchaser as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced to Registrable Securities which is equal to such maximum number of Shares as is permitted by the Commission; and (ii) in the event the Company amends the Initial Registration Statement to effect the reduction contemplated under clause (i) above, the Company will use its commercially reasonable efforts to file with the Commission, as promptly as allowed by the Commission or one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as so amended (each, an “Additional Registration Statement”). 

			
	
			
				 (b)
			The Company shall use its commercially reasonable best efforts to cause each Registration Statement to be declared effective by the Commission as promptly as possible after the filing thereof, and shall use commercially reasonable best efforts to keep the Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities covered by such Registration Statement have been sold or can be sold publicly without restriction or limitation under Rule 144 (including, without limitation, the requirement to be in compliance with Rule 144(c)(1)). (the “Effectiveness Period”).  

			
	
			
				 (c)
			The Company will prior to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify or cooperate with the Purchaser and its counsel in connection with the registration or qualification of such Registrable Securities for the offer and sale under the securities or blue sky laws of such jurisdictions requested by the Purchaser and do any and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(f), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(f), or (iii) file a general consent to service of process in any such jurisdiction.

			
	
			
				 (d)
			The Company shall promptly notify the Purchaser, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of any event as a result of which, the Prospectus includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly prepare, file with the SEC and furnish to such holder a supplement to or an amendment of such Prospectus as may be necessary so that such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing.

		 

		

			15

		

		

			 

		

 

			
	
			
				 (e)
			At any time as a Registration Statement shall not be effective during the period between six months and one year from the Closing, with a view to making available to the Purchaser the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may at any time permit the Purchaser to sell the Registrable Securities to the public without registration, the Company covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until the earlier of (A)  such date as all of the Registrable Securities may be sold without restriction by the holders thereof pursuant to Rule 144 or any other rule of similar effect or (B) such date as all of the Registrable Securities shall have been sold; and (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish to each Investor upon request,  such other information as may be reasonably requested in order to avail such Investor of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration. 

			
	
			
				 (f)
			The Company shall notify the Purchaser in writing promptly (and in any event within two Trading Days) after receiving notification from the Commission that a Registration Statement has been declared effective and shall simultaneously provide the Purchaser with copies of any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby. 

			
	
			
				 (g)
			Notwithstanding anything in this Agreement to the contrary, the Company may, by written notice to the Purchaser, suspend sales under a Registration Statement after the Effective Date thereof and/or require that the Purchaser immediately ceases the sale of shares of Common Stock pursuant thereto and/or defer the filing of any Additional Registration Statement if the Company is engaged in a merger, acquisition or sale that the Company believes may be material, and the Board of Directors determines in good faith, by appropriate resolutions, that, as a result of such activity, (A) it would be materially detrimental to the Company (other than as relating solely to the price of the Common Stock) to maintain a Registration Statement at such time or (B) it is in the best interests of the Company to suspend sales under such registration at such time. Upon receipt of such notice, the Purchaser agrees to immediately discontinue any sales of Registrable Securities pursuant to such Registration Statement until the Purchaser is advised in writing by the Company that the current Prospectus or amended Prospectus, as applicable, may be used. In no event, however, shall this right be exercised to suspend sales beyond the period during which (in the good faith determination of the Board of Directors) the failure to require such suspension would be materially detrimental to the Company. The Company’s rights under this Section 5.1(g) may be exercised for a period of no more than 20 Trading Days at a time and not more than three times in any twelve-month period. Immediately after the end of any suspension period under this Section 5.1(g), the Company shall take all necessary actions (including filing any required supplemental prospectus) to restore the effectiveness of the applicable Registration Statement and the ability of the Purchaser to publicly resell its Registrable Securities pursuant to such effective Registration Statement. 

			
	
			
				 5.2
			Registration Procedures. In connection with the Company’s registration obligations hereunder, the Company shall: 

			
	
			
				 (a)
			Not less than three Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or supplement thereto, furnish via email to the Purchaser or its counsels who have supplied the Company with email addresses copies of all such documents proposed to be filed, which documents (other than any document that is incorporated or deemed to be incorporated by reference therein) will be subject to the review of the Purchaser (it being acknowledged and agreed that if the Purchaser does not object to or comment on the aforementioned documents within the three Trading Day period, then the Purchaser shall be deemed to have consented to and approved the use of such documents). The Company shall reflect in each such document when so filed with the Commission such comments regarding the Purchaser and the plan of distribution as the Purchaser may reasonably and promptly propose no later than two Trading Days after the Purchaser has been so furnished with copies of such documents as aforesaid. 

		 

		

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				 (b)
			(i) Subject to Section 5.1, prepare and file with the Commission such amendments, including post-effective amendments, to each Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective, as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and (iii) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by the Registration Statement during the applicable period in accordance with the intended methods of disposition by the Purchaser thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented; provided,  however, that, subject to applicable requirements, the Purchaser shall be responsible for the delivery of the Prospectus to the Persons to whom the Purchaser sells any of the Shares (including in accordance with Rule 172 under the Securities Act), and the Purchaser agrees to dispose of Registrable Securities in compliance with the plan of distribution described in the Registration Statement and otherwise in compliance with applicable federal and state securities laws.

			
	
			
				 (c)
			Notify the Purchaser as promptly as reasonably possible, and if requested by the Purchaser, confirm such notice in writing no later than two Trading Days thereafter, of any of the following events: (i) the Commission notifies the Company whether there will be a “review” of any Registration Statement; (ii) any Registration Statement or any post-effective amendment is declared effective; (iii) the Commission issues any stop order suspending the effectiveness of any Registration Statement or initiates any Proceedings for that purpose; (iv) the Company receives notice of any suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threat of any Proceeding for such purpose; (v) the financial statements included in any Registration Statement become ineligible for inclusion therein; and (vi) the occurrence or existence of any pending development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement,  provided    that any and all of such information shall remain confidential to the Purchaser until such information otherwise becomes public, unless disclosure by the Purchaser is required by law. 

			
	
			
				 (d)
			Use commercially reasonable best efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of any Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as soon as possible. 

			
	
			
				 (e)
			If requested by the Purchaser, provide the Purchaser, without charge, at least one conformed copy of each Registration Statement and each amendment thereto, including financial statements and schedules, and all exhibits to the extent requested by the Purchaser (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. 

			
	
			
				 (f)
			Promptly deliver to the Purchaser, without charge, as many copies of the Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as the Purchaser may reasonably request. The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by the selling Purchaser in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto to the extent permitted by federal and state securities laws and regulations. 

		 

		

			17

		

		

			 

		

 

			
	
			
				 (g)
			Prior to any resale of Registrable Securities by the Purchaser, use commercially reasonable best efforts to register or qualify or cooperate with the selling Purchaser in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as the Purchaser requests in writing, to keep each such registration or qualification (or exemption therefrom) effective for so long as required, but not to exceed the duration of the Effectiveness Period, and to do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by a Registration Statement; provided,  however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. 

			
	
			
				 (h)
			If requested by the Purchaser, cooperate with the Purchaser to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by this Agreement and under law, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as the Purchaser may reasonably request. 

			
	
			
				 (i)
			Upon the occurrence of any event described in Section 5.2(c)(iii)-(vi), as promptly as reasonably practicable, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

			
	
			
				 (j)
			It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of the Purchaser that the Purchaser furnish to the Company a completed Selling Stockholder Questionnaire in the form proffered by the Company (the “Selling Stockholder Questionnaire”) and such other information regarding itself, the Registrable Securities and other shares of Common Stock held by it and the intended method of disposition of the Registrable Securities held by it (if different from the Plan of Distribution set forth on Exhibit E hereto) as shall be reasonably required to effect the registration of such Registrable Securities and shall complete and execute such documents in connection with such registration as the Company may reasonably request, except in the case of any such information referred to in this paragraph, to the extent the failure to provide such information does not materially affect the Company’s ability to comply with such obligations.  

			
	
			
				 (k)
			The Company shall comply with all applicable rules and regulations of the Commission under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform the Purchaser in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Purchaser is required to make available a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder. 

			
	
			
				 5.3
			Registration Expenses. The Company shall pay all fees and expenses incident to the performance of or compliance with ARTICLE 5 of this Agreement by the Company, including without limitation (a) all registration and filing fees and expenses, including without limitation those related to filings with the Commission, any Trading Market, and in connection with applicable state securities or Blue Sky laws, (b) printing expenses (including without limitation expenses of printing certificates for Registrable Securities), (c) messenger, telephone and delivery expenses, (d) fees and disbursements of counsel for the Company, (e) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, and (f) all listing fees to be paid by the Company to the Trading Market. In no event shall the Company be responsible for any underwriting, broker or similar fees or commissions of the Purchaser or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Purchaser.

		 

		

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				 5.4
			Indemnification. 

			
	
			
				 (a)
			Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless the Purchaser, the officers, directors, partners, members, agents and employees of the Purchaser, each Person who controls any of the Purchaser (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all Losses, as incurred including any legal or other expenses reasonably incurred by in connection with investigating or defending any such loss, claim, damage, liability or action arising out of or relating to any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities; any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectus or in any amendment or supplement thereto, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information the Purchaser furnished in writing to the Company by the Purchaser for use therein, or to the extent that such information relates to the Purchaser or the Purchaser’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved by the Purchaser expressly for use in the Registration Statement, or (B) with respect to any Prospectus, if the untrue statement or omission of material fact contained in such Prospectus was corrected on a timely basis in the Prospectus, as then amended or supplemented, if such corrected prospectus was timely made available by the Company to the Purchaser, and the Purchaser seeking indemnity hereunder was advised in writing not to use the incorrect prospectus prior to the use giving rise to Losses. Any loss stemming from the failure to file a Registration Statement in accordance with this Article 5 or for failure to use reasonable commercial efforts to have a Registration Statement declared effective will be limited to the Purchaser’s initial investment hereunder.

			
	
			
				 (b)
			Indemnification by the Purchaser. The Purchaser shall indemnify and hold harmless the Company, its directors, officers, agents and employees, to the fullest extent permitted by applicable law, from and against all Losses (as determined by a court of competent jurisdiction in a final judgment not subject to appeal or review) arising solely out of any untrue statement of a material fact contained in the Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising out of or relating to any omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, but only to the extent that such untrue statement or omission is contained in any information so furnished by such Purchaser in writing to the Company specifically for inclusion in such Registration Statement or such Prospectus or to the extent that (i) such untrue statements or omissions are based solely upon information regarding such Purchaser furnished to the Company by such Purchaser in writing expressly for use in the Registration Statement or Prospectus, or to the extent that such information relates to such Purchaser or such Purchaser’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved by such Purchaser expressly for use in the Registration Statement (it being understood that the information provided by the Purchaser to the Company in the Questionnaire and the Plan of Distribution set forth on Exhibit E, as the same may be modified by such Purchaser constitutes information reviewed and expressly approved by such Purchaser in writing expressly for use in the Registration Statement), such Prospectus or such form of Prospectus or in any amendment or supplement thereto. In no event shall the liability of any selling Purchaser hereunder be greater in amount than the dollar amount of the net proceeds (net of all expense paid by such Investor in connection with any claim relating to this Section 5 and the amount of any damages such Investor has otherwise been required to pay by reason of such untrue statement or omission) received by such Purchaser upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

		 

		

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				 (c)
			Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 

		
			An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (i) the Indemnifying Party has agreed in writing to pay such fees and expenses; or (ii) the Indemnifying Party shall have failed within 15 days of receiving notification of a Proceeding from an Indemnified Party to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; (iii) any counsel engaged by the applicable Indemnifying Party shall fail to timely commence or diligently conduct the defense of any such claim and such failure has materially prejudiced (or, in the reasonable judgment of the Indemnified Party, is in danger of materially prejudicing) the outcome of the applicable claim; or (iv) such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to or may exist between the applicable Indemnifying Party and Indemnified Party or that there may be one or more different or additional defenses, claims, counterclaims or causes of action available to such Indemnified Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of separate counsel shall be at the expense of the Indemnifying Party). It being understood, however, that the Indemnifying Party shall not, in connection with any one such Proceeding (including separate Proceedings that have been or will be consolidated before a single judge) be liable for the fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties, which firm shall be appointed by a majority of the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or conditioned. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
		

		
			All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within 20 Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined (not subject to appeal) that such Indemnified Party is not entitled to indemnification hereunder). 
		

			
	
			
				 (d)
			Contribution. If a claim for indemnification under Section 5.4(a) or (b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5.4(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 

		 

		

			20

		

		

			 

		

 

		
			The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5.4(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5.4(d), no Purchaser shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Purchaser from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
		

		
			The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties, including pursuant to Section 6.7 hereof. 
		

			
	
			
				 5.5
			Dispositions. The Purchaser agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement and shall sell its Registrable Securities that it sells pursuant to the Registration Statement in accordance with the Plan of Distribution set forth in the Prospectus. The Purchaser further agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 5.2(c)(iii)-(vi), the Purchaser will discontinue disposition of such Registrable Securities under the Registration Statement until the Purchaser is advised in writing by the Company that the use of the Prospectus, or amended Prospectus, as applicable, may be used. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. The Purchaser agrees that the removal of the restrictive legend from certificates representing Shares as set forth in the Section 6.1 is predicated upon the Company’s reliance that the Purchaser will comply with the provisions of this subsection. 

			
	
			
				 5.6
			No Piggyback on Registrations. Neither the Company nor any of its security holders (other than the Purchaser in such capacity pursuant hereto) may include securities of the Company in the Registration Statement other than the Registrable Securities.  

			
	
			
				 5.7
			Amendments; Waivers.  Notwithstanding anything in this Agreement to the contrary, the provisions of this ARTICLE 5 may be amended or waived (either generally or in a particular instance, either retroactively or prospectively and either for a specified period of time or indefinitely), with the written consent of (i) the Company and (ii) the Purchaser. 

			
	
			
				Article 6
			
OTHER AGREEMENTS OF THE PARTIES

			
	
			
				 6.1
			Transfer Restrictions.

			
	
			
				 (a)
			The Securities may only be disposed of in compliance with state and federal securities laws.  In connection with any transfer of Securities other than pursuant to an effective registration statement under the Securities Act or Rule 144, to the Company or to an Affiliate of a Purchaser, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act.

			
	
			
				 (b)
			The Purchaser agrees to the imprinting, so long as is required by this Section 6.1, of a legend on any of the Securities, whether in certificated or uncertificated form, in substantially the following form:

		

		

		 

		

			21

		

		

			 

		

 

		THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS, PURSUANT TO REGISTRATION OR QUALIFICATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT ANY PROPOSED TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES OR BLUE SKY LAWS. THIS SECURITY IS SUBJECT TO THE TRANSFER RESTRICTIONS SET FORTH HEREIN AND IN A SECURITIES PURCHASE AGREEMENT, DATED AS OF JUNE 30, 2021, AND AS AMENDED FROM TIME TO TIME, COPIES OF WHICH ARE AVAILABLE WITH THE SECRETARY OF THE COMPANY.
		

			
	
			
				 (c)
			Instruments, whether certificated or uncertificated, evidencing the Shares shall not contain any legend (including the legend set forth in Section 6.1(b) hereof), (i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144, (iii) if such Shares are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission).  Upon request by the Purchaser, following such time as a legend is no longer required under this Section 6.1(c), the Company shall cause its counsel to issue a legal opinion to the Transfer Agent (if required by the Transfer Agent) to effect the removal of the legend hereunder from any Shares.  The Company agrees that following such time as a legend is no longer required under this Section 6.1(c), it will, no later than three Trading Days following the delivery by a Purchaser to the Company or the Transfer Agent of (i) the certificate(s) or book entry(ies) representing such Shares issued with such legend (such third Trading Day, the “Legend Removal Date”) and (ii) a written request to remove such legend, deliver or cause to be delivered to the Purchaser a certificate or book entry representing such Shares that is free from such legend.  The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 6.1(c).  

			
	
			
				 6.2
			Furnishing of Information; Public Information.  Until the time that no Purchaser owns Securities, the Company covenants to maintain the registration of the Common Stock under Section 12(b) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act.

			
	
			
				 6.3
			Integration.  The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of Nasdaq such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.  The Purchaser shall take no action to become a group such that any transactions contemplated by this Agreement would require shareholder approval prior to Closing.

		 

		

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				 6.4
			Securities Laws Disclosure; Publicity.  The Company shall (a) by 4:15 p.m. (New York City time) on the second Trading Day immediately following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. The Purchaser covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company as described in this Section 6.4, the Purchaser will maintain the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction), except that the Purchaser may disclose the terms to its financial, accounting, legal and other advisors. 

			
	
			
				 6.5
			[Intentionally Omitted].

			
	
			
				 6.6
			Use of Proceeds.  The Company has used, and shall continue to use, the funds provided by the Purchaser pursuant to that certain Loan Agreement, dated as of March 11, 2021, and will use the cash consideration received at Closing, for funding operations or for working capital or other general corporate purposes.

			
	
			
				 6.7
			Indemnification of Purchaser. Subject to the provisions of this Section 6.7, the Company will indemnify and hold the Purchaser and his partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling Persons (each, a “Purchaser Party”) harmless from any and all Losses that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Parties, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Parties may have with any such stockholder or any violations by such Purchaser Parties of state or federal securities laws or any conduct by such Purchaser Parties which constitutes fraud, gross negligence, willful misconduct or malfeasance of such Purchaser Party).  If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party.  Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.  The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents.  The indemnification required by this Section 6.7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred.  The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

			
	
			
				 6.8
			[Intentionally Omitted].  

		 

		

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				 6.9
			Listing of Common Stock.  In the time and manner required by the Principal Trading Market, the Company shall prepare and file with such Trading Market any required notification form covering all of the Shares.  In addition, the Purchaser and the Company agree to cooperate in good faith, if necessary, to restructure the transactions contemplated by the Transaction Documents such that they do not contravene the rules and regulations of Nasdaq; provided,  however, that such restructuring does not impact the economic interests of the Purchaser contemplated by the Transaction Documents.  The Purchaser agrees to provide information reasonably requested by the Company to comply with this Section 6.9 and Section 3.22.

			
	
			
				 6.10
			[Intentionally Omitted].

			
	
			
				 6.11
			Blue Sky Filings.  The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchaser at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Purchaser.  The Purchaser shall provide any information reasonably requested by the Company to comply with Section 6.11.

			
	
			
				 6.12
			Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions.  The Company further acknowledges that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Shares pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against the Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.

			
	
			
				 6.13
			Other Actions.  Except as otherwise set forth in this Agreement, from the date of this Agreement until the earlier to occur of the Closing or the termination of this Agreement in accordance with the terms hereof, the Company and the Purchaser shall not, and shall not permit any of its respective Affiliates to, take, or agree or commit to take, any action that would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the consummation of the transactions contemplated by this Agreement.

			
	
			
				Article 7
			
TERMINATION

			
	
			
				 7.1
			Termination.  The obligations of the Company, on the one hand, and the Purchaser, on the other hand, to effect the Closing shall terminate as follows:

			
	
			
				 (a)
			Upon the mutual written consent of the Company and the Purchaser;

			
	
			
				 (b)
			By the Company if any of the conditions set forth in Section 2.5(a) shall have become incapable of fulfillment, and shall not have been waived by the Company; or

			
	
			
				 (c)
			By the Purchaser (if any of the conditions set forth in Section 2.5(b) shall have become incapable of fulfillment, and shall not have been waived by the Purchaser;

		
			provided,  however, that, except in the case of clause (a) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing.
		

			
	
			
				 7.2
			Notice of Termination; Effect of Termination.  In the event of termination by the Company of its obligations to effect the Closing pursuant to this ARTICLE 7, written notice thereof shall forthwith be given to the Purchaser by the Company.  Nothing in this ARTICLE 7 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

		 

		

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				Article 8
			
MISCELLANEOUS

			
	
			
				 8.1
			Fees and Expenses.  All costs and expenses incurred in connection herewith, including, without limitation, all legal, accounting, financial advisory, consulting and all other fees and expenses of third parties incurred by a party in connection with the negotiation and effectuation of the terms and conditions of this Agreement and the transactions contemplated hereby, shall be the obligation of the respective party incurring such costs and expenses.

			
	
			
				 8.2
			Entire Agreement.  The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules. At or after the Closing, and without further consideration, the Company will execute and deliver to the Purchaser, and the Purchaser will execute and deliver to the Company, such further documents as may be reasonably requested in order to give practical effect to the intention of the parties under the Transaction Documents.

			
	
			
				 8.3
			Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of:  (a) the date of transmission, if such notice or communication is delivered via electronic mail at the e-mail address set forth on Exhibit A attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via electronic mail at the e-mail address set forth on Exhibit A attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given.  The address for such notices and communications shall be as follows: 

			
	
			
				 (i)
			if to the Company, to Pulse Biosciences, Inc., 3957 Point Eden Way, Hayward, California 94545, Attention: Chief Executive Officer, with a copy to Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, California 94304, Attention: Andrew D. Hoffman; and

			
	
			
				 (ii)
			if to the Purchaser, to the address as set forth on Exhibit A attached hereto.

			
	
			
				 8.4
			Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought.  No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

			
	
			
				 8.5
			Headings.  The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

		 

		

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				 8.6
			Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser.  With the consent of the Company which will not be unreasonably withheld, the Purchaser may assign any or all of his rights under this Agreement to any Person to whom the Purchaser assigns or transfers any Securities, provided, that the Purchaser may assign any or all rights under this Agreement to an Affiliate of the Purchaser without the consent of the Company, and provided,  further: (i) such transferor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company after such assignment; (ii) the Company is furnished with written notice of the name and address of such transferee or assignee; (iii) following such transfer or assignment, the further disposition of such securities by the transferee or assignee is restricted under the Securities Act and applicable state securities laws, unless such disposition was made pursuant to an effective registration statement or an exemption under Rule 144 under the Securities Act; (iv) such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchaser”; and (v) such transfer shall have been made in accordance with the applicable requirements of this Agreement and with all laws applicable thereto.

			
	
			
				 8.7
			No Third-Party Beneficiaries.  This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 6.7.

			
	
			
				 8.8
			Governing Law; Jurisdiction.  This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware without regard to the choice of law principles thereof.  Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the state and federal courts located in the State of Delaware for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.  Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement.  Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.  Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

			
	
			
				 8.9
			WAIVER OF JURY TRIAL.  IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

			
	
			
				 8.10
			Survival.  The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

			
	
			
				 8.11
			Execution.  This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

			
	
			
				 8.12
			Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.  .

		 

		

			26

		

		

			 

		

 

			
	
			
				 8.13
			Rescission and Withdrawal Right.  Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever the Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then the Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

			
	
			
				 8.14
			Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution payable in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly shares of Common Stock), combination or other similar recapitalization or event occurring after the date hereof, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to be amended to appropriately account for such event.

		
			[Remainder of Page Intentionally Left Blank; Signature Pages Follow]
		

		
			﻿
		

		
			 
		

		 

		

			27

		

		

			 

		

 

		
			﻿
		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
		

		
			PULSE BIOSCIENCES, INC.
		

		
			By:/s/    Darrin R. Uecker
Name:Darrin R. Uecker
Title:President & Chief Executive Offices
		

		

		

		 

		

			 

		

		

			 

		

 

		
		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
		

		
			﻿
		

		
			By:/s/    Robert W. Duggan
                   Robert W. Duggan
		

		

		

		 

		

			 

		

		

			 

		

 

		
		

		
			EXHIBIT A
SCHEDULE OF PURCHASERS
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Shares Purchased

					
					
						Shares Purchase Price (Cancellation of Indebtedness)

					
					
						Shares Purchase Price (Cash Consideration to be Paid at Closing)

				
	
					
						Robert W. Duggan

					
						 

					
						611 South Fort Harrison Ave.

					
						Suite 306

					
						Clearwater, FL 33756

					
						 

					
					
						3,048,780

					
					
						$41,629,041.10

					
					
						$8,370,958.90

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

				

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

		
		

		
			EXHIBIT B
		

		
			Stock Certificate Questionnaire
		

		
			Pursuant to Section 2.1 of the Agreement, please provide us with the following information:
		

			
					
						﻿

					
					
						The exact name that the Securities are to be registered in (this is the name that will appear on the common stock certificate(s)):

					
					
						 

				
	
					
						﻿

					
					
						The relationship between the Purchaser of the Securities and the Registered Purchaser listed in response to the first item above (if applicable):

					
					
						 

				
	
					
						﻿

					
					
						The mailing address, telephone and telecopy number of the Registered Purchaser listed in response to the first item above:

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						The Tax Identification Number (or, if an individual, the Social Security Number) of the Registered Purchaser listed in response to the first item above:

					
					
						 

				

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

		

			 

		

 

		﻿
		

		
			EXHIBIT C
		

		
			PULSE BIOSCIENCES, INC.
		

		
			INVESTOR QUESTIONNAIRE
		

		
			﻿
		

		
			I.  ACCREDITED INVESTOR STATUS
		

		
			The undersigned (the “Investor”) has represented to Pulse Biosciences, Inc. (the “Company”), that he, she, or it is an “accredited investor” as that term is defined in the Securities Act of 1933, as amended.  Please indicate below the category or categories that so qualify you as an accredited investor.  ALL INFORMATION IN RESPONSE TO THIS SECTION WILL BE KEPT STRICTLY CONFIDENTIAL.
		

		
			Investor agrees to furnish any additional information the Company deems necessary in order to verify the information provided below:
		

			
					
						﻿

					
					
						 

					
					
						.  In calculating net worth, you may include equity in personal property and real estate, cash, short‐term investments, stock and securities.  Equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.

					
						excluded. The related amount of indebtedness secured by the primary residence up to its fair market value may also be excluded. However, indebtedness secured by the residence in excess of the value of the home should be considered a liability and deducted from net worth.

					
						 

				
	
					
						Category I

					
					
						□

					
					
						The undersigned is an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with his or her spouse, presently exceeds $1,000,000.

					
						Explanation.  In calculating net worth, you may include equity in personal property and real estate, cash, short‐term investments, stock and securities.  Equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.

					
						The value of your primary residence must be excluded. The related amount of indebtedness secured by the primary residence up to its fair market value may also be excluded. However, indebtedness secured by the residence in excess of the value of the home should be considered a liability and deducted from net worth.

				
	
					
						Category II

					
					
						□

					
					
						The undersigned is a corporation, partnership, business trust or a non‐profit organization within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, that was not formed for the specific purpose of acquiring the securities offered and that has total assets in excess of $5,000,000.

				
	
					
						Category III

					
					
						□

					
					
						The undersigned is an individual (not a partnership, corporation, etc.) who reasonably expects an individual income in excess of $200,000 in the current year and had an individual income in excess of $200,000 in each of the last two years (including foreign income, tax exempt income and the full amount of capital gains and losses but excluding any income of the undersigned’s spouse or other family members and any unrealized capital appreciation);

					
						Or

				
	
					
						﻿

					
					
						□

					
					
						The undersigned is an individual (not a partnership, corporation, etc.) who, together with his or her spouse, reasonably expects joint income in excess of $300,000 for the current year and had joint income in excess of $300,000 in each of the last two years (including foreign income, tax exempt income and the full amount of realized capital gains and losses).

				

		 

		

			1

		

		

			 

		

 

			
					
						Category IV

					
					
						□

					
					
						The undersigned is a director or executive officer of the Company.

				
	
					
						Category V

					
					
						□

					
					
						The undersigned is a bank, savings and loan association or credit union, insurance company, registered investment company, registered business development company, licensed small business investment company, or employee benefit plan within the meaning of Title 1 of ERISA whose plan fiduciary is either a bank, insurance company or registered investment advisor or whose total assets exceed $5,000,000.

					
						Describe entity:  

					
						_________________________________________________________________________________________

				
	
					
						Category VI

					
					
						□

					
					
						The undersigned is a private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

				
	
					
						Category VII

					
					
						□

					
					
						The undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person (a person who either alone or with his or her purchaser representative(s) has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment).  A copy of the declaration of trust or trust agreement and a representation as to the sophistication of the person directing purchases for the trust is enclosed.

				
	
					
						Category VIII

					
					
						□

					
					
						The undersigned is a self‐directed employee benefit plan for which all persons making investment decisions are “accredited investors” within one or more of the categories described above.

				
	
					
						Category IX

					
					
						□

					
					
						The undersigned is an entity in which all of the equity owners are “accredited investors” within one or more of the categories described above.  If relying upon this category alone, each equity owner must complete a separate copy of this agreement.

					
						Describe entity:  _______________________________________________________________________

					
						_________________________________________________________________________________________

				
	
					
						Category X

					
					
						□

					
					
						The undersigned does not come within any of the Categories I – IX set forth above.

				

		
			﻿
		

		

		

		 

		

			2

		

		

			 

		

 

		
		

		
			II.  BASIC INVESTOR INFORMATION
		

		
			﻿
		

		
			Name of Investor/Investor Entity: 
		

		
			        (EXACT NAME AS IT SHOULD APPEAR ON SECURITIES DOCUMENTS)
		

		
			﻿
		

		
			Contact Address of Investor/Investor Entity:   Attn:
		

		
			Address:  ______________________________________________________________________________
		

		
			III.  SIGNATURE
		

		
			The above information is true and correct and the undersigned recognizes that the Company and its counsel are relying on the truth and accuracy of such information in reliance on the exemption contained in Subsection 4(2) of the United States Securities Act of 1933, as amended, and Regulation D promulgated thereunder.  The undersigned agrees to notify the Company promptly of any changes in the foregoing information which may occur prior to the investment.
		

		
			IF THE UNDERSIGNED IS AN ENTITY:
		

		
			﻿
		

		
			
(Name of Entity – Please Print)
		

		
			By: 

		

		
			Name: 

		

		
			Title: 
		

		
			IF THE UNDERSIGNED IS AN INDIVIDUAL:
		

		
			﻿
		

		
			
(Name  – Please Print)
		

		
			
(Signature)
		

		
			﻿
		

			
					
						﻿

				
	
					
						THIS SHALL NOT BE DEEMED AN OFFER TO SELL SECURITIES.  NEITHER THE COMPANY NOR ANY SHAREHOLDER SHALL HAVE ANY OBLIGATION TO SELL OR PURCHASE SECURITIES UNTIL DEFINITIVE DOCUMENTATION OF SUCH SALE HAS BEEN EXECUTED AND DELIVERED BY THE PARTY AGAINST WHOM SUCH OBLIGATION IS SOUGHT TO BE ENFORCED.

				

		
			 
		

		

		

		 

		

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		﻿
		

		
			EXHIBIT D
		

		
			PULSE BIOSCIENCES, INC.
		

		
			“BAD ACTOR” QUESTIONNAIRE
		

		
			﻿
		

		
			Pulse Biosciences, Inc. (the “Company”) will use the responses to this questionnaire to determine whether the Company may be disqualified from relying upon the exemption in Rule 506 of Regulation D under the Securities Act of 1933, as amended. This questionnaire does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company.
		

		
			Please notify the Company promptly of any change in the information provided in response to the questionnaire that may occur after submitting the questionnaire.
		

			
	
			
				 1.
			

			
	
			
			IDENTIFICATION

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Legal name:

					
					
						 

				
	
					
						﻿

				
	
					
						Previous, assumed or fictitious names or aliases (if any):

					
					
						 

				
	
					
						﻿

				
	
					
						Address:

					
					
						 

				
	
					
						﻿

				
	
					
						Phone:

					
					
						 

					
					
						Fax:

					
					
						 

				
	
					
						﻿

				
	
					
						Email:

					
					
						 

					
					
						Website:

					
					
						 

				
	
					
						﻿

				
	
					
						Complete the following if an entity:

				
	
					
						Jurisdiction of formation or incorporation:

					
					
						 

				
	
					
						﻿

				
	
					
						Type of entity (e.g., corporation, trust, partnership, etc.):

					
					
						 

				
	
					
						﻿

				
	
					
						Contact person:

					
					
						 

				
	
					
						﻿

				

		
			﻿
		

		

		

		 

		

			1

		

		

			 

		

 

		
		

			
	
			
				 2.
			

			
	
			
			QUESTIONNAIRE

			
	
			
				 a.
			

			
	
			
			Criminal convictions. Has the undersigned been convicted, within the last ten years, of any felony or misdemeanor:

			
	
			
				 ·
			

			
	
			
			in connection with the purchase or sale of any security;

			
	
			
				 ·
			

			
	
			
			involving the making of any false filing with the SEC; or

			
	
			
				 ·
			

			
	
			
			arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

		
			﻿
		

			
					
						﻿

					
					
						Yes

					
					
						 

					
					
						No

				

			
	
			
				 b.
			

			
	
			
			Court injunctions and restraining orders. Is the undersigned subject to any order, judgment or decree of any court of competent jurisdiction, entered within the last five years, that restrains or enjoins the undersigned from engaging or continuing to engage in any conduct or practice:

			
	
			
				 ·
			

			
	
			
			in connection with the purchase or sale of any security;

			
	
			
				 ·
			

			
	
			
			involving the making of any false filing with the SEC; or

			
	
			
				 ·
			

			
	
			
			arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

		
			﻿
		

			
					
						﻿

					
					
						Yes

					
					
						 

					
					
						No

				

			
	
			
				 c.
			

			
	
			
			Final orders of certain regulators. Is the undersigned subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

			
	
			
				 ·
			

			
	
			
			bars the undersigned from:

			
	
			
				 o
			

			
	
			
			association with an entity regulated by such commission, authority, agency or officer;

			
	
			
				 o
			

			
	
			
			engaging in the business of securities, insurance or banking; or

			
	
			
				 o
			

			
	
			
			engaging in savings association or credit union activities; or

			
	
			
				 ·
			

			
	
			
			constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within the last ten years?

		
			“Final order”  means a written directive or declaratory statement issued by a federal or state agency described above under applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.
		

		
			﻿
		

			
					
						﻿

					
					
						Yes

					
					
						 

					
					
						No

				

		 

		

			2

		

		

			 

		

 

			
	
			
				 d.
			

			
	
			
			SEC disciplinary orders. Is the undersigned subject to an SEC order entered pursuant to Section 15(b) or 15B(c) of the Securities Exchange Act of 1934 or Section 203(e) or (f) of the Investment Advisers Act of 1940 that:

			
	
			
				 ·
			

			
	
			
			suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser;

			
	
			
				 ·
			

			
	
			
			places limitations on the activities, functions or operations of the undersigned; or

			
	
			
				 ·
			

			
	
			
			bars the undersigned from being associated with any entity or from participating in the offering of any penny stock?

		
			﻿
		

			
					
						﻿

					
					
						Yes

					
					
						 

					
					
						No

				

			
	
			
				 e.
			

			
	
			
			Certain SEC cease-and-desist orders. Is the undersigned subject to any SEC order entered within the last five years that orders the undersigned to cease and desist from committing or causing a violation or future violation of:

			
	
			
				 ·
			

			
	
			
			any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, Section 15(c)(1) of the Securities Exchange Act of 1934 and Section 206(1) of the Investment Advisers Act of 1940, or any other rule or regulation thereunder; or

			
	
			
				 ·
			

			
	
			
			Section 5 of the Securities Act of 1933?

		
			﻿
		

			
					
						﻿

					
					
						Yes

					
					
						 

					
					
						No

				

			
	
			
				 f.
			

			
	
			
			Suspension or expulsion from self-regulatory association membership or association with a self-regulatory association member. Is the undersigned suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?

		
			﻿
		

			
					
						﻿

					
					
						Yes

					
					
						 

					
					
						No

				

			
	
			
				 g.
			

			
	
			
			Stop orders and orders suspending the Reg. A exemption. Has the undersigned filed (as a registrant or issuer), or was the undersigned or was the undersigned named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the last five years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?

		
			﻿
		

			
					
						﻿

					
					
						Yes

					
					
						 

					
					
						No

				

			
	
			
				 h.
			

			
	
			
			U.S. Postal Service false representation orders. Is the undersigned subject to a United States Postal Service false representation order entered within the last five years, or is the undersigned subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

		
			﻿
		

			
					
						﻿

					
					
						Yes

					
					
						 

					
					
						No

				

		 

		

			3

		

		

			 

		

 

			
	
			
				 i.
			

			
	
			
			Further information. If you answered “Yes” to any of the questions above, or if there is any other information that may be relevant (e.g., threatened, active or pending proceedings; matters of potential or uncertain applicability; etc.), please provide relevant descriptions and details or contact the person indicated in the introductory paragraphs to discuss.

		
			﻿
		

			
					
						﻿

					
						 

					
						 

					
						 

				
	
					
						﻿

					
						 

				

		
			﻿
		

		
			Please sign and date the questionnaire on the SIGNATURE page
		

		

		

		 

		

			4

		

		

			 

		

 

		
		

		
			SIGNATURE
		

		
			The information furnished in response to this questionnaire is true and correct, and the undersigned acknowledges that the Company and its counsel are relying on the truth and accuracy of such information to comply with applicable securities laws. The undersigned agrees to notify the Company promptly of any changes in such information.
		

		
			
		

		
			(Print name)
		

		
			﻿
		

		
			﻿
		

		
			
		

		
			(Signature)
		

		
			﻿
		

		
			﻿
		

		
			
		

		
			(Print name of signatory, if applicable)
		

		
			﻿
		

		
			﻿
		

		
			
		

		
			(Print title of signatory, if applicable)
		

		
			﻿
		

		
			﻿
		

		
			
		

		
			(Date)
		

		
			 
		

		

		

		 

		

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		﻿
		

		
			EXHIBIT E
		

		
			
PLAN OF DISTRIBUTION
		

		
			We are registering the shares of common stock issued to the selling stockholders to permit the resale of these shares of common stock by the selling stockholders from time to time from after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock.
		

		
			Each selling stockholder may, from time to time, sell any or all of their shares of common stock covered hereby on The NASDAQ Capital Market or any other stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or privately negotiated prices. A selling stockholder may use any one or more of the following methods when selling shares:
		

			
	
			
				 ·
			

			
	
			
			ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

			
	
			
				 ·
			

			
	
			
			block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

			
	
			
				 ·
			

			
	
			
			purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

			
	
			
				 ·
			

			
	
			
			an exchange distribution in accordance with the rules of the applicable exchange;

			
	
			
				 ·
			

			
	
			
			privately negotiated transactions;

			
	
			
				 ·
			

			
	
			
			settlement of short sales, to the extent permitted by law;

			
	
			
				 ·
			

			
	
			
			in transactions through broker-dealers that agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;

			
	
			
				 ·
			

			
	
			
			through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

			
	
			
				 ·
			

			
	
			
			a combination of any such methods of sale; or

			
	
			
				 ·
			

			
	
			
			any other method permitted pursuant to applicable law.

		
			The selling stockholders may also sell the shares of common stock under Rule 144 under the Securities Act, if available, rather than under this prospectus.
		

		
			Broker-dealers engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440-1.
		

		
			In connection with the sale of the shares of common stock or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares of common stock in the course of hedging the positions they assume. The selling stockholders may also sell the shares of common stock short and deliver these securities to close out their short positions or to return borrowed shares in connection with such short sales, or loan or pledge the shares of common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares of common stock offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
		

		

		

		 

		

			1

		

		

			 

		

 

		The selling stockholders and any broker-dealers or agents that are involved in selling the shares of common stock may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such selling stockholders, broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Selling stockholders who are “underwriters” within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act and may be subject to certain statutory liabilities of, including but not limited to, Sections 11, 12 and 17 of the Securities Act and Rule 10b-5 under the Exchange Act. Each selling stockholder has informed us that it is not a registered broker-dealer or an affiliate of a registered broker-dealer. In no event shall any broker-dealer receive fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).
		

		
			We are required to pay certain fees and expenses incurred by us incident to the registration of the shares. We have agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act, and the selling stockholders may be entitled to contribution. We may be indemnified by the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act that may arise from any written information furnished to us by the selling stockholders specifically for use in this prospectus, or we may be entitled to contribution.
		

		
			The selling stockholders will be subject to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder unless an exemption therefrom is available.
		

		
			We agreed to cause the registration statement of which this prospectus is a part to remain effective until the date on which all of the shares registered hereby are either sold pursuant to the registration statement or sold or available for resale without restriction under Rule 144 under the Securities Act. The shares of common stock will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the shares of common stock covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.
		

		
			Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the shares of common stock may not simultaneously engage in market making activities with respect to the shares of common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of common stock by the selling stockholders or any other person. We will make copies of this prospectus available to the selling stockholders and have informed them of the need to deliver a copy of this prospectus at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).
		

		
			There can be no assurance that any selling stockholder will sell any or all of the shares of common stock we registered on behalf of the selling stockholders pursuant to the registration statement of which this prospectus forms a part.
		

		
			Once sold under the registration statement of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than our affiliates.
		

		 

		

			2Exhibit 10.1

 

 

CREDIT AGREEMENT

 

by and among

 

SHENANDOAH TELECOMMUNICATIONS COMPANY,

 

as the Borrower,

 

THE GUARANTORS FROM TIME TO TIME PARTY
HERETO,

 

COBANK, ACB,

 

as the Administrative Agent, Joint Lead
Arranger, Bookrunner, Swing Line Lender and an Issuing Lender,

 

BANK OF AMERICA, N.A., 

CITIZENS BANK, N.A., 

FIFTH THIRD BANK, NATIONAL ASSOCIATION,
and

TRUIST SECURITIES, INC.

 

each as Joint Lead Arranger, 

 

and

 

each of the Lenders referred to herein

 

Dated as of July 1, 2021

 

 

     

     

    

 

TABLE OF CONTENTS

Page

	I.   CERTAIN DEFINITIONS	1
	1.1     Certain Definitions	1
	1.2     Construction	45
	1.3     Accounting Principles	45
	1.4     Rounding	46
	1.5     Letter of Credit Amounts	46
	1.6     Covenant Compliance Generally	46
	1.7     Administration of Rates	46
	1.8     Holidays	47
	1.9     UCC Terms	47
	1.10   Delaware Divisions	47
	II.   CREDIT FACILITIES	47
	2.1     Term Loans	47
	2.2     Revolving Loans	51
	2.3     Swing Line Loans	52
	2.4     Interest Rate Provisions	54
	2.5     Interest Periods	55
	2.6     Making of Loans	55
	2.7     Fees	56
	2.8     Notes	57
	2.9     Letter of Credit Facility	57
	2.10   Payments	63
	2.11   Interest Payment Dates	63
	2.12   Voluntary Prepayments and Reduction of Commitments	64
	2.13   Mandatory Prepayments	65
	2.14   Sharing of Payments by Lenders	67
	2.15   Defaulting Lenders	67
	2.16   Cash Collateral	69
	2.17   CoBank Capital Plan	70
	III.   INCREASED COSTS; TAXES; ILLEGALITY; INDEMNITY	71
	3.1     Increased Costs	71
	3.2     Taxes	72
	3.3     Illegality	75
	3.4     Inability to Determine Rate; Cost; Interest After Default	75
	3.5     Indemnity	76
	3.6     Mitigation Obligations; Replacement of Lenders	77
	3.7     Benchmark Replacement Setting	77
	3.8     Survival	79
	IV.   CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT	79
	4.1   First Loans and Letters of Credit	79
	

    	 	i	 

     

    

	4.2     Each Loan or Letter of Credit	82
	V.   REPRESENTATIONS AND WARRANTIES	82
	5.1     Organization and Qualification	82
	5.2     Compliance With Laws	83
	5.3     Title to Properties	83
	5.4     Investment Company Act	83
	5.5     Event of Default	83
	5.6     Subsidiaries and Owners	83
	5.7     Power and Authority; Validity and Binding Effect	83
	5.8     No Conflict; Material Contracts; Consents	84
	5.9     Litigation	84
	5.10   Financial Statements	85
	5.11   Margin Stock	85
	5.12   Full Disclosure	85
	5.13   Taxes	86
	5.14   Intellectual Property; Other Rights	86
	5.15   Liens in the Collateral	86
	5.16   Insurance	86
	5.17   Employee Benefits Compliance	86
	5.18   Environmental Matters	87
	5.19   Communications Regulatory Matters	87
	5.20   Solvency	88
	5.21   Qualified ECP Guarantor	88
	5.22   Transactions with Affiliates	88
	5.23   Labor Matters	89
	5.24   Anti-Corruption; Anti-Terrorism and Sanctions	89
	5.25   Borrower’s Status as a Holding Company	89
	5.26   Senior Debt	89
	VI.   AFFIRMATIVE COVENANTS	90
	6.1     Reporting Requirements	90
	6.2     Preservation of Existence, Etc.	93
	6.3     Preservation of Licenses	93
	6.4     Payment of Liabilities, Including Taxes, Etc.	93
	6.5     Maintenance of Insurance	94
	6.6     Maintenance of Properties	94
	6.7     Visitation Rights	94
	6.8     Keeping of Records and Books of Account	95
	6.9     Compliance with Laws	95
	6.10   Further Assurances	96
	6.11   CoBank Equity	97
	6.12   Use of Proceeds	97
	6.13   Material Contracts	97
	6.14   Benefit Plan Compliance	97
	6.15   Post-Closing Deliveries	98
	VII.   NEGATIVE COVENANTS	98
	7.1     Indebtedness	98
	7.2     Liens	99
	7.3     Affiliate Transactions	99
	

    	 	ii	 

     

    

	7.4     Contingent Obligations	99
	7.5     Investments	100
	7.6     Dividends and Related Distributions	101
	7.7     Liquidations, Mergers, Consolidations, Acquisitions	102
	7.8     Dispositions of Assets or Subsidiaries	102
	7.9     Use of Proceeds	103
	7.10   Subsidiaries and Partnerships	104
	7.11   Continuation of or Change in Business	104
	7.12   Fiscal Year	104
	7.13   Issuance of Equity Interests	104
	7.14   Changes in Organizational Documents	104
	7.15   Negative Pledges; Other Inconsistent Agreements	104
	7.16   Material Contracts	105
	7.17   Management Fees	105
	7.18   Borrower as a Holding Company	105
	VIII.   FINANCIAL COVENANTS	105
	8.1     Maximum Total Net Leverage Ratio	105
	8.2     Minimum Debt Service Coverage Ratio	106
	IX.   EVENTS OF DEFAULT	106
	9.1     Events of Default	106
	9.2     Consequences of Event of Default	108
	X.   THE ADMINISTRATIVE AGENT	110
	10.1   Appointment and Authority	110
	10.2   Rights as a Lender	111
	10.3   No Fiduciary Duty	111
	10.4   Exculpation	111
	10.5   Reliance by the Administrative Agent	112
	10.6   Delegation of Duties	112
	10.7   Filing Proofs of Claim	112
	10.8   Resignation of the Administrative Agent	113
	10.9   Resignation of Swing Line Lender or Issuing Lender	114
	10.10 Non-Reliance
on the Administrative Agent and Other Lenders	114
	10.11 Enforcement	115
	10.12 No
Other Duties, Etc.	115
	10.13 Authorization
to Release Collateral and Loan Parties	115
	10.14 Compliance
with Flood Laws	116
	10.15 No
Reliance on the Administrative Agent’s Customer Identification Program	116
	10.16 Affiliates
as Secured Parties	116
	10.17 Certain ERISA Matters	116
	10.18 Rate
Disclaimer	117
	XI.   MISCELLANEOUS	118
	11.1   Modifications, Amendments or Waivers	118
	11.2   No Implied Waivers; Cumulative Remedies	120
	11.3   Expenses; Indemnity; Damage Waiver	120
	11.4   Notices; Effectiveness; Electronic Communication	122
	11.5   Severability	123
	

    	 	iii	 

     

    

	11.6   Duration; Survival	123
	11.7   Successors and Assigns	124
	11.8   Confidentiality	128
	11.9   Counterparts; Integration; Effectiveness	128
	11.10 Choice
of Law; Submission to Jurisdiction; Waiver of Venue; Service of Process; Waiver of Jury Trial	129
	11.11 USA
Patriot Act Notice	130
	11.12 Payments Set Aside	130
	11.13 Secured
Bank Products and Secured Hedge Agreements	130
	11.14 Interest Rate Limitation	131
	11.15 FCC
and PUC Compliance	131
	11.16 Keepwell	131
	11.17 No
Advisory or Fiduciary Responsibility	131
	11.18 Acknowledgement
and Consent to Bail-In of Affected Financial Institutions	132
	11.19 Recovery
of Erroneous Payments	133
	11.20 Acknowledgement Regarding any Supported QFCs	133
	XII.   GUARANTY	134
	12.1   Guaranty	134
	12.2   Payment	134
	12.3   Absolute Rights and Obligations	135
	12.4   Maximum Liability	137
	12.5   Contribution Agreement	138
	12.6   Currency and Funds of Payment	138
	12.7   Subordination	138
	12.8   Enforcement	139
	12.9   Set-Off and Waiver	139
	12.10 Waiver
of Notice; Subrogation	139
	12.11 No
Stay	140
	12.12 Additional Guarantors	140
	12.13 Reliance	141
	12.14 Receipt of Credit Agreement, Other Loan Documents, Benefits	141
	12.15 Joinder	141

 

 

 

    	 	iv	 

     

    

LIST OF SCHEDULES AND EXHIBITS

 

SCHEDULES

 

	SCHEDULE 1.1(A)	-	COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
	SCHEDULE 1.1(B)	-	MINORITY INVESTMENTS OF LOAN PARTIES
	SCHEDULE 1.1(C)	-	EXISTING LIENS
	SCHEDULE 5.1	-	JURISDICTION OF ORGANIZATION
	SCHEDULE 5.6	-	SUBSIDIARIES
	SCHEDULE 5.8	-	GOVERNMENTAL AUTHORIZATIONS
	SCHEDULE 5.17(C)	-	ERISA EVENTS
	SCHEDULE 6.15	-	POST-CLOSING DELIVERIES
	SCHEDULE 7.5	-	EXISTING INVESTMENTS
	SCHEDULE 11.7	-	VOTING PARTICIPANTS

 

		EXHIBITS	

 

	EXHIBIT A	-	ASSIGNMENT AND ASSUMPTION
	EXHIBIT B	-	COMPLIANCE CERTIFICATE
	EXHIBIT C	-	GUARANTOR JOINDER
	EXHIBIT D	-	LOAN REQUEST
	EXHIBIT E	-	RESERVED
	EXHIBIT F-1	-	REVOLVING NOTE
	EXHIBIT F-2	-	SWING LINE NOTE
	EXHIBIT F-3	-	TERM LOAN A-1 NOTE
	EXHIBIT F-4	-	TERM LOAN A-2 NOTE
	EXHIBIT F-5	-	INCREMENTAL TERM LOAN NOTE
	EXHIBIT G	-	SOLVENCY CERTIFICATE
	EXHIBIT H	-	TAX COMPLIANCE CERTIFICATES
	EXHIBIT I	-	CONVERSION OR CONTINUATION NOTICE
	EXHIBIT J	-	NOTICE OF INCREMENTAL TERM LOAN BORROWING
	EXHIBIT K	-	INCREMENTAL TERM LOAN FUNDING AGREEMENT
	EXHIBIT L	-	NEGATIVE PLEDGE AGREEMENT
	EXHIBIT M	-	MASTER SUBORDINATED INTERCOMPANY NOTE AND ALLONGE

 

 

 

    	 	v	 

     

    

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT
is dated as of July 1, 2021 and entered into by and among SHENANDOAH TELECOMMUNICATIONS COMPANY, a Virginia corporation, as the
BORROWER (defined below), each of the GUARANTORS (defined below) party hereto from time to time, the LENDERS (defined below) party
hereto from time to time and COBANK, ACB, in its capacity as Administrative Agent for the Secured Parties, Joint Lead Arranger,
Bookrunner, and as an Issuing Lender and Swing Line Lender (each defined below), and each of BANK OF AMERICA, N.A., CITIZENS BANK,
N.A., FIFTH THIRD BANK, NATIONAL ASSOCIATION and TRUIST SECURITIES, INC. as Joint Lead Arrangers.

 

RECITALS

 

WHEREAS, the
Borrower has requested that the Lenders provide to the Borrower commitments to fund (a) a Revolving Credit Facility in an aggregate
principal amount at any time outstanding not to exceed $100,000,000 as such aggregate commitment amount may be reduced or increased
from time to time in accordance herewith, (b) a Term Loan A-1 Facility in an aggregate principal amount not to exceed $150,000,000
as such aggregate principal amount may be reduced or increased from time to time in accordance herewith and (c) a Term Loan
A-2 Facility in an aggregate principal amount not to exceed $150,000,000 as such aggregate principal amount may be reduced or increased
from time to time in accordance herewith, in each case, as more particularly set forth in, and subject to the terms and conditions
of, this Agreement.

 

In consideration of
their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto covenant
and agree as follows:

 

I.                   
CERTAIN DEFINITIONS

 

1.1              
Certain Definitions.  In addition to words and terms defined elsewhere in this Agreement, the following words
and terms shall have the following meanings, respectively, unless the context hereof clearly requires otherwise:

 

“Additional
Incremental Term Lender” has the meaning specified in Section 2.1(g)(v).

 

“Adjusted
LIBOR Rate” means for each Interest Period for any LIBOR Rate Loan, an interest rate per annum equal to (a) the LIBOR
Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate for such Interest Period; provided, that
in no event shall the Adjusted LIBOR Rate be less than 0.00%.

 

“Administrative
Agent” means CoBank, in its capacity as administrative agent under the Loan Documents.

 

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

 

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

 

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

 

    	 	1	 

     

    

“Agent Parties”
has the meaning specified in Section 11.4(d)(ii).

 

“Agreement”
means this Credit Agreement.

 

“Alternate
Base Rate” means a rate per annum determined by the Administrative Agent on the first Business Day of each week, which
shall be the highest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 0.50% per annum, and (c) the
Adjusted LIBOR Rate for an Interest Period of one month on such day plus 1.50% per annum; provided, that in no event
shall the Alternate Base Rate be less than 0.00%. Any change in the Alternate Base Rate due to a change in the calculation thereof
shall be effective at the opening of business on the first Business Day of each week or, if determined more frequently, at the
opening of business on the first Business Day immediately following the date of such determination and without necessity of notice
being provided to the Borrower or any other Person.

 

“Anti-Corruption
Laws” means any Laws of any Governmental Authority concerning or relating to bribery or corruption.

 

“Anti-Terrorism
Laws” means any Laws of any Governmental Authority concerning or relating to financing terrorism, “know your customer”
or money laundering.

 

“Applicable
Letter of Credit Fee Rate” means the percentage rate per annum based on the Total Net Leverage Ratio then in effect according
to the Pricing Grid below the heading “Applicable Margin for LIBOR Rate Loans and Letter of Credit Fee.”

 

“Applicable
Margin” means, as applicable:

 

(a)               
the percentage spread to be added to the Alternate Base Rate applicable to Base Rate Loans based on the Total Net Leverage
Ratio then in effect according to the Pricing Grid below the heading “Applicable Margin for Base Rate Loans” below
the heading “Revolving Loans and Term Loan A-1” or below the heading “Term Loan A-2,” as applicable; or

 

(b)               
the percentage spread to be added to the Adjusted LIBOR Rate applicable to LIBOR Rate Loans based on the Total Net Leverage
Ratio then in effect according to the Pricing Grid (i) below the heading “Applicable Margin for LIBOR Rate Loans and
Letter of Credit Fee” below the heading “Revolving Loans and Term Loan A-1” or (ii) below the heading “Applicable
Margin for LIBOR Rate Loans” below the heading “Term Loan A-2”.

 

Notwithstanding the foregoing, the Applicable
Margin for any Incremental Term Loan shall be the interest rate margin per annum governing such Tranche of Incremental Term Loan
as set forth in the Incremental Term Loan Funding Agreement related to such Tranche, subject to Section 2.1.

 

“Applicable
Unused Commitment Fee Rate” means the percentage rate per annum based on the Total Net Leverage Ratio then in effect
according to the Pricing Grid below the heading “Applicable Unused Commitment Fee Rate.”

 

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

 

“Assignment
and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee permitted under
Section 11.7, in substantially the form of Exhibit A or any other form approved by the Administrative Agent.

 

    	 	2	 

     

    

“Authorized
Officer” means, with respect to any Loan Party or any Subsidiary of any Loan Party, the Chairman of the Board, any Financial
Officer, the Chief Operating Officer, any Executive Vice President, any Senior Vice President, any Vice President, Secretary, Assistant
Secretary, Treasurer or Assistant Treasurer (or in the case of a Loan Party or a Subsidiary that is a limited liability company
without officers, a manager or member authorized under such Loan Party’s or such Subsidiary’s Organizational Documents)
of such Loan Party or such Subsidiary or such other individuals, designated by written notice to the Administrative Agent from
the Borrower, authorized to execute notices, reports and other documents on behalf of the Loan Parties and Subsidiaries required
hereunder. The Borrower may amend such list of individuals from time to time by giving written notice of such amendment to the
Administrative Agent.

 

“Auxiliary
License” means any License to provide (a) fixed point to point microwave, (b) millimeter wave (70/80/90 GHz
Service), (c) microwave industrial pool or (d) aviation auxiliary, the loss of which, individually or collectively with one or
more other Licenses, would not reasonably be expected to result in a Material Adverse Effect.

 

“Available
Revolving Commitment” means, with respect to any Revolving Lender, an amount equal to such Lender’s Revolving Commitment
minus the outstanding principal amount of such Lender’s Revolving Loans, minus such Lender’s Pro Rata
Share of the aggregate outstanding amount of Swing Line Loans, if any, minus such Lender’s Pro Rata Share of Letter
of Credit Obligations, if any.

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the
then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest
Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to
this Agreement as of such date.

 

“Avoidance
Provisions” has the meaning specified in Section 12.4(a)(i)(C).

 

“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 of 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).

 

“Bankruptcy
Code” means title 11 of the United States Code.

 

“Base Rate
Loan” means a Loan bearing interest calculated in accordance with the Base Rate Option.

 

“Base Rate
Option” means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 2.4(a)(i).

 

“Benchmark”
means, initially, LIBOR Rate; provided that if a replacement of the Benchmark has occurred pursuant to this Section 3.7,
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used
in the calculation thereof.

 

    	 	3	 

     

    

“Benchmark
Replacement” means, for any Available Tenor:

 

(a)               
for purposes of Section 3.7(a), the first alternative set forth below that can be determined by the Administrative
Agent:

 

    (i)               the
sum of: (A) Term SOFR and (B) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161
basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis points) for an Available Tenor of
six-months’ duration and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months’ duration; or

 

    (ii)              the
sum of: (A) Daily Simple SOFR and (B) the spread adjustment selected or recommended by the Relevant Governmental Body for the
replacement of the tenor of the LIBOR Rate with a SOFR-based rate having approximately the same length as the interest payment
period specified in Section 3.7(a); and

 

(b)               
for purposes of Section 3.7(b), the sum of: (i) the alternate benchmark rate and (ii) an adjustment (which may be
a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the
replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention,
including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit
facilities at such time;

 

provided, that
if the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the
Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,”
the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing
of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the
applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent
decides 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
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as
the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other
Loan Documents).

 

“Benchmark
Transition Event” means, with respect to any then-current Benchmark other than the LIBOR Rate, the occurrence of a public
statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor
for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New
York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction
over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator
for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all
Available Tenors of such Benchmark, permanently or indefinitely; provided, that at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors
of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is
intended to measure and that representativeness will not be restored.

 

    	 	4	 

     

    

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

 

“Beneficial
Ownership Regulation” means 31 CFR § 1010.230.

 

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

 

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

 

“Bookrunner”
means CoBank.

 

“Borrower”
means Shenandoah Telecommunications Company, a Virginia corporation.

 

“Borrowing”
means, as of any date of determination, (a) with respect to LIBOR Rate Loans outstanding as of such date, a borrowing consisting
of Loans of the same Class and having the same Interest Period and (b) with respect to Base Rate Loans, all Base Rate Loans outstanding
as of such date regardless of Class.

 

“Borrowing
Date” means, with respect to any Loan, the date for the making thereof or the renewal or conversion thereof at or to
the same or a different Interest Rate Option, which shall be a Business Day.

 

“Business”
has the meaning specified in Section 5.18(b).

 

“Business
Day” means any day other than a Saturday or Sunday or a legal holiday on which banks are authorized or required to be
closed for business in Denver, Colorado or New York, New York and if the applicable Business Day relates to any LIBOR Rate Loan
or Base Rate Loan determined by reference to the LIBOR Rate, such day must also be a day on which dealings in Dollar deposits by
and between banks are carried on in the London interbank market.

 

“Cable Television
Consent” means any approval, consent, order or other authorization issued by the applicable PUC or other Governmental
Authority of the State of West Virginia, the State of Maryland or the Commonwealth of Pennsylvania with respect to the execution,
delivery or performance by Shenandoah Cable of its obligations under this Agreement and the other Loan Documents to which it is
a party, including the Guaranty set forth in Article XII and the pledge of assets and granting of Liens pursuant to the
Security Agreement.

 

“Capital Lease”
means any lease of real or personal property that is required to be capitalized under GAAP or that is treated as an operating lease
under regulations applicable to the Borrower and its Subsidiaries but that otherwise would be required to be capitalized under
GAAP, and for the purposes of this Agreement, the amount of any Capital Lease obligations at any time shall be the capitalized
amount thereof at such time determined in accordance with GAAP, subject to Section 1.3(b).

 

    	 	5	 

     

    

“Cash Collateralize”
means (a) with respect to the Obligations, to deposit in a Controlled Account or to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of the Issuing Lender or Lenders, as collateral for Letter of Credit Obligations or obligations of Lenders
to fund participations in respect of Letter of Credit Obligations, cash or deposit account balances or, if the Administrative Agent
and such Issuing Lender shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form
and substance reasonably satisfactory to the Administrative Agent and the Issuing Lender and (b) with respect to Other Liabilities,
to pledge and deposit with or deliver to the Administrative Agent, for the benefit of each Lender (or its Affiliate) that is the
provider of a Secured Bank Product or Secured Hedge, as the case may be, as collateral for the Other Liabilities, cash or deposit
account balances, or, if the Administrative Agent and such Lender (or its Affiliate) shall agree in their respective sole discretion,
other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative
Agent and each applicable Lender (or its Affiliate). “Cash Collateral”, “Cash Collateralization”
and “Cash Collateralized” shall have meanings correlative to the foregoing and shall include the proceeds of
such cash collateral and other credit support.

 

“Cash Equivalents”
means:

 

(a)                marketable
direct obligations issued or unconditionally guaranteed by the United States of America or issued by any agency or instrumentality
thereof and backed by the full faith and credit of the United States of America or if not so backed, then having a rating of at
least A+ from Standard & Poor’s and at least A1 from Moody’s, in each case maturing within two (2) years from
the date of acquisition thereof;

 

(b)                commercial
paper maturing no more than 180 days from the date issued and, at the time of acquisition, having a rating of at least A-1 from
Standard & Poor’s or at least P-1 from Moody’s;

 

(c)                certificates
of deposit or bankers’ acceptances maturing within one year from the date of issuance thereof issued by, or overnight reverse
repurchase agreements from, any commercial bank organized under the Laws of the United States of America or any state thereof
or the District of Columbia and, in any case, having combined capital and surplus in an amount not less than $500,000,000;

 

(d)                money
market or mutual funds whose investments are limited to those types of investments described in clauses (a) through (c)
above; and

 

(e)                time
deposits maturing no more than 30 days from the date of creation thereof with commercial banks having membership in the Federal
Deposit Insurance Corporation in amounts at any one such institution not exceeding the lesser of $250,000 or the maximum amount
of insurance applicable to the aggregate amount of the Loan Party’s deposits at such institution.

 

“Casualty
Event” means, with respect to any property of any Person, any loss of or damage to, or any condemnation or other taking
of, such property for which such Person receives insurance proceeds (other than business interruption insurance proceeds), or proceeds
of a condemnation award or other compensation.

 

“Change in
Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof
by any Official Body or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the
force of Law) by any Official Body; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives
thereunder or issued in connection therewith (whether or not having the force of Law) and (ii) all requests, rules, regulations,
guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having
the force of Law), in each case pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the date
enacted, adopted, issued, promulgated or implemented.

 

    	 	6	 

     

    

“Change of
Control” means (a) any Person or group of Persons (within the meaning of Sections 13(d) or 14(a) of the Exchange
Act) shall have acquired beneficial ownership (either within the meaning of Rules 13d-3 and 13d-5 promulgated by the SEC under
the Exchange Act or by reason of such Person or group of Persons having the right to acquire such beneficial ownership, whether
exercisable immediately or with the passage of time (each, an “Option Right”)) of 30% or more of the voting
Equity Interests of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower
on a fully diluted basis, taking into account any Option Rights as though such rights have been exercised; (b) the occurrence of
(i) any consolidation or merger of the Borrower in which the Borrower is not the continuing or surviving Person or pursuant to
which common shares of the Borrower will be converted into cash, securities or other property or (ii) any sale, lease, exchange
or other transfer (in one transaction or a series of transactions) of all or substantially all of the assets of the Borrower; or
(c) within a period of twenty-four (24) consecutive calendar months, individuals who were (i) directors of the Borrower on the
first day of such period or (ii) new directors of the Borrower whose nomination or election to the board of directors of the Borrower
was approved by at least a majority of directors who were either directors on the first day of such period or whose nomination
or election was previously so approved shall cease to constitute a majority of the board of directors of the Borrower.

 

“CIP Regulations”
has the meaning specified in Section 10.15.

 

“Class”
means (a) when used in reference to any Loan, whether such Loan is a Revolving Loan, Swing Line Loan, Term Loan A-1, Term Loan
A-2 or Incremental Term Loan, (b) when used in reference to any Commitment, whether such Commitment is a Revolving Commitment,
Swing Line Commitment, Term Loan A-1 Commitment, Term Loan A-2 Commitment or Incremental Term Loan Commitment and (c) when used
in reference to any Lender, whether such Lender is a Revolving Lender, Swing Line Lender, Term Loan A-1 Lender, Term Loan A-2 Lender
or Incremental Term Lender.

 

“Closing Date”
means the Business Day on which each of the conditions precedent in Section 4.1 have been satisfied or waived.

 

“CoBank”
means CoBank, ACB, a federally chartered instrumentality of the United States.

 

“CoBank Cash
Management Agreement” means any Master Agreement for Cash Management and Transaction Services between CoBank and the
Borrower or any other Loan Party, including all exhibits, schedules and annexes thereto and including all related forms delivered
by the Borrower or any other Loan Party to CoBank in connection therewith.

 

“CoBank Equities”
has the meaning specified in Section 6.11.

 

“Code”
means the Internal Revenue Code of 1986.

 

    	 	7	 

     

    

“Collateral”
means the collateral subject to any of the Collateral Documents or any other real or personal property of the Loan Parties, in
each case pledged to the Administrative Agent for the benefit of the Secured Parties as security for the Secured Obligations.

 

“Collateral
Documents” means the Security Agreement, any Mortgage, the account control agreements and any other document pursuant
to which the Borrower or any other Loan Party has granted a Lien to the Administrative Agent for the benefit of the Secured Parties
to secure all or a portion of the Secured Obligations.

 

“Commitment”
means, as to any Lender, the aggregate of its Revolving Commitment, Swing Line Commitment, Letter of Credit Commitment, Term Loan
A-1 Commitment, Term Loan A-2 Commitment and Incremental Term Loan Commitment for each Tranche, as applicable, and “Commitments”
means the aggregate of the Revolving Commitments, Swing Line Commitment, Letter of Credit Commitments, Term Loan A-1 Commitments,
Term Loan A-2 Commitments and Incremental Term Loan Commitments of all of the Lenders.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Communications”
has the meaning specified in Section 11.4.

 

“Communications
Act” means the Communications Act of 1934 and the rules and regulations of the FCC thereunder.

 

“Communications
Systems” means a system or business (a) providing (or capable of providing) voice, data, Internet access or video transport,
connection, monitoring services or other communications and/or information services (including cable television), through any means
or medium, (b) providing (or capable of providing) facilities, marketing, management, technical and financial (including call rating)
or other services to companies providing such transport, connection, monitoring service or other communications and/or information
services or (c) that is (or that is capable of) constructing, creating, developing or marketing communications-related network
equipment, software and other devices for use in any system or business described above.

 

“Compliance
Certificate” means a certificate of the Borrower, signed by a Financial Officer of the Borrower, substantially in the
form of Exhibit B hereto.

 

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

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of any Person, such statements or items on
a consolidated basis in accordance with applicable principles of consolidation under GAAP.

 

“Consolidated
EBITDA” (a) means, at any date of determination, on a Consolidated basis, the result of (i) the sum, without duplication,
of:

 

(1) net income or deficit,
as the case may be;

 

(2) total interest
expense (including non-cash interest);

 

(3) depreciation and
amortization expense;

 

    	 	8	 

     

    

(4) income taxes;

 

(5) losses from the
disposal or impairment of property and equipment and other long-term assets, including goodwill, intangibles and spectrum;

 

(6) losses on sales
of assets (excluding sales in the ordinary course of business);

 

(7) the amount of any
proceeds of any business interruption insurance policy representing the earnings for such period that such proceeds are intended
to replace (whether or not then received so long as such Person in good faith expects to receive such proceeds within the next
two fiscal quarters (it being understood that to the extent not actually received within such period, to the extent previously
added back to net income in determining Consolidated EBITDA for a prior fiscal quarter such reimbursement amounts so added back
but not so received shall be deducted in calculating Consolidated EBITDA for the fiscal quarter immediately following such two
fiscal quarter period));

 

(8) the sum of (a)
the actual amount of unusual or non-recurring fees, costs and expenses paid or to be paid in connection with any Permitted Acquisition
or other Investment, any Disposition, any recapitalization, any merger, consolidation or amalgamation, any option buyout or any
incurrence, repayment, refinancing, amendment or modification of Indebtedness (including any amortization or write-off of debt
issuance or deferred financing costs, premiums and prepayment penalties), in each case, including any transaction proposed and
not consummated, including severance costs, termination fees, accelerated rent payments, restructuring costs, deferred compensation,
retention bonuses and signing bonuses and expenses, stock based compensation expenses, contract termination costs, integration
and facilities closing costs, one-time expenses relating to enhanced accounting functions, one-time expenses relating to the implementation
of accounting changes promulgated under GAAP, and professional fees for advisors, legal, accounting and other such professional
services, whether or not classified as restructuring expenses on the Consolidated financial statements of the Borrower and (b)
pro forma effect of “run rate” cost savings, operating expense reductions, other operating improvements and initiatives
and synergies related to any of the transactions described in the foregoing clause (a) that are projected by a Financial
Officer of the Borrower in good faith to be reasonably anticipated to be realizable within eighteen (18) months after the consummation
of such transaction (which will be added to Consolidated EBITDA as so projected until fully realized, and calculated on a Pro forma
Basis, as though such cost savings, operating expense reductions, other operating improvements and initiatives and synergies had
been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions;
provided, that with respect to this clause (a)(i)(8) such unusual or non-recurring fees, costs and expenses and cost
savings, operating expense reductions, other operating improvements and initiatives or synergies are reasonably identifiable and
factually supportable (in the reasonable determination of a Financial Officer of the Borrower); provided further, the aggregate
amount of such unusual or non-recurring fees, costs and cost savings, operating expense reductions, other operating improvements,
initiatives and synergies added back pursuant to this clause (a)(i)(8) in any period of four consecutive fiscal quarters
shall not exceed 25% of Consolidated EBITDA determined on a Pro forma Basis as of the most recent four fiscal quarter period for
which Consolidated financial statements have been delivered (calculated prior to giving effect to such add-backs added pursuant
to this clause (a)(i)(8));

 

(9) losses incurred
from the expansion into new markets within eighteen (18) months of such expansion in an amount not to exceed 15% of Consolidated
EBITDA determined on a Pro forma Basis as of the most recent four fiscal quarter period for which Consolidated financial statements
have been delivered (calculated prior to giving effect to such add-backs added pursuant to this clause (a)(i)(9));

 

    	 	9	 

     

    

(10) any other non-cash
expenses, charges (including the amount of any compensation deduction as the result of any grant of Equity Interest in the Borrower
to employees, directors or officers of the Borrower or any of its Subsidiaries), losses, or infrequent, unusual or extraordinary
items reducing net income for such period to the extent such non-cash items do not represent a cash item in any future period,
including non-cash adjustments due to changes in accounting; and

 

(11) any fees and expenses
(including legal fees and expenses) related to the Facilities and this Agreement and the other Loan Documents paid during such
period;

 

provided, that the items specified
above in clauses (2) through (11) (other than clause (8)) shall only be included to the extent such items
reduce net income of the Borrower; provided, further, that the aggregate amount of all amounts with respect to clauses
(8) and (9) shall not exceed 30% of Consolidated EBITDA (calculated prior to giving effect to clauses (8) and
(9));

 

minus (ii) to the extent included
in calculating net income or deficit, the sum of:

 

(1) interest income;

 

(2) non-cash dividends
and patronage income;

 

(3) equity in earnings
from unconsolidated Minority Investments;

 

(4) gains from the
disposal of property and equipment and other long-term assets, including goodwill, intangibles and spectrum;

 

(5) gains on sales
of assets (excluding sales in the ordinary course of business); and

 

(6) any other non-cash
gains, non-cash income or extraordinary items increasing net income, and

 

(b) will be measured for the then most
recently completed four fiscal quarters. For the purposes of calculating compliance with any test or financial covenant under this
Agreement for any period, if at any time during such period the Borrower or any Subsidiary shall have made any Material Acquisition
or Material Disposition, the Consolidated EBITDA for such period shall be calculated on a Pro forma Basis to give effect to such
Material Acquisition or Material Disposition.

 

“Contingent
Obligations” means, as applied to any Person, any direct or indirect liability of that Person: (a) with respect to any
Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such
liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be
paid, performed or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability
will be protected (in whole or in part) against loss with respect thereto; (b) with respect to any letter of credit issued for
the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; or (c) under any foreign
exchange contract, currency swap agreement, interest rate swap agreement or other similar agreement or arrangement designed to
alter the risks of that Person arising from fluctuations in currency values or interest rates. Contingent Obligations shall also
include (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business),
co-making, discounting with recourse or sale with recourse by such Person of the obligations of another, (ii) obligations to make
take-or-pay or similar payments if required regardless of the nonperformance by any other party or parties to an agreement, and
(iii) any liability of such Person for the obligations of another through any agreement to purchase, repurchase or otherwise acquire
such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation
or to maintain the solvency, financial condition or any balance sheet item or level of income of another. The amount of any Contingent
Obligation at any time shall be equal to the amount of the obligations so guaranteed or otherwise supported or, if not a fixed
and determined amount, the maximum amount so guaranteed at such time.

 

    	 	10	 

     

    

“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. Without limiting the generality of the
foregoing, a Person shall be deemed to be “controlled by” a Person if such Person holds, directly or indirectly, power
to vote 10% or more of the securities having ordinary voting power for the election of directors of such other Person. “Controlling”
and “Controlled” have meanings correlative thereto.

 

“Controlled
Account” means each deposit account and securities account that is subject to an account control agreement in form and
substance reasonably satisfactory to the Administrative Agent.

 

“Conversion
or Continuation Notice” has the meaning specified in Section 2.5.

 

“Credit Extension”
means the making, conversion or continuation of any Borrowing or Loan or the issuing, extending, renewing or increasing of any
Letter of Credit.

 

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

 

“Debt Incurrence”
means the incurrence by the Borrower or any of its Subsidiaries of any Indebtedness other than the Secured Obligations.

 

“Debt Service
Coverage Ratio” means the ratio, for the Borrower on a Consolidated basis, derived by dividing (a) the result of (i)
Consolidated EBITDA minus (ii) cash taxes (excluding cash taxes relating to the sale of the wireless assets and operations pursuant
to the T-Mobile Asset Purchase Agreement), by (b) the sum of (i) all scheduled principal payments on Indebtedness and (ii) cash
interest expense, in each case for the most recently completed four fiscal quarters.

 

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

 

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

 

“Default Rate”
means, as of any date of determination, the following: (a) for all outstanding Loans, a rate equal to the interest rate then in
effect with respect to such Loans plus an additional margin of 2.00% per annum, (b) for all Letter of Credit Obligations,
the Applicable Letter of Credit Fee Rate as of such date plus an additional margin of 2.00% per annum and (c) for all
other Obligations, a rate equal to the then-applicable rate for Base Rate Loans plus an additional margin of 2.00% per annum.

 

    	 	11	 

     

    

“Defaulting
Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any portion
of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless, such Lender notifies
the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that
one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender, the
Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation
in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative
Agent, any Issuing Lender or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder,
or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation
to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent
to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or
public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative
Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent and the Borrower) or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation
of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority
acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided, that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and, subject to any cure rights expressly
provided above, such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15) upon delivery of written
notice of such determination to the Borrower, the Issuing Lender, the Swing Line Lender and each Lender.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property or asset by any Person.

 

“Disqualified
Stock” means any Equity Interest of any Person that is or, upon the passage of time or the occurrence of any event may
become, an obligation of such Person to redeem, purchase, retire, defease or otherwise make any payment (other than, for the avoidance
of doubt, an option exercise price payable to such Person) in respect of such Equity Interest in consideration other than any additional
Equity Interest (other than Disqualified Stock), if such obligation matures or has the potential to mature sooner than one year
after the then latest Maturity Date. Notwithstanding the foregoing: (a) any Equity Interests issued to any employee or to any plan
for the benefit of employees of the Borrower or its Subsidiaries or by any such plan to such employees shall not constitute Disqualified
Stock of the Borrower solely because they may be required to be repurchased by the Borrower or any Subsidiary in order to satisfy
applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability and (b)
any class of Equity Interests of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by
delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock.

 

    	 	12	 

     

    

“Division”
means, in reference to any Person which is an entity, the division of such Person into two (2) or more separate persons with the
dividing person either continuing or terminating its existence as part of the division including as contemplated under Section
18-217 of the Delaware Limited Liability Act for limited liability companies formed under Delaware law or any analogous action
taken pursuant to any applicable Law with respect to any corporation, limited liability company, partnership or other entity. The
word “Divide”, when capitalized shall have correlative meaning.

 

“Dollar,”
“Dollars,” “U.S. Dollars” and the symbol “$” means lawful money of the
United States of America.

 

“Domestic
Subsidiary” means any Subsidiary that is organized and existing under the Laws of the United States of America or any
state, commonwealth or territory thereof or under the Laws of the District of Columbia.

 

“Drawing Date”
has the meaning specified in Section 2.9(c)(i).

 

“Early Opt-in
Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date
notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 3:00
p.m. on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice
of objection to such Early Opt-in Election from the Required Lenders.

 

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

 

(a)               
a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each
of the other parties hereto that at least five (5) currently outstanding U.S. Dollar-denominated syndicated credit facilities at
such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other
rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly
available for review); and

 

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

 

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

 

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

 

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

 

    	 	13	 

     

    

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Sections 11.7(b)(v) and 11.7(b)(vi)
(subject to such consents, if any, as may be required under Section 11.7(b)(iii)).

 

“Environmental
Laws” means any and all federal, state, local and foreign Laws and any consent decrees, concessions, permits, grants,
franchises, licenses, agreements or other restrictions of a Governmental Authority or common Law causes of action relating to:
(a) protection of the environment or natural resources from, or emissions, discharges, releases or threatened releases of,
Hazardous Materials in the environment including ambient air, surface, water, ground water or land; (b) the generation, handling,
use, labeling, disposal, transportation, reclamation and remediation of Hazardous Materials; (c) human health as affected
by Hazardous Materials; (d) the protection of endangered or threatened species; and (e) the protection of environmentally
sensitive areas.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of any Loan Party or any Subsidiary of any Loan Party 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.

 

“Equity Interests”
means, collectively, (a) all securities, whether certificated or uncertificated, and all other stock units, (b) all of the issued
and outstanding shares, interests or other equivalents of capital stock of any corporation, whether voting or non-voting and whether
common or preferred, (c) all partnership, joint venture, limited liability company or other equity interests in any Person not
a corporation, (d) all options, warrants and other rights to acquire, and all securities convertible into, any of the foregoing,
(e) all rights to receive interest, income, dividends, distributions, returns of capital and other amounts (whether in cash, securities,
property, or a combination thereof) with respect to any of the foregoing and (f) all additional stock, warrants, options, securities,
interests and other property, paid or payable or distributed or distributable, with respect to any of the foregoing.

 

“Equity Issuance”
means any issuance or sale by the Borrower or any of its Subsidiaries of any Equity Interests at any time on or after the Closing
Date.

 

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

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) which is a member of a controlled group or under common control with
any Loan Party within the meaning of Sections 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of
provisions relating to Section 412 of the Code or Section 302 of ERISA).

 

“ERISA Event”
means (a) a “reportable event” (under Section 4043 of ERISA and regulations thereunder) with respect to a Pension
Plan (excluding those for which the provision for 30-day notice to the PBGC has been waived); (b) a withdrawal by a Loan Party
or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer
(as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) a complete or partial withdrawal by a Loan Party or any ERISA Affiliate from a Multiemployer Plan; (d) the filing
of a notice of intent to terminate, the treatment of an amendment to a Pension Plan or a Multiemployer Plan as a termination under
Section 4041(c) or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan; (e) an event or
condition that constitutes grounds or that could reasonably be expected to constitute grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan; (f) an event or condition that results or
could reasonably be expected to result in any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA, to a Loan Party or any ERISA Affiliate; (g) with respect to any Pension Plan, the failure to satisfy
the minimum funding standards under the Plan Funding Rules (whether or not waived); (h) with respect to any Pension Plan, the occurrence
of any event that would result in the imposition of any limitation under Section 436 of the Code or Section 206(g) of ERISA, determined
without regard to any contribution made or the provision of security under Section 436 of the Code or Section 206(g) of ERISA to
avoid the imposition of the limitation; (i) the determination that any Pension Plan is considered an at-risk plan or a plan in
endangered or critical status within the meaning of the Plan Funding Rules; and (j) any transaction that could subject any
Loan Party or any ERISA Affiliate to liability under Section 4069 or 4212(c) of ERISA.

 

    	 	14	 

     

    

“Erroneous
Payment” has the meaning specified in Section 11.19.

 

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

 

“Event of
Default” means any of the events described in Section 9.1 and referred to therein as an “Event of
Default.”

 

“Exchange
Act” means the Securities Exchange Act of 1934.

 

“Excluded
Assets” means:

 

(a)                  any
fee-owned real property other than Material Owned Real Property;

 

(b)                  all real property leasehold interests;

 

(c)                  motor
vehicles and other assets subject to certificates of title;

 

(d)                  “intent
to use” trademark applications, in each case, only until such time as any Loan Party begins to use such Trademarks (as defined
in the Security Agreement) (the security interest in such Trademark shall be deemed granted by such Loan Party at such time and
will attach immediately);

 

(e)                  the
Equity Interests of any Loan Party in any Foreign Subsidiary that represents in excess of 65% of the outstanding voting stock
of such Foreign Subsidiary to the extent the pledge of any greater percentage would result in material adverse tax consequences
to the Borrower or any Subsidiary;

 

(f)                   any
item of real or personal, tangible or intangible, property (including Licenses issued by the FCC and any applicable PUC) to the
extent and only for so long as the creation, attachment or perfection of the security interest granted in the Loan Documents by
any Loan Party in its right, title and interest in such item of property is prohibited by applicable Law or is permitted only
with the consent (that has not been obtained) of a Governmental Authority (including the FCC and any applicable PUC);

 

(g)                  any
property subject to a Lien pursuant to a permitted purchase money security interest or Capital Lease to the extent and only for
so long as the applicable purchase money security agreement, Capital Lease or other applicable documentation contains a term that
restricts, prohibits, or requires a consent (that has not been obtained) of a Person (other than any Loan Party or any Subsidiary
of a Loan Party) to, the creation, attachment or perfection of the security interest and such restriction, prohibition and/or
requirement of consent is not rendered ineffective by applicable Law (after giving effect to the applicable anti-assignment provisions
of the UCC);

 

    	 	15	 

     

    

(h)                  any
item of real or personal, tangible or intangible, property (other than any Equity Interests owned by any Loan Party) to the extent
and only for so long as the creation, attachment or perfection of the security interest granted in the Loan Documents by any Loan
Party in its right, title and interest in such item of property (i) would give any other Person (other than any Loan Party or
any Subsidiary of a Loan Party) the right to terminate its obligations with respect to such item of property or (ii) would cause
such property to become void or voidable if a security interest therein was created, attached or perfected;

 

(i)                   any
item of real or personal, tangible or intangible, property (other than any Equity Interests owned by any Loan Party) to the extent
and only for so long as such property is subject to a contract that contains a term that restricts, prohibits, or requires a consent
(that has not been obtained) of a Person (other than any Loan Party or any Subsidiary of a Loan Party) to, the creation, attachment
or perfection of the security interest granted in the Loan Documents and any such restriction, prohibition and/or requirement
of consent is not rendered ineffective by applicable Law (after giving effect to the applicable anti-assignment provisions of
the UCC);

 

(j)                   the
Equity Interests in any Minority Investment (other than the CoBank Equities or any other Loan Party);

 

(k)                  any
margin stock (within the meaning of Regulation U of the Board);

 

(l)                   the
T-Mobile Transition Services Assets; and

 

(m)                
any additional personal property or any Material Owned Real Property that the Administrative Agent and the Borrower reasonably
determine that the costs to the Borrower of perfecting a Lien on such property exceeds the relative benefit afforded to the Lenders;

 

provided, that if at any time the
creation, attachment or perfection of the security interest granted pursuant to the Loan Documents in any of the property subject
to clauses (f) through (j) of this definition of “Excluded Assets” shall be permitted or consent
in respect thereof shall have been obtained, then the applicable Loan Party shall at such time be deemed to have granted a security
interest in such property (and such security interest will attach immediately without further action); provided further,
that the rights to receive, and any interest in, all proceeds of, or monies or other consideration received or receivable from
or attributable to the sale, transfer, lease, assignment or other Disposition of any of the Excluded Assets (to the extent a direct
security interest in such property or proceeds from the sale, transfer, lease, assignment or other Disposition of such property
shall not have already been granted) shall attach immediately and be subject to the security interest granted pursuant to the Loan
Documents in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“Excluded
Subsidiaries” means (a) Shenandoah Telephone Company and all other regulated Subsidiaries of the Borrower (to the extent
such regulated Subsidiary is prohibited from pledging its assets as security for, or providing a Guaranty of the Obligations under,
the Facilities without the consent of the applicable PUC or similar regulatory or other Governmental Authority), (b) Foreign Subsidiaries,
(c) Immaterial Subsidiaries (other than, at the option of the Borrower, any Immaterial Subsidiary which has been designated as
a Guarantor), and (d) any other Subsidiary with respect to which the Administrative Agent and the Borrower jointly determine the
burden, cost, tax or regulatory consequences of such Subsidiary becoming a Guarantor is excessive in view of the benefits obtained
by Lenders therefrom.

 

    	 	16	 

     

    

“Excluded
Swap Obligation” means, with respect to any Loan Party providing a Guaranty of or granting a security interest to secure
any Swap Obligation of another Loan Party, if, and to the extent that, all or a portion of the Guaranty of such Loan Party of,
or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason not to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 11.16 and
any other “keepwell, support or other agreements” for the benefit of such Guarantor) at the time the Guaranty of, or
the grant of such security interest by, such Loan Party becomes effective with respect to such related Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such
Swap Obligation that is attributable to swaps for which such Guaranty or grant of security interest is or becomes illegal.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (x) such Lender acquires such interest in such Loan or Commitment (other than pursuant
to an assignment request by the Borrower under Section 3.6) or (y) such Lender changes its lending office, except in each
case to the extent that, pursuant to Section 3.2, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 3.2 and (d) any withholding Taxes imposed
under FATCA.

 

“Facility”
means, collectively, the Revolving Credit Facility, the Term Loan A-1 Facility, the Term Loan A-2 Facility, the Swing Line Facility,
the Letter of Credit Facility and any Incremental Term Loan Facility.

 

“Farm Credit
Lender” means a federally-chartered Farm Credit System lending institution organized under the Farm Credit Act of 1971.

 

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

 

“FCC”
means the Federal Communications Commission.

 

“Federal Funds
Effective Rate” means, for any day, the rate of interest per annum (rounded upward, if necessary, to the nearest whole
multiple of 1/100th of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the
Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on such
date, or if no such rate is so published on such day, on the most recent day preceding such day on which such rate is so published.

 

    	 	17	 

     

    

“Fee Letter”
means that certain fee letter dated as of April 9, 2021, between the Borrower and the Administrative Agent.

 

“Financial
Officer” means with respect to any Loan Party or any Subsidiary of any Loan Party, the Chief Financial Officer, Chief
Executive Officer, any principal accounting officer or controller (or in the case of a Loan Party or a Subsidiary that is a limited
liability company without officers, a manager or member authorized under such Loan Party’s or such Subsidiary’s Organizational
Documents) of such Loan Party or such Subsidiary or such other individuals, designated by written notice to the Administrative
Agent from the Borrower, employed in a position involving responsibility for the management of the financial affairs or the preparation
of financial statements on behalf of the Loan Parties and Subsidiaries required hereunder. The Borrower may amend such list of
individuals from time to time by giving written notice of such amendment to the Administrative Agent.

 

“Flood Laws”
means, collectively, (a) the National Flood Insurance Act of 1968, (b) the Flood Disaster Protection Act of 1973, (c) the National
Flood Insurance Reform Act of 1994 and (d) the Flood Insurance Reform Act of 2004, and all other applicable Laws related thereto.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to LIBOR Rate; provided that, if no such benchmark rate floor
is provided in this Agreement, the “Floor” shall be zero.

 

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

 

“Foreign Subsidiary”
means any Subsidiary of the Borrower that is a “controlled foreign corporation” under Section 957 of the Code or that
is a direct or indirect Domestic Subsidiary that is treated as a disregarded entity for federal income tax purposes in a case in
which substantially all of such entity’s assets are comprised of one or more “controlled foreign corporations”
under Section 957 of the Code.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Lender, such Defaulting Lender’s
Pro Rata Share of the outstanding Letter of Credit Obligations with respect to Letters of Credit issued by such Issuing Lender
other than Letter of Credit Obligations as to which such Defaulting Lender’s participation obligation has been reallocated
to other Lenders or Cash Collateralized in accordance with the terms hereof and (b) with respect to the Swing Line Lender, such
Defaulting Lender’s Pro Rata Share of outstanding Swing Line Loans made by the Swing Line Lender other than Swing Line Loans
as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.

 

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

 

“GAAP”
means United States generally accepted accounting principles as are in effect from time to time, subject to the provisions of Section 1.3.

 

“Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank), including, without limitation, the
FCC and any applicable PUC.

 

    	 	18	 

     

    

“Guaranteed
Liabilities” means (a) the prompt Payment In Full, when due or declared due and at all such times, of all Secured Obligations
and all other amounts pursuant to the terms of this Agreement, the Notes, and all other Loan Documents heretofore, now or at any
time or times hereafter owing, arising, due or payable from the Borrower or any other Loan Party to any one or more of the Secured
Parties, including principal, interest, premiums and fees (including all reasonable and documented fees and expenses of counsel),
(b) the prompt and full performance, observance and discharge of each and every agreement, undertaking, covenant and provision
to be performed, observed or discharged by the Borrower and each other Loan Party under this Agreement, the Notes and all other
Loan Documents to which it is a party and (c) the prompt Payment In Full by the Borrower and each other Loan Party, when due or
declared due and at all such times, of obligations and liabilities now or hereafter arising with respect to any Secured Bank Product
or Secured Hedge. Notwithstanding the foregoing, the “Guaranteed Liabilities”, with respect to any Loan Party providing
a Guaranty, shall not include the Excluded Swap Obligations.

 

“Guarantor”
means (a) each Person party hereto as of the Closing Date and identified on the signature pages hereto as a “Guarantor”
and (b) each Person that joins this Agreement as a Guarantor after the Closing Date pursuant to a Guarantor Joinder.

 

“Guarantor
Joinder” means a joinder agreement joining a Person as a Guarantor under the Loan Documents in the form of Exhibit
C.

 

“Guarantors’
Obligations” means the obligations of the Guarantors to the Secured Parties under Article XII.

 

“Guaranty”
or “Guarantee” means, with respect to any Person, without duplication, any obligation, contingent or otherwise,
of such Person pursuant to which such Person has directly or indirectly guaranteed or had the economic effect of guaranteeing any
Indebtedness or other obligation or liability of any other Person and, without limiting the generality of the foregoing, any obligation,
direct or indirect, contingent or otherwise, of any such Person (a) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation or liability (whether arising by virtue of partnership arrangements,
by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
condition or otherwise), (b) to purchase or lease property or services for the purpose of assuring another Person’s payment
or performance of any Indebtedness or other obligations or liabilities, (c) to maintain the working capital of such Person to permit
such Person to pay such Indebtedness or other obligations or liabilities or (d) entered into for the purpose of assuring in
any other manner the obligee of such Indebtedness or other obligation or liability of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part); provided, that the term Guaranty/Guarantee shall not include endorsements
for collection or deposit in the ordinary course of business. Unless otherwise specified, the amount of any Guaranty shall be deemed
to be the lesser of the principal amount of the Indebtedness or other obligations or liabilities guaranteed and still outstanding
and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guaranty.

 

“Hazardous
Materials” means (a) any explosive or radioactive substances, materials or wastes and (b) any hazardous or toxic substances,
materials or wastes, defined or regulated as such in or under, or that could reasonably be expected to give rise to liability under,
any applicable Environmental Law, including asbestos, polychlorinated biphenyls, urea-formaldehyde insulation, gasoline or petroleum
(including crude oil or any fraction thereof) or petroleum products.

 

    	 	19	 

     

    

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

 

“Hedge Bank”
means any Person party to a Hedge Agreement with a Loan Party or any Subsidiary of a Loan Party who at the time that the Hedge
Agreement is entered into is a Lender or an Affiliate of a Lender.

 

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

 

“Immaterial
Subsidiary” means a Subsidiary which, as of the last day of the most recent fiscal quarter of the Borrower then ended
for which financial statements are available, has neither revenues nor total assets greater than 5% of the Consolidated revenues
or Consolidated total assets of the Borrower for such period. In no event shall the Subsidiaries of the Borrower designated as
Immaterial Subsidiaries account, in the aggregate, for more than 10% of either the Consolidated revenues or the Consolidated total
assets of the Borrower for any period.

 

“Increased
Leverage Period” means (a) any fiscal quarter in which a Loan Party or any of its Subsidiaries consummates a Qualifying
Acquisition and (b) the three fiscal quarters immediately following such fiscal quarter.

 

“Incremental
Amount” means an amount equal to the sum of (a) the greater of (i) $75,000,000 and (ii) 100% of Consolidated EBITDA,
calculated on a Pro forma Basis plus (b) an additional unlimited amount subject to a maximum Total Net Leverage Ratio of
4.00:1.00, calculated on a Pro forma Basis.

 

“Incremental
Term Lender” means each Lender having an Incremental Term Loan Commitment with respect to any Tranche of an Incremental
Term Loan Facility or who has funded or purchased all or a portion of any Incremental Term Loan with respect to any Tranche of
an Incremental Term Loan Facility in accordance with the terms hereof.

 

“Incremental
Term Loan” has the meaning specified in Section 2.1(g).

 

    	 	20	 

     

    

“Incremental
Term Loan Commitment” means, as to any Lender at any time, the amount initially set forth opposite its name in any Incremental
Term Loan Funding Agreement with respect to any Tranche of the Incremental Term Loan Facility, as such Commitment is thereafter
assigned or modified and “Incremental Term Loan Commitments” means the aggregate Incremental Term Loan Commitments
of all of the Lenders with respect to all Tranches of the Incremental Term Loan Facility.

 

“Incremental
Term Loan Facility” means any incremental term loan facility established pursuant to Section 2.1(g).

 

“Incremental
Term Loan Funding Agreement” means an agreement to fund a Tranche of Incremental Term Loans pursuant to Section 2.1(g)
in substantially in the form of Exhibit K hereto.

 

“Incremental
Term Loan Note” means a promissory note of the Borrower substantially in the form of Exhibit F-5 hereto payable
to an Incremental Term Loan Lender evidencing its Incremental Term Loan pursuant to any Tranche of Incremental Term Loans.

 

“Indebtedness”
means, with respect to any Person, without duplication: (a) all indebtedness for borrowed money; (b) that portion of obligations
with respect to Capital Leases or other capitalized agreements that is properly classified as a liability on a balance sheet in
conformity with GAAP; (c) notes payable and drafts accepted representing extensions of credit whether or not representing
obligations for borrowed money; (d) any obligation owed for all or any part of the deferred purchase price of property or services
(except trade payables arising in the ordinary course of business); (e) all obligations created or arising under any conditional
sale or other title retention agreement; (f) all indebtedness secured by any Lien on any property or asset owned or held by that
Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit
of that Person, but only to the extent of the fair value of such property or asset; (g) all obligations of such Person under
take-or-pay or similar arrangements or under commodities agreements; (h) net obligations of such Person under any Hedge Agreement
(calculated as of any date of determination as the Hedge Termination Value thereof as of such date); (i) the maximum amount
of all standby letters of credit issued or bankers’ acceptance facilities created for the account of such Person and, without
duplication, all drafts drawn thereunder (to the extent unreimbursed); (j) the principal balance outstanding under any Synthetic
Lease Obligation; (k) with respect to the Indebtedness of any partnership or unincorporated joint venture in which such Person
is a general partner or joint venturer, the lesser of (i) the amount of such Indebtedness and (ii) such Person’s actual liability
for such Indebtedness; (l) obligations with respect to principal under Contingent Obligations with respect to the repayment of
money or the deferred purchase price of property, whether or not then due and payable (calculated as the maximum amount of such
principal); and (m) obligations under partnership, organizational or other agreements to fund capital contributions or other equity
calls with respect to any Person or Investment or to redeem, repurchase or otherwise make payments in respect of any Equity Interests
of any Person.

 

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

 

“Indemnitee”
has the meaning specified in Section 11.3(b).

 

“Information”
has the meaning specified in Section 11.8.

 

“Insolvency
Proceeding” means, with respect to any Person, (a) a case, action or proceeding with respect to such Person (i) before
any court or any other Governmental Authority under any Debtor Relief Law now or hereafter in effect or (ii) for the appointment
of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Loan Party or otherwise
relating to the liquidation, dissolution, winding-up or relief of such Person or (b) any general assignment for the benefit
of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of such Person’s
creditors generally or any substantial portion of its creditors undertaken under any Debtor Relief Law now or hereafter in effect.

 

    	 	21	 

     

    

“Intellectual
Property” means all Copyrights, Domain Names, Patents, Trademarks and IP Licenses, in each case as defined in the Security
Agreement.

 

“Interest
Payment Date” means (a) the first day of each calendar quarter after the Closing Date and (b) the Maturity Date.

 

“Interest
Period” means the period of time selected by the Borrower in connection with (and to apply to) any election permitted
hereunder by the Borrower to have Revolving Loans, Term Loans or one or more Tranches of Incremental Term Loans bear interest under
the LIBOR Rate Option. Subject to the last sentence of this definition, such period shall be one, three, six or, to the extent
made available by all the Lenders, twelve (12) months. Such Interest Period shall commence on the effective date of such LIBOR
Rate Loan, which shall be (a) the Borrowing Date if the Borrower is requesting new Loans or (b) the date of renewal of or
conversion to a LIBOR Rate Loan if the Borrower is renewing or converting an existing Loan. Notwithstanding the second sentence
hereof: (i) any Interest Period that would otherwise end on a date that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the immediately
preceding Business Day, (ii) the Borrower shall not select, convert to or renew an Interest Period for any portion of the Loans
that would end after the applicable Maturity Date and (iii) if any Interest Period begins on the last Business Day of a month or
on a day of a month for which there is no numerically corresponding day in the month in which such Interest Period is to end, such
Interest Period shall be deemed to end on the last Business Day of the final month of such Interest Period.

 

“Interest
Rate Hedge” means a Hedge Agreement entered into by the Loan Parties or their Subsidiaries in order to provide protection
to, or minimize the impact upon, the Loan Parties and/or their Subsidiaries of increasing floating rates of interest applicable
to Indebtedness.

 

“Interest
Rate Option” means any (a) LIBOR Rate Option or (b) Base Rate Option.

 

“Investment”
means, with respect to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the
purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee
or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person,
including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction
or a series of transactions) of assets of another Person that constitute a line of business, division or business unit. For purposes
of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases
or decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment of principal
actually received in case by such Person with respect thereto.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP”
has the meaning specified in Section 2.9(j).

 

    	 	22	 

     

    

“Issuing Lender”
means (a) initially, CoBank in its individual capacity as issuer of Letters of Credit hereunder, (b) such other Lender as the Borrower
may from time to time select as an Issuing Lender, and (c) any Eligible Assignee to which all or any portion of the Letter of Credit
Commitment of its assignor has been assigned, in each case for so long as CoBank, such other Lender or such Eligible Assignee,
as the case may be, shall have a Letter of Credit Commitment; provided, that in the case of clauses (b) and (c)
such other Lender or Eligible Assignee expressly agrees to perform all obligations required of an Issuing Lender hereunder in accordance
with the terms herein, and notifies the Administrative Agent of its principal office and the amount of its Letter of Credit Commitment
(which information shall be recorded by the Administrative Agent in the Register).

 

“Joint Lead
Arranger” means each of CoBank, Bank of America, N.A., Citizens Bank, N.A., Fifth Third Bank, National Association and
Truist Securities, Inc.

 

“Law”
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, ruling, order, injunction, writ,
decree, bond, judgment, authorization or approval of or settlement agreement with any Governmental Authority applicable to any
Person or the properties of any Person, including the Licenses, and including the Communications Act, all applicable PUC Laws and
all Environmental Laws.

 

“Lender”
or “Lenders” means each of the financial institutions from time to time party hereto as a lender (including
the Swing Line Lender, any Additional Incremental Term Lender and any Issuing Lender) and their respective successors and assigns
as permitted hereunder, each of which is referred to herein as a Lender. For the purpose of any Loan Document that provides for
the granting of a security interest or other Lien to the Lenders or to the Administrative Agent for the benefit of the Lenders
as security for the Secured Obligations, “Lenders” shall include any Affiliate of a Lender to the extent such Affiliate
is a Secured Party.

 

“Lender Party”
has the meaning specified in Section 11.19.

 

“Letter of
Credit” has the meaning specified in Section 2.9(a).

 

“Letter of
Credit Borrowing” has the meaning specified in Section 2.9(c)(iii).

 

“Letter of
Credit Commitment” means, with respect to any Issuing Lender at any time, (a) the amount initially set forth opposite
its name on Part 2 of Schedule 1.1(A) or (b) the amount set forth in the Register maintained by the Administrative Agent
pursuant to notice delivered to the Administrative Agent by such Issuing Lender of the amount of its Letter of Credit Commitment,
in each case as such Letter of Credit Commitment is thereafter assigned or modified, and “Letter of Credit Commitments”
means the aggregate Letter of Credit Commitments of all of the Issuing Lenders. As of the Closing Date, the total Letter of Credit
Commitments of all Issuing Lenders is $10,000,000. The aggregate Letter of Credit Commitments may exceed the Letter of Credit Sublimit
at any time, but the Letter of Credit Obligations shall not at any time exceed the Letter of Credit Sublimit.

 

“Letter of
Credit Expiration Date” means the day that occurs thirty (30) days prior to the Maturity Date with respect to the Revolving
Credit Facility.

 

“Letter of
Credit Facility” means the Letter of Credit facility established pursuant to Section 2.9.

 

“Letter of
Credit Fee” has the meaning specified in Section 2.9(b).

 

    	 	23	 

     

    

“Letter of
Credit Obligations” means, as of any date of determination, (a) the aggregate amount available to be drawn under
all outstanding Letters of Credit on such date plus (b) the aggregate Reimbursement Obligations and Letter of Credit
Borrowings on such date.

 

“Letter of
Credit Request” has the meaning specified in Section 2.9(a).

 

“Letter of
Credit Sublimit” means the lesser of (a) $10,000,000 and (b) the total amount of the Revolving Commitments.

 

“LIBOR Rate”
means, with respect to any Interest Period, a rate of interest reported by Bloomberg Information Services (or on any successor
or substitute service providing rate quotations comparable to those currently provided by such service, as determined by the Administrative
Agent from time to time, for the purpose of providing quotations of interest rates applicable to dollar deposits in the London
interbank market) (the “Service”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the
commencement of such Interest Period, as the rate for U.S. Dollar deposits with a maturity comparable to such Interest Period;
provided, that in the event the Administrative Agent is not able to determine the LIBOR Rate using such methodology, the
Administrative Agent shall notify the Borrower and the Administrative Agent and the Borrower will agree upon a substitute basis
for obtaining such quotations.

 

“LIBOR Rate
Loan” means a Loan bearing interest at the LIBOR Rate Option.

 

“LIBOR Rate
Option” means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 2.4(a)(ii).

 

“Licenses”
means any cable television franchise or any wireline telephone, cellular telephone, microwave, personal communications, commercial
mobile radio service, broadband or other telecommunications license, authorization, registration, certificate, waiver, certificate
of compliance, franchise (including cable television and telecommunications franchise), approval, right of way, material filing,
exemption, order, or permit, whether for the acquisition, construction or operation of any Communications System, including the
lease of any spectrum (and attendant rights and obligations), or to otherwise provide the services related to any Communications
System, granted or issued by the FCC or any applicable PUC or other Governmental Authority.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, collateral assignment, lien (statutory or otherwise), security interest,
charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including
any conditional sale or title retention arrangement, and any assignment or deposit arrangement intended as, or having the effect
of, security.

 

“Limited Conditionality
Purchase Agreement” means a definitive purchase or similar agreement under which
a Loan Party’s contractual obligation to consummate an acquisition of or other transaction resulting in an Investment is
not conditioned upon such Loan Party having obtained third-party financing.

 

“Loan Documents”
means this Agreement, the Fee Letter, each Negative Pledge Agreement, the Collateral Documents, the Solvency Certificate, the Perfection
and Diligence Certificate, any Notices of Incremental Term Loan Borrowing, any Incremental Term Loan Funding Agreements, the Notes
and any other instruments, certificates or documents delivered in connection herewith or therewith, which instruments, certificates
or documents are identified as a “Loan Document”.

 

“Loan Parties”
means the Borrower and the Guarantors.

 

    	 	24	 

     

    

“Loan Request”
means a request for a Term Loan, an Incremental Term Loan, a Revolving Loan or a Swing Line Loan, in each case substantially in
the form of Exhibit D hereto.

 

“Loans”
means, collectively, all Revolving Loans, Swing Line Loans, Term Loans and Incremental Term Loans or any Revolving Loan, Swing
Line Loan, Term Loan or Incremental Term Loan, and “Loan” means the reference to any of the foregoing.

 

“Master Subordinated
Intercompany Note” means a master intercompany note, substantially in the form of Exhibit M hereto, evidencing
Indebtedness among the Loan Parties and delivered by the Loan Parties to the Administrative Agent on the Closing Date.

 

“Material
Accounts” means (a) all deposit, securities and commodities accounts in the name of the Borrower at the financial institution
with which the Borrower maintains its primary banking relationship and (b) all other deposit, securities and commodities accounts
in the name of the Loan Parties and their respective Subsidiaries (other than Excluded Subsidiaries) to the extent the average
daily or interdaily balance or market value of such accounts for the most recently completed six (6) calendar months exceeds $1,000,000
individually or $2,500,000 in the aggregate; provided, that (x) Material Accounts will not include any deposit account specially
and exclusively used for payroll, payroll taxes or other employee wages or benefit payments to or for the benefit of any salaried
employee of any Loan Party or any Subsidiary of any Loan Party and (y) the individual and aggregate thresholds described in clause
(b) shall be calculated without including (i) the balance or market value of any deposit account that is specially and exclusively
used for payroll, payroll taxes or other employee wages or benefit payments to or for the benefit of any salaried employee of any
Loan Party or any Subsidiary of any Loan Party and (ii) the balance or market value of any deposit account pledged to the United
States of America, acting through the Administrator of the Rural Utilities Service, to the extent the balances or market values
for all such pledged accounts do not exceed in the aggregate $2,500,000 and for so long as such pledge is required pursuant to
the terms and conditions of any grant awarded to any Loan Party under the Broadband Initiatives Program prior to the Closing Date.

 

“Material
Acquisition” means any acquisition of property or series of related acquisitions of property that (a) constitutes assets
comprising all or substantially all of an operating line of business, division or business unit or constitutes all or substantially
all of the Equity Interests of a Person and (b) involves the payment of consideration by the Borrower and its Subsidiaries
in excess of $10,000,000.

 

“Material
Adverse Effect” means (a) a material adverse effect upon the business, result of operations, properties, assets or financial
condition of the Loan Parties and the Subsidiaries, taken as a whole, or (b) the impairment of any Liens in favor of the Administrative
Agent, of the ability of the Loan Parties and the Subsidiaries to perform their material obligations under any Loan Document or
of the Administrative Agent or any Lender to enforce any material provision of any Loan Document or collect any of the Secured
Obligations. In determining whether any individual event would reasonably be expected to have a Material Adverse Effect, notwithstanding
that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative
effect of such event and all other then existing events would reasonably be expected to have a Material Adverse Effect.

 

“Material
Contracts” means any contract or agreement, written or oral, of any Loan Party or any of its respective Subsidiaries
the failure to comply with which would reasonably be expected to have a Material Adverse Effect.

 

“Material
Disposition” means any Disposition or series of related Dispositions that yields gross proceeds to the Borrower and its
Subsidiaries in excess of $10,000,000.

 

    	 	25	 

     

    

“Material
Indebtedness” means Indebtedness (other than the Obligations) in an aggregate principal amount in excess of $15,000,000.

 

“Material
License” means all Licenses (a) issued by the FCC or any PUC, (b) required for the operation of any Communications System
in the manner in which such Communications System is operating or (c) material to the value of the assets of any Loan Party or
Subsidiary of any Loan Party but excluding any Auxiliary License.

 

“Material
Owned Real Property” means any real property owned by any Loan Party in fee simple with a fair market value (determined
in good faith by the Borrower) in excess of $10,000,000 or as to which the loss thereof would reasonably be expected to have a
Material Adverse Effect.

 

“Maturity
Date” means (a) with respect to the Revolving Credit Facility, the Swing Line Facility, the Letter of Credit Facility
and the Term Loan A-1 Facility, the earlier of (i) the date of acceleration of the Obligations in accordance with Section 9.2
and (ii) five (5) years from the Closing Date, (b) with respect to the Term Loan A-2 Facility, the earlier of (i) the date of acceleration
of the Obligations in accordance with Section 9.2 and (ii) seven (7) years from the Closing Date and (c) with respect to
any Tranche of Incremental Term Loans under an Incremental Term Loan Facility, the earlier of (i) the date of acceleration of the
Obligations in accordance with Section 9.2 and (ii) the date set forth in the corresponding Incremental Term Loan Funding
Agreement (which date shall be no earlier than the Maturity Date with respect to the Term Loan A-1 Facility).

 

“Maximum Guarantor
Liability” has the meaning specified in Section 12.4(a)(i).

 

“Maximum Rate”
has the meaning specified in Section 11.14.

 

“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances, an amount
equal to 103% of the Fronting Exposure of any Issuing Lender with respect to Letters of Credit issued by it and outstanding at
such time and (b) otherwise, an amount determined by the Administrative Agent and such Issuing Lender in its respective sole
discretion.

 

“Minority
Investment” means any Person in whom any Loan Party owns any Equity Interests to the extent such Person does not constitute
a Subsidiary of a Loan Party. As of the Closing Date, each of the Minority Investments of the Loan Parties are set forth on Schedule
1.1(B).

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor or assignee thereof in the business of rating securities and debt.

 

“Mortgage”
means a mortgage, deed of trust or similar instrument reasonably acceptable to the Administrative Agent, in each case, executed
and delivered by the applicable Loan Party in favor of the Administrative Agent for the benefit of the Secured Parties.

 

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

 

“Negative
Pledge Agreement” means each Negative Pledge Agreement executed and delivered by an Excluded Subsidiary in favor of the
Administrative Agent for the benefit of the Secured Parties, in substantially the form of Exhibit L hereto.

 

    	 	26	 

     

    

“Net Cash
Proceeds” means:

 

(a)       in
the case of any Debt Incurrence, an amount equal to: (i) the aggregate amount of all cash and Cash Equivalents received by any
Loan Party or any Subsidiary of any Loan Party in respect of such Debt Incurrence minus (ii) all taxes and reasonable and
documented fees (including reasonable and documented investment banking fees), commissions, costs and other expenses, in each case
incurred in connection with such Debt Incurrence; and

 

(b)       in
the case of any Casualty Event or any Disposition, an amount equal to: (i) the aggregate amount of all cash and Cash Equivalents
received by any Loan Party or any Subsidiary of any Loan Party (other than, in the case of any Casualty Event, any Excluded Subsidiary)
from such Casualty Event or Disposition (including any such proceeds received by way of deferred payment of principal pursuant
to a note or installment receivable or purchase price adjustment receivable or return of funds held in escrow or otherwise, but
only as and when received), minus (ii) reasonable attorneys’ fees, accountants’ fees, investment banking fees,
survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes,
required debt payments and required payments of other obligations relating to the applicable asset to the extent such debt or obligations
are secured by a Lien permitted hereunder (other than pursuant to the Loan Documents) on such asset, other customary and reasonable
expenses and brokerage, consultant and other customary and reasonable fees actually incurred in connection therewith, minus
(iii) Taxes paid or payable (in the good faith determination of the Borrower) as a result thereof (or any tax distribution that
may be required as a result thereof to the extent permitted hereunder), minus (iv) the amount of any reasonable reserves
established against any adjustment to the sale price or any liabilities (x) related to any of the applicable assets and (y) retained
by the Borrower or any of its Subsidiaries including, without limitation, pension and other post-employment benefit liabilities
and liabilities related to environmental matters or against any indemnification obligations (however, the amount of any subsequent
reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be cash
proceeds of such Disposition occurring on the date of such reduction), minus (v) any costs associated with unwinding any
related Hedge Agreement in connection with such transaction;

 

provided, that
so long as no Event of Default shall have occurred and be continuing or would result therefrom, Net Cash Proceeds shall not include
any amounts with respect to clause (b) above to the extent that such amounts are reinvested in productive assets (other
than inventory unless such Net Cash Proceeds result from a Casualty Event with respect to inventory) of a kind then used or usable
in the business of any Loan Party or in the business of the Subsidiary who experienced such Casualty Event or Disposition, in each
case, within 270 days after the receipt thereof, or are contractually committed to be applied to purchase productive assets (other
than inventory unless such Net Cash Proceeds result from a Casualty Event with respect to inventory) of a kind then used or usable
in the business of any Loan Party or in the business of the Subsidiary who experienced such Casualty Event or Disposition, in each
case, within 270 days after the receipt thereof and are so applied within eighteen (18) months of receipt.

 

“Non-Consenting
Lender” has the meaning specified in Section 11.1.

 

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

 

“Notes”
means, collectively, the Revolving Notes, the Term Loan A-1 Notes, the Term Loan A-2 Notes, the Swing Line Notes, and any Incremental
Term Loan Notes.

 

    	 	27	 

     

    

“Notice of
Incremental Term Loan Borrowing” means a notice of a Tranche of Incremental Term Loans meeting the requirements of Section
2.1(g) and substantially in the form of Exhibit J hereto.

 

“Obligation”
means any obligation or liability of any of the Loan Parties (other than Excluded Swap Obligations), howsoever created, arising
or evidenced, whether direct or indirect, joint or several, absolute or contingent, for payment or performance, now or hereafter
existing (and including obligations or liabilities arising or accruing after the commencement of any Insolvency Proceeding with
respect to any Loan Party or which would have arisen or accrued but for the commencement of such Insolvency Proceeding, even if
the claim for such obligation or liability is not enforceable or allowable in such proceeding), or due or to become due, under
or in connection with this Agreement, the Notes, the Letters of Credit, the Fee Letter or any other Loan Document (regardless of
whether any Credit Extension is in excess of the amount committed under or contemplated by the Loan Documents or are made in circumstances
in which any condition to any Credit Extension is not satisfied) whether to the Administrative Agent, any of the Lenders or their
Affiliates or other Persons provided for under such Loan Documents.

 

“Official
Body” means (a) any Governmental Authority and (b) any group or body charged with setting financial accounting or regulatory
capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International
Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

 

“Order”
has the meaning specified in Section 2.9(h).

 

“Organizational
Documents” means the certificate or articles of incorporation, bylaws, certificate of limited partnership, partnership
agreement, certificate of formation, limited liability company agreement or other organizational documents of any Person.

 

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

 

“Other Information”
has the meaning specified in Section 12.13.

 

“Other Liabilities”
means any obligation of any Loan Party arising under any document or agreement relating to or on account of (a) any Secured Bank
Product or (b) any Secured Hedge (other than any Excluded Swap Obligations).

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.6).

 

“Participant”
has the meaning specified in Section 11.7(d).

 

“Participant
Register” has the meaning specified in Section 11.7(d).

 

“Participation
Advance” has the meaning specified in Section 2.9(c)(ii).

 

    	 	28	 

     

    

“Payment In
Full” means (a) with respect to the Obligations, the payment in full in cash of the Loans and other Obligations (other
than contingent indemnification obligations as to which no claim has been made) hereunder, the termination of the Commitments and
the expiration, termination or Cash Collateralization of all Letters of Credit and (b) with respect to the Other Liabilities, the
payment in full in cash or Cash Collateralization of such Other Liabilities.

 

“PBGC”
means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

 

“Pension Plan”
means any Plan that is subject to Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code,
and that any Loan Party or any ERISA Affiliate sponsors, maintains, or contributes to or is required to contribute to or with respect
to which any Loan Party or any ERISA Affiliate otherwise has any obligation or liability (including any contingent liability).

 

“Perfection
and Diligence Certificate” means the perfection and diligence certificate executed and delivered by an Authorized Officer
of each Loan Party to the Administrative Agent on the Closing Date.

 

“Permitted
Acquisition” means an acquisition (a) by any Loan Party of all or substantially
all of the Equity Interests of any Person, (b) by any Loan Party of all or substantially all the assets of, or any line of business
or division or business unit of, any other Person or (c) by any Loan Party in any Minority Investment; provided,
that

 

(i)       after
giving effect to such Investment, the Loan Parties shall continue to be in compliance with the requirements set forth in Section
7.11;

 

(ii)      the
Administrative Agent shall promptly receive in accordance with the requirements of Section 6.10, all documents and other
deliveries (if any) reasonably required by the Administrative Agent to have a first-priority perfected security interest (subject
to Permitted Liens) in the assets, Person or Minority Investment acquired or created in such Investment, together with all opinions
of counsel, certificates, resolutions and other documents required by Section 6.10, in form and substance reasonably acceptable
to the Administrative Agent;

 

(iii)     no
Default or Event of Default shall exist or would exist immediately after giving effect to such Investment; provided,
that if the Investment is subject to a Limited Conditionality Purchase Agreement, this
clause (iii) shall be tested as of the time such Loan Party entered into such Limited Conditionality Purchase Agreement;

 

(iv)     the
aggregate amount of the consideration (including, in the case of consideration consisting of assets, the fair market value of the
assets) paid or incurred by any Loan Party or any Subsidiary of any Loan Party in connection with Minority Investments shall not
exceed $150,000,000 over the term of the Facilities;

 

(v)      (1)
any Person acquired will be a direct or indirect wholly-owned Domestic Subsidiary of the Borrower immediately after such Investment,
(2) any assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired) are located
within the United States, and (3) any Minority Investment being acquired will be in a Person who is organized or formed
and existing under the Laws of the United States of America or any state, commonwealth or territory thereof or under the Laws
of the District of Columbia and whose assets are located within the United States;

 

    	 	29	 

     

    

(vi)     if
the aggregate amount of the consideration (including, in the case of consideration consisting of assets, the fair market value
of the assets) paid or incurred by any Loan Party or any Subsidiary of any Loan Party in connection with such Investment exceeds
the Threshold Amount, then not later than five (5) Business Days after the closing date of such Investment, the Borrower shall
provide to the Administrative Agent its due diligence package regarding the Person, assets or Minority Investment being acquired,
if any, and such other information as the Administrative Agent may reasonably request; and

 

(vii)    if
the aggregate amount of the consideration (including, in the case of consideration consisting of assets, the fair market value
of the assets) paid or incurred by any Loan Party or any Subsidiary of any Loan Party in connection with such Investment exceeds
the Threshold Amount, then the Borrower shall have provided to the Administrative Agent a certificate of a Financial Officer of
the Borrower (supported by reasonably detailed calculations) certifying that, after giving effect to such Investment, the Loan
Parties shall be in compliance with the covenants set forth in Article VIII, calculated on a Pro forma Basis as of
the most recent four fiscal quarter period for which Consolidated financial statements have been delivered and after application
of the proviso in Section 8.1 with respect to any Increased Leverage Period; provided, that if
the Investment is subject to Limited Conditionality Purchase Agreement, this clause (vii) shall be tested on a Pro
forma Basis as of the time that such Loan Party enters into such Limited Conditionality Purchase
Agreement.

 

“Permitted
Additional Distributions” has the meaning specified in Section 7.6(f).

 

“Permitted
Liens” means the following:

 

(a)       Liens
for taxes, assessments or similar charges and levies of any Governmental Authority not yet due or which are being diligently contested
in good faith by appropriate and lawful proceedings that suspend enforcement of such Liens and for which adequate reserves or other
appropriate provisions in accordance with GAAP have been set aside on such Loan Party’s or Subsidiary’s books;

 

(b)       pledges
or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment insurance, old-age
pensions or other social security programs, other than any Lien imposed by ERISA;

 

(c)       Liens
of mechanics, repairmen, materialmen, warehousemen, carriers, suppliers, landlords or other like Liens that are incurred in the
ordinary course of business and either (i) secure obligations that are not overdue by more than 60 days, (ii) are being diligently
contested in good faith by appropriate and lawful proceedings that suspend enforcement of such Liens and for which adequate reserves
or other appropriate provisions in accordance with GAAP have been set aside on such Loan Party’s or Subsidiary’s books
or (iii) do not in the aggregate materially detract from the value of the property or asset subject thereto or materially interfere
with the ordinary conduct of the business of the applicable Person;

 

(d)       pledges
or deposits made in the ordinary course of business to secure performance of bids, tenders, trade contracts (other than Indebtedness)
or leases, not in excess of the aggregate amount due thereunder, or to secure statutory obligations, or surety, appeal, performance
or other similar bonds required in the ordinary course of business;

 

(e)       pledges and deposits in the ordinary course of business securing liability for reimbursement of indemnification obligations of
insurance carriers providing property, casualty, liability or other insurance to the Borrower or any Subsidiary;

 

    	 	30	 

     

    

(f)        encumbrances
consisting of zoning restrictions, easements, right-of-way or other encumbrances, title defects and restrictions on the use of
real property that do not in the aggregate materially detract from the value of the property or asset subject thereto or materially
interfere with the ordinary conduct of the business of the applicable Person;

 

(g)       Liens
in favor of the Administrative Agent for the benefit of the Secured Parties or otherwise securing the Secured Obligations;

 

(h)       CoBank’s
statutory Lien in all of the CoBank Equities that the Borrower acquires in connection with its patronage loan or loans from CoBank;

 

(i)        judgment
Liens arising solely as a result of the existence of judgments, awards, decrees, orders or attachments that do not constitute an
Event of Default;

 

(j)        cash
collateralization of existing Letters of Credit issued by Person(s) other than an Issuing Lender; provided, that the aggregate
amount of such cash collateralizations together with the Loan Parties’ reimbursement obligations under such Letters of Credit
does not exceed $2,500,000 in the aggregate at any one time;

 

(k)       Liens
securing purchase money security interests or Capital Leases permitted under Section 7.1(d); provided, that such
Liens do not at any time encumber any property other than the property purchased, leased or otherwise acquired with the proceeds
of such Indebtedness;

 

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

 

(m)      Liens
of the Loan Parties or their respective Subsidiaries existing as of the Closing Date set forth on Schedule 1.1(C), and any
refinancing thereof; provided, that (i) the property covered thereby is unchanged, (ii) the amount secured or benefited
thereby is not increased, (iii) the direct or any contingent obligor with respect thereto is not changed and (iv) any renewal or
extension of the obligations secured thereby is Indebtedness permitted under Section 7.1;

 

(n)       Liens
solely on any cash earnest money deposits made in connection with any letter of intent or purchase agreement with respect to any
Investment permitted under Section 7.5;

 

(o)       purported
Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases or consignment or bailee
arrangements entered into in the ordinary course of business;

 

(p)       rights
of setoff or banker’s lien upon deposits of cash in favor of banks or other depository institutions arising as a matter of
law;

 

(q)       leases,
licenses, subleases or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material
respect with the business of the applicable Person or (ii) secure any Indebtedness;

 

(r)        Liens
arising (i) out of conditional sale, title retention, consignment or similar arrangements for the sale of any assets or property
in the ordinary course of business and permitted by this Agreement or (ii) by operation of Law under Article 2 of the UCC in the
ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related
expenses;

 

    	 	31	 

     

    

(s)       Liens
granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums
to the extent such secured Indebtedness is permitted;

 

(t)        customary
rights of first refusal and tag, drag and similar rights in joint venture agreements;

 

(u)       Liens
in favor of collecting banks arising under Section 4-210 of the UCC or, with respect to collecting banks located in the State of
New York, under Section 4-208 of the UCC;

 

(v)       additional
Liens of the Excluded Subsidiaries not otherwise permitted by this definition that (i) do not materially impair the use of such
asset in the operation of the business of such Excluded Subsidiary and (ii) do not secure outstanding obligations in excess of
$500,000 in the aggregate for all such Liens at any time;

 

(w)      Pledges
or other Liens granted in the ordinary course of business in favor of credit card processing companies on deposit accounts functioning
as reserve or settlement accounts pursuant to agreements therewith in connection with the provision of credit card processing services
for customer payments;

 

(x)       Liens
(i) encumbering initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage
accounts incurred in the ordinary course of business and (ii) that are contractual rights of setoff or rights of pledge relating
to (A) purchase orders and other agreements entered into with customers of the Borrower or any of its Subsidiaries in the ordinary
course of business or (B) pooled deposit or sweep accounts of Borrower or any of its Subsidiaries to permit satisfaction of overdraft
or similar obligations incurred in the ordinary course of business of the Borrower or any of its Subsidiaries;

 

(y)       Liens
(i) on cash advances in favor of the seller of any property to be acquired in a Permitted Acquisition, to be applied against the
purchase price for such Permitted Acquisition, and (ii) consisting of an agreement to Dispose of any property in a Disposition
permitted hereunder;

 

(z)       assignment
of, and sales or Liens on, accounts receivables or rights in respect of any thereof in connection with Dispositions permitted hereunder;

 

(aa)     Liens on any
property subject to any sale-leaseback transaction permitted hereunder and general intangibles related thereto;

 

(bb)     non-consensual
restrictions on transfer imposed by a Governmental Authority;

 

(cc)     security given
to a utility company or any municipality or other Governmental Authority when required by such utility or authority in connection
with the operations of the applicable Loan Party;

 

(dd)    condemnation
or eminent domain proceedings affecting any real property; and

 

(ee)     other Liens on
assets securing Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed the greater
of (x) $15,000,000 and (y) 15% of Consolidated EBITDA calculated on a Pro forma Basis as of the most recent four fiscal quarter
period for which Consolidated financial statements have been delivered.

 

    	 	32	 

     

    

“Person”
means any natural person, corporation, company, partnership, limited liability company, association, joint-stock company, trust,
unincorporated organization, joint venture, Official Body or any other entity.

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including any Pension Plan but excluding any Multiemployer
Plan) that any Loan Party or any ERISA Affiliate sponsors, maintains, or contributes to or is required to contribute to or with
respect to which any Loan Party or any ERISA Affiliate otherwise has any obligation or liability.

 

“Plan Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
thereof) to Pension Plans set forth in Sections 412, 430 and 436 of the Code and Sections 206, 302, 303 and 305 of ERISA.

 

“Platform”
has the meaning specified in Section 11.4(d)(i).

 

“Pricing Grid”
means the table and text set forth below:

 

	 	 	Revolving Loans and Term Loan A-1	Term Loan A-2	Revolving Loans and Term Loans
	Level	Total Net Leverage Ratio	Applicable Margin for Base Rate Loans	Applicable Margin for LIBOR Rate Loans and Letter of Credit Fee	Applicable Margin for Base Rate Loans	Applicable Margin for LIBOR Rate Loans 	
        Applicable 

        Unused Commitment Fee Rate

	Level I	< 1.75x	0.500%	1.500%	0.500%	1.500%	0.200%
	Level II	> 1.75x

                                                                                and
 < 2.25x
	0.500%	1.500%	0.750%	1.750%	0.200%
	Level III	> 2.25x

                                                                                and
 < 2.75x
	0.750%	1.750%	1.000%	2.000%	0.200%
	Level IV	> 2.75x

                                                                                and
 < 3.25x
	1.000%	2.000%	1.250%	2.250%	0.250%
	Level V	> 3.25x

                                                                                and

                                                                                < 3.75x
	1.250%	2.250%	1.500%	2.500%	0.375%
	Level VI	>  3.75x	1.750%	2.750%	2.000%	3.000%	0.375%

 

For purposes of determining
the Applicable Margin, the Applicable Unused Commitment Fee Rate and the Applicable Letter of Credit Fee Rate:

 

    	 	33	 

     

    

(a)       The
Applicable Margin, the Applicable Unused Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be set at Level
I until receipt of the financial statements for the first full fiscal quarter ending after the Closing Date and corresponding Compliance
Certificate.

 

(b)       The
Applicable Margin, the Applicable Unused Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be recomputed as
of the end of each fiscal quarter based on the Total Net Leverage Ratio as of such quarter end. Any increase or decrease in the
Applicable Margin, the Applicable Unused Commitment Fee Rate or the Applicable Letter of Credit Fee Rate computed as of a quarter
end shall be effective no later than five (5) Business Days following the date on which the Compliance Certificate evidencing such
computation is delivered under Section 6.1(c). If a Compliance Certificate is not delivered when due in accordance with
such Section 6.1(c), then the rates in Level VI shall apply as of the first Business Day after the date on which such Compliance
Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate
is delivered.

 

(c)       If,
as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the
Borrower or the Lenders determine that (i) the Total Net Leverage Ratio as calculated by the Borrower as of any applicable date
was inaccurate and (ii) a proper calculation of the Total Net Leverage Ratio would have resulted in higher pricing for such period,
the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable
Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for
relief with respect to the Borrower under any Debtor Relief Law, automatically and without further action by the Administrative
Agent, any Lender or the Issuing Lender), an amount equal to the excess of the amount of interest and fees that should have been
paid for such period over the amount of interest and fees actually paid for such period. This clause (c) shall not limit
the rights of the Administrative Agent, any Lender or the Issuing Lender, as the case may be, under Section 2.9, or Section
3.5, or Article IX.

 

“Prime Rate”
means a variable rate of interest per annum equal to the “U.S. prime rate” as reported on such day in the Money Rates
Section of the Eastern Edition of The Wall Street Journal, or if the Eastern Edition of The Wall Street Journal is
not published on such day, such rate as last published in the Eastern Edition of The Wall Street Journal. In the event the
Eastern Edition of The Wall Street Journal ceases to publish such rate or an equivalent on a regular basis, the Administrative
Agent shall notify the Borrower and the Administrative Agent and the Borrower will agree upon a substitute regularly published
average prime rate to be used to determine the “Prime Rate”. Any change in Prime Rate shall be automatic, without
the necessity of notice provided to the Borrower or any other Loan Party.

 

“Principal
Office” means the main banking office of the Administrative Agent in Greenwood Village, Colorado, or such other banking
office as may be designated in writing by the Administrative Agent to the Borrower from time to time.

 

“Prior Security
Interest” means a valid and enforceable perfected first-priority security interest in and to the Collateral that is subject
only to Permitted Liens which have first-priority by operation of applicable Law.

 

“Pro forma
Basis” means, for purposes of calculating compliance with any test or financial covenant under this Agreement for any
period, that the applicable Tranche of any Incremental Term Loan Facility, Permitted Acquisition or Permitted Additional Distribution
(and all Tranches of any Incremental Term Loan Facility, Permitted Acquisition or Permitted Additional Distributions that have
been consummated during the applicable period), or the applicable Material Acquisition or Material Disposition, and the following
transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement
in such test or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person
subject to such Tranche of an Incremental Term Loan Facility, Permitted Acquisition, Permitted Additional Distribution, Material
Acquisition or Material Disposition, (i) in the case of a Permitted Additional Distribution or Material Disposition shall be excluded,
and (ii) in the case of a Permitted Acquisition or a Material Acquisition, shall be included, (b) any retirement of Indebtedness
and (c) any Indebtedness incurred or assumed by the Borrower or any of its Subsidiaries, if such Indebtedness has a floating
or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by
utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination; provided,
that the foregoing pro forma adjustments may be applied to any such test or financial covenant solely to the extent that such adjustments
give effect to events that are (x) attributable to such transaction and (y) factually supportable in a manner reasonably
satisfactory to the Administrative Agent.

 

    	 	34	 

     

    

“Pro Rata
Share” means (a) with respect to the Revolving Credit Facility as of any date of determination, the proportion that a
Revolving Lender’s Revolving Commitment as of such date bears to the aggregate amount of Revolving Commitments of all of
the Revolving Lenders as of such date; provided, that if the Revolving Commitments have been terminated or have expired,
Pro Rata Share under the Revolving Credit Facility shall be determined based upon the Revolving Commitments most recently in effect,
giving effect to any assignment, (b) with respect to the Term Loan A-1 Facility as of any date of determination, (i) if any Term
Loan A-1 Commitments remain in effect, the proportion that a Term Loan A-1 Lender’s unused Term Loan A-1 Commitment bears
to the aggregate amount of Term Loan A-1 Commitments of all of the Term Loan A-1 Lenders as of such date or (ii) if the Term Loan
A-1 Commitments have been terminated or have expired, the proportion that the outstanding principal amount of a Term Loan A-1 Lender’s
Term Loan A-1 as of such date bears to the aggregate principal amount of all outstanding Term Loan A-1s as of such date, (c) with
respect to the Term Loan A-2 Facility as of any date of determination, (i) if any Term Loan A-2 Commitments remain in effect, the
proportion that a Term Loan A-2 Lender’s unused Term Loan A-2 Commitment bears to the aggregate amount of Term Loan A-2 Commitments
of all of the Term Loan A-2 Lenders as of such date or (ii) if the Term Loan A-2 Commitments have been terminated or have expired,
the proportion that the outstanding principal amount of a Term Loan A-2 Lender’s Term Loan A-2 as of such date bears to the
aggregate principal amount of all outstanding Term Loan A-2s as of such date and (d) with respect to each Tranche of any Incremental
Term Loan Facility as of any date of determination, (i) if any Incremental Term Loan Commitments remain in effect with respect
to such Tranche, the proportion that an Incremental Term Lender’s unused Incremental Term Loan Commitment with respect to
such Tranche bears to the aggregate amount of the Incremental Term Loan Commitments of all of the Incremental Term Loan Lenders
for such Tranche as of such date or (ii) if the Incremental Term Loan Commitments have been terminated or have expired with respect
to such Tranche, the proportion that the outstanding principal amount of an Incremental Term Loan Lender’s Incremental Term
Loan with respect to such Tranche as of such date bears to the aggregate principal amount of all outstanding Incremental Term Loans
for such Tranche as of such date.

 

“Properties”
has the meaning specified in Section 5.18(a).

 

“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.

 

“PUC”
means any state, provincial or other local public utility commission, local franchising authority, or similar regulatory agency
or body that exercises jurisdiction over the rates, terms or services or the ownership, construction or operation of any Communications
System (and its related facilities) or over Persons who own, construct or operate a Communications System, in each case by reason
of the nature or type of the services, operations or business subject to regulation and not pursuant to laws and regulations of
general applicability to Persons conducting business in any such jurisdiction.

 

    	 	35	 

     

    

“PUC Laws”
means all relevant statutes of any applicable state, rules, regulations, orders, directives and published policies of, and all
Laws administered by, any PUC asserting jurisdiction over any Loan Party or any Subsidiary of any Loan Party.

 

“Purchase
Money Security Interest” means any Lien upon tangible personal property securing loans to any Loan Party or Subsidiary
of any Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property.

 

“QFC Credit
Support” has the meaning specified in Section 11.20.

 

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

 

“Qualifying
Acquisition” means (i) a Permitted Acquisition, or (ii) to the extent that such acquisition has been consented to by
the Administrative Agent and the Required Lenders in accordance with the terms of this Agreement, a Material Acquisition, in the
case of each of clauses (i) and (ii) of this definition, with an aggregate purchase price (including earn-outs, deferred purchase
price or other similar payments or adjustments) equal to or in excess of $100,000,000.

 

“Real Estate
Deliverables” means, with respect to each Material Owned Real Property, all of the following (except to the extent all
or any portion of which is waived by the Administrative Agent in its sole discretion), each of which shall be in form and substance
reasonably acceptable to the Administrative Agent,

 

(a)               a
Mortgage;

 

(b)               a
legal description of each parcel of real property constituting such Material Owned Real Property, sufficient for recording;

 

(c)               an
ALTA title insurance policy or policies insuring the Administrative Agent, for the benefit of the Secured Parties (including such
endorsements as the Administrative Agent may reasonably require), insuring the Mortgage as a valid first priority Lien upon such
Material Owned Real Property, subject to Permitted Liens described in clauses (a), (c), (f), (g) and (p) of the
definition thereof and such other Permitted Liens or exceptions as are reasonably acceptable to the Administrative Agent;

 

(d)               appraisals,
zoning reports, and other customary third party inspections, applicable to such Material Owned Real Property;

 

(e)               an
environmental questionnaire with respect to such Material Owned Real Property and, if requested by the Administrative Agent, a
Phase I environmental audit and such other environmental information and audits as the Administrative Agent may reasonably request;

 

(f)                written
opinions of counsel for the applicable Loan Party covering such matters with respect to the Mortgages as may be reasonably requested
by the Administrative Agent;

 

    	 	36	 

     

    

(g)               evidence
that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist
in ensuring that each Lender is in compliance with the Flood Laws applicable to the Material Owned Real Property, including, but
not limited to:

 

    (i)                providing
the Administrative Agent with the address and/or GPS coordinates of each parcel or, if reasonably requested by the Administrative
Agent, each structure on any improved real property that will be subject to the Mortgage,

 

    (ii)               obtaining
or providing the following documents: (1) a completed standard “life-of-loan” flood hazard determination form,
(2) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the
Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage
under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate
in the NFIP and (3) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower
Notice, return receipt of certified U.S. Mail, or overnight delivery), and

 

    (iii)              to
the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to
such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent
as the Administrative Agent may reasonably request; and

 

(h)               such
other documents, instruments or agreements reasonably requested by the Administrative Agent in connection with granting and perfecting
a Prior Security Interest, on such Material Owned Real Property in favor of the Administrative Agent, for the ratable benefit
of the Secured Parties.

 

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

 

“Register”
has the meaning specified in Section 11.7(c).

 

“Reimbursement
Obligation” has the meaning specified in Section 2.9(c)(i).

 

“Related Agreements”
has the meaning specified in Section 12.3(a).

 

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

 

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

 

“Required
Lenders” means, at any time, Lenders (other than Defaulting Lenders but specifically including Voting Participants) having
Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders; provided, that:

 

		(a)	“Required Lenders” must include at least two Lenders other than CoBank or a Voting
Participant;

 

    	 	37	 

     

    

		(b)	with respect to any agreement, waiver or consent that by its terms would modify the interests,
rights or obligations of one Class of Lenders (but not of any other Class of Lenders), “Required Lenders” shall not
be subject to clause (a) above if such Class of Lenders consists of three or fewer Lenders; and

 

		(c)	other than any Total Credit Exposure voted by another Lender pursuant to an allocation of such
Total Credit Exposure to such Lender under Section 2.15 or otherwise, the Total Credit Exposure of any Defaulting Lender
shall be disregarded in determining Required Lenders at any time.

 

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

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interest of the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of
any such Equity Interest, or on account of any return of capital to the Borrower’s stockholders (or equivalent).

 

“Revolving
Commitment” means, as to any Revolving Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(A),
as such Commitment is thereafter assigned or modified and “Revolving Commitments” means the aggregate Revolving
Commitments of all of the Revolving Lenders. As of the Closing Date, the aggregate amount of the Revolving Commitments of all Revolving
Lenders is $100,000,000.

 

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

 

“Revolving
Credit Facility” means the Revolving Credit Facility established pursuant to Section 2.2.

 

“Revolving
Credit Facility Usage” means, at any time, the sum of the outstanding Revolving Loans, Swing Line Loans and Letter of
Credit Obligations.

 

“Revolving
Lender” means each Lender having a Revolving Commitment or who has funded or purchased all or a portion of a Revolving
Loan in accordance with the terms hereof.

 

“Revolving
Loans” means, collectively, and “Revolving Loan” means, separately, all Revolving Loans or any Revolving
Loan made by the Lenders or one of the Lenders to the Borrower pursuant to Section 2.2.

 

“Revolving
Note” means a promissory note of the Borrower substantially in the form of Exhibit F-1 hereto payable to
a Revolving Lender evidencing its Revolving Loans.

 

“Revolving
Overadvance” has the meaning specified in Section 2.13(a)(i).

 

“Sanctioned
Country” means, at any time, a country, territory or sector that is, or whose government is, the subject or target of
any Sanctions or that is, or whose government is, the subject of any list-based or territorial or sectorial Sanctions.

 

    	 	38	 

     

    

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by any
(i) Governmental Authority of the United States of America, Canada, the United Kingdom or any member of the European Union, (ii)
the United Nations Security Council, (iii) the European Union, (iv) any political subdivision of any of the foregoing or (v) any
other Governmental Authority having (or claiming to have) jurisdiction at such time over any of the following Persons or any of
their assets: any Loan Party, any Subsidiary or Affiliate of any Loan Party, any Secured Party, any Participant or any Subsidiary
or Affiliate of any Secured Party or Participant, (b) any Person operating, organized or resident in a Sanctioned Country, (c)
any Person that is otherwise subject to any Sanctions or (d) any Person, directly or indirectly, 50% or more in the aggregate owned
by, otherwise controlled by, or acting for the benefit or on behalf of, any Person or Persons described in clause (a), (b)
or (c) of this definition.

 

“Sanctions”
means any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any (i) Governmental
Authority of the United States of America, Canada, the United Kingdom or any member of the European Union, (ii) the United Nations
Security Council, (iii) the European Union, (iv) any political subdivision of any of the foregoing or (v) any other Governmental
Authority having (or claiming to have) jurisdiction at such time over any of the following Persons or any of their assets: any
Loan Party, any Subsidiary or Affiliate of any Loan Party, any Secured Party, any Participant or any Subsidiary or Affiliate of
any Secured Party or Participant.

 

“SEC”
means the Securities and Exchange Commission.

 

“Secured Bank
Product” means agreements or other arrangements entered into by a Lender or its Affiliate, on the one hand, and any Loan
Party, on the other hand, at the time such Lender is a party to this Agreement, under which any Lender or Affiliate of a Lender
provides any of the following products or services to any of the Loan Parties: (a) credit cards, (b) credit card processing services,
(c) debit cards, (d) purchase cards, (e) ACH transactions, (f) cash management, including controlled disbursement, accounts or
services or (g) foreign currency exchange, and shall include, without limitation, the CoBank Cash Management Agreement; provided,
that the foregoing shall not constitute a Secured Bank Product if at any time the applicable provider of such bank products or
services is not a Lender or an Affiliate of a Lender.

 

“Secured Hedge”
means an Interest Rate Hedge permitted under this Agreement (a) that is entered into by a Hedge Bank and (b) with respect to which
such Hedge Bank has provided evidence reasonably satisfactory to the Administrative Agent that (i) such Interest Rate Hedge is
documented in a standard International Swap Dealer Association Agreement, and (ii) such Interest Rate Hedge provides for the method
of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner; provided,
that the foregoing shall not constitute a Secured Hedge if at any time the applicable provider of such Interest Rate Hedge is not
a Lender or an Affiliate of a Lender.

 

“Secured Obligations”
means all Obligations and all Other Liabilities, but excluding all Excluded Swap Obligations.

 

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, each Issuing Lender, each Lender (or its Affiliate) that provides any
Secured Hedge for so long as such Lender remains a Lender hereunder, each Lender (or its Affiliate) that provides any Secured Bank
Product for so long as such Lender remains a Lender hereunder, each Related Party or co-agent or sub-agent appointed by the Administrative
Agent from time to time pursuant to Section 10.6, and, in each case, their respective successors and permitted assigns.

 

    	 	39	 

     

    

“Security
Agreement” means the Pledge and Security Agreement, executed and delivered on the Closing Date, by each of the Loan Parties
in favor of the Administrative Agent.

 

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

 

“Shenandoah
Cable” means Shenandoah Cable Television, LLC, a Virginia limited liability company.

 

“SOFR”
means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank
of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of
New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as
such by the administrator of the secured overnight financing rate from time to time).

 

“Solvency
Certificate” means the certificate of the Borrower delivered to the Administrative Agent on the Closing Date in the form
of Exhibit G hereto.

 

“Solvent”
means, with respect to any Person on any date of determination, that such Person, on a Consolidated basis with its respective Subsidiaries,
(a) owns and will own assets, the present fair value of which is greater than the total amount of liabilities, including, contingent
liabilities, of such Person and its Subsidiaries, (b) owns and will own assets, the present fair saleable value of which is
greater than the amount that will be required to pay the probable liabilities of the then existing debts and liabilities of such
Person and its Subsidiaries as they become absolute and matured considering all financing alternatives and potential asset sales
reasonably available to such Person and its Subsidiaries, (c) has capital that is not unreasonably small in relation to its
business as presently conducted or after giving effect to any contemplated transactions, (d) does not intend to, and does
not believe that it will, incur debts or liabilities beyond its ability to pay such debts and liabilities as they become due and
(e) has not incurred, and will not incur, any obligation under the Agreement or any other Loan Document and such Person and
its Subsidiaries have not made and will not make any conveyance pursuant to or in connection therewith, with actual intent to hinder,
delay or defraud either existing or future creditors of such Person or its Subsidiaries.

 

“Special Dividend”
means the dividend by the Borrower to its shareholders to be made on or within ninety (90) days after the Closing Date, in
an amount not to exceed $950,000,000.

 

“Standard
& Poor’s” means S&P Global Ratings, a division of S&P Global Inc., or any successor or assignee of
the business of such division in the business of rating securities and debt.

 

“Statutory
Reserve Rate” means, for the Interest Period for any LIBOR Rate Loan, a fraction (expressed as a decimal), the numerator
of which is the number one and the denominator of which is the number one minus the arithmetic mean, taken over each day in such
Interest Period, of the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding
(currently referred to as “Eurocurrency liabilities” in Regulation D of the Board). Such reserve percentages shall
include those imposed pursuant to such Regulation D. LIBOR Rate Loans shall be deemed to constitute eurocurrency funding and to
be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available
from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted
automatically on and as of the effective date of any change in any reserve percentage.

 

    	 	40	 

     

    

“Subsidiary”
of any Person at any time means any corporation, trust, partnership, any limited liability company or other business entity of
which more than 50% of the outstanding voting securities or other interests normally entitled to vote for the election of one or
more directors or trustees (regardless of any contingency that does or may suspend or dilute the voting rights) is at such time
owned, or the management of which is controlled, directly or indirectly through one or more intermediaries, or both, by such Person
or one or more of such Person’s Subsidiaries.

 

“Subsidiary
Equity Interests” has the meaning specified in Section 5.6.

 

“Supported
QFC” has the meaning specified in Section 11.20.

 

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

 

“Swing Line
Commitment” means, as to the Swing Line Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(A),
as such Commitment is thereafter assigned or modified. As of the Closing Date, the Swing Line Commitment of the Swing Line Lender
shall be $10,000,000.

 

“Swing Line
Facility” means the swing line facility established pursuant to Section 2.3.

 

“Swing Line
Lender” means CoBank, in its individual capacity as the provider of the Swing Line Commitment.

 

“Swing Line
Loans” means, collectively, and “Swing Line Loan” means, separately, all Swing Line Loans or any Swing
Line Loan made by the Swing Line Lender to the Borrower pursuant to Section 2.3.

 

“Swing Line
Note” means a promissory note of the Borrower substantially in the form of Exhibit F-2 hereto to the Swing
Line Lender evidencing the Swing Line Loans.

 

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

 

“T-Mobile
Asset Purchase Agreement” means that certain Asset Purchase Agreement dated as of May 28, 2021, by and between T-Mobile
USA, Inc., a Delaware corporation, and the Borrower.

 

“T-Mobile
Transition Services Assets” means those certain fleet assets (including vehicles and trailered generators) listed on
Section 2.2(n) of the disclosure schedules to the T-Mobile Asset Purchase Agreement.

 

“Tax Compliance
Certificate” means a tax certificate substantially in the form of Exhibit H hereto, prepared and delivered in
accordance with Section 3.2(g).

 

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

 

    	 	41	 

     

    

“Term Lender”
means each Term Loan A-1 Lender and each Term Loan A-2 Lender and “Term Lenders” means collectively all of the
Term Loan A-1 Lenders and all of the Term Loan A-2 Lenders.

 

“Term Loan
A-1” has the meaning specified in Section 2.1(a) and “Term Loan A-1s” means, collectively,
all of the Term Loan A-1s made by the Lenders pursuant to Section 2.1(a).

 

“Term Loan
A-1 Availability Period” means the period commencing on the Closing Date and ending on the Term Loan A-1 Termination
Date.

 

“Term Loan
A-1 Commitment” means, as to any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(A),
as such Commitment is thereafter assigned or modified and “Term Loan A-1 Commitments” means the aggregate Term
Loan A-1 Commitments of all of the Term Loan A-1 Lenders.

 

“Term Loan
A-1 Facility” means the multi-draw term loan facility established pursuant to Section 2.1(a).

 

“Term Loan
A-1 Lender” means each Lender having a Term Loan A-1 Commitment or holding a Term Loan A-1.

 

“Term Loan
A-1 Note” means a promissory note of the Borrower substantially in the form of Exhibit F-3 hereto payable
to a Term Loan A-1 Lender evidencing its Term Loan A-1.

 

“Term Loan
A-1 Termination Date” means the earliest of (a) the Business Day immediately preceding the second anniversary of the
Closing Date, (b) the date on which the Borrower elects in its sole discretion by written notice to the Administrative Agent to
terminate the remaining Term Loan A-1 Commitments and (c) the Maturity Date for the Term Loan A-1 Facility.

 

“Term Loan
A-2” has the meaning specified in Section 2.1(b) and “Term Loan A-2s” means, collectively,
all of the Term Loan A-2s made by the Lenders pursuant to Section 2.1(b).

 

“Term Loan
A-2 Availability Period” means the period commencing on the Closing Date and ending on the Term Loan A-2 Termination
Date.

 

“Term Loan
A-2 Commitment” means, as to any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(A),
as such Commitment is thereafter assigned or modified and “Term Loan A-2 Commitments” means the aggregate Term
Loan A-2 Commitments of all of the Term Loan A-2 Lenders.

 

“Term Loan
A-2 Facility” means the multi-draw term loan facility established pursuant to Section 2.1(b).

 

“Term Loan
A-2 Lender” means each Lender having a Term Loan A-2 Commitment or holding a Term Loan A-2.

 

“Term Loan
A-2 Note” means a promissory note of the Borrower substantially in the form of Exhibit F-4 hereto payable
to a Term Loan A-2 Lender evidencing its Term Loan A-2.

 

“Term Loan
A-2 Termination Date” means the earliest of (a) the Business Day immediately preceding the second anniversary of the
Closing Date, (b) the date on which the Borrower elects in its sole discretion by written notice to the Administrative Agent to
terminate the remaining Term Loan A-2 Commitments and (c) the Maturity Date for the Term Loan A-2 Facility.

 

    	 	42	 

     

    

“Term Loan
Commitments” means the Term Loan A-1 Commitments and the Term Loan A-2 Commitments.

 

“Term Loan
Termination Date” means each of the Term Loan A-1 Termination Date and the Term Loan A-2 Termination Date, as applicable.

 

“Term Loans”
means, collectively, all of the Term Loan A-1s and Term Loan A-2s.

 

“Term Overadvance”
has the meaning specified in Section 2.13(a)(ii).

 

“Term SOFR”
means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

“Term SOFR
Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term
SOFR Transition Event.

 

“Term SOFR
Transition Date” means, with respect to a Term SOFR Transition Event, the date that is 30 days (or such later date as
the Administrative Agent may specify in the Term SOFR Notice) after the date the Term SOFR Notice is provided by the Administrative
Agent to the Lenders and the Borrower pursuant to Section 3.7(f).

 

“Term SOFR
Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use
by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent,
and (c) a replacement of the LIBOR Rate has previously occurred in accordance with Section 3.7(a) resulting in a Benchmark
Replacement under clause (a) of the definition of Benchmark Replacement.

 

“Termination
Date” means the Business Day as of which all of the following shall have occurred: (a) all Commitments under this Agreement
have terminated, (b) all Secured Obligations have been paid in full in cash (other than (i) contingent indemnification obligations
as to which no claim has been made and (ii) obligations and liabilities with respect to any Secured Bank Product or Secured Hedge
as to which arrangements reasonably satisfactory to the applicable Secured Party have been made) and (c) all Letters of Credit
have terminated or expired (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements
with respect thereto satisfactory to the Issuing Lender shall have been made).

 

“Threshold
Amount” means as of any given date of determination, the greater of (a) $10,000,000 and (b) 10.0% of Consolidated
EBITDA determined on a Pro forma Basis as of the most recent four fiscal quarter period for which Consolidated financial statements
have been delivered.

 

“Total Credit
Exposure” means, as to any Lender at any time, the sum of such Lender’s unused Term Loan A-1 Commitment, unused
Term Loan A-2 Commitment, unused Incremental Term Loan Commitments, Revolving Credit Exposure, outstanding Term Loans and outstanding
Incremental Term Loans.

 

“Total Debt”
means, as of any date of determination, the aggregate principal amount of all Indebtedness (other than the net termination obligations
of such Person under any Hedge Agreement, calculated as of any date as if such agreement or arrangement were terminated as of such
date and, to the extent related to or supporting such net termination obligations, as described in clauses (k), (l)
and (m) of the definition of Indebtedness), in each case of the Borrower on a Consolidated basis.

 

    	 	43	 

     

    

“Total Net
Leverage Ratio” means, as of any date of determination, the ratio of (a) Total Debt on such date minus the Unrestricted
Cash Amount to (b) Consolidated EBITDA for the most recently completed four fiscal quarters for which financial statements
are available.

 

“Trade Date”
has the meaning specified in Section 11.7(b)(i)(B).

 

“Tranche”
means, with respect to any Incremental Term Loan Facility, all Incremental Term Loans made on the same date pursuant to the terms
of the same Notice of Incremental Term Loan Borrowing and Incremental Term Loan Funding Agreement.

 

“Transition
Services Agreement” means that certain Transition Services Agreement dated as of the Closing Date, by and between T-Mobile
USA, Inc., a Delaware corporation, and the Borrower.

 

“UCC”
means the Uniform Commercial Code as the same may be in effect from time to time in the State of New York; provided, that
if, by reason of applicable Law, the validity or perfection of any security interest in any Collateral granted under the Loan Documents
is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, then as to the validity or perfection,
as the case may be, of such security interest “Uniform Commercial Code” means the Uniform Commercial Code as in effect
from time to time in such other jurisdictions.

 

“UCP”
has the meaning specified in Section 2.9(j).

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time)
promulgated by the United Kingdom Prudential Regulations 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 certain 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.

 

“Unrestricted
Cash Amount” means, as of any date of determination, the amount of cash and Cash Equivalents of the Borrower and its
Subsidiaries on deposit in Controlled Accounts in an amount not to exceed $75,000,000.

 

“Unused Commitment Fee”
has the meaning specified in Section 2.7(a).

 

“U.S. Person” means any
Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Special Resolution Regimes”
has the meaning specified in Section 11.20.

 

“USA Patriot Act” means
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107-56.

 

“Voting Participant”
has the meaning specified in Section 11.7(d).

 

“Voting Participant
Notice” has the meaning specified in Section 11.7(d).

 

    	 	44	 

     

    

“Withholding
Agent” means (a) the Borrower or any other Loan Party and (b) the Administrative Agent.

 

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

 

1.2              
Construction. Unless the context of this Agreement otherwise clearly requires, the following rules of construction
shall apply to this Agreement and each of the other Loan Documents: (a) references to the plural include the singular, the
plural, the part and the whole; (b) the words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”; (c) the words “hereof,”
“herein,” “hereunder,” “hereto” and similar terms in this Agreement or
any other Loan Document refer to this Agreement or such other Loan Document as a whole; (d) article, section, subsection, clause,
schedule and exhibit references are to this Agreement or other Loan Document, as the case may be, unless otherwise specified; (e)
reference to any Person includes such Person’s successors and assigns; (f) reference to any agreement, including this Agreement
and any other Loan Document together with the schedules and exhibits hereto or thereto, document or instrument means such agreement,
document or instrument as amended, extended, modified, supplemented, replaced, substituted for, superseded, renewed, refinanced,
refunded, reaffirmed or restated at any time and from time to time; (g) relative to the determination of any period of time,
“from” means “from and including,” “to” means “to but excluding,”
and “through” means “through and including”; (h) 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; (i) section headings herein and in each other
Loan Document are included for convenience and shall not affect the interpretation of this Agreement or such Loan Document; (j)
any pronoun shall include the corresponding masculine, feminine and neuter terms; (k) reference to any Law shall refer to such
Law as amended, modified, supplemented, renewed, or extended from time to time and to any successor or replacement Law promulgated
thereunder or substantially related thereto; (l) reference to any Governmental Authority includes any similar or successor Governmental
Authority; (m) the word “will” shall be construed to have the same meaning and effect as the word “shall”;
and (n) unless otherwise specified, all references herein to times of day shall be references to Denver, Colorado time. The parties
hereto each acknowledge that each of them has had the benefit of legal counsel of its own choice, that each of them has been afforded
an opportunity to review this Agreement and the other Loan Documents with its legal counsel, and that this Agreement and the other
Loan Documents shall be constructed as if jointly drafted by the Administrative Agent and each Loan Party.

 

1.3              
Accounting Principles. Except as otherwise provided in this Agreement, all computations and determinations
as to accounting or financial matters (including financial ratios and other financial covenants) and all financial statements to
be delivered pursuant to this Agreement shall be made and prepared in accordance with GAAP (including principles of consolidation
where appropriate), applied on a consistent basis and, except as expressly provided herein, in a manner consistent with that used
in preparing audited financial statements in accordance with Section 6.1(b) and all accounting or financial terms have the
meanings ascribed to such terms by GAAP; provided, however, that all accounting terms used in Article VIII
(and all defined terms used in the definition of any accounting term used in Article VIII) have the meaning given to
such terms (and defined terms) under GAAP as in effect on the Closing Date applied on a basis consistent with those used in preparing
the financial statements referred to in Section 5.10. In the event of any change after the Closing Date in GAAP or in the
application of GAAP, and if such change would affect the computation of any of the financial covenants set forth in Article VIII
or compliance with Sections 7.1 or 7.4, then the parties hereto agree to endeavor, in good faith, to agree upon an
amendment to this Agreement that would adjust such financial covenants or such Sections in a manner that would preserve the original
intent thereof, but would allow compliance therewith to be determined in accordance with the Borrower’s financial statements
at that time; provided, that until so amended such financial covenants and such Sections shall continue to be computed in
accordance with GAAP prior to such change therein or the application thereof. Notwithstanding the foregoing, (a) for purposes of
determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of
any Loan Party and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the
effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded; and (b) all terms of an accounting or
financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without
giving effect to any change in accounting for leases pursuant to GAAP resulting from the implementation of Financial Accounting
Standards Board ASU No. 2016-02, Leases (Topic 842), to the extent such adoption would require treating any lease (or similar arrangement
conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so
treated under GAAP as in effect on December 31, 2015.

 

    	 	45	 

     

    

1.4              
Rounding. Any financial ratios required to be maintained pursuant to this Agreement shall be calculated by
dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which
such ratio or percentage is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there
is no nearest number).

 

1.5               
Letter of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit
at any time shall be deemed to mean the maximum face amount of such Letter of Credit after giving effect to all increases thereof
contemplated by such Letter of Credit or the Letter of Credit Request therefor (at the time specified therefor in such applicable
Letter of Credit or Letter of Credit Request and as such amount may be reduced by (a) any permanent reduction of such Letter
of Credit or (b) any amount which is drawn, reimbursed and no longer available under such Letter of Credit).

 

1.6               
Covenant Compliance Generally. For purposes of determining compliance under Article VIII, any amount
in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in calculating Consolidated
net income in the most recent annual financial statements of Borrower and its Subsidiaries delivered pursuant to Section 6.1(b).
Notwithstanding the foregoing, for purposes of determining compliance with Article VII, with respect to any covenant with
respect to the amount of Indebtedness or investment in a currency other than Dollars, no breach of any basket contained therein
shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness
or investment is incurred; provided, that for the avoidance of doubt, the result of any changes in rates of exchange occurring
after the time such Indebtedness or investment is incurred shall otherwise apply in all other cases, including determining whether
any additional Indebtedness or investment may be incurred at any time in accordance with Article VII and for purposes of
calculating financial ratios in accordance with Article VIII.

 

1.7               
Administration of Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the
Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates
in the definition of “LIBOR Rate” or with respect to any comparable or successor rate thereto.

 

    	 	46	 

     

    

1.8               
Holidays. Whenever payment of a Loan shall be due on a day that is not a Business Day such payment shall be
due on the next Business Day (except as provided in Section 2.5) and such extension of time shall be included in computing
interest and fees, except that the Loans and all other amounts hereunder shall be due on the Business Day preceding the Maturity
Date if the Maturity Date is not a Business Day. Whenever any other payment or action to be made or taken hereunder (other than
payment of the Loans) shall be stated to be due on a day that is not a Business Day, such other payment or action shall be made
or taken on the next following Business Day, and such extension of time shall not be included in computing interest or fees, if
any, in connection with such payment or action.

 

1.9              
UCC Terms. Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall,
unless the context otherwise indicates, have the meanings provided by those definitions; provided, that to the extent the
UCC is revised subsequent to the Closing Date such that the definition of any of the terms included in the description of Collateral
in any Loan Document is changed, the parties hereto desire that any property which is included in such changed definitions which
would not otherwise be included in such grant, be included in such grant immediately upon the effective date of such revision,
to the extent a security interest in such personal property may be granted under such revised UCC (and, to the extent effective
under applicable Law, such security interest will attach immediately without further action). Subject to the foregoing, the term
“UCC” refers, as of any date of determination, to the UCC then in effect.

 

1.10             
Delaware Divisions. For all purposes under the Loan Documents, in connection with any Division or plan of
Division: (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a
different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if
any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence
by the holders of its Equity Interests at such time.

 

II.                
CREDIT FACILITIES

 

2.1               
Term Loans.

 

    (a)               
Term Loan A-1. Subject to the terms and conditions hereof, and relying upon the representations and warranties of
the Loan Parties set forth herein and in the other Loan Documents, each Term Loan A-1 Lender severally agrees to make one or more
term loans (each, a “Term Loan A-1”) to the Borrower from time to time during the Term Loan A-1 Availability
Period in such principal amounts as the Borrower shall request. Each Term Loan A-1 of a Term Loan A-1 Lender shall be in an amount
equal to such Term Loan A-1 Lender’s Pro Rata Share of the principal amount of such Term Loan A-1 requested by the Borrower;
provided, that the aggregate amount of all Term Loan A-1s made by the Term Loan A-1 Lenders hereunder shall not exceed the
Term Loan A-1 Commitments.

 

    (b)               
Term Loan A-2. Subject to the terms and conditions hereof, and relying upon the representations and warranties of
the Loan Parties set forth herein and in the other Loan Documents, each Term Loan A-2 Lender severally agrees to make one or more
term loans (each, a “Term Loan A-2”) to the Borrower from time to time during the Term Loan A-2 Availability
Period in such principal amounts as the Borrower shall request. Each Term Loan A-2 of a Term Loan A-2 Lender shall be in an amount
equal to such Term Loan A-2 Lender’s Pro Rata Share of the principal amount of such Term Loan A-2 requested by the Borrower;
provided, that the aggregate amount of all Term Loan A-2s made by the Term Loan A-2 Lenders hereunder shall not exceed the
Term Loan A-2 Commitments.

 

    	 	47	 

     

    

    (c)               
Term Loan Requests. The Borrower shall request the Term Lenders to make the Term Loans by delivering to the Administrative
Agent, not later than 11:00 a.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to LIBOR Rate
Loans and (ii) one (1) Business Day prior to the proposed Borrowing Date with respect to Base Rate Loans, a duly completed
Loan Request. Each such Loan Request shall be irrevocable and shall specify the aggregate amount of the proposed Term Loans comprising
each Borrowing, and, if applicable, the Interest Period, which amounts shall be in (x) integral multiples of $5,000,000 and
not less than $20,000,000 for each Borrowing under the LIBOR Rate Option, and (y) integral multiples of $5,000,000 and not less
than $20,000,000 for each Borrowing under the Base Rate Option. Each Borrowing of Term Loans shall be shared pro rata between the
Term Loan A-1 Facility and the Term Loan A-2 Facility. The Borrower shall make no more than ten (10) requests for Term Loans during
the term of this Agreement.

 

    (d)               
Nature of Lenders’ Obligations with Respect to Term Loans. The failure of any Term Lender to make a Term Loan
shall not relieve any other Term Lender of its obligations to make a Term Loan nor shall it impose any additional liability on
any other Lender hereunder. The Term Lenders shall have no obligation to make the Term Loans after the applicable Term Loan Termination
Date. The Term Loan Commitments are not revolving commitments, and the Borrower shall not have the right to repay and reborrow
the Term Loans under Section 2.1.

 

    (e)               
Repayment of Term Loan A-1. In addition to any prepayments or repayments made pursuant to Sections 2.12 and
2.13, the Borrower shall repay the aggregate outstanding principal balance of the Term Loan A-1s in quarterly principal
payments on the last day of each calendar quarter in accordance with the schedule set forth below:

 

	Date	Quarterly Principal Payment
	Closing Date through July 1, 2023 	0.00% per quarter
	September 30, 2023 through June 30, 2024	0.625% per quarter
	September 30, 2024 and thereafter 	1.250% per quarter

 

Notwithstanding anything herein to the
contrary, the entire outstanding principal balance of the Term Loan A-1s shall be due and payable in full in cash on the Maturity
Date with respect to the Term Loan A-1 Facility.

 

    (f)                 Repayment
of Term Loan A-2. In addition to any prepayments or repayments made pursuant to Sections 2.12 and 2.13, the
Borrower shall repay the aggregate outstanding principal balance of the Term Loan A-2s in quarterly installments commencing on
September 30, 2023 and on the last day of each calendar quarter thereafter in an amount equal to 0.25% of the outstanding principal
amount of the Term Loan A-2s outstanding on the Term Loan A-2 Termination Date. Notwithstanding anything herein to the contrary,
the entire outstanding principal balance of the Term Loan A-2s shall be due and payable in full in cash on the Maturity Date with
respect to the Term Loan A-2 Facility.

 

    (g)               
Incremental Term Loans.

 

(i)                After
the Closing Date, the Borrower may from time to time request that additional term loans be made to it in accordance with this
Section 2.1(g) (each, an “Incremental Term Loan”) by delivering a Notice of Incremental Term Loan Borrowing
to the Administrative Agent, specifying (subject to the restrictions set forth in this Section 2.1(g)) therein (A) the
amount of the Tranche of Incremental Term Loans requested (which Tranche shall be in a minimum principal amount equal to the lesser
of (x) $20,000,000 and (y) the then current Incremental Amount, and, subject to the first sentence of Section 2.1(g)(iii),
in integral multiples of $1,000,000 in excess thereof), (B) the requested advance date of the proposed Incremental Term Loans
comprising such Tranche (which shall be not less than ten (10) days from the date of delivery of the Notice of Incremental Term
Loan Borrowing (or such shorter period of time as to which the Administrative Agent may agree in its sole discretion)), (C) the
Interest Rate Option(s) and the Applicable Margin to be applicable to the Incremental Term Loans in such Tranche, (D) the amortization
for all Incremental Term Loans in such Tranche and (E) the amount of any upfront or closing fees to be paid by the Borrower to
the Lenders funding the Tranche of Incremental Term Loans requested. Subject to the last sentence in Section 2.1(g)(v),
each Notice of Incremental Term Loan Borrowing delivered by the Borrower shall be irrevocable and shall be binding upon all Loan
Parties.

 

    	 	48	 

     

    

(ii)               At
the time of delivery of each Notice of Incremental Term Loan Borrowing, the Borrower shall also deliver to the Administrative
Agent a certificate of a Financial Officer of the Borrower certifying (A) that no Default or Event of Default then exists or would
be caused thereby; provided, that if the proceeds of such Tranche of Incremental
Term Loans shall be used to consummate a Permitted Acquisition, this clause (A)
shall be tested as provided in clause (iii) of the definition of Permitted Acquisition,
(B) that, both before and after giving effect to a Borrowing of such Tranche of Incremental Term Loans, the Borrower shall
be in compliance with the covenants set forth in Article VIII on a Pro forma Basis as of the most recent four fiscal quarter
period for which Consolidated financial statements have been delivered (and showing the calculations thereof); provided,
that if the proceeds of such Tranche of Incremental Term Loans shall be used to consummate a Permitted Acquisition,
this clause (B) shall be tested as provided in clause (vii) of the definition of Permitted Acquisition,
and (C) the representations and warranties of each Loan Party set forth in Article V of the Credit Agreement are
true and correct in all material respects and will be true and correct in all material respects (unless any such representation
or warranty is qualified as to materiality or a Material Adverse Effect, in which case such representation and warranty shall
be true and correct in all respects) on the date of the proposed Borrowing of such Tranche of Incremental Term Loans, before and
after giving effect to such Borrowing and to the application of the proceeds therefrom, as though made on and as of such date,
other than any such representations or warranties that specifically refer to a date other than the date of such Borrowing; provided,
that if the proceeds of such Tranche of Incremental Term Loans shall be used to consummate a Permitted Acquisition, this
clause (C) may be modified or otherwise waived in whole or in part in a manner determined by the Borrower and the Lenders
providing such Tranche of Incremental Term Loans (including by requiring that clause (C) be tested as of the time such
Loan Party entered into such Limited Conditionality Purchase Agreement).

 

(iii)              The
sum of (A) all aggregate outstanding principal amounts of all Tranches of Incremental Term Loans and (B) all unused Incremental
Term Loan Commitments of all Tranches of Incremental Term Loans shall not exceed at any time the then current Incremental Amount.
Repayments or prepayments of the principal of any Incremental Term Loans may not be reborrowed. Each Tranche of Incremental Term
Loans shall bear interest at the Alternate Base Rate or the Adjusted LIBOR Rate plus the Applicable Margin as is set forth
in the Notice of Incremental Term Loan Borrowing related to such Tranche, and shall be subject to the amortization set forth in
the applicable Notice of Incremental Term Loan Borrowing relating to such Tranche, provided, however, that to the
extent that the Applicable Margins for Base Rate Loans or LIBOR Rate Loans under any Tranche of Incremental Term Loans exceed
by more than 0.50% the Applicable Margins for the existing Term Loan A-2 Facility, determined as of the initial funding date of
such Tranche of Incremental Term Loans, the Applicable Margins for the existing Term Loans shall be increased so that the Applicable
Margins for such Tranche of Incremental Term Loans and the existing Term Loan A-2 are equal, and so that the Applicable Margins
for the existing Term Loan A-1 are 0.50% lower than the Applicable Margins for such Tranche of Incremental Term Loans and the
existing Term Loan A-2. The final maturity date of any Tranche of Incremental Term Loans shall be no earlier than the Maturity
Date with respect to the Term Loan A-1 Facility; provided, that if the Maturity
Date with respect to the Term Loan A-2 Facility is equal to or less than five (5) years from the initial funding date of such
Tranche of Incremental Term Loans, the final maturity date of such Tranche of Incremental Term Loans shall also be no earlier
than the Maturity Date with respect to the Term Loan A-2 Facility. The weighted average life of any Tranche of Incremental Term
Loans shall be equal to or greater than the weighted average life of the Term Loan A-1 Facility, determined as of the initial
funding date of such Tranche of Incremental Term Loans; provided, that if
the Maturity Date with respect to the Term Loan A-2 Facility is equal to or less than five (5) years from the initial funding
date of such Tranche of Incremental Term Loans, the final average weighted life of such Tranche of Incremental Term Loans shall
also be no earlier than the average weighted life with respect to the Term Loan A-2 Facility. Any covenant or Event of Default
applicable to any Tranche of Incremental Term Loans (other than those applicable solely after the Maturity Date with respect to
the Term Loan A-2) that is more restrictive than the equivalent covenant or Event of Default set forth in this Agreement shall
be deemed to be applicable to all Loans hereunder. All Incremental Term Loans shall for all purposes be Obligations hereunder
and under the Loan Documents.

 

    	 	49	 

     

    

(iv)              Upon
receipt of a request for a Tranche of Incremental Term Loans from the Borrower, the Administrative Agent shall, in consultation
with the Borrower, offer one or more Term Lenders, other Lenders or new lenders that are Eligible Assignees, and, with the prior
written consent of the Borrower, other new lenders that are not Eligible Assignees, the opportunity, in such amounts as the Administrative
Agent, in consultation with the Borrower, shall determine, to participate in the requested Tranche of Incremental Term Loans.
Each Term Lender, other Lender or new lender that fails to respond to such a notice in writing in a form acceptable to the Administrative
Agent within the period of time provided therein shall be deemed to have elected not to participate in such Tranche of Incremental
Term Loans. No Lender or new lender shall have any obligation to fund any Incremental Term Loan, and any decision by a Lender
or new lender to fund any Incremental Term Loan shall be made in its sole discretion independently from any other Lender or new
lender.

 

(v)               If
in response to the offer to participate in such Tranche made by the Administrative Agent pursuant to clause (iv) above,
the Administrative Agent receives commitments from Lenders and/or from any other Person that (A) qualifies as an Eligible Assignee
and is reasonably acceptable to the Borrower and the Administrative Agent and (B) has agreed to become a Lender in respect of
all or a portion of such Tranche of Incremental Term Loans (an “Additional Incremental Term Lender”), in excess
of the requested Tranche of Incremental Term Loans, the Administrative Agent shall have the right, in its sole discretion but
with the consent of the Borrower, to reduce and reallocate (within the minimum and maximum amounts specified by each such Lender
or Additional Incremental Term Lender in its notice to the Administrative Agent) the shares of the Incremental Term Loans of the
Lenders or Additional Incremental Term Lenders willing to fund (or commit to fund) such Tranche of Incremental Term Loans so that
the total committed Incremental Term Loans equal the requested Tranche of Incremental Term Loans. If the Administrative Agent
does not receive commitments from Lenders or Additional Incremental Term Lenders in an amount sufficient to fund the requested
Tranche of Incremental Term Loans, the Administrative Agent shall so notify Borrower and the request for such Tranche of Incremental
Term Loans shall be deemed automatically rescinded; provided, that the Borrower may submit a replacement Notice of Incremental
Term Loan Borrowing setting forth different terms for the requested Incremental Term Loan (which replacement shall not be deemed
a new request for an Incremental Term Loan for purposes of Section 2.1(g)(ix)).

 

    	 	50	 

     

    

(vi)              Any
Incremental Term Loan Funding Agreement shall become effective upon the receipt by the Administrative Agent of an agreement in
form and substance reasonably satisfactory to the Administrative Agent and the Borrower signed by each Loan Party, by each Additional
Incremental Term Lender and by each existing Lender who has agreed to fund such Tranche of Incremental Term Loans, setting forth
the new Tranche of Incremental Term Loans of such Lenders and setting forth the agreement of each Additional Incremental Term
Lender to become a party to this Agreement as a Lender and to be bound by all the terms and provisions hereof, together with officer’s
certificates and ratification agreements executed by each Loan Party and such evidence of satisfaction of all conditions set forth
in Section 4.2 (subject to the provisos of Section 2.1(g)(ii)(A), (B) and (C)), appropriate corporate
authorization on the part of each Loan Party with respect to the requested Tranche of Incremental Term Loans, amendments to any
other Loan Documents reasonably requested by the Administrative Agent in relation to the requested Tranche of Incremental Term
Loans (which amendments to the Loan Documents (other than this Agreement) the Administrative Agent is hereby authorized to execute
on behalf of the Lenders), updates or endorsements to policies of title insurance, flood hazard determination certificates (and,
if applicable, evidence of flood insurance) with respect to each parcel of property subject to a Mortgage, the results of lien
searches from applicable jurisdictions, and such opinions of counsel for the Loan Parties with respect to the requested Tranche
of Incremental Term Loans and other assurances as the Administrative Agent may reasonably request.

 

(vii)             In
addition to any prepayments or repayments made pursuant to Sections 2.12 and 2.13, the principal of the Incremental
Term Loans of each Tranche shall be repaid on such dates and in such amounts as may be set forth in the Notice of Incremental
Term Loan Borrowing for such Tranche, to be applied to the unpaid principal amount of the Incremental Term Loans for such Tranche
for which such payment relates. Notwithstanding anything herein to the contrary, the entire outstanding principal balance of all
Tranches of Incremental Term Loans shall be due and payable in full in cash on the Maturity Date as specified in clause (d)
of the definition thereof.

 

(viii)            The
Administrative Agent shall record relevant information regarding each Tranche of Incremental Term Loans (including information
with respect to Additional Incremental Term Lenders) in the Register in accordance with Section 11.7(c); provided,
however, that failure to make any such recordation, or any error in such recordation, shall not affect the Borrower’s
obligations in respect of any Incremental Term Loan Commitment or Incremental Term Loan.

 

(ix)              The
Borrower may request no more than five (5) Incremental Term Loans.

 

2.2              
Revolving Loans.

 

    (a)               
Revolving Loan Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties
of the Loan Parties set forth herein and in the other Loan Documents, each Revolving Lender severally agrees to make Revolving
Loans to the Borrower at any time and from time to time on or after the Closing Date (by the time and in the manner specified in
Section 2.6(a)) to, but not including, the Maturity Date with respect to the Revolving Credit Facility; provided,
that after giving effect to each such Revolving Loan (i) such Revolving Lender’s Available Revolving Commitment shall not
be less than $0 and (ii) the Revolving Credit Facility Usage shall not exceed the Revolving Commitments. Within such limits of
time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to
this Section 2.2.

 

    (b)               
Revolving Loan Requests. Except as otherwise provided herein, the Borrower may from time to time prior to the Maturity
Date with respect to the Revolving Credit Facility request the Revolving Lenders to make Revolving Loans by delivering to the Administrative
Agent, not later than 11:00 a.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to LIBOR Rate
Loans, and (ii) one (1) Business Day prior to the proposed Borrowing Date with respect to Base Rate Loans, a duly completed
Loan Request. Other than a Loan Request with respect to Revolving Loans to be drawn on the expected Closing Date which may be subject
to the occurrence of the Closing Date, each Loan Request shall be irrevocable and shall specify the aggregate amount of the proposed
Revolving Loans comprising each Borrowing, and, if applicable, the Interest Period applicable thereto, which amounts shall be in
(x) integral multiples of $500,000 and not less than $1,000,000 for each Borrowing under the LIBOR Rate Option, and (y) integral
multiples of $500,000 and not less than $500,000 for each Borrowing under the Base Rate Option. For the avoidance of doubt, the
revocation of a Loan Request with respect to LIBOR Rate Loans because of the failure of the Closing Date to occur shall not relieve
the Borrower of its obligations under Section 3.5, Section 11.3 or otherwise.

 

    	 	51	 

     

    

    (c)               
Nature of Lenders’ Obligations with Respect to Revolving Loans. Each Revolving Lender shall be obligated to
participate in each request for Revolving Loans pursuant to this Section 2.2 in accordance with its Pro Rata Share.
The obligations of each Revolving Lender hereunder are several. The failure of any Revolving Lender to perform its obligations
hereunder shall not affect the Obligations of the Borrower to any other party nor shall any other party be liable for the failure
of such Revolving Lender to perform its obligations hereunder. Other than Revolving Loans in repayment of Swing Line Loans in accordance
with Section 2.3(e) and Reimbursement Obligations in accordance with Section 2.9(c), the Revolving Lenders shall
have no obligation to make Revolving Loans at any time on or after the Maturity Date with respect to the Revolving Credit Facility.

 

    (d)               
Repayment of Revolving Loans. Notwithstanding anything herein or in any other Loan Document to the contrary, the
Borrower shall repay the entire outstanding principal amount of Revolving Loans, together with all outstanding interest thereon
and unpaid fees with respect thereto, on the Maturity Date with respect to the Revolving Credit Facility.

 

2.3              
Swing Line Loans.

 

     (a)               
Swing Line Commitments. Subject to the terms and conditions hereof and relying upon the agreements of the Revolving
Lenders set forth in this Section 2.3, the Swing Line Lender shall make Swing Line Loans to the Borrower at any time or
from time to time after the Closing Date to, but not including, the Maturity Date with respect to the Revolving Credit Facility;
provided, that after giving effect to any such Swing Line Loan, (i) the aggregate amount of Swing Line Loans shall not exceed
the Swing Line Commitment and (ii) the Revolving Credit Facility Usage shall not exceed the Revolving Commitments. Each request
by the Borrower for a Swing Line Loan shall be deemed to be a representation by the Borrower that it is in compliance with the
proviso at the end of the preceding sentence and with Section 4.2 after giving effect to the requested Swing Line Loan.
Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and
reborrow Swing Line Loans in accordance with this Section 2.3. Unless the CoBank Cash Management Agreement is in effect
and the Borrower has elected (without modification) pursuant to its rule set instructions or similar document to have its accounts
that are subject to the CoBank Cash Management Agreement settle against the Swing Line Loan, the Borrower shall not use the proceeds
of any Swing Line Loan to refinance any outstanding Swing Line Loan. If at any time the aggregate principal balance of the Swing
Line Loans then outstanding exceeds the Swing Line Commitment, the Borrower shall be deemed to have requested the Revolving Lenders
to make Revolving Loans in the amount of the difference in the manner and pursuant to the terms of Section 2.2(b).

 

     (b)               
Cash Management Arrangements. The Borrower and the Swing Line Lender may enter into a cash management agreement (including
the CoBank Cash Management Agreement) providing for the automatic advance by the Swing Line Lender of Swing Line Loans under the
conditions set forth in such agreement, which conditions shall be in addition to the conditions set forth herein and which shall
be in form and substance reasonably acceptable to the Administrative Agent.

 

    	 	52	 

     

    

     (c)               
Swing Line Loan Requests. Except as otherwise provided herein, the Borrower may from time to time after the Closing
Date and prior to the Maturity Date with respect to the Revolving Credit Facility request that the Swing Line Lender make Swing
Line Loans by delivering to the Swing Line Lender (with a copy to the Administrative Agent) not later than 12:00 Noon (or such
later time as the applicable cash management agreement, if any, may permit or otherwise as the Swing Line Lender in its sole discretion
may agree) on the proposed Borrowing Date of a duly completed and executed Loan Request, by telephonic request promptly followed
by a duly completed and executed Loan Request, or by such other method of request as may be provided for in any applicable cash
management agreement. Each such request shall be irrevocable and shall specify the proposed Borrowing Date and the principal amount
of such Swing Line Loan. Minimum borrowing amounts shall not apply to Swing Line Loans, except as provided for in any applicable
cash management agreement. Promptly after receipt of any such request for a Swing Line Loan, the Swing Line Lender will confirm
with the Administrative Agent that the Administrative Agent received a copy of the same and, if not, provide the Administrative
Agent with information regarding the requested Swing Line Loan.

 

     (d)               
Making Swing Line Loans. So long as the Swing Line Lender has not received timely telephonic or written notice from
the Administrative Agent that one or more conditions precedent to the making of a Credit Extension under Section 4.2 have
not been satisfied, the Swing Line Lender, after receipt by it of a Loan Request in accordance with Section 2.3(c),
shall fund such Swing Line Loan to the Borrower in Dollars and immediately available funds at the Principal Office prior to 2:00
p.m. or as otherwise agreed in any applicable cash management agreement on the Borrowing Date; provided, that at any time
that the CoBank Cash Management Agreement is in effect, the Swing Line Lender may waive, in its sole discretion, any one or more
of the conditions precedent in Section 4.2 with respect to the making of any Swing Line Loan.

 

     (e)               
Borrowings to Repay Swing Line Loans. The Swing Line Lender may, at its option, exercisable at any time for any reason
whatsoever, request that the Administrative Agent demand repayment of the Swing Line Loans. Upon such request, the Administrative
Agent shall demand repayment of the Swing Line Loans, and each Revolving Lender shall make a Revolving Loan in an amount equal
to such Lender’s Pro Rata Share of the aggregate principal amount of the outstanding Swing Line Loans, plus, if the
Swing Line Lender has so requested, accrued interest thereon; provided, that no Revolving Lender shall be obligated in any
event to make Revolving Loans in excess of its Available Revolving Commitment. Revolving Loans made pursuant to the preceding sentence
shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.2(b)
without regard to any of the requirements of that provision. Each Revolving Lender acknowledges and agrees that its obligations
to fund Swing Line Loans pursuant to this Section 2.3(e) and to acquire participations pursuant to Section 2.3(f)
in respect of Swing Line Loans are absolute and unconditional and shall not be affected by any circumstance whatsoever, including
the occurrence and continuance of a Default or an Event of Default or any failure by the Borrower to satisfy any of the conditions
set forth in Section 4.2. The Administrative Agent shall provide notice to the Revolving Lenders that such Revolving Loans
are to be made under this Section 2.3 and of the apportionment among the Revolving Lenders, and the Revolving Lenders
shall be unconditionally obligated to fund such Revolving Loans (whether or not the conditions specified in Section 2.2(b)
are then satisfied) by the time requested by the Swing Line Lender and designated in such notice from the Administrative Agent,
which shall not be earlier than 2:00 p.m. on the Business Day next after the date the Revolving Lenders receive such notice from
the Administrative Agent.

 

    	 	53	 

     

    

     (f)                
Risk Participations in Swing Line Loans. Immediately upon the making of each Swing Line Loan, each Revolving Lender
shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender, without recourse
or warranty, an undivided interest and participation in such Swing Line Loan in an amount equal to such Revolving Lender’s
Pro Rata Share of the principal amount of such Swing Line Loan, and such interest and participation may be recovered from such
Revolving Lender together with interest thereon at the Alternate Base Rate for each day during the period commencing on the date
of demand and ending on the date such amount is received (subject to the limitation in Section 2.3(e) that no Revolving
Lender shall be obligated in any event to make Revolving Loans in excess of its Available Revolving Commitment).

 

     (g)               
Repayment of Swing Line Loans. On the Maturity Date with respect to the Revolving Credit Facility, if not sooner
demanded, the Borrower shall repay in full the outstanding principal amount of the Swing Line Loans, together will all accrued
and unpaid interest and any applicable fees.

 

2.4              
Interest Rate Provisions. The Borrower shall pay interest in respect of the outstanding unpaid principal amount
of the Base Rate Loans and LIBOR Rate Loans, it being understood that, subject to the provisions of this Agreement, the Borrower
may select different Interest Rate Options and different Interest Periods to apply to different Borrowings at any time outstanding
and may convert to or renew one or more Interest Rate Options with respect to all or any portion of any Borrowing (subject to minimum
amounts set forth in Section 2.2(b) with respect to Revolving Loans or the applicable Incremental Term Loan Funding Agreement,
or with respect to Term Loans subject to being in integral multiples of $1,000,000); provided,
that there shall not be at any one time outstanding more than ten (10) Borrowings of LIBOR Rate Loans; provided,
further, that if an Event of Default has occurred and is continuing, the Borrower may not request, convert to, or renew
any LIBOR Rate Loans. If at any time the designated rate applicable to any Loan made by any Lender exceeds the Maximum Rate, the
rate of interest on such Lender’s Loan shall be limited to such Lender’s Maximum Rate.

 

    (a)               
Interest Rate Options. Swing Line Loans and all other Obligations not constituting Term Loans, Incremental Term Loans,
Revolving Loans or Letter of Credit Fees shall bear interest calculated using the Base Rate Option. Subject to the limitations
set forth in Section 3.4, the Borrower shall have the right to select from the following Interest Rate Options applicable
to the Term Loans, Incremental Term Loans and Revolving Loans:

 

         (i)               Base
Rate Option: An option to pay interest at a fluctuating rate per annum equal to the Alternate Base Rate in effect as of any
date of determination plus the Applicable Margin as of such date; or

 

         (ii)              LIBOR
Rate Option: An option to pay interest at a fluctuating rate per annum equal to the Adjusted LIBOR Rate with respect to the
applicable Interest Period and as in effect as of any date of determination plus the Applicable Margin as of such date.

 

     (b)               
Day Count Basis. Interest and fees shall be calculated on the basis of a 360-day year for the actual number of days
elapsed (which results in more interest or fees, as the case may be, being paid than if calculated on the basis of a 365-day year);
provided, that interest with respect to Base Rate Loans incurring interest
based on the Prime Rate shall be calculated on the basis of a 365/366-day year. The date of funding or conversion of a LIBOR Rate
Loan to a Base Rate Loan and the first day of an Interest Period shall be included in the calculation of interest. The date of
payment of any Loan and the last day of an Interest Period shall be excluded from the calculation of interest; provided,
that if a Loan is repaid on the same day that it is made, one day’s interest shall be charged.

 

    	 	54	 

     

    

2.5              
Interest Periods. In order to convert a Base Rate Loan (other than a Swing Line Loan) or LIBOR Rate Loan or
continue a LIBOR Rate Loan, the Borrower shall deliver to the Administrative Agent a duly completed, written request therefor substantially
in the form of Exhibit I (each, a “Conversion or Continuation Notice”) not later than 11:00 a.m.
(i) with respect to a conversion to or continuation of a LIBOR Rate Loan, at least three (3) Business Days prior to the proposed
effective date of such conversion or continuation and (ii) with respect to a conversion to a Base Rate Loan, at least one (1) Business
Day prior to the proposed effective date of such conversion. The Conversion or Continuation Notice shall specify (i) which Borrowings
(including the principal amount thereof) are subject to such request, and, in the case of any LIBOR Rate Loan to be converted or
continued, the last day of the current Interest Period therefor, (ii) the proposed effective date of such conversion or continuation
(which shall be a Business Day), (iii) whether the Borrower is requesting a continuation of LIBOR Rate Loans or a conversion
of Borrowings from one interest rate option to the other interest rate option and (iv) if a continuation of or conversion to LIBOR
Rate Loans is requested, the requested Interest Period with respect thereto. In addition, the following provisions shall apply
to any continuation of or conversion of any Borrowings:

 

     (a)                Amount
of Loans. After giving effect to such conversion or continuation, each Borrowing of Term Loans shall be in integral multiples
of $1,000,000, each Borrowing of Revolving Loans shall be in an amount no less than the applicable minimum amount for Revolving
Loans as set forth in Section 2.2(b), and each Borrowing of Incremental Term Loans shall be in an amount specified in the
applicable Incremental Term Loan Funding Agreement.

 

     (b)                Commencement
of Interest Period. In the case of any borrowing of, conversion to or continuation of any LIBOR Rate Loan, the Interest Period
shall commence on the date of advance or continuation of, or conversion to, any LIBOR Rate Loan and, in the case of immediately
successive Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest
Period expires. Upon a conversion from a LIBOR Rate Loan to a Base Rate Loan, interest at the Base Rate Option shall commence
on the last day of the existing Interest Period.

 

     (c)               
Selection of Interest Rate Options. If the Borrower elects to continue a LIBOR Rate Loan but fails to select a new
Interest Period to apply thereto, then a one month Interest Period automatically shall apply. If the Borrower fails to duly request
the continuation of any Borrowing consisting of LIBOR Rate Loans on or before the date specified and otherwise in accordance with
the provisions of this Section 2.5, then such LIBOR Rate Loan automatically shall be continued as a LIBOR Rate Loan with
a one month Interest Period.

 

2.6              
Making of Loans.

 

     (a)               
Notifications and Payments. The Administrative Agent shall, promptly after receipt by it of a Loan Request pursuant
to Sections 2.1(g) or 2.2(b) notify the applicable Lenders of such Class of Loan of its receipt of such Loan Request
specifying the information provided by the Borrower and the apportionment among the Lenders of the requested Loan as determined
by the Administrative Agent in accordance with Section 2.1 or Section 2.2, as applicable. Each applicable Lender
shall remit the principal amount of its Pro Rata Share of the Loan to the Administrative Agent such that the Administrative Agent
is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for such purpose and
subject to the terms and conditions of Section 2.1 or Section 2.2, as applicable, fund such Loan to the Borrower
in Dollars and immediately available funds to the Borrower’s account specified in the Loan Request prior to 2:00 p.m. on
the proposed Borrowing Date.

 

    	 	55	 

     

    

     (b)               
Pro Rata Treatment of Lenders. The Borrowing of any Class of Loan shall be allocated to each Lender of such Class
of Loan according to its Pro Rata Share thereof, and each selection of, conversion to, or renewal of any Interest Rate Option and
each payment or prepayment by the Borrower with respect to principal and interest due from the Borrower hereunder to the Lenders
with respect to the applicable Class of Commitments and Loan, shall (except as otherwise may be provided with respect to a Defaulting
Lender and except as provided in Section 3.1 or Section 3.6) be payable ratably among the Lenders of such Class
of Loan entitled to such payment in accordance with the amount of principal and interest then due or payable to such Lenders as
set forth in this Agreement.

 

     (c)               
Presumptions by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed Borrowing Date that such Lender will not make available to the Administrative Agent such Lender’s share
of any Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
Section 2.1 or Section 2.2, as the case may be, and may, in reliance upon such assumption, make available to
the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of such Loan available to the Administrative
Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower
to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender,
the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate then applicable
to Base Rate Loans. If such Lender pays its share of the applicable Loan to the Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have
against a Lender that shall have failed to make such payment to the Administrative Agent. If the Borrower and such Lender pay such
interest for the same period, the Administrative Agent promptly shall remit to the Borrower the amount of interest paid by the
Borrower for such overlapping period. Nothing in this Section 2.6(c) or elsewhere in this Agreement or the other Loan
Documents, including the provisions of Section 2.14, shall be deemed to relieve any Lender from its obligation to fulfill
its commitments hereunder, to prejudice any rights that the Administrative Agent or the Borrower may have against any Lender as
a result of any default by such Lender hereunder or require the Administrative Agent (or any other Lender) to advance funds on
behalf of any Lender.

 

2.7              
Fees.

 

     (a)               
Revolving Unused Commitment Fees. The Borrower agrees to pay to the Administrative Agent, for the account of each
Revolving Lender according to its Pro Rata Share, a nonrefundable unused commitment fee (the “Unused Commitment Fee”),
from and including the Closing Date to but excluding the Maturity Date with respect to the Revolving Credit Facility, equal to
the Applicable Unused Commitment Fee Rate multiplied by the average daily result of (1) the Revolving Commitments minus
(2) the outstanding Revolving Loans minus (3) the Letter of Credit Obligations; provided, however, that
with respect to the Unused Commitment Fee during such period for the account of the Swing Line Lender, such fee shall be equal
to the Applicable Unused Commitment Fee Rate multiplied by the average daily result of (x) the Revolving Commitments minus
(y) Revolving Credit Facility Usage; provided further that any Unused Commitment Fee accrued with respect to the Revolving
Commitment of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such
time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such Unused
Commitment Fee shall otherwise have been due and payable by the Borrower prior to such time; and provided further that no
Unused Commitment Fee shall accrue with respect to the Revolving Commitment of a Defaulting Lender so long as such Lender shall
be a Defaulting Lender. Subject to Section 2.15, all Unused Commitment Fees with respect to the Revolving Commitments shall
be payable in arrears on each Interest Payment Date.

 

    	 	56	 

     

    

     (b)               
Term Loan Unused Commitment Fees. The Borrower agrees to pay to the Administrative Agent for the account of each
Term Lender according to its Pro Rata Share, from and including the Closing Date to but excluding the applicable Term Loan Termination
Date, a nonrefundable Unused Commitment Fee equal to the Applicable Unused Commitment Fee Rate multiplied by the average daily
result of (1) the Term Loan Commitments minus (2) the outstanding Term Loans; provided, however,
that any Unused Commitment Fee accrued with respect to the Term Loan Commitment of a Defaulting Lender during the period prior
to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such
Lender shall be a Defaulting Lender except to the extent that such Unused Commitment Fee shall otherwise have been due and payable
by the Borrower prior to such time; and provided, further that no Unused Commitment Fee shall accrue with respect
to the Term Loan Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Subject to the Section
2.15, all Unused Commitment Fees with respect to the Term Loan Commitments shall be payable in arrears on each Interest Payment
Date.

 

     (c)               
Other Fees. The Borrower agrees to pay to the Administrative Agent and the Lenders such other fees as agreed in the
Fee Letter.

 

2.8              
Notes. The obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Loans,
Swing Line Loans, the Term Loan A-1, the Term Loan A-2, and any Incremental Term Loans made to it by each Lender, together with
interest thereon, shall, at the request of the applicable Lender, be evidenced by a Revolving Note, a Swing Line Note, a Term Loan
A-1 Note, a Term Loan A-2 Note or an Incremental Term Loan Note, as the case may be, dated as of the Closing Date, the effective
date of the applicable Incremental Term Loan Funding Agreement, or the date of such request, as applicable, payable to the order
of such Lender in a face amount equal to the Revolving Commitment, Swing Line Commitment, Term Loan A-1 Commitment, Term Loan A-2
Commitment or Incremental Term Loan Commitment, as applicable, of such Lender. The Borrower hereby unconditionally promises to
pay, to the order of each of the Lenders, the Administrative Agent, each Issuing Lender and the Swing Line Lender, as applicable,
the Loans and other Obligations as provided in this Agreement and the other Loan Documents.

 

2.9              
Letter of Credit Facility.

 

     (a)               
Issuance of Letters of Credit. Subject to the terms and conditions of this Agreement and the other Loan Documents,
including Section 4.2, and in reliance upon the representations and warranties set forth in this Agreement and the other
Loan Documents and in reliance on the agreements of the Revolving Lenders set forth in this Section 2.9, each Issuing Lender
severally agrees to issue standby and commercial letters of credit (each, a “Letter of Credit”) for the account
of the Borrower and, if applicable, any other Loan Party, on any Business Day from the Closing Date through but not including the
Letter of Credit Expiration Date. The Borrower may at any time prior to the Letter of Credit Expiration Date request the issuance
of a Letter of Credit, or an amendment or extension of a Letter of Credit, by delivering to an Issuing Lender (with a copy to the
Administrative Agent) a completed application and agreement for letters of credit, or request for such amendment or extension,
as applicable, in such form as such Issuing Lender may specify from time to time (each a “Letter of Credit Request”)
by no later than 11:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by an Issuing Lender, in
advance of the proposed date of issuance, amendment or extension. Promptly after receipt of any Letter of Credit Request, such
Issuing Lender shall confirm with the Administrative Agent (in writing) that the Administrative Agent has received a copy of such
Letter of Credit Request and if not, such Issuing Lender will provide the Administrative Agent with a copy thereof. Unless such
Issuing Lender has received notice from any Lender, the Administrative Agent or any Loan Party, at least one (1) Business Day prior
to the requested date of issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable conditions
in Article IV is not satisfied, then such Issuing Lender will issue a Letter of Credit or agree to such amendment or extension;
provided, that each Letter of Credit shall (A) have a maximum maturity
of no more than twelve (12) months from the date of issuance; provided, that a
Letter of Credit may contain renewal terms reasonably satisfactory to the Issuing Lender and (B) in no event expire later
than the Letter of Credit Expiration Date. At no time shall (i) the Letter of Credit Obligations exceed the Letter of Credit
Sublimit or (ii) the Revolving Credit Facility Usage exceed the Revolving Commitments. Each request by the Borrower for the
issuance, amendment or extension of a Letter of Credit shall be deemed to be a representation by the Borrower that it shall be
in compliance with the preceding sentence and with Article IV after giving effect to the requested issuance, amendment or
extension of such Letter of Credit. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit
to the beneficiary thereof, the applicable Issuing Lender will also deliver to the Borrower and the Administrative Agent a true
and complete copy of such Letter of Credit or amendment. The Borrower unconditionally guarantees all obligations of any other Loan
Party with respect to Letters of Credit issued by the Issuing Lender for the account of such Loan Party.

 

    	 	57	 

     

    

     (b)             
Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the ratable account of the Revolving
Lenders a fee (the “Letter of Credit Fee”) equal to the Applicable Letter of Credit Fee Rate, which fee shall
be computed on the daily average undrawn portion of the Letter of Credit Obligations and shall be payable quarterly in arrears
on each Interest Payment Date and on the Maturity Date with respect to the Revolving Credit Facility. The Borrower shall also pay
to each Issuing Lender for such Issuing Lender’s sole account a fronting fee in an amount equal to 0.125% per annum of the
face amount of each Letter of Credit, as well as each Issuing Lender’s then in effect customary fees and administrative expenses
payable with respect to the Letters of Credit as such Issuing Lender may generally charge or incur from time to time in connection
with the issuance, maintenance, amendment (if any), assignment or transfer (if any), negotiation, and administration of Letters
of Credit.

 

     (c)             
Disbursements, Reimbursement. Immediately upon the issuance of each Letter of Credit, each Revolving Lender shall
be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable Issuing Lender a participation
in such Letter of Credit and each drawing thereunder, without recourse or warranty, in an amount equal to such Revolving Lender’s
Pro Rata Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively.

 

         (i)                
In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the applicable
Issuing Lender will promptly notify the Borrower and the Administrative Agent thereof. Provided that it shall have received such
notice, the Borrower shall reimburse (such obligation to reimburse such Issuing Lender shall sometimes be referred to as a “Reimbursement
Obligation”) such Issuing Lender prior to 12:00 Noon on each date that an amount is paid by such Issuing Lender under
any Letter of Credit (each such date, a “Drawing Date”), or if such notice was received after 11:00 a.m. on
a Drawing Date, then by 10:00 a.m. on the Business Day immediately following such Drawing Date, by paying to the Administrative
Agent for the account of such Issuing Lender an amount equal to the amount so paid by such Issuing Lender. In the event the Borrower
fails to reimburse such Issuing Lender (through the Administrative Agent) for the full amount of any drawing under any Letter of
Credit by date and time required in accordance with the foregoing sentence, then the Administrative Agent will promptly notify
each Revolving Lender thereof, and the Borrower shall be deemed to have requested that Revolving Loans be made by the Revolving
Lenders under the Base Rate Option to be disbursed on the Business Day immediately following the Drawing Date, subject to the amount
of the unutilized portion of the Revolving Commitment and subject to the conditions set forth in Section 4.2 other
than any notice requirements. Any notice given by the Administrative Agent or an Issuing Lender pursuant to this Section 2.9(c)(i)
may be by telephone if immediately confirmed in writing; provided, that the
lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

    	 	58	 

     

    

         (ii)              
Each Revolving Lender shall upon the Business Day immediately following a Drawing Date with respect to which notice was
delivered by the Administrative Agent in accordance with Section 2.9(c)(i) make funds available to the Administrative Agent
for the account of the applicable Issuing Lender in an amount equal to its Pro Rata Share of the amount of the drawing. So long
as the conditions set forth in Section 4.2 have been satisfied or waived in accordance with this Agreement, each Revolving
Lender that makes such funds available shall be deemed to have made a Revolving Loan at the Base Rate Option; provided,
that if any conditions set forth in Section 4.2 have not been satisfied or waived in accordance with this Agreement,
each Revolving Lender shall remain obligated to fund its Pro Rata Share of such unreimbursed amount and such amount (each a “Participation
Advance”) shall be deemed to be a payment in respect of its participation in the applicable Letter of Credit Borrowing
resulting from such drawing in accordance with Section 2.9(c)(iii). If any Revolving Lender so notified fails to make available
to the Administrative Agent for the account of such Issuing Lender the amount of such Revolving Lender’s Pro Rata Share of
such amount by no later than 12:00 Noon on such date, then interest shall accrue on such Revolving Lender’s obligation to
make such payment, from such Business Day to the date on which such Lender makes such payment (A) at a rate per annum equal to
the Federal Funds Effective Rate during the first three days following the date such amount was due and (B) at a rate per annum
equal to the rate applicable to Base Rate Loans thereafter. The Administrative Agent and the Issuing Lender will promptly give
notice (as described in Section 2.9(c)(i) above) of the occurrence of the Drawing Date, but failure of the Administrative
Agent or the Issuing Lender to give any such notice on the Drawing Date or in sufficient time to enable any Lender to effect such
payment on such date shall not relieve such Lender from its obligation under this clause (ii).

 

         (iii)            
With respect to any unreimbursed drawing that is not fully reimbursed by the Borrower and is not refinanced by Revolving
Loans in accordance with Section 2.9(c)(i) because of the Borrower’s failure to satisfy the conditions set forth in
Section 4.2, the Borrower shall be deemed to have incurred from the Issuing Lender a borrowing (each, a “Letter
of Credit Borrowing”) in an amount equal to the unreimbursed portion of such drawing. Such Letter of Credit Borrowing
shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving
Loans under the Base Rate Option.

 

     (d)             
Repayment of Participation Advances.

 

        (i)                Upon
(and only upon) receipt by the Administrative Agent for the account of the applicable Issuing Lender of immediately available
funds from the Borrower (A) in reimbursement of any payment made by such Issuing Lender under a Letter of Credit with respect
to which any Lender has made a Participation Advance to the Administrative Agent or (B) in payment of interest on such a
payment made by such Issuing Lender under such Letter of Credit, the Administrative Agent on behalf of such Issuing Lender will
pay to each Revolving Lender, in the same funds as those received by the Administrative Agent, the amount of such Revolving Lender’s
Pro Rata Share of such funds, except the Administrative Agent shall retain for the account of such Issuing Lender the amount of
the Pro Rata Share of such funds of any Revolving Lender that did not make a Participation Advance in respect of such payment
by such Issuing Lender.

 

        (ii)              If
the Administrative Agent is required at any time to return to any Loan Party, or to a trustee, receiver, liquidator, custodian
or any official in any Insolvency Proceeding, any portion of any payment made by any Loan Party to the Administrative Agent for
the account of an Issuing Lender pursuant to this Section 2.9 in reimbursement of a payment made under a Letter of Credit
or interest or fee thereon, each Revolving Lender shall, on demand of the Administrative Agent, forthwith return to the Administrative
Agent for the account of such Issuing Lender the amount of its Pro Rata Share of any amounts so returned by the Administrative
Agent plus interest thereon from the date such demand is made to the date such amounts are returned by such Revolving Lender
to the Administrative Agent, at a rate per annum equal to the Federal Funds Effective Rate in effect from time to time.

 

    	 	59	 

     

    

     (e)             
Documentation. Each Loan Party agrees to be bound by the terms of the applicable Issuing Lender’s application
and agreement for letters of credit and such Issuing Lender’s written regulations and customary practices relating to letters
of credit, though such interpretation may be different from such Loan Party’s own. In the event of a conflict between such
application or agreement and this Agreement, this Agreement shall govern. It is understood and agreed that, except in the case
of its gross negligence or willful misconduct as determined by a final decision by a court of competent jurisdiction, such Issuing
Lender shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following any Loan
Party’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.

 

     (f)              
Determinations to Honor Drawing Requests. In determining whether to honor any request for drawing under any Letter
of Credit by the beneficiary thereof, an Issuing Lender shall be responsible only to determine that the documents and certificates
required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements
of such Letter of Credit.

 

     (g)             
Nature of Participation and Reimbursement Obligations. Each Revolving Lender’s obligation in accordance with
this Agreement to make the Revolving Loans or Participation Advances, as contemplated by this Section 2.9, as a result of
a drawing under a Letter of Credit, and the Obligations of the Borrower to reimburse the applicable Issuing Lender upon a draw
under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with
the terms of this Section 2.9 under all circumstances, including the following circumstances:

 

         (i)                any
set-off, counterclaim, recoupment, defense or other right that such Revolving Lender may have against an Issuing Lender or any
of its Affiliates, the Borrower or any other Person for any reason whatsoever, or that any Loan Party may have against such Issuing
Lender or any of its Affiliates, any Lender or any other Person for any reason whatsoever;

 

         (ii)               the
failure of any Loan Party or any other Person to comply, in connection with a Letter of Credit Borrowing, with the conditions
set forth in Sections 2.2 or 4.2 or as otherwise set forth in this Agreement for the making of a Revolving
Loan, it being acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the obligation
of the Revolving Lenders to make Participation Advances under this Section 2.9;

 

         (iii)              any
lack of validity or enforceability of any Letter of Credit;

 

         (iv)             any
claim of breach of warranty that might be made by any Loan Party or any Lender against any beneficiary of a Letter of Credit,
or the existence of any claim, set-off, recoupment, counterclaim, crossclaim, defense or other right that any Loan Party or any
Lender may have at any time against a beneficiary, successor beneficiary, any transferee or assignee of any Letter of Credit or
the proceeds thereof (or any Persons for whom any such transferee may be acting), an Issuing Lender or its Affiliates or any Lender
or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction
(including any underlying transaction between any Loan Party or Subsidiaries of a Loan Party and the beneficiary for which any
Letter of Credit was procured);

 

    	 	60	 

     

    

         (v)               the
lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the form of or
lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other
document presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection with any Letter
of Credit, or the transport of any property or provision of services relating to a Letter of Credit, in each case even if an Issuing
Lender or any of its Affiliates has been notified thereof;

 

         (vi)             payment
by an Issuing Lender or any of its Affiliates under any Letter of Credit against presentation of a demand, draft or certificate
or other document that does not comply with the terms of such Letter of Credit;

 

         (vii)           
the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role
in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value
or other characteristic of any property or services relating to a Letter of Credit;

 

         (viii)          
any failure by an Issuing Lender or any of its Affiliates to issue any Letter of Credit in the form requested by any Loan
Party, unless such Issuing Lender has received written notice from such Loan Party of such failure within three (3) Business Days
after such Issuing Lender shall have furnished such Loan Party and the Administrative Agent a copy of such Letter of Credit and
such error is material and no drawing has been made thereon prior to receipt of such notice;

 

         (ix)              any
adverse change in the business, operations, properties, assets or condition (financial or otherwise) of any Loan Party or Subsidiaries
of a Loan Party;

 

         (x)               any
breach of this Agreement or any other Loan Document by any party thereto;

 

         (xi)             
the occurrence or continuance of an Insolvency Proceeding with respect to any Loan Party;

 

         (xii)            
the fact that an Event of Default or a Default shall have occurred and be continuing;

 

         (xiii)           
the fact that the Maturity Date shall have passed or this Agreement or the Commitments hereunder shall have been terminated;
and

 

         (xiv)           
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

    	 	61	 

     

    

     (h)               
Liability for Acts and Omissions. As between any Loan Party and an Issuing Lender, or the Issuing Lender’s
Affiliates, such Loan Party assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective
beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, an Issuing Lender shall not be
responsible for any of the following, including any losses or damages to any Loan Party or other Person or property relating therefrom:
(i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection
with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects
invalid, insufficient, inaccurate, fraudulent or forged (even if the applicable Issuing Lender or its Affiliates shall have been
notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer
or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove
to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other
party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such
Letter of Credit or any other claim of any Loan Party against any beneficiary of such Letter of Credit, or any such transferee,
or any dispute between or among any Loan Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors,
omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise,
whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the
misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any
consequences arising from causes beyond the control of the applicable Issuing Lender or its Affiliates, as applicable, including
any act or omission of any Governmental Authority, and none of the above shall affect or impair, or prevent the vesting of, any
of the applicable Issuing Lender’s or its Affiliates rights or powers hereunder. Nothing in the preceding sentence shall
relieve an Issuing Lender from liability for such Issuing Lender’s gross negligence or willful misconduct or breach in bad
faith by such Issuing Lender of its obligations under this Agreement (as determined by a court of competent jurisdiction in a final,
non-appealable judgment) in connection with actions or omissions described in such clauses (i) through (viii) of
such sentence. In no event shall an Issuing Lender or its Affiliates be liable to any Loan Party for any indirect, consequential,
incidental, punitive, exemplary or special damages or expenses (including without limitation attorneys’ fees), or for any
damages resulting from any change in the value of any property relating to a Letter of Credit.

 

Without limiting the
generality of the foregoing, the applicable Issuing Lender and each of its Affiliates (A) may rely on any oral or other communication
believed in good faith by such Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant
for a Letter of Credit, (B) may honor any presentation if the documents presented appear on their face substantially to comply
with the terms and conditions of the relevant Letter of Credit; (C) may honor a previously dishonored presentation under a Letter
of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise,
and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any
interest paid by such Issuing Lender or its Affiliate; (D) may honor any drawing that is payable upon presentation of a statement
advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document
is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform
in any way with the relevant Letter of Credit; (E) may pay any paying or negotiating bank claiming that it rightfully honored under
the laws or practices of the place where such bank is located; and (F) may settle or adjust any claim or demand made on such Issuing
Lender or its Affiliate in any way related to any order issued at the applicant’s request to an air carrier, a letter of
guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and honor any drawing
in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented
in connection with such Letter of Credit fail to conform in any way with such Letter of Credit.

 

In furtherance and extension
and not in limitation of the specific provisions set forth above, any action taken or omitted by an Issuing Lender or its Affiliates
under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken
or omitted in good faith, shall not put such Issuing Lender or its Affiliates under any resulting liability to the Borrower or
any Lender.

 

    	 	62	 

     

    

     (i)                
Issuing Lender Reporting Requirements. Each Issuing Lender shall, on the first Business Day of each month, provide
to the Administrative Agent and the Borrower a schedule of the Letters of Credit issued by it, in form and substance reasonably
satisfactory to the Administrative Agent, showing the date of issuance of each Letter of Credit, the account party, the original
face amount (if any), and the Maturity Date of any Letter of Credit outstanding at any time during the preceding month, and any
other information relating to such Letter of Credit that the Administrative Agent may request.

 

     (j)                
UCP and ISP. Unless otherwise expressly agreed by the applicable Issuing Lender, the Borrower and the beneficiary
of a Letter of Credit, (i) the rules of the International Standby Practices as most recently published from time to time by the
International Chamber of Commerce (the “ISP”) shall apply to each standby Letter of Credit and (ii) the rules
of the Uniform Customs and Practice for Documentary Credits as most recently published from time to time by the International Chamber
of Commerce (the “UCP”) shall apply to each commercial Letter of Credit.

 

     (k)               
Illegality. If, at any time, it becomes unlawful for an Issuing Lender to comply with any of its obligations under
any Letter of Credit (including, but not limited to, as a result of any Sanctions), the obligations of such Issuing Lender with
respect to such Letter of Credit shall be suspended (and all corresponding rights shall cease to accrue) until such time as it
may again become lawful for such Issuing Lender to comply with its obligations under such Letter of Credit, and such Issuing Lender
shall not be liable for any losses that the Borrower or its Subsidiaries may incur as a result.

 

2.10          
Payments.

 

    (a)               
Payments Generally. All payments and prepayments to be made in respect of principal, interest, Unused Commitment
Fees, Letter of Credit Fees, other fees referred to in Section 2.7 or other fees or amounts due from the Borrower hereunder
shall be payable prior to 11:00 a.m. on the date when due without presentment, demand, protest or notice of any kind, all of which
are hereby expressly waived by the Borrower, and without set-off, counterclaim or other deduction of any nature, and an action
therefor shall immediately accrue. Such payments shall be made to the Administrative Agent at the Principal Office for the account
of the Lenders or each Issuing Lender to which they are owed, in each case in Dollars and in immediately available funds. The Administrative
Agent shall promptly distribute such amounts to each Issuing Lender, Swing Line Lender and/or applicable Lenders in immediately
available funds. The Administrative Agent’s and each Lender’s statement of account, ledger or other relevant record
shall, in the absence of manifest error, be conclusive as the statement of the amount of principal of and interest on the Loans
and other amounts owing under this Agreement and shall be deemed an “account stated.”

 

    (b)               
Payments by the Borrower; Presumptions by the Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders
or an Issuing Lender hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders
or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then
each of the Lenders or Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand
the amount so distributed to such Lender or Issuing 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 the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

    	 	63	 

     

    

2.11          
Interest Payment Dates. Interest on Base Rate Loans shall be due and payable in arrears on each Interest Payment
Date. Interest on LIBOR Rate Loans shall be due and payable on the last day of each Interest Period for those Loans and, if such
Interest Period is longer than three months, also on the date that is the three-month anniversary of the first day of such Interest
Period. Interest on mandatory prepayments of principal under Section 2.13 shall be due on the date such mandatory prepayment
is due. Interest on other monetary Obligation shall be due and payable on demand after such principal amount or other monetary
Obligation becomes due and payable (whether on the stated Maturity Date, upon an accelerated Maturity Date or otherwise).

 

2.12          
Voluntary Prepayments and Reduction of Commitments.

 

    (a)               
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or
part without premium or penalty (except as provided in Sections 3.1, 3.5 and 11.3). Whenever the Borrower
desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent (A) by 11:00 a.m. at
least three (3) Business Days prior to the date of prepayment of LIBOR Rate Loans, (B) by 11:00 a.m. at least one (1) Business
Day prior to the date of prepayment of Base Rate Loans or (C) no later than 2:00 p.m. on the date of prepayment of Swing Line Loans,
in each case, setting forth the following information:

 

          (i)                the
date, which shall be a Business Day, on which the proposed prepayment is to be made;

 

          (ii)              
a statement indicating the application of the prepayment among Class of Loan and Borrowings; and

 

          (iii)            
the total principal amount of such prepayment, which shall not be less than the lesser of the following with respect to
any Class of Loan: (A) the then outstanding principal amount of such Class of Loan or (B) $1,000,000 (provided,
that the amount of any prepayment to which this Section 2.12(a)(iii)(B) applies shall be in integral multiples of
$500,000).

 

Except
as otherwise expressly provided herein with respect to refinancings, all prepayment notices shall be irrevocable. The principal
amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect
to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the
date on which the proposed prepayment is to be made. So long as no Event of Default has occurred and is continuing, prepayments
permitted pursuant to this Section 2.12 shall be applied to the Revolving Credit Facility or the Term Loans or the Incremental
Term Loans as the Borrower may direct (provided, that
the Term Loans and the Incremental Term Loans are prepaid pro rata). Prepayments pursuant
to this Section 2.12 of the Term Loans and Incremental Term Loans shall be applied pro rata to the unpaid installments of
principal of the Term Loans and Incremental Term Loans in the inverse order of scheduled maturities (for the avoidance of doubt,
including application to any balloon payment due and payable on the applicable Maturity Date). If the Borrower prepays a Loan but
fails to specify the applicable Class and/or Borrowing that the Borrower intends to prepay or if an Event of Default has occurred
and is continuing, then such prepayment shall be applied first, ratably to all outstanding Revolving Loans that are Base
Rate Loans, second, ratably to all outstanding Revolving Loans that are LIBOR Rate Loans, third, ratably to all outstanding
Term Loans and Incremental Term Loans that are Base Rate Loans, and fourth, ratably to all outstanding Term Loans and Incremental
Term Loans that are LIBOR Rate Loans. Any prepayment hereunder (A) shall include all interest and fees due and payable with respect
to the Loan being prepaid (unless other arrangements with respect to the payment of such interest and fees satisfactory to the
applicable Lenders in their sole discretion have been made) and (B) shall be subject to the Borrower’s Obligation to indemnify
the Lenders under Section 3.5. Notwithstanding the foregoing, any prepayment notice delivered in connection with any
proposed refinancing of all of the Facilities may be, if expressly so stated in the applicable prepayment notice, contingent upon
the consummation of such refinancing, and (x) the repayment date therefor may be amended from time to time by notice from the Borrower
to the Administrative Agent and/or (y) such prepayment notice may be revoked by the Borrower in the event such refinancing is not
consummated (provided, that the
failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 3.5).

 

    	 	64	 

     

    

    (b)             
Reduction of Revolving Commitment.

    

        (i)                 In
addition to the commitment reductions pursuant to Section 2.12(b)(ii) and 2.13(e), the Revolving Commitment
shall be permanently reduced and terminated in full on the Maturity Date with respect to the Revolving Credit Facility. Any outstanding
principal balance of the Revolving Loans not sooner due and payable will become due and payable on such Maturity Date and shall
be accompanied by accrued interest on the amount repaid, any applicable fees pursuant to Section 3.5 and any other
fees required hereunder.

 

        (ii)               The
Borrower shall have the right at any time after the Closing Date upon three (3) Business Days’ prior written notice to the
Administrative Agent to permanently reduce (ratably among the Revolving Lenders in proportion to their Pro Rata Shares) the Revolving
Commitments, in a minimum amount of $5,000,000 and whole multiples of $1,000,000, or to terminate completely the Revolving Commitments,
without penalty or premium except as hereinafter set forth; provided, that any
such reduction or termination shall be accompanied by prepayment of the Revolving Loans, together with outstanding Unused Commitment
Fees with respect to such Revolving Loans, and the full amount of interest accrued on the principal sum to be prepaid (and all
amounts referred to in Section 3.5 hereof) to the extent necessary to cause the aggregate Revolving Credit Facility
Usage after giving effect to such prepayments to be equal to or less than the Revolving Commitments as so reduced or terminated.
Any notice to reduce the Revolving Commitments under this Section 2.12(b)(ii) shall be irrevocable.

 

2.13          
Mandatory Prepayments.

 

  (a)               
Overadvance.

 

        (i)                Revolving
Overadvance. If the Revolving Credit Facility Usage at any time exceeds the Revolving Commitments (each, a “Revolving
Overadvance”), the Borrower shall prepay the Revolving Loans and Swing Line Loans (or Cash Collateralize Letter of Credit
Obligations, if prepayment in full of the Revolving Loans and Swing Line Loans is not sufficient) in such amounts as shall be
necessary so that Revolving Credit Facility Usage does not exceed the Revolving Commitments.

 

       (ii)               Term
Overadvance. If the aggregate outstanding amount of the Term Loans at any time exceeds the Term Loan Commitments or the aggregate
outstanding amount of the Incremental Term Loans for any Tranche at any time exceeds the Incremental Term Loan Commitments for
such Tranche (each, an “Term Overadvance”), the Borrower shall prepay the Term Loans or such Tranche of Incremental
Term Loans in such amounts as shall be necessary so that the aggregate outstanding amount of the Term Loans or Incremental Term
Loans of such Tranche, as the case may be, does not exceed the applicable Commitments at such time.

 

  (b)               
Disposition of Assets. At any time when the Total Net Leverage Ratio is greater than 4.00:1.00, promptly (but in
any event, within three (3) Business Days) upon the receipt by any Loan Party or Subsidiary thereof of the Net Cash Proceeds from
any Disposition not expressly permitted by clauses (a) through (d) or (g) of Section 7.8, the Borrower
shall prepay, or cause such other Loan Party or Subsidiary to prepay, Obligations in an aggregate amount equal to 100% of the Net
Cash Proceeds of such Disposition. All such proceeds shall be paid and applied in accordance with Sections 2.13(e) and (f).
Notwithstanding anything herein to the contrary, no such mandatory prepayment shall constitute or be deemed to constitute a cure
of any Default or Event of Default arising as a result of the Disposition giving rise to such prepayment obligation.

 

    	 	65	 

     

    

  (c)               
Casualty Events. Promptly (but in any event, within three (3) Business Days) upon the receipt by any Loan Party or
Subsidiary thereof of the Net Cash Proceeds of any Casualty Event or series of related Casualty Events affecting any property of
any Loan Party or any Subsidiary of any Loan Party (other than any Excluded Subsidiary) in excess of $5,000,000 in the aggregate
in any fiscal year, the Borrower shall prepay, or cause such other Loan Party or Subsidiary thereof to prepay, Obligations in an
aggregate amount equal to 100% of the Net Cash Proceeds of such Casualty Event(s), to the extent that such Net Cash Proceeds are
not proceeds of business interruption insurance. All such proceeds shall be paid and applied in accordance with Sections 2.13(e)
and (f). Notwithstanding anything herein to the contrary, no such mandatory prepayment shall constitute or be deemed to
constitute a cure of any Default or Event of Default arising as a result of such Casualty Event(s) giving rise to such prepayment
obligation.

 

  (d)               
Debt Incurrence. Promptly (but in any event, within three (3) Business Days) upon the receipt by any Loan Party or
Subsidiary thereof of the Net Cash Proceeds of any Debt Incurrence, other than a Debt Incurrence permitted under Section 7.1,
the Borrower shall prepay, or cause such other Loan Party or Subsidiary thereof to prepay, Obligations in an amount equal to 100%
of the amount of such Net Cash Proceeds. All such proceeds shall be paid and applied in accordance with Sections 2.13(e)
and (f). Notwithstanding anything herein to the contrary, any such prepayment shall not constitute or be deemed to be a
cure of any Default or Event of Default arising as a result of such Debt Incurrence.

 

  (e)               
Application Among Obligations. All prepayments pursuant to this Section 2.13 shall be applied, first
to prepay any Revolving Overadvance that may be outstanding, pro rata, second to prepay the Term Loans and Incremental Term
Loans, pro rata (to be applied to installments of the Term Loans and Incremental Term Loans in inverse order of scheduled maturities
(for the avoidance of doubt, including application to any balloon payment due and payable on the applicable Maturity Date)) and
third, solely to the extent the aggregate Term Loan Commitments have been reduced to zero, to prepay the Revolving Loans
(including Swing Line Loans) with a corresponding reduction in the Revolving Commitments and to Cash Collateralize outstanding
Letter of Credit Obligations. Notwithstanding the foregoing Sections 2.13(a) through (d), no such prepayment shall
be required at any time if the amount of such prepayment is less than $250,000 for an individual or related group of transactions.

 

  (f)                
Interest Payments; Application Among Interest Rate Options. All prepayments pursuant to this Section 2.13
shall be accompanied by accrued and unpaid interest upon the principal amount of each such prepayment (unless other arrangements
with respect to the payment of such interest and fees satisfactory to the applicable Lenders in their sole discretion have been
made). Subject to Section 2.13(e), all prepayments required pursuant to this Section 2.13 shall first be applied
to Base Rate Loans, then to LIBOR Rate Loans. In accordance with Section 3.5, the Borrower shall indemnify the Lenders
for any loss or expense, including loss of margin, incurred with respect to any such prepayments applied against LIBOR Rate Loans
on any day other than the last day of the applicable Interest Period; provided, that upon the written request of the Borrower,
the Administrative Agent may in its sole discretion (or upon the direction of the Required Lenders (such direction given in their
sole discretion) shall) authorize the Borrower to delay making any mandatory repayment until such time as the Administrative Agent
determines in its sole discretion that no liabilities for LIBOR breakage cost would result or such liabilities would be materially
reduced (it being agreed that during such period of authorized delay such amount shall be Cash Collateralized in such amounts and
on such terms and conditions as are acceptable to the Administrative Agent in its sole discretion).

 

    	 	66	 

     

    

2.14          
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff, counterclaim or banker’s
lien, by receipt of voluntary payment, by realization upon security, or by any other non-pro rata source or otherwise, obtain payment
in respect of any principal of or interest on any of its Loans or other Obligations hereunder resulting in such Lender receiving
payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such Obligations greater than
its pro rata share of the amount such Lender is entitled hereunder, then the Lender receiving such greater proportion shall (a) notify
the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other
Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments
shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans and other Obligations owing them; provided, that:

 

   (a)               
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 other than interest or other
amounts, if any, required by Law (including court order) to be paid by the Lender or the holder making such purchase; and

 

   (b)               
the provisions of this Section 2.14 shall not be construed to apply to (x) any payment (including the application
of funds arising from the existence of a Defaulting Lender) made by the Loan Parties pursuant to and in accordance with the express
terms of the Loan Documents or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans or Participation Advances to any assignee or participant, other than to the Borrower or any Subsidiary thereof
(as to which the provisions of this Section 2.14 shall apply).

 

Each Loan Party 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 each Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of each Loan Party in the amount of such participation. This Section 2.14
shall not apply to any action taken by CoBank with respect to any CoBank Equities held by the Borrower, including pursuant to Section 9.2(c).

 

2.15          
Defaulting Lenders.

 

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

 

       (i)                Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 11.1.

 

    	 	67	 

     

    

       (ii)               Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 9.2(c) shall be applied at such time or times
as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to each Issuing Lender or the Swing Line Lender hereunder; third, to Cash Collateralize each Issuing Lender’s
Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.16; fourth, as the Borrower
may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order
to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement
and (y) Cash Collateralize each Issuing Lender’s future Fronting Exposure with respect to such Defaulting Lender with respect
to future Letters of Credit issued under this Agreement, in accordance with Section 2.16; sixth, to the payment
of any amounts owing to the Lenders, each Issuing Lender or the Swing Line Lender as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, each Issuing Lender or the Swing Line Lender against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event
of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction;
provided, that if (x) such payment is a payment of the principal amount of
any Loans or Letter of Credit Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share,
and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section
4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Letter of Credit Obligations owed
to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or Letter of Credit
Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter of Credit
Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility
without giving effect to Section 2.15(a)(iv)(B) below. Any payments, prepayments or other amounts paid or payable to a
Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to
this Section 2.15(a) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents
hereto.

 

       (iii)            Certain
Fees.

 

           (A)             
No Defaulting Lender shall be entitled to receive any Unused Commitment Fee for any period during which that Lender is a
Defaulting Lender (and, subject to clause (C) below, the Borrower shall not be required to pay any such fee that otherwise
would have been required to have been paid to that Defaulting Lender).

 

           (B)             
Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting
Lender only to the extent allocable to its Pro Rata Share of the stated amount of Letters of Credit for which it has provided Cash
Collateral pursuant to Section 2.16.

 

           (C)             
With respect to any Unused Commitment Fee not required to be paid to any Defaulting Lender pursuant to clause (A)
or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such Unused Commitment Fee otherwise
payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit Obligations
or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv)(B) below, (y) pay to
each Issuing Lender and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender
to the extent allocable to each Issuing Lender’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender
and (z) not be required to pay the remaining amount of any such fee.

 

    	 	68	 

     

    

(iv)             
Reallocations 

 

    (A)             
[reserved].

 

    (B)             
Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letter
of Credit Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective
Pro Rata Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions
set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise
notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions
are satisfied at such time), and (y) such reallocation does not cause any Non-Defaulting Lender’s Pro Rata Share of the Revolving
Credit Facility Usage to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute
a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting
Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following
such reallocation.

 

        (v)               
Cash Collateral; Repayment of Swing Line Loans. If the reallocation described in clause (iv)(B) above cannot,
or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under
Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second, Cash
Collateralize each Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 2.16.

 

  (b)               
Defaulting Lender Cure. If the Borrower, the Administrative Agent and the Swing Line Lender and each Issuing Lender
agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon
as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans
of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and
funded and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Lenders in accordance with
the Commitments under the applicable Facility (without giving effect to Section 2.15(a)(iv)), whereupon such Lender will
cease to be a Defaulting Lender; provided, that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender.

 

  (c)               
New Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall
not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect
to such Swing Line Loan and (ii) the Issuing Lenders shall not be required to issue, extend, renew or increase any Letter of Credit
unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

2.16          
Cash Collateral. At any time that there shall exist a Defaulting Lender, within one (1) Business Day following
the written request of the Administrative Agent or an Issuing Lender (with a copy to the Administrative Agent) the Borrower shall
Cash Collateralize such Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender (determined after giving
effect to Section 2.15(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the
Minimum Collateral Amount.

 

    	 	69	 

     

    

(a)                Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to the Administrative Agent, for the benefit of each Issuing Lender, and agrees to maintain, a first priority security interest
in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letter
of Credit Obligations, to be applied pursuant to clause (b) below. If at any time the Administrative Agent determines that
Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Lenders as
herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will,
promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an
amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

 

(b)               Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.16
or Section 2.15 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation
to fund participations in respect of Letter of Credit Obligations (including, as to Cash Collateral provided by a Defaulting Lender,
any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such
property as may otherwise be provided for herein.

 

(c)                Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce an Issuing Lender’s Fronting
Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.16 following (i) the elimination
of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii)
the determination by the Administrative Agent and an Issuing Lender that there exists excess Cash Collateral; provided,
that subject to Section 2.15, the Person providing Cash Collateral and such Issuing Lender may agree that Cash Collateral
shall be held to support future anticipated Fronting Exposure or other obligations and provided, further that to
the extent that such Cash Collateral was provided by the Borrower or any other Loan Party, such Cash Collateral shall remain subject
to the Prior Security Interest granted pursuant to the Loan Documents.

 

2.17          
CoBank Capital Plan.

 

(a)                Each
party hereto acknowledges that CoBank’s Bylaws and Capital Plan (as each may be amended from time to time) shall govern
(i) the rights and obligations of the parties with respect to the CoBank Equities and any patronage refunds or other distributions
made on account thereof or on account of the Borrower’s patronage with CoBank, (ii) the Borrower’s eligibility for
patronage distributions from CoBank (in the form of CoBank Equities and cash) and (iii) patronage distributions, if any,
in the event of a sale of a participation interest. CoBank reserves the right to assign or sell participations in all or any part
of its Commitments or outstanding Loans hereunder on a non-patronage basis.

 

(b)                Each
party hereto acknowledges that CoBank has a statutory first lien pursuant to the Farm Credit Act of 1971 on all CoBank Equities
that the Borrower may now own or hereafter acquire, which statutory lien shall be for CoBank’s sole and exclusive benefit.
Notwithstanding anything herein or in any other Loan Document to the contrary, the CoBank Equities shall not constitute security
for the Secured Obligations due to any other Secured Party. To the extent that any of the Loan Documents create a Lien on the
CoBank Equities or on patronage accrued by CoBank for the account of the Borrower (including, in each case, proceeds thereof),
such Lien shall be for CoBank’s sole and exclusive benefit and shall not be subject to pro rata sharing hereunder. Neither
the CoBank Equities nor any accrued patronage shall be offset against the Secured Obligations except that, in the event of an
Event of Default, CoBank may elect to apply the cash portion of any patronage distribution or retirement of equity to amounts
due under this Agreement. The Borrower acknowledges that any corresponding tax liability associated with such application is the
sole responsibility of the Borrower. CoBank shall have no obligation to retire the CoBank Equities upon any Event of Default,
Default or any other default by the Borrower or any other Loan Party, or at any other time, either for application to the Secured
Obligations or otherwise.

 

    	 	70	 

     

    

III.             
INCREASED COSTS; TAXES; ILLEGALITY; INDEMNITY

 

3.1              
Increased Costs.

 

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

 

(i)                impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
reflected in the Adjusted LIBOR Rate) or an Issuing Lender;

 

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

 

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

 

and the result of any of the
foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining
any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, an Issuing Lender or such
other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate
in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, Issuing Lender
or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, Issuing Lender
or other Recipient, the Borrower will pay to such Lender, Issuing Lender or other Recipient, as the case may be, such additional
amount or amounts as will compensate such Lender, Issuing Lender or other Recipient, as the case may be, for such additional costs
incurred or reduction suffered.

 

(b)               
Capital Requirements. If any Lender or Issuing Lender determines that any Change in Law affecting such Lender or
Issuing Lender or any lending office of such Lender or such Lender’s or such Issuing Lender’s holding company, if any,
regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s
or Issuing Lender’s capital or on the capital of such Lender’s or Issuing Lender’s holding company, if any, as
a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or
Swing Line Loans held by, such Lender, or the Letters of Credit issued by an Issuing Lender, to a level below that which such Lender
or Issuing Lender or such Lender’s or Issuing Lender’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s or Issuing Lender’s policies and the policies of such Lender’s or Issuing
Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or
Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Lender or such
Lender’s or Issuing Lender’s holding company for any such reduction suffered.

 

    	 	71	 

     

    

(c)               
Certificates for Reimbursement. A certificate of a Lender or an Issuing Lender setting forth the amount or amounts
necessary to compensate such Lender or Issuing Lender or its holding company, as the case may be, as specified in this Section 3.1
and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or Issuing Lender,
as the case may be, the amount shown as due on any such certificate within ten days after receipt thereof.

 

(d)               
Delay in Requests. Failure or delay on the part of any Lender or Issuing Lender to demand compensation pursuant to
this Section 3.1 shall not constitute a waiver of such Lender’s or Issuing Lender’s right to demand such
compensation; provided, that the Borrower shall not be required to compensate
a Lender or Issuing Lender pursuant to this Section 3.1 for any increased costs incurred or reductions suffered more
than nine (9) months prior to the date that such Lender or Issuing Lender, as the case may be, notifies the Borrower of the Change
in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Lender’s intention to claim
compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)               
Similar Treatment. Notwithstanding the foregoing Section 3.1(a) and Section 3.1(b), no Lender or Recipient
shall make any request for compensation pursuant thereto (or be entitled to any such additional costs) unless such Lender or Recipient
is then generally imposing such cost upon or requesting such compensation from similar borrowers in connection with similar credit
facilities containing similar provisions.

 

3.2              
Taxes.

 

(a)               
Issuing Lender. For purposes of this Section 3.2, for the avoidance of doubt, the term “Lender”
includes Issuing Lender and the term “applicable Law” includes FATCA.

 

(b)               
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party hereunder or under
any other Loan Document shall be made free and clear of and without deduction or withholding for any Taxes, except as required
by applicable Law. If any applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires
the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall
be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan
Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section 3.2) the applicable Recipient receives an amount equal
to the sum it would have received had no such deduction or withholding been made.

 

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

 

(d)               
Indemnification by the Borrower. The Loan Parties shall jointly and severally indemnify each Recipient, within ten
days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section 3.2) payable or paid by such Recipient or required to be withheld or
deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to
the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by
the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

    	 	72	 

     

    

(e)               
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that no Loan Party has already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so),
(ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.7 relating to the
maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable
or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this clause (e).

 

(f)                
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority
pursuant to this Section 3.2, the 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.

 

(g)               
Status of Lenders.

 

(i)                
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 3.2(g)(ii)(A), (g)(ii)(B) and (g)(ii)(D) below) shall not
be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to
any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

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

 

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

 

    	 	73	 

     

    

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

 

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

 

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

 

  (3)               
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a Tax Compliance Certificate in a form reasonably acceptable to the Borrower and the Administrative Agent certifying
that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10
percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign
corporation” as described in Section 881(c)(3)(C) of the Code and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable; or

 

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

 

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

 

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

  

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

 

(h)               
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.2 (including by the payment
of additional amounts pursuant to this Section 3.2), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 3.2 with respect to the Taxes giving rise to such
refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this clause (h) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (h), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (h) the payment of
which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in
if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the
indemnification payments or additional amounts with respect to such Tax had never been paid. This clause (h) shall not be
construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that
it deems confidential) to the indemnifying party or any other Person.

 

3.3              
Illegality. If any Lender determines that any Change in Law has made it unlawful for any Lender to make, maintain
or fund LIBOR Rate Loans, or to determine or charge interest rates based upon the LIBOR Rate Option, or if any Governmental Authority
has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London
interbank market, then, on written notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation
of such Lender to make or continue LIBOR Rate Loans or to convert Base Rate Loans to LIBOR Rate Loans shall be suspended until
such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent),
prepay or, if applicable, convert all LIBOR Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest
Period therefor, if such Lender may lawfully continue to maintain such LIBOR Rate Loans to such day, or immediately, if such Lender
may not lawfully continue to maintain such LIBOR Rate Loans. Upon any such prepayment or conversion, the Borrower shall also pay
accrued and unpaid interest and all other amounts payable by Borrower under this Agreement (including amounts payable under Section 3.5)
on the amount so prepaid or converted.

 

3.4              
Inability to Determine Rate; Cost; Interest After Default.

 

(a)               
Inability to Determine Rate; Cost. Subject to and unless otherwise provided under Section 3.7, if prior to
the commencement of any Interest Period for any Borrowing proposed to be subject to the LIBOR Rate Option:

 

    	 	75	 

     

    

(i)                 the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that either Dollar
deposits are not being offered to banks in the London interbank LIBOR Rate market or that adequate and reasonable means do not
exist for ascertaining the Adjusted LIBOR Rate for such Interest Period; or

 

(ii)               the Administrative Agent is advised by the Required Lenders that the Adjusted LIBOR Rate for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining the Loans for such Interest Period;

 

then the Administrative
Agent shall give notice thereof to the Borrower and the Lenders as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any request
to convert any Base Rate Loan to, or continue any LIBOR Rate Loan at, the LIBOR Rate Option shall be ineffective, and (B) the Base
Rate Option shall apply to any and all Borrowings upon the expiration of the Interest Period applicable thereto.

 

(b)               
Default Rate. To the extent permitted by Law, immediately upon the occurrence and during the continuation of an Event
of Default under clause (n) of Section 9.1, or immediately after written demand by the Required Lenders to the Administrative
Agent after the occurrence and during the continuation of any other Event of Default (such demand to be made by the Required Lenders
in their sole discretion), the principal amount of all Obligations shall bear interest at the Default Rate and the rates applicable
to Letter of Credit Fees shall be increased to the Default Rate. The Borrower acknowledges that the increase in rates referred
to in this Section 3.4(b) reflects, among other things, the fact that such Loans or other amounts have become a substantially
greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such
interest shall be payable by the Borrower upon demand by the Administrative Agent.

 

3.5              
Indemnity. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower
shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result
of:

 

   (a)               
any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last
day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

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

 

   (c)               
any assignment of a LIBOR Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Borrower pursuant to Section 3.6;

 

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

 

For purposes of calculating amounts payable
by the Borrower to the Lenders under this Section 3.5, each Lender shall be deemed to have funded each LIBOR Rate Loan made
by it at the LIBOR Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a
comparable amount and for a comparable period, whether or not such LIBOR Rate Loan was in fact so funded.

 

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3.6              
Mitigation Obligations; Replacement of Lenders.

 

(a)               
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.1, or
requires any Loan Party to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 3.2, then such Lender shall (at the request of the Borrower) use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 3.1 or Section 3.2, 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 Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

(b)               
Replacement of Lenders. If any Lender requests compensation under Section 3.1, or if the Borrower is
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 3.2 and, in each case, such Lender has declined or is unable to designate a different lending
office in accordance with Section 3.6(a) above or if any Lender is a Defaulting Lender or a Non-Consenting Lender,
then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 11.7), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.1
or 3.2) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided,
that:

 

    (i)                
the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.7;

 

    (ii)              
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations
in Letter of Credit drawings, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the
other Loan Documents (including any amounts under Section 3.5) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

 

    (iii)            
in the case of any such assignment resulting from a claim for compensation under Section 3.1 or payments required
to be made pursuant to Section 3.2, such assignment will result in a reduction in such compensation or payments thereafter;

 

    (iv)             
such assignment does not conflict with applicable Law; and

 

    (v)               
in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have
consented to the applicable amendment, waiver or consent.

 

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

 

3.7                       
Benchmark Replacement Setting.

 

    	 	77	 

     

    

Notwithstanding anything
to the contrary herein or in any other Loan Document (and, for the avoidance of doubt, any Secured Bank Product or Hedge Agreement
shall be deemed not to be a “Loan Document” for purposes of this Section 3.7):

 

(a)                Replacing
the LIBOR Rate. On March 5, 2021, the Financial Conduct Authority (“FCA”), the regulatory supervisor of
the LIBOR Rate’s administrator (“IBA”), announced in a public statement the future cessation or loss
of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12 month U.S. Dollar LIBOR Rate tenor settings. On
the earlier of (i) the date that all Available Tenors of the LIBOR Rate have either permanently or indefinitely ceased to be provided
by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative
and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is the LIBOR Rate, the Benchmark Replacement will replace
such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day
and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any
other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.

 

(b)               Replacing
Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current
Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 3:00 p.m. on
the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the
Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from the Required
Lenders (which written notice will specify the provisions of such amendment to which such Required Lender objects).  At
any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark
or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement
or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark
is intended to measure and that the representativeness will not be restored, the Borrower may revoke any request for a borrowing
of, conversion to or continuation of Loans to be made, converted or continued that would bear interest by reference to such Benchmark
until the Borrower’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark,
and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion
to Base Rate Loans. During the period referenced in the foregoing sentence, the component of the Alternate Base Rate based upon
the Benchmark will not be used in any determination of the Alternate Base Rate.

 

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

 

(d)                Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify
the Borrower and the Lenders of (i) a Term SOFR Transition Event, (ii) the implementation of any Benchmark Replacement, and (iii)
the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by
the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.7, 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, 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 hereto, except, in each case, as expressly required pursuant
to this Section 3.7.

 

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(e)                Unavailability
of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (i)
if the then-current Benchmark is a term rate (including Term SOFR or the LIBOR Rate), then the Administrative Agent may remove
any tenor of such Benchmark that is unavailable or non-representative for the Benchmark (including Benchmark Replacement) settings
and (ii) the Administrative Agent may reinstate any such previously removed tenor for the Benchmark (including Benchmark Replacement)
settings.

 

(f)                 Climb
the Waterfall. Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso
below in this clause (f), if a Term SOFR Transition Event and Term SOFR Transition Date have occurred, then clause (a) of the
definition of Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document
in respect of any setting of such Benchmark on such date and all subsequent Benchmark settings, without any amendment to, or further
action or consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (f) shall not be
effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice.

 

3.8              
Survival. Each party’s obligations under this Article III shall survive the resignation of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the
repayment, satisfaction or discharge of all obligations under any Loan Document.

 

IV.             
CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT

 

The obligation of each
Lender to make Loans and of the Issuing Lender to issue Letters of Credit hereunder is subject to the performance by each of the
Loan Parties of its Obligations to be performed hereunder at or prior to the making of any such Loans or issuance of such Letters
of Credit and to the satisfaction of the following further conditions:

 

4.1              
First Loans and Letters of Credit. The occurrence of the Closing Date and the effectiveness of the Commitments
of the Lenders is subject to the satisfaction of the following conditions precedent:

 

(a)               
Deliveries. The Administrative Agent shall have received each of the following in form and substance reasonably satisfactory
to the Administrative Agent and, if applicable, its counsel:

 

(i)                
a certificate of the Borrower on behalf of itself and the other Loan Parties signed by an Authorized Officer of the Borrower,
dated as of the Closing Date stating that (A) all representations and warranties of the Loan Parties set forth in this Agreement
and each other Loan Document are true and correct in all material respects, except that such representations and warranties that
are qualified in this Agreement by reference to materiality or Material Adverse Effect shall be true and correct in all respects,
as of the Closing Date (or, if such representation or warranty makes reference to an earlier date, as of such earlier date), (B)
no Event of Default or Default exists or is continuing as of the Closing Date, (C) except as are permitted to be delivered on a
post-closing basis pursuant to Section 6.15, all Governmental Authority authorizations required with respect to the
execution, delivery or performance of this Agreement and the other Loan Documents by the Loan Parties have been received, (D) there
has occurred no Material Adverse Effect, (E) the Loan Parties are in compliance on a Pro forma Basis with the financial covenant
set forth in Section 8.1 and attaching the calculation showing such compliance thereto and (F) each of the Loan Parties
has satisfied each of the other closing conditions required to be satisfied by it hereunder;

 

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(ii)               a
certificate dated as of the Closing Date and signed by the Secretary or an Assistant Secretary of each of the Loan Parties and
Shenandoah Telephone Company, certifying as appropriate as to: (A) all corporate or limited liability company action taken by
each Loan Party and Shenandoah Telephone Company in connection with the authorization of this Agreement and the other Loan Documents;
(B) the names of the Authorized Officers authorized to sign the Loan Documents on behalf of each Loan Party and Shenandoah Telephone
Company and their true signatures; and (C) copies of its Organizational Documents as in effect on the Closing Date certified by
the appropriate state official where such documents are filed in a state office (if so filed or required to be so filed) together
with certificates from the appropriate state officials as to the continued existence and good standing or existence (as applicable)
of each Loan Party and Shenandoah Telephone Company in each state where organized;

 

(iii)              evidence
that there is no action, suit, proceeding or investigation pending against, or threatened in writing against, any Loan Party or
any Subsidiary of any Loan Party or any of their respective properties, including the Licenses, in any court or before any arbitrator
of any kind or before or by any other Governmental Authority (including the FCC and any applicable PUC) that would reasonably
be expected to result in a Material Adverse Effect;

 

(iv)             
this Agreement and each of the other Loan Documents signed by an Authorized Officer and all appropriate financing statements
and appropriate stock powers and certificates evidencing the pledged Collateral and all other original items required to be delivered
pursuant to any of the Collateral Documents;

 

(v)               a
customary written opinion of Hunton Andrews Kurth LLP, counsel for the Loan Parties, dated as of the Closing Date;

 

(vi)              evidence
that adequate insurance required to be maintained under this Agreement is in full force and effect, with additional insured, mortgagee
and lender loss payable special endorsements attached thereto naming the Administrative Agent as additional insured, mortgagee
and lender loss payee, as applicable;

 

(vii)             a
duly completed, executed Loan Request for Credit Extension for each Loan or Letter of Credit (if any) requested to be made on
the Closing Date, including notice of election as to Interest Periods (if applicable);

 

(viii)           
a duly completed, executed Perfection and Diligence Certificate signed by an Authorized Officer of each of the Loan Parties;

 

(ix)              
a duly completed, executed Solvency Certificate signed by an Authorized Officer of the Borrower, on behalf of the Loan Parties;

 

(x)                evidence
that, except as are permitted to be delivered on a post-closing basis pursuant to Section 6.15, all material governmental
and third-party consents, subordinations or waivers, as applicable, required to effectuate the transactions contemplated hereby
have been obtained and are in full force and effect, including any required material permits and authorizations of all applicable
Governmental Authorities, including the FCC and all applicable PUCs;

 

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(xi)             
evidence that the Amended and Restated Credit Agreement, dated as of November 9, 2018, by and among the Borrower, the “Guarantors”
party thereto, the “Lenders” party thereto, CoBank, ACB as Administrative Agent, Joint Lead Arranger, Co-Bookrunner,
Swing Line Lender and an Issuing Lender, Royal Bank of Canada as Syndication Agent, Joint Lead Arranger and Co-Bookrunner, Fifth
Third Bank, as Syndication Agent and Joint Lead Arranger, and Bank of America, N.A., Capital One, National Association, Citizens
Bank, N.A. and TD Securities (USA) LLC, each as Joint Lead Arranger and Co-Documentation Agent, has been terminated, and all outstanding
obligations thereunder have been paid in full and all Liens securing such obligations have been released;

 

(xii)             
Lien and litigation search reports with respect to the Loan Parties, in scope satisfactory to the Administrative Agent and
with results showing no Liens other than Permitted Liens;

 

(xiii)           
Know Your Customer Deliveries, Etc.

 

    (A)             
at least three (3) Business Days prior to the Closing Date, all documentation and other information requested by (or on
behalf of) the Administrative Agent and any Lender in order to comply with requirements of Anti-Corruption Laws, Anti-Terrorism
Laws and Sanctions, to the extent such request has been received by the Borrower (x) at least five (5) Business Days prior to the
Closing Date, if such request comes from the Administrative Agent and (y) at least ten (10) days prior to the Closing Date, if
such request comes from any other Lender;

 

    (B)             
if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower
shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification in relation
to the Borrower, in each case at least five (5) Business Days prior to the Closing Date;

 

(xiv)           
Collateral

 

    (A)             
evidence that the Loan Parties have effectively and validly pledged the Collateral contemplated by the Collateral Documents;

 

    (B)             
evidence that all filings and recordings (including any Mortgage, fixture filings and transmitting utility filing) that
are necessary to perfect the Prior Security Interest of the Administrative Agent, for the benefit of the Secured Parties, in the
Collateral described in the Collateral Documents have been filed or recorded or will be filed for recording in all appropriate
locations;

 

    (C)             
except as are permitted to be delivered on a post-closing basis pursuant to Section 6.15, a duly completed,
executed account control agreement with respect to all Material Accounts signed by an Authorized Officer of the appropriate Loan
Parties and the appropriate depository institutions or other entities holding such Material Accounts; and

 

    (D)             
Real Estate Deliverables with respect to any Material Owned Real Property;

 

(xv)            
an executed letter from the Borrower with respect to any proceeds of the Loans being disbursed to third parties (if any)
on the Closing Date authorizing the Administrative Agent to distribute such proceeds on behalf of the Loan Parties in accordance
with the instructions set forth in such letter; and

 

(xvi)            such
other documents in connection with the transactions contemplated hereby as the Administrative Agent or its counsel may reasonably
request.

 

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(b)               
Payment of Fees. The Borrower shall have paid all fees and expenses related to the Facilities and this Agreement
and the other Loan Documents payable on or before the Closing Date as required by this Agreement, the Fee Letter or any other Loan
Document.

 

4.2              
Each Loan or Letter of Credit. The obligation of any Lender to make any Credit Extension on or after the Closing
Date is subject to the satisfaction of the following conditions (subject to the provisos to Section 2.1(g)(ii)(A), (B)
and (C) with respect to any Credit Extension consisting of the proceeds of any Tranche of Incremental Term Loans advanced
solely for the purpose of acquiring a Permitted Acquisition subject to a Limited Conditionality Purchase Agreement):

 

(a)               
the representations and warranties of the Loan Parties set forth in Article V of this Agreement and in each other
Loan Document shall on the date of such Credit Extension (both immediately before and after giving effect to such Credit Extension
and the application of the proceeds thereof) be true and correct, except such representations and warranties that are not qualified
in this Agreement by reference to materiality or a Material Adverse Effect shall then be true and correct in all material respects
as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation
and warranty shall have been true and correct in all material respects as of such earlier date);

 

(b)               
no Event of Default or Default shall have occurred and be continuing or would result from such Credit Extension;

 

(c)               
the Borrower shall have delivered a duly executed and completed Loan Request to the Administrative Agent for each Loan requested
to be made pursuant to Sections 2.1(c), 2.1(g), 2.2(b) and 2.3(c), or Letter of Credit Request to the
applicable Issuing Lender for each Letter of Credit to be issued pursuant to Section 2.9(a), as the case may be; and

 

(d)               
solely in connection with the initial Credit Extension or Credit Extensions hereunder, the Loan Parties shall have delivered,
or caused to be delivered, (i) a true, correct and complete copy of any required Cable Television Consent to the Administrative
Agent, (ii) a certification that the Administrative Agent, in consultation with the Borrower, has determined that no Cable Television
Consent is required, or (iii) a certification that a dismissal or other similar action has been entered by the applicable PUC with
respect to any Cable Television Consent that the applicable Loan Party has submitted an application for to the applicable PUC,
and, together with the certifications required pursuant to clauses (ii) and (iii), a confirmation that all obligations of Shenandoah
Cable under Article XII are in full force and effect.

 

The request by the
Borrower for any Term Loan shall be deemed to be a representation by the Borrower that it shall be in compliance with Article
IV both before and after giving effect to each requested Term Loan.

 

V.                
REPRESENTATIONS AND WARRANTIES

 

The Loan Parties, jointly
and severally, represent and warrant to the Administrative Agent and each of the Lenders as follows:

 

5.1              
Organization and Qualification. As of the Closing Date, each Loan Party and each Subsidiary of each Loan Party
is a corporation, partnership or limited liability company or other entity as identified on Schedule 5.1. Each Loan Party
and each Subsidiary of each Loan Party (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization or incorporation, (b) has the lawful power to own or lease its properties and to engage in the business it presently
conducts or proposes to conduct, and (c) is duly licensed or qualified and in good standing in its jurisdiction of organization
or incorporation and in all other jurisdictions where the property owned or leased by it or the nature of the business transacted
by it or both makes such licensing or qualification necessary except where the failure to be so duly licensed or qualified would
not reasonably be expected to result in a Material Adverse Effect.

 

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5.2              
Compliance With Laws.

 

    (a)                Each
Loan Party and each Subsidiary of each Loan Party is in compliance with all applicable Laws in all jurisdictions in which any
Loan Party or Subsidiary of any Loan Party is presently or currently foresees that it will be doing business except where the
failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

    (b)                No
Credit Extension, or use of any proceeds thereof, or entry into or performance by any Loan Party of the Loan Documents to which
it is a party contravenes any Law applicable to such Loan Party or any Subsidiary of any Loan Party or any of the Lenders.

 

5.3              
Title to Properties. Each Loan Party and each Subsidiary of each Loan Party (a) (i) has good and marketable
title to all Material Owned Real Property and (ii) owns all of its Material Owned Real Property free and clear of all Liens except
Permitted Liens described in clauses (a), (c), (f), (g) and (p) of the definition thereof and such other Permitted
Liens or exceptions as are reasonably acceptable to the Administrative Agent and (b) (i) has good and sufficient title to or valid
leasehold interest in all other properties, assets and other rights that it purports to own or lease or that are reflected as owned
or leased on its books and records and (ii) owns or leases all of its other properties free and clear of all Liens except Permitted
Liens.

 

5.4              
Investment Company Act. None of the Loan Parties or Subsidiaries of any Loan Party is an “investment
company” registered or required to be registered under the Investment Company Act of 1940 or under the “control”
of an “investment company” as such terms are defined in the Investment Company Act of 1940.

 

5.5              
Event of Default. No Event of Default or Default exists or is continuing.

 

5.6              
Subsidiaries and Owners. Schedule 5.6 sets forth, as of the Closing Date (a) the name of each
of the Borrower’s Subsidiaries and the amount, percentage and type of Equity Interests of such Subsidiary (the “Subsidiary
Equity Interests”) held by the Borrower or any Subsidiary of the Borrower, and (b) any options, warrants or other rights
outstanding to purchase any such Equity Interests referred to in clause (a). The Borrower and each Subsidiary of the Borrower
has good and marketable title to all of the Subsidiary Equity Interests it purports to own, free and clear in each case of any
Lien other than the Lien of the Administrative Agent pursuant to the Security Agreement and all such Subsidiary Equity Interests
have been validly issued, fully paid and nonassessable (or, in the case of a partnership, limited liability company or similar
Equity Interest, not subject to any capital call or other additional capital requirement).

 

5.7              
Power and Authority; Validity and Binding Effect.

 

    (a)               
Each Loan Party and each Subsidiary of each Loan Party has the full power to enter into, execute, deliver and carry out
this Agreement and the other Loan Documents to which it is a party, to incur the Indebtedness contemplated by the Loan Documents
and to perform its Obligations under the Loan Documents to which it is a party, and all such actions have been duly authorized
by all necessary proceedings on its part.

 

    	 	83	 

     

    

    (b)                This
Agreement and each of the other Loan Documents (i) has been duly and validly executed and delivered by each Loan Party and (ii)
constitutes, or will constitute, legal, valid and binding obligations of each Loan Party that is or will be a party thereto, enforceable
against such Loan Party in accordance with its terms, subject only to limitations on enforceability imposed by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and general equitable principles.

 

5.8              
No Conflict; Material Contracts; Consents.

 

    (a)               
Neither the execution and delivery of this Agreement or the other Loan Documents by any Loan Party nor the consummation
of the transactions herein or therein contemplated nor the compliance with the terms and provisions hereof or thereof by any of
them will conflict with, constitute a default under or result in any breach of (i) the terms and conditions of the Organizational
Documents of any Loan Party or any Subsidiary of any Loan Party, (ii) any Material Indebtedness of any Loan Party or any Subsidiary
of any Loan Party, (iii) any Material Contract (not subject to clause (ii) of this Section 5.8(a)) to which any Loan
Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound or to which it or any of its Subsidiaries
is subject, (iv) any applicable Law or any order, writ, judgment, injunction or decree to which any Loan Party or any of its
Subsidiaries is a party or by which it or any of its Subsidiaries or any of its respective property is bound or to which it or
any of its Subsidiaries is subject or (v) result in the creation or enforcement of any Lien, charge or encumbrance whatsoever upon
any property (now or hereafter acquired) of any Loan Party or any of its Subsidiaries (other than Liens granted under the Loan
Documents). None of the Loan Parties or their Subsidiaries or their respective property is bound by any contractual obligation
(including without limitation pursuant to any Material Contract), or subject to any restriction in any of its Organizational Documents,
or any requirement of Law that would reasonably be expected to result in a Material Adverse Effect.

 

    (b)               
No consent, approval, exemption, order or authorization of, or a registration or filing with, any Governmental Authority
or any other Person is required by any Law or any agreement (including any Material Contract) in connection with (i) the execution,
delivery and carrying out of this Agreement or any other Loan Document, other than as provided in Schedule 5.8, (ii) the
grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, other than as provided in Schedule
5.8, (iii) the perfection of the Prior Security Interest of the Administrative Agent and the Secured Parties created under
the Collateral Documents (other than the filing of UCC financing statements (including any transmitting utility financing statements),
recording of the Mortgages, and filings with the United States Patent and Trademark Office or the United States Copyright Office),
other than as provided in Schedule 5.8, or (iv) the exercise by the Administrative Agent or any Lender of its
rights under the Loan Documents or the remedies of any Secured Party in respect of the Collateral pursuant to the Collateral Documents
(except approvals of the FCC or any applicable PUC with respect to any assignment or transfer of control of a License or Communications
System), in each case except those which have been duly obtained on or before the Closing Date, taken, given or made and are in
full force and effect. Each of the Material Contracts is in full force and effect, and no Loan Party has received any notice of
termination, revocation or other cancellation (before any scheduled date of termination) in respect thereof.

 

5.9              
Litigation. There are no actions, suits, proceedings or investigations pending or, to the knowledge of any
Authorized Officer of any Loan Party or any Subsidiary of any Loan Party, threatened in writing against any Loan Party or any Subsidiary
of any Loan Party or any of their respective properties, including the Licenses, at law or in equity before any Governmental Authority
that individually or in the aggregate (i) would reasonably be expected to result in a Material Adverse Effect or (ii) purports
to affect the legality, validity or enforceability of any Loan Document. None of the Loan Parties or any Subsidiaries of any Loan
Party is in violation of any order, writ, injunction or any decree of any Governmental Authority that would reasonably be expected
to result in a Material Adverse Effect.

 

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5.10          
Financial Statements.

 

    (a)               
Audited Financial Statements. The audited financial statements delivered on or before the Closing Date and thereafter
most recently delivered in accordance with Section 6.1(b) (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial
condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby
in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein.

 

    (b)               
Unaudited Financial Statements. The unaudited financial statements delivered on or before the Closing Date and thereafter
most recently delivered by the Borrower in accordance with Section 6.1(a) (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial
condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby,
subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.

 

    (c)               
Accuracy of Financial Statements. Neither the Borrower nor any of its Subsidiaries has any liabilities, contingent
or otherwise, or forward or long-term commitments that are not disclosed in the financial statements referred to in clauses
(a) and (b) of this Section 5.10 or in the notes thereto, and except as disclosed therein there are no unrealized
or anticipated losses from any commitments of the Borrower or any Subsidiary of the Borrower that would reasonably be expected
to result in a Material Adverse Effect.

 

    (d)               
Material Adverse Effect. Since December 31, 2020, no circumstance or event, or series of circumstances or events,
has occurred resulting in a Material Adverse Effect.

 

5.11          
Margin Stock. None of the Loan Parties nor any Subsidiaries of any Loan Party engages or intends to engage
principally, or as one of its important activities, in the business of extending credit for the purpose, immediately, incidentally
or ultimately, of purchasing or carrying margin stock (within the meaning of Regulation U, T or X as promulgated by the Board).
No part of the proceeds of any Loan has been or will be used, immediately, incidentally or ultimately, to purchase or carry any
margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or that is inconsistent with
the provisions of the regulations of the Board. None of the Loan Parties nor any Subsidiary of any Loan Party holds or intends
to hold margin stock in such amounts that more than 25% of the reasonable value of the assets of any Loan Party or Subsidiary of
any Loan Party are or will be represented by margin stock.

 

5.12          
Full Disclosure. Neither this Agreement nor any other Loan Document, nor any certificate, statement, agreement
or other documents furnished to the Administrative Agent or any Lender in connection herewith or therewith (other than projections
and budgets), contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the
statements contained herein and therein, in light of the circumstances under which they were made, not materially misleading. Any
projections or budgets provided by or on behalf of the Loan Parties or their respective Subsidiaries have been prepared by management
in good faith and based on assumptions believed by management to be reasonable at the time the projections or budgets were prepared,
it being understood that the projections or budgets as to future events are not to be viewed as fact and that actual results during
the period or periods covered by the projections or budgets may differ materially from such projected results. There is no fact
known to any Authorized Officer of any Loan Party or any Subsidiary of any Loan Party that materially and adversely affects the
business, property, assets, financial condition or results of operations of the Loan Parties and their Subsidiaries, taken as a
whole, that has not been set forth in this Agreement or in the certificates, statements, agreements or other documents furnished
in writing to the Administrative Agent and the Lenders prior to or on the Closing Date in connection with the transactions contemplated
hereby.

 

    	 	85	 

     

    

5.13          
Taxes. All material federal, state, local and other tax returns required to have been filed with respect to
each Loan Party and each Subsidiary of each Loan Party have been filed, and payment or adequate provision has been made for the
payment of all material taxes, fees, assessments and other governmental charges that have or may become due pursuant to said returns
or to assessments received, except to the extent that such taxes, fees, assessments and other charges are being contested in good
faith by appropriate proceedings diligently conducted and for which such reserves or other appropriate provisions, if any, as shall
be required by GAAP shall have been made.

 

5.14          
Intellectual Property; Other Rights. Each Loan Party and each Subsidiary of each Loan Party owns or possesses
all the Intellectual Property and all service marks, trade names, domain names, licenses, registrations, franchises, permits and
other rights necessary to own and operate its properties and to carry on its business as presently conducted and planned to be
conducted by such Loan Party or Subsidiary, without known possible, alleged or actual conflict with the rights of others except
as would not reasonably be expected to result in a Material Adverse Effect.

 

5.15          
Liens in the Collateral. Subject only to Permitted Liens, the Liens in the Collateral granted to the Administrative
Agent for the benefit of the Secured Parties pursuant to the Collateral Documents on or after the Closing Date constitute and will
continue to constitute Prior Security Interests in and to the Collateral. All filing fees and other expenses in connection with
the perfection of such Liens on or after the Closing Date have been or will be paid by the Borrower.

 

5.16          
Insurance.

 

 (a)               
The properties of each Loan Party and each of its Subsidiaries are insured pursuant to policies and other bonds that are
valid and in full force and effect and that provide coverage satisfying or surpassing the requirements set forth in Section
6.5(a).

 

 (b)               
Each Loan Party, to the extent required under the Flood Laws, has obtained flood insurance for such structures and contents
constituting Collateral located in a flood hazard zone pursuant to policies that are valid and in full force and effect and which
provide coverage meeting the requirements of Section 6.5(b).

 

5.17          
Employee Benefits Compliance.

 

 (a)               
Each Plan is in compliance with its terms and the applicable provisions of ERISA, the Code and other federal or state Law,
except for any noncompliance that would not reasonably be expected to have, either individually or in the aggregate a Material
Adverse Effect. Each Plan which is intended to qualify under Section 401(a) of the Code has received a favorable determination
letter from the IRS, is adopted by means of a master or prototype plan that has received a favorable opinion letter upon which
the relevant Loan Party or ERISA Affiliate is entitled to rely or is within the remedial amendment period (under Section 401(b)
of the Code and the regulations and IRS guidance thereunder) in which to submit a request for a favorable determination letter.
As to each Plan which is intended to qualify under Section 401(a) of the Code, to the knowledge of the Authorized Officers of the
Loan Parties, nothing has occurred that would cause the loss of such qualification that cannot be remedied under the IRS employee
plans compliance resolution system or any successor program. The Loan Parties and each ERISA Affiliate have satisfied all of their
obligations and liabilities with respect to each Plan and each Multiemployer Plan in all material respects and have made all required
contributions to each Plan and each Multiemployer Plan on or before the applicable due date, including contributions to any Pension
Plan that are required by the Plan Funding Rules and any contributions to any Pension Plan or any Multiemployer Plan that are required
by a collective bargaining agreement, and no application for a funding waiver or an extension of any amortization period pursuant
to Section 412 of the Code has been made with respect to any Pension Plan or Multiemployer Plan.

 

    	 	86	 

     

    

 (b)               
There are no pending or, to the knowledge of the Authorized Officers of the Loan Parties, threatened claims, actions or
lawsuits, including by any Governmental Authority, with respect to any Plan that could reasonably be expected to result in liability
in excess of the Threshold Amount in the aggregate.

 

 (c)               
Except as set forth on Schedule 5.17(C), no ERISA Event has occurred or is reasonably expected to occur. Nothing
listed on Schedule 5.17(C), either individually or in the aggregate, will result in (i) any liability in excess of the Threshold
Amount, (ii) any Lien against a Plan or any Loan Party or (iii) additional contributions to any Plan required by the Plan Funding
Rules.

 

5.18          
Environmental Matters.

 

 (a)               
The facilities and properties currently or formerly owned, leased or operated by any Loan Party or any Subsidiary of any
Loan Party (the “Properties”) do not (x) contain any Hazardous Materials attributable to the ownership, lease
or operation of the Properties by any Loan Party or any Subsidiary of any Loan Party in amounts or concentrations or (y) store
or utilize any Hazardous Materials in amounts or concentrations which (i) constitute a violation by any Loan Party or any
Subsidiary of Environmental Laws, or (ii) could reasonably be expected to give rise to any Environmental Liability in excess
of the Threshold Amount;

 

 (b)               
No Loan Party or Subsidiary of any Loan Party has received any written notice of violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to the activities
of any Loan Party or any Subsidiary of any Loan Party at any of the Properties or the business operated by any Loan Party or any
Subsidiary of any Loan Party (the “Business”), or any prior Business for which any Loan Party or any Subsidiary
of any Loan Party has retained liability under any Environmental Law; and

 

 (c)               
Hazardous Materials have not been transported or disposed of from the Properties (i) in violation of Environmental Law by
or (ii) in a manner or to a location which could reasonably be expected to give rise to any Environmental Liability in excess of
the Threshold Amount of, for any Loan Party or any Subsidiary of any Loan Party; nor have any Hazardous Materials been generated,
treated, stored or disposed of by or on behalf of any Loan Party or any Subsidiary of any Loan Party at, on or under any of the
Properties in violation of Environmental Laws, or in a manner that could reasonably be expected to give rise to, Environmental
Liability in excess of the Threshold Amount.

 

5.19          
Communications Regulatory Matters.

 

    	 	87	 

     

    

 (a)               
A Loan Party or a wholly-owned, Domestic Subsidiary of a Loan Party whose Equity Interests are subject to a Prior Security
Interest in favor of the Administrative Agent, on behalf of itself and the other Secured Parties, pursuant to the Security Agreement
holds (i) each Material License or (ii) the right to utilize each Material License.

 

 (b)               
The Material Licenses held or utilized by the Loan Parties and their Subsidiaries are valid and in full force and effect
without adverse conditions limiting the rights or authority of such Loan Party or Subsidiary under the Material Licenses, except
for such conditions as (i) are generally applicable to holders of such Material Licenses or (ii) do not adversely affect the ability
of the Loan Parties and their Subsidiaries to operate their Communications Systems. Each Loan Party or Subsidiary of a Loan Party
holding or utilizing a Material License has all requisite power and authority required under the Communications Act and PUC Laws
to hold or utilize such Material License and to own and operate the Communications Systems held or utilized by such Loan Party
or such Subsidiary of a Loan Party. The Material Licenses constitute in all material respects all of the Licenses necessary for
the operation of the Communications Systems of the Loan Parties and the Subsidiaries of the Loan Parties. No event has occurred
and is continuing which could reasonably be expected to (i) result in the suspension, revocation, or termination of any such
Material License or (ii) materially and adversely affect any rights of the Loan Parties or their respective Subsidiaries thereunder.
No Authorized Officer of any Loan Party or any Subsidiary of any Loan Party has actual knowledge that any Material License will
not be renewed in the ordinary course. Neither the Loan Parties nor any of their respective Subsidiaries are a party to any investigation,
notice of apparent liability, notice of violation, order or complaint issued by or before the FCC, any PUC or any other applicable
Governmental Authority with respect to any Material License, and there are no proceedings pending by or before the FCC, any PUC
or any other applicable Governmental Authority which would reasonably be expected to have a material and adverse effect on the
validity of any Material License.

 

 (c)               
All of the material properties, equipment and systems owned, leased, subleased or managed by the Loan Parties or their respective
Subsidiaries are, and (to the best knowledge of the Loan Parties and their Subsidiaries) all such property, equipment and systems
to be acquired or added in connection with any contemplated system expansion or construction will be, in good repair, working order
and condition (reasonable wear and tear and casualty events excepted) and are and will be in compliance in all material respects
with all terms and conditions of the Material Licenses and all standards or rules imposed by any Governmental Authority or as imposed
under any agreements with telecommunications companies and customers.

 

 (d)               
Each of the Loan Parties and their respective Subsidiaries has made all material filings which are required to be filed
by it, paid, or caused to be paid, all material franchise, license or other fees and charges related to the Material Licenses or
which have become due pursuant to any authorization, consent, approval or license of, or registration or filing with, any Governmental
Authority in respect of its business and has made appropriate provision as is required by GAAP for any such fees and charges which
have accrued.

 

5.20          
Solvency. As of (a) the Closing Date, (b) the date of any request for a Term Loan pursuant to Section 2.1(c)
and (c) the date of any request for an Incremental Term Loan pursuant to Section 2.1(g), the Borrower is, and the Loan Parties
taken as a whole are, Solvent.

 

5.21          
Qualified ECP Guarantor. The Borrower is a Qualified ECP Guarantor.

 

5.22          
Transactions with Affiliates. No Affiliate of any Loan Party or any Subsidiary of any Loan Party is a party
to any agreement, contract, commitment or transaction with such Loan Party or Subsidiary or has any material interest in any material
property used by such Loan Party or Subsidiary, except as permitted by Section 7.3.

 

    	 	88	 

     

    

5.23          
Labor Matters. There are no strikes, lockouts or slowdowns against any Loan Party or any Subsidiary of any
Loan Party pending or, to the knowledge of any Authorized Officer of any Loan Party or any Subsidiary of any Loan Party, threatened
except as would not reasonably be expected to result in a Material Adverse Effect. The hours worked by and payments made to employees
of the Loan Parties and their respective Subsidiaries within the past five (5) years have not been in violation of the Fair Labor
Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters, except as would not reasonably
be expected to result in a Material Adverse Effect. The execution, delivery and performance of the Loan Documents will not give
rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to
which any Loan Party or any Subsidiary of any Loan Party is bound.

 

5.24          
Anti-Corruption; Anti-Terrorism and Sanctions.

 

 (a)               
Each of the Loan Parties and their respective Subsidiaries, Affiliates, and to the knowledge of the Loan Parties and their
Subsidiaries, their officers, directors, employees and authorized agents are in compliance, in all respects, with all applicable
(i) Anti-Corruption Laws, (ii) Anti-Terrorism Laws and (iii) Sanctions.

 

 (b)               
The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Loan Parties
and their respective Subsidiaries, Affiliates, officers, directors, employees and authorized agents with all applicable (i) Anti-Corruption
Laws, (ii) Anti-Terrorism Laws and (iii) Sanctions.

 

 (c)               
None of the Loan Parties or their respective Subsidiaries, Affiliates, officers, directors, employees or authorized agents
are Sanctioned Persons or have engaged in, or are now engaged in, any dealings or transactions with any Sanctioned Person.

 

 (d)               
No Credit Extension, use of proceeds or other transaction contemplated by this Agreement will violate any applicable (i) Anti-Corruption
Laws, (ii) Anti-Terrorism Laws or (iii) Sanctions.

 

 (e)               
The Loan Parties have provided to the Administrative Agent and the Lenders all information requested by the Administrative
Agent and the Lenders regarding the Loan Parties and their respective Subsidiaries, Affiliates, officers, directors, employees
and authorized agents that is necessary for the Administrative Agent and the Lenders to collect to comply with applicable Anti-Corruption
Laws, Anti-Terrorism Laws, Sanctions and other Laws.

 

5.25          
Borrower’s Status as a Holding Company. Borrower does not own any assets other than the Equity Interests
of its direct and indirect Subsidiaries and does not conduct, transact or engage in any business or operations other than those
incidental to its ownership of such direct and indirect Subsidiaries.

 

5.26          
Senior Debt. The Obligations constitute “Senior Indebtedness” (or any comparable term) or “Senior
Secured Financing” (or any comparable term) under, and as defined in, the documentation governing any Indebtedness that is
subordinated to the Obligations expressly by its terms.

 

    	 	89	 

     

    

VI.             
AFFIRMATIVE COVENANTS

 

The Loan Parties, jointly
and severally, covenant and agree that, commencing on the Closing Date and continuing until Payment In Full of the Secured Obligations,
the Loan Parties shall comply at all times with the following covenants:

 

6.1              
Reporting Requirements. The Loan Parties will furnish or cause to be furnished to the Administrative Agent
and each of the Lenders:

 

(a)               
Quarterly Financial Statements. As soon as available and in any event no later than 60 days after the end of each
of the first three fiscal quarters in each fiscal year of the Borrower, financial statements of the Borrower and its Subsidiaries,
consisting of consolidated balance sheets as of the end of such fiscal quarter and the then elapsed portion of the applicable fiscal
year, and related consolidated statements of income, stockholders’ or members’ equity and cash flows for the fiscal
quarter then ended and the fiscal year through that date (which requirement shall be deemed satisfied by the delivery or filing
with the SEC of the Borrower’s quarterly report on Form 10-Q (or any successor form) for such quarter), all in reasonable
detail and certified by a Financial Officer of the Borrower as having been prepared in accordance with GAAP (subject to normal
year-end audit adjustments and the absence of footnotes), and setting forth in comparative form the respective financial statements
for the corresponding date and period in the previous fiscal year.

 

(b)               
Annual Financial Statements. As soon as available and in any event no later than 100 days after the end of each fiscal
year of the Borrower, audited financial statements of the Borrower and its Subsidiaries consisting of consolidated balance sheets
as of the end of such fiscal year, and related consolidated statements of income, stockholders’ equity and cash flows for
the fiscal year then ended (which requirement shall be deemed satisfied by the delivery or the filing with the SEC of the Borrower’s
Annual Report on Form 10-K (or any successor form) for such year), and accompanied by an opinion of KPMG LLP or another independent
certified public accountants of nationally recognized standing reasonably satisfactory to the Administrative Agent. The report
of accountants shall be prepared in accordance with Statement of Auditing Standards No. 58, as amended, entitled “Reports
on Audited Financial Statements” and shall be free of material qualifications or exception as to the scope of such audit
or any “going concern” qualification (other than any consistency qualification that may result from a change in the
method used to prepare the financial statements as to which such accountants concur), and other than for an exception relating
solely to the pending maturity of the Term Loan A-1s.

 

(c)               
Compliance Certificate. Concurrently with the financial statements of the Borrower furnished to the Administrative
Agent and to the Lenders pursuant to Sections 6.1(a) and (b), a Compliance Certificate duly executed by a Financial
Officer of the Borrower.

 

(d)               
Other Reports.

 

    (i)                
Annual Budget. An annual Consolidated budget and any forecasts or projections of the Borrower, to be supplied not
later than 30 calendar days after the commencement of each fiscal year.

 

    (ii)              
Accountants’ Reports. Promptly upon their becoming available to the Borrower, any reports, including management
letters submitted, to the Borrower by independent accountants in connection with any annual, interim or special audit.

 

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    (iii)            
Management Report. Concurrently with the annual financial statements of the Borrower furnished to the Administrative
Agent and to the Lenders pursuant to Section 6.1(b), a customary management discussion and analysis. The information
above shall be presented in reasonable detail and shall be certified by a Financial Officer of the Borrower to the effect that,
to the knowledge of such officer after reasonable diligence, such information fairly presents in all material respects the results
of operations and financial condition of the Borrower and its Subsidiaries as at the dates and for the periods indicated.

 

    (iv)             
Benefit Plan Documentation. Promptly upon request by any Lender, each Loan Party will deliver to the Lender (A) all
reports, forms and other documents required to be or otherwise prepared or filed in respect of any Pension Plan pursuant to the
Code, ERISA and other applicable Law, and (B) all actuarial reports prepared in respect of any Pension Plan. Promptly upon request
by any Lender, (A) each Loan Party will deliver to the Lender any documentation regarding withdrawal liability under or the funding
status with respect to any Multiemployer Plan that the Loan Party has received and (B) the Loan Party will request the Multiemployer
Plan to provide (and the Loan Party will provide to the Lender upon the Loan Party’s receipt) any documentation regarding
withdrawal liability or funding status that a Multiemployer Plan is required to provide upon request.

 

(e)               
Notices.

 

    (i)                
Default. Promptly after any Authorized Officer of any Loan Party or any Subsidiary of any Loan Party has learned
of the occurrence of an Event of Default or Default, a certificate signed by an Authorized Officer of the Borrower setting forth
the details of such Event of Default or Default and the action that the Borrower proposes to take, or to cause to be taken, with
respect thereto.

 

    (ii)              
Regulatory and Other Notices. Promptly after filing, receiving or becoming aware thereof, the Loan Parties will deliver
or cause to be delivered copies of any filings or written communications sent to, or notices and other communications received
by, any Loan Party or any of its respective Subsidiaries from any Governmental Authority, including the FCC and any PUC, relating
to any material noncompliance by any Loan Party or any of its Subsidiaries with any applicable Law, including the Communications
Act and any applicable PUC Law, or with respect to any matter or proceeding, in each case, the effect of which would reasonably
be expected to result in a Material Adverse Effect.

 

    (iii)            
Litigation. Promptly after the commencement thereof, notice of all actions, suits, proceedings or investigations
before or by any Governmental Authority or any other Person against any Loan Party or Subsidiary of any Loan Party that relate
to the Collateral, involve a claim or series of claims equal to or in excess of the Threshold Amount or that would reasonably be
expected to result in a Material Adverse Effect.

 

    (iv)             
Organizational Documents. Within the time limits set forth in Section 7.14, any material amendment to
the Organizational Documents of any Loan Party or any Subsidiary of any Loan Party.

 

    (v)               
Material Contracts. Promptly after any Authorized Officer of any Loan Party or any Subsidiary of any Loan Party becoming
aware thereof, any material amendment, supplement, waiver or other modification to any of the Material Contracts unless such modification
is not prohibited by Section 7.16, or any notice of default or of termination, cancellation or revocation (in each case,
prior to any scheduled date of termination) delivered under any Material Contract if such default, termination, cancellation or
revocation would reasonably be expected to result in a Material Adverse Effect, Default or Event of Default.

 

    	 	91	 

     

    

    (vi)             
Erroneous Financial Information. Promptly in the event that the Borrower or its accountants conclude or advise that
any previously issued financial statement, audit report or interim review should no longer be relied upon or that disclosure should
be made or action should be taken to prevent future reliance.

 

    (vii)           
ERISA Event. Promptly upon the occurrence of any ERISA Event or any event reasonably expected to result in an ERISA
Event; provided, that no notice of any ERISA Event set forth on Schedule 5.17(C) as of the date hereof shall be required.

 

    (viii)         
Material Adverse Effect. Promptly after becoming aware thereof, the Borrower will give notice of any change in events
or changes in facts or circumstances affecting any Loan Party or any of their respective Subsidiaries which individually or in
the aggregate have resulted in or would reasonably be expected to result in a Material Adverse Effect.

 

    (ix)             
Environmental Notices. Promptly after becoming aware of any material violation by any Loan Party or any of its respective
Subsidiaries of Environmental Laws or promptly upon receipt of any notice that a Governmental Authority has asserted that any Loan
Party or any of its respective Subsidiaries is not in compliance with Environmental Laws or that its compliance is being investigated,
and, in either case, the same would reasonably be expected to result in a Material Adverse Effect, the Borrower will give notice
thereof and provide such other information as may be reasonably available to any Loan Party or any of its respective Subsidiaries
to enable the Administrative Agent and the Lenders to reasonably evaluate such matter.

 

    (x)               
Acquisition of Certain Additional Collateral; Revisions and Updates to Schedules and Annexes. Concurrently with the
delivery of each Compliance Certificate,

 

    (A)             
notice of the acquisition by any Loan Party of (1) any Material Owned Real Property, (2) any Equity Interest (as defined
in the Security Agreement), (3) any Material Copyright, Patent, Trademark or Domain Name (each as defined in the Security Agreement),
(4) any Commercial Tort Claim (as defined in the Security Agreement) or related grouping of Commercial Tort Claims arising from
the same general circumstances that is or are known to any Loan Party (such that an officer of any Loan Party has actual knowledge
of the existence of a tort cause of action and not merely of the existence of the facts giving rise to such cause of action) and
are known to any Loan Party to involve an amount in controversy in excess of the Threshold Amount in the aggregate, (5) any Material
Contracts, and (6) any Material Account, in each case, owned, acquired, leased or opened by any Loan Party, in each case, of which
notice has not previously been given to the Administrative Agent, and

 

    (B)             
revisions or updates to the Schedules referred to in this Agreement or Annexes to the Security Agreement as may be necessary
or appropriate to update or correct any of the information or disclosures provided therein that has become outdated or incorrect
in any material respect; provided, that no such revised or updated Schedules
or Annexes delivered pursuant to this Section 6.1 or otherwise shall be deemed to have been amended, modified or superseded
by any such revision or update, nor shall any breach of warranty or representation resulting from the inaccuracy or incompleteness
of any such Schedule or Annex be deemed to have been cured thereby, unless and until the Administrative Agent, in its sole discretion,
or the Required Lenders, in their sole discretion, shall have accepted in writing such revisions or updates to such Schedule or
Annex.

 

    	 	92	 

     

    

    (xi)             
Beneficial Ownership Certification. Promptly (A) upon a change to the list of beneficial owners identified the
Beneficial Ownership Certification previously received by the Administrative Agent and the Lenders, notice of such change and (B) upon
the reasonable request of the Administrative Agent or any Lender, any information or documentation requested by the Administrative
Agent or such Lender, as the case may be, for purposes of complying with the Beneficial Ownership Regulation.

 

(f)                
Other Information. Such other reports and information as the Administrative Agent may from time to time reasonably
request.

 

In no event shall the
requirements set forth in Section 6.1(d), (e) or (f) require the Borrower or any of its Subsidiaries
to provide any such information which (i) in respect of which disclosure to the Administrative Agent or any Lender (or their respective
representatives or contractors) is prohibited by Law or (ii) is subject to attorney-client or similar privilege or constitutes
attorney work-product.

 

In no event shall the
Borrower be required to furnish, or cause to be furnished, any information (w) that constitutes non-financial trade secrets or
non-financial proprietary information, (x) that constitutes attorney work product, (y) that would result in violation of any confidentiality
agreement by which it is bound or (z) to the extent that the provision thereof would waive or impair attorney-client privilege,
or violate any law, rule or regulation, or any obligation of confidentiality binding on any Loan Party; provided, further,
that in the event the Borrower does not provide information in reliance on the foregoing, such Person shall provide notice to the
Administrative Agent that such information is being withheld and shall use commercially reasonable efforts to receive a waiver
or consent with respect to such restriction, to the extent such waiver or consent would not result in a loss of privilege.

 

6.2              
Preservation of Existence, Etc. Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain
(a) its legal existence and its license or qualification and good standing in each jurisdiction in which its ownership or lease
of property or the nature of its business makes such license or qualification necessary, except as otherwise expressly permitted
in Section 7.7 or where the failure would not reasonably be expected to result in a Material Adverse Effect and (b)
all licenses, franchises, permits and other authorizations (including all Licenses other than Material Licenses) and Intellectual
Property, the loss, revocation, termination, suspension or adverse modification of which would reasonably be expected to result
in a Material Adverse Effect.

 

6.3              
Preservation of Licenses. Each Loan Party shall, and shall cause each of its Subsidiaries to, at all times
preserve and keep in full force and effect all Material Licenses.

 

6.4              
Payment of Liabilities, Including Taxes, Etc. Each Loan Party shall, and shall cause each of its Subsidiaries
to, pay, discharge or otherwise satisfy all Indebtedness and other liabilities (including all lawful claims that, if unpaid, would
by Law become a Lien on the assets of any Loan Party) to which it is subject or that are asserted against it, promptly as and when
the same shall become due and payable, including all material taxes, assessments and governmental charges upon it or any of its
properties, assets, income or profits, prior to the date on which penalties attach thereto, except to the extent that such liabilities,
including taxes, assessments or governmental charges, are being contested in good faith and by appropriate and lawful proceedings
diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have
been made.

 

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6.5              
Maintenance of Insurance.

 

    (a)               
Each Loan Party shall, and shall cause each of its Subsidiaries to, insure its properties and assets against loss or damage
by fire and such other insurable hazards as such assets are commonly insured (including fire, extended coverage, property damage,
workers’ compensation, public liability and business interruption insurance) and against other risks (including errors and
omissions) in such amounts as similar properties and assets are insured by prudent companies in similar circumstances carrying
on similar businesses, and with reputable and financially sound insurers, including self-insurance to the extent customary, all
as reasonably determined by the Administrative Agent. Such insurance policies shall contain additional insured, mortgagee and lender
loss payable special endorsements in form and substance reasonably satisfactory to the Administrative Agent naming the Administrative
Agent as additional insured, mortgagee and lender loss payee, as applicable, and providing the Administrative Agent with notice
of cancellation acceptable to the Administrative Agent.

 

    (b)               
Each Loan Party shall, to the extent required under the Flood Laws, obtain and maintain flood insurance for such structures
and contents constituting Collateral located in a flood hazard zone, in such amounts as similar structures and contents are insured
by prudent companies in similar circumstances carrying on similar businesses and otherwise reasonably satisfactory to the Administrative
Agent (but, in any event, providing all flood insurance required by applicable Law).

 

    (c)               
Not less than fifteen (15) days (or such later date as the Administrative Agent shall agree to in its reasonable discretion)
prior to the expiration date of the insurance policies required to be maintained by any Loan Party or its Subsidiaries pursuant
to the terms hereof, the Borrower will deliver to the Administrative Agent one or more certificates of insurance and endorsements
evidencing renewal of the insurance coverage required hereunder plus such other evidence of payment of premiums therefor as Administrative
Agent may reasonably request.

 

    (d)               
If any Loan Party fails to, or fails to cause any of its Subsidiaries to, obtain and maintain any of the policies of insurance
required to be maintained pursuant to the provisions of this Section 6.5 or to pay any premium in whole or in part, the
Administrative Agent may, without waiving or releasing any obligation or Default or Event of Default, at the Loan Parties’
expense, but without any obligation to do so, procure such policies or pay such premiums. All sums so disbursed by the Administrative
Agent, including any reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and reasonable and documented
fees, charges and disbursements of counsel for the Administrative Agent, shall be payable by the Loan Parties to the Administrative
Agent on demand and shall be additional Obligations hereunder and under the other Loan Documents, secured by the Collateral.

 

6.6              
Maintenance of Properties. Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in
good repair, working order and condition (ordinary wear and tear and casualty excepted) in accordance with the general practice
of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to
time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof, except where the
failure would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

6.7              
Visitation Rights. Each Loan Party will permit, and will cause each of its Subsidiaries to permit, at the
expense of the Loan Parties, any authorized representatives of the Administrative Agent (together with any authorized representatives
of any Lender that desires to have its authorized representatives accompany the Administrative Agent’s authorized representatives
and (during the existence of an Event of Default) any authorized representative of any Lender (whether or not accompanied by representatives
of the Administrative Agent)):

 

    	 	94	 

     

    

    (a)               
to visit and inspect any of the properties of the Loan Parties and their respective Subsidiaries, including their financial
and accounting records, and to make copies and take extracts therefrom; provided,
that absent the existence of an Event of Default, the Administrative Agent shall not (and any Lender that elected to have
its authorized representatives accompany the Administrative Agent’s authorized representatives on such visit and inspection
shall not) request reimbursement from the Borrower for more than one visit and inspection in any calendar year; and

 

    (b)               
to discuss their affairs, finances and business with their officers, employees and certified public accountants; provided,
that absent the existence of an Event of Default, the Loan Parties will receive reasonable prior notice of the time and
place of such discussions with their certified public accounts and may elect to attend and participate in such discussions (for
the avoidance of doubt, the failure of the Loan Parties to attend or participate any such discussions at the time and place provided
in such notice shall not prevent the authorized representatives of the Administrative Agent (together with any authorized representatives
of any Lender that desires to have its authorized representatives accompany the Administrative Agent’s authorized representatives)
from proceeding with such discussion);

 

in each case upon reasonable prior notice
at such reasonable times during normal business hours and as often as may be reasonably requested; provided, that during
the continuance of an Event of Default, the authorized representatives of the Administrative Agent and any Lender may conduct such
visits and inspections and engage in such discussions without notice and as frequently and at such times as they may specify.

 

6.8              
Keeping of Records and Books of Account. The Loan Parties shall, and shall cause each Subsidiary of the Borrower
to, maintain and keep adequate books of record and account that enable the Borrower and its Subsidiaries to issue financial statements
in accordance with GAAP and as otherwise required by applicable Laws of any Governmental Authority having jurisdiction over the
Borrower or any Subsidiary of the Borrower, and in which full, true and correct entries shall be made in all material respects
of all its dealings and business and financial affairs.

 

6.9              
Compliance with Laws.

 

    (a)               
Each Loan Party shall, and shall cause each of its Subsidiaries to, comply with all applicable Laws, except where failure
to comply with any applicable Law would not result in fines, penalties, remediation costs, other similar liabilities or injunctive
relief that, in the aggregate, would reasonably be expected to result in a Material Adverse Effect.

 

    (b)               
Each of the Loan Parties shall, and shall cause each of its Subsidiaries, Affiliates, officers, directors, employees and
authorized agents to, comply with all applicable Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions. The Borrower shall implement
and maintain in effect policies and procedures designed to ensure compliance by the Loan Parties and their respective Subsidiaries,
Affiliates, officers, directors, employees and authorized agents with all applicable Anti-Corruption Laws, Anti-Terrorism Laws
and Sanctions.

 

(c)               
Except where the failure would not reasonably be expected to result in a Material
Adverse Effect, each of the Loan Parties shall, and shall cause each of its Subsidiaries to, (i) conduct its operations
and keep and maintain its real property in compliance with all Environmental Laws and environmental permits; (ii) obtain and
renew all environmental permits necessary for its operations and properties; and (iii) implement any and all investigation, remediation,
removal and response actions that are necessary to maintain the value and marketability of the real property or to otherwise comply
with Environmental Laws pertaining to any of its real property (provided, however, that neither a Loan Party nor
any of its Subsidiaries shall be required to undertake any such investigation, remediation, removal, response or other action to
the extent that its obligation to do so is being contested in good faith and by proper proceedings and adequate reserves have been
set aside and are being maintained by the Loan Parties with respect to such circumstances in accordance with GAAP).

 

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6.10            
Further Assurances.

 

    (a)               
Generally. Each Loan Party shall, from time to time, at its expense, preserve and protect the Administrative Agent’s
Lien on and Prior Security Interest in the Collateral whether now owned or hereafter acquired as a continuing Prior Security Interest
therein, and shall do or make, or cause each of its Subsidiaries to do or make, such other acts, deliveries and things as the Administrative
Agent may deem reasonably necessary or advisable from time to time in order to consummate the transactions contemplated hereby,
preserve, perfect and protect the Liens granted or purported to be granted under the Loan Documents and to exercise and enforce
its rights and remedies thereunder with respect to the Collateral.

 

    (b)               
Additional Subsidiaries. In furtherance, and not in limitation, of Section 6.10(a), but subject to the limitations
of such Section, promptly upon (and in any event (x), for any such creation or acquisition constituting an Investment in excess
of the Threshold Amount, within fifteen (15) days after (or such later date as the Administrative Agent shall agree to in its sole
discretion) and (y), for any such creation or acquisition constituting an Investment not in excess of the Threshold Amount, within
forty-five (45) days after (or such later date as the Administrative Agent shall agree to in its sole discretion)):

 

    (i)                
the creation or acquisition of any direct or indirect Subsidiary by any Loan Party (other than an Excluded Subsidiary),
each such new Subsidiary and the Loan Parties will execute and deliver to the Administrative Agent a duly executed Guarantor Joinder
in accordance with Section 12.12, pursuant to which (A) such new Subsidiary shall become a party hereto as a Guarantor and
shall become a party to the Security Agreement as a Grantor (as defined therein), and (B) the Equity Interests (as defined in the
Security Agreement) of such new Subsidiary shall be pledged by the applicable Loan Party to the extent provided in the Collateral
Documents; and

 

    (ii)              
the creation or acquisition of any direct or indirect Subsidiary by any Loan Party that is an Excluded Subsidiary, (A) each
such new Excluded Subsidiary will execute and deliver to the Administrative Agent a duly executed Negative Pledge Agreement and
(B) the Equity Interests (as defined in the Security Agreement) of such new Subsidiary shall be pledged by the applicable Loan
Party to the extent provided in the Collateral Documents.

 

Concurrently with the
delivery of the forgoing, the Loan Parties will deliver, or cause to be delivered, all certificates evidencing such Equity Interests
(as defined in the Security Agreement), together with undated, executed transfer powers, and such other Collateral Documents and
such other documents, certificates and opinions (including opinions of local counsel in the jurisdiction of organization of each
such new Subsidiary) regarding such new Subsidiary, in form, content and scope reasonably satisfactory to the Administrative Agent,
as the Administrative Agent may reasonably request in connection therewith and, if applicable, will take such other action as the
Administrative Agent may reasonably request to create in favor of the Administrative Agent a Prior Security Interest in the Collateral,
to the extent provided in the Collateral Documents, for the Secured Obligations. If any Loan Party delivers a Mortgage with respect
to any real property, it will also deliver any Real Estate Deliverables required by applicable Law.

 

    (c)               
Real Property. In furtherance, and not in limitation, of Sections 6.10(a) and 6.10(b), but subject
to the limitations of such Sections, the Loan Parties shall, within ninety (90) days (as such time period may be extended by the
Administrative Agent, in its sole discretion) of the acquisition by any Loan Party of any Material Owned Real Property that is
not subject to a Mortgage in favor of the Administrative Agent, for the benefit of the Secured Parties, deliver Real Estate Deliverables
to the Administrative Agent in connection with such Material Owned Real Property.

 

    	 	96	 

     

    

    (d)               
Material Account. In furtherance, and not in limitation, of Sections 6.10(a) and 6.10(b), but subject
to the limitations of such Sections, the Loan Parties shall, within thirty (30) days (as such time period may be extended by the
Administrative Agent, in its sole discretion) of the acquisition by any Loan Party of any Material Account that is not subject
to a control agreement in favor of the Administrative Agent, for the benefit of the Secured Parties, use commercially reasonable
efforts to deliver to the Administrative Agent a duly completed and executed control agreement, sufficient to perfect the Administrative
Agent’s security interest under the Uniform Commercial Code and otherwise in form and substance reasonably satisfactory to
the Administrative Agent.

 

The Administrative
Agent may elect not to request any documents, instruments, filings or opinions as contemplated by this Section 6.10 or the
Security Agreement and the other Loan Documents if it determines in its sole discretion that the costs to the Loan Parties of perfecting
a security interest or Lien in such property exceed the relative benefit of such security interest to the Secured Parties.

 

6.11            
CoBank Equity. So long as CoBank is a Lender hereunder, the Borrower will (a) maintain its status as
an entity eligible to borrow from CoBank and (b) acquire equity in CoBank in such amounts and at such times as CoBank may require
in accordance with CoBank’s Bylaws and Capital Plan (as each may be amended from time to time), except that the maximum amount
of equity that the Borrower may be required to purchase in CoBank in connection with the Loans made by CoBank may not exceed the
maximum amount permitted by the Bylaws and the Capital Plan at the time this Agreement is entered into. The Borrower acknowledges
receipt of a copy of (i) CoBank’s most recent annual report, and if more recent, CoBank’s latest quarterly report,
(ii) CoBank’s Notice to Prospective Stockholders and (iii) CoBank’s Bylaws and Capital Plan, which describe the
nature of all of the Borrower’s stock and other equities in CoBank acquired in connection with its patronage loan from CoBank
(the “CoBank Equities”) as well as capitalization requirements, and agrees to be bound by the terms thereof.

 

6.12            
Use of Proceeds. The proceeds of (a) the Term Loans shall be used to finance capital expenditures and for
other general corporate purposes of the Borrower and its Subsidiaries, including the payment of certain fees, costs and expenses
in connection with the Facilities, not in contravention of any Laws, (b) the Revolving Loans shall be used to provide working capital
and Letters of Credit from time to time and for other general corporate purposes of the Borrower and its Subsidiaries, including
the payment of fees, costs and expenses in connection with the Facilities, not in contravention of any Laws, including the payment
of certain fees and expenses incurred in connection with the this Agreement and the transactions contemplated hereby, and (c) any
Tranche of Incremental Term Loans shall be used as specified in the applicable Incremental Term Loan Funding Agreement. The Loan
Parties will use the Letters of Credit and the proceeds of the Loans only in accordance with Sections 5.11, 5.24
and as permitted by applicable Law.

 

6.13            
Material Contracts. Each of the Loan Parties covenants and agrees that it shall, and shall cause each of its
Subsidiaries to, comply in all material respects with each Material Contract.

 

6.14            
Benefit Plan Compliance. Except for noncompliance that could not reasonably be expected to result in a Material
Adverse Effect, (a) each Plan will be in compliance in all material respects with its terms and applicable Law, (b) each of the
Loan Parties and the ERISA Affiliates will satisfy their obligations and liabilities with respect to each Plan and each Multiemployer
Plan and (c) each of the Loan Parties and the ERISA Affiliates will make all contributions with respect to any Plan or Multiemployer
Plan on or before the due date for such contribution.

 

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6.15            
Post-Closing Deliveries. Each of the Loan Parties covenants and agrees that it shall, and shall cause each
of its Subsidiaries to, perform the obligations set forth on Schedule 6.15 on or before the date provided in Schedule 6.15
(as such date may be extended by the Administrative Agent in its sole discretion) with respect to each such obligation unless:
(a) with respect to Item 1 of Schedule 6.15, the Loan Parties shall have delivered, or caused to be delivered, a certification
by an Authorized Officer that (i) the Administrative Agent, in consultation with the Borrower, has determined that no Cable Television
Consent (that has not been obtained) is required, or (ii) that a dismissal or other similar action has been entered by the applicable
PUC with respect to any applicable Cable Television Consent that the Borrower has submitted an application for to the applicable
PUC, or (b) with respect to any other item of Schedule 6.15, the Administrative Agent has agreed in its sole discretion
in writing to waive such obligation in its entirety.

 

VII.          
NEGATIVE COVENANTS

 

The Loan Parties, jointly
and severally, covenant and agree that, commencing on the Closing Date and continuing until Payment In Full of the Secured Obligations,
the Loan Parties shall comply at all times with the following covenants:

 

7.1              
Indebtedness. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries to, at any time
create, incur, assume or suffer to exist any Indebtedness, except:

 

    (a)               
Indebtedness under this Agreement and the other Loan Documents;

 

    (b)               
Indebtedness of Excluded Subsidiaries of up to $500,000 in the aggregate at any time;

 

    (c)               
unsecured, short-term Indebtedness of the Borrower to Shenandoah Telephone Company with respect to cash management systems
not to exceed in the aggregate at any time the greater of (x) $25,000,000 and (y) 25% of Consolidated EBITDA calculated on a Pro
forma Basis as of the most recent four fiscal quarter period for which Consolidated financial statements have been delivered, provided
that not less than once per fiscal year such Indebtedness shall be paid down in full by means of a dividend in the amount of such
then outstanding Indebtedness;

 

    (d)               
Indebtedness incurred with respect to Purchase Money Security Interests, Synthetic Lease Obligations and Capital Leases
for fixed or capital assets not to exceed in the aggregate at any time the greater of (i) $15,000,000 and (ii) 15.0% of Consolidated
EBITDA calculated on a Pro forma Basis as of the most recent four fiscal quarter period for which Consolidated financial statements
have been delivered;

 

    (e)               
unsecured, subordinated Indebtedness of a Loan Party to another Loan Party, pursuant to the Master Subordinated Intercompany
Note;

 

    (f)                
unsecured Indebtedness representing deferred compensation to employees of the Loan Parties and their Subsidiaries incurred
in the ordinary course of business;

 

    (g)               
Indebtedness (contingent or otherwise) of any Loan Party arising under (i) any Secured Hedge, (ii) any other Interest Rate
Hedge, (iii) Indebtedness under any Secured Bank Product or (iv) other cash management arrangements with depository institutions,
in each case, entered into in the ordinary course of business; provided however, that (A) no Loan Party shall enter into
or incur any Secured Hedge or other Interest Rate Hedge that constitutes a Swap Obligation if at the time it enters into or incurs
such Swap Obligation it does not constitute an “eligible contract participant” as defined in the Commodity Exchange
Act, and (B) the Loan Parties and their Subsidiaries shall enter into a Secured Hedge or other Interest Rate Hedge only for hedging
(rather than speculative) purposes;

 

    	 	98	 

     

    

    (h)               
Guarantees and other Contingent Obligations permitted by Section 7.4;

 

    (i)                
Indebtedness owed to any Person providing property, casualty, liability or other insurance to the Loan Parties or their
Subsidiaries so long as the amount of such Indebtedness is not in excess of the amount of the unpaid premium of, and shall be incurred
only to defer the cost of, such insurance for any twelve-month period in which such Indebtedness is incurred and such Indebtedness
is outstanding only in such twelve-month period;

 

    (j)                
Indebtedness incurred by the Loan Parties in a Permitted Acquisition or Disposition permitted hereunder, in each case, constituting
indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar adjustments;

 

    (k)               
Indebtedness consisting of obligations of the Loan Parties under deferred compensation or other similar arrangements incurred
by such Person in connection with Permitted Acquisitions;

 

    (l)                
Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections, employee credit
card programs and other cash management and similar arrangements in the ordinary course of business; and

 

    (m)             
Indebtedness of a Loan Party not to exceed at any time the greater of (i) $15,000,000 and (ii) 15.0% of Consolidated
EBITDA calculated on a Pro forma Basis as of the most recent four fiscal quarter period for which Consolidated financial statements
have been delivered.

 

7.2              
Liens. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries to, at any time create,
incur, assume or suffer to exist any Lien on any of its property or assets, tangible or intangible, now owned or hereafter acquired,
or agree or become liable to do so, except Permitted Liens.

 

7.3              
Affiliate Transactions. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries to, enter
into or carry out any transaction with any Affiliate of any Loan Party (including purchasing property or services from or selling
property or services to any Affiliate of any Loan Party or other Person) unless such transaction (a) is not otherwise prohibited
by this Agreement, (b) is in accordance with all applicable Law and (c) (i) is among the Loan Parties, (ii) is entered into in
the ordinary course of business upon fair and reasonable arm’s-length terms and conditions, (iii) relates to the payment
of compensation to directors, officers and employees in the ordinary course of business for services actually rendered in their
capacities as directors, officers and employees, provided such compensation is reasonable and comparable with compensation paid
by companies of like nature and similarly situated, (iv) is a Restricted Payment permitted by Section 7.6 or an advance
permitted by Section 7.5(b), or (v) is a charitable contribution to Shentel Foundation, a Virginia nonstock corporation,
so long as the aggregate amount of all such contributions does not exceed $1,500,000 in any fiscal year.

 

7.4              
Contingent Obligations. No Loan Party shall, nor shall it permit any of its Subsidiaries to, at any time,
directly or indirectly, create or become or be liable with respect to any Contingent Obligation except for those:

 

    	 	99	 

     

    

    (a)               
resulting from endorsement of negotiable instruments for collection in the ordinary course of business;

 

    (b)               
arising with respect to customary adjustment of purchase price or similar obligations incurred in connection with Investments
permitted pursuant to Section 7.5;

 

    (c)               
arising under indemnity agreements to title insurers in connection with mortgagee title insurance policies in favor of Administrative
Agent for the benefit of itself and the other Secured Parties;

 

    (d)               
arising in the ordinary course of business with respect to customary indemnification obligations incurred in the ordinary
course of business;

 

    (e)               
incurred in the ordinary course of business with respect to surety and appeal bonds, performance and return-of-money bonds
and other similar obligations;

 

    (f)                
constituting Investments permitted pursuant to Section 7.5;

 

    (g)               
Guarantees by any Loan Party of Indebtedness permitted hereunder (other than Indebtedness of any Subsidiary that is not
a Loan Party and Excluded Swap Obligations); and

 

    (h)               
arising under the Loan Documents and under any Secured Hedge or other Interest Rate Hedge to the extent permitted under
Section 7.1.

 

7.5              
Investments. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries to, at any time
make or suffer to remain outstanding any Investment, except:

 

    (a)               
trade credit extended on usual and customary terms in the ordinary course of business;

 

    (b)               
advances to officers, directors and employees of the Loan Parties to meet expenses incurred by such officers, directors
or employees for travel, entertainment, relocation and analogous ordinary business purposes in the ordinary course of business
not to exceed $1,000,000 at any time outstanding;

 

    (c)               
Investments in the form of cash and Cash Equivalents;

 

    (d)               
Investments in other Loan Parties;

 

    (e)               
Investments of the Loan Parties and their respective Subsidiaries existing on the Closing Date and set forth on Schedule
7.5;

 

    (f)                
notes payable to, or Equity Interests issued by, account debtors to any Loan Party in good faith settlement of delinquent
obligations and pursuant to any plan of reorganization or similar proceedings upon the bankruptcy or insolvency of any such account
debtor;

 

    (g)               
the CoBank Equities and any other stock or securities of, or Investments in, CoBank or its investment services or programs;

 

    	 	100	 

     

    

    (h)               
Guaranties and other Contingent Obligations permitted by Section 7.4;

 

    (i)                
any Secured Hedge or other Interest Rate Hedge permitted under Section 7.1;

 

    (j)                
[reserved];

 

    (k)               
Investments in the Excluded Subsidiaries made after the Closing Date in an aggregate amount not to exceed at any time the
greater of (x) $10,000,000 and (x) 10.0% of Consolidated EBITDA calculated on a Pro forma Basis as of the most recent four fiscal
quarter period for which Consolidated financial statements have been delivered;

 

    (l)                
so long as (x) no Default or Event of Default has occurred and is continuing or would result therefrom and (y) the Borrower’s
Total Net Leverage Ratio, calculated on a Pro forma Basis, is less than or equal to 4.00:1.00, Investments in an unlimited amount;
and

 

    (m)             
Permitted Acquisitions.

 

7.6              
Dividends and Related Distributions. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries
to, declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so,
except that:

 

    (a)               
any Loan Party or Subsidiary may make, declare and pay lawful, cash dividends or distributions to, or redeem any Equity
Interest held by, any Loan Party;

 

    (b)               
any Loan Party may make, declare or pay lawful cash dividends or distributions to the Excluded Subsidiaries in an aggregate
amount of up to $10,000,000 over the term of the Facilities;

 

    (c)               
any Subsidiary of the Borrower that is not directly or indirectly wholly-owned by the Borrower may make, declare and pay
lawful, pro rata cash dividends, distributions and redemptions;

 

    (d)               
the Borrower and its Subsidiaries may make, declare and pay lawful dividends or distributions to the extent payable in Equity
Interests that are not Disqualified Stock;

 

    (e)               
the Borrower may make the Special Dividend; and

 

    (f)                
so long as no Default or Event of Default shall exist at the time of such declaration or could reasonably be expected to
result from such dividend, distribution or redemption (tested solely at the time of declaration of any such dividend, distribution
or redemption) and the Loan Parties shall be in compliance with the covenants set forth in Article VIII after giving effect
to any such dividend, distribution or redemption on a Pro forma Basis for the four fiscal quarter period most recently then ended
for which financial statements have been delivered (tested solely at the time of declaration of any such dividend, distribution
or redemption), the Borrower may make, declare and pay lawful cash dividends or distributions to its shareholders or redeem capital
stock in an aggregate amount not to exceed, (i) when the Borrower’s Total Net Leverage Ratio is greater than 4.00:1.00 on
a Pro forma Basis, an amount equal to the greater of (x) 6.0% of the net cash proceeds from any public equity issuance of
the Borrower’s Equity Interests or (y) 4.0% of the estimated fair market value of the Borrower’s Equity Interests
(collectively, the “Permitted Additional Distributions”) or (ii) when the Borrower’s Total Net Leverage
is less than or equal to 4.00:1.00 on a Pro forma Basis, an unlimited amount; provided, however, that (x) the
amount of any dividend or distribution that is not paid in cash but is reinvested in Equity Interests of the Borrower (other than
Disqualified Stock) shall be excluded from this calculation and (y) redemptions of Equity Interests of the Borrower surrendered
by employees and directors to cover withholding taxes shall be excluded from this calculation.

 

    	 	101	 

     

    

7.7              
Liquidations, Mergers, Consolidations, Acquisitions. No Loan Party shall, nor shall any Loan Party permit
any of its Subsidiaries to, (x) dissolve, liquidate or wind-up its affairs, (y) become a party to any merger or consolidation,
or (z) acquire by purchase, lease or otherwise all or substantially all of the assets or Equity Interests of any other Person or
group of related Persons; except:

 

    (a)               
[reserved];

 

    (b)               
any Subsidiary may combine, merge or consolidate with or into (i) any Loan Party; provided, that a Loan Party (or
the Borrower, if the Borrower is a party) shall be the continuing or surviving Person, and (ii) any one or more other Subsidiaries;

 

    (c)               
any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to another
Subsidiary; provided, that if the transferor in such a transaction is a Loan Party, then the transferee must be a Loan Party;

 

    (d)               
any Subsidiary that is not a Loan Party may dissolve, liquidate or wind-up its affairs, as long as (i) no Event of
Default would result therefrom and (ii) such Subsidiary dissolves, liquidates or winds-up into another Subsidiary or a Loan Party;

 

    (e)               
any Loan Party may dissolve, liquidate or wind-up its affairs, as long as (i) no Event of Default exists or would result
therefrom and (ii) such Loan Party dissolves, liquidates or winds-up into another Loan Party; and

 

    (f)                
any Loan Party and any Subsidiary may enter into any transactions permitted under Section 7.5 or Section 7.8.

 

Any reference
in this Section 7.7 or in Section 7.8 to a combination, merger, consolidation, Disposition, dissolution, liquidation
or transfer shall be deemed to apply to a Division of or by a limited liability company, or an allocation of assets to a series
of limited liability companies (or the unwinding of such a division or allocation) as if it were a combination, merger, consolidation,
Disposition, dissolution, transfer or similar term, as applicable, to of or with a separate Person. Any Division of a limited liability
company shall constitute a separate Person hereunder (and each Division of any limited liability company that is a like term shall
also constitute such a Person or entity).

 

7.8              
Dispositions of Assets or Subsidiaries. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries
to, Dispose of, voluntarily or involuntarily, any of its properties or assets, tangible or intangible (including sale, assignment,
discount or other Disposition of accounts, contract rights, chattel paper, equipment or general intangibles with or without recourse
or of capital stock, shares of beneficial interest, partnership interests or limited liability company interests or other Equity
Interests of a Subsidiary of such Loan Party), except:

 

    (a)               
transactions involving the sale of inventory to customers in the ordinary course of business;

 

    (b)               
(i) any termination of any lease or sublease in the ordinary course of business, (ii) any expiration of any option
agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights or the settlement,
release or surrender of contractual rights or litigation claims (including in tort) in the ordinary course of business;

 

    (c)               
any Disposition of assets by any Loan Party to another Loan Party;

 

    	 	102	 

     

    

    (d)               
any Disposition of Cash Equivalents in the ordinary course of business

 

    (e)               
any Disposition of obsolete or worn-out assets in the ordinary course of business that are no longer necessary or required
in the conduct of such Loan Party’s or such Subsidiary’s business;

 

    (f)                
any Disposition (i) permitted by Section 7.7 or (ii) pursuant to a Casualty Event;

 

    (g)               
the Disposition of assets on the Closing Date or any Subsequent Closing (as such term is defined in the T-Mobile Asset Purchase
Agreement) pursuant to, and consummation of the transactions contemplated by, the T-Mobile Asset Purchase Agreement and the Disposition
of the T-Mobile Transition Services Assets after the Closing Date pursuant to the terms of the Transition Services Agreement;

 

    (h)               
any Disposition by any Loan Party to any Excluded Subsidiary, so long as such Dispositions do not exceed $10,000,000 in
the aggregate over the term of the Facilities and do not consist of any Equity Interest of any Loan Party;

 

    (i)                
[reserved];

 

    (j)                
Dispositions of all or substantially all of the cell tower assets in one or a series of related transactions for fair market
value; provided, that (i) at the time of such Disposition, no Event of Default shall exist or result therefrom and
(ii) no less than 75% of the purchase price for such cell tower assets shall be paid to the Borrower or applicable Subsidiary
in (x) cash or Cash Equivalents or (y) broadband or other telecommunications assets;

 

    (k)               
Dispositions made to comply with any order of any Governmental Authority or any applicable requirement of Law;

 

    (l)                
other Dispositions of up to 15% of Consolidated total assets of the Borrower in the aggregate from and after the Closing
Date upon fair and reasonable arm’s-length terms and conditions; provided, that no such Disposition shall consist
of any Equity Interest of any Loan Party unless all of the Equity Interest of such Loan Party owned directly or indirectly by any
other Loan Party are subject to such Disposition;

 

    (m)             
other Dispositions of up to $10,000,000 in the aggregate from and after the Closing Date; provided, that no such
Disposition shall consist of any Equity Interest of any Loan Party; and

 

    (n)               
Dispositions solely in cash to Shentel Foundation, a Virginia nonstock corporation, subject to the dollar limitation set
forth in Section 7.3(c)(v).

 

7.9              
Use of Proceeds. No Loan Party shall (a) use the proceeds of any Loan or other Credit Extension hereunder,
whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within
the meaning of Regulation U, T or X as promulgated by the Board) or to extend credit to others for the purpose of purchasing or
carrying margin stock or to refund indebtedness originally incurred for such purpose or (b) request any Credit Extension or use
(or permit the use by any of its Subsidiaries or its or their respective Affiliates, directors, officers, employees or agents of)
the proceeds of any Credit Extension, whether directly or indirectly, (i) in furtherance of an offer, payment, promise to pay or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws,
(ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person,
in any Sanctioned Country or (iii) in any manner that would result in a violation of Anti-Corruption Laws, Anti-Terrorism Laws,
Sanctions or other applicable Law.

 

    	 	103	 

     

    

7.10            
Subsidiaries and Partnerships. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries
to, own or create directly or indirectly any Subsidiaries other than (a) any Subsidiary that is a Guarantor on the Closing Date;
(b) any Subsidiary formed or acquired after the Closing Date that joins this Agreement as a Guarantor in accordance with the terms
of this Agreement and the Security Agreement by delivering to the Administrative Agent (i) an executed Guarantor Joinder; (ii)
documents in the forms described in Section 4.1 modified as appropriate; and (iii) documents necessary to grant and
perfect Prior Security Interests to the Administrative Agent for the benefit of the Secured Parties in the Equity Interests (as
defined in the Security Agreement) of, and Collateral held by, such Subsidiary, and (c) any Excluded Subsidiary.

 

7.11            
Continuation of or Change in Business. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries
to, engage in any business other than the business of owning, constructing, managing and operating Communications Systems, or other
lines of business necessary or ancillary to the foregoing, consistent with advances in the Communications Systems industry, or
an otherwise reasonably related or complimentary extension of the foregoing.

 

7.12            
Fiscal Year. The Borrower shall not, and shall not permit any Subsidiary of the Borrower to, change its fiscal
year from the twelve-month period beginning January 1 and ending December 31.

 

7.13            
Issuance of Equity Interests. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries
to, commence or consummate any Equity Issuance, except for (a) any such Equity Issuances by any Loan Party to and for the benefit
of a Loan Party and that are subject to the Administrative Agent’s Prior Security Interest therein and otherwise comply with
the Security Agreement, (b) any Equity Issuance by the Borrower and (c) any issuance of warrants or options for Equity Interests,
stock appreciation rights or similar equity or equity-based awards of the Borrower to directors, officers or employees of the Borrower
or any of its Subsidiaries pursuant to incentive, compensation or employee benefit plans established in the ordinary course of
business and any such Equity Interests of the Borrower issued upon the exercise of such warrants or options.

 

7.14             Changes
in Organizational Documents. No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries to, amend in
any material respect its Organizational Documents without providing at least ten (10) Business Days’ prior written notice
(or such shorter notice as to which the Administrative Agent may agree in its sole discretion) to the Administrative Agent and,
in the event such change would be adverse in any material respect to the interests of the Lenders as determined by the Administrative
Agent in its sole discretion, obtaining the prior written consent of the Required Lenders.

 

7.15            
Negative Pledges; Other Inconsistent Agreements. Each of the Loan Parties covenants and agrees that it shall
not, and shall not permit any of its Subsidiaries to, enter into any agreement containing any provision which would

 

    (a)               
be breached by any Borrowing by the Borrower hereunder or by the performance by the Loan Parties or their respective Subsidiaries
of any of their obligations hereunder or under any other Loan Document,

 

    (b)               
limit the ability of any Loan Party or any Subsidiary of any Loan Party (except any Excluded Subsidiary) to create, incur,
assume or suffer to exist Liens on property of such Person,

 

    	 	104	 

     

    

    (c)               
create or permit to exist or become effective any encumbrance or restriction on the ability of any Loan Party or Subsidiary
of any Loan Party to (i) make Restricted Payments to any Loan Party or pay any Indebtedness owed to any Loan Party, (ii) make loans
or advances to any Loan Party, (iii) transfer any of its assets or properties to any Loan Party or (iv) Guarantee the Indebtedness
of any Loan Party (except any Excluded Subsidiary), or

 

    (d)               
require the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of
such Person;

 

provided, however,
that (i) the foregoing clauses (b) through (d) shall not apply to restrictions and conditions imposed by applicable
Law, by this Agreement, any Negative Pledge Agreement or the Transition Services Agreement or the T-Mobile Asset Purchase Agreement
and (ii) clauses (b) and (c) shall not prohibit any negative pledge incurred or provided in favor of any holder
of Indebtedness permitted under Section 7.1(c) solely to the extent any such negative pledge relates to the property financed
by or the subject of such Indebtedness.

 

7.16            
Material Contracts. Each of the Loan Parties covenants and agrees that it shall not, and shall not permit
any of its Subsidiaries to amend, restate, supplement, waive or otherwise modify, or terminate, cancel or revoke (prior to any
scheduled date of termination) any Material Contract if such modification, termination, cancellation or revocation would reasonably
be expected to result in a Material Adverse Effect, Default or Event of Default.

 

7.17            
Management Fees. Each of the Loan Parties covenants and agrees that it shall not, and shall not permit any
of its Subsidiaries to, directly or indirectly, pay any management or other similar fees to any Person, except (a) legal or consulting
fees paid to Persons that are not Affiliates of any Loan Party for services actually rendered and in amounts typically paid by
entities engaged in a Loan Party’s business and (b) management fees to Subsidiaries of up to $1,000,000 in the aggregate
for all Subsidiaries who are not Loan Parties in any fiscal year.

 

7.18            
Borrower as a Holding Company. The Borrower covenants and agrees that it shall not own or acquire any assets
other than the Equity Interests of its direct and indirect Subsidiaries, and shall not conduct, transact or otherwise engage in
any business or operations other than those incidental to its ownership of the Equity Interests of its direct and indirect Subsidiaries.

 

 7.19             Anti-Corruption; Anti-Terrorism; Sanctions.

 

(a)               
None of the Loan Parties or their respective Subsidiaries, Affiliates, officers, directors,
employees or authorized agents will engage in any dealings or transactions with any Sanctioned Person or in violation of any applicable
Anti-Corruption Laws, Anti-Terrorism Laws or Sanctions.

 

(b)               
No Loan Party will fund all or any part of any payment under this Agreement or any
other Loan Document out of proceeds knowingly derived from transactions that violate Sanctions, or with any Sanctioned Person,
or with or connected to any Sanctioned Country.

 

VIII.        
FINANCIAL COVENANTS

 

8.1              
Maximum Total Net Leverage Ratio. The Loan Parties shall not permit the Total Net Leverage Ratio as of the
last day of any fiscal quarter to be greater than 4.25 to 1.00; provided, that to the extent that an Increased Leverage
Period is in effect, then, notwithstanding the foregoing, the Total Net Leverage Ratio shall be no more than 4.75 to 1.00.

 

    	 	105	 

     

    

8.2              
Minimum Debt Service Coverage Ratio. The Loan Parties shall not permit the Debt Service Coverage ratio as
of the last day of any fiscal quarter to be less than 2.00 to 1.00.

 

IX.             
EVENTS OF DEFAULT

 

9.1              
Events of Default. An Event of Default means the occurrence or existence of any one or more of the following
events or conditions (whatever the reason therefor and whether voluntary, involuntary or effected by operation of Law):

 

    (a)               
Payments Under Loan Documents. Failure by the Borrower or any other Loan Party to pay, (i) on the date on which such
payment becomes due in accordance with the terms of this Agreement or any other applicable Loan Document, any principal of any
Loan (including scheduled installments, mandatory prepayments or the payment due at maturity), Reimbursement Obligation or Letter
of Credit Borrowing, (ii) within three (3) Business Days after such amount is due, any interest or fees owing on any Loan, Reimbursement
Obligation or Letter of Credit Borrowing, or (iii) within three (3) Business Days after such amount is due, any other amount owing
hereunder or under the other Loan Documents, or any other Secured Obligation;

 

    (b)               
Breach of Warranty. Any representation, warranty, certification or statement of fact made or deemed made at any time
by any of the Loan Parties herein or in any other Loan Document shall have been false or misleading as of the time it was made
or furnished (i) as stated if such representation or warranty contains an express materiality qualification or (ii) in any material
respect if such representation or warranty does not contain such qualification.

 

    (c)               
Breach of Certain Covenants. Any of the Loan Parties shall default in the observance or performance of any covenant
contained in Section 6.1, Section 6.2(a) and (b), Section 6.3, Section 6.5, Section 6.7,
Section 6.11, Section 6.12, Section 6.15, Article VII, or Article VIII;

 

    (d)               
Breach of Other Covenants. Any of the Loan Parties shall default in the observance or performance of any other covenant,
condition or provision hereof or of any other Loan Document, and such default shall continue unremedied for a period of thirty
(30) days after the earlier of (i) the date any Authorized Officer of any Loan Party or Subsidiary of any Loan Party knows of such
default or (ii) the date of receipt by any Loan Party of notice from the Administrative Agent or the Required Lenders of such default;

 

    (e)               
Defaults in Other Agreements or Indebtedness. A default or event of default shall occur at any time under the terms
of any other agreement with respect to Material Indebtedness of any Loan Party or Subsidiary of any Loan Party or with respect
to any Hedge Agreement of any Loan Party or Subsidiary of any Loan Party, the aggregate Hedge Termination Value of which is equal
to or in excess of $25,000,000 and such breach, default or event of default (i) arises from the failure to pay (beyond any period
of grace permitted with respect thereto, whether waived or not) any related Indebtedness or other credit extensions when due (whether
at stated maturity, by acceleration or otherwise) or (ii) the effect of which is to cause, or to permit the holder or holders of
such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice and/or lapse
of time, if required, the acceleration of any related Indebtedness or other credit extensions (whether or not such right shall
have been waived) or the termination of any commitment to lend;

 

    (f)                
Final Judgments or Orders. Any final judgments or orders for the payment of money in excess of the Threshold Amount
in the aggregate shall be entered against any Loan Party or any Subsidiary of any Loan Party by a court having jurisdiction in
the premises, which judgment is not discharged, satisfied, vacated, bonded or stayed pending appeal within a period of 30 days
from the date of entry;

 

    	 	106	 

     

    

    (g)               
Injunction. Any Loan Party or any of its respective Subsidiaries are enjoined, restrained or in any way prevented
by the order of any Governmental Authority from conducting any substantial portion of the business of the Loan Parties and their
Subsidiaries, taken as a whole, and such order continues for more than thirty (30) days;

 

    (h)               
Expropriation. Any federal, state or local Governmental Authority expropriates or condemns any material portion of
the assets of the Loan Parties and their Subsidiaries, taken as a whole, and such expropriation or condemnation causes a Material
Adverse Effect;

 

    (i)                
Loan Document Unenforceable. Any of the Loan Documents shall cease to be legal, valid and binding agreements enforceable
against the party executing the same or such party’s successors and assigns (as permitted under the Loan Documents) in accordance
with the respective terms thereof or shall in any way be terminated (except in accordance with its terms) or become or be declared
ineffective or inoperative or shall in any way be challenged or contested by any party thereto (other than by the Administrative
Agent or any Lender) or cease to give or provide the respective Liens, security interests, rights, titles, interests, remedies,
powers or privileges intended to be created thereby;

 

    (j)                
Security Interests Unenforceable. Any Lien purported to be created under any Collateral Document shall cease to be,
or shall be asserted by any Loan Party not to be, a valid or perfected Lien on any portion of the Collateral, with the priority
required by the applicable Collateral Document, except (i) as a result of a release pursuant to Section 11.1(f) or (ii) as
a result of the sale or other Disposition of the applicable Collateral or the release of the applicable Loan Party in a transaction
permitted under the Loan Documents;

 

    (k)               
Uninsured Losses; Proceedings Against Assets. There shall occur any uninsured damage to or loss, theft or destruction
of any portion of the Collateral with a fair market value in excess of the Threshold Amount or the Collateral or any other of the
Loan Parties’ or any of their Subsidiaries’ assets with a fair market value in excess of the Threshold Amount are attached,
seized, levied upon or subjected to a writ or distress warrant; or such come within the possession of any receiver, trustee, custodian
or assignee for the benefit of creditors and the same is not cured within thirty (30) days thereafter;

 

    (l)                
Events Relating to Employee Benefit Plans. (i) An ERISA Event occurs that has resulted or could reasonably be expected
to result in liability of any Loan Party or any ERISA Affiliate in an aggregate amount in excess of $25,000,000 or (ii) any Loan
Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any contribution required
to be made with respect to any Pension Plan or Multiemployer Plan in an aggregate amount in excess of $25,000,000, including any
installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan;

 

    (m)             
Change of Control. A Change of Control shall have occurred;

 

    (n)               
Insolvency Proceedings. (i) An Insolvency Proceeding shall have been instituted against any Loan Party or Subsidiary
of a Loan Party and such Insolvency Proceeding shall remain undismissed or unstayed and in effect for a period of forty-five (45)
consecutive days or such court shall enter a decree or order granting any of the relief sought in such Insolvency Proceeding, (ii)
any Loan Party or Subsidiary of a Loan Party institutes, or takes any action in furtherance of, an Insolvency Proceeding, (iii) an
order granting the relief requested in any Insolvency Proceeding (including, but not limited to, an order for relief under federal
bankruptcy Laws) shall be entered, (iv) any Loan Party or Subsidiary of a Loan Party shall commence a voluntary case under,
file a petition seeking to take advantage of, any bankruptcy, insolvency, reorganization or other similar Law, domestic or foreign,
(v) any Loan Party or Subsidiary of a Loan Party shall consent to or fail to contest in a timely and appropriate manner any
petition filed against it in any Insolvency Proceeding, (vi) any Loan Party or Subsidiary of a Loan Party shall apply for
or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver,
custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign, (vii) any Loan Party
or Subsidiary of a Loan Party shall take any action to approve or authorize any of the foregoing, or (viii) any Loan Party or Subsidiary
of a Loan Party ceases to be Solvent or admits in writing its inability to pay its debts as they mature;

 

    	 	107	 

     

    

    (o)               
FCC and PUC Matters. Any Material License shall be cancelled, expired, revoked, terminated, rescinded, annulled,
suspended or modified or shall no longer be in full force and effect; or

 

    (p)               
Material Contracts. If any Loan Party shall default, past any applicable grace and cure period, under any Material
Contract not otherwise described in this Section 9.1 and such default results in termination of such Material Contract.

 

9.2              
Consequences of Event of Default.

 

    (a)               
Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified
under Section 9.1 (other than Section 9.1(n)) shall occur and be continuing, the Lenders and the Administrative
Agent shall be under no further obligation to make Loans and the Issuing Lenders shall be under no obligation to issue Letters
of Credit and the Administrative Agent may, and upon the request of the Required Lenders, shall (i) by written notice to the
Borrower, declare the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and
all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and payable, and the same shall
thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to,
and the Borrower shall thereupon, Cash Collateralize all outstanding Letters of Credit, and the Borrower hereby pledges to the
Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash
as security for such Secured Obligations.

 

    (b)               
Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1(n)
shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lenders shall be under no
obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon,
any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder automatically shall be immediately
due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived.

 

    (c)               
Set-off. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender, and each
of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent
of the Administrative Agent, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency)
at any time owing, by such Lender, such Issuing Lender or any such Affiliate, to or for the credit or the account of the Borrower
or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under
this Agreement or any other Loan Document to such Lender or Issuing Lender or their respective Affiliates, irrespective of whether
or not such Lender, Issuing Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and
although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or
Affiliate of such Lender or Issuing Lender different from the branch, office or Affiliate holding such deposit or obligated on
such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed
held in trust for the benefit of the Administrative Agent, the Issuing Lenders, and the Lenders, and (y) the Defaulting Lender
shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. The rights of each Lender, each Issuing Lender and their respective Affiliates
under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, Issuing Lender
or their respective Affiliates may have. Each Lender and each Issuing Lender agrees to notify the Borrower and the Administrative
Agent promptly after any such setoff and application; provided, that the failure to give such notice shall not affect the
validity of such setoff and application.

 

    	 	108	 

     

    

    (d)               
Application of Proceeds. After the exercise of remedies provided for in Section 9.2 (or after the Loans
have automatically become immediately due and payable and the Letter of Credit Obligations have automatically been required to
be Cash Collateralized as set forth in the proviso to Section 9.2), any amounts received on account of the Secured Obligations
shall be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting indemnities, expenses, and other amounts (other than principal, interest
and fees) payable to the Lenders and each Issuing Lender (including fees, charges and disbursements of counsel to the respective
Lenders and each Issuing Lender and amounts payable under Article X), ratably among them in proportion to the amounts described
in this clause Second payable to them;

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, Letter of Credit Borrowings
and other Obligations, and fees (including Letter of Credit Fees), ratably among the Lenders and each Issuing Lender in proportion
to the respective amounts described in this clause Third payable to them;

 

Fourth,
pro rata to the payment of (A) that portion of the Obligations constituting unpaid principal of the Loans and Letter of Credit
Borrowings, ratably among the Lenders and each Issuing Lender in proportion to the respective amounts described in this subclause
(A) of clause Fourth held by them and (B) to payment or Cash Collateralization (if agreed by the applicable Loan
Parties and any provider of such Secured Hedge, as applicable) of that portion of Other Liabilities then outstanding consisting
of Secured Hedges applicable only to the interest rates of the Indebtedness under the Facilities, ratably among the Secured Parties
providing such Secured Hedges giving rise to such Other Liabilities in proportion to the respective amounts described in this subclause
(B) of clause Fourth;

 

    	 	109	 

     

    

Fifth,
to the Administrative Agent for the account of each Issuing Lender, to Cash Collateralize that portion of Letter of Credit Obligations
comprised of the aggregate undrawn amount of Letters of Credit;

 

Sixth,
to payment of all other Obligations, ratably among the Secured Parties in proportion to the respective amounts described in this
clause Sixth held by them;

 

Seventh,
to payment or Cash Collateralization (if agreed by the applicable Loan Parties and any provider of any Secured Bank Product or
Secured Hedge, as applicable) of that portion of Other Liabilities (other than as provided in subclause (B) of clause
Fourth) then outstanding, ratably among the Secured Parties providing the Secured Bank Products and such Secured Hedges
giving rise to such Other Liabilities in proportion to the respective amounts described in this clause Seventh held
by them; and

 

Last,
the balance, if any, after Payment in Full of all of the Secured Obligations, to the Loan Parties or as otherwise required by Law.

 

Amounts used to Cash Collateralize Secured
Obligations pursuant to clause Fifth or Seventh above shall be applied to satisfy drawings under such
Letters of Credit as they occur or to pay such Other Liabilities as they come due, as the case may be. If any amount remains on
deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired and/or after Payment in Full of
the Other Liabilities, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth
above.

 

Amounts distributed with respect to any
Secured Obligations attributable to Other Liabilities shall be equal to the lesser of (a) the applicable amount of such Other Liabilities
last reported to the Administrative Agent or (b) the actual amount of such Other Liabilities as calculated by the methodology reported
to the Administrative Agent for determining the amount due. The Administrative Agent shall have no obligation to calculate the
amount to be distributed with respect to any such Other Liabilities, but may rely upon written notice of the amount (setting forth
a reasonably detailed calculation) from the applicable Secured Party providing such Secured Bank Products or Secured Hedge. In
the absence of such notice, the Administrative Agent may assume the amount to be distributed is the amount of such obligations
last reported to it.

 

If and to the extent the Administrative
Agent has received notice or other evidence that any amount claimed as a Secured Obligation is or could reasonably be determined
to be an Excluded Swap Obligation with respect to any Loan Party, amounts received from such Loan Party or its assets shall not
be applied to such Excluded Swap Obligations with respect to such Loan Party, and adjustments shall be made with respect to amounts
received from other Loan Parties and their assets as the Administrative Agent may determine, in consultation with or at the direction
of, the Lenders to be equitable (which may include, without limitation, the purchase and sale of participation interests) so that,
to the maximum extent practical, the benefit of all amounts received from the Loan Parties and their assets are shared in accordance
with the allocation of recoveries set forth above that would apply if the applicable Swap Obligations were not Excluded Swap Obligations.
Each Loan Party acknowledges and consents to the foregoing.

 

X.                
THE ADMINISTRATIVE AGENT

 

10.1            
Appointment and Authority. Each of the Lenders and each Issuing Lender (on behalf of itself and each of its
Affiliates) hereby irrevocably appoints CoBank to act on its behalf as the Administrative Agent hereunder and under the other Loan
Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated
to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Article X are solely for the benefit of the Administrative Agent, the Lenders, the
Affiliates of the Lenders who are Secured Parties and each Issuing Lender, and neither the Borrower nor any other Loan Party shall
have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such
term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting
parties.

 

    	 	110	 

     

    

10.2            
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent
and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless
the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such
Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof
as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

10.3            
No Fiduciary Duty. The Administrative Agent shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents and its duties hereunder shall be administrative in nature. Without limiting the
generality of the foregoing, the Administrative Agent:

 

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

 

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

 

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

 

10.4            
Exculpation.

 

    (a)               
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative
Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.1 and 9.2)
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction
by final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of
Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by the Borrower,
a Lender or an Issuing Lender.

 

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

 

10.5            
Reliance by 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
(including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and
to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement
made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension,
renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the applicable
Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or such Issuing Lender
unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Lender prior to the making
of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel
for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts.

 

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

 

10.7            
Filing Proofs of Claim. In case of the pendency of any proceedings under any Debtor Relief Law or any other
judicial proceeding relating to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent
shall have made any demand therefor) shall be entitled and empowered (but not obligated) by intervention in such proceeding or
otherwise:

 

    (a)               
to file and prove a claim for the whole amount of the owing and unpaid principal and interest in respect to the Secured
Obligations and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders,
the Issuing Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders,
the Issuing Lenders and the Administrative Agent under Sections 2.7, 2.10(b), 3.5 and 11.3) allowed
in such proceeding;

 

    	 	112	 

     

    

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

 

    (c)               
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Lender and the Issuing Lender to make such payments to the Administrative Agent and, in the event
that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Lenders, to
pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative
Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.7, 2.10(b),
3.5 and 11.3.

 

10.8            
Resignation of the Administrative Agent. The Administrative Agent may at any time give notice of its resignation
to the Lenders, each Issuing Lender and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall
have the right, in consultation with the Borrower, to appoint a successor Administrative Agent. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may (but shall not be obligated to) on behalf of
the Lenders and the Issuing Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided,
that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment,
then the Administrative Agent’s resignation shall nonetheless become effective in accordance with such notice and (i) the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents
(except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Lenders
under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time
as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments owed to the retiring Administrative
Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead
be made by or to each Lender and each Issuing Lender directly, until such time as the Required Lenders appoint a successor Administrative
Agent as provided for above in this Section 10.8. Upon the acceptance of a successor’s appointment as Administrative
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring (or retired) Administrative Agent (other than any rights to indemnity payments owed to the retiring Administrative Agent),
and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan
Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions
of this Article X and Section 11.3 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent was acting as Administrative Agent.

 

Any resignation by
CoBank as Administrative Agent pursuant to this Section shall also automatically constitute its resignation as an Issuing
Lender and the Swing Line Lender, with replacement of the Administrative Agent as an Issuing Lender and Swing Line Lender conducted
in accordance with Section 10.9 below.

 

    	 	113	 

     

    

10.9            
Resignation of Swing Line Lender or Issuing Lender. The Swing Line Lender or an Issuing Lender may at any
time give notice of its resignation to the Lenders, the Administrative Agent and the Borrower. Upon receipt of any such notice
of resignation, the Required Lenders shall have the right, with approval from the Borrower (so long as no Event of Default has
occurred and is continuing) to appoint a successor Swing Line Lender or Issuing Lender, such approval not to be unreasonably withheld
or delayed. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Swing Line Lender or Issuing Lender (as applicable) gives notice of its resignation, then the
Administrative Agent may on behalf of the Lenders, appoint a successor Swing Line Lender or Issuing Lender (as applicable); provided,
that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and the retiring Swing Line Lender or Issuing
Lender (as applicable) shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the retiring Swing Line Lender or Issuing Lender (as applicable) on behalf
of the Lenders or the Swing Line Lender or Issuing Lender under any of the Loan Documents, the retiring Swing Line Lender or Issuing
Lender (as applicable) shall continue to hold such collateral security until such time as a successor Swing Line Lender or Issuing
Lender (as applicable) is appointed). Upon the acceptance of a successor’s appointment as a Swing Line Lender or Issuing
Lender (as applicable) hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or retired) Swing Line Lender or Issuing Lender (as applicable), and the retiring Swing Line Lender
or Issuing Lender (as applicable) shall be discharged from all of its duties and obligations hereunder or under the other Loan
Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor
Swing Line Lender or Issuing Lender (as applicable) shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the retiring Swing Line Lender’s or Issuing Lender’s (as applicable)
resignation hereunder and under the other Loan Documents as a Swing Line Lender or Issuing Lender, as applicable, the provisions
of Section 11.3 (and Article X if the Administrative Agent is the resigning Issuing Lender and Swing Line
Lender) shall continue in effect for the benefit of such retiring Swing Line Lender or Issuing Lender (as applicable), its sub-agents
and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Swing
Line Lender or Issuing Lender (as applicable) was acting as the Swing Line Lender or Issuing Lender (as applicable).

 

In addition to the
foregoing requirements, upon the acceptance of a successor’s appointment as Issuing Lender hereunder, the successor
Issuing Lender shall issue letters of credit in substitution for the Letters of Credit issued by the retiring Issuing Lender, if
any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Lender to effectively
assume the obligations of the retiring Issuing Lender with respect to such Letters of Credit.

 

10.10          
Non-Reliance on the Administrative Agent and Other Lenders. Each Lender and the Issuing Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender and each Issuing Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall
from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Each Lender represents
and warrants that (a) the Loan Documents set forth the terms of a commercial lending facility and (b) it is engaged in making,
acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender for the purpose of
making, acquiring or holding commercial loans set forth herein as may be applicable to such Lender, and not for the purpose of
purchasing, acquiring or holding any other type of financial instrument, and each Lender agrees not to assert a claim in contravention
of the foregoing. Each Lender represents and warrants that it is sophisticated with respect to decisions to make, acquire or hold
commercial loans, as may be applicable to such Lender, and either it, or the Person exercising discretion in making its decision
to make, acquire or hold such commercial loans, is experienced in making, acquiring or holding such commercial loans.

 

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10.11          
Enforcement. By its acceptance of the benefits of this Agreement and the other Loan Documents, each Secured
Party agrees that (a) the Loan Documents may be enforced only by the Administrative Agent, subject to Section 11.2, (b)
no Secured Party shall have any right individually to enforce or seek to enforce this Agreement or the other Loan Documents or
to realize upon any Collateral or other security given to secure the payment and performance of the Obligations and (c) no Secured
Party has any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan
Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity
as a Lender or an Issuing Lender and, in such case, only to the extent expressly provided in the Loan Documents.

 

10.12          
No Other Duties, etc. Anything herein to the contrary notwithstanding, none of the agents listed on the cover
page or signature pages hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Lender hereunder.

 

10.13          
Authorization to Release Collateral and Loan Parties.

 

    (a)               
The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion,

 

(i)                
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (x) upon termination
of all Commitments and Payment In Full of all Secured Obligations (other than contingent indemnification obligations as to which
no claim has been made) and the expiration or termination of all Letters of Credit (other than Letters of Credit and Other Liabilities
as to which other arrangements satisfactory to the Administrative Agent and the applicable Lender or Issuing Lender on behalf of
itself or its Affiliates shall have been made), (y) that is Disposed of or to be Disposed of as part of or in connection with
any sale or other Disposition permitted under the Loan Documents, or (z) subject to Section 11.1, if approved, authorized
or ratified in writing by the Required Lenders;

 

(ii)              
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder
of any Lien on such property that is permitted by Section 7.1(d); and

 

(iii)            
to release any Guarantor from its obligations under the Loan Documents if such Person ceases to be a Subsidiary as a result
of a transaction permitted under the Loan Documents.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the
Loan Documents pursuant to this Section 10.13.

 

    	 	115	 

     

    

    (b)               
The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or
warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative
Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative
Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

10.14          
Compliance with Flood Laws. CoBank has adopted internal policies and procedures that address requirements
placed on federally regulated lenders under the Flood Laws. CoBank, as administrative agent or collateral agent on a syndicated
facility, will post on the applicable electronic platform (or otherwise distribute to each lender in the syndicate) documents that
it receives in connection with the Flood Laws. However, CoBank reminds each lender and participant in the facility that, pursuant
to the Flood Laws, each federally regulated lender (whether acting as a lender or participant in the facility) is responsible for
assuring its own compliance with the flood insurance requirements.

 

10.15          
No Reliance on the Administrative Agent’s Customer Identification Program. Each Lender acknowledges
and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the Administrative Agent
to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or
other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations
contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or
any other Anti-Terrorism Law, Anti-Corruption Law, or Sanctions, including any programs involving any of the following items
relating to or in connection with any of the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions
hereunder or contemplated hereby: (a) any identity verification procedures, (b) any recordkeeping, (c) comparisons with government
lists, (d) customer notices or (e) other procedures required under the CIP Regulations or such other Laws.

 

10.16          
Affiliates as Secured Parties. To the extent any Affiliate of a Lender is a party to a Secured Hedge or a
Secured Bank Product and thereby becomes a beneficiary of the Liens pursuant to any Collateral Document for so long as such Lender
remains a Lender, such Affiliate of a Lender shall be a Secured Party and shall be deemed to appoint the Administrative Agent its
nominee and agent to act for and on behalf of such Affiliate in connection with such Collateral Document and to be bound by the
terms of this Article X and the other provisions of this Agreement.

 

10.17          
Certain ERISA Matters.

 

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

 

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

    	 	116	 

     

    

 

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

 

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

 

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

 

    (b)              
In addition, unless either (1) Section 10.17(a)(i) is true with respect to a Lender
or (2) a Lender has provided another representation, warranty and covenant as provided in Section 10.17(a)(iv), 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 Joint Lead Arrangers and the Bookrunner and their respective Affiliates, and not, for the avoidance of doubt, to or
for the benefit of the Borrower or any other Loan Party, that the Administrative Agent the Joint Lead Arrangers and the Bookrunner
and their respective Affiliates, are not a fiduciary with respect to the assets of such Lender involved in such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related hereto or thereto)

 

10.18          
Rate Disclaimer. The Administrative Agent does not warrant or accept responsibility for, and each of the parties
to this Agreement hereby acknowledge and agree (for the benefit of the Administrative Agent) that the Administrative Agent shall
not have any liability with respect to (a) the administration of, submission of, calculation of or any other matter related to
rates in the definition of “LIBOR Rate” or “Adjusted LIBOR Rate”, “Term SOFR”, “Daily
Simple SOFR”, or any other SOFR-based replacement rate, any component definition thereof or rates referenced in the definition
thereof or any alternative, comparable or successor rate thereto (including any then-current Benchmark or any Benchmark Replacement),
including whether the composition or characteristics of any such alternative, comparable or successor rate (including any Benchmark
Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as,
any other Benchmark, (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes, or (c) any
potential non-compliance with applicable Laws (including, without limitation, to the extent applicable, the Regulation (EU) 2016/1011
of the European Parliament and of the Council, as amended) in the methodology for calculating the LIBOR Rate as set forth in the
definition thereof.

 

    	 	117	 

     

    

XI.             
MISCELLANEOUS

 

11.1            
Modifications, Amendments or Waivers. With the written consent of the Required Lenders, the Administrative
Agent, acting on behalf of all the Lenders, and the Borrower, on behalf of the Loan Parties, may from time to time enter into written
agreements amending or changing any provision of this Agreement or any other Loan Document or the rights of the Lenders or the
Loan Parties hereunder or thereunder, or may grant written waivers or consents hereunder or thereunder. Any such agreement, waiver
or consent made with such written consent shall be effective to bind all the Lenders and the Loan Parties; provided, that
no such agreement, waiver or consent may be made that will:

 

    (a)               
extend or increase the Commitment of any Lender (or reinstate any obligation to make Loans terminated pursuant to Section
9.2) without the written consent of such Lender whose Commitment is being extended or increased (it being understood and agreed
that a waiver of any condition precedent set forth in Section 4.1 or Section 4.2 or of any Default, Event of
Default, mandatory prepayment or a mandatory reduction in Commitments is not considered an extension or increase in Commitments
of any Lender);

 

    (b)               
postpone any date fixed by this Agreement or any other Loan Document for any payment (including mandatory prepayment of
a Revolving Overadvance or a Term Overadvance but excluding other mandatory prepayments of principal, interest, fees or other amounts
due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Commitments hereunder or under any other Loan
Document) without the written consent of each Lender entitled to receive such payment or whose Commitments are to be reduced, it
being understood that the waiver of any mandatory prepayment of Loans (or any definition relating thereto), other than a mandatory
prepayment of a Revolving Overadvance or a Term Overadvance, shall not constitute a postponement of any date scheduled for the
payment of principal or interest;

 

    (c)               
reduce the principal of, or the rate of interest specified herein on, any Loan or Letter of Credit Borrowing or any fees
or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected
thereby; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the
definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at
the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of
such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder;

 

    (d)               
change Section 2.14 or Section 9.2(d) in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender directly affected thereby;

 

    (e)               
change any provision of this Section 11.1 or the definition of “Required Lenders” without the written
consent of each Lender directly affected thereby;

 

    (f)                
except in connection with a transaction permitted under Section 7.7 or 7.8, release all or substantially
all of the Collateral without the written consent of each Lender whose Obligations are secured by such Collateral; or

 

    (g)               
release the Borrower without the consent of each Lender, or, except in connection with a transaction permitted under Section
7.7 or 7.8, all or substantially all of the value of the Guaranty provided pursuant to Article XII of this Agreement
without the written consent of each Lender whose Secured Obligations are guaranteed thereby, except to the extent such release
is permitted pursuant to Section 10.13 (in which case such release may be made by the Administrative Agent acting alone);

 

    	 	118	 

     

    

provided, that,

 

    (i)                
no agreement, waiver or consent that would modify the interests, rights or obligations of the Administrative Agent, the
Swing Line Lender or an Issuing Lender may be made without the written consent of such Administrative Agent, the Swing Line Lender
or such Issuing Lender, as applicable,

 

    (ii)              
only the consent of the Administrative Agent and any other Lender party thereto shall be required for any amendment to the
Fee Letter,

 

    (iii)            
the Schedules to this Agreement and the Annexes to the Security Agreement may be modified as provided in and subject to
the terms described in Section 6.1(e)(x),

 

    (iv)             
[reserved],

 

    (v)              
[reserved],

 

    (vi)             
[reserved],

 

    (vii)           
any agreement, waiver or consent that by its terms would modify the interests, rights or obligations of one Class of Lenders
(but not of any other Class of Lenders) may be effected by an agreement, waiver or consent in writing entered into by the Borrower
and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this
Section 11.1 if such Class of Lenders was the only Class of Lenders hereunder at such time,

 

    (viii)         
this Agreement may be amended as contemplated by Section 2.1(g) in connection with the addition of any Tranche of
Incremental Term Loans under the Incremental Term Loan Facility with the consent of the Borrower, the Additional Incremental Term
Lenders (if any), the existing Lenders providing such Tranche of Incremental Term Loans (if any) and the Administrative Agent and

 

    (ix)             
other than as expressly provided in this Agreement, no waiver of any condition precedent set forth in Section 4.2
may be made without the consent of the Class of Lenders holding Commitments under the requested Facility that would be required
to consent under this Section 11.1 if such Class of Lenders was the only Class of Lenders hereunder at such time; and

 

provided, further,
that, if in connection with any proposed waiver, amendment or modification referred to in Sections 11.1(a) through
11.1(g) above, the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose
consent is required is not obtained (each a “Non-Consenting Lender”), then the Borrower shall have the right
to replace any such Non-Consenting Lender with one or more replacement Lenders pursuant to Section 3.6.

 

No Defaulting Lender shall have any right
to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires
the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting
Lenders), except that (x) the Commitment of such Defaulting Lender may not be increased or extended without the consent of
such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that
by its terms affects such Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent
of such Defaulting Lender.

 

Notwithstanding anything
to the contrary contained herein, if, following the Closing Date, the Administrative Agent and the Borrower shall have jointly
identified an obvious error or any error or omission of a technical or immaterial nature, in each case, in any provision of this
Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend such provision
and such amendment shall become effective without any further action or consent of any other party to this Agreement or any other
Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt
of notice thereof. It is understood that posting such amendment electronically on SyndTrak or another relevant website with notice
of such posting by the Administrative Agent to the Required Lenders shall be deemed adequate receipt of notice of such amendment.

 

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11.2             No
Implied Waivers; Cumulative Remedies. No course of dealing and no delay or failure of the Administrative Agent, an Issuing
Lender or any Lender in exercising any right, power, remedy or privilege under this Agreement or any other Loan Document shall
affect any other or future exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof preclude
any further exercise thereof or of any other right, power, remedy or privilege. The rights and remedies of the Administrative
Agent and the Lenders under this Agreement and any other Loan Documents are cumulative and not exclusive of any rights or remedies
that they would otherwise have.

 

Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings
at Law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent for the
benefit of the Secured Parties; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent
from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent)
hereunder and under the other Loan Documents, (b) an Issuing Lender or the Swing Line Lender from exercising the rights and remedies
that inure to its benefit (solely in its capacity as Issuing Lender or Swing Line Lender, as the case may be) hereunder and under
the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 9.2 (subject to the terms
of Section 2.14), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during
the pendency of a proceeding relative to any Loan Party in any Insolvency Proceedings.

 

11.3            
Expenses; Indemnity; Damage Waiver.

 

    (a)               
Costs and Expenses. The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred
by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of counsel
for the Administrative Agent) in connection with the syndication of the Facilities, the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Loan Documents, or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable
and documented out of pocket expenses incurred by each Issuing Lender in connection with the issuance, amendment, renewal or extension
of any Letter of Credit or any demand for payment thereunder, and (iii) all out of pocket expenses incurred by the Administrative
Agent, any Lender or any Issuing Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent,
any Lender or any Issuing Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit
issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans or Letters of Credit.

 

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    (b)               
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof),
each Lender and each Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including
the documented fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against
any Indemnitee by any Person (including the Borrower or any other Loan Party), other than such Indemnitee and its Related Parties,
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document
or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of
Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Lender to honor a demand for
payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms
of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property
owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party
thereto; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought
by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder
or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor
on such claim as determined by a court of competent jurisdiction. This Section 11.3(b) shall not apply with respect to Taxes
other than any Taxes that represent losses, claims, damages and other similar amounts arising from any non-Tax claim.

 

    (c)               
Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required
under clause (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof),
any Issuing Lender, the Swing Line Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to
the Administrative Agent (or any such sub-agent), such Issuing Lender, the Swing Line Lender or such Related Party, as the case
may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment
is sought based on each Lender’s Pro Rata Share at such time) of such unpaid amount (including any such unpaid amount in
respect of a claim asserted by such Lender); provided, that with respect to such unpaid amounts owed to any Issuing Lender
or Swing Line Lender solely in its capacity as such, only the Revolving Lenders shall be required to pay such unpaid amounts, such
payment to be made severally among them based on such Revolving Lenders’ Pro Rata Share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought); and provided, further, that the unreimbursed expense
or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative
Agent (or any such sub-agent), such Issuing Lender or the Swing Line Lender in its capacity as such, or against any Related Party
of any of the foregoing acting for the Administrative Agent (or any such sub-agent), such Issuing Lender or the Swing Line Lender
in connection with such capacity.

 

    (d)               
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, none of the Loan Parties
shall assert, and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any
Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in Section 11.3(b) shall be
liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents
or the transactions contemplated hereby or thereby.

 

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    (e)                
Payments. All amounts due under this Section shall be payable not later than ten (10) days after written demand therefor.

 

    (f)                
Survival. Each party’s obligations under this Section 11.3 shall survive the resignation of the Administrative
Agent or any assignment of rights by, or the replacement of, any Issuing Lender, Swing Line Lender or Lender, the termination of
the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

11.4            
Notices; Effectiveness; Electronic Communication.

 

    (a)               Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in clause (b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile (i) if to
a Lender, at its address (or facsimile number) set forth in its Administrative Questionnaire or (ii) if to any other Person,
to it at its address (or facsimile number) set forth on Schedule 1.1(A). Notices sent by hand or overnight courier service,
or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be
deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed
to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic
communications, to the extent provided in clause (b) below, shall be effective as provided in said clause (b).

 

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

 

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.

 

    	 	122	 

     

    

    (c)               Change
of Address, etc. Any party hereto may change its address, facsimile number or e-mail address, if applicable, for notices and
other communications hereunder by notice to the other parties hereto.

 

    (d)               Platform.

 

        (i)                
Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined
below) available to the Issuing Lenders and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak
or a substantially similar electronic transmission system (the “Platform”).

 

        (ii)              
The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not
warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty
of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular
purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection
with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively,
the “Agent Parties”) have any liability to the Borrower or the other Loan Parties, any Lender or any
other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential
damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or the Administrative
Agent’s transmission of communications through the Platform. “Communications” means, collectively,
any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant
to any Loan Document or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or Issuing
Lender by means of electronic communications pursuant to this Section, including through the Platform.

 

11.5            
Severability. The provisions of this Agreement are intended to be severable. If any provision of this Agreement
shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction,
be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability
thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.

 

11.6            
Duration; Survival. All representations and warranties of the Loan Parties contained herein or made in connection
herewith shall survive the execution and delivery of this Agreement, the completion of the transactions hereunder and the Termination
Date. All covenants and agreements of the Borrower contained herein relating to the payment of principal, interest, premiums, additional
compensation or expenses and indemnification, including those set forth in the Notes, Article II, Article III,
Section 11.3 or any other provision of any Loan Document, the agreement of the Lenders set forth in Section 11.3(c),
and the agreements of the Loan Parties set forth in Section 11.10 or any other provision of any Loan Documents shall survive
the Termination Date and shall protect the Administrative Agent, the Lenders and any other Indemnitees against events arising after
such termination as well as before. All other covenants and agreements of the Loan Parties shall continue in full force and effect
from and after the date hereof and until the Termination Date.

 

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11.7            
Successors and Assigns.

 

    (a)               
Successors and Assigns Generally. The provisions of this Agreement shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other
Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of this Section, (ii) by way of participation in accordance with the
provisions of this Section 11.7, or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of this Section 11.7 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in this Section 11.7 and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, each Issuing Lender and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

 

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

 

        (i)                
Minimum Amounts.

 

    (A)             
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans
at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds that
equal at least the amount specified in clause (B) below in the aggregate or in the case of an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

    (B)             
in any case not described in clause (i)(A) of this clause (b), the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in
the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect
of the Revolving Credit Facility, or $5,000,000, in the case of any assignment in respect of the Term Loan A-1 Facility, the Term
Loan A-2 Facility or any Tranche of the Incremental Term Loan Facility, unless each of the Administrative Agent and, so long as
no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld
or delayed).

 

    (ii)              
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except
that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among
separate Facilities on a non-pro rata basis.

 

    (iii)            
Required Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B)
of this Section 11.7 and in addition:

 

    	 	124	 

     

    

    (A)             
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event
of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of
a Lender or an Approved Fund; provided, that the Borrower shall be deemed to have consented to any such assignment unless
it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice
thereof and provided, further, that the Borrower’s consent shall not be required during the primary syndication
of the Facilities;

 

    (B)             
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of (i) the Revolving Credit Facility or any unfunded Commitments with respect to the Term Loan A-1 Facility,
the Term Loan A-2 Facility or any Tranche of the Incremental Term Loan Facility if such assignment is to a Person that is not a
Lender with a Commitment in respect of such Facility or Tranche of such Facility, an Affiliate of such Lender or an Approved Fund
with respect to such Lender, or (ii) any Term Loans or Incremental Term Loan to a Person who is not a Lender, an Affiliate of a
Lender or an Approved Fund; and

 

    (C)             
the consent of each Issuing Lender and the Swing Line Lender shall be required for any assignment in respect of the Revolving
Credit Facility.

 

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

 

    (v)               
No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s
Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender
hereunder, would constitute any of the foregoing Persons described in this clause (v).

 

    (vi)             
No Assignment to Natural Persons. No such assignment shall be made to a natural person (or a holding company, investment
vehicle or trust for, or owned or operated for the primary benefit of, a natural Person).

 

    (vii)           
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein,
the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient,
upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations,
or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable
pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender
to the Administrative Agent, each Issuing Lender, the Swing Line Lender and each other Lender hereunder (and interest accrued thereon),
and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing
Line Loans in accordance with its Pro Rata Share. Notwithstanding the foregoing, in the event that any assignment of rights and
obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions
of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement
until such compliance occurs.

 

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Subject to acceptance
and recording thereof by the Administrative Agent pursuant to this Section, from and after the effective date specified in each
Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.1,
3.2, 3.5 and 11.3(b) with respect to facts and circumstances occurring prior to the effective date of such
assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section
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 Section 11.7(d) below.

 

    (c)               
Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall
maintain at one of its offices in Greenwood Village, Colorado 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 Commitments of, and principal amounts (and stated interest)
of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time
to time upon reasonable prior notice.

 

    (d)               
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative
Agent, sell participations to any Person (other than a natural person or a holding company, investment vehicle or trust for, or
owned or operated for the primary benefit of, a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans owing to it); provided, that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Lenders and the
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.3(c)
with respect to any payments made by such Lender to its Participant(s).

 

    	 	126	 

     

    

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 Sections 11.1(a) through (g) that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.1, 3.2 (subject to the requirements and limitations therein,
including the requirements under Section 3.2 (it being understood that the documentation required under Section 3.2
shall be delivered to the participating Lender)), 3.5 and 11.3 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to clause (b) of this Section 11.7; provided, that such
Participant (A) agrees to be subject to the provisions of Section 3.6 as if it were an assignee under clause (b)
of this Section 11.7; and (B) shall not be entitled to receive any greater payment under Section 3.1 or 3.2,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts
to cooperate with the Borrower to effectuate the provisions of Section 3.6 with respect to any Participant. To the
extent permitted by Law, each Participant also shall be entitled to the benefits of Section 9.2(c) as though it were a Lender;
provided, that such Participant agrees to be subject to Section 2.14 as though it were a Lender. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided,
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. CoBank reserves the right to assign
or sell participations in all or part of its Commitments or outstanding Loans hereunder on a non-patronage basis.

 

Notwithstanding the
preceding paragraph, any Participant that is a Farm Credit Lender that (i) has purchased a participation in a minimum amount
of $5,000,000 on or after the Closing Date, (ii) has been designated as being entitled to be accorded the rights of a voting Participant
(a “Voting Participant”) in a written notice (a “Voting Participant Notice”) sent by the
relevant Lender (including any existing Voting Participant) to the Borrower and Administrative Agent and (iii) receives, prior
to becoming a Voting Participant, the written consent of the Borrower (unless a Default or Event of Default shall have occurred
and is continuing under the Loan Documents) and the Administrative Agent (such Borrower and Administrative Agent consent to be
required only to the extent and under the circumstances it would be required if such Voting Participant were to become a Lender
pursuant to an assignment in accordance with Section 11.7(b) and such consent is not required for an assignment to
an existing Voting Participant), or is specified as a Voting Participant as of the Closing Date, shall be entitled to vote as if
such Voting Participant were a Lender on all matters subject to a vote by Lenders, and the voting rights of the selling Lender
(including any existing Voting Participant) shall be correspondingly reduced, on a dollar-for-dollar basis. Each Voting Participant
Notice shall include, with respect to each Voting Participant, the information that would be included by a prospective Lender in
an Assignment and Assumption. Notwithstanding the foregoing, each Farm Credit Lender designated as a Voting Participant in Schedule 11.7
shall be a Voting Participant without delivery of a Voting Participation Notice. The selling Lender (including any existing Voting
Participant) and the purchasing Voting Participant shall notify the Administrative Agent within three (3) Business Days of any
termination, reduction or increase of the amount of, such participation. The Administrative Agent shall be entitled to conclusively
rely on information contained in Voting Participant Notices and all other notices delivered pursuant hereto. The voting rights
of each Voting Participant are solely for the benefit of such Voting Participant and shall not inure to any assignee or participant
of such Voting Participant that is not a Farm Credit Lender.

 

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

    	 	127	 

     

    

 

11.8            
Confidentiality. Each of the Administrative Agent, the Lenders and each Issuing Lender agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to
its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential); (b) to the extent required or requested by any
regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority,
such as the National Association of Insurance Commissioners); (c) to the extent required by applicable Laws or by any subpoena
or similar legal process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section,
to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under
this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under
which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder; (g) on a
confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the Facilities or (ii)
the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to
the Facilities; (h) with the consent of the Borrower; or (i) to the extent such Information (x) becomes publicly available
other than as a result of a breach of this Section, or (y) becomes available to the Administrative Agent, any Lender, any Issuing
Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower.

 

For purposes of this
Section, “Information” means all information received from the Borrower or any of its Subsidiaries relating
to the Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available
to the Administrative Agent, any Lender or any Issuing Lender on a nonconfidential basis prior to disclosure by the Borrower or
any of its Subsidiaries; provided, that in the case of information received from the Borrower or any of its Subsidiaries
after the date hereof, such information is clearly identified at the time of delivery as confidential. 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.

 

11.9            
Counterparts; Integration; Effectiveness.

 

    (a)               
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the Fee
Letter and the other Loan Documents 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 Article IV, this Agreement shall become effective when it shall have been executed by the Administrative Agent
and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each
of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic
(i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

    (b)               
Electronic Execution of Assignments. The words “execution,” “signed,” “signature,”
and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

    	 	128	 

     

    

 

 11.10           Choice of Law; Submission to Jurisdiction; Waiver of Venue; Service of Process; Waiver of Jury Trial.

 

    (a)               
Governing Law. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action
(whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document
(except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall
be governed by, and construed in accordance with, the Law of the State of New York without regard to conflicts of law principles
that require or permit application of the Laws of any other state or jurisdiction.

 

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

 

    (c)               
WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION 11.10.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND AGREES NOT TO ASSERT ANY SUCH DEFENSE.

 

    (d)               
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 11.4. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW.

 

    	 	129	 

     

    

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

 

11.11          
USA Patriot Act Notice. Each Lender that is subject to the USA Patriot Act and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies Loan Parties that pursuant to the requirements of the USA Patriot Act,
it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and
address of Loan Parties and other information that will allow such Lender or Administrative Agent, as applicable, to identify the
Loan Parties in accordance with the USA Patriot Act. The Borrower shall, promptly following a request by the Administrative Agent
or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to
comply with its ongoing obligations under applicable Anti-Corruption Laws, Anti-Terrorism
Laws and Sanctions, including the USA PATRIOT Act.

 

11.12          
Payments Set Aside. To the extent any Loan Party makes a payment or payments to the Administrative Agent for
the ratable benefit of the Lenders or Secured Parties or the Administrative Agent receives any payment or proceeds of the Collateral
which payments or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver or any other party under any Insolvency Proceeding, other applicable Law or
equitable cause, then, to the extent of such payment or proceeds repaid, the Secured Obligations or part thereof intended to be
satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Administrative
Agent.

 

11.13          
Secured Bank Products and Secured Hedge Agreements. No Secured Party (other than the Administrative Agent)
that obtains the benefit of the Guaranty set forth in Article XII or of any security interest in any of the Collateral shall
have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document
(including the release, impairment or modification of any Guarantors’ Obligations or security therefor) other than in its
capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. No provider of any Secured
Hedge or any Secured Bank Product shall have any voting rights hereunder or under any other Loan Document in its capacity as the
provider of such Secured Hedge or Secured Bank Product. Notwithstanding any other provision of this Agreement to the contrary,
the Administrative Agent shall only be required to verify the payment of, or that other reasonably satisfactory arrangements have
been made with respect to, the Secured Obligations arising with respect to Secured Bank Products and Secured Hedges to the extent
the Administrative Agent has received written notice of such Secured Obligations, together with such supporting documentation as
it may request, from the applicable Secured Party. Each Secured Party not a party to this Agreement that obtains the benefit of
this Agreement or any other Loan Document shall be deemed to have acknowledged and accepted the appointment of the Administrative
Agent pursuant to the terms of this Agreement, and acknowledges and agrees that the Administrative Agent is and shall be entitled
to all the rights, benefits and immunities conferred under this Agreement with respect to each such Secured Party.

 

    	 	130	 

     

    

11.14          
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable
Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,
refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent
or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment
that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder.

 

11.15          
FCC and PUC Compliance. Notwithstanding anything to the contrary in this Agreement and the other Loan Documents,
no party hereto or thereto shall take any action under this Agreement or the other Loan Documents that would constitute or result
in an assignment of any License, or a change of control of any Loan Party or Subsidiary directly or indirectly holding a License,
to the extent that such assignment or change of control would require the prior approval by the FCC under the Communications Act
and/or any applicable PUC under the PUC Laws without first obtaining such required approval.

 

Upon any action to
commence the exercise of remedies hereunder or under the other Loan Documents, each Loan Party hereby undertakes and agrees on
behalf of itself, the other Loan Parties, and the Subsidiaries of any Loan Party to cooperate and join with the Administrative
Agent, and cause the other Loan Parties and the Subsidiaries of any Loan Party, to cooperate and join with the Administrative Agent,
in any application to any Governmental Authority with respect thereto and to provide such assistance in connection therewith as
the Administrative Agent may request, including the preparation of, consenting to or joining in of filings and appearances of officers
and employees of any Loan Party or any Subsidiary of any Loan Party before such Governmental Authority, in each case in support
of any such application made by the Administrative Agent; provided, however, that nothing herein shall be construed
to require any of the Loan Parties nor any of the Subsidiaries of any Loan Party to, directly or indirectly, violate any terms
or conditions of any License.  The obligation of the Loan Parties to make all payments required to be made under this Agreement
or any other Loan Document shall be absolute and unconditional and independent of any action by the PUC or the FCC with respect
to rates and/or disallowance of debt.

 

11.16          
Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support to each other Loan Party as may be needed by such Loan Party from time to time
to honor all of its obligations under this Agreement and the other Loan Documents to which it is a party with respect to Swap Obligations
permitted under this Agreement that would, in the absence of the agreement in this Section 11.16, otherwise constitute Excluded
Swap Obligations (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering
the Guarantors’ Obligations and undertakings under this Section of such Qualified ECP Guarantor voidable under applicable
Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations, undertakings and
guaranty of the Qualified ECP Guarantors under this Section 11.16 shall remain in full force and effect until the Termination
Date. The Borrower and the Qualified ECP Guarantors intend this Section 11.16 to constitute, and this Section 11.16
shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for
the benefit of, each Loan Party for all purposes of the Commodity Exchange Act.

  

    	 	131	 

     

    

11.17          
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges
and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) no fiduciary, advisory or agency relationship
between the Borrower and its Subsidiaries and any Joint Lead Arranger, the Bookrunner, the Administrative Agent or any Lender is
intended to be or has been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective
of whether any arranger, any Joint Lead Arranger, the Bookrunner, the Administrative Agent or any Lender has advised or is advising
the Borrower or any Subsidiary on other matters, (ii) the arranging and other services regarding this Agreement provided by
the Joint Lead Arrangers, the Bookrunner, the Administrative Agent and the Lenders are arm’s-length commercial transactions
between the Borrower and its Affiliates, on the one hand, and the Joint Lead Arrangers, the Bookrunner, the Administrative Agent
and the Lenders, on the other hand, (iii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors
to the extent that it has deemed appropriate and (iv) the Borrower is capable of evaluating, and understands and accepts,
the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; and (b) (i) the
Joint Lead Arrangers, the Bookrunner, the Administrative Agent and the Lenders each is and has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for the Borrower or any of its Affiliates, or any other Person; (ii) none of the Joint Lead Arrangers,
the Bookrunner, the Administrative Agent and the Lenders has any obligation to the Borrower or any of its Affiliates with respect
to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and
(iii) the Joint Lead Arrangers, the Bookrunner, the Administrative Agent and the Lenders and their respective Affiliates may
be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ
from those of the Borrower and its Affiliates, and none of the Joint Lead Arrangers, the Bookrunner, the Administrative Agent and
the Lenders has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted
by Law, the Borrower hereby waives and releases any claims that it may have against any of the Joint Lead Arrangers, the Bookrunner,
the Administrative Agent and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby.

 

11.18          
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents
to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

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

 

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

 

    	 	132	 

     

    

11.19          
Recovery of Erroneous Payments. Without limitation of any other provision in this Agreement, if at any time
the Administrative Agent makes a payment hereunder in error to any Lender or the Issuing Lender (each, a “Lender Party”),
whether or not in respect of an Obligation due and owing by the Borrowers at such time (any such payment, an “Erroneous
Payment”), then in any such event, each Lender Party receiving an Erroneous Payment severally agrees to repay to the
Administrative Agent promptly upon demand the Erroneous Payment received by such Lender Party in immediately available funds (and
in the currency so received), with interest thereon for each day from and including the date such Erroneous Payment is received
by it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Lender
Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise
claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its
obligation to return any Erroneous Payment. The Administrative Agent shall inform each Lender Party promptly upon determining that
any payment made to such Lender Party comprised, in whole or in part, an Erroneous Payment (and such determination shall be conclusive
absent manifest error).

 

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

 

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

 

(b)               
As used in this Section 11.20, the following terms shall have the following meanings:

 

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

 

(ii)             “Covered
Entity” means any of the following:

 

    	 	133	 

     

    

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

 

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

 

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

 

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

 

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

 

XII.          
GUARANTY

 

12.1            
Guaranty. Each Guarantor (excluding Shenandoah Cable, solely to the extent and only for so long as the guarantee
provided for in this Article XII by Shenandoah Cable is permitted only upon receipt of a Cable Television Consent that
has not yet been obtained) hereby jointly and severally, unconditionally, absolutely, continually and irrevocably guarantees to
the Administrative Agent for the benefit of the Secured Parties the payment and performance in full of the Guaranteed Liabilities.
For all purposes of this Article XII, notwithstanding the foregoing, the liability of each Guarantor individually with respect
to its Guarantors’ Obligations shall be limited to an aggregate amount equal to the Maximum Guarantor Liability. Each Guarantor
agrees that it is jointly and severally, directly and primarily liable (subject to the limitation in the immediately preceding
sentence) for the Guaranteed Liabilities. The Guarantors’ Obligations are secured by various Collateral.

 

12.2            
Payment. If the Borrower or any other Loan Party shall default in payment or performance of any of the Guaranteed
Liabilities, whether principal, interest, premium, indemnification obligations, fees (including, but not limited to, attorney’s
fees and expenses), expenses or otherwise, when and as the same shall become due, and after expiration of any applicable grace
period, whether according to the terms of this Agreement, by acceleration, or otherwise, or upon the occurrence and during the
continuance of any Event of Default, then any or all of the Guarantors will, upon demand thereof by the Administrative Agent, (i)
fully pay to the Administrative Agent, for the benefit of the Secured Parties, an amount equal to all the Guaranteed Liabilities
then due and owing or declared or deemed to be due and owing, including for this purpose, in the event of any Event of Default
under Section 9.1(n) (and irrespective of the applicability of any restriction on acceleration or other action as against
any other Loan Party in any Insolvency Proceeding), the entire outstanding or accrued amount of all Secured Obligations or (ii)
perform such Guaranteed Liabilities, as applicable. For purposes of this Section 12.2, the Guarantors acknowledge and agree
that “Guaranteed Liabilities” shall be deemed to include any amount (whether principal, interest, premium, fees, expenses,
indemnification obligations and/or any other payment obligation of any kind or nature) which would have been accelerated in accordance
with Section 9.2 but for the fact that such acceleration could be unenforceable or not allowable in any Insolvency Proceeding
or otherwise under any applicable Law. Notwithstanding anything herein to the contrary, upon the occurrence and continuation of
an Event of Default, then notwithstanding any Collateral or other direct or indirect security or credit support for the Guaranteed
Liabilities, at the Administrative Agent’s election and without notice thereof or demand therefor, each of the Guaranteed
Liabilities and the Guarantors’ Obligations shall immediately be and become due and payable.

 

    	 	134	 

     

    

12.3            
Absolute Rights and Obligations. This is a guaranty of payment and not of collection. The Guarantors’
Obligations under this Article XII shall be joint and several, absolute and unconditional irrespective of, and each Guarantor
hereby expressly waives, to the extent not otherwise expressly prohibited by applicable Law, any defense to its obligations under
this Article XII and all other Loan Documents to which it is a party by reason of:

 

    (a)               
any lack of legality, validity or enforceability of this Agreement, or any of the Notes, or any other Loan Document, or
of any other agreement or instrument creating, providing security for, or otherwise relating to any of the Guarantors’ Obligations,
any of the Guaranteed Liabilities, or any other guaranty of any of the Guaranteed Liabilities (the Loan Documents, the documentation
with respect to any Other Liabilities and all such other agreements and instruments being collectively referred to as the “Related
Agreements”);

 

    (b)               
any action taken under any of the Related Agreements, any exercise of any right or power therein conferred, any failure
or omission to enforce any right conferred thereby, or any waiver of any covenant or condition therein provided;

 

    (c)               
any acceleration of the maturity of any of the Guaranteed Liabilities, of the Guarantors’ Obligations of any other
Guarantor, or of any other obligations or liabilities of any Person under any of the Related Agreements;

 

    (d)               
any release, exchange, non-perfection, lapse in perfection, disposal, deterioration in value, or impairment of any security
for any of the Guaranteed Liabilities, for any of the Guarantors’ Obligations of any Guarantor, or for any other obligations
or liabilities of any Person under any of the Related Agreements;

 

    (e)               
any change in the corporate or limited liability company existence, structure or ownership, including dissolution, of the
Borrower, any Guarantor, any other Loan Party or any other party to a Related Agreement, or the combination or consolidation of
the Borrower, any Guarantor, any other Loan Party or any other party to a Related Agreement into or with another entity or any
transfer or Disposition of any assets of the Borrower, any Guarantor or any other Loan Party or any other party to a Related Agreement;

 

    (f)                
any extension (including extensions of time for payment), renewal, amendment, restructuring or restatement of, any acceptance
of late or partial payments under, or any change in the amount of any Borrowings or any Facilities available under, this Agreement,
any of the Notes or any other Loan Document or any other Related Agreement, in whole or in part;

 

    (g)               
the existence, addition, modification, termination, reduction or impairment of value, or release of any other guaranty (or
security therefor) of the Guaranteed Liabilities (including the Guarantors’ Obligations of any other Guarantor and obligations
arising under any other Guaranty or any other Loan Document now or hereafter in effect);

 

    (h)               
any waiver of, forbearance or indulgence under, or other consent to any change in or departure from any term or provision
contained in this Agreement, any other Loan Document or any other Related Agreement, including any term pertaining to the payment
or performance of any of the Guaranteed Liabilities, any of the Guarantors’ Obligations of any other Guarantor, or any of
the obligations or liabilities of any party to any other Related Agreement;

 

    	 	135	 

     

    

    (i)                
any failure to assert any breach of or default under any Loan Document or with respect to the payment or performance of
any of the Guaranteed Liabilities, any of the Guarantors’ Obligations of any Guarantor, or any of the obligations or liabilities
of any party to any other Related Agreement; any extensions of credit in excess of the amount committed under or contemplated by
the Loan Documents, or in circumstances in which any condition to such extensions of credit has not been satisfied; any other exercise
or non-exercise, or any other failure, omission, breach, default, delay, or wrongful action in connection with any exercise or
non-exercise, of any right or remedy against the Borrower, any other Loan Party or any other Person under or in connection with
any Loan Document, any Related Agreement or any of the Guaranteed Liabilities or any Guarantors’ Obligation; any refusal
of payment or performance of any of the Guaranteed Liabilities or any Guarantors’ Obligation, whether or not with any reservation
of rights against any Guarantor; or any application of collections (including but not limited to collections resulting from realization
upon any direct or indirect security for the Guaranteed Liabilities) to other obligations, if any, not entitled to the benefits
of the Guaranty provided for in this Article XII, in preference to Guaranteed Liabilities or Guarantors’ Obligations
entitled to the benefits of the Guaranty provided for in this Article XII, or if any collections are applied to the payment
of Guaranteed Liabilities, any application to particular Guaranteed Liabilities;

 

    (j)                
any taking, exchange, amendment, modification, waiver, supplement, termination, subordination, compromise, release, surrender,
loss, or impairment of, or any failure to protect, perfect, or preserve the value of, or any enforcement of, realization upon,
or exercise of rights, or remedies under or in connection with, or any failure, omission, breach, default, delay, or wrongful action
by the Administrative Agent or the other Secured Parties, or any of them, or any other Person in connection with the enforcement
of, realization upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction by the Administrative
Agent or the other Secured Parties, or any of them, or any other Person in respect of, any direct or indirect security for any
of the Guaranteed Liabilities. As used in this Article XII, “direct or indirect security” for the Guaranteed
Liabilities, and similar phrases, includes any collateral security, guaranty, suretyship, letter of credit, capital maintenance
agreement, put option, subordination agreement, or other right or arrangement of any nature providing direct or indirect assurance
of payment or performance of any of the Guaranteed Liabilities, made by or on behalf of any Person;

 

    (k)               
Any merger, consolidation, liquidation, dissolution, winding-up, charter revocation, or forfeiture, or other change in,
restructuring or termination of the corporate structure or existence of, the Borrower, any other Loan Party or any other Person;
any bankruptcy, insolvency, reorganization or similar proceeding with respect to the Borrower, any other Loan Party or any other
Person; or any action taken or election made by the Administrative Agent or the other Secured Parties, or any of them (including
but not limited to any election under Section 1111(b)(2) of the Bankruptcy Code), the Borrower, any other Loan Party or any
other Person in connection with any such proceeding;

 

    (l)                
any defense, set-off, or counterclaim which may at any time be available to or be asserted by the Borrower, any other Loan
Party or any other Person with respect to any Loan Document, any of the Guaranteed Liabilities, any Guarantors’ Obligation,
or with respect to any Related Agreement; or any discharge by operation of Law or release of the Borrower, any other Loan Party
or any other Person from the performance or observance of any Loan Document or any of the Guaranteed Liabilities or Guarantors’
Obligations;

 

    (m)             
any other circumstance whatsoever (with or without notice to or knowledge of any Guarantor or any other Loan Party) which
might in any manner or to any extent vary the risks of such Loan Party, or might otherwise constitute a legal or equitable defense
available to, or discharge of, a surety or a guarantor, including any right to require or claim that resort be had to the Borrower
or any other Loan Party or to any Collateral or other security in respect of the Guaranteed Liabilities or Guarantors’ Obligations.

 

    	 	136	 

     

    

It is the express purpose
and intent of the parties hereto that this Guaranty, the Guaranteed Liabilities and the Guarantors’ Obligations hereunder
and under each Guarantor Joinder with respect hereto shall be absolute and unconditional under any and all circumstances and shall
not be discharged except by payment and performance as herein provided.

 

12.4            
Maximum Liability.

 

    (a)               
Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, to the extent any
Guarantors’ Obligations shall be adjudicated to be invalid or unenforceable for any reason (including because of any applicable
Law relating to fraudulent conveyances or transfers) then the obligations of each such Guarantor hereunder shall be limited to
the maximum amount that is permissible under applicable Law (whether federal or state and including any Debtor Relief Law). Any
analysis of the provisions hereof for purposes of Laws relating to fraudulent conveyances or transfers shall take into account
the contribution agreement established in Section 12.5.

 

(i)                
Each Guarantor’s maximum obligations hereunder (the “Maximum Guarantor Liability”) in any case
or proceeding referred to below (but only in such a case or proceeding) shall not be in excess of:

 

    (A)             
in a case or proceeding commenced by or against such Guarantor under the Bankruptcy Code on or within one year from the
date on which any of the Guaranteed Liabilities are incurred, the maximum amount that would not otherwise cause the Guarantors’
Obligations of such Guarantor (or any other obligations of such Guarantor to Administrative Agent, Lenders and any other Person
holding any of the Guaranteed Liabilities or the Guarantors’ Obligations) to be avoidable or unenforceable against such Guarantor
under (x) Section 548 of the Bankruptcy Code or (y) any state fraudulent transfer or fraudulent conveyance act or statute applied
in such case or proceeding by virtue of Section 544 of the Bankruptcy Code; or

 

    (B)             
in a case or proceeding commenced by or against such Guarantor under the Bankruptcy Code subsequent to one year from the
date on which any of the Guaranteed Liabilities or Guarantors’ Obligations of such Guarantor are incurred, the maximum amount
that would not otherwise cause the Guarantors’ Obligations of such Guarantor (or any other obligations of such Guarantor
to Administrative Agent, Lenders and any other Person holding any of the Guaranteed Liabilities or the Guarantors’ Obligations)
to be avoidable or unenforceable against such Guarantor under any state fraudulent transfer or fraudulent conveyance act or statute
applied in any such case or proceeding by virtue of Section 544 of the Bankruptcy Code; or

 

    (C)             
in a case or proceeding commenced by or against such Guarantor under any Debtor Relief Law other than the Bankruptcy Code,
the maximum amount that would not otherwise cause the Guarantors’ Obligations of such Guarantor (or any other obligations
of such Guarantor to Administrative Agent, Lenders and any other Person holding any of the Guaranteed Liabilities or the Guarantors’
Obligations) to be avoidable or unenforceable against such Guarantor under such Debtor Relief Law, including any state fraudulent
transfer or fraudulent conveyance act or statute applied in any such case or proceeding. (The substantive state or federal Laws
under which the possible avoidance or unenforceability of the Guarantors’ Obligations of such Guarantor (or any other obligations
of such Guarantor to Administrative Agent, Lenders and any other Person holding any of the Guaranteed Liabilities or the Guarantors’
Obligations) shall be determined in any such case or proceeding shall hereinafter be referred to as the “Avoidance Provisions”).

    	 	137	 

     

    

 

(ii)              
To the extent set forth above, but only to the extent that the Guarantors’ Obligations of such Guarantor or the transfers
made by such Guarantor under the Collateral Documents to which it is a party, would otherwise be subject to avoidance under any
Avoidance Provisions if such Guarantor is not deemed to have received valuable consideration, fair value, fair consideration or
reasonably equivalent value for such transfers or obligations, or if such transfers or the Guarantors’ Obligations of such
Guarantor would render such Guarantor insolvent, or leave such Guarantor with an unreasonably small capital or unreasonably small
assets to conduct its business, or cause such Guarantor to have incurred debts (or to have intended to have incurred debts) beyond
its ability to pay such debts as they mature, in each case as of the time any of such Guarantors’ Obligations are deemed
to have been incurred and transfers made under such Avoidance Provisions, then such Guarantors’ Obligations shall be reduced
to that amount which, after giving effect thereto, would not cause the Guarantors’ Obligations of such Guarantor (or any
other obligations of such Guarantor to Administrative Agent, Lenders and any other Person holding any of the Guaranteed Liabilities
or the Guarantors’ Obligations), as so reduced, to be subject to avoidance under such Avoidance Provisions. This paragraph
is intended solely to preserve the rights hereunder of Administrative Agent, Lenders and any other Person holding any of the Guaranteed
Liabilities to the maximum extent that would not cause such Guarantors’ Obligations to be subject to avoidance under any
Avoidance Provisions, and neither such Guarantor nor any other Person shall have any right, defense, offset, or claim under this
paragraph as against Administrative Agent, Lenders or any other Person holding any of the Guaranteed Liabilities or the Guarantors’
Obligations that would not otherwise be available to such Person under the Avoidance Provisions.

 

    (b)               
Each Guarantor agrees that the Guarantors’ Obligations of such Guarantor may at any time and from time to time exceed
the Maximum Guarantor Liability, without impairing the guaranty or any provision contained herein or affecting the rights and remedies
of Administrative Agent hereunder.

 

12.5            
Contribution Agreement. To the extent that any Guarantor shall be required hereunder to pay any portion of
any Guaranteed Liability or Guarantors’ Obligation exceeding the greater of (i) the amount of the value actually received
by such Guarantor and its Subsidiaries from the Loans and other Guaranteed Liabilities and Guarantors’ Obligations and (ii)
the amount such Guarantor would otherwise have paid if such Guarantor had paid the aggregate amount of the Guaranteed Liabilities
and Guarantors’ Obligations (excluding the amount thereof repaid by Borrower) in the same proportion as such Guarantor’s
net worth on the date enforcement is sought hereunder bears to the aggregate net worth of all the Guarantors on such date, then
such Guarantor shall be reimbursed by such other Guarantors for the amount of such excess, pro rata, based on the respective net
worth of such other Guarantors on such date of enforcement. The contribution agreement in this paragraph is intended only to define
the relative rights of the Guarantors and nothing set forth in this paragraph is intended to or shall impair the obligations of
the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with
the terms of this Agreement (up to the Maximum Guarantor Liability).

 

12.6            
Currency and Funds of Payment. All Guarantors’ Obligations for payment will be paid in lawful currency
of the United States of America and in immediately available funds, regardless of any Law now or hereafter in effect that might
in any manner affect the Guaranteed Liabilities, or the rights of any Secured Party with respect thereto as against the Borrower
or any other Loan Party, or cause or permit to be invoked any alteration in the time, amount or manner of payment by the Borrower
or any other Loan Party of any or all of the Guaranteed Liabilities.

 

12.7            
Subordination. For so long as this Agreement remains in effect, each Guarantor hereby unconditionally subordinates
all present and future debts, liabilities or obligations now or hereafter owing to such Guarantor (a) of the Borrower, to the payment
in full of the Guaranteed Liabilities, (b) of every other Guarantor (an “obligated guarantor”), to the payment in full
of the Guarantors’ Obligations of such obligated guarantor, and (c) of each other Person now or hereafter constituting a
Loan Party, to the payment in full of the obligations of such Loan Party owing to any Secured Party and arising under the Loan
Documents or with respect to any Secured Bank Product or Secured Hedge. All amounts due under such subordinated debts, liabilities,
or obligations shall, upon the occurrence and during the continuance of an Event of Default, be collected and, upon request by
the Administrative Agent, paid over forthwith to the Administrative Agent for the benefit of the Secured Parties on account of
the Guaranteed Liabilities, the Guarantors’ Obligations, or such other obligations, as applicable, and, after such request
and pending such payment, shall be held by such Guarantor as agent and bailee of the Secured Parties separate and apart from all
other funds, property and accounts of such Guarantor.

 

    	 	138	 

     

    

12.8            
Enforcement. Each Guarantor from time to time shall pay to the Administrative Agent for the benefit of the
Secured Parties, on demand, at the Administrative Agent’s Principal Office or such other address as the Administrative Agent
shall give notice of to such Guarantor, the Guarantors’ Obligations as they become or are declared due, and in the event
such payment is not made forthwith, the Administrative Agent may proceed to suit against any one or more or all of the Guarantors.
At the Administrative Agent’s election, one or more and successive or concurrent suits may be brought hereon by the Administrative
Agent against any one or more or all of the Guarantors, whether or not suit has been commenced against the Borrower, any other
Guarantor, or any other Person and whether or not the Secured Parties have taken or failed to take any other action to collect
all or any portion of the Guaranteed Liabilities or have taken or failed to take any actions against any Collateral securing payment
or performance of all or any portion of the Guaranteed Liabilities, and irrespective of any event, occurrence, or condition described
in Section 12.3.

 

12.9            
Set-Off and Waiver. Each Guarantor waives any right to assert against any Secured Party as a defense, counterclaim,
set-off, recoupment or cross claim in respect of its Guarantors’ Obligations, any defense (legal or equitable) or other claim
which such Guarantor may now or at any time hereafter have against the Borrower or any other Loan Party or any or all of the Secured
Parties without waiving any additional defenses, set-offs, counterclaims or other claims otherwise available to such Guarantor.
Each Guarantor agrees that each Secured Party shall have a lien for all the Guarantors’ Obligations upon all deposits or
deposit accounts, of any kind, or any interest in any deposits or deposit accounts, now or hereafter pledged, mortgaged, transferred
or assigned to such Secured Party or otherwise in the possession or control of such Secured Party for any purpose (other than solely
for safekeeping) for the account or benefit of such Guarantor, including any balance of any deposit account or of any credit of
such Guarantor with the Secured Party, whether now existing or hereafter established, and hereby authorizes each Secured Party
from and after the occurrence of an Event of Default at any time or times with or without prior notice to apply such balances or
any part thereof to such of the Guarantors’ Obligations to the Secured Parties then due and in such amounts as provided for
in this Agreement or otherwise as they may elect.

 

12.10         
Waiver of Notice; Subrogation.

 

    (a)               
Each Guarantor hereby waives to the extent not otherwise expressly prohibited by applicable Law notice of the following
events or occurrences: (i) acceptance of the Guaranty set forth in this Article XII; (ii) the Lenders’ heretofore,
now or from time to time hereafter making Loans and issuing Letters of Credit and otherwise loaning monies or giving or extending
credit to or for the benefit of the Borrower or any other Loan Party, or otherwise entering into arrangements with any Loan Party
giving rise to Guaranteed Liabilities, whether pursuant to this Agreement or the Notes or any other Loan Document or Related Agreement
or any amendments, modifications, or supplements thereto, or replacements or extensions thereof; (iii) presentment, demand, default,
non-payment, partial payment and protest; and (iv) any other event, condition, or occurrence described in Section 12.3.
Each Guarantor agrees that each Secured Party may heretofore, now or at any time hereafter do any or all of the foregoing in such
manner, upon such terms and at such times as each Secured Party, in its sole and absolute discretion, deems advisable, without
in any way or respect impairing, affecting, reducing or releasing such Guarantor from its Guarantors’ Obligations, and each
Guarantor hereby consents to each and all of the foregoing events or occurrences.

    	 	139	 

     

    

 

    (b)               
Each Guarantor hereby agrees that payment or performance by such Guarantor of its Guarantors’ Obligations under this
Article XII may be enforced by the Administrative Agent on behalf of the Secured Parties upon demand by the Administrative
Agent to such Guarantor without the Administrative Agent being required, such Guarantor expressly waiving to the extent not otherwise
expressly prohibited by applicable Law any right it may have to require the Administrative Agent, to (i) prosecute collection or
seek to enforce or resort to any remedies against the Borrower or any other Guarantor or any other guarantor of the Guaranteed
Liabilities, or (ii) seek to enforce or resort to any remedies with respect to any security interests, Liens or encumbrances
granted to the Administrative Agent or any Lender or other party to a Related Agreement by the Borrower, any other Guarantor or
any other Person on account of the Guaranteed Liabilities or any guaranty thereof, IT BEING EXPRESSLY UNDERSTOOD, ACKNOWLEDGED
AND AGREED BY SUCH GUARANTOR THAT DEMAND UNDER THE GUARANTY SET FORTH IN THIS ARTICLE XII MAY BE MADE BY THE ADMINISTRATIVE
AGENT, AND THE PROVISIONS HEREOF ENFORCED BY THE ADMINISTRATIVE AGENT, EFFECTIVE AS OF THE FIRST DATE ANY EVENT OF DEFAULT OCCURS
AND IS CONTINUING.

 

    (c)               
Each Guarantor further agrees that such Guarantor shall not exercise any of its rights of subrogation, reimbursement, contribution,
indemnity or recourse to security for the Guaranteed Liabilities until at least 95 days immediately following the Termination Date
shall have elapsed without the filing or commencement, by or against any Loan Party, of any state or federal action, suit, petition
or proceeding seeking any reorganization, liquidation or other relief or arrangement in respect of creditors of, or the appointment
of a receiver, liquidator, trustee or conservator in respect to, such Loan Party or its assets. If an amount shall be paid to any
Guarantor on account of such rights at any time prior to the Termination Date, such amount shall be held in trust for the benefit
of the Secured Parties and shall forthwith be paid to the Administrative Agent, for the benefit of the Secured Parties, to be credited
and applied upon the Guarantors’ Obligations, whether matured or unmatured, in accordance with the terms of this Agreement
or otherwise as the Secured Parties may elect. The agreements in this subsection shall survive repayment of all of the Guarantors’
Obligations, the termination or expiration of this Agreement in any manner and occurrence of the Termination Date.

 

12.11          
No Stay. Without limitation of any other provision set forth in this Article XII, if any declaration
of default or acceleration or other exercise or condition to exercise of rights or remedies under or with respect to any Guarantors’
Obligation or any of the Guaranteed Liabilities shall at any time be stayed, enjoined, or prevented for any reason (including but
not limited to stay or injunction resulting from the pendency against any Loan Party or any other Person of a bankruptcy, insolvency,
reorganization or similar proceeding), the Guarantors agree that, for the purposes of this Article XII and their obligations
hereunder, the Guarantors’ Obligations and the Guaranteed Liabilities shall be deemed to have been declared in default or
accelerated, and such other exercise or conditions to exercise shall be deemed to have been taken or met.

 

12.12          
Additional Guarantors. At any time after the initial execution and delivery of this Agreement to the Administrative
Agent and the Lenders, additional Persons may become parties to this Agreement and thereby acquire the duties and rights of being
Guarantors hereunder by executing and delivering to the Administrative Agent and the Lenders a duly executed Guarantor Joinder
pursuant to this Agreement. No notice of the addition of any Guarantor shall be required to be given to any pre-existing Guarantor
and each Guarantor hereby consents thereto.

 

    	 	140	 

     

    

12.13          
Reliance. Each Guarantor represents and warrants to the Administrative Agent, for the benefit of the Secured
Parties, that: (a) such Guarantor has adequate means to obtain on a continuing basis (i) from the Borrower, information concerning
the Loan Parties and the Loan Parties’ financial condition and affairs and (ii) from other reliable sources, such other information
as it deems material in deciding to provide its Guaranty under this Article XII and any Guarantor Joinder (“Other
Information”), and has full and complete access to the Loan Parties’ books and records and to such Other Information;
(b) such Guarantor is not relying on any Secured Party or its or their employees, directors, agents or other representatives or
Affiliates, to provide any such information, now or in the future; (c) such Guarantor has been furnished with and reviewed
the terms of such Loan Documents and Related Agreements as it has requested, is executing this Agreement (or the Guarantor Joinder
to which it is a party, as applicable) freely and deliberately, and understands the obligations and financial risk undertaken by
providing its Guaranty under this Agreement; (d) such Guarantor has relied solely on the Guarantor’s own independent investigation,
appraisal and analysis of the Borrower and the other Loan Parties, such Persons’ financial condition and affairs, the Other
Information, and such other matters as it deems material in deciding to provide this Guaranty and is fully aware of the same; and
(e) such Guarantor has not depended or relied on any Secured Party or its or their employees, directors, agents or other representatives
or Affiliates, for any information whatsoever concerning the Borrower or the Borrower’s financial condition and affairs or
any other matters material to such Guarantor’s decision to provide this Guaranty, or for any counseling, guidance, or special
consideration or any promise therefor with respect to such decision. Each Guarantor agrees that no Secured Party has any duty or
responsibility whatsoever, now or in the future, to provide to such Guarantor any information concerning the Borrower or any other
Loan Party or such Persons’ financial condition and affairs, or any Other Information, other than as expressly provided herein,
and that, if such Guarantor receives any such information from any Secured Party or its or their employees, directors, agents or
other representatives or Affiliates, such Guarantor will independently verify the information and will not rely on any Secured
Party or its or their employees, directors, agents or other representatives or Affiliates, with respect to such information.

 

12.14          
Receipt of Credit Agreement, Other Loan Documents, Benefits.

 

    (a)               
Each Guarantor hereby acknowledges that it has received a copy of this Agreement and the other Loan Documents and each Guarantor
certifies that the representations and warranties made therein with respect to such Guarantor are true and correct in all material
respects. Further, each Guarantor acknowledges and agrees to perform, comply with, and be bound by all of the provisions of this
Agreement and the other Loan Documents applicable to such Guarantor.

 

    (b)               
Each Guarantor hereby acknowledges, represents, and warrants that it receives direct and indirect benefits by virtue of
its affiliation with Borrower and the other Guarantors and that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Agreement and that such benefits, together with the rights of contribution and subrogation that
may arise in connection herewith are a reasonably equivalent exchange of value in return for providing the Guaranty set forth in
this Article XII.

 

12.15          
Joinder. Each Person that shall at any time execute and deliver to the Administrative Agent a Guarantor Joinder
shall thereupon irrevocably, absolutely and unconditionally become a party hereto and obligated hereunder as a Guarantor, and all
references herein and in the other Loan Documents to the Guarantors or to the parties to this Guaranty shall be deemed to include
such Person as a Guarantor hereunder.

 

    	 	141	 

     

    

[SIGNATURE PAGES FOLLOW]

 

 

 

 

 

 

 

 

 

    	 	142	 

     

    

 

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

 

 

 

	 	BORROWER:
	 	 
	 	 
	 	SHENANDOAH TELECOMMUNICATIONS

        COMPANY, as Borrower

	 	 
	 	 
	 	By:                                                                        
	 	Name: Christopher E. French
	 	Title: President and Chief Executive Officer

 

 

 

 

 

 

 

    	[SIGNATURE PAGE TO CREDIT AGREEMENT]

     

    

 

	 	GUARANTORS:
	 	 
	 	 
	 	SHENTEL PERSONAL COMMUNICATIONS, LLC

	 	SHENANDOAH CABLE TELEVISION, LLC
	 	SHENANDOAH MOBILE, LLC
	 	SHENTEL MANAGEMENT COMPANY, each as a Guarantor
	 	 
	 	 
	 	By:                                                                        
	 	Name: Christopher E. French
	 	Title: President and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

    	[SIGNATURE PAGE TO CREDIT AGREEMENT]

     

    

 

	 	COBANK, ACB, as Administrative Agent, Joint Lead Arranger, Bookrunner, Issuing Lender, Swing
    Line Lender and as a Lender
	 	 
	 	 
	 	By:                                                                        
	 	Name: Gloria Hancock
	 	Title: Managing Director

 

 

 

 

 

 

 

 

     
	

     

    

 

	 	BANK OF AMERICA, N.A.,

                           as a Joint Lead Arranger and as a Lender

	 	 
	 	 
	 	By:                                                                        
	 	Name:                                                                   
	 	Title:                                                                     

 

 

 

 

 

 

 

     
	

     

    

 

	 	CITIZENS BANK, N.A.,

                           as a Joint Lead Arranger and as a Lender

	 	 
	 	 
	 	By:                                                                        
	 	Name:                                                                   
	 	Title:                                                                     

 

 

 

 

 

 

     
	

     

    

 

	 	FIFTH THIRD BANK, NATIONAL ASSOCIATION,

                           as a Joint Lead Arranger and as a Lender

	 	 
	 	 
	 	By:                                                                        
	 	Name:                                                                   
	 	Title:                                                                     

 

 

 

 

 

 

 

 

     
	

     

    

 

	 	TRUIST SECURITIES, INC.,

                           as a Joint Lead Arranger

	 	 
	 	 
	 	By:                                                                        
	 	Name:                                                                   
	 	Title:                                                                     

 

 

 

 

 

 

 

     
	

     

    

	 	TRUIST BANK,

                           as a Lender

	 	 
	 	 
	 	By:                                                                        
	 	Name:                                                                   
	 	Title:

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