Document:

Document

CONFORMED CREDIT AGREEMENT
Conformed through Amendment No. 6, dated September 7, 2022, and effective as of September 7, 2022
Loan Number: 1019396

Revolving Credit CUSIP Number:  64119EAC7
Term Loan CUSIP Number:  64119EAB9

			
	

CREDIT AGREEMENT

Dated as of December 23, 2019

by and among

NETSTREIT, L.P.,
as Borrower,

NETSTREIT CORP., 
as Parent

THE FINANCIAL INSTITUTIONS PARTY HERETO
AND THEIR ASSIGNEES UNDER SECTION 13.5.,
as Lenders,

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, 

KEYBANK NATIONAL ASSOCIATION,
as Syndication Agent 

and

CAPITAL ONE, NATIONAL ASSOCIATION, TRUIST BANK, BANK OF MONTREAL, U.S. BANK NATIONAL ASSOCIATION, PNC BANK, NATIONAL ASSOCIATION AND REGIONS BANK
as Co-Documentation Agents 

_________________________

WELLS FARGO SECURITIES, LLC and
KEYBANC CAPITAL MARKETS,
as Joint Lead Arrangers and Joint Bookrunners

			
	

TABLE OF CONTENTS
Page
						
	ARTICLE I. DEFINITIONS
	1

	Section 1.1.    Definitions.
	1

	Section 1.2.    General; References to Central Time.
	35

	Section 1.3.    Financial Attributes of Non-Wholly Owned Subsidiaries and Unconsolidated Affiliates.
	36

	Section 1.4.    Rates.
	36

	Section 1.5.    Division.
	36

	ARTICLE II. CREDIT FACILITY
	36

	Section 2.1.    Revolving Loans.
	36

	Section 2.2.    Term Loans.
	37

	Section 2.3.    [Reserved].
	38

	Section 2.4.    Letters of Credit.
	38

	Section 2.5.    Swingline Loans.
	44

	Section 2.6.    Rates and Payment of Interest on Loans.
	46

	Section 2.7.    Number of Interest Periods.
	47

	Section 2.8.    Repayment of Loans.
	47

	Section 2.9.    Prepayments.
	47

	Section 2.10.    Continuation.
	48

	Section 2.11.    Conversion.
	48

	Section 2.12.    Notes.
	49

	Section 2.13.    Voluntary Reductions of the Revolving Commitment.
	49

	Section 2.14.    Extension of Revolving Termination Date.
	50

	Section 2.15.    Expiration Date of Letters of Credit Past Revolving Commitment Termination.
	50

	Section 2.16.    Amount Limitations.
	50

	Section 2.17.    Incremental Facilities.
	50

	Section 2.18.    Funds Transfer Disbursements.
	52

	ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS
	52

	Section 3.1.    Payments.
	52

	Section 3.2.    Pro Rata Treatment.
	53

	Section 3.3.    Sharing of Payments, Etc.
	53

	Section 3.4.    Several Obligations.
	54

	Section 3.5.    Fees.
	54

	Section 3.6.    Computations.
	55

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LEGAL 4867-4266-3982v.3

						
	Section 3.7.    Usury.
	55

	Section 3.8.    Statements of Account.
	56

	Section 3.9.    Defaulting Lenders.
	56

	Section 3.10.    Taxes.
	60

	ARTICLE IV. Eligibility of Properties
	63

	Section 4.1.    Eligibility of Properties.
	63

	Section 4.2.    Release of Eligible Properties.
	64

	ARTICLE V. YIELD PROTECTION, ETC.
	65

	Section 5.1.    Additional Costs; Capital Adequacy.
	65

	Section 5.2.    Suspension of LIBOR Loans.
	67

	Section 5.3.    Illegality.
	67

	Section 5.4.    Compensation.
	68

	Section 5.5.    Treatment of Affected Loans.
	68

	Section 5.6.    Affected Lenders.
	69

	Section 5.7.    Change of Lending Office.
	70

	Section 5.8.    Assumptions Concerning Funding of LIBOR Loans.
	70

	Section 5.9.    Effect of Benchmark Transition Event.
	70

	ARTICLE VI. CONDITIONS PRECEDENT
	73

	Section 6.1.    Initial Conditions Precedent.
	73

	Section 6.2.    Conditions Precedent to All Loans and Letters of Credit.
	76

	ARTICLE VII. REPRESENTATIONS AND WARRANTIES
	76

	Section 7.1.    Representations and Warranties.
	76

	Section 7.2.    Survival of Representations and Warranties, Etc.
	83

	ARTICLE VIII. AFFIRMATIVE COVENANTS
	83

	Section 8.1.    Preservation of Existence and Similar Matters.
	83

	Section 8.2.    Compliance with Applicable Law.
	83

	Section 8.3.    Maintenance of Property.
	84

	Section 8.4.    Conduct of Business.
	84

	Section 8.5.    Insurance.
	84

	Section 8.6.    Payment of Taxes and Claims.
	84

	Section 8.7.    Books and Records; Inspections.
	84

	Section 8.8.    Use of Proceeds.
	85

	Section 8.9.    Environmental Matters.
	85

	Section 8.10.    Further Assurances.
	86

	Section 8.11.    Compliance with ERISA.
	87

	Section 8.12.    Guarantors.
	87

		
		
		
		
		

ii

						
	Section 8.13.    Anti-Corruption Laws; Beneficial Ownership Regulation.
	88

	Section 8.14.    REIT Status.
	88

	Section 8.15.    Post-Closing Matters.
	88

	ARTICLE IX. INFORMATION
	89

	Section 9.1.    Quarterly Financial Statements.
	89

	Section 9.2.    Year-End Statements.
	89

	Section 9.3.    Compliance Certificate; Statement of Funds from Operations; Unencumbered Asset Value.
	90

	Section 9.4.    Other Information.
	90

	Section 9.5.    Electronic Delivery of Certain Information.
	92

	Section 9.6.    Public/Private Information.
	92

	Section 9.7.    USA Patriot Act Notice; Compliance.
	92

	ARTICLE X. NEGATIVE COVENANTS
	93

	Section 10.1.    Financial Covenants.
	93

	Section 10.2.    Negative Pledge.
	95

	Section 10.3.    Restrictions on Intercompany Transfers.
	95

	Section 10.4.    Merger, Consolidation, Sales of Assets and Other Arrangements.
	95

	Section 10.5.    Plans.
	96

	Section 10.6.    Fiscal Year.
	96

	Section 10.7.    Modifications of Organizational Documents.
	96

	Section 10.8.    Subordinated Debt Prepayments; Amendments.
	96

	Section 10.9.    Transactions with Affiliates.
	97

	Section 10.10.    Environmental Matters.
	97

	Section 10.11.    Derivatives Contracts.
	98

	ARTICLE XI. DEFAULT
	98

	Section 11.1.    Events of Default.
	98

	Section 11.2.    Remedies Upon Event of Default.
	102

	Section 11.3.    Remedies Upon Default.
	103

	Section 11.4.    Marshaling; Payments Set Aside.
	103

	Section 11.5.    Allocation of Proceeds.
	103

	Section 11.6.    Letter of Credit Collateral Account.
	104

	Section 11.7.    Rescission of Acceleration by Requisite Lenders.
	106

	Section 11.8.    Performance by Administrative Agent.
	106

	Section 11.9.    Rights Cumulative.
	106

	ARTICLE XII. THE ADMINISTRATIVE AGENT
	107

	Section 12.1.    Appointment and Authorization.
	107

		
		
		
		
		

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	Section 12.2.    Administrative Agent as Lender.
	108

	Section 12.3.    Approvals of Lenders.
	108

	Section 12.4.    Notice of Events of Default.
	109

	Section 12.5.    Administrative Agent’s Reliance.
	109

	Section 12.6.    Indemnification of Administrative Agent.
	109

	Section 12.7.    Lender Credit Decision, Etc.
	110

	Section 12.8.    Successor Administrative Agent.
	111

	Section 12.9.    Arrangers and Titled Agents.
	112

	Section 12.10.    Specified Derivatives Contracts and Specified Cash Management Agreements.
	112

	Section 12.11.    Certain ERISA Matters
	112

	Section 12.12.    Release of Guarantors
	113

	Section 12.13.    Collateral Matters.
	113

	Section 12.14.    Post-Foreclosure Plans.
	115

	Section 12.15.    Erroneous Payments.
	115

	ARTICLE XIII. MISCELLANEOUS
	117

	Section 13.1.    Notices.
	117

	Section 13.2.    Expenses.
	119

	Section 13.3.    Setoff.
	119

	Section 13.4.    Litigation; Jurisdiction; Other Matters; Waivers.
	120

	Section 13.5.    Successors and Assigns.
	121

	Section 13.6.    Amendments and Waivers.
	126

	Section 13.7.    Nonliability of Administrative Agent and Lenders.
	129

	Section 13.8.    Confidentiality.
	129

	Section 13.9.    Indemnification.
	130

	Section 13.10.    Termination; Survival.
	131

	Section 13.11.    Severability of Provisions.
	131

	Section 13.12.    GOVERNING LAW.
	132

	Section 13.13.    Counterparts.
	132

	Section 13.14.    Obligations with Respect to Loan Parties and Subsidiaries.
	132

	Section 13.15.    Independence of Covenants.
	132

	Section 13.16.    Limitation of Liability.
	132

	Section 13.17.    Entire Agreement.
	132

	Section 13.18.    Construction.
	132

	Section 13.19.    Headings.
	133

	Section 13.20.    Acknowledgment and Consent to Bail-In of Affected Financial Institutions.
	133

iv

						
	Section 13.21.    Acknowledgment Regarding Any Supported QFCs.
	133

SCHEDULE I    Commitments 
SCHEDULE 1.1.    List of Loan Parties
SCHEDULE 7.1.(b)    Ownership Structure
SCHEDULE 7.1.(f)    Properties; Liens
SCHEDULE 7.1.(g)    Indebtedness and Guaranties
SCHEDULE 7.1.(h)    Litigation
SCHEDULE 7.1.(r)    Affiliate Transactions

EXHIBIT A    Form of Assignment and Assumption Agreement
EXHIBIT B    Form of Disbursement Instruction Agreement
EXHIBIT C    Form of Guaranty
EXHIBIT D    Form of Notice of Borrowing
EXHIBIT E    Form of Notice of Continuation
EXHIBIT F    Form of Notice of Conversion
EXHIBIT G    Form of Notice of Swingline Borrowing
EXHIBIT H    Form of Revolving Note
EXHIBIT I    Form of Swingline Note
EXHIBIT J    Form of Term Note
EXHIBITS K-1 – K-4    Forms of U.S. Tax Compliance Certificates
EXHIBIT L    Form of Compliance Certificate
EXHIBIT M    Form of Pledge Agreement

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THIS CREDIT AGREEMENT (this “Agreement”) dated as of December 23, 2019 by and among NETSTREIT, L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”), NETSTREIT CORP., a Maryland real estate investment trust (the “Parent”), each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 13.5. (the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

WHEREAS, the Administrative Agent, the Issuing Banks, the Swingline Lender and the Lenders desire to make available to the Borrower credit facilities in the initial amount of $425,000,000, which will include a $175,000,000 term loan facility and a $250,000,000 revolving credit facility with a $25,000,000 swingline subfacility and a $25,000,000 letter of credit subfacility, on the terms and conditions contained herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:

ARTICLE I.  DEFINITIONS
Section 1.1.    Definitions.
In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement:

“Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the Guaranty.

“Additional Costs” has the meaning given that term in Section 5.1.(b).
    
“Adjusted EBITDA” means, as to any Person for any period and without duplication, the sum of (a)  EBITDA of such Person and its Subsidiaries determined on a consolidated basis plus (b) such Person’s Ownership Share of EBITDA of any Unconsolidated Affiliate of such Person for such period minus (c) Reserve for Replacements for such period.

“Adjusted Total Asset Value” means Total Asset Value of the Parent and its Subsidiaries determined on a consolidated basis exclusive of assets that are owned by Excluded Subsidiaries or Unconsolidated Affiliates.
“Administrative Agent” means Wells Fargo Bank, National Association, including its branches and affiliates, as contractual representative of the Lenders under this Agreement, or any successor Administrative Agent appointed pursuant to Section 12.8.
“Administrative Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.  
“Affected Lender” has the meaning given that term in Section 5.6.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the 
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Person specified.  In no event shall the Administrative Agent, the Arrangers, any Issuing Bank or any Lender be deemed to be an Affiliate of the Borrower.
“Agreement Date” means the date as of which this Agreement is dated.
“Anti-Corruption Laws” means all Applicable Laws of any jurisdiction concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder. 
“Anti-Money Laundering Laws” means any and all Applicable Laws related to terrorism financing or money laundering, including, without limitation, any applicable provision of the Patriot Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).
“Applicable Law” means all international, foreign, federal, state and local statutes, treaties, rules, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case having the force of law.
“Applicable Margin” means, 
(a) prior to Collateral Release Date, the percentage rate set forth below corresponding to the Total Leverage Ratio, as determined in accordance with Section 10.1.(a):
																		
	

Level
	

Total Leverage Ratio
	Applicable Margin for LIBOR Loans that are Revolving Loans	Applicable Margin for Base Rate Loans that are Revolving Loans	Applicable Margin for LIBOR Loans that are Term Loans	Applicable Margin for Base Rate Loans that are Term Loans
	1	Less than or equal to 0.40 to 1.00
	1.35%	0.35%	1.25%	0.25%
	2	Greater than 0.40 to 1.00 but less than or equal to 0.45 to 1.00
	1.40%	0.40%	1.35%	0.35%
	3	Greater than 0.45 to 1.00 but less than or equal to 0.50 to 1.00
	1.65%	0.65%	1.60%	0.60%
	4	Greater than 0.50 to 1.00 but less than or equal to 0.55 to 1.00
	1.90%	0.90%	1.85%	0.85%

2

																		
	5	Greater than 0.55 to 1.00 but less than or equal to 0.60 to 1.00
	2.15%	1.15%	2.10%	1.10%
	6	Greater than 0.60 to 1.00
	2.30%	1.30%	2.25%	1.25%

(b) from and after the Collateral Release Date, the percentage rate set forth below corresponding to the Total Leverage Ratio, as determined in accordance with Section 10.1.(a):
 
																		
	

Level
	

Total Leverage Ratio
	Applicable Margin for LIBOR Loans that are Revolving Loans	Applicable Margin for Base Rate Loans that are Revolving Loans	Applicable Margin for LIBOR Loans that are Term Loans	Applicable Margin for Base Rate Loans that are Term Loans
	1	Less than or equal to 0.35 to 1.00
	1.20%	0.20%	1.15%	0.15%
	2	Greater than 0.35 to 1.00 but less than or equal to 0.40 to 1.00
	1.25%	0.25%	1.20%	0.20%
	3	Greater than 0.40 to 1.00 but less than or equal to 0.45 to 1.00
	1.30%	0.30%	1.25%	0.25%
	4	Greater than 0.45 to 1.00 but less than or equal to 0.50 to 1.00
	1.45%	0.45%	1.40%	0.40%
	5	Greater than 0.50 to 1.00 but less than or equal to 0.55 to 1.00
	1.55%	0.55%	1.50%	0.50%
	6	Greater than 0.55 to 1.00
	1.80%	0.80%	1.60%	0.60%

The Applicable Margin for Loans shall be determined by the Administrative Agent from time to time, based on the Total Leverage Ratio as set forth in the Compliance Certificate most recently delivered by the Borrower pursuant to Section 9.3.  Any adjustment to the Applicable Margin shall be effective as of the first day of the calendar month immediately following the month during which the Borrower delivers to the Administrative Agent the applicable Compliance Certificate pursuant to Section 9.3.  If the Borrower fails to deliver a Compliance Certificate pursuant to Section 9.3., the Applicable Margin shall equal the percentages corresponding to Level 6 under clause (a) or (b), as applicable, until the first day of 
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the calendar month immediately following the month that the required Compliance Certificate is delivered.  Notwithstanding the foregoing, for the period from the Effective Date through but excluding the date on which the Administrative Agent first determines the Applicable Margin for Loans as set forth above, the Applicable Margin shall be determined based on Level 2 in clause (a) above. Thereafter, such Applicable Margin shall be adjusted from time to time as set forth in this definition.  The provisions of this definition shall be subject to Section 2.6.(c).
“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 any entity that administers or manages a Lender.
“Arrangers” means, each of Wells Fargo Securities, LLC and KeyBanc Capital Markets, each in its capacity as a joint lead arranger and joint bookrunner.
“Assignment and Assumption” means an Assignment and Assumption Agreement entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 13.5.), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form approved by the Administrative Agent.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Bankruptcy Code” means the Bankruptcy Code of 1978, as amended.
“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Market Index Rate plus 1.0% (subject to the interest rate floors set forth in the definition of LIBOR); provided that, (i) each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or the LIBOR Market Index Rate and (ii) clause (c) shall not be applicable during any period in which LIBOR is unavailable or unascertainable.
“Base Rate Loan” means a Revolving Loan or Term Loan (or any portion thereof) bearing interest at a rate based on the Base Rate.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

“Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of 
4

ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”.
“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors and permitted assigns.
“Borrower Information” has the meaning given that term in Section 2.6.(c).
“Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day (other than a Saturday, Sunday or legal holiday) on which banks in San Francisco, California and New York, New York, are open for the conduct of their commercial banking business, and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, any LIBOR Loan, or any Base Rate Loan as to which the interest rate is determined by reference to LIBOR, any day that is a Business Day described in clause (a) and that is also a day for trading by and between banks in Dollar deposits in the London interbank market.  Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days.
“Capitalization Rate” means 6.50%.
“Capitalized Lease Obligations” means obligations under a lease (or other arrangement conveying the right to use property) to pay rent or other amounts, in each case that are required to be capitalized for financial reporting purposes in accordance with GAAP as in effect prior to December 31, 2018.  The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person as of the applicable date prepared in accordance with GAAP as in effect prior to December 31, 2018.

“Cash Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Banks or the Lenders, as collateral for Letter of Credit Liabilities or obligations of Lenders to fund participations in respect of Letter of Credit Liabilities, cash or deposit account balances or, if the Administrative Agent and the applicable Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the applicable Issuing Bank.  “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

“Cash Equivalents” means:  (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Co-operation and Development, or a political subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, which have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (e) above.

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“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card (including non-card electronic payables and purchasing cards), electronic funds transfer and other cash management arrangements.

“Co-Documentation Agent” means, Capital One, National Association, Truist Bank, Bank of Montreal, U.S. Bank National Association, PNC Bank, National Association and Regions Bank, in each case, in such capacity under this Agreement.

“Collateral” means all personal property directly or indirectly securing any of the Obligations or any other obligation of a Person under or in respect of any Loan Document or Specified Derivatives Contract to which it is a party, and includes, without limitation, the Pledged Equity.

“Collateral Release Date” has the meaning given that term in Section 8.10.(b).

“Collateral Release Requirements” shall mean, as of the last day of the most recently completed fiscal quarter of the Parent and its Subsidiaries in respect of which the financial reporting requirements set forth in Section 9.01 or 9.02, as applicable, shall have been satisfied, (i) the Unencumbered Asset Value shall be equal to or greater than $500,000,000 and (ii) there shall be not less than 100 Eligible Properties included in the calculation of Unencumbered Asset Value.
“Commitment” means, as to a Lender, such Lender’s Revolving Commitment or such Lender’s Term Loan Commitment, as the context may require.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), and any successor statute.
“Commitment Reduction Notice” has the meaning given that term in Section 2.13.

“Compliance Certificate” has the meaning given that term in Section 9.3.
“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.
“Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.10.
“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.  “Controlling” and “Controlled” have meanings correlative thereto.
“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a Loan of another Type pursuant to Section 2.11.

“Credit Event” means any of the following:  (a) the making (or deemed making) of any Loan, (b) the Conversion of a Base Rate Loan into a LIBOR Loan, (c) the Continuation of a LIBOR Loan and (d) the issuance of a Letter of Credit or the amendment of a Letter of Credit that extends the maturity, or increases the Stated Amount, of such Letter of Credit.

“Dark Property” has the meaning given that term in the definition of Occupancy Rate.

6

“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 Applicable Laws relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to time in effect.

“Default” means any of the events specified in Section 11.1., whether or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both.

“Defaulting Lender” means, subject to Section 3.9.(f), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) 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 Bank, the Swingline 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 Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, any Issuing Bank or the Swingline 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 (3) 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 of America 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 such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9.(f)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, the Swingline Lender and each Lender.

“Derivatives Contract” means (a) any transaction (including any master agreement, confirmation or other agreement with respect to any such transaction) now existing or hereafter entered into by the Parent or any of its Subsidiaries (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in 
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clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and (c) a “swap agreement” as defined in Section 101 of the Bankruptcy Code of 1978.

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the termination amount or value determined in accordance therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market quotations or estimates provided by any recognized dealer in Derivatives Contracts (which may include the Administrative Agent, any Lender, any Specified Derivatives Provider or any Affiliate of any thereof).

“Development Property” means, with respect to the Parent and its Wholly Owned Subsidiaries (or, in the case of any calculation subject to the Ownership Share Adjustment, the applicable non-Wholly Owned Subsidiary or Unconsolidated Affiliate), a Property wholly-owned by the Borrower or such Wholly Owned Subsidiary (or such non-Wholly Owned Subsidiary or Unconsolidated Affiliate) that is currently under development, that has not achieved an Occupancy Rate of 80% or more, and on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed.  The term “Development Property” shall include real property of the type described in the immediately preceding sentence that satisfies both of the following conditions: (i) it is to be (but has not yet been) acquired by the Borrower or any of its Wholly Owned Subsidiaries (or, in the case of any calculation subject to the Ownership Share Adjustment, the applicable non-Wholly Owned Subsidiary or Unconsolidated Affiliate) upon completion of construction pursuant to a contract in which the seller of such real property is required to develop or renovate prior to, and as a condition precedent to, such acquisition and (ii) a third party is developing such property using the proceeds of a loan that is Guaranteed by, or is otherwise recourse to, the Borrower or any of its Wholly Owned Subsidiaries (or, in the case of any calculation subject to the Ownership Share Adjustment, the applicable non-Wholly Owned Subsidiary or Unconsolidated Affiliate).  A Development Property on which all improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least 12 months, and shall not otherwise have satisfied the requirements to be an Eligible Property on or before the end of such 12-month period, shall cease to constitute a Development Property notwithstanding the fact that such Property has not achieved an Occupancy Rate of at least 80%.

“Disbursement Instruction Agreement” means an agreement substantially in the form of Exhibit B to be executed and delivered by the Borrower pursuant to Section 6.1.(a), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent.
“Dollars” or “$” means the lawful currency of the United States of America.
“EBITDA” means, with respect to a Person for any period and without duplication: net income (loss) of such Person for such period determined on a consolidated basis plus the following (but only to the extent deducted in determining net income (loss) for such period): (i) depreciation and amortization; (ii) Interest Expense; (iii) income tax expense; (iv) extraordinary or nonrecurring items, including without limitation, gains and losses from the sale of operating Properties; (v) all non-cash items; and (vi) any fees, costs and expenses incurred in connection with, in anticipation of or in preparation for, or otherwise related to or arising in connection with, the Equity Offering, the filing of an S-11 Registration Statement 
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or an initial public offering (in each case, whether or not the transactions contemplated thereby have been consummated). EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of intangibles required pursuant to FASB ASC 805.  For purposes of clause (iv) of this definition, nonrecurring items shall be deemed to include (w) gains and losses on early extinguishment of Indebtedness, (x) severance charges, (y) restructuring charges and (z) costs of financing activities (such as incurrence or repayment of Indebtedness and issuances of equity) and transaction costs of acquisitions and other Investments not permitted to be capitalized pursuant to GAAP, in each case, whether or not consummated; provided that the aggregate amount of adjustments pursuant to clauses (w), (y) and (z) shall not exceed in any period 15.00% of EBITDA for such period (calculated prior to giving effect to such adjustments). 
“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.

“Effective Date” means the later of (a) the Agreement Date and (b) the date on which all of the conditions precedent set forth in Section 6.1. shall have been fulfilled or waived by all of the Lenders.

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person)) approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed). 

“Eligible Ground Lease” means a ground lease containing terms and conditions customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease, and shall include the following: (a) a remaining term (exclusive of any unexercised extension options) of 30 years or more from the date the applicable Property first becomes an Eligible Property; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease; and (e) clearly determinable rental payment terms which in no event contain profit participation rights.  

“Eligible Property” means the Properties set forth on Schedule 7.1(f), which Properties shall be the only Eligible Properties as of the Effective Date (each, an “Initial Eligible Property”), and any Properties that shall become an Eligible Property from time to time pursuant to Section 4.1.  Each Initial Eligible Property and each Property which subsequently becomes an Eligible Property shall satisfy all of the following requirements: (a) such Property is fully developed as a retail or reasonably similar Property; (b) such Property is owned in fee simple, or leased under an Eligible Ground Lease, by the Borrower or a 
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Wholly-Owned Subsidiary of the Borrower that is a Guarantor; (c) such Property is located in a State of the United States of America or in the District of Columbia; (d) regardless of whether such Property is owned by the Borrower or a Wholly Owned Subsidiary of the Borrower, the Borrower or such Wholly Owned Subsidiary has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the Borrower or such Wholly Owned Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property (or, in the case of a Property Subject to an Eligible Ground Lease, its leasehold interest in such Property); (e) neither such Property, nor if such Property is owned by a Wholly-Owned Subsidiary, any of the Borrower’s direct or indirect ownership interest in such Wholly-Owned Subsidiary, is subject to (i) any Lien other than Permitted Liens or (ii) any Negative Pledge, and, at all times prior to the Collateral Release Date, all of the Borrower’s direct and indirect ownership interest in such Wholly-Owned Subsidiary is subject to a first priority Lien in favor of the Administrative Agent for the benefit of the Lenders, the Issuing Banks and each Specified Derivatives Provider; (f) such Property is not a Development Property; (g) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the operation of such Property in the ordinary course of business and (h) the remaining term (exclusive of any unexercised extension option) of each lease with respect to such Property is not less than eighteen (18) months.  For the avoidance of doubt, no Property owned or leased by an Excluded Subsidiary shall be an “Eligible Property” hereunder.

“Eligible Property Subsidiary” means (i) each Wholly Owned Subsidiary of the Borrower that directly owns, or leases pursuant to an Eligible Ground Lease, any Eligible Property and (ii) each Subsidiary of the Borrower that owns, directly or indirectly, any Equity Interests in any Subsidiary that is described in clause (i). 

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, written demands, demand letters, claims, liens, notices of noncompliance or violation, investigations or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law, including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of injury to human health (as  it relates to Hazardous Materials) or the environment.

“Environmental Laws” means any Applicable Law, including without limitation any applicable rule of common law and any judicial interpretation thereof, relating to environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following:  Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; and regulations of the Environmental Protection Agency.
 

“Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, whether or not certificated, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination. For the avoidance of doubt, 
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profit sharing plans and other performance bonus compensation arrangements based on the profitability of Borrower or Parent shall not be deemed to be “Equity Interests” or “economic interests” for purposes of this Agreement so long as no capital stock (or other ownership or profit interest), or convertible securities, warrants, options or other rights to purchase shares or other ownership or voting interest in a Person, is issued or transferred to a Person under any such profit sharing plan or other performance bonus compensation arrangement. 

“Equity Issuance” means any issuance or sale by a Person of any Equity Interest in such Person and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being converted or exchanged, for Equity Interests.

“Equity Offering” has the meaning given to that term in Section 6.1.(e).
 

“ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to time.

“ERISA Event” means, with respect to the ERISA Group, (a) any “reportable event” as defined in Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group from a 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) the incurrence by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence by any member of the ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Plan or Multiemployer Plan by the PBGC; (f) the failure by any member of the ERISA Group to make when due required contributions to a Multiemployer Plan or Plan unless such failure is cured within thirty (30) days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard; (g) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer Plan or the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of the ERISA Group of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA) or in “critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i)  the imposition of any liability under Title IV of ERISA, other  than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of any Lien in favor of the PBGC under Title IV of ERISA; or (j) a determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA).

“ERISA Group” means the Borrower, any Subsidiary and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control, which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code or Section 4001(b) of ERISA.

“Erroneous Payment” has the meaning assigned thereto in Section 12.15(a).
“Erroneous Payment Deficiency Assignment” has the meaning assigned thereto in Section 12.15(d).
“Erroneous Payment Impacted Class” has the meaning assigned thereto in Section 12.15(d).
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“Erroneous Payment Return Deficiency” has the meaning assigned thereto in Section 12.15(d).
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“Eurodollar Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.
“Event of Default” means any of the events specified in Section 11.1., provided that any requirement for notice or lapse of time, or both, or any other condition has been satisfied.

“Exchange Act” has the meaning given to that term in Section 11.1.(l)(i).

“Excluded Subsidiary” means any Subsidiary (a) holding title to assets that are or are to become collateral for any Secured Indebtedness of such Subsidiary; and (b) that is prohibited from guarantying the Indebtedness of any other Person pursuant to (i) any document, instrument or agreement evidencing such Secured Indebtedness or (ii) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness.

“Excluded Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the liability of such Loan Party for or the Guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the Guarantee of such Loan Party or the grant of such Lien becomes effective with respect to such Swap Obligation (such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit of the applicable Loan Party, including under any applicable provision of the Guaranty).  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 Guarantee or Lien is or becomes illegal for the reasons identified in the immediately preceding sentence of this definition.

“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 an Applicable Law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.6.) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.10., 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 3.10.(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.
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“Existing Credit Facilities” means any credit facilities of the Parent or its Subsidiaries evidencing Indebtedness (other than Nonrecourse Indebtedness) of the type described in clauses (a) or (b) of the definition of Indebtedness.

“Extended Letter of Credit” has the meaning given that term in Section 2.4.(b).

“Facility Termination Date” means the Revolving Termination Date or the Term Loan Maturity Date, as applicable.

“Fair Market Value” means, (a) with respect to a security listed on a national securities exchange or the NASDAQ National Market, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction.

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue 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 Internal Revenue Code.

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent; provided, that, if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

“Fee Letters” means (i) that certain fee letter dated as of November 11, 2019, by and between the Borrower, Wells Fargo Securities, LLC and the Administrative Agent and (ii) that certain fee letter dated November 22, 2019 between KeyBank National Association, KeyBanc Capital Markets and the Borrower.

“Fees” means the fees and commissions provided for or referred to in Section 3.5. and any other fees payable by the Borrower hereunder or under any other Loan Document.
“Fixed Charges” means, with respect to a Person and for a given period, the sum of, (a) the Interest Expense of such Person for such period, plus (b) the aggregate of all regularly scheduled principal payments on Indebtedness payable by such Person during such period (excluding balloon, bullet or similar payments of principal due upon the stated maturity of Indebtedness), plus (c) the aggregate amount of all Preferred Dividends paid by such Person during such period.  Such Person’s Ownership 
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Share of the Fixed Charges of its non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will be included when determining the Fixed Charges of such Person.

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

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such Defaulting Lender’s Revolving Commitment Percentage of the outstanding Letter of Credit Liabilities with respect to Letters of Credit issued by such Issuing Bank other than Letter of Credit Liabilities as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Revolving Commitment Percentage of outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving 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, bonds and similar extensions of credit in the ordinary course of its activities.

“Funds From Operations” means, with respect to a Person and for a given period, (a) net income (loss) of such Person for such period determined on a consolidated basis in accordance with GAAP minus (or plus) (b) gains (or losses) from sales of property during such period plus (c) depreciation with respect to such Person’s real estate assets and amortization (other than amortization of deferred financing costs) of such Person for such period, all after adjustment for non-Wholly Owned Subsidiaries and Unconsolidated Affiliates; provided that “Funds From Operations” shall exclude (i) impairment write-downs, (ii) gains or losses on early extinguishment of debt, (iii) items classified by GAAP as extraordinary, and (iv) other non-recurring expenses and acquisition closing costs that reduce such net income which do not represent a recurring cash item in such period or any future period, each as evidenced by calculations in detail reasonably satisfactory to the Administrative Agent..  Adjustments for non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will be calculated to reflect funds from operations on the same basis. Funds From Operations shall be calculated consistent with the White Paper on Funds From Operations dated April 2002 issued by National Association of Real Estate Investment Trusts, Inc., but without giving effect to any supplements, amendments or other modifications promulgated after the Agreement Date and except as otherwise provided with respect to the exclusions provided for in clauses (i) through (iv) of the preceding sentence. 

“GAAP” means, subject to Section 1.2, generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (including Statement of Financial Accounting Standards No. 168, “The FASB Accounting Standards Codification”) or in such other statements by such other entity as may be approved by a significant segment of the accounting profession in the United States of America, which are applicable to the circumstances as of the date of determination.
“General Partner” means NetSTREIT GP, LLC, a Delaware limited liability company.
“Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities.

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“Governmental Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) 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) over any of the parties to this Agreement, or any arbitrator with authority to bind a party at law.

“Guaranteed Obligations” means, collectively, (a) the Obligations and (b) all existing or future payment and other obligations owing by any Loan Party or any of its Subsidiaries under any Specified Derivatives Contract (other than any Excluded Swap Obligation) and any Specified Cash Management Agreement.

“Guarantor” means, individually and collectively, as the context shall require, the Parent, the Subsidiary Guarantors and each other Required Guarantor.

“Guaranty”, “Guaranteed” or to “Guarantee” as applied to any obligation means and includes:  (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by:  (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation.  As the context requires, “Guaranty” shall also mean the guaranty executed and delivered pursuant to Section 6.1. or 8.12. and substantially in the form of Exhibit C.

“Hazardous Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million.

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

“Incremental Term Loan” has the meaning given that term in Section 2.17.

“Indebtedness” means, with respect to a Person, at the time of computation thereof, all of the following (without duplication), to the extent reflected as a liability on the balance sheet of such Person: (a) all obligations of such Person in respect of money borrowed or for the deferred purchase price of property or services (excluding trade debt incurred in the ordinary course of business, purchase price adjustments, earnouts, indemnity obligations and similar obligations not more than 60 days past due, and deferred compensation obligations); (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or for services rendered; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations (contingent or otherwise) of such Person under or in respect of any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (g) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests (other than Mandatorily Redeemable Stock)); (h) net obligations under any Derivatives Contract not entered into as a hedge against interest risk in respect of existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof at such time (but in no event less than zero) (but, for the avoidance of doubt, Indebtedness of the Parent shall not include any agreement, commitment or arrangement for the sale of Equity Interests issued by the Parent at a future date that could be discharged solely by (A) delivery of the Parent’s Equity Interests (other than Mandatorily Redeemable Stock), or, (B) solely at the Parent’s option made at any time, payment of the net cash value of such Equity Interests at the time, irrespective of the form or duration of such agreement, commitment or arrangement; provided, however, that during the period of time, if any, following an election by the Parent to pay the net cash value of such Equity Interest and prior to payment of such net cash value, the obligation to pay such net cash value shall be included as “Indebtedness” hereunder (it being understood and agreed that the amount of such Indebtedness shall be calculated based on the closing price of the Parent’s Equity Interests on the date of such election, irrespective of the market price of the Parent’s Equity Interests at any time following such election, including at the time of payment); (i) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise recourse to such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to non-recourse liability); (j) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation and (k) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person. Indebtedness of any Person shall include Indebtedness (or portion thereof) of any partnership in which such Person is a general partner or any joint-venture of such Person, in each case, that is recourse to such Person (other than by virtue of a completion guaranty or a “bad boy” guaranty, as such terms are customarily understood in the market) in the amount equal to the greater of such Person’s Ownership Share of such partnership or joint venture and the amount of the recourse portion of such Indebtedness.
“Indemnifiable Amounts” has the meaning given that term in Section 12.6.
“Indemnified Party” has the meaning given that term in Section 13.9.(a).
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“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 the immediately preceding clause (a), Other Taxes.
“Indemnity Proceeding” has the meaning given that term in Section 13.9.(a).
“Information Materials” has the meaning given that term in Section 9.6.

“Initial Eligible Property” has the meaning given that term in the definition of “Eligible Properties”.

“Initial Issuing Banks” means each of Wells Fargo and KeyBank National Association.

“Initial Measurement Period” means the period commencing on the Agreement Date through, and including, September 30, 2020.

“Intellectual Property” has the meaning given that term in Section 7.1.(s).

“Interest Expense” means, with respect to a Person and for any period, without duplication, total interest expense of such Person, including capitalized interest not funded under a construction loan interest reserve account, and in any event shall include all interest expense with respect to any Indebtedness of the Parent and its Subsidiaries in respect of which such Person is wholly or partially liable whether pursuant to any repayment, interest carry, performance guarantee or otherwise, determined on a consolidated basis in accordance with GAAP for such period.  The Parent’s Ownership Share of the Interest Expense of its non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will be included when determining the Interest Expense of the Parent.

“Interest Period” means with respect to each LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of the preceding Interest Period for such LIBOR Loan, and ending on the numerically corresponding day in the first, third, sixth or, if available to all Lenders, twelfth, calendar month thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on any day for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing:  (i) if any Interest Period would otherwise end after the Revolving Termination Date or Term Loan Maturity Date, as applicable, such Interest Period shall end on the Revolving Termination Date or Term Loan Maturity Date, as applicable; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day).

“Internal Revenue Code” means the Internal Revenue Code of 1986.
“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, by means of any of the following:  (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, 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 
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that constitute the business or a division or operating unit of another Person.  Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an Investment.  Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.
“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).

“Issuing Bank” means the Initial Issuing Banks and any other Lender agreeing to be an Issuing Bank hereunder, each in its capacity as an issuer of Letters of Credit pursuant to Section 2.4. Each reference herein to the “Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto.

“L/C Commitment” means, as to any Issuing Bank, the obligation of such Issuing Bank to issue Letters of Credit for the account of the Borrower from time to time in an aggregate amount equal to (a) for each of the Initial Issuing Banks, one-half of the L/C Commitment Amount, and (b) for any other Issuing Bank becoming an Issuing Bank after the Effective Date, such amount as separately agreed to in a written agreement between the Borrower and such Issuing Bank (which such agreement shall be promptly delivered to the Administrative Agent upon execution), in each case of clauses (a) and (b) above, any such amount may be changed after the Effective Date in a written agreement between the Borrower and such Issuing Bank (which such agreement shall be promptly delivered to the Administrative Agent upon execution); provided that the L/C Commitment with respect to any Person that ceases to be an Issuing Bank for any reason pursuant to the terms hereof shall be $0 (subject to the Letters of Credit of such Person remaining outstanding in accordance with the provisions hereof).

“L/C Commitment Amount” has the meaning given to that term in Section 2.4.(a).

“L/C Disbursement” has the meaning given to that term in Section 3.9.(b).

“Lender” means each financial institution from time to time party hereto as a “Lender” together with its respective successors and permitted assigns, and, as the context requires, includes the Swingline Lender; provided, however, that the term “Lender”, except as otherwise expressly provided herein, shall exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives Provider or Specified Cash Management Bank.

“Lender Parties” means, collectively, the Administrative Agent, the Lenders, the Issuing Banks, the Specified Derivatives Providers, the Specified Cash Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 11.5, any other holder from time to time of any of any Obligations and, in each case, their respective successors and permitted assigns.

“Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time.
“Letter of Credit” has the meaning given that term in Section 2.4.(a).
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“Letter of Credit Collateral Account” means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Banks and the Lenders, and under the sole dominion and control of the Administrative Agent.

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document, other than this Agreement and the other Loan Documents, governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations.

“Letter of Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in respect of all drawings made under such Letter of Credit.  For purposes of this Agreement, (i) a Lender (other than the Lender then acting as an Issuing Bank for the applicable Letter of Credit) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation interest under Section 2.4. in the related Letter of Credit, and the Lender then acting as the applicable Issuing Bank for such Letter of Credit shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the Lenders (other than the Lender then acting as the applicable Issuing Bank) of their participation interests under such Section and (ii) if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

“Level” has the meaning given that term in the definition of the term “Applicable Margin.”

“LIBOR” means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis of the rate as set by the ICE Benchmark Administration (“ICE”) (or the successor thereto if ICE is no longer making such rate available) for deposits in U.S. dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period by (ii) a percentage equal to 1 minus the Eurodollar Reserve Percentage.  If, for any reason, the rate referred to in the preceding clause (i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in U.S. dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period.  Any change in the Eurodollar Reserve Percentage maximum rate or reserves described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such Eurodollar Reserve Percentage rate becomes effective.  Unless otherwise specified in any amendment to this Agreement entered into in accordance with clauses (a) and (b) of Section 5.9., in the event that a Benchmark Replacement with respect to LIBOR is implemented then all references herein to LIBOR shall be deemed references to such Benchmark Replacement.  If LIBOR as determined as provided above would be less than zero, LIBOR shall be deemed to be zero.  Each calculation by the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.
“LIBOR Loan” means a Revolving Loan or Term Loan (or any portion thereof) (other than a Base Rate Loan) bearing interest at a rate based on LIBOR.

“LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a one-month Interest Period determined at approximately 10:00 a.m. 
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Central time for such day (rather than 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period as otherwise provided in the definition of “LIBOR”), or if such day is not a Business Day, the immediately preceding Business Day.  The LIBOR Market Index Rate shall be determined on a daily basis. 

“Lien” as applied to the property of any Person means:  (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; and (c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the UCC or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other assets not prohibited by this Agreement in a transaction not otherwise constituting or giving rise to a Lien.

“Loan” means a Revolving Loan, a Term Loan or a Swingline Loan.

“Loan Document” means this Agreement, each Note, the Guaranty, the Pledge Agreement, each other Security Document, each Letter of Credit Document, the Fee Letters and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than any Specified Derivatives Contract and any Specified Cash Management Agreement).

“Loan Party” means each of the Parent, the Borrower, each Guarantor and each other Person who guarantees all or a portion of the Obligations and/or who pledges any collateral to secure all or a portion of the Obligations.  Schedule 1.1. sets forth the Loan Parties in addition to the Borrower as of the Agreement Date.

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable or subject to repurchase in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity Interest), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable or subject to repurchase in exchange for common stock or other equivalent common Equity Interests), in the case of each of clauses (a) through (c), on or prior to the latest Facility Termination Date then in effect.

“Material Acquisition” means any acquisition (or series of related acquisitions) or investments (or series of related investments) permitted by this Agreement and consummated in accordance with the terms of this Agreement for which the aggregate consideration paid in respect of such acquisition or investment (including any Indebtedness assumed in connection therewith) exceeds 10% of Total Asset Value (calculated prior to giving effect to such transaction).

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“Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, financial condition or results of operations of the Parent and its Subsidiaries taken as a whole, (b) the ability of the Borrower or any other Loan Party to perform its payment obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents or (d) the rights and remedies of the Lenders, the Issuing Banks and the Administrative Agent under any of the Loan Documents.
“Material Subsidiary” means any Subsidiary of the Parent having assets (including any Equity Interests in any direct or indirect Subsidiary of the Parent that is a Material Subsidiary) representing more than 5% of the Total Asset Value of the Parent and its Subsidiaries (calculated as of the most recent fiscal quarter ended for which financial statements have been delivered).

“Moody’s” means Moody’s Investors Service, Inc. and its successors.

“Mortgage Receivable” means the principal amount of an obligation owing to the Borrower or any Subsidiary of the Borrower that is secured by a mortgage, deed of trust, deed to secure debt or other similar security instrument granting a Lien on real property as security for the payment of such obligation, so long as the mortgagor or grantor with respect to such Mortgage Receivable is not delinquent sixty (60) days or more in interest or principal payments due thereunder; provided that in no event shall the value of any Mortgage Receivable exceed the value of such real property securing the payment of such obligation.

“Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such six-year period.

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge.

“Net Operating Income” or “NOI” means, for any Property and for a given period, the sum of the following (without duplication and determined on a consistent basis with prior periods): (a) rents and other revenues recognized in accordance with GAAP from such Property (including proceeds of rent loss or business interruption insurance (but not in excess of the actual rent otherwise payable) but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent), minus (b) all expenses recognized in accordance with GAAP (excluding interest but including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Parent and its Subsidiaries and any property management fees), minus (c) the Reserve for Replacements for such Property as of the end of such period, minus (d) the greater of (i) the actual property management fee paid during such period with respect to such Property and (ii) an imputed management fee in an amount equal to 1.0% of the gross revenues for such Property for such period.
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    “Net Proceeds” means with respect to an Equity Issuance by a Person, the aggregate amount of all cash and the Fair Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance net of investment banking fees, legal fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance.

“Non-Consenting Lender” means any Lender that does not approve any consent, approval, amendment or waiver that (a) requires the consent of all Lenders or all affected Lenders in accordance with the terms of Section 13.6. and (b) has been approved by the Requisite Lenders.
“Non-Defaulting Lender” means, at any time, each Revolving Lender that is not a Defaulting Lender at such time.

“Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person (and, if applicable, in the event such Person owns no assets other than real estate that secures such Indebtedness and assets incidental to ownership of such real estate (e.g., personal property) and has no other Indebtedness, such Person’s Equity Interests) encumbered by a Lien securing such Indebtedness.

 “Note” means a Revolving Note, Term Note or a Swingline Note.

“Notice of Borrowing” means a notice substantially in the form of Exhibit D (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing the Borrower’s request for a borrowing of Revolving Loans.

“Notice of Continuation” means a notice substantially in the form of Exhibit E (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.10. evidencing the Borrower’s request for the Continuation of a LIBOR Loan.

“Notice of Conversion” means a notice substantially in the form of Exhibit F (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.11. evidencing the Borrower’s request for the Conversion of a Loan from one Type to another Type.

“Notice of Swingline Borrowing” means a notice substantially in the form of Exhibit G (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Swingline Lender pursuant to Section 2.5.(b) evidencing the Borrower’s request for a Swingline Loan.

“Obligations” means, individually and collectively:  (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower or any of the other Loan Parties owing to the Administrative Agent, any Issuing Bank or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct 
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or indirect, absolute or contingent, due or not due, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note, and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.  For the avoidance of doubt, “Obligations” shall not include any indebtedness, liabilities, obligations, covenants or duties in respect of Specified Derivatives Contracts or Specified Cash Management Agreements.

“Occupancy Rate” means, at any time, (a) with respect to any Property actually occupied by tenants that are not Affiliates of the Parent and paying rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for 90 or more days, the ratio, expressed as a percentage, of (i) the net rentable square footage of such Property actually occupied as described in this clause (a), to (ii) the aggregate net rentable square footage for such Property and (b) with respect to any Property leased but not actually occupied by tenants that are not Affiliates of the Parent and paying rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for 30 or more days (such Property under this clause (ii) being a “Dark Property”), the ratio, expressed as a percentage, of (i) the net rentable square footage of such Dark Property actually leased as described in this clause (b), to (ii) the aggregate net rentable square footage for such Dark Property.

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

“Off-Balance Sheet Obligations” means, with respect to a Person: (a) obligations of such Person in respect of any financing transaction or series of financing transactions (including factoring arrangements) pursuant to which such Person or any Subsidiary of such Person has sold, conveyed or otherwise transferred, or granted a security interest in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose Subsidiary or Affiliate of such Person; (b) obligations of such Person under a sale and leaseback transaction that does not create a liability on the balance sheet of such Person; and (c) obligations of such Person under any so-called “synthetic” lease transaction.

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing 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 5.6.).

“Ownership Share” means, with respect to any Subsidiary of a Person or any Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate.
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“Ownership Share Adjustment” has the meaning given to that term in Section 1.3.

“Parent” has the meaning set forth in the introductory paragraph hereof. 

“Parent Voting Stock” has the meaning given to that term in Section 11.1.(l)(i).

“Participant” has the meaning given that term in Section 13.5.(d).

“Participant Register” has the meaning given that term in Section 13.5.(d).

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

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency.

“Permitted Liens” means, with respect to any asset or property of a Person, (a) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws), which, in each case, are not at the time required to be paid or discharged under Section 8.6, or are being contested by appropriate proceedings and appropriate reserves have been taken in accordance with GAAP; (b) the claims of materialmen, mechanics, carriers, warehousemen or landlords (including with respect to landlords under Eligible Ground Leases) for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at the time required to be paid or discharged under Section 8.6, or are being contested by appropriate proceedings and appropriate reserves have been taken in accordance with GAAP; (c) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (d) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or materially impair the intended use thereof in the business of such Person; (e) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; and (f) Liens in favor of the Administrative Agent for its benefit and the benefit of the Lenders, the Issuing Banks and each Specified Derivatives Provider.

“Person” means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority.

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group.
“Platform” means Debt Domain, Intralinks, SyndTrak or a substantially similar electronic transmission system.
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“Pledge Agreement” means that certain Pledge Agreement, dated as of the date hereof, by and among the Parent, General Partner, Borrower, the Subsidiary Guarantors party thereto from time to time and the Administrative Agent and substantially in the form of Exhibit M.
“Pledge Joinder Agreement” means a supplemental agreement to the Pledge Agreement executed and delivered by an additional “Pledgor” pursuant to Section 27 of (and as defined in) the Pledge Agreement.
“Pledged Equity” means all existing and future Equity Interests of the Borrower and any direct or indirect owner of any Eligible Property owned by the Parent or any of its Subsidiaries.
“Post-Default Rate” means, in respect of any principal of any Loan or any Reimbursement Obligation, a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans plus two percent 2.0%.
“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on Preferred Equity Interests issued by the Parent or any Subsidiary.  Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to holders of such class of Equity Interests, (b) paid or payable to the Parent or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Equity Interests, other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full.
“Preferred Equity Interests” means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.
“Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Lender then acting as the Administrative Agent as its prime rate.  Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs.  The parties hereto acknowledge that the rate announced publicly by the Lender acting as the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

“Principal Office” means the office of the Administrative Agent located at 608 Second Avenue S., 11th Floor, Minneapolis, Minnesota 55402-1916, or any other subsequent office that the Administrative Agent shall have specified as the Principal Office by written notice to the Borrower and the Lenders.

 “Pro Rata Share” means, as to each Lender, the ratio, expressed as a percentage of (a) (i) the amount of such Lender’s Revolving Commitment plus (ii) the amount of such Lender’s outstanding Term Loans to (b) (i) the aggregate amount of the Revolving Commitments of all Lenders plus (ii) the aggregate amount of all outstanding Term Loans; provided, however, that if at the time of determination the Revolving Commitments have terminated or been reduced to zero, the “Pro Rata Share” of each Lender shall be the ratio, expressed as a percentage of (A) the sum of the unpaid principal amount of all outstanding Revolving Loans, Term Loans, Swingline Loans and Letter of Credit Liabilities owing to such Lender as of such date to (B) the sum of the aggregate unpaid principal amount of all outstanding Revolving Loans, Term Loans, Swingline Loans and Letter of Credit Liabilities of all Lenders as of such date.  If at the time of determination the Commitments have terminated or reduced to zero and there are no outstanding Loans or Letter of Credit Liabilities, then the Pro Rata Shares of the Lenders shall be determined as of the most recent date on which Commitments were in effect or Loans or Letters of Credit Liabilities were outstanding.  For purposes of this definition, a Revolving Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Revolving Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation.
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“Property” means, of any Person, a parcel (or group of related parcels) of real property developed (or to be developed) by such Person.
“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.
“Qualified Plan” means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.
“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.
“Recourse Indebtedness” means any Indebtedness of a Person that is not Nonrecourse Indebtedness.     

“Register” has the meaning given that term in Section 13.5.(c).

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy or liquidity.  Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted, implemented or issued.

“Reimbursement Obligation” means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse the applicable Issuing Bank for any drawing honored by such Issuing Bank under a Letter of Credit issued by such Issuing Bank.

“REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code.

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

“Required Guarantor” means each of (i) the Parent and any other Subsidiary of the Parent that from time to time owns, directly or indirectly, any Equity Interests of the Borrower, (ii) General Partner, (iii) each Eligible Property Subsidiary, (iv) NetSTREIT Management, LLC, a Delaware limited liability company, NetSTREIT Management TRS, LLC, a Delaware limited liability company, and all existing and future Material Subsidiaries (other than Excluded Subsidiaries), (v) each Subsidiary of the Borrower that owns, directly or indirectly, any Equity Interests in any Subsidiary that is a Required Guarantor 
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described in clauses (ii), (iii) or (iv), (vi) any Wholly Owned Subsidiary of the Parent that is a borrower or a guarantor, or otherwise has a payment obligation in respect of, any Unsecured Indebtedness and (vii) any non-Wholly Owned Subsidiary of the Parent that is a borrower or a guarantor, or otherwise has a payment obligation in respect of, any Unsecured Indebtedness of the Parent or any Wholly Owned Subsidiary of the Parent (each of the Subsidiaries described in clauses (iii), (iv), (v), (vi) and (vii) being the “Subsidiary Guarantors”); provided, that (x) from and after the release of the guarantees or payment obligations under all other Unsecured Indebtedness with respect thereto, the applicable Subsidiary Guarantors in clauses (vi) and (vii) above and (y) any Subsidiary Guarantor that becomes an Excluded Subsidiary and is not otherwise required to be a Guarantor, shall, in each case, not be a Required Guarantor. 

 “Requisite Lenders” means, as of any date, (a) Lenders having more than 50% of the aggregate amount of the Revolving Commitments and the outstanding Term Loans or (b) if the Revolving Commitments have been terminated or reduced to zero, Lenders holding more than 50% of the principal amount of the aggregate outstanding Loans and Letter of Credit Liabilities; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and the pro rata shares of the Lenders shall be redetermined, for voting purposes only, to exclude the pro rata shares of such Defaulting Lenders and (ii) at all times when there are two or more Lenders (excluding Defaulting Lenders), the term “Requisite Lenders” shall in no event mean less than two Lenders.  For purposes of this definition, a Lender (other than the Swingline Lender) shall be deemed to hold a Swingline Loan and a Lender (other than the applicable Issuing Bank) shall be deemed to hold a Letter of Credit Liability, in each case, to the extent such Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation.

“Requisite Revolving Lenders” means, as of any date, (a) Revolving Lenders having more than 50% of the aggregate amount of the Revolving Commitments of all Revolving Lenders, or (b) if the Revolving Commitments have been terminated or reduced to zero, the Revolving Lenders holding more than 50% of the principal amount of the aggregate outstanding Revolving Loans and Swingline Loans and Letter of Credit Liabilities; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and the pro rata shares of the Lenders shall be redetermined, for voting purposes only, to exclude the pro rata shares of such Defaulting Lenders and (ii) at all times when there are two or more Revolving Lenders (excluding Defaulting Lenders) party to this Agreement, the term “Requisite Revolving Lenders” shall in no event mean less than two Revolving Lenders.  For purposes of this definition, a Revolving Lender (other than the Swingline Lender) shall be deemed to hold a Swingline Loan and a Revolving Lender (other than the applicable Issuing Bank) shall be deemed to hold a Letter of Credit Liability, in each case, to the extent such Revolving Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation.

“Requisite Term Loan Lenders” means, as of any date, (a) Term Loan Lenders having more than 50% of the aggregate Term Loan Commitments or (b) if the Term Loan Commitments have been terminated or reduced to zero, Term Loan Lenders holding more than 50% of the aggregate outstanding principal amount of the Term Loans; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and the pro rata shares of the Lenders shall be redetermined, for voting purposes only, to exclude the pro rata shares of such Defaulting Lenders and (ii) at all times when there are two or more Term Loan Lenders (excluding Defaulting Lenders) party to this Agreement, the term “Requisite Term Loan Lenders” shall in no event mean less than two Term Loan Lenders.

“Reserve for Replacements” means, for any period and with respect to any Property (other than a Property, to the extent subject to a triple-net lease (NNN)), an amount equal to (a) the aggregate square footage of all completed space of such Property multiplied by (b) $0.10 multiplied by (c) the number of days in such period divided by (d) 365.  If the term Reserve for Replacements is used without reference to 
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any specific Property, then it shall be determined on an aggregate basis with respect to all Properties of the Borrower and its Wholly Owned Subsidiaries and the applicable Ownership Shares of all Properties of all of the Borrower’s non-Wholly Owned Subsidiaries and Unconsolidated Affiliates.

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

“Responsible Officer” means with respect to the Parent, the Borrower or any Subsidiary, the chief executive officer, the chief financial officer, general counsel or VP-controller of the Parent, the Borrower or such Subsidiary.

“Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of the Parent or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity Interests to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests of the Parent or any of its Subsidiaries now or hereafter outstanding, except any redemption, repurchase, conversion or exchange of Equity Interests payable in common stock of the Parent; (c) any payment or prepayment of principal of, premium, if any, or interest on, redemption, conversion, exchange, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated Debt and (d) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Parent or any of its Subsidiaries now or hereafter outstanding, in each case, prior to the stated maturity of any of the foregoing; provided that, so long as no Default or Event of Default has occurred and is continuing, payments with respect to Indebtedness that is convertible or exchangeable for Equity Interests shall not be deemed to be Restricted Payments hereunder. 

“Revolving Commitment” means, as to each Lender (other than the Swingline Lender), such Lender’s obligation to make Revolving Loans pursuant to Section 2.1., to issue (in the case of the Issuing Banks) and to participate (in the case of the other Lenders) in Letters of Credit pursuant to Section 2.4.(i), and to participate in Swingline Loans pursuant to Section 2.5.(e), in an amount up to, but not exceeding the amount set forth for such Lender on Schedule I as such Lender’s “Revolving Commitment Amount” or as set forth in any applicable Assignment and Assumption, or agreement executed by a Person becoming a Revolving Lender in accordance with Section 2.17., as the same may be reduced from time to time pursuant to Section 2.13. or increased or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 13.5. or increased as appropriate to reflect any increase in Revolving Commitments effected in accordance with Section 2.17.

“Revolving Commitment Percentage” means, as to each Lender with a Revolving Commitment, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving Commitments of all Revolving Lenders; provided, however, that if at the time of determination the Revolving Commitments have been terminated or been reduced to zero, the “Revolving Commitment Percentage” of each Lender with a Revolving Commitment shall be the “Revolving Commitment Percentage” of such Lender in effect immediately prior to such termination or reduction.

“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 Liabilities and Swingline Loans at such time.
“Revolving Lender” means a Lender having a Revolving Commitment, or if the Revolving Commitments have terminated, holding any Revolving Loans.
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“Revolving Loan” means a loan made by a Revolving Lender to the Borrower pursuant to Section 2.1.(a).
“Revolving Note” means a promissory note of the Borrower substantially in the form of Exhibit H payable to a Revolving Lender (or its registered assigns) in a principal amount equal to the amount of such Lender’s Revolving Commitment.
“Revolving Termination Date” means December 22, 2023, or such later date to which the Revolving Termination Date may be extended pursuant to Section 2.14.

“Sanctioned Country” means at any time, a country, territory or region which is, or whose government is, the subject or target of any Sanctions (including, as of the Effective Date, Cuba, Iran, North Korea, Syria, the Crimea Region of Ukraine and the so-called Donetsk People’s Republic or Luhansk People’s Republic regions of Ukraine).

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by any Governmental Authority of the United States of America (including, without limitation, OFAC), the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any agency of the government of a Sanctioned Country or (d) any Person located, owned or controlled by any such Person or Persons described in any of clauses (a) through (c), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Peron(s).

“Sanctions” means any and all sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by any Governmental Authority of the United States of America (including OFAC or the U.S. Department of State), or by the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions authority with jurisdiction over any Lender, the Parent or any of its Subsidiaries. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

“Secured Indebtedness” means, with respect to a Person as of a given date, the aggregate principal amount of all Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property, and in the case of the Parent, shall include (without duplication) the Parent’s Ownership Share of the Secured Indebtedness of its Unconsolidated Affiliates.

“Securities Act” means the Securities Act of 1933.

“Security Document” means the Guaranty, the Pledge Agreement and any security agreement, pledge agreement, financing statement, or other document, instrument or agreement creating, evidencing or perfecting the Administrative Agent’s Liens in any of the Collateral.

“Senior Officer” means with respect to the Parent, the Borrower or any Subsidiary, the chief executive officer, president, the chief financial officer, internal counsel (including the general counsel), secretary, treasurer or any vice present or other senior level officer of the Parent, the Borrower or such Subsidiary.
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“Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets (excluding any Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of all facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged.
“Specified Cash Management Agreement” means any Cash Management Agreement that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among any Loan Party or any of its Subsidiaries and any Specified Cash Management Bank, and which was not prohibited by any of the Loan Documents when made or entered into.
“Specified Cash Management Bank” means any Person that (a) at the time it enters into a Cash Management Agreement with a Loan Party or any of its Subsidiaries, is a Lender or an Affiliate of a Lender or (b) at the time it (or its Affiliate) becomes a Lender or the Administrative Agent (including on the Effective Date), is a party to a Cash Management Agreement with a Loan Party or any of its Subsidiaries, in each case in its capacity as a party to such Cash Management Agreement.

“Specified Derivatives Contract” means any Derivatives Contract that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among a Loan Party or any of its Subsidiaries and any Specified Derivatives Provider.

“Specified Derivatives Provider” means any Person that (a) at the time it enters into a Derivatives Contract with a Loan Party, is a Lender or an Affiliate of a Lender or (b) at the time it (or its Affiliate) becomes a Lender or the Administrative Agent (including on the Effective Date), is a party to a Derivatives Contract with a Loan Party or any of its Subsidiaries, in each case in its capacity as a party to such Derivatives Contract.

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

“Stated Amount” means the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit.

“Subordinated Debt” means any Indebtedness for money borrowed of the Parent or any of its Subsidiaries that is subordinated in right of payment and otherwise to the Loans and the other Guaranteed Obligations in a manner reasonably satisfactory to the Administrative Agent.

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company, trust or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors, trustees or other individuals performing similar functions of such corporation, partnership, limited liability company, trust or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP.  Unless explicitly set forth to the contrary, a reference to a “Subsidiary” means a direct or indirect Subsidiary of the Parent.

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“Subsidiary Guarantor” has the meaning given that term in the definition of “Required Guarantor”.
“Substantial Amount” means, at the time of determination thereof, an amount in excess of 25% of total consolidated assets (exclusive of depreciation) at such time of the Parent and its Subsidiaries determined on a consolidated basis.
“Swap Obligation” means, with respect to any Guarantor, 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.
“Swingline Commitment” means the Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.5. in an amount up to, but not exceeding the amount set forth in the first sentence of Section 2.5.(a), as such amount may be reduced from time to time in accordance with the terms hereof.
“Swingline Lender” means Wells Fargo Bank, National Association, together with its respective successors and assigns.

“Swingline Loan” means a loan made by the Swingline Lender to the Borrower pursuant to Section 2.5.

“Swingline Maturity Date” means the date which is seven (7) Business Days prior to the Revolving Termination Date.

“Swingline Note” means the promissory note of the Borrower substantially in the form of Exhibit I, payable to the Swingline Lender (or its registered assigns) in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed.

“Syndication Agent” means KeyBank National Association, in such capacity under this Agreement.

“Tangible Net Worth” means, with respect to any Person as of a given date, the stockholders’ equity of such Person determined on a consolidated basis, plus accumulated depreciation and amortization, minus (to the extent included when determining stockholders’ equity of such Person): (a) the amount of any write-up in the book value of any assets reflected in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (b) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like assets which would be classified as intangible assets under GAAP (excluding lease intangibles), all determined as of such date on a consolidated basis. For the avoidance of doubt, non-controlling interests, without regard to whether such interest is classified as temporary or permanent in accordance with GAAP, shall be included in the determination of stockholders’ equity.

“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.

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“Term Loan” means a loan made by a Term Loan Lender to the Borrower pursuant to Section 2.2.

“Term Loan Commitment” means, as to each Term Loan Lender, such Lender’s obligation to make Term Loans on the Effective Date pursuant to Section 2.2., in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule I as such Lender’s “Term Loan Commitment Amount”.

“Term Loan Lender” means a Lender having a Term Loan Commitment, or if the Term Loan Commitments have terminated, a Lender holding a Term Loan.

“Term Loan Maturity Date” means December 23, 2024.

“Term Note” means a promissory note of the Borrower substantially in the form of Exhibit J, payable to a Term Loan Lender (or its registered assigns) in a principal amount equal to the amount of such Term Loan Lender’s Term Loan.
    
“Total Asset Value” means, as to any Person as of a given date, the sum (without duplication) of all of the following of such Person and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis and subject to the Ownership Share Adjustment: (a) Unrestricted Cash and Cash Equivalents; plus (b) the quotient of (i) the Net Operating Income for all Properties of such Person (other than Properties subject to clause (c) below) for the fiscal quarter most recently ended multiplied by four (4), divided by (ii) the Capitalization Rate; plus (c) the GAAP book value as of the date of acquisition of Properties acquired during the then current fiscal quarter or the immediately preceding two full fiscal quarters; plus (d) the GAAP book value of all Mortgage Receivables (at the value reflected in the Parent’s consolidated financial statements in accordance with GAAP, as of such date, including the effect of impairment charges); plus (e) the current GAAP book value of all Development Properties; plus (e) the current GAAP book value of Unimproved Land. Such Person’s Ownership Share of assets held by non-Wholly Owned Subsidiaries and Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (a)) will be included in the calculation of Total Asset Value consistent with the above described treatment for wholly-owned assets. Notwithstanding the foregoing, for purposes of determining Total Asset Value, (A) to the extent the amount of Total Asset Value attributable to Properties owned by non-Wholly Owned Subsidiaries and Unconsolidated Affiliates would exceed 10% of the aggregate Total Asset Value at any time, such excess shall be excluded; (B) to the extent the amount of Total Asset Value attributable to Unimproved Land would exceed 5% of the aggregate Total Asset Value at any time, such excess shall be excluded; (C) to the extent the amount of Total Asset Value attributable to Development Properties would exceed 15% of the aggregate Total Asset Value at any time, such excess shall be excluded; (D) to the extent the amount of Total Asset Value attributable to Mortgage Receivables would exceed 10% of the aggregate Total Asset Value at any time, such excess shall be excluded; (E) to the extent the amount of Total Asset Value attributable to Properties leased under an Eligible Ground Lease would exceed 5% of the aggregate Total Asset Value at any time, such excess shall be excluded; and (F) to the extent the aggregate value attributable to the immediately preceding clauses (A), (B), (C), (D) and (E) would exceed 30% of the aggregate Total Asset Value at any time, such excess shall be excluded.

“Total Indebtedness” means, as to any Person as of a given date and without duplication: (a) all Indebtedness of such Person and its Subsidiaries determined on a consolidated basis and (b) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person.

“Total Leverage Ratio” has the meaning given that term in Section 10.1.(a).
“Type” with respect to any Revolving Loan or Term Loan, refers to whether such Loan or portion thereof is a LIBOR Loan or a Base Rate Loan.
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“UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction.
“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 Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds, either directly or indirectly through one or more Subsidiaries, an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial statements of such Person.
    
“Unencumbered Adjusted NOI” means, as to any Person, for any period, Net Operating Income from all Eligible Properties of such Person and its Wholly Owned Subsidiaries included in Unencumbered Asset Value for such period, determined on a consolidated basis for such Person and its Wholly Owned Subsidiaries.

    
“Unencumbered Asset Value” means, as to any Person as of a given date, the sum (without duplication) of all of the following of such Person and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: (a) Unrestricted Cash and Cash Equivalents; plus (b) the quotient of (i) the Unencumbered Adjusted NOI (excluding NOI attributable to Development Properties) of such Person (other than Properties subject to clause (c) below) for the fiscal quarter most recently ended multiplied by four (4), divided by (ii) the Capitalization Rate; plus (c) the GAAP book value as of the date of acquisition of Eligible Properties acquired during the then current fiscal quarter or the immediately preceding two full fiscal quarters. Notwithstanding the foregoing, for purposes of determining the Unencumbered Asset Value, (A) to the extent the aggregate amount of Unencumbered Asset Value attributable to a single tenant would exceed 15% of the aggregate Unencumbered Asset Value at any time, such excess shall be excluded, (B) to the extent the amount of Unencumbered Asset Value attributable to Eligible Properties leased under an Eligible Ground Lease would exceed 5% of the aggregate Unencumbered Asset Value at any time, such excess shall be excluded, (C) to the extent the weighted average lease term (exclusive of any unexercised extension options) of all Eligible Properties included in the calculation of Unencumbered Asset Value shall be less than 84 months at any time, Unencumbered Asset Value attributable to such Eligible Properties identified by the Borrower shall be excluded until the weighted average lease term (exclusive of any unexercised extension options) of all Eligible Properties included in the calculation of Unencumbered Asset Value shall be not less than 84 months, and (D) to the extent the amount of Unencumbered Asset Value attributable to Dark Properties would exceed 10% of the aggregate Unencumbered Asset Value at any time, such excess shall be excluded.
 

“Unimproved Land” means, with respect to the Parent and its Wholly Owned Subsidiaries (or, in the case of any calculation subject to the Ownership Share Adjustment, the applicable non-Wholly Owned Subsidiary or Unconsolidated Affiliate), wholly-owned land of such Person on which no development (other than improvements that are not material and are temporary in nature) has occurred and for which no development is scheduled in the following 12 months.
“Unrestricted Cash and Cash Equivalents” means the aggregate amount of unrestricted cash and Cash Equivalents of the Borrower and its Wholly-Owned Subsidiaries (other than Excluded Subsidiaries); provided that Unrestricted Cash and Cash Equivalents shall exclude (i) tenant deposits and 
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(ii) other cash and Cash Equivalents that are subject to a Lien or a Negative Pledge (other than customary rights of set-off and statutory or common law provisions relating to bankers’ liens) or the disposition of which is restricted in any way.
“Unsecured Indebtedness” means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness; provided, however, that any Indebtedness that is secured only by a pledge of Equity Interests shall be deemed to be Unsecured Indebtedness.
“Unsecured Interest Expense” means, as to any Person and for any period, all Interest Expense of such Person for such period attributable to Unsecured Indebtedness of such Person.

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

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 3.10.(g)(ii)(B)(III).

“Wells Fargo” means Wells Fargo Bank, National Association, and its successors and assigns.

“Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such Person.

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

“Withholding Agent” means (a) the Borrower, (b) any other Loan Party and (c) the Administrative Agent, as applicable.

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

Section 1.2.    General; References to Central Time.

Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect on the Agreement Date; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, the Borrower shall give the Administrative Agent written notice thereof promptly after the Borrower has knowledge thereof, and if either the Borrower or the Requisite Lenders shall so request, 
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the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding the preceding sentence, (a) the calculation of liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities and accordingly, the amount of liabilities shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount; and (b) all accounting terms, ratios and calculations shall be determined without giving effect to Accounting Standards Codification 842 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) (and related interpretations) to the extent any lease (or similar arrangement conveying the right to use) would be required to be treated as a capital lease thereunder where such lease (or similar arrangement) would have been treated as an operating lease under GAAP as in effect immediately prior to the effectiveness of the Accounting Standards Codification 842.   “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated.  References in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) except as expressly provided otherwise in any Loan Document, shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in effect at any given time.  Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter.  Except as expressly provided otherwise in any Loan Document, (i) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified, extended, restated, replaced or supplemented from time to time and (ii) any reference to any Person shall be construed to include such Person’s permitted successors and permitted assigns.  Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Parent or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Parent.  Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement.  Unless otherwise indicated, all references to time are references to Central time daylight or standard, as applicable.

Section 1.3.    Financial Attributes of Non-Wholly Owned Subsidiaries and Unconsolidated Affiliates.
When determining the Applicable Margin and compliance by the Parent or the Borrower with any financial covenant contained in any of the Loan Documents (and without duplication of the application of GAAP to exclude the financial attributes attributable to minority interests in non-Wholly Owned Subsidiaries) (a) only the Ownership Share of the Parent or the Borrower, as applicable, of the financial attributes of a non-Wholly Owned Subsidiary, or as otherwise expressly provided, any Unconsolidated Affiliate, shall be considered in such determination (the “Ownership Share Adjustment”) and (b) the Parent’s Ownership Share of the Borrower shall be deemed to be 100.0%.
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Section 1.4.    Rates.
The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “LIBOR”.
Section 1.5.    Division.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

ARTICLE II.  CREDIT FACILITY

Section 2.1.    Revolving Loans.

(a)    Making of Revolving Loans.  Subject to the terms and conditions set forth in this Agreement, including without limitation, Section 2.16., each Revolving Lender severally and not jointly agrees to make Revolving Loans denominated in Dollars to the Borrower during the period from and including the Effective Date to but excluding the Revolving Termination Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, such Lender’s Revolving Commitment.  Each borrowing of Revolving Loans that are to be (i) Base Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof and (ii) LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof.  Notwithstanding the immediately preceding two sentences but subject to Section 2.16., a borrowing of Revolving Loans may be in the aggregate amount of the unused Revolving Commitments.  Within the foregoing limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans.

(b)    Requests for Revolving Loans.  Not later than 1:00 p.m. Central time at least one (1) Business Day prior to a borrowing of Revolving Loans that are to be Base Rate Loans and not later than 1:00 p.m. Central time at least three (3) Business Days prior to a borrowing of Revolving Loans that are to be LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing.  Each Notice of Borrowing shall specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day), the use of the proceeds of such Revolving Loans, the Type of the requested Revolving Loans, and if such Revolving 
Loans are to be LIBOR Loans, the initial Interest Period for such Revolving Loans.  Each Notice of Borrowing shall be irrevocable once given and binding on the Borrower.  Prior to delivering a Notice of Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan or a LIBOR Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent.  The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter.

(c)    Funding of Revolving Loans.  Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative Agent shall notify each Revolving Lender of the proposed borrowing.  Each Revolving Lender shall deposit an amount equal to the Revolving Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than 11:00 a.m. Central time on the date of such proposed Revolving Loans.  Subject to fulfillment of all applicable conditions set forth herein, the Administrative 
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Agent shall make available to the Borrower in the account specified in the Disbursement Instruction Agreement, not later than 2:00 p.m. Central time on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts received by the Administrative Agent.  If no Interest Period is specified with respect to any requested LIBOR Loan, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

(d)    Assumptions Regarding Funding by Revolving Lenders.  With respect to Revolving Loans to be made after the Effective Date, unless the Administrative Agent shall have been notified by any Revolving Lender that such Lender will not make available to the Administrative Agent a Revolving Loan to be made by such Lender in connection with any borrowing, the Administrative Agent may assume that such Lender will make the proceeds of such Revolving Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Revolving Loan to be provided by such Lender.  In such event, if such Lender does not make available to the Administrative Agent the proceeds of such Revolving Loan, then such Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving Loan is made available to the Borrower 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 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 applicable to Base Rate Loans.  If the Borrower and such Lender shall pay the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays to the Administrative Agent the amount of such Revolving Loan, the amount so paid shall constitute such Lender’s Revolving Loan included in the borrowing.  Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Revolving Lender that shall have failed to make available the proceeds of a Revolving Loan to be made by such Lender.

Section 2.2.    Term Loans.

(a)    Making of Term Loans.  Subject to the terms and conditions hereof, on the Effective Date, each Term Loan Lender severally and not jointly agrees to make a Term Loan denominated in Dollars to the Borrower in the aggregate principal amount equal to the amount of such Lender’s Term Loan Commitment.  Upon a Lender’s funding of its Term Loan, the Term Loan Commitment of such Lender shall terminate, and all undrawn Term Loan Commitments shall terminate at 5:00 p.m. Central time on the Effective Date.

(b)    Requests for Term Loans.  Not later than 11:00 a.m. Central time at least three (3) Business Days (or such shorter period as may be reasonably agreed by the Administrative Agent) prior to the anticipated Effective Date, the Borrower shall give the Administrative Agent notice requesting that the Term Loan Lenders make the Term Loans on the Effective Date and specifying the aggregate principal amount of Term Loans to be borrowed, the Type of the Term Loans, and if such Term Loans are to be LIBOR Loans, the initial Interest Period for the Term Loans.  Such notice shall be irrevocable once given and binding on the Borrower, and, if such Term Loans are to be LIBOR Loans, shall include customary funding indemnification language.  Upon receipt of such notice the Administrative Agent shall promptly notify each Term Loan Lender.

(c)    Funding of Term Loans.  Each Term Loan Lender shall deposit an amount equal to the Term Loan to be made by such Term Loan Lender to the Borrower with the Administrative Agent at the 
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Principal Office, in immediately available funds, not later than 11:00 a.m. Central time on the Effective Date.  Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower in the account specified by the Borrower in the Disbursement Instruction Agreement, not later than 2:00 p.m. Central time on the Effective Date, the proceeds of such amounts received by the Administrative Agent.  The Borrower may not reborrow any portion of the Term Loans once repaid.

Section 2.3.    [Reserved].

Section 2.4.    Letters of Credit.

(a)    Letters of Credit.  Subject to the terms and conditions of this Agreement, including without limitation, Section 2.16., the Issuing Banks, on behalf of the Revolving Lenders, agree to issue for the account of the Borrower during the period from and including the Effective Date to, but excluding, the date thirty (30) days prior to the Revolving Termination Date, one or more standby letters of credit (each a “Letter of Credit”) denominated in Dollars up to a maximum aggregate Stated Amount at any one time outstanding not to exceed $25,000,000, as such amount may be reduced from time to time in accordance with the terms hereof (the “L/C Commitment Amount”); provided, that, unless otherwise agreed by such Issuing Bank in its sole discretion, no Issuing Bank shall be obligated to issue any Letter of Credit if, after giving effect to such issuance, the aggregate Stated Amount of the outstanding Letters of Credit issued by such Issuing Bank would exceed the lesser of (i) one-half of the L/C Commitment Amount and (ii) the Revolving Commitment of such Issuing Bank in its capacity as a Lender.  

(b)    Terms of Letters of Credit.  At the time of issuance or amendment, the amount, form, terms and conditions of each Letter of Credit (or amendment thereto as applicable), and of any drafts or acceptances thereunder, shall be subject to approval by the applicable Issuing Bank and the Borrower.  Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the date that is thirty (30) days prior to the Revolving Termination Date, or (ii) any Letter of Credit have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event shall any such provision permit the extension of the expiration date of such Letter of Credit beyond the earlier of (x) the date that is thirty (30) days prior to the Revolving Termination Date and (y) the date one year after the current expiration date of such Letter of Credit.  Notwithstanding the foregoing, a Letter of Credit may, as a result of its express terms or as the result of the effect of an automatic extension provision, have an expiration date of not more than one year beyond the Revolving Termination Date (any such Letter of Credit being referred to as an “Extended Letter of Credit”), so long as the Borrower delivers to the Administrative Agent for its benefit and the benefit of the applicable Issuing Bank and the Revolving Lenders no later than fifteen (15) days (or such shorter period as agreed to by the Administrative Agent and the applicable Issuing Bank) prior to the Revolving Termination Date, Cash Collateral for such Letter of Credit for deposit into the 
Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the Borrower under this Section in respect of such Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no such Extended Letters of Credit remain outstanding.  If the Borrower fails to provide Cash Collateral with respect to any Extended Letter of Credit by the date fifteen (15) days prior to the Revolving Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated Amount of such Letter of Credit), which shall be reimbursed (or participations therein funded) by the Revolving Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral for such Letter of Credit.  The initial Stated Amount of each Letter of Credit shall be at least $50,000 (or such lesser amount as may be acceptable to the applicable Issuing Bank, the Administrative Agent and the Borrower).

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(c)    Requests for Issuance of Letters of Credit.  The Borrower shall give the Issuing Bank it desires to issue a Letter of Credit and the Administrative Agent written notice at least five (5) Business Days prior (or such shorter period as may be mutually agreed by the Borrower and such Issuing Bank) to the requested date of issuance of a Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) beneficiary, and (iii) expiration date.  The Borrower shall also execute and deliver such customary applications and agreements for standby letters of credit, and other forms as requested from time to time by the applicable Issuing Bank.  Provided the Borrower has given the notice prescribed by the first sentence of this subsection and delivered such applications and agreements referred to in the preceding sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions precedent set forth in Section 6.2., the applicable Issuing Bank shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary but in no event prior to the date five (5) Business Days following the date after which such Issuing Bank has received all of the items required to be delivered to it under this subsection.  No Issuing Bank shall at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause such Issuing Bank or any Revolving Lender to exceed any limits imposed by, any Applicable Law.  References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires.  Upon the written request of the Borrower, the applicable Issuing Bank shall deliver to the Borrower a copy of each Letter of Credit issued by such Issuing Bank within a reasonable time after the date of issuance thereof.  To the extent any term of a Letter of Credit Document (excluding any certificate or other document presented by a beneficiary in connection with a drawing under such Letter of Credit) is inconsistent with a term of any Loan Document, the term of such Loan Document shall control.  The Borrower shall examine the copy of any Letter of Credit or any amendment to a Letter of Credit that is delivered to it by the applicable Issuing Bank and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will promptly (but in any event, within five (5) Business Days after the later of (x) receipt by the beneficiary of such Letter of Credit of the original of, or amendment or other modification to, such Letter of Credit, as applicable and (y) receipt by the Borrower of a copy of such Letter of Credit or amendment or other modification, as applicable) notify such Issuing Bank. The Borrower shall be conclusively deemed to have waived any such claim against the applicable Issuing Bank and its correspondents unless such notice is given as aforesaid.

(d)    Reimbursement Obligations.  Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation.  The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each Issuing Bank for the amount of each demand for payment under each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind.  Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation owing with respect to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Revolving Commitment Percentage of such payment.

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(e)    Manner of Reimbursement.  Upon its receipt of a notice referred to in the immediately preceding subsection (d), the Borrower shall advise the Administrative Agent and the applicable Issuing Bank whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse such Issuing Bank for the amount of the related demand for payment and, if it does, the Borrower shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement.  If the Borrower fails to so advise the Administrative Agent and the applicable Issuing Bank, or if the Borrower fails to reimburse the applicable Issuing Bank for a demand for payment under a Letter of Credit by the date of such payment, the failure of which the applicable Issuing Bank shall promptly notify the Administrative Agent, then (i) if the applicable conditions contained in Article VI. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Revolving Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent not later than 12:00 noon Central time and (ii) if such conditions would not permit the making of Revolving Loans, the provisions of subsection (j) of this Section shall apply.  The limitations set forth in the second sentence of Section 2.1.(a) shall not apply to any borrowing of Base Rate Loans under this subsection.

(f)    Effect of Letters of Credit on Revolving Commitments.  Upon the issuance by an Issuing Bank of any Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Commitment of each Revolving Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s Revolving Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding.

(g)    Issuing Banks’ Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations.  In examining documents presented in connection with drawings under Letters of Credit and making payments under Letters of Credit issued by an Issuing Bank against such documents, such Issuing Bank shall only be required to use the same standard of care as it uses in connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit.  The Borrower 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, none of the Issuing Banks, the Administrative Agent or any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of Letters of Credit shall not be affected in any manner by, (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telex, telecopy, electronic mail 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 Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or of the proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Banks, the Administrative Agent or the Lenders.  None of the above shall affect, impair or prevent the vesting of any Issuing Bank’s or Administrative Agent’s rights or powers hereunder.  Any action taken or omitted to be taken by an Issuing Bank under or in connection with any Letter of Credit issued by such Issuing Bank, if taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not create 
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against such Issuing Bank any liability to the Borrower, the Administrative Agent or any Lender.  In this connection, the obligation of the Borrower to reimburse an Issuing Bank for any drawing made under any Letter of Credit issued by such Issuing Bank, and to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e), shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement and any other applicable Letter of Credit Document under all circumstances whatsoever, including without limitation, the following circumstances:  (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against any Issuing Bank, the Administrative Agent, any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between or among the Borrower, any Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or misapplication by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit; (G) payment by such Issuing Bank under any Letter of Credit against presentation of a draft or certificate which does not strictly comply with the terms of such Letter of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of, or provide a right of setoff against, the Borrower’s Reimbursement Obligations.  Notwithstanding anything to the contrary contained in this Section or Section 13.9., but not in limitation of the Borrower’s unconditional obligation to reimburse an Issuing Bank for any drawing made under a Letter of Credit as provided in this Section and to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e), the Borrower shall have no obligation to indemnify the Administrative Agent, any Issuing Bank or any Lender in respect of any liability incurred by the Administrative Agent, such Issuing Bank or such Lender arising solely out of the gross negligence or willful misconduct of the Administrative Agent, such Issuing Bank or such Lender in respect of a Letter of Credit as determined by a court of competent jurisdiction in a final, non-appealable judgment.  Except as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may have with respect to the gross negligence or willful misconduct of the Administrative Agent, any Issuing Bank or any Lender with respect to any Letter of Credit.

(h)    Amendments, Etc.  The issuance by an Issuing Bank of any amendment, supplement or other modification to any Letter of Credit issued by such Issuing Bank shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request therefor be made through the applicable Issuing Bank and the Administrative Agent), and no such amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and the Revolving Lenders, if any, required by Section 13.6. shall have consented thereto.  In connection with any such amendment, supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.5.(c).

(i)    Revolving Lenders’ Participation in Letters of Credit.  Immediately upon the issuance by an Issuing Bank of any Letter of Credit each Revolving Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the applicable Issuing Bank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of such Issuing Bank with respect to such Letter of Credit and 
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each Revolving Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to such Issuing Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of such Issuing Bank’s liability under such Letter of Credit for which such Issuing Bank is not reimbursed in full by the Borrower through a Base Rate Loan or otherwise in accordance with the terms of this Agreement.  In addition, upon the making of each payment by a Revolving Lender to the Administrative Agent for the account of an Issuing Bank in respect of any Letter of Credit issued by it pursuant to the immediately following subsection (j), such Lender shall, automatically and without any further action on the part of such Issuing Bank, the Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to such Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to such Issuing Bank pursuant to the second and the last sentences of Section 3.5.(c)).  Upon receipt by the applicable Issuing Bank of any payment in respect of any Reimbursement Obligation, such Issuing Bank shall promptly pay to each Revolving Lender that has acquired a participation therein under the second sentence of this subsection (i), such Revolving Lender’s Revolving Commitment Percentage of such payment.

(j)    Payment Obligation of Revolving Lenders.  Each Revolving Lender severally agrees to pay to the Administrative Agent, for the account of each Issuing Bank, on demand or upon notice in accordance with subsection (e) above in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by such Issuing Bank under each Letter of Credit issued by it to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Revolving Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 3.9.(d).  If the notice referenced in the second sentence of Section 2.4.(e) is received by a Revolving Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day.  Each Revolving Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the applicable Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Revolving Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 11.1.(e) or (f), (iv) the termination of the Revolving Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit.  Each such payment to the Administrative Agent for the account of the applicable Issuing Bank shall be made without any offset, abatement, withholding or deduction whatsoever.

(k)    Information to Lenders.  Promptly following any change in Letters of Credit outstanding, the applicable Issuing Bank shall provide to the Administrative Agent, which shall promptly provide the same to each Revolving Lender and the Borrower, a notice describing the aggregate amount of all Letters of Credit issued by such Issuing Bank outstanding at such time.  Upon the request of the Administrative Agent from time to time, an Issuing Bank shall deliver any other information reasonably requested by the Administrative Agent (or a Revolving Lender through the Administrative Agent) with respect to such Letters of Credit that are the subject of such request.  Other than as set forth in this subsection, the Issuing Banks and the Administrative Agent shall have no duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder.  The failure of any Issuing Bank or the 
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Administrative Agent to perform its requirements under this subsection shall not relieve any Revolving Lender from its obligations under the immediately preceding subsection (j).

(l)    Extended Letters of Credit.  Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

(m)    Reporting of Letter of Credit Information and L/C Commitment.  At any time that there is an Issuing Bank that is not also the financial institution acting as Administrative Agent, then (i) on the last Business Day of each calendar month, (ii) on each date that a Letter of Credit is amended, terminated or otherwise expires, (iii) on each date that a Letter of Credit is issued or the expiry date of a Letter of Credit is extended, and (iv) upon the request of the Administrative Agent, each Issuing Bank (or, in the case of clauses (ii), (iii) or (iv) of this Section, the applicable Issuing Bank) shall deliver to the Administrative Agent a report setting forth in form and detail reasonably satisfactory to the Administrative Agent information (including, without limitation, any reimbursement, Cash Collateral, or termination in respect of Letters of Credit issued by such Issuing Bank) with respect to each Letter of Credit issued by such Issuing Bank that is outstanding hereunder.  In addition, each Issuing Bank shall provide notice to the Administrative Agent of its L/C Commitment, or any change thereto, promptly upon it becoming an Issuing Bank or making any change to its L/C Commitment.  No failure on the part of any Issuing Bank to provide such information pursuant to this Section 2.4(m) shall limit the obligations of the Borrower or any Revolving Lender hereunder with respect to its reimbursement and participation obligations hereunder.

(n)    Replacement and Resignation of Issuing Bank.
(i)    Any Issuing Bank may be replaced (including concurrently with the assignment of all of the Revolving Commitments and Revolving Loans of any Lender then acting as an Issuing Bank hereunder) at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and any successor Issuing Bank.  The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 3.5.(c).  From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued by such successor Issuing Bank thereafter, (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require, and (iii) the successor Issuing Bank shall, or any other Issuing Bank may, issue letters of credit in substitution for all Letters of Credit issued by the replaced Issuing Bank outstanding at the time of such succession (which letters of credit issued in substitutions shall be deemed to be Letters of Credit issued hereunder) or make other arrangements satisfactory to the replaced Issuing Bank to effectively assume the obligations of the replaced Issuing Bank with respect to such Letters of Credit.  After the replacement of an Issuing Bank hereunder or the assignment of all of the Revolving Commitments and Revolving Loans of any Lender then acting as an Issuing Bank hereunder, the replaced or departing Issuing Bank shall remain a party hereto (but only to extent the replaced or departing Issuing Bank still has Letters of Credit that will be issued and outstanding) and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement for which there is no substituted Letter of Credit, but shall not be required to issue additional Letters of Credit.  
(ii)    Subject to the appointment and acceptance of a successor Issuing Bank, an Issuing Bank may resign as an Issuing Bank at any time upon thirty days’ prior written notice to 
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the Administrative Agent, the Borrower and the Lenders, in which case, such resigning Issuing Bank shall be replaced in accordance with Section 2.4.(n)(i) above.

Section 2.5.    Swingline Loans.

(a)    Swingline Loans.  Subject to the terms and conditions hereof, including without limitation Section 2.16., the Swingline Lender agrees to make Swingline Loans denominated in Dollars to the Borrower, during the period from the Effective Date to but excluding the Swingline Maturity Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, $25,000,000 (the “Swingline Availability”), as such amount may be reduced from time to time in accordance with the terms hereof; provided, that (i) after giving effect to any amount requested, the Revolving Credit Exposure shall not exceed the aggregate Revolving Commitments, and (ii) the Swingline Lender shall not be obligated to make Swingline Loans in an aggregate outstanding principal amount in excess of an amount equal to (x) the Revolving Commitment of the Swingline Lender in its capacity as a Revolving Lender minus (y) the aggregate outstanding principal amount of Revolving Loans (including Swingline Loans) and Letter of Credit Liabilities made by the Swingline Lender in its capacity as a Revolving Lender.  If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Availability at such time, the Borrower shall immediately pay the Administrative Agent for the account of the Swingline Lender the amount of such excess.  Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Swingline Loans hereunder.  Outstanding Swingline Loans shall be deemed to utilize the Revolving Commitments on a dollar-for-dollar basis.  The borrowing of a Swingline Loan shall not constitute usage of any Revolving Lender’s Revolving Commitment for purposes of calculation of the fee payable under Section 3.5.(b).

(b)    Procedure for Borrowing Swingline Loans.  The Borrower shall give the Administrative Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan.  Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender and the Administrative Agent no later than 1:00 p.m. Central time on the proposed date of such borrowing.  Any telephonic notice shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender and the Administrative Agent by telecopy, electronic mail or other similar form of communication on the same day of the giving of such telephonic notice.  Not later than 3:00 p.m. Central time on the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Section 6.2. for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Disbursement Instruction Agreement.

(c)    Interest.  Swingline Loans shall bear interest at a per annum rate equal to the LIBOR Market Index  Rate as in effect from time to time plus the Applicable Margin for LIBOR Loans or at such other rate or rates as the Borrower and the Swingline Lender may agree from time to time in writing.  

Interest on Swingline Loans is solely for the account of the Swingline Lender (except to the extent a Revolving Lender acquires a participating interest in a Swingline Loan pursuant to the immediately following subsection (e)).  All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in the manner provided in Section 2.6. with respect to interest on Base Rate Loans (except as the Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan).

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(d)    Swingline Loan Amounts, Etc.  Each Swingline Loan shall be in the minimum amount of $500,000 and integral multiples of $100,000 in excess thereof, or such other minimum amounts agreed to by the Swingline Lender and the Borrower.  Any voluntary prepayment of a Swingline Loan must be in integral multiples of $100,000 or the aggregate principal amount of all outstanding Swingline Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender and the Administrative Agent prior written notice thereof no later than 12:00 noon Central time on the day prior to the date of such prepayment.  The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline Note.

(e)    Repayment and Participations of Swingline Loans.  The Borrower agrees to repay each Swingline Loan within one (1) Business Day of demand therefor by the Swingline Lender and, in any event, within five (5) Business Days after the date such Swingline Loan was made; provided, that (x) upon the making of any Revolving Loan while a Swingline Loan is outstanding, the proceeds of such Revolving Loans shall be applied to repay any such outstanding Swingline Loan, and (y) the proceeds of a Swingline Loan may not be used to pay a Swingline Loan.  Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans on the Swingline Maturity Date (or such earlier date as the Swingline Lender and the Borrower may agree in writing).  In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the Swingline Lender may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf), request a borrowing of Revolving Loans that are Base Rate Loans from the Revolving Lenders in an amount equal to the principal balance of such Swingline Loan.  The amount limitations contained in the second sentence of Section 2.1.(a) shall not apply to any borrowing of such Revolving Loans made pursuant to this subsection.  The Swingline Lender shall give notice to the Administrative Agent of any such borrowing of Revolving Loans not later than 1:00 p.m. Central time at least one (1) Business Day prior to the proposed date of such borrowing.  Promptly after receipt of such notice of borrowing of Revolving Loans from the Swingline Lender under the immediately preceding sentence, the Administrative Agent shall notify each Revolving Lender of the proposed borrowing.  Not later than 11:00 a.m. Central time on the proposed date of such borrowing, each Revolving Lender will make available to the Administrative Agent at the Principal Office for the account of the Swingline Lender, in immediately available funds, the proceeds of the Revolving Loan to be made by such Lender.  The Administrative Agent shall pay the proceeds of such Revolving Loans to the Swingline Lender, which shall apply such proceeds to repay such Swingline Loan.  If the Revolving Lenders are prohibited from making Revolving Loans required to be made under this subsection for any reason whatsoever, including without limitation, the existence of any of the Defaults or Events of Default described in Sections 11.1.(e) or (f), each Revolving Lender shall purchase from the Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of such Swingline Loan, by directly purchasing a participation in such Swingline Loan in such amount and paying the proceeds thereof to the Administrative Agent for the account of the Swingline Lender in Dollars and in immediately available funds.  A Revolving Lender’s obligation to purchase such a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any other Person may have or claim against the Administrative Agent, the Swingline Lender or any other Person whatsoever, (ii) the existence of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in Sections 11.1. (e) or (f)), or the termination of any Revolving Lender’s Revolving Commitment, (iii) the existence (or alleged existence) of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach of any Loan Document by the Administrative Agent, any Lender, the Borrower or any other Loan Party, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.  If such amount is not in fact made available to the Swingline Lender by any Revolving Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate.  If such Lender does not pay such amount forthwith upon the Swingline Lender’s demand therefor, and until such time as such Lender makes the required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions 
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requiring the other Revolving Lenders to purchase a participation therein).  Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Revolving Loans, and any other amounts due it hereunder, to the Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this Section until such amount has been purchased (as a result of such assignment or otherwise).

Section 2.6.    Rates and Payment of Interest on Loans.

(a)    Rates.  The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates:

(i)    during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin for Base Rate Loans applicable to such Loan; and

(ii)    during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest Period therefor, plus the Applicable Margin for LIBOR Loans applicable to such Loan.

Notwithstanding the foregoing, while an Event of Default under Section 11.1(a), 11.1(e) or 11.1(f) exists (and at the direction of the Requisite Lenders while any other Event of Default exists) or after the Obligations have otherwise been accelerated in accordance with the terms of this Agreement, the Borrower shall pay to the Administrative Agent for the account of each Lender and the applicable Issuing Banks, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement Obligations and on any other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law).

(b)    Payment of Interest.  All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable (i) with respect to any Base Rate Loan, monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date, (ii) with respect to any LIBOR Loan, the last date of the Interest Period applicable thereto and, in the case of any LIBOR Loan with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at three months’ duration after the first day of such Interest Period and (iii) on any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise).  Interest payable at the Post-Default Rate shall be payable from time to time on demand.  All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error.
(c)    Borrower Information Used to Determine Applicable Interest Rates.  The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”).  If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information.  The Administrative Agent shall promptly notify the Borrower in writing of any additional 
46

interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such written notice.  Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, any Issuing Bank’s, or any Lender’s other rights under this Agreement.
Section 2.7.    Number of Interest Periods.
There may be no more than six (6) different Interest Periods outstanding at the same time.
Section 2.8.    Repayment of Loans.
(a)    Revolving Loans.  The Borrower promises to repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving Loans on the Revolving Termination Date.
(b)    Term Loans.  The Borrower promises to repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Term Loans on the Term Loan Maturity Date.
Section 2.9.    Prepayments.
(a)    Optional.  Subject to Section 5.4., the Borrower may prepay any Loan at any time without premium or penalty.  The Borrower shall give the Administrative Agent at least three (3) Business Days prior notice (which may be by telecopy or electronic mail) of the prepayment of any Revolving Loan or Term Loan which notice may be conditioned on the occurrence of refinancing thereof.  Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof (except for the Swingline Loans, which can be repaid in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess thereof).

(b)    Mandatory.

(i)    Revolving Commitment Overadvance.  If at any time the aggregate principal amount of all outstanding Revolving Loans and Swingline Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Revolving Commitments, the Borrower shall immediately upon demand pay to the Administrative Agent for the account of the Lenders then holding Revolving Commitments (or if the Revolving Commitments have been terminated, then holding outstanding Revolving Loans, Swingline Loans and/or Letter of Credit Liabilities), the amount of such excess.

(ii)    Application of Mandatory Prepayments.  Amounts paid under the preceding subsection (b)(i) shall be applied to pay all amounts of principal outstanding on the Revolving Loans and Swingline Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations.  If the Borrower is required to pay any outstanding LIBOR Loans by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrower shall pay all amounts due under Section 5.4.

(c)    No Effect on Derivatives Contracts.  No repayment or prepayment of the Loans pursuant to this Section shall affect any of the Borrower’s obligations under any Derivatives Contracts entered into with respect to the Loans.
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Section 2.10.    Continuation.

So long as no Default or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan.  Each Continuation of a LIBOR Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period.  Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 1:00 p.m. Central time on the third (3rd) Business Day prior to the date of any such Continuation.  Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder.  Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given.  Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender of the proposed Continuation.  If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor, continue as a LIBOR Loan with an Interest Period of one month; provided, however that if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.11. or the Borrower’s failure to comply with any of the terms of such Section.

Section 2.11.    Conversion.

The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists.  Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount.  Each such Notice of Conversion shall be given not later than 1:00 p.m. Central time three (3) Business Days prior to the date of any proposed Conversion.  Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion.  Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan.  Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.

Section 2.12.    Notes.

(a)    Notes.  In the case of a Revolving Lender that has notified the Administrative Agent in writing that it elects to receive a Revolving Note, the Revolving Loans made by such Revolving Lender shall, in addition to this Agreement, also be evidenced by a Revolving Note, payable to such Revolving Lender (or its registered assigns) in a principal amount equal to the amount of its Revolving Commitment as originally in effect and otherwise duly completed.  The Swingline Loans made by the Swingline Lender to the Borrower shall at the election of the Swingline Lender, in addition to this Agreement, also be evidenced by a Swingline Note payable to the Swingline Lender (or its registered assigns).  In the case 
48

of a Term Loan Lender that has notified the Administrative Agent in writing that it elects to receive a Term Note, the Term Loan made by such Term Loan Lender shall, in addition to this Agreement, also be evidenced by a Term Note, payable to such Term Loan Lender (or its registered assigns) in a principal amount equal to the amount of its Term Loan and otherwise duly completed.
(b)    Records.  The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided, however, that (i) the failure of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts maintained by the Administrative Agent pursuant to Section 3.8., in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8. shall be controlling.
(c)    Lost, Stolen, Destroyed or Mutilated Notes.  Upon receipt by the Borrower of (i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note.

Section 2.13.    Voluntary Reductions of the Revolving Commitment.

The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Revolving Commitments (for which purpose use of the Revolving Commitments shall be deemed to include the aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Swingline Loans) at any time and from time to time without penalty or premium upon not less than five (5) Business Days prior written notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which in the case of any partial reduction of the Revolving Commitments shall not be less than $5,000,000 and integral multiples of $1,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only upon receipt by the Administrative Agent (“Commitment Reduction Notice”); provided, however, a Commitment Reduction Notice may state that such notice is conditioned upon the effectiveness of a refinancing of all outstanding Revolving Loans, in which case such Commitment Reduction Notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date of such Commitment Reduction Notice) if such condition is not satisfied and provided, further the Borrower may not reduce the aggregate amount of the Revolving Commitments below $75,000,000 unless the Borrower is terminating the Revolving Commitments in full.  Promptly after receipt of a Commitment Reduction Notice the Administrative Agent shall notify each Lender of the proposed termination or Revolving Commitment reduction.  Without limitation of the provisions of Section 2.17., the Revolving Commitments, once reduced or terminated pursuant to this Section, may not be increased or reinstated.  The Borrower shall pay all interest and fees on the Revolving Loans accrued to the date of such reduction or termination of the Revolving Commitments to the Administrative Agent for the account of the Revolving Lenders, including but not limited to any applicable compensation due to each Revolving Lender in accordance with Section 5.4.

Section 2.14.    Extension of Revolving Termination Date.

So long as no Default or Event of Default has occurred and is continuing, the Borrower may elect at least thirty (30) days but no more than ninety (90) days prior to the then applicable Revolving Termination Date, to extend the Revolving Termination Date for one successive one year period as provided in this Section 2.14. by providing written notice of such election to the Administrative Agent (which shall promptly notify each of the Lenders).  If on the then applicable Revolving Termination Date and on the date of delivery of the notice of such election (i) no Default or Event of Default exists and is 
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continuing, (ii) the representations and warranties of the Borrower set forth in this Agreement are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such date (or, if such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), (iii) the Borrower pays the fee due pursuant to Section 3.5.(d), and (iv) the Borrower has given written notice to the Administrative Agent of such election to extend the Revolving Termination Date within the time frame set forth in this Section 2.14., the Revolving Termination Date shall be extended to December 20, 2024.

Section 2.15.    Expiration Date of Letters of Credit Past Revolving Commitment Termination.

If on the date the Revolving Commitments are terminated or reduced to zero (whether voluntarily, by reason of the occurrence of an Event of Default or otherwise) there are any Letters of Credit outstanding hereunder and the aggregate Stated Amount of such Letters of Credit exceeds the balance of available funds on deposit in the Letter of Credit Collateral Account, then the Borrower shall, on such date, pay to the Administrative Agent, for its benefit and the benefit of the Lenders and the applicable Issuing Banks, for deposit into the Letter of Credit Collateral Account, an amount of money equal to the amount of such excess.

Section 2.16.    Amount Limitations.

Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall be required to make a Loan, no Issuing Bank shall be required to issue a Letter of Credit and no reduction of the Revolving Commitments pursuant to Section 2.13. shall take effect, if immediately after the making of such Loan, the issuance of such Letter of Credit or such reduction in the Revolving Commitments the aggregate principal amount of all outstanding Revolving Loans and Swingline Loans, together with the aggregate amount of all Letter of Credit Liabilities, would exceed the aggregate amount of the Revolving Commitments at such time.

Section 2.17.    Incremental Facilities.

The Borrower shall have the right to request increases in the aggregate amount of the Revolving Commitments or the making of incremental term loans hereunder (“Incremental Term Loans”, and any such increase or Incremental Term Loans, an “Incremental Facility”) by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such Incremental Facility the aggregate amount of the sum of the Revolving Commitments plus the principal amount of Term Loans (including any such Incremental Term Loans) shall not exceed $650,000,000.  The allocation of any increase between the Revolving Commitments and Incremental Term Loans shall be made at the time Borrower requests such increase. Each such Incremental Facility 

must be an aggregate minimum amount of $25,000,000 and integral multiples of $5,000,000 in excess thereof.  The Arrangers, in consultation with the Borrower, shall manage all aspects of the syndication of such Incremental Facilities, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase or Incremental Term Loans and the allocations thereof among such existing Lenders and/or other banks, financial institutions and other institutional lenders.  No Lender shall be obligated in any way whatsoever to increase its Revolving Commitment or provide a new Revolving Commitment or Incremental Term 
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Loans, and any new Lender becoming a party to this Agreement in connection with any such requested increase must be an Eligible Assignee and, if such new Lender is assuming Revolving Commitments, must be subject to the consent of each Issuing Bank and the Swingline Lender.  If a new Lender becomes a party to this Agreement, or if any existing Lender is increasing its Revolving Commitment, such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, increases its Revolving Commitment) (and as a condition thereto) purchase from the other Lenders its Revolving Commitment Percentage (determined with respect to the Lenders’ respective Revolving Commitments and after giving effect to the increase of Revolving Commitments) of any outstanding Revolving Loans, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an amount equal to (A) the portion of the outstanding principal amount of such Revolving Loans to be purchased by such Lender, plus (B) the aggregate amount of payments previously made by the other Revolving Lenders under Section 2.4.(j) that have not been repaid, plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving Loans.  The Borrower shall pay to the Revolving Lenders amounts payable, if any, to such Revolving Lenders under Section 5.4. as a result of the prepayment of any such Revolving Loans.  Revolving Loans made pursuant to any increased Revolving Commitment and the Incremental Term Loans (i) shall rank pari passu in right of payment with the Revolving Loans and Term Loans, (ii) shall be equally and ratably secured with the Revolving Loans and Term Loans, (iii) in the case of Incremental Term Loans, (x) shall not mature earlier than the Term Loans and (y) shall have no amortization or otherwise be permitted to be prepaid prior to the Term Loan Maturity Date, and (iv) shall be treated substantially the same (and in any event not more favorably than) the Revolving Loans.  Effecting any Incremental Facility under this Section is subject to the following conditions precedent:  (x) no Default or Event of Default shall be in existence on the effective date of such increase, (y) the representations and warranties made or deemed made by the Borrower and any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date), and (z)  the Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent:  (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate, partnership, member or other necessary action taken by the Borrower to authorize such Incremental Facility and (B) all corporate, partnership, member or other necessary action taken by each Guarantor authorizing the guaranty of such Incremental Facility; (ii) a supplement to this Agreement executed by the Borrower, the Administrative Agent and any Lender providing such Incremental Facility, which supplement may include such amendments to this agreement as the Administrative Agent deems reasonably necessary or appropriate to implement such Incremental Facility contemplated by this Section 2.17., together with the consent of the Guarantors thereto; (iii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering such matters as reasonably requested by the Administrative Agent; and (iv) new or replacement Revolving Notes or Term Notes executed by the Borrower, payable to any Lenders participating in such Incremental Facility, as applicable, in the amount of such Revolving Lender’s Revolving Commitment or aggregate Term Loans at the time of the effectiveness of the applicable Incremental Facility.  In connection with any Incremental Facility, any Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and (2) in the case of any Lender that is organized under the laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary for the Administrative Agent to comply with “know your customer” and Anti-Money Laundering Laws, including without limitation, the Patriot Act.

Section 2.18.    Funds Transfer Disbursements.

The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an 
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authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement.

ARTICLE III.  PAYMENTS, FEES AND OTHER GENERAL PROVISIONS

Section 3.1.    Payments.

(a)    Payments by Borrower.  Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, except to the extent required by Applicable Law including Taxes required to be withheld pursuant to Section 3.10., to the Administrative Agent at the Principal Office, not later than 1:00 p.m. Central time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day).  Subject to Section 11.5., the Borrower shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied.  Each payment received by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender.  Each payment received by the Administrative Agent for the account of the applicable Issuing Bank under this Agreement shall be paid to such Issuing Bank by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Issuing Bank to the Administrative Agent from time to time, for the account of such Issuing Bank.  In the event the Administrative Agent fails to pay such amounts to such Lender or such Issuing Bank, as the case may be, within one (1) Business Day of receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect.  If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension.

(b)    Presumptions Regarding Payments by Borrower.  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 the applicable Issuing Bank 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 (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders or such Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender or such Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

Section 3.2.    Pro Rata Treatment.

Except to the extent otherwise provided herein:  (a) each borrowing from the Revolving Lenders under Sections 2.1.(a), 2.4.(e) and 2.5.(e) shall be made from the Revolving Lenders, each payment of the fees under Sections 3.5.(b), the first sentence of Section 3.5.(c), and 3.5.(d) shall be made for the account of the Revolving Lenders, and each termination or reduction of the amount of the Revolving 
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Commitments under Section 2.13. shall be applied to the respective Revolving Commitments of the Revolving Lenders, pro rata according to the amounts of their respective Revolving Commitments; (b) each payment or prepayment of principal of Revolving Loans shall be made for the account of the Revolving Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that, subject to Section 3.9., if immediately prior to giving effect to any such payment in respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitments in effect at the time such Revolving Loans were made, then such payment shall be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Revolving Lenders pro rata in accordance with such respective Revolving Commitments; (c) the making of Term Loans under Section 2.2.(a) shall be made from the Term Loan Lenders pro rata according to the amounts of their respective Term Loan Commitments; (d) each payment or prepayment of principal of Term Loans shall be made for the account of the Term Loan Lenders pro rata in accordance with the respective unpaid principal amounts of the Term Loans held by them; (e) each payment of interest on Revolving Loans or Term Loans shall be made for the account of the Revolving Lenders or Term Loan Lenders, as applicable, pro rata in accordance with the amounts of interest on such Revolving Loans or Term Loans, as applicable, then due and payable to the respective Lenders; (f) the Conversion and Continuation of Revolving Loans or Term Loans of a particular Type (other than Conversions provided for by Sections 5.1.(c) and 5.5.) shall be made pro rata among the Revolving Lenders or Term Loan Lenders, as applicable, according to the amounts of their respective Revolving Loans or Term Loans, as applicable, and the then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous; (g) the Revolving Lenders’ participation in, and payment obligations in respect of, Swingline Loans under Section 2.5., shall be in accordance with their respective Revolving Commitment Percentages; and (h) the Revolving Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.4., shall be in accordance with their respective Revolving Commitment Percentages.  All payments of principal, interest, fees and other amounts in respect of the Swingline Loans shall be for the account of the Swingline Lender only (except to the extent any Lender shall have acquired a participating interest in any such Swingline Loan pursuant to Section 2.5.(e), in which case such payments shall be pro rata in accordance with such participating interests).

Section 3.3.    Sharing of Payments, Etc.

If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other Obligations owing to such Lender resulting in such Lender receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such Obligation greater than the share thereof as provided in Section 3.2. or Section 11.5., as applicable, 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 owing to 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 applicable Lenders ratably in accordance with Section 3.2. or Section 11.5., as applicable; provided that:

(i)    if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

(ii) the provisions of this Section shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 3.9.(e) or (z) any payment obtained by a Lender as consideration for the assignment of, or sale of a participation in, any of its Loans or participations in Swingline Loans or 
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Letters of Credit to any assignee or participant, other than to the Borrower or any of its Subsidiaries or Affiliates (as to which the provisions of this Section shall apply).
The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
Section 3.4.    Several Obligations.
No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender.
Section 3.5.    Fees.

(a)    Closing Fee.  On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees as have been agreed to in writing by the Borrower and the Administrative Agent.

(b)    Facility Fees.  During the period from the Effective Date to but excluding the Revolving Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of the Revolving Lenders an unused facility fee equal to the sum of the daily amount (the “Unused Amount”) by which the aggregate amount of the Revolving Commitments exceeds the aggregate outstanding principal balance of Revolving Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate:
						
	Unused Amount	Unused Fee
(percent per annum)

	Greater than or equal to 50.00% of the aggregate amount of Revolving Commitments	0.25%
	Less than 50.00% of the aggregate amount of Revolving Commitments	0.15%

Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Termination Date or any earlier date of termination of the Revolving Commitments or reduction of the Revolving Commitments to zero.  For the avoidance of doubt, for purposes of calculating an unused facility fee, the outstanding principal balance of Swingline Loans shall not be factored into the computation.

(c)    Letter of Credit Fees.  The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a letter of credit fee at a rate per annum equal to the Applicable Margin for LIBOR Loans times the daily average Stated Amount of each Letter of Credit for the period from and including the date of issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires or is cancelled or terminated or (y) to but excluding the date such Letter of Credit is drawn in full; provided that, notwithstanding anything to the contrary contained herein, while an Event of Default under Section 11.1.(a), 11.1.(e) or 11.1.(f) exists (and at the direction of the Requisite Lenders while any other Event of Default exists), such letter of credit fees shall accrue at the Post-Default Rate.  In addition to such fees, the Borrower shall pay to each Issuing Bank solely for its own account, a fronting fee in respect of each Letter of Credit issued by such Issuing Bank equal to either (I) a percentage of the face amount of each Letter of Credit issued by such Issuing Bank payable at the time of issuance of such Letter of Credit or (II) a per annum rate on the daily average Stated Amount of such Letter of Credit for the period from 
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and including the date of issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires or is cancelled or (y) to but excluding the date such Letter of Credit is drawn in full, as mutually agreed in writing between the Borrower and such Issuing Bank; provided, however, in no event shall the aggregate amount of such fee in respect of any Letter of Credit be less than $1000.  The fees provided for in this subsection shall be nonrefundable and payable, in the case of the fee provided for in the first sentence, in arrears (i) quarterly on the first day of January, April, July and October, (ii) on the Revolving Termination Date, (iii) on the date the Revolving Commitments are terminated or reduced to zero and (iv) thereafter from time to time on demand of the Administrative Agent and in the case of the fee provided for in the second sentence, at the time of issuance of such Letter of Credit.  The Borrower shall pay directly to each Issuing Bank from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged or incurred by such Issuing Bank from time to time in like circumstances with respect to the issuance, amendment, renewal or extension of any Letter of Credit issued by such Issuing Bank or any other transaction relating thereto.
(d)    Revolving Credit Extension Fee.  If the Borrower exercises its right to extend the Revolving Termination Date in accordance with Section 2.14., the Borrower shall pay to the Administrative Agent for the account of each Revolving Lender a fee equal to 0.125% of the amount of such Revolving Lender’s Revolving Commitment (whether or not utilized) in effect on the effective date of each such extension.  Such fee shall be due and payable in full on, and as a condition precedent to, the effective date of each such extension.

(e)    Administrative and Other Fees.  The Borrower agrees to pay the administrative and other fees of the Administrative Agent as provided in the Fee Letters and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent.

Section 3.6.    Computations.

Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed.

Section 3.7.    Usury.

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower 
elects to have such excess sum returned to it forthwith.  It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law.  The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.6.(a)(i) through (iv) and, with respect to Swingline Loans, in Section 2.5.(c).  Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under 
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no circumstances be deemed to be charges for the use of money.  All charges other than charges for the use of money shall be fully earned and nonrefundable when due.

Section 3.8.    Statements of Account.

The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error.  The failure of the Administrative Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder.

Section 3.9.    Defaulting Lenders.

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

(a)    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 Requisite Lenders and in Section 13.6.

(b)    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 XI. or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 13.3. 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 any Issuing Bank or the Swingline Lender hereunder; third, to Cash Collateralize each Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in accordance with subsection (e) below; 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 Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of 

Credit issued under this Agreement, in accordance with subsection (e) below; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Bank or the Swingline 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 amounts owing by such Defaulting Lender under Section 2.4.(j) in respect of Letters of Credit (such amounts “L/C Disbursements”), in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Article VI. were satisfied or waived, such payment shall be applied solely 
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to pay the Loans of, and L/C Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter of Credit Liabilities and Swingline Loans are held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitment Percentages (determined without giving effect to the immediately following subsection (d)) and all Term Loans are held by the Term Loan Lenders pro rata as if there had been no Term Loan Lenders that are Defaulting Lenders.  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 subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents thereto.

(c)    Certain Fees.

(i)    No Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5.(b) for any period during which that Lender is a Defaulting Lender (and 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).

(ii)    Each Defaulting Lender shall be entitled to receive the Fee payable under Section 3.5.(c) for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Commitment Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection (e).

(iii)    With respect to any Fee not required to be paid to any Defaulting Lender pursuant to the immediately preceding clauses (i) or (ii), the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such Fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit Liabilities or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to the immediately following subsection (d), (y) pay to the applicable Issuing Bank and the Swingline Lender, as applicable, the amount of any such Fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Fee.

(d)    Reallocation of Participations to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in Letter of Credit Liabilities and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Commitment Percentages (determined without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment.  Subject to Section 13.20., no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Revolving 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.

(e)    Cash Collateral, Repayment of Swingline Loans.

(i)    If the reallocation described in the immediately preceding subsection (d) 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 Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize each Issuing Bank’s Fronting Exposure in accordance with the procedures set forth in this subsection.
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(ii)    At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written request of the Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize each Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to the immediately preceding subsection (d) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the aggregate Fronting Exposures of each Issuing Bank with respect to Letters of Credit issued by such Issuing Bank and outstanding at such time.

(iii)    The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the Administrative Agent, for the benefit of the Issuing Banks, and agree 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 Liabilities, to be applied pursuant to the immediately following clause (iv).  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 Banks as herein provided, or that the total amount of such Cash Collateral is less than the aggregate Fronting Exposures of the Issuing Banks with respect to Letters of Credit issued and outstanding at such time, 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).

(iv)    Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 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 Liabilities (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.

(v)    Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Bank’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Revolving Lender), or (y) the determination by the Administrative Agent and the Issuing Banks that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection (b), the Person providing Cash Collateral and the applicable Issuing Bank may (but shall not be obligated to) 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, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.

(f)    Defaulting Lender Cure.  If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Banks agree in writing that a Revolving 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 Revolving 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, as applicable (i) the Revolving Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Revolving Lenders in accordance with their respective Revolving Commitment Percentages (determined without giving effect to the immediately preceding subsection (d)) and (ii) the Term Loans to be held by the Term Loan 
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Lenders pro rata as if there had been no Term Loan Lenders that were Defaulting Lenders, whereupon such Revolving 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 Revolving Lender was a Defaulting Lender; and provided, further, that, subject to Section 13.20., except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Revolving Lender will constitute a waiver or release of any claim of any party hereunder arising from that Revolving Lender’s having been a Defaulting Lender.

(g)    New Swingline Loans/Letters of Credit.  So long as any Revolving Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Bank shall 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.

(h)    Purchase of Defaulting Lender’s Commitment.  During any period that a Lender is a Defaulting Lender, the Borrower may, by the Borrower giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Commitment and Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 13.5.(b).  No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee.  In addition, any Lender who is not a Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire the face amount of all or a portion of such Defaulting Lender’s Commitment and Loans via an assignment subject to and in accordance with the provisions of Section 13.5.(b).  In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Assumption and, notwithstanding Section 13.5.(b), shall pay to the Administrative Agent an assignment fee in the amount of $7,500; provided that the failure or unwillingness of such Defaulting Lender to execute the Assignment and Assumption and other necessary documents shall not prevent or delay such assignment and the Assignment and Assumption and other necessary documents shall be automatically deemed to be fully authorized and executed by the Defaulting Lender if such Defaulting Lender does not promptly execute all documents reasonably requested to effect such assignment (and, if such Lender fails to deliver any Notes held by it, such Notes shall automatically be deemed cancelled and such Lender shall be required to indemnify the Borrowers for any liabilities incurred by the Borrowers by reason of the failure of such Lender to deliver such Notes).  The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent or any of the Lenders.

Section 3.10.    Taxes.

(a)    Issuing Bank.  For purposes of this Section, the term “Lender” includes the Issuing Banks and the term “Applicable Law” includes FATCA.

(b)    Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower or any other Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or other applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and 
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withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(c)    Payment of Other Taxes by the Borrower.  The Borrower and the other 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 Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient, within thirty (30) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to 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.

(e)    Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within thirty (30) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower and the other Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.5. 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 subsection.  The provisions of this subsection shall continue to inure to the benefit of an Administrative Agent following its resignation or removal as Administrative Agent.

(f)    Evidence of Payments.  Upon the written request of the Administrative Agent, as soon as practicable after any payment of Taxes (excluding for purposes of this Section 3.10.(f), taxes, assessments, fees and other charges paid by any Loan Party in the normal course of operating its development and asset management business such as, for example, real property and personal property ad valorem taxes, business licenses, sales tax, plat fees, zoning application fees, building permit fees and other municipal fees) by the Borrower or any other Loan Party to a Governmental Authority pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

(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 
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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 the immediately following clauses (ii)(A), (ii)(B) and (ii)(D)) 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), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax;

(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to 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:

(I)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed 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;

(II)    an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8ECI;

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

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

(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to 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), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) 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 Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable 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 Internal Revenue 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.
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 (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this 
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subsection (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 subsection, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection 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 subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(i)    Survival.  Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

ARTICLE IV.  Eligibility of Properties

Section 4.1.    Eligibility of Properties.

(a)    Initial Eligible Properties.  The Properties identified on Schedule 7.1.(f) shall, on the Effective Date, be the initial Eligible Properties.  

(b)    Additional Eligible Properties.  If after the Effective Date, the Borrower desires that the Lenders include any additional Property as an Eligible Property, the Borrower shall so notify the Administrative Agent in writing.  No Property will be evaluated by the Lenders unless and until (x) such Property satisfies the criteria set forth in the definition of “Eligible Property” and (y) the Borrower delivers to the Administrative Agent (and the Administrative Agent shall promptly make available to the Lenders) (i) the items reasonably and promptly requested by the Administrative Agent for the performance of its due diligence and (ii), prior to the Collateral Release Date, all deliveries with respect to the applicable Pledged Equity of the direct and indirect owners, in each case, with respect to such Property.

(c)    Final Approval.  Upon its receipt and review of the documents and information set forth in the preceding subsection (b), if the Administrative Agent shall recommend approval and acceptance of such Property as an Eligible Property, the Administrative Agent will so notify the Borrower and each Lender within five (5) Business Days after receipt and review of all of such documents and information.  If after such review, the Administrative Agent is unwilling to recommend approval and acceptance of such Property as an Eligible Property, the Administrative Agent shall promptly notify the Borrower and the Lenders and the consideration by the Administrative Agent and the Lenders of such Property shall cease.  Within five (5) Business Days after the date on which a Lender has received all of the items referred to in the preceding subsection (b) and the Administrative Agent’s recommendation of approval pursuant to this Section 4.1.(c), such Lender shall notify the Administrative Agent in writing whether or not such Lender accepts such Property as an Eligible Property.  If a Lender fails to give such notice within such time period, such Lender shall be deemed to have approved such Property as an Eligible Property.  Such Property shall become an Eligible Property subject to satisfaction or waiver of the following conditions:
(d)    the Administrative Agent shall have received:
(e)    approval of all of the Lenders whether in writing or by failure to provide notice of non-acceptance of such Property as an Eligible Property within the time period set forth in Section 4.1.(c);
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(f)    if such property is owned by a Subsidiary of the Parent that is not the Borrower or a Subsidiary Guarantor, all of the items required to be delivered to the Administrative Agent under Section 8.12.(a) if not previously delivered;
(g)    a certificate of a Responsible Officer certifying that the Borrower is in compliance with the covenants contained in Section 10.1. for the periods for which financial statements have been delivered (or were required to be delivered), in each case both immediately prior to and after giving effect to the addition of such Eligible Property, on a pro forma basis; and
(h)    such other items or documents as may be appropriate under the circumstances including, without limitation, the items (or, if applicable, updates to the items) set forth on required to be delivered to the Administrative Agent pursuant to Section 4.1.(b), each in form and substance reasonably satisfactory to the Administrative Agent; and
(i)    all other conditions reasonably required by the Administrative Agent.

Section 4.2.    Release of Eligible Properties.

(a)    Borrower Requests for Property Removal.  From time to time the Borrower may request, subject to the provisions of Section 8.12., upon not less than fifteen (15) days prior written notice to the Administrative Agent (or such shorter period as may be acceptable to the Administrative Agent), that any Property (if then an Eligible Property) be removed from inclusion as an Eligible Property for purposes of this Agreement, which removal (the “Property Removal”) shall be effective upon the satisfaction or waiver of the following conditions:

(i)    The Administrative Agent shall have received a pro forma Compliance Certificate, certifying, among other things, the Borrower is in compliance with the covenants contained in this Section 4.2.(a) and Section 10.1. for the periods for which financial statements have been delivered (or were required to be delivered), in each case on a pro forma basis both immediately prior to and after giving effect to such Property Removal, dated as of the date of the proposed Property Removal;

(ii)    No Default or Event of Default exists and is continuing or would exist immediately after giving effect to such Property Removal;

(iii)    All representations and warranties in the Loan Documents are true and accurate in all material respects (except that, to the extent any representation or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall be true and correct in all respects) at the time of such Property Removal and immediately after giving effect to such Property Removal, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except that, to the extent any such representation or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall have been true and correct in all respects) on and as of such earlier date); and

(iv)    At least 100 Properties shall be Eligible Properties at all times prior to the Facility Termination Date.

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(b)    Ineligibility of Properties.  A Property shall cease to be an Eligible Property if, at any time: (i) such Property shall cease to meet the criteria set forth in the definition of Eligible Property, or (ii) prior to the Collateral Release Date, (x) the Administrative Agent shall cease to hold a valid and perfected first priority Lien in the Pledged Equity and other Collateral with respect such Property, or (y) there shall have occurred and be continuing a default (after giving effect to any applicable cure period) under any Security Document relating to such Pledged Equity and other Collateral with respect to such Property. 

ARTICLE V.  YIELD PROTECTION, ETC.

Section 5.1.    Additional Costs; Capital Adequacy.

(a)    Capital Adequacy.  If any Lender determines that any Regulatory Change affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity ratios or requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy or liquidity), then from time to time, within thirty (30) days after written demand by such Lender the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

(b)    Additional Costs.  In addition to, and not in limitation of the immediately preceding subsection, the Borrower shall promptly, but in any event within ten (10) days of the written demand therefor, pay to the Administrative Agent for its own account or for the account of a Lender from time to time such amounts as such Lender or the Administrative Agent may determine to be necessary to compensate the Administrative Agent or such Lender for any costs incurred by the Administrative Agent or such Lender that it determines are attributable to its making of, or maintaining, continuing or converting, any Loans or its obligation to make, maintain, continue or convert any Loans hereunder, any reduction in any amount receivable by such Lender or the Administrative Agent under this Agreement or any of the other Loan Documents in respect of any of such Loans or such obligation or the maintenance by such Lender or the Administrative Agent of capital or liquidity in respect of its Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that:

(i)    Subjects such Lender or the Administrative Agent under this Agreement or any of the other Loan Documents to any Taxes in respect of any of such Loans or its Commitments (other than Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes);

(ii)    imposes or modifies any reserve, special deposit, compulsory loan, liquidity insurance charge or similar requirements (other than Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category of extensions of credit or other assets by reference to which the interest rate on LIBOR Loans is determined to the extent utilized when determining LIBOR for such Loans) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder); or

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(iii)    imposes on any Lender or the Administrative Agent or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or the Loans made by such Lender or the Administrative Agent.

(c)    Lender’s Suspension of LIBOR Loans.  Without limiting the effect of the provisions of the immediately preceding subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in  this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 5.5. shall apply).

(d)    Additional Costs in Respect of Letters of Credit.  Without limiting the obligations of the Borrower under the preceding subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed, modified or deemed applicable any Tax (other than Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes), reserve, special deposit, capital adequacy, liquidity or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be to increase the cost to any Issuing Bank of issuing (or any Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by any Issuing Bank or any Lender hereunder in respect of any Letter of Credit, then, upon demand by any Issuing Bank or such Lender, the Borrower shall pay immediately to the applicable Issuing Bank or, in the case of such Lender, to the Administrative Agent for the account of such Lender, from time to time as specified by such Issuing Bank or such Lender, such additional amounts as shall be sufficient to compensate such Issuing Bank or such Lender for such increased costs or reductions in amount.

(e)    Notification and Determination of Additional Costs.  Each of the Administrative Agent, each Issuing Bank and each Lender, as the case may be, agrees to notify the Borrower (and in the case of any Issuing Bank and or a Lender, to notify the Administrative Agent) of any event occurring after the Agreement Date entitling the Administrative Agent, such Issuing Bank or such Lender to compensation under any of the preceding subsections of this Section as promptly as practicable; provided, however, that the failure of the Administrative Agent, any Issuing Bank or any Lender to give such notice shall not release the Borrower from any of its obligations hereunder; provided, however, that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Regulatory Change giving rise to such increased costs or reductions, and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor (except that, if the Regulatory Change 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).  The Administrative Agent, each Issuing Bank and each Lender, as the case may be, agrees to furnish to the Borrower (and in the case of any Issuing Bank or a Lender to the Administrative Agent as well) a certificate setting forth the basis and amount of each request for compensation under this Section.  Determinations by the Administrative Agent, such Issuing Bank or such Lender, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all purposes, absent manifest error.  The Borrower shall pay the Administrative Agent, any such Issuing Bank and or any such Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
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Section 5.2.    Suspension of LIBOR Loans.

Subject to Section 5.9 hereof and anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period:

(a)    the Administrative Agent shall determine (which determination shall be conclusive) that reasonable and adequate means do not exist for the ascertaining LIBOR for such Interest Period;

(b)    the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein; or

(c)    the Administrative Agent reasonably determines (which determination shall be conclusive) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period;

then the Administrative Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan.

Section 5.3.    Illegality.

Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding) that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again make and maintain LIBOR Loans (in which case the provisions of Section 5.5. shall be applicable).

Section 5.4.    Compensation.

The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or amounts as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to:

(a)    any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason (including, without limitation, acceleration or the exercise by the Borrower of its rights under Section 5.6.) on a date other than the last day of the Interest Period for such Loan; or
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(b)    any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Section 6.2. to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation.
Not in limitation of the foregoing, such compensation shall include, without limitation, an amount equal to the then present value of (A) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (B) the amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOR Loan, as applicable, calculating present value by using as a discount rate LIBOR quoted on such date.  Upon the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof.  Any such statement shall be conclusive absent manifest error.
Section 5.5.    Treatment of Affected Loans.
(a)    If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:
(i)    to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and

(ii)    all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans.

If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
    The Lenders and Administrative Agent may elect, if commercially reasonable and if permitted by Applicable Law, to Convert the Loans which are subject to Conversion under this Article from LIBOR Loans to Base Rate Loans after the expiration of all Derivative Contracts of which Administrative Agent has received written notice and copies that may affect such Loans subject to Conversion in order to avoid any breakage fees or other costs or charges associated with a premature termination of such Derivatives Contracts.
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Section 5.6.    Affected Lenders.
If (a) a Lender requests compensation pursuant to Section 3.10. or 5.1., and the Requisite Lenders are not also doing the same or (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c) or 5.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections, and in the case of clause (a) or (b) such Lender has declined or is unable to designate a different Lending Office in accordance with Section 5.7., or (c) a Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, so long as there does not then exist any Default or Event of Default, demand that such Lender, and upon such demand such Lender shall promptly, assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 13.5.(b)), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.10. or Section 5.1. and rights to indemnification under Section 13.9.) 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 13.5.(b)(iv);
(ii)    such Lender shall have received payment of (x) the aggregate principal balance of all Loans then owing to the such Lender, plus (y) the aggregate amount of payments previously made by the such Lender under Section 2.4.(j) and Section 2.5.(e) that have not been repaid, plus (z) any accrued but unpaid interest thereon and accrued but unpaid fees owing to such Lender, or any other amount as may be mutually agreed upon by such Lender and Eligible Assignee;
(iii)    in the case of any such assignment resulting from a claim for compensation under Section 5.1. or payments required to be made pursuant to Section 3.10., 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 consent, approval, amendment or waiver.

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.

Section 5.7.    Change of Lending Office.

If any Lender requests compensation under Section 5.1., or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.10., then such Lender shall (at the written 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 (a) would eliminate or reduce amounts payable pursuant to Section 3.10. or Section 5.1., as the case may be, in the future, and (b) 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.
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Section 5.8.    Assumptions Concerning Funding of LIBOR Loans.
Calculation of all amounts payable to a Lender under this Article shall be made as though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article.
Section 5.9.    Effect of Benchmark Transition Event.

(a)    Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Requisite Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that the Borrower accepts the Requisite Lenders’ or the Administrative Agent’s request for an amendment. No replacement of LIBOR with a Benchmark Replacement pursuant to this Section 5.9. will occur prior to the applicable Benchmark Transition Start Date.

(b)    Benchmark Replacement Conforming Changes. In connection with the implementation 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.

(c)    Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 5.9., 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 titled “Effect of Benchmark Transition Event.”
(d)    Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a LIBOR Loan, or conversion to or continuation of LIBOR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Loan of or conversion to Base Rate Loans. During any Benchmark Unavailability Period, the component of the Base Rate based upon LIBOR will not be used in any determination of the Base Rate.
(e)    Certain Defined Terms. As used in this Agreement:
“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due 
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consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

“Benchmark Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative 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 the 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).

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to LIBOR:

(i)    in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR; or

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

“Benchmark Transition Event” means the occurrence of one or more of the following events 
with respect to LIBOR:
(i)    a public statement or publication of information by or on behalf of the administrator of LIBOR announcing that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR;

(ii)    a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or 
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will cease to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR; or

(iii)    a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative.

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

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for all purposes hereunder in accordance with the Section titled “Effect of Benchmark Transition Event” and (y) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes hereunder pursuant to the Section titled “Effect of Benchmark Transition Event.”

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

(i)    (x) a determination by the Administrative Agent or (y) a notification by the Requisite Lenders to the Administrative Agent (with a copy to the Borrower) that the Requisite Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in this Section titled “Effect of Benchmark Transition Event,” are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR, and

(ii)    (x) the election by the Administrative Agent or (y) the election by the Requisite Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Requisite Lenders of written notice of such election to the Administrative Agent.

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

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

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

“Term SOFR” means the forward-looking term rate based on SOFR that has been elected or recommended by the Relevant Governmental Body.

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

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ARTICLE VI.  CONDITIONS PRECEDENT
Section 6.1.    Initial Conditions Precedent.
The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent:
(a)    The Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent:

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

(ii)    Revolving Notes and Term Notes executed by the Borrower, payable to each applicable Lender that has requested that it receive Notes and the Swingline Note executed by the Borrower payable to the Swingline Lender to the extent that it has requested that it receive Notes, and, in each case, complying with the terms of Section 2.12.(a);

(iii)    the Guaranty executed by each Subsidiary Guarantor, the Parent and each other Required Guarantor;

(iv)    (i) the Pledge Agreement, executed by each of the Parent, General Partner, Borrower and each Subsidiary Guarantor party thereto from time to time and (ii) each other Security Document, executed by the parties thereto;

(v)    an opinion letter of Winston & Strawn LLP, counsel to the Borrower and the other Loan Parties addressed to the Administrative Agent and the Lenders in form and substance acceptable to the Administrative Agent;

(vi)    the certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of State of the state of formation of such Loan Party;

(vii)    a certificate of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Loan Party and certificates of qualification to transact business or other comparable certificates issued as of a recent date by each Secretary of State (and any state department of taxation, as applicable) of each state in which such Loan Party is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material Adverse Effect;
(viii)    a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party, and in the case of the Borrower, authorized to execute and deliver on behalf of the Borrower Notices of Borrowing, Notices of Swingline Borrowing, requests for Letters of Credit, Notices of Conversion and Notices of Continuation;
(ix)    copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of (A) the by-laws of such Loan Party, if a 
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corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity and (B) all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan Documents to which it is a party;
(x)    original stock certificates or other certificates evidencing the certificated Equity Interests, as applicable, pledged pursuant to the Security Documents, together with an undated stock power for each such certificate duly executed in blank by the registered owner thereof;
(xi)    evidence of property, business interruption and liability insurance covering each Eligible Property, evidence of payment of all insurance premiums for the current policy year of each policy (with appropriate endorsements naming the Administrative Agent as lender’s loss payee on all policies for property hazard insurance and as additional insured on all policies for liability insurance), in each case, in form and substance reasonably acceptable to the Administrative Agent, and if requested by the Administrative Agent, copies of such insurance policies;
(xii)    any other documents reasonably requested thereby or as required by the terms of the Security Documents to perfect or evidence its security interest in the Collateral;
(xiii)    a certificate signed by a Responsible Officer of the Borrower certifying that the conditions specified in Sections 6.1.(b) through (e) and Section 6.2 have been satisfied;
(xiv)    a Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal quarter ending September 30, 2019;

(xv)    a Disbursement Instruction Agreement effective as of the Agreement Date;

(xvi)    evidence that all indebtedness, liabilities or obligations owing by the Loan Parties under the Existing Credit Facilities shall have been paid in full and all Liens securing such indebtedness, liabilities or other obligations have been released;

(xvii)    evidence that the Fees, if any, then due and payable under Section 3.5., together with all other fees, expenses and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid;
(xviii)    copies of all Specified Derivatives Contracts in existence on the Agreement Date; and
(xix)    such other documents, agreements and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably request;

(b)    there shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition, situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Borrower and its Subsidiaries delivered to the Administrative Agent and the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect;

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(c)    no litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (i) result in a Material Adverse Effect or (ii) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect, the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party;

(d)    the Borrower, the other Loan Parties and the other Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (i) any Applicable Law or (ii) any agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which could not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin or impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party;

(e)    the offering of the Equity Interests of the Parent, pursuant to an offering memorandum substantially similar to the draft thereof previously provided to the Administrative Agent and the Lenders, prior to the date hereof (the “Equity Offering”), shall have been completed on terms and conditions acceptable to the Administrative Agent, including, without limitation, the Parent’s receipt of gross cash proceeds of the Equity Offering in an aggregate amount not less than $175 million, and the capital structure and corporate structure of the Parent and its Subsidiaries shall be acceptable to the Administrative Agent;

(f)    the Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender in order to comply with applicable “know your customer” and Anti-Money Laundering Laws, including without limitation, the Patriot Act; and 

(g)    each Loan Party or Subsidiary thereof that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification in relation to such Loan Party or such Subsidiary, in each case at least five (5) Business Days prior to the Effective Date.

Section 6.2.    Conditions Precedent to All Loans and Letters of Credit.

In addition to satisfaction or waiver of the conditions precedent contained in Section 6.1., the obligations of (i) the Lenders to make any Loans and (ii) the Issuing Banks to issue, extend or increase any Letters of Credit are each subject to the further conditions precedent that:  (a) no Default or Event of Default shall exist as of the date of the making of such Loan or date of issuance, extension or increase of such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.16. would occur after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance, extension or increase of such Letter of Credit with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Borrowing, in the case of a Swingline Loan, the Swingline Lender shall have received a timely Notice of 
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Swingline Borrowing, and in the case of the issuance, extension or increase of a Letter of Credit the applicable Issuing Bank and the Administrative Agent shall have received a timely request for the issuance, extension or increase of such Letter of Credit.  Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event).  In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time any Loan is made or any Letter of Credit is issued, extended or increased that all conditions to the making of such Loan or issuing, extending or increasing of such Letter of Credit contained in this Article VI. have been satisfied.  Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Administrative Agent for the benefit of the Administrative Agent and the Lenders that the conditions precedent for initial Loans set forth in Sections 6.1. and 6.2. that have not previously been waived by the Lenders in accordance with the terms of this Agreement have been satisfied.

ARTICLE VII.  REPRESENTATIONS AND WARRANTIES

Section 7.1.    Representations and Warranties.

In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans and, in the case of the Issuing Banks, to issue Letters of Credit, the Borrower represents and warrants to the Administrative Agent, the Issuing Banks and each Lender as follows:

(a)    Organization; Power; Qualification.  Each of the Borrower, the other Loan Parties and the other Subsidiaries is a corporation, partnership, limited liability company or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. None of the Parent, the Borrower or any Subsidiary of the Parent is an Affected Financial Institution.

(b)    Ownership Structure.  Part I of Schedule 7.1.(b) is, as of the Agreement Date, a complete and correct list of all Subsidiaries of the Parent setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary, (iii) the nature of the Equity Interests held by each such Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Person is the Parent, the Borrower or a Subsidiary Guarantor.  As of the Agreement Date, except as disclosed in such Schedule, (A) each of the Parent and its Subsidiaries owns, free and clear of all Liens (other than Permitted Liens of the types described in clauses (a) and (f) of the definition of “Permitted Liens” or, solely with respect to any Subsidiary that is an obligor in respect of any Nonrecourse Indebtedness, a Lien in favor of the holder of such Nonrecourse Indebtedness to secure the obligations thereunder), and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other Equity Interests of any type in, any such Person. As of the Agreement Date, Part II of Schedule 7.1.(b) correctly sets forth all Unconsolidated Affiliates of the Parent, including the correct legal name of 
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such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Parent.

(c)    Authorization of Loan Documents and Borrowings.  The Borrower has the right and power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder.  The Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform each of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby.  The Loan Documents to which the Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally.

(d)    Compliance of Loan Documents with Laws.  The execution, delivery and performance of this Agreement and the other Loan Documents to which any Loan Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the giving of notice, or both:  (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of any Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties.

(e)    Compliance with Law; Governmental Approvals.  Each of the Parent, Borrower, the other Loan Parties and the other Subsidiaries is in compliance with each Governmental Approval and all other Applicable Laws relating to it except for noncompliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a Material Adverse Effect.

(f)    Title to Properties; Liens.  Part I of Schedule 7.1.(f) is, as of the Agreement Date, a complete and correct listing of all real estate assets of the Borrower and each other  Loan Party, setting forth, for each such Property, whether such property is an Eligible Property or whether such Property is a Development Property.  Each of the Borrower and each other Loan Party has good, marketable and legal title to, or a valid leasehold interest in, each Property and any other asset included in the calculation of Total Asset Value.  No Eligible Property is subject to any Lien other than Permitted Liens and Liens set forth on Part II of Schedule 7.1(f).  

(g)    Existing Indebtedness.  Schedule 7.1.(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness of each of the Borrower, the other Loan Parties and the other Subsidiaries, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien.  As of the Agreement Date, the Parent, Borrower, the other Loan Parties and the other Subsidiaries have performed and are in compliance with all of the terms of such Indebtedness and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default or event of default, exists with respect to any such Indebtedness.

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(h)    Litigation.  Except as set forth on Schedule 7.1.(h), there are no actions, suits or proceedings pending (or, to the actual knowledge of any Loan Party, are there any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Borrower, any other Loan Party, any other Subsidiary or any of their respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or enforceability of any Loan Document as determined by the Administrative Agent.

(i)    Taxes.  All federal, state and other tax returns of the Borrower, each other Loan Party and each other Subsidiary required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon, each Loan Party, each other Subsidiary and their respective properties, income, profits and assets which are due and payable thereunder have been paid, except any such nonpayment or non-filing which (a) with respect to Taxes that are being contested by appropriate proceedings and appropriate reserves have been taken in accordance with GAAP or (b) could not reasonably be expected to have a Material Adverse Effect. As of the Agreement Date, none of the United States income tax returns of the Borrower, any other Loan Party or any other Subsidiary is under audit. All charges, accruals and reserves on the books of the Borrower, the Parent, the other Loan Parties and the other Subsidiaries in respect of any taxes or other governmental charges are in accordance with GAAP.

(j)    Financial Statements.  The Borrower has furnished to each Lender copies of (i) the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal years ended December 31, 2017 and December 31, 2018, and the related audited consolidated statements of operations, shareholders’ equity and cash flows for the fiscal years ended on such dates, with the opinion thereon of KPMG LLP, and (ii) the unaudited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal quarter ended September 30, 2019 and the related unaudited consolidated statements of operations, shareholders’ equity and cash flows of the Parent and its consolidated Subsidiaries for the one fiscal quarter period ended on such date.  Such financial statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position of the Borrower and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flows for such periods (subject, as to interim statements, to changes resulting from normal year-end audit adjustments).  Neither the Parent nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial statements. Each of the operating summaries pertaining to each of the Eligible Properties delivered by the Borrower to the Administrative Agent fairly presents the Net Operating Income of each such Property for the period then ended.

(k)    No Material Adverse Change.  Since December 31, 2018, there has been no event, change, circumstance or occurrence that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  Each of (i) the Parent and its Subsidiaries, taken as a whole and (ii) the Loan Parties, taken as a whole, are is Solvent. 
(l)    [Reserved].
(m)    ERISA.
(i)    Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws in all material respects.  Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to such Qualified Plan’s current remedial amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), 
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(B) has timely filed for a favorable determination letter from the Internal Revenue Service during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a favorable opinion letter issued by the Internal Revenue Service with respect to such prototype plan.  To the best knowledge of the Borrower, nothing has occurred which would cause the loss of its reliance on each Qualified Plan’s favorable determination letter or opinion letter.
(ii)    With respect to any Benefit Arrangement that is a retiree welfare benefit arrangement, all amounts have been accrued on the applicable ERISA Group’s financial statements in accordance with FASB ASC 715.  The “benefit obligation” of all Plans does not exceed the “fair market value of plan assets” for such Plans by more than $10,000,000 all as determined by and with such terms defined in accordance with FASB ASC 715.

(iii)    Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Borrower, threatened, claims, actions or lawsuits or other action by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no violations of the fiduciary responsibility rules with respect to any Benefit Arrangement; (iv) no member of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code; and (v) no assessment or tax has arisen under Section 4980H of the Internal Revenue Code.

(iv)    As of the Effective Date, the Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments.

(n)    Absence of Default.  None of the Loan Parties or any of the other Subsidiaries is in default under its certificate or articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived:  (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the passage of time, the giving of notice, or both, would constitute, a default or event of default by, any Loan Party or any other Subsidiary under any agreement (other than this Agreement) or judgment, decree or order to which any such Person is a party or by which any such Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(o)    Environmental Laws.  Except as set forth in Schedule 7.1(o), each of the Borrower, each other Loan Party and the other Subsidiaries:  (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws for its business and operations, and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect to each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  Except for any of the following matters that could not reasonably 
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be expected to have, individually or in the aggregate, Material Adverse Effect, no Loan Party has any knowledge of, or has received written notice of, any past, present, or pending releases,  events, conditions, circumstances, activities, practices, incidents, facts, occurrences, actions, or plans that, with respect to any Loan Party or any other Subsidiary, their respective businesses, operations or with respect to the Properties, is reasonably likely to: (x) cause or contribute to an actual violation of or noncompliance with Environmental Laws, (y) cause or contribute to any other common law or legal claim or other liability, or (z) cause any of the Properties to become subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the immediately preceding clauses (x) through (z) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal clean up or handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement under Environmental Law.  There is no Environmental Claim pending or, to the Borrower’s knowledge, threatened, against the Borrower, any other Loan Party or any other Subsidiary relating in any way to Environmental Laws which, reasonably could be expected to have, individually or in the aggregate, a Material Adverse Effect.  To the Borrower’s knowledge, none of the Properties is listed on or proposed for listing on the National Priorities List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, except as could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect. To the Borrower’s knowledge, no Hazardous Materials generated at or transported from the Properties by the Borrower, any other Loan Party or any other Subsidiary are or have been transported to, or disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local priority list, or any other location that is or has been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be expected to result in a Material Adverse Effect.

(p)    Investment Company.  None of the Borrower or any other Loan Party is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party.

(q)    Margin Stock.  None of the Borrower, any other Loan Party or any other Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System.

(r)    Affiliate Transactions.  Except as permitted by Section 10.9. or as otherwise set forth on Schedule 7.1.(r), none of the Borrower, any other Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement  with any Affiliate.

(s)    Intellectual Property.  Each of the Loan Parties and each other Subsidiary owns or has the right to use, under valid license agreements or otherwise, all patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights,  trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses, without known conflict with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade secret, trade name, copyright, or other proprietary right of any other Person.  All such Intellectual Property is fully protected and/or duly and properly registered, filed or issued in the 
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appropriate office and jurisdictions for such registrations, filing or issuances.  No material claim has been asserted by any Person with respect to the use of any such Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning the validity or effectiveness of any such Intellectual Property.  The use of such Intellectual Property by the Borrower, the other Loan Parties and the other Subsidiaries does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower, any other Loan Party or any other Subsidiary that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(t)    Business.  As of the Agreement Date, the Parent, Borrower, the other Loan Parties and the other Subsidiaries are engaged in the business of the ownership, development and management of retail or reasonably similar Property, together with other business activities incidental thereto.

(u)    Broker’s Fees.  No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated hereby.  No other similar fees or commissions will be payable by any Loan Party for any other services rendered to the Parent, the Borrower, any other Loan Party or any other Subsidiary ancillary to the transactions contemplated hereby.

(v)    Accuracy and Completeness of Information.  All written information, reports and other papers and data (other than financial projections and other forward looking statements and information of a general economic or industry specific nature) furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any other Loan Party or any other Subsidiary were, at the time the same were so furnished, complete and correct in all material respects, to the extent necessary to give the recipient a true and accurate knowledge of the subject matter, or, in the case of financial statements, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods (subject, as to interim statements, to changes resulting from normal year end audit adjustments and absence of full footnote disclosure).  All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any other Loan Party or any other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be prepared in good faith based on assumptions believed by the Borrower to be reasonable at the time made available.  No fact is known to any Loan Party which has had, or may in the future have (so far as any Loan Party can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 7.1.(j) or in such information, reports or other papers or data or otherwise disclosed in writing to the Administrative Agent and the Lenders.  No document furnished or written statement made to the Administrative Agent or any Lender in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary in order to make the statements contained therein not misleading. As of the Effective Date, all of the information included in the Beneficial Ownership Certification is true and correct.

(w)    Not Plan Assets; No Prohibited Transactions.  None of the assets of the Borrower, any other Loan Party or any other Subsidiary constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.  Assuming that no Lender funds (initially or through participation, assignment, transfer or securitization) any amount payable by it hereunder with “plan assets,” as that term is defined in 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code.
(x)    Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions.  
(i)    None of (i) the Parent, the Borrower, any Subsidiary, any of their respective directors, officers, or, to the knowledge of the Parent, the Borrower or such Subsidiary, any of their respective employees or (ii) to the knowledge of the Parent, the Borrower or such 
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Subsidiary, any agent or representative of the Parent, the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facilities evidenced by this Agreement, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person, or (C) has its assets located in a Sanctioned Country. 
(ii)    Each of the Parent, the Borrower and its Subsidiaries, and to the knowledge of the Parent or the Borrower and each director, officer, and to the knowledge of the Parent, the Borrower, employee, agent of Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all material respects and applicable Sanctions. The Parent has implemented and maintains in effect policies and procedures designed to ensure compliance in all material respects with the Anti-Corruption Laws and applicable Sanctions.
(iii)    No proceeds of any Loan or Letter of Credit have been used, directly or indirectly, by the Parent, the Borrower, any of its Subsidiaries or any of its or their respective directors, officers, employees and agents in violation of Section 8.8.

(y)    Unencumbered Asset Value Properties.  

(i)    Each Property included in calculations of the Unencumbered Asset Value satisfies all of the requirements contained in the definition of “Eligible Property”.

(ii)    At all times at least 100 Eligible Properties are used in the calculation of the Unencumbered Asset Value. 

(iii)    To each Loan Party’s knowledge, the Eligible Properties comply in all material respects with the requirements and regulations of the Americans with Disabilities Act, of July 26, 1990, Pub. L. No. 101-336, 104 Stat. 327, 42 U.S.C. § 12101, et seq.

(z)    Insurance.  The Borrower shall maintain, and shall cause each other Loan Party to maintain, insurance as required pursuant to Section 8.5.

(aa)    REIT Status.  The Parent (i) at all times operates its business in a manner not to prevent it from qualifying for status as a REIT under the Internal Revenue Code and (ii) from and after the date that the Parent’s election to qualify as a REIT under the Internal Revenue Code is effective, the Parent qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the Parent to maintain its status as a REIT.
(bb)    Legal Restrictions on Ability to Borrow.  Neither the Parent nor any Loan Party is subject to any Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party.
(cc)    Security Interests.  Each of the Security Documents creates, as security for the Guaranteed Obligations, a valid and enforceable Lien on all of the Collateral, superior to and prior to the rights of all third Persons and subject to no other Liens, in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties. 
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Section 7.2.    Survival of Representations and Warranties, Etc.
All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date, the date on which any extension of the Revolving Termination Date or the Term Loan Maturity Date is effectuated pursuant to Section 2.14., the date on which any increase of the Revolving Commitments is effectuated pursuant to Section 2.17. and at and as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date).  All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit.

ARTICLE VIII.  AFFIRMATIVE COVENANTS

For so long as this Agreement is in effect, the Borrower shall comply with the following covenants:

Section 8.1.    Preservation of Existence and Similar Matters.

Except as otherwise contemplated under Section 8.15., with respect to EBA EverSTAR Management, LLC, and permitted under Section 10.4., the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (a) preserve and maintain its respective existence in the jurisdiction of its incorporation or formation, (b) preserve and maintain its respective rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and (c) qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization except in the case of clauses (a) (solely with respect to Subsidiaries that are not Loan Parties), (b) and (c), to the extent that the failure to be so authorized and qualified could not reasonably be expected to have a Material Adverse Effect.

Section 8.2.    Compliance with Applicable Law.

The Parent and the Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Parent and the Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Applicable Law, including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Parent and the Borrower shall maintain in effect and enforce policies and procedures designed to ensure compliance with the Anti-Corruption Laws and applicable Sanctions in all material respects by the Parent, the Borrower, their Subsidiaries, their respective directors, officers, employees, Affiliates and agents and representatives of the Parent, the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from this Agreement.
Section 8.3.    Maintenance of Property.
In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (a) protect and preserve in all material respects all of its respective material properties, including, but not limited to, all Intellectual Property necessary to the conduct of its respective business, and in all material respects maintain in good repair, working order and condition all tangible properties, ordinary wear and tear excepted and (b) from time to time make or 
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cause to be made all necessary repairs and replacements to such Properties, so that the business carried on in connection therewith may be properly conducted at all times.
Section 8.4.    Conduct of Business.
The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, carry on its respective businesses as described in Section 7.1.(t).

Section 8.5.    Insurance.

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain insurance (on a replacement cost basis) with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by Applicable Law.  The Borrower shall from time to time deliver to the Administrative Agent upon request a detailed list, together with customary certificates of insurance describing the policies then in effect.  

Section 8.6.    Payment of Taxes and Claims.

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary (and/or applicable tenant with respect to an applicable Property) to, pay and discharge when due and payable (a) all federal, state or other taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien (except for a Permitted Lien) on any properties of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which (x) is being contested in good faith by appropriate proceedings for which adequate reserves have been taken in accordance with GAAP or (y) could not reasonably be expected to have a Material Adverse Effect.

Section 8.7.    Books and Records; Inspections.

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, keep proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities.  The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, permit representatives of the Administrative Agent or any 

Lender to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants (in the presence of an officer of the Borrower if an Event of Default does not then exist), all at such reasonable times during business and, so long as no Default or Event of Default exists, with reasonable prior notice.  The Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their costs and expenses incurred in connection with the exercise of their rights under this Section only if such exercise occurs while a Default or Event of Default exists.  The Borrower hereby authorizes and instructs its accountants to discuss the financial affairs of the Borrower, any other Loan Party or any other Subsidiary with the Administrative Agent, any Issuing Bank or any Lender.
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Section 8.8.    Use of Proceeds.

The Borrower will use the proceeds of Loans only (a) for the payment of pre-development and development costs incurred in connection with Properties owned by the Borrower or any Subsidiary; (b) to finance acquisitions otherwise permitted under this Agreement (other than Hostile Acquisitions); (c) to finance capital expenditures and the repayment of Indebtedness of the Borrower and its Subsidiaries; (d) to make Restricted Payments otherwise permitted under this Agreement; and (e) to provide for the general working capital needs of the Borrower and its Subsidiaries and for other general corporate purposes of the Borrower and its Subsidiaries (including the making of Investments and asset purchases and payment of Restricted Payments, in each case to the extent permitted under this Agreement).  The Borrower shall only use Letters of Credit for the same purposes for which it may use the proceeds of Loans.  The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, use any part of such proceeds to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. The Borrower will not request any Loan or Letter of Credit, and the Borrower shall not use, and shall procure that the Parent and its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C)  in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 8.9.    Environmental Matters.

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, comply with all Environmental Laws the failure with which to comply could reasonably be expected to have a Material Adverse Effect.  The Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws, except for the failure to comply that could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.  The Borrower shall, and shall cause each other Loan Party and each other Subsidiary, to promptly take all actions and pay or arrange to pay all costs necessary for it and for the Properties to comply with all Environmental Laws and all Governmental Approvals, except for the failure to take all actions and pay or arrange that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, take all actions to remove and dispose of all Hazardous Materials and to clean up the Properties to the extent required by Borrower, each other Loan Party or each other Subsidiary under Environmental Laws, except for the failure to take all actions that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.   The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of any Environmental Laws, except in each case for such Liens that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.
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Section 8.10.    Further Assurances.

(a)    At the Borrower’s cost and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly execute and deliver or cause to be duly executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents; provided, however, that, except as may be expressly required pursuant to the terms of any Loan Agreement, neither Borrower nor any other Loan Party shall be obligated to deliver any instrument, document or certificate which expands such Person’s liability or reduces such Person’s rights hereunder. Without limiting the generality of the foregoing, the Borrower will (i) promptly notify the Administrative Agent of (x) the creation or acquisition (including by division) of a Person that becomes a Subsidiary (other than an Excluded Subsidiary) and (y) any Subsidiary that is an Excluded Subsidiary failing to constitute an Excluded Subsidiary, and (ii) at all times prior to the occurrence of the Collateral Release Date, cause all of the issued and outstanding Equity Interests of the Borrower owned directly or indirectly by the Parent and all of the issued and outstanding Equity Interests of each direct and indirect owner of any Eligible Property to be subject to a first priority, perfected Lien in favor of the Administrative Agent to secure the Guaranteed Obligations in accordance with the terms and conditions of the Pledge Agreement and the other Security Documents (or such other pledge and security documents as the Administrative Agent shall reasonably request) and deliver such opinions, documents and certificates in connection therewith as may be reasonably requested by the Administrative Agent.

(b)    If at any time the Collateral Release Requirements are satisfied, the Administrative Agent shall release all of the Liens granted to the Administrative Agent pursuant to the Security Documents on a date the Borrower requests, (such date, the “Collateral Release Date”) if the Administrative Agent receives a certificate of a Responsible Officer of the Borrower that is a financial officer of the Borrower, 10 Business Days prior to the Collateral Release Date, (i) requesting such release and (ii) certifying that (w) the Collateral Release Requirements have been met, (x) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except that, to the extent any representation or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall be true and correct in all respects) on and as of the Collateral Release Date with the same force and effect as if made on and as of such date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except that, to the extent any such representation or warranty is qualified by materiality Material Adverse Effect or similar language, such representation or warranty shall have been true and correct in all respects) on and as of such earlier date), (y) each of the Properties included in the determination of the Collateral Release Requirements are Eligible Properties and (z) no Default or Event of Default shall then be in existence or would occur on the Collateral Release Date, as a result of such release, including, without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 10.1. (as evidenced by a Compliance Certificate showing calculation in reasonable detail of such covenants on a pro forma basis after giving effect to such release). Upon the release of any Liens pursuant to this Section 8.10.(b), the Administrative Agent shall (to the extent applicable) deliver to the Borrower, upon the Borrower’s request and at the Borrower’s sole cost and expense, such documentation as may be reasonably satisfactory to the Administrative Agent and otherwise necessary or advisable to evidence the release of the Liens granted to the Administrative Agent pursuant to the Security Documents.
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Section 8.11.    Compliance with ERISA.
    
In addition to and without limiting the generality of Section 8.2., (a) except where the failure to so comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) comply with applicable provisions of ERISA, the Internal Revenue Code and the regulations and published interpretations thereunder with respect to all Benefit Plans, (ii) not take any action or fail to take action the result of which could reasonably be expected to result in a liability to the PBGC or to a Multiemployer Plan, (iii) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Internal Revenue Code and (iv) operate each Benefit Plan in such a manner that will not incur any tax liability under Section 4980B of the Internal Revenue Code or any liability to any qualified beneficiary as defined in Section 4980B of the Internal Revenue Code and (b) furnish to the Administrative Agent upon the Administrative Agent’s request such additional information about any Employee Benefit Plan as may be reasonably requested by the Administrative Agent.

Section 8.12.    Guarantors.

(a)    Within fifteen (15) Business Days after the date of any Person becoming a Required Guarantor, the Borrower shall deliver to the Administrative Agent each of the following in form and substance reasonably satisfactory to the Administrative Agent: (A)(i) with respect to any owner of the Equity Interests of the Borrower, a joinder or amendment to the Parent Guaranty to unconditionally guaranty the Guaranteed Obligations hereunder in their entirety, and (ii) with respect to any such Subsidiary an Accession Agreement executed by such Required Guarantor, (B) the items that would have been delivered under subsections (vi) through (xiii) of Section 6.1.(a) and under Section 6.1.(f) if such Person had been a Required Guarantor on the Agreement Date and (C) prior to the Collateral Release Date, an executed Pledge Joinder Agreement; provided, however, promptly (and in any event within fifteen (15) Business Days) upon any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an Accession Agreement pursuant to this Section, as the case may be, such Subsidiary shall comply with the applicable provisions of this Section.

(b)    The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall release any Guarantor that is no longer a Required Guarantor, so long as (i) the Borrower shall certify in writing that no Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 10.1. for the periods for which financial statements have been delivered (or were required to be delivered) (as evidenced by a Compliance Certificate showing calculation in reasonable detail of such covenants on a pro forma basis after giving effect to such release); (ii) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such release with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date); (iii) the Administrative Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be reasonably acceptable to the Administrative Agent) prior to the requested date of release; and (iv) at least 100 Properties shall be Eligible Properties included in the calculation of Unencumbered Asset Value after giving effect to such release.  Delivery by the Borrower to the Administrative Agent of any 
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such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request.

(c)    The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall release, a Subsidiary Guarantor from the Pledge Agreement so long as: (i) such Subsidiary Guarantor owns no Eligible Property, nor any direct Equity Interest in any Subsidiary that owns an Eligible Property; (ii) such Subsidiary Guarantor is not otherwise required to be a party to the Pledge Agreement under the immediately preceding subsection (a), (iii) no Default or Event of Default shall then be in existence or would occur as a result of such release, including, without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 10.1. (as evidenced by a Compliance Certificate showing calculation in reasonable detail of such covenants on a pro forma basis after giving effect to such release); (iv) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except that, to the extent any representation or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall be true and correct in all respects) on and as of the date of such release with the same force and effect as if made on and as of such date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except that, to the extent any such representation or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall have been true and correct in all respects) on and as of such earlier date); (v) the Administrative Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release; and (vi) at least 75 Properties shall be Eligible Properties included in the calculation of Unencumbered Asset Value after giving effect to such release.  Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request.

Section 8.13.    Anti-Corruption Laws; Beneficial Ownership Regulation.

The Parent and the Borrower will promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or such Lender, as the case may be, any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation.

Section 8.14.    REIT Status.

The Parent shall operate its business in a manner not to prevent it from qualifying for status as a REIT under the Internal Revenue Code and, from and after the date that the Parent’s election to qualify as a REIT under the Internal Revenue Code is effective, the Parent shall maintain its status as, and election to be treated as, a REIT under the Internal Revenue Code; provided that, the Parent shall elect to be taxed as a REIT under the Internal Revenue Code commencing with its 2019 taxable year.

Section 8.15.    Post-Closing Matters.

The Parent and the Borrower shall, within fifteen (15) Business Days of the Agreement Date (or such longer period as agreed to by the Administrative Agent in its sole discretion), deliver to the Administrative Agent, in each case in form and substance satisfactory to the Administrative Agent:
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(a)    Evidence from the Secretary of State of the State of Delaware of the re-domicile of EBA EverSTAR Management, LLC in the State of Delaware;
(b)    Evidence from the Secretary of State of the State of Delaware of the name-change of EBA EverSTAR Management, LLC to NetSTREIT Management, LLC;
(c)    An opinion letter of Winston & Strawn LLP, counsel to the Borrower and the other Loan Parties, addressed to the Administrative Agent and the Lenders with regards to NetSTREIT Management, LLC; and
(d)    A reaffirmation agreement executed by NetSTREIT Management, LLC, agreeing among other things, to reaffirm its obligations under the Loan Documents to which it is party. 
ARTICLE IX.  INFORMATION
For so long as this Agreement is in effect, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders:
Section 9.1.    Quarterly Financial Statements.
No later than (a) 60 days after the end of the fiscal quarters of the Parent ending March 31, 2020 and June 30, 2020 and (b) 45 days after the end of each of the first, second and third fiscal quarters of the Parent, commencing with the fiscal quarter ending September 30, 2020, the unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such period and the related unaudited consolidated income statements and statements of operations, stockholders’ equity and cash flows of the Parent and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous fiscal year, all of which shall be certified by the Responsible Officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Parent and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments).

Section 9.2.    Year-End Statements.

No later than 90 days after the end of each fiscal year of the Parent, commencing with the fiscal year ending December 31, 2019 the audited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such fiscal year and the related audited consolidated income statement and statements of operations, stockholders’ equity and cash flows of the Parent and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be (a) certified by the chief executive officer or chief financial officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the financial position of the Parent and its Subsidiaries as at the date thereof and the result of operations for such period and (b) accompanied by the report thereon of KPMG LLP or any other independent certified public accountants of recognized national standing, whose report shall be  prepared in accordance with GAAP and shall not be subject to (i) any “going concern” or like qualification or exception or (ii) any qualification or exception as to the scope of such audit.

Section 9.3.    Compliance Certificate; Statement of Funds from Operations; Unencumbered Asset Value.

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At the time the financial statements are furnished pursuant to Sections 9.1. and 9.2., (a) a certificate substantially in the form of Exhibit L (a “Compliance Certificate”) executed on behalf of the Borrower by the chief financial officer of the Borrower (i) setting forth in reasonable detail as of the end of such fiscal quarter or fiscal year, as the case may be, the calculations required to establish whether the Borrower was in compliance with the covenants contained in Section 10.1; and (ii) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Borrower with respect to such event, condition or failure; (b) a statement of Funds From Operations for such fiscal quarter or fiscal year; and (c) a report of all Eligible Properties included in the calculation of Unencumbered Asset Value and all newly acquired Properties, including their Net Operating Income, cost and mortgage debt, if any.
Section 9.4.    Other Information.
(a)    Promptly upon receipt thereof, copies of all quarterly board presentations, redacted as appropriate to the extent of the information therein that is (x) prohibited from disclosure to the Administrative Agent or the Lenders, (y) contains confidential, sensitive or proprietary information (including information or discussion of financing options, strategy, acquisitions or dispositions) or (z) is subject to attorney-client privilege (which privilege is not created solely for the purpose of establishing an exception under this clause (z));
(b)    Within five (5) Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless requested by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which any Loan Party or any other Subsidiary shall file with the SEC or any national securities exchange;

(c)    Promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any Subsidiary or any other Loan Party;

(d)    No later than 45 days after the end of each fiscal year of the Borrower ending prior to the latest Facility Termination Date, projected balance sheets, operating statements, profit and loss projections and cash flow budgets of the Parent and its Subsidiaries on a consolidated basis for each quarter of the then current fiscal year, all itemized in reasonable detail, including in the case of the cash flow budgets, excess operating cash flow, availability under this Agreement, unused availability under committed development loans, unfunded committed equity and any other committed sources of funds, as well as, cash obligations for acquisitions, unfunded development costs, capital expenditures, debt service, overhead, dividends, maturing Property loans, hedge settlements and other anticipated uses of cash.  The foregoing shall be accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Section 10.1. at the end of each fiscal quarter of such fiscal year;

(e)    If any ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of the Borrower setting forth details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes to take;

(f)    To the extent any Senior Officer of any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating to, or affecting, any Loan Party or any other Subsidiary or 
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any of their respective properties, assets or businesses which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;
(g)    Prompt notice of any change in the Chief Executive Officer, Chief Financial Officer, or any other officer acting in an equivalent capacity of the Parent;
(h)    Prompt notice upon any Senior Officer of the Borrower or any Loan Party obtaining knowledge of the occurrence of any Default or Event of Default;

(i)    Prompt notice of any order, judgment or decree in excess of $5,000,000 having been entered against any Loan Party or any other Subsidiary or any of their respective properties or assets;

(j)    Prompt notice of a Material Acquisition or the acquisition, incorporation or other creation of any Material Subsidiary, and whether such Subsidiary is a Wholly Owned Subsidiary of the Borrower;

(k)    Promptly upon the request of the Administrative Agent, evidence of the Borrower’s calculation of the Ownership Share with respect to a Subsidiary or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent;

(l)    Promptly, upon each request, such information and documentation as a Lender may request in order to comply with applicable “know your customer” requirements, Anti-Money Laundering Laws, including without limitation, the Patriot Act, and the Beneficial Ownership Regulation;

(m)    Promptly, and in any event within five (5) Business Days after any Senior Officer of the Borrower, any Loan Party or any Subsidiary obtains knowledge of, written notice of the occurrence of any of the following: (i) the Borrower, any Loan Party or any other Subsidiary shall receive written notice of any violation of or noncompliance by Borrower, any Loan Party or any other Subsidiary with any Environmental Law; (ii) the Borrower, any Loan Party or any other Subsidiary shall receive written notice that any administrative or judicial complaint, order or petition has been filed or other proceeding has been initiated, or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such Person to take any response action in connection with the release or threatened release of Hazardous Materials; or (iii) the Borrower, any Loan Party or any other Subsidiary shall receive any written notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible for any costs associated with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby; or (iv) the Borrower, any Loan Party or any other Subsidiary shall receive notice of any other fact, circumstance or condition that could reasonably be expected to form the basis of an Environmental Claim, and the matters covered by notices referred to in any of the immediately preceding clauses (i) through (iv), whether individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect;

(n)    To the extent any Senior Officer of the Parent, any Loan Party or any other Subsidiary is aware of the same, prompt notice of any matter that has had, or which could reasonably be expected to have, a Material Adverse Effect; and

(o)    From time to time and promptly upon each request and to the extent available to the Borrower or otherwise prepared by the Borrower in the ordinary course of business, such data, certificates, reports, statements, opinions of counsel, documents or further information regarding any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Parent, any of its Subsidiaries, or any other Loan Party as the Administrative Agent may reasonably request.
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Section 9.5.    Electronic Delivery of Certain Information.
(a)    Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or any Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications.  Documents or notices delivered electronically shall be deemed to have been delivered 24 hours after the date and time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 11:00 a.m. Central time on the opening of business on the next business day for the recipient.  Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender.  The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery.  Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

(b)    Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.

Section 9.6.    Public/Private Information.

The Borrower and the Parent shall cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Borrower or the Parent.  Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower or the Parent to the Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article and the Borrower and the Parent shall designate Information Materials (a) that are either available to the public or not material with respect to the Borrower and its Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are not “Public Information” as “Private Information”.  Absent written notice from the Borrower or the Parent to the contrary, the Borrower and the Parent hereby designate all Information Materials included in the public filings made by the Parent or the Borrower with the Securities and Exchange Commission as “Public Information” and all other Information Materials as “Private Information.”

Section 9.7.    USA Patriot Act Notice; Compliance.

The Patriot Act and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution.  Consequently, a Lender (for itself and/or as agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties to, provide promptly upon any such request to such Lender, such Loan Party’s name, address, tax identification number and/or such other identification information as shall be necessary for 
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such Lender to comply with federal law.  An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product.
ARTICLE X.  NEGATIVE COVENANTS
For so long as this Agreement is in effect, the Borrower (and, in the case of Section 10.1, the Parent) shall comply with the following covenants.  

Section 10.1.    Financial Covenants.

All references to the Parent, for purposes of the financial covenants in this Section 10.1, shall mean the Parent and its Subsidiaries on a consolidated basis.

(a)    Ratio of Total Indebtedness to Total Asset Value.  The Parent shall not permit the ratio of (i) Total Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value of the Parent and its Subsidiaries (the “Total Leverage Ratio”) to exceed (1) 0.65 to 1.00 at any time during the Initial Measurement Period and (2) 0.60 to 1.00 at any time thereafter; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then the Parent shall be deemed to be in compliance with this Section 10.1(a) so long as (i) the Parent, the Borrower or any of the Subsidiaries of the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place and during the three subsequent fiscal quarters thereafter, (ii) the Parent has maintained compliance with this Section 10.1(a) in reliance on this proviso not more than two times (inclusive of the then current reliance on this proviso) during the term of this Agreement, and (iii) such ratio (after giving effect to such Material Acquisition) is not greater than 0.65 to 1.00 at any time.

(b)    Ratio of EBITDA to Fixed Charges.  The Parent shall not permit the ratio of (i) Adjusted EBITDA of the Parent and its Subsidiaries for the period of four consecutive fiscal quarters most recently ending to (ii) Fixed Charges of the Parent and its Subsidiaries for such period to be less than 1.50 to 1.00 as of the last day of such period.

(c)    Ratio of Secured Indebtedness to Total Asset Value.  The Parent shall not permit the ratio of (i) Secured Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value of the Parent and its Subsidiaries to exceed 0.40 to 1.00 at any time.

(d)    Ratio of Certain Recourse Indebtedness to Total Asset Value.  The Parent shall not permit the ratio of (i) Recourse Indebtedness constituting Secured Indebtedness (exclusive of the Obligations under the Loan Documents) of the Parent and its Subsidiaries to (ii) Total Asset Value of the Parent and its Subsidiaries to exceed 0.10 to 1.00 at any time.

(e)    Ratio of Unsecured Indebtedness to Unencumbered Asset Value.  The Parent shall not permit the ratio of (i) Unsecured Indebtedness of the Parent and its Subsidiaries to (ii) Unencumbered Asset Value of the Parent and its Subsidiaries to exceed (1) 0.65 to 1.00 at any time during the Initial Measurement Period and (2) 0.60 to 1.00 at any time thereafter; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then the Parent shall be deemed to be in compliance with this Section 10.1(e) so long as (i) the Parent, the Borrower or any of the Subsidiaries of the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place and during the three subsequent fiscal quarters thereafter, (ii) the Parent has maintained compliance with this Section 10.1(e) in reliance on this proviso not more than two times 
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(inclusive of the then current reliance on this proviso) during the term of this Agreement, and (iii) such ratio (after giving effect to such Material Acquisition) is not greater than 0.65 to 1.00 at any time.

(f)    Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense.  The Parent shall not permit the ratio of (i) Unencumbered Adjusted NOI of the Parent and its Subsidiaries for the period of four consecutive fiscal quarters most recently ending to (ii) Unsecured Interest Expense of the Parent and its Subsidiaries for such period to be less than 1.75 to 1.00 at any time.

(g)    Minimum Tangible Net Worth. The Parent and the Borrower shall not permit Tangible Net Worth at any time to be less than (i) $731,508,263 plus (ii) 75% of the Net Proceeds of all Equity Issuances effected at any time after the Agreement by the Parent, the Borrower or any of the Subsidiaries of the Parent to any Person other than the Parent, the Borrower or any of the Subsidiaries of the Parent.

(h)    Aggregate Occupancy Rates.  The Parent shall not permit the weighted average aggregate Occupancy Rate (weighted on the basis of aggregate square footage) of all Eligible Properties to be less than or equal to 90% at any time.

(i)    Total Assets of Non-Wholly Owned Subsidiaries.  The Parent shall not permit the portion of Adjusted Total Asset Value determined with respect to the Borrower and the Guarantors to be less than 90% of Adjusted Total Asset Value at any time.

(j)    Dividends and Other Restricted Payments.  The Parent shall not, and shall not permit any of its Subsidiaries to, declare or make any Restricted Payment, except that:

(i)    the Borrower may (A) make payments on account of redemption or repurchase of partnership interests in the Borrower in accordance with the partnership agreement of the Borrower, or (B) pay cash dividends to the Parent and the other holders of partnership interests in the Borrower, and the Parent may so distribute such cash dividends to its shareholders, in the case of clause (A) or clause (B), so long as no Default or Event of Default exists or would result therefrom and so long as the Parent shall be in pro forma compliance with the other covenants set forth in this Section 10.1 for the periods for which financial statements have been delivered (or were required to be delivered) immediately after giving effect thereto;

(ii)    both (A) the Borrower may pay cash dividends to the Parent and other holders of partnership interests in the Borrower with respect to any fiscal year ending during the term of this Agreement to the extent necessary for the Parent to distribute, and the Parent may so distribute, cash dividends to its shareholders in an aggregate amount not to exceed the greater of (x) the amount required to be distributed for the Parent to remain in compliance with Section 8.14 and (y) the amount necessary for the Parent to avoid income or excise tax under the Internal Revenue Code; and (B) Subsidiaries may pay Restricted Payments to the Borrower or any other Subsidiary of the Borrower and the Borrower or any other Subsidiary of the Parent may pay Restricted Payments to the Parent. 

Notwithstanding the foregoing sentence, in the event that a Default or Event of Default under Sections 11.1(a), (e) or (f) exists or would exist after giving effect to such Restricted Payment, or the Obligations have been accelerated in accordance with the terms of this Agreement, then the Parent shall not, nor shall it permit any Subsidiary to make any Restricted Payments to any Person other than to the Borrower or any Subsidiary that is a Guarantor.

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Section 10.2.    Negative Pledge.

The Borrower shall not, and shall not permit any other Loan Party or Subsidiary to, (a) create, assume, incur, permit or suffer to exist any Lien on any Eligible Property or any direct or indirect Equity Interest of the Borrower in any Person owning any Eligible Property, now owned or hereafter acquired, except for Permitted Liens or (b) permit any Eligible Property or any direct or indirect ownership interest of the Borrower or in any Person owning an Eligible Property, to be subject to a Negative Pledge.
Section 10.3.    Restrictions on Intercompany Transfers.
The Borrower shall not, and shall not permit any other Loan Party to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Loan Party to:  (a) pay dividends or make any other distribution on any of such Loan Party’s Equity Interests owned by the Borrower or any Loan Party; (b) pay any Indebtedness owed to the Borrower or any Loan Party; (c) make loans or advances to the Borrower or any Loan Party; or (d) transfer any of its property or assets to the Borrower or any Loan Party; other than (i) with respect to clauses (a) through (d) those encumbrances or restrictions contained in  any Loan Document and (ii) with respect to clause (d), customary provisions restricting assignment of any agreement entered into by the Borrower or any other Loan Party in the ordinary course of business.
Section 10.4.    Merger, Consolidation, Sales of Assets and Other Arrangements.
The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, (a) enter into any transaction of merger or consolidation (which, in the case of any acquisition as a result of a merger or consolidation, has a value equal to or greater than a Substantial Amount); (b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); (c) convey, sell, lease, sublease, transfer or otherwise dispose of in one transaction or a series of transactions, all or any substantial part of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; or (d) acquire the assets of, or make an Investment in, any other Person in an amount in excess of a Substantial Amount; provided, however, that:
(i)    any Subsidiary may merge with a Loan Party so long as such Loan Party is the survivor;

(ii)    any Subsidiary may sell, transfer or dispose of its assets to a Loan Party;

(iii)    a Loan Party (other than the Borrower or any Eligible Property Subsidiary) and any Subsidiary that is not (and is not required to be) a Loan Party may convey, sell, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, and immediately thereafter liquidate, provided that immediately prior to any such conveyance, sale, transfer, disposition or liquidation and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence;

(iv)    any Loan Party and any other Subsidiary may, directly or indirectly, (A) acquire (whether by purchase, acquisition of Equity Interests of a Person, or as a result of a merger or consolidation) a Substantial Amount of the assets of, or make an Investment of a Substantial Amount in, any other Person and (B) sell, lease or otherwise transfer, whether by one or a series of transactions, a Substantial Amount of assets (including capital stock or other securities of Subsidiaries) to any other Person, so long as, in each case, (1) the Borrower shall have given the Administrative Agent and the Lenders at least 30 days’ prior written notice of such consolidation, merger, acquisition, Investment, sale, lease or other transfer; (2) immediately prior thereto, and 
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immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, including, without limitation, a Default or Event of Default resulting from a breach of Section 10.1. for the periods for which financial statements have been delivered (or were required to be delivered); (3) in the case of a consolidation or merger involving the Borrower or an Eligible Property Subsidiary, the Borrower or such Loan Party shall be the survivor thereof and (4) at the time the Borrower gives notice pursuant to clause (1) of this subsection, the Borrower shall have delivered to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by the Loan Parties with the terms and conditions of this Agreement and the other Loan Documents, including without limitation, the financial covenants contained in Section 10.1. for the periods for which financial statements have been delivered (or were required to be delivered), after giving effect to such consolidation, merger, acquisition, Investment, sale, lease or other transfer; and
(v)    the Borrower, the other Loan Parties and the other Subsidiaries may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business.
Further, no Loan Party shall enter into any sale-leaseback transactions or other transaction by which such Person shall remain liable as lessee (or the economic equivalent thereof) of any real or personal property that it has sold or leased to another Person.

Section 10.5.    Plans.

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.  The Borrower shall not cause or permit to occur, and shall not permit any other member of the ERISA Group to cause or permit to occur, any ERISA Event if such ERISA Event could reasonably be expected to have a Material Adverse Effect.

Section 10.6.    Fiscal Year.

The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, change its fiscal year from that in effect as of the Agreement Date.

Section 10.7.    Modifications of Organizational Documents.

The Borrower shall not, and shall not permit any other Loan Party (except as contemplated under Section 8.15., with respect to EBA EverSTAR Management, LLC) or any other Subsidiary to, amend, supplement, restate or otherwise modify or waive the application of any provision of its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document if such amendment, supplement, restatement or other modification (a) is adverse to the interest of the Administrative Agent, the Issuing Banks or the Lenders or (b) could reasonably be expected to have a Material Adverse Effect.  

Section 10.8.    Subordinated Debt Prepayments; Amendments.

The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, prepay any principal of, or accrued interest on, any Subordinated Debt or otherwise make any voluntary or 
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optional payment with respect to any principal of, or accrued interest on, any Subordinated Debt prior to the originally scheduled maturity or due date thereof or otherwise redeem or acquire for value any Subordinated Debt prior to its maturity.  Further, the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, amend or modify, or permit the amendment or modification of, any agreement or instrument evidencing any Subordinated Debt where such amendment or modification provides for the following or which has any of the following effects:
(a)    amends any financial or other covenant contained in any document or instrument evidencing any Subordinated Debt in a manner which is more onerous to the Borrower or such Subsidiary or which requires the Borrower or such Subsidiary to improve its financial performance; or
(b)    if immediately prior to or after giving effect thereto a Default or Event of Default is or would be in existence: 
(i)    increases the rate of interest accruing on such Subordinated Debt;
(ii)    increases the amount of any scheduled installment of principal or interest, or shortens the date on which any such installment or principal or interest becomes due;
(iii)    shortens the final maturity date of such Subordinated Debt;
(iv)    increases the principal amount of such Subordinated Debt;
(v)    provides for the payment of additional fees or the increase in existing fees; and/or
(vi)    otherwise could reasonably be expected to be adverse to the interests of the Administrative Agent or the Lenders.
Section 10.9.    Transactions with Affiliates.

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit to exist or enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) as set forth on Schedule 7.1.(r), (b) transactions among the Borrower, other Loan Parties and Wholly Owned Subsidiaries or (c) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower, such other Loan Party or such other Subsidiary and upon fair and reasonable terms which are no less favorable to the Borrower, such other Loan Party or such other Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate.  Notwithstanding the foregoing, no payments may be made with respect to any items set forth on such Schedule 7.1.(r) if a Default or Event of Default exists or would result therefrom.

Section 10.10.    Environmental Matters.

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary, and shall use commercially reasonable efforts not to permit any other Person, to use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties in violation of any Environmental Law or in a manner that could reasonably be expected to lead to any Environmental Claim, except whether individually or in the aggregate, as could not reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.
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Section 10.11.    Derivatives Contracts.
The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, enter into or become obligated in respect of Derivatives Contracts other than (i) Derivatives Contracts entered into by the Borrower, any such Loan Party or any such Subsidiary in the ordinary course of business and which establish an effective hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the Borrower, such other Loan Party or such other Subsidiary and (ii) any agreement, commitment or arrangement for the sale of Equity Interests issued by the Parent at a future date that could be discharged solely by (x) delivery of the Parent’s Equity Interests (other than Mandatorily Redeemable Stock), or, (y) solely at the Parent’s option made at any time, payment of the net cash value of such Equity Interests at the time, irrespective of the form or duration of such agreement, commitment or arrangement.
ARTICLE XI.  DEFAULT
Section 11.1.    Events of Default.
Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority:

(a)    Default in Payment.  (x) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of any of the Loans or any Reimbursement Obligation, or shall fail to pay interest or any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document due on the Revolving Termination Date or the Term Loan Maturity Date, or any other Loan Party shall fail to pay when due any payment obligation owing by such Loan Party under any Loan Document to which it is a party due on the Revolving Termination Date or the Term Loan Maturity Date, or (y) the Borrower or any other Loan Party shall fail to pay within three (3) Business Days of when due interest or any of the other payment Obligations owing by the Borrower or any other Loan Party under this Agreement or any other Loan Document and not covered by the preceding clause (x).

(b)    Default in Performance.

(i)    Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Article IV, Section 8.1 (with respect to the existence of any Loan Party), Section 8.8, Section 8.12., Section 8.14., Section 8.15., Section 9.4(h) or Article X.; or

(ii)    Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Sections 9.1., 9.2. or 9.3. and in the case of this subsection (b)(ii) only, such failure shall continue for a period of five (5) days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent or the Requisite Lenders; or

(iii)    Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(iii) only, such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure 
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or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent or the Requisite Lenders.

(c)    Material Misrepresentations.  Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, any Loan Party to the Administrative Agent, any Issuing Bank or any Lender, shall at any time prove to have been incorrect or misleading in any material respect when furnished or made or deemed made.  

(d)    Indebtedness Cross-Default.

(i)    The Borrower, any other Loan Party or any other Subsidiary shall fail to make any payment when due and payable in respect of (x) any Recourse Indebtedness (other than the Loans and Reimbursement Obligations or Indebtedness of Unconsolidated Affiliates) having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, having, without regard to the effect of any close-out netting provision, a Derivatives Termination Value), in each case individually or in the aggregate with all other such Indebtedness as to which such a failure exists, of $25,000,000 or more or (y) any Nonrecourse Indebtedness (other than Indebtedness of Unconsolidated Affiliates) having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, having, without regard to the effect of any close-out netting provision, a Derivatives Termination Value), in each case individually or in the aggregate with all other such Indebtedness as to which such a failure exists, of $25,000,000 or more (clause (x) and clause (y) collectively, “Material Indebtedness”); or

(ii)    (x) The maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid, repurchased, redeemed or defeased prior to the stated maturity thereof; or

(iii)    Any other event shall have occurred and be continuing which, with or without the passage of time, the giving of notice, or otherwise, would permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid, repurchased, redeemed or defeased prior to its stated maturity; or

(iv)    There occurs an “Event of Default” under and as defined in any Derivatives Contract as to which the Borrower, any Loan Party or any other Subsidiary is a “Defaulting Party” (as defined therein), or there occurs an “Early Termination Date” (as defined therein) in respect of any Specified Derivatives Contract as a result of a “Termination Event” (as defined therein) as to which the Parent, the Borrower or any of its Subsidiaries is an “Affected Party” (as defined therein), in each case, arising from a default in payment of amounts individually or in the aggregate with all other such defaulted payments, of $10,000,000 or more.

(e)    Voluntary Bankruptcy Proceeding.  (A) The Borrower, any other Loan Party or any other Eligible Property Subsidiary or other Material Subsidiary shall:  (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such 
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bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection (f); (iv) 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; (v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the foregoing; or (B) the Borrower or any other Loan Party shall generally not pay its debts as such debts become due.

(f)    Involuntary Bankruptcy Proceeding.  A case or other proceeding shall be commenced against the Borrower, any other Loan Party or any other Eligible Property Subsidiary or Material Subsidiary in any court of competent jurisdiction seeking:  (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of 30 consecutive days, or an order granting the remedy or other relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered.

(g)    Revocation of Loan Documents.  Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or any Loan Document shall cease to be in full force and effect (except as a result of the express terms thereof).

(h)    Judgment.  A judgment or order for the payment of money or for an injunction or other non-monetary relief shall be entered against the Borrower, any other Loan Party, or any other Subsidiary by any court or other tribunal and either (i) (x) such judgment or order shall continue for a period of 60 days without being paid, stayed or dismissed through appropriate appellate proceedings or (y) enforcement proceedings shall have been commenced by any creditor on any such judgment and (ii) either (A) the amount of such judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such judgments or orders entered against the Borrower, any other Loan Party or any other Subsidiary, $25,000,000 or (B) in the case of an injunction or other non-monetary relief, such injunction or judgment or order could reasonably be expected to have a Material Adverse 
Effect.

(i)    Attachment.  A warrant, writ of attachment, execution or similar process shall be issued against any property of the Borrower, any other Loan Party or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes, $25,000,000 in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of twenty (20) days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of the Borrower, any other Loan Party or any other Subsidiary.

(j)    ERISA.

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(i)    Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of the ERISA Group aggregating in excess of $25,000,000; or
(ii)    The “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than $25,000,000, all as determined, and with such terms defined, in accordance with GAAP.
(k)    [Reserved].
(l)    Change of Control/Change in Management.
(i)    Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than twenty five percent (25%) of the total voting power of the then outstanding voting stock of the Parent entitled to vote for the election of directors;
(ii)    During any period of 12 consecutive months, individuals who at the beginning of any such 12-month period constituted the Board of Directors (or equivalent body) of the Parent (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of the Parent was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board of Directors (or equivalent body) of the Parent; or
(iii)    the Parent shall cease to own and control, directly or indirectly, more than 85% of the outstanding Equity Interests of the Borrower, free and clear of any Liens (other than in favor of the Administrative Agent); or any Person or group shall own, directly or indirectly, an equal or greater percentage of the outstanding Equity Interests of the Borrower than the percentage held by the Parent; or the acquisition of direct or indirect Control of the Borrower by any Person or group other than the Parent; or 
(iv)    (A) General Partner shall cease to be a Wholly Owned Subsidiary of the Parent, (B) the Parent, General Partner or a Wholly-Owned Subsidiary of the Parent cease to have the sole and exclusive power to exercise all management and control over the Borrower or (B) the Parent, General Partner or a Wholly-Owned Subsidiary of the Parent shall cease to be the sole general partner of the Borrower; or

(v)    the Borrower shall cease to own and control, directly or indirectly, 100% of the outstanding Equity Interests of each Eligible Property Subsidiary and each other Subsidiary Guarantor (other than Subsidiary Guarantors under clause (vii) of the definition of “Required Guarantor”), in each case free and clear of any liens (other than in favor of the Administrative Agent).

(m)    Subordinated Debt Documents.  The failure of any Loan Party to comply with the terms of any intercreditor agreement or any subordination provisions of any note or other document in respect of any Subordinated Debt and running to the benefit of the Administrative Agent or Lenders, or any such document becomes null and void or unenforceable against any holder of such Subordinated Debt or any such holder shall (or shall attempt to) disavow, revoke or terminate any such document or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any such document.

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(n)    Security Documents.  Prior to the Collateral Release Date, any provision of any Security Document shall for any reason cease to be valid and binding on or enforceable against any Loan Party, or any Lien created under any Security Document ceases to be a valid and perfected first priority Lien in any of the Collateral purported to be covered thereby.

Section 11.2.    Remedies Upon Event of Default.

Upon the occurrence and until the waiver thereof in accordance with the terms of this Agreement of an Event of Default the following provisions shall apply:

(a)    Acceleration; Termination of Facilities.

(i)    Automatic.  Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f) with respect to the Borrower or the Parent, (1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to 103% of the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties, and (2) the Commitments and the Swingline Commitment and the obligation of any Issuing Bank to issue Letters of Credit hereunder, shall all immediately and automatically terminate.

(ii)    Optional.  If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall:  (1) declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to 103% of the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties, and (2) terminate the Commitments and the Swingline Commitment and the obligation of the Issuing Banks to issue Letters of Credit hereunder.

(b)    Loan Documents.  The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise any and all of its rights under any and all of the other Loan Documents.

(c)    Applicable Law.  The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law.

(d)    Appointment of Receiver.  To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower or any other Loan Party, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its 
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payment, to take possession of all or any portion of the property and/or the business operations of the Borrower or any other Loan Party and to exercise such power as the court shall confer upon such receiver.

(e)    Remedies in Respect of Specified Derivatives Contracts and Specified Cash Management Agreements.  Notwithstanding any other provision of this Agreement or other Loan Document, each Specified Derivatives Provider and Specified Cash Management Bank shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent, the Issuing Banks or the Lenders, and without limitation of other remedies available to such Specified Derivatives Provider or Specified Cash Management Bank, as applicable, under contract or Applicable Law, to undertake any of the following:  (a) in the case of a Specified Derivatives Provider, to declare an event of default, termination event or other similar event under any Specified Derivatives Contract and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) in the case of a Specified Derivatives Provider, to determine net termination amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off amounts among such contracts, (c) in the case of a Specified Derivatives Provider, to set off or proceed against deposit account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider and (d) to prosecute any legal action against the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider or Specified Cash Management Bank, as applicable, pursuant to any Specified Derivatives Contract or Specified Cash Management Agreement, as applicable.

Section 11.3.    Remedies Upon Default.

Upon the occurrence of a Default specified in either Section 11.1.(e) or Section 11.1.(f), the Commitments, the Swingline Commitment and the obligation of the Issuing Banks to issue Letters of Credit shall immediately and automatically terminate.

Section 11.4.    Marshaling; Payments Set Aside.

No Lender Party shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of any or all of the Guaranteed Obligations.  To the extent that any Loan Party makes a payment or payments to a Lender Party, or a Lender Party enforces its security interest or exercises its right of setoff, and such payment or payments or the proceeds of such enforcement or setoff 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 bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Guaranteed Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Section 11.5.    Allocation of Proceeds.

If an Event of Default exists, all payments received by the Administrative Agent (or any Lender as a result of its exercise of remedies permitted under Section 13.3.) under any of the Loan Documents in respect of any Guaranteed Obligations shall be applied in the following order and priority:

(a)    to payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such, each Issuing Bank in its capacity as such and the Swingline Lender in its capacity as such, ratably 
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among the Administrative Agent, the Issuing Banks and Swingline Lender in proportion to the respective amounts described in this clause (a) payable to them;
(b)    to payment of that portion of the Guaranteed Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause (b) payable to them;
(c)    to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Swingline Loans;
(d)    to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Loans and Reimbursement Obligations, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause (d) payable to them;
(e)    to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Swingline Loans;

(f)    to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, Reimbursement Obligations, other Letter of Credit Liabilities and payment obligations then owing under Specified Derivatives Contracts and Specified Cash Management Agreements, ratably among the Lenders, the Issuing Banks, the Specified Derivatives Providers and the Specified Cash Management Banks in proportion to the respective amounts described in this clause (f) payable to them; provided, however, to the extent that any amounts available for distribution pursuant to this clause are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the Administrative Agent for deposit into the Letter of Credit Collateral Account; and

(g)    the balance, if any, after all of the Guaranteed Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Applicable Law.

Notwithstanding the foregoing, Guaranteed Obligations arising under Specified Cash Management Agreements and Specified Derivatives Contracts shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Specified Cash Management Bank or Specified Derivatives Provider, as the case may be.  Each Specified Cash Management Bank or Specified Derivatives Provider not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XII. for itself and its Affiliates as if a “Lender” party hereto.

Section 11.6.    Letter of Credit Collateral Account.

(a)    As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Administrative Agent, the Issuing Banks and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of Credit Collateral Account and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below).  The balances from time to time in the Letter of Credit Collateral Account shall not constitute payment of any Letter of Credit Liabilities until applied by the applicable Issuing Bank as provided herein.  Anything in this Agreement to the contrary notwithstanding, funds held in the Letter of Credit Collateral Account shall be subject to withdrawal only as provided in this Section.
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(b)    Amounts on deposit in the Letter of Credit Collateral Account shall be invested and reinvested by the Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its sole discretion.  All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Administrative Agent for the ratable benefit of the Administrative Agent, the Issuing Banks and the Lenders; provided, that all earnings on such investments will be credited to and retained in the Letter of Credit Collateral Account.  The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any funds held in the Letter of Credit Collateral Account.

(c)    If a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders authorize the Administrative Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse the applicable Issuing Bank for the payment made by such Issuing Bank to the beneficiary with respect to such drawing.

(d)    If an Event of Default exists, the Administrative Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such investments and reinvestments and apply the proceeds thereof to the Obligations in accordance with Section 11.5.  Notwithstanding the foregoing, the Administrative Agent shall not be required to liquidate and release any such amounts if such liquidation or release would result in the amount available in the Letter of Credit Collateral Account to be less than the Stated Amount of all Extended Letters of Credit that remain outstanding.

(e)    So long as no Default or Event of Default exists, and to the extent amounts on deposit in or credited to the Letter of Credit Collateral Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative Agent shall, from time to time, at the written request of the Borrower, deliver to the Borrower within ten (10) Business Days after the Administrative Agent’s receipt of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such amount of the credit balances in the Letter of Credit Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at such time. Upon the expiration, termination or cancellation of an Extended Letter of Credit for which the Revolving Lenders reimbursed (or funded participations in) a drawing deemed to have occurred under the fourth sentence of Section 2.4.(b) for deposit into the Letter of Credit Collateral Account but in respect of which the Revolving Lenders have not otherwise received payment for the amount so reimbursed or funded, the Administrative Agent shall promptly remit to the Revolving Lenders the amount so reimbursed or funded for such Extended Letter of Credit that remains in the Letter of Credit Collateral Account, pro rata in accordance with the respective unpaid reimbursements or funded participations of the Lenders in respect of such Extended Letter of Credit, against receipt but without any recourse, warranty or representation whatsoever.  When all of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative Agent shall deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances remaining in the Letter of Credit Collateral Account.

(f)    The Borrower shall pay to the Administrative Agent from time to time such fees as the Administrative Agent normally charges for similar services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments of funds therein.
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Section 11.7.    Rescission of Acceleration by Requisite Lenders.

If at any time after acceleration of the maturity of the Loans and the other Obligations, the Borrower shall pay all arrears of interest and all payments on account of principal of the Obligations which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by Applicable Law, on overdue interest, at the rates specified in this Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations due and payable solely by virtue of acceleration) shall become remedied or waived to the satisfaction of the Requisite Lenders, then by written notice to the Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its consequences.  The provisions of the preceding sentence are intended merely to bind all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give the Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are satisfied.

Section 11.8.    Performance by Administrative Agent.

If the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Administrative Agent may, after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan Party after the expiration of any cure or grace periods set forth herein.  In such event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid.  Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the Borrower under this Agreement or any other Loan Document.

Section 11.9.    Rights Cumulative.

(a)    Generally.  The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders under this Agreement and each of the other Loan Documents, of the Specified Derivatives Providers under the Specified Derivatives Contracts, and of the Specified Cash Management Banks under the Specified Cash Management Agreements, shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law.  In exercising their respective rights and remedies the Administrative Agent, the Issuing Banks, the Lenders, the Specified Derivatives Providers and the Specified Cash Management Banks may be selective and no failure or delay by any such Lender Party in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or right.

(b)    Enforcement by Administrative Agent.  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 in accordance with Article XI. for the benefit of all the Lenders and the Issuing Banks; provided that the foregoing shall not prohibit (i) 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, (ii) any Issuing Bank 

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or the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as an Issuing Bank or Swingline Lender, as the case may be) hereunder or under the other Loan Documents, (iii) any Specified Derivatives Provider or Specified Cash Management Bank from exercising the rights and remedies that inure to its benefit under any Specified Derivatives Contract or Specified Cash Management Agreement, as applicable, (iv) any Lender from exercising setoff rights in accordance with Section 13.3. (subject to the terms of Section 3.3.), or (v) 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 under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (x) the Requisite Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Article XI. and (y) in addition to the matters set forth in clauses (ii), (iv) and (v) of the preceding proviso and subject to Section 3.3., any Lender may, with the consent of the Requisite Lenders, enforce any rights and remedies available to it and as authorized by the Requisite Lenders.

ARTICLE XII.  THE ADMINISTRATIVE AGENT

Section 12.1.    Appointment and Authorization.

Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto.  Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders.  Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders.  Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than those expressly provided for herein.  Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents 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, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.  The Administrative Agent shall deliver or otherwise make available to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Article IX. that the Borrower is not otherwise required to deliver directly to the Lenders.  The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered or otherwise made available to such Lender pursuant to the terms of this Agreement or any such other Loan Document.  As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law.  Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders 
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have directed the Administrative Agent otherwise.  Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders.

Section 12.2.    Administrative Agent as Lender.

The Lender acting as Administrative Agent shall have the same rights and powers as a Lender, a Specified Derivatives Provider or a Specified Cash Management Bank, as the case may be, under this Agreement, any other Loan Document, any Specified Derivatives Contract or any Specified Cash Management Agreement, as the case may be, as any other Lender, Specified Derivatives Provider or any Specified Cash Management Bank and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include the Lender acting as the Administrative Agent in each case in its individual capacity.  Such Lender and its Affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other Affiliate thereof as if it were any other bank and without any duty to account therefor to the Issuing Banks, the other Lenders, any Specified Derivatives Providers or any Specified Cash Management Banks.  Further, the Administrative Agent and any Affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement, any Specified Derivatives Contract or any Specified Cash Management Agreement, or otherwise without having to account for the same to the Issuing Banks, the other Lenders, any Specified Derivatives Providers or any Specified Cash Management Banks.  The Issuing Banks and the Lenders acknowledge that, pursuant to such activities, the Lender acting as the Administrative Agent or its Affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them.

Section 12.3.    Approvals of Lenders.

All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent or approval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, consent or approval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved and (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved.  Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the requested determination, consent or approval (together with a reasonable written explanation of the reasons behind such objection) within ten (10) Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have conclusively approved such requested determination, consent or approval.  The provisions of this Section shall not apply to any amendment, waiver or consent regarding any of the matters described in Section 13.6.(b).

Section 12.4.    Notice of Events of Default.

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The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.”  If any Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”; provided, a Lender’s failure to provide such a “notice of default” to the Administrative Agent shall not result in any liability of such Lender to any other party to any of the Loan Documents.  Further, if the Administrative Agent receives such a “notice of default,” the Administrative Agent shall give prompt notice thereof to the Lenders.
Section 12.5.    Administrative Agent’s Reliance.
Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable judgment.  Without limiting the generality of the foregoing, the Administrative Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts.  Neither the Administrative Agent nor any of its Related Parties:  (a) makes any warranty or representation to any Lender, any Issuing Bank or any other Person, or shall be responsible to any Lender, any Issuing Bank or any other Person for any statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender or any Issuing Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lender Parties in any such collateral; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties.  The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct in the selection of such agent or attorney-in-fact as determined by a court of competent jurisdiction in a final non-appealable judgment. 

Section 12.6.    Indemnification of Administrative Agent.

Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Pro Rata Share (determined as of the time that the applicable unreimbursed expense 

or indemnity payment is sought), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by 
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the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, further, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section.  Without limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its Pro Rata Share (determined as of the time that the applicable reimbursement is sought) of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws.  Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification.  The agreements in this Section shall survive the payment of the Loans and all other Obligations and the termination of this Agreement.  If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment.

Section 12.7.    Lender Credit Decision, Etc.

Each of the Lenders and the Issuing Banks expressly acknowledges and agrees that neither the Administrative Agent nor any of its Related Parties has made any representations or warranties to such Issuing Bank or such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any Issuing Bank or any Lender.  Each of the Lenders and the Issuing Banks acknowledges that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective Related Parties, and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate.  Each of the Lenders and the Issuing Banks also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective Related Parties, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make 

its own decisions in taking or not taking action under the Loan Documents.  The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary.  Except for notices, reports and other documents and information expressly 
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required to be furnished to the Lenders and the Issuing Banks by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender or any Issuing Bank with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its Related Parties.  Each of the Lenders and the Issuing Banks acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender or any Issuing Bank.

Section 12.8.    Successor Administrative Agent.

The Administrative Agent may (a) resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower or (b) be removed as administrative agent by all of the Lenders (other than the Lenders then acting as Administrative Agent) and, provided no Default or Event of Default exists, the Borrower upon 30 days’ prior written notice if the Administrative Agent (i) is found by a court of competent jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful misconduct in the course of performing its duties hereunder or (ii) has become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.  Upon any such resignation or removal, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any of its Affiliates as a successor Administrative Agent).  If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within thirty (30) days after (a) the resigning Administrative Agent’s giving of notice of resignation or (b) the Lenders’ giving of notice of removal, then the resigning or removed Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee (but in no event shall any such successor Administrative Agent be a Defaulting Lender or an Affiliate of a Defaulting Lender); provided that if the Administrative Agent shall notify the Borrower and the Lenders that no Lender has accepted such appointment, then such resignation or removal shall nonetheless become effective in accordance with such applicable notice and (1) the Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made to each Lender and each Issuing Bank directly, until such time as a successor Administrative Agent has been appointed as provided for above in this Section; provided, further that such Lenders and such Issuing Bank so acting directly shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection of the Administrative Agent as if each such Lender or Issuing Bank were itself the Administrative Agent.  Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the resigning or removed Administrative Agent shall be discharged from its duties and obligations under the Loan Documents.  Any resignation by, or removal of, an Administrative Agent shall also constitute the resignation as an Issuing Bank and as the Swingline Lender by the Lender then acting as Administrative Agent (the “Resigning Lender”).  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder (i) the Resigning Lender shall be discharged from all duties and obligations of the Issuing Banks and the Swingline Lender hereunder and under the other Loan Documents and (ii) the successor Issuing Bank shall issue letters of credit in substitution for all Letters of Credit issued by the Resigning Lender as an Issuing Bank outstanding at the time of such succession (which letters of credit issued in substitutions shall be deemed to be Letters of Credit issued hereunder) or make other arrangements 
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satisfactory to the Resigning Lender to effectively assume the obligations of the Resigning Lender with respect to such Letters of Credit.  After any Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article XII. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents.  Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower and each Lender prior written notice.
Section 12.9.    Arrangers and Titled Agents.

The Arrangers, the Syndication Agent and the Co-Documentation Agents, in such capacity, assume no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders.  The titles given to the Arrangers, the Syndication Agent and the Co-Documentation Agents are solely honorific and imply no fiduciary responsibility on the part of any Arranger, the Syndication Agent or any Co-Documentation Agent  to the Administrative Agent, any Lender, any Issuing Bank, the Borrower or any other Loan Party and the use of such titles does not impose on any Arranger, the Syndication Agent or any Co-Documentation Agent any duties or obligations greater than those of any other Lender or entitle any Arranger, the Syndication Agent or any Co-Documentation Agent to any rights other than those to which any other Lender is entitled.

Section 12.10.    Specified Derivatives Contracts and Specified Cash Management Agreements.

No Specified Cash Management Bank or Specified Derivatives Provider that obtains the benefits of Section 11.5. by virtue of the provisions hereof or of any Loan Document 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 or otherwise in respect of any Loan Document other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.  Notwithstanding any other provision of this Article to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Specified Cash Management Agreements and Specified Derivatives Contracts unless the Administrative Agent has received written notice of such Specified Cash Management Agreements and Specified Derivatives Contracts, together with such supporting documentation as the Administrative Agent may request, from the applicable Specified Cash Management Bank or Specified Derivatives Provider, as the case may be.

Section 12.11.    Certain ERISA Matters.

(a)    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers, 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 or the Commitments; 

(ii)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company 
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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) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers, 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 none of the Administrative Agent, the Arrangers nor any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the 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).

Section 12.12.    Release of Guarantors. 

Each of the Lenders hereby authorizes the Administrative Agent to, and the Administrative Agent shall, release the Guarantor from its Guaranty as, if and when required pursuant to the provisions of this Agreement.

Section 12.13.    Collateral Matters.

(a)    Each Lender hereby authorizes the Administrative Agent, without the necessity of any notice to or further consent from any Lender, from time to time prior to an Event of Default, to take any action with respect to any Collateral or any Loan Document which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to any of the Loan Documents.

(b)    The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any Collateral 
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(i) upon termination of the Commitments and indefeasible payment and satisfaction in full of all of the Guaranteed Obligations; (ii) as expressly permitted by, but only in accordance with, the terms of the applicable Loan Document; and (iii) if approved, authorized or ratified in writing by the Requisite Lenders (or such greater number of Lenders as this Agreement or any other Loan Document may expressly provide).  Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release any of the Collateral pursuant to this Section.
(c)    Upon any sale and transfer of any Collateral which is expressly permitted pursuant to the terms of this Agreement, and upon at least five (5) Business Days’ prior written request by the Borrower, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Administrative Agent for its benefit and the benefit of the Lender Parties herein or pursuant hereto upon the Collateral that was sold or transferred; provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty and (ii) such release shall not in any manner discharge, affect or impair the Guaranteed Obligations or any Liens upon (or obligations of the Borrower or any other Loan Party in respect of) all interests retained by the Borrower or any other Loan Party, including, without limitation, the proceeds of such sale or transfer, all of which shall continue to constitute part of the Collateral.  In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral, the Administrative Agent shall be authorized to deduct all of the expenses reasonably incurred by the Administrative Agent from the proceeds of any such sale, transfer or foreclosure.
(d)    The Administrative Agent shall have no obligation whatsoever to any Lender Party or to any other Person to assure that the Collateral exists or is owned by the Borrower, any other Loan Party or any other Subsidiary or is cared for, protected or insured or that the Liens granted to the Administrative Agent herein or pursuant hereto have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available to the Administrative Agent in this Section or in any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto, the Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, and that the Administrative Agent shall have no duty or liability whatsoever to the Lenders, except to the extent determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from its gross negligence or willful misconduct.

(e)    By their acceptance of the benefits of the Security Documents, each Lender that is at any time itself a Specified Derivatives Provider, or having an Affiliate that is a Specified Derivatives Provider, hereby, for itself, and on behalf of any such Affiliate, in its capacity as a Specified Derivatives Provider, irrevocably appoints and authorizes the Administrative Agent as its collateral agent, to take such action as contractual representative on such Specified Derivatives Provider’s behalf and to exercise such powers under the Security Documents as are specifically delegated to the Administrative Agent by the terms of this Section 12.13., and any Security Document, together with such powers as are reasonably incidental thereto; provided, that this subsection (e) shall not affect any of the terms of a Specified Derivatives Contract or restrict a Specified Derivatives Provider from taking any action permitted by a Specified Derivatives Contract.  For the avoidance of doubt, all references in this Section 12.13. to “Lender” or “Lenders” shall be deemed to include each Lender (and Affiliate thereof) in its capacity as a Specified Derivatives Provider.

Section 12.14.    Post-Foreclosure Plans.

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If all or any portion of the Collateral is acquired by the Administrative Agent as a result of a foreclosure or the acceptance of a deed or assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the Guaranteed Obligations, the title to any such Collateral, or any portion thereof, shall be held in the name of the Administrative Agent or a nominee or Subsidiary of the Administrative Agent, as “Administrative Agent”, for the ratable benefit of all Lender Parties.  The Administrative Agent shall prepare a recommended course of action for such Collateral (a “Post-Foreclosure Plan”), which shall be subject to the approval of the Requisite Lenders.  In accordance with the approved Post-Foreclosure Plan, the Administrative Agent shall manage, operate, repair, administer, complete, construct, restore or otherwise deal with the Collateral acquired, and shall administer all transactions relating thereto, including, without limitation, employing a management agent, leasing agent and other agents, contractors and employees, including agents for the sale of such Collateral, and the collecting of rents and other sums from such Collateral and paying the expenses of such Collateral.  Actions taken by the Administrative Agent with respect to the Collateral, which are not specifically provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the written consent of the Requisite Lenders by way of supplement to such Post-Foreclosure Plan.  Upon demand therefor from time to time, each Lender will contribute its share (based on its Pro Rata Share) of all reasonable costs and expenses incurred by the Administrative Agent pursuant to the approved Post-Foreclosure Plan in connection with the construction, operation, management, maintenance, leasing and sale of such Collateral.  In addition, the Administrative Agent shall render or cause to be rendered to each Lender Party, on a monthly basis, an income and expense statement for such Collateral, and each Lender shall promptly contribute its Pro Rata Share of any operating loss for such Collateral, and such other expenses and operating reserves as the Administrative Agent shall deem reasonably necessary pursuant to and in accordance with the approved Post-Foreclosure Plan.  To the extent there is Net Operating Income from such Collateral, the Administrative Agent shall, in accordance with the approved Post-Foreclosure Plan, determine the amount and timing of distributions to the Lender Parties.  All such distributions shall be made to the Lenders in accordance with their respective Pro Rata Shares.  The Lender Parties acknowledge and agree that if title to any Collateral is obtained by the Administrative Agent or its nominee, such Collateral will not be held as a permanent investment but will be liquidated and the proceeds of such liquidation will be distributed in accordance with Section 11.5. as soon as practicable.  The Administrative Agent shall undertake to sell such Collateral, at such price and upon such terms and conditions as the Requisite Lenders reasonably shall determine to be most advantageous to the Lender Parties.  Any purchase money mortgage or deed of trust taken in connection with the disposition of such Collateral in accordance with the immediately preceding sentence shall name the Administrative Agent, as Administrative Agent for the Lenders, as the beneficiary or mortgagee.  In such case, the Administrative Agent and the Lenders shall enter into an agreement with respect to such purchase money mortgage or deed of trust defining the rights of the Lenders in the same Pro Rata Shares as provided hereunder, which agreement shall be in all material respects similar to this Article XII. insofar as the same is appropriate or applicable.

Section 12.15.    Erroneous Payments.

(a)    Each Lender, each Issuing Bank and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or Issuing Bank or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender or Issuing Bank (each such recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent 
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(or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 12.15(a), whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an “Erroneous Payment”), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.
(b)    Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly notify the Administrative Agent in writing of such occurrence.

(c)    In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

(d)    In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment  Impacted Class, the “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency Assignment.  The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of Section 13.5 and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person.
(e)    Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any 
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and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 12.15 or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received.
(f)    Each party’s obligations under this Section 12.15 shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.
(g)    Nothing in this Section 12.15 will constitute a waiver or release of any claim of the Administrative Agent hereunder arising from any Payment Recipient’s receipt of an Erroneous Payment.
ARTICLE XIII.  MISCELLANEOUS
Section 13.1.    Notices.
Unless otherwise provided herein (including without limitation as provided in Section 9.5.), communications provided for hereunder shall be in writing and shall be mailed, emailed, telecopied, or delivered as follows:
If to the Borrower:
NetSTREIT, L.P.
5910 North Central Expressway
Suite 1600
Dallas, Texas 75206

and 

Attention: Kirk Klatt
Telecopy Number: 972-656-6077 
Telephone Number 972-656-6066
Email: kirk.klatt@eba-us.com

If to the Administrative Agent:

Wells Fargo Bank, National Association
REIT Finance Group
550 South Tryon Street, 14th Floor
Charlotte, North Carolina 28202
Attn: Terrance Alewine
Telephone: 704-410-2034
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Email: Terrance.Alewine@wellsfargo.com

Wells Fargo Bank, National Association
REIT Finance Group
550 South Tryon Street, 21st Floor
Charlotte, North Carolina 28202
Attn: Lindsey Hucks
Telephone: 704-410-6810
Email: lindsey.hucks@wellsfargo.com

with a copy to

Wells Fargo Bank, National Association 
REIT Finance Group, Commercial Real Estate
10 South Wacker Drive, 32nd floor
Chicago, IL 60606
Attn: Scott Solis
Telephone: 312-269-4818
Email: scott.s.solis@wellsfargo.com 

If to the Administrative Agent under Article II.:
Wells Fargo Bank, National Association
600 South 4th Street, 9th Floor
Minneapolis, MN 55415
Attn: David DeAngelis
Telecopier: 866-595-7861    
Telephone: 612-667-4773
Email: david.r.deangelis@wellsfargo.com 

If to any other Lender or Issuing Bank:

To such Lender’s address or telecopy number as set forth in the applicable Administrative Questionnaire

or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section; provided, a Lender or any Issuing Bank shall only be required to give notice of any such other address to the Administrative Agent and the Borrower.  All such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the Borrower or the Administrative Agent, the Issuing Banks and Lenders at the addresses specified; (ii) if telecopied, when transmitted; (iii) if hand delivered or sent by overnight 

courier, when delivered; or (iv) if delivered in accordance with Section 9.5. to the extent applicable; provided, however, that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.  Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent, any Issuing Bank or any Lender under Article II. shall be effective only when actually received.  None of the Administrative Agent, any Issuing Bank or any Lender shall incur any liability to any Loan Party (nor shall the Administrative Agent incur any liability to the Issuing Banks or the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent, such Issuing Bank or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder.  Failure of a Person 
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designated to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person. 

Section 13.2.    Expenses.

The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and reasonable travel expenses related to closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent and, if necessary, of local counsel for the Administrative Agent in each relevant jurisdiction and all costs and expenses of the Administrative Agent in connection with the use of a Platform in connection with the Loan Documents and of the Administrative Agent in connection with the review of Properties for inclusion in calculations of the Unencumbered Asset Value and the Administrative Agent’s other activities under Article IV. and the reasonable fees and disbursements of counsel to the Administrative Agent relating to all such activities, (b) to pay or reimburse the Administrative Agent, the Issuing Banks and the Lenders for all their reasonable costs and expenses incurred in connection with the enforcement, attempted enforcement or preservation of any rights or remedies under the Loan Documents (including all such costs and expenses incurred during any “workout” or restructuring in respect of the Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law), including the reasonable fees and disbursements of each of their respective counsel and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents, and (c) to the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel (subject to the same limitations set forth in the proviso to clause (b) above) to the Administrative Agent, any Issuing Bank and any Lender incurred in connection with the representation of the Administrative Agent, such Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 11.1.(e) or 11.1.(f), including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding.  If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be deemed to be Obligations owing hereunder. This Section 13.2 shall not apply to Taxes. 

Section 13.3.    Setoff.

Subject to Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Borrower hereby authorizes the Administrative 

Agent, each Issuing Bank, each Lender, each Affiliate of the Administrative Agent, any Issuing Bank or any Lender, and each Participant, at any time or from time to time while an Event of Default exists, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of any Issuing Bank, a Lender, an Affiliate of any Issuing Bank or a Lender, or a Participant, subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Issuing Bank, such Lender, any Affiliate of the Administrative Agent, such Issuing Bank or such Lender, or such Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have 
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otherwise become, due and payable as permitted by Section 11.2., and although such Obligations shall be contingent or unmatured.  Notwithstanding anything to the contrary in this Section, if 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 3.9. 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 Banks and the Lenders and (y) such 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.

Section 13.4.    Litigation; Jurisdiction; Other Matters; Waivers.

(a)    EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES.  ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, THE ISSUING BANKS AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY COLLATERAL OR ANY LIEN OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.

(b)    THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE ISSUING BANK, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION 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, NON-APPEALABLE JUDGMENT IN ANY SUCH ACTION, LITIGATION 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 THE ISSUING BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE COLLATERAL AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.  EACH PARTY FURTHER WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH 
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ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME.  THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

(c)    EACH OF THE PARENT AND THE BORROWER HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE PARENT OR THE BORROWER AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN.  SHOULD THE PARENT OR THE BORROWER FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THIRTY (30) DAYS AFTER THE MAILING THEREOF, THE PARENT OR THE BORROWER SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS.

(d)    THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT.

Section 13.5.    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 or under any other Loan Document 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 Eligible Assignee in accordance with the provisions of the immediately following subsection (b), (ii) by way of participation in accordance with the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of the immediately following subsection (e) (and, subject to the last sentence of the immediately following subsection (b), 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 the immediately following subsection (d) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b)    Assignments by Lenders.  Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:
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(i)    Minimum Amounts.

(A)    in the case of an assignment of the entire remaining amount of an  assigning Revolving Lender’s Revolving Commitment and/or the Loans at the time owing to it, or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in the immediately following clause (B) in the aggregate, or in the case of an assignment of the entire remaining amount of an assigning Term Loan Lender’s Term Loans at the time owing to it, 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 the immediately preceding subsection (A), the aggregate amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Revolving Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, and the principal outstanding balance of the Term Loan subject to such assignment (in each case, 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 of a Revolving Commitment and $1,000,000 in the case of any assignment in respect of a Term Loan, unless each of the Administrative Agent and, so long as no Default or Event of Default shall exist, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that if, after giving effect to such assignment, the amount of the Commitment held by such assigning Lender or the outstanding principal balance of the Loans of such assigning Lender, as applicable, would be less than $5,000,000 in the case of a Revolving Commitment or Revolving Loans or $1,000,000 in the case of a Term Loan, then such assigning Lender shall assign the entire amount of its Commitment and the Loans at the time owing to it.

(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 Revolving Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations in respect of the Revolving Loans or Revolving Commitments, on the one hand, or the Term Loans, on the other hand, on a non-rata basis.

(iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (b) and, in addition:

(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a Default or Event of Default exists at the time of such assignment or (y) such assignment is (I) to a Revolving Lender or an Affiliate of a Revolving Lender in the case of the Revolving Loans or (II) to a Lender, an Affiliate of a Lender or an Approved Fund in the case of the Term Loan; 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; provided, further, that the Borrower’s consent shall not be required during the primary syndication of the facilities evidenced under this Agreement; and

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(B)    the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (x) a Revolving Commitment if such assignment is to a Person that is not already a Lender with a Revolving Commitment, an Affiliate of such a Lender or an Approved Fund with respect to such a Lender or (y) a Term Loan to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund; and

(C)    the consent of the Issuing Banks and the Swingline Lender shall be required for any assignment in respect of a Revolving Commitment.

(iv)    Assignment and Acceptance; Notes.  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 $4,500 (or $7,500 in the event that such transferor Lender is a Defaulting Lender) for each assignment (which fee the Administrative Agent may, in its sole discretion, elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.  If requested by the transferor Lender or the assignee, upon the consummation of any assignment, the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the assignee and such transferor Lender, as appropriate.

(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 to any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B).

(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 and 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, the Issuing Banks, the Swingline 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 Swingline 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.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to the immediately following subsection (c), 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 
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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 5.4., 13.2. and 13.9. and the other provisions of this Agreement and the other Loan Documents as provided in Section 13.10. 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 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 paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with the immediately following subsection (d).

(c)    Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Principal Office 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, a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, any Person that is a Defaulting Lender, 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 Revolving 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 Banks 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.  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 (w) increase such Lender’s Commitment, (x) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (y) reduce the rate at which interest is payable thereon (other than a waiver of default interest and changes in the calculation of the Total Leverage Ratio that may indirectly affect pricing) or (z) release all or substantially all of the Guarantors from their 

Obligations under the Guaranty or the Pledge Agreement, as the case may be, except as contemplated by Section 8.12.(b) or 8.12.(c), in each case, as applicable to that portion of such Lender’s rights and/or obligations that are subject to the participation.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.10., 5.1., 5.4. (subject to the requirements and limitations therein, including the requirements under Section 3.10.(g) (it being understood that the documentation required under Section 3.10.(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 5.6. as if it were an assignee under subsection (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.1. or 3.10., 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 
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Regulatory Change 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 5.6. with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 13.3. as though it were a Lender; provided that such Participant agrees to be subject to Section 3.3. 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.

(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.

(f)    No Registration.  Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction.

(g)    USA Patriot Act Notice; Compliance.  In order for the Administrative Agent to comply with “know your customer” and Anti-Money Laundering Laws, including without limitation, the Patriot Act, prior to any Lender that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law.

Section 13.6.    Amendments and Waivers.

(a)    Generally.  Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or any other Loan Document (other than any fee letter solely between the Borrower and the Administrative Agent) to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower, any other Loan Party or any other Subsidiary of any terms of this Agreement or such other Loan Document (other than any fee letter solely between the Borrower and the Administrative Agent) may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written 
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consent of each Loan Party which is party thereto.  Subject to the immediately following subsection (b), any term of this Agreement or of any other Loan Document relating to the rights or obligations of the Revolving Lenders, and not any other Lenders, may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and only with, the written consent of the Requisite Revolving Lenders (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party a party thereto).  Subject to the immediately following subsection (b), any term of this Agreement or of any other Loan Document relating to the rights or obligations of the Term Loan Lenders, and not any other Lenders, may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Term Loan Lenders (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party a party thereto).  Notwithstanding anything to the contrary contained in this Section, the Fee Letters may only be amended, and the performance or observance by any Loan Party thereunder may only be waived, in a writing executed by the parties thereto, as applicable.
(b)    Affected Lender Consents.  Notwithstanding Section 13.6(a), no amendment, waiver or consent shall:
(i)    increase, extend or reinstate the Commitments of a Lender or subject a Lender to any additional obligations in each case without the written consent of such Lender, or increase the aggregate Commitments except as contemplated pursuant to Section 2.17.;

(ii)    reduce the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount of, any Loans or other Obligations without the written consent of each Lender directly affected thereby; provided, however, only the written consent of the Requisite Lenders shall be required for (x) the waiver of interest payable at the Post-Default Rate, retraction of the imposition of interest at the Post-Default Rate and amendment of the definition of “Post-Default Rate”, or (y) changes to the calculation of the Total Leverage Ratio that may indirectly affect pricing or reduce any fee payable hereunder;

(iii)    reduce the amount of any Fees payable to a Lender without the written consent of such Lender;

(iv)    modify the definitions of “Revolving Termination Date” (except in accordance with Section 2.14.) or “Revolving Commitment Percentage”, otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Revolving Loans or for the payment of Fees or any other Obligations owing to the Revolving Lenders, or extend the expiration date of any Letter of Credit beyond the Revolving Termination Date, in each case, without the written consent of each Revolving Lender;
(v)    modify the definition of “Term Loan Maturity Date”, or otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Term Loans or for the payment of Fees or any other Obligations owing to the Term Loan Lenders, in each case, without the written consent of each Term Loan Lender;
(vi)    while any Term Loans remain outstanding, (A) amend, modify or waive Section 6.2. or any other provision of this Agreement if the effect of such amendment, modification or waiver is to require the Revolving Lenders to make Revolving Loans when such Lenders would not otherwise be required to do so, (B) change the amount of the Swingline Commitment or (C) change the L/C Commitment Amount, in each case, without the written consent of the Requisite Revolving Lenders;
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(vii)    modify the definition of “Pro Rata Share” or amend or otherwise modify the provisions of Section 3.2., Section 3.3. or Section 11.5. without the written consent of each Lender;
(viii)    amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents insofar as such definitions affect the substance of this Section without the written consent of each Lender;
(ix)    modify the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written consent of each Lender; 
(x)    modify the definition of the term “Requisite Revolving Lenders” or modify in any other manner the number or percentage of the Revolving Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written consent of each Revolving Lender;
(xi)    modify the definition of the term “Requisite Term Loan Lenders” or modify in any other manner the number or percentage of the Term Loan Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written consent of each Term Loan Lender;
(xii)    release any Guarantor from its obligations under the applicable Guaranty (except as contemplated by Sections 8.10(b), 8.12.(b) or 8.12.(c), as applicable), without the written consent of each Lender; 

(xiii)    release or dispose of all or substantially all of the value of the Collateral unless released or disposed of as permitted by, and in accordance with, Section 8.10.(b), 8.12.(c) or Section 12.13.(b) without the written consent of each Lender; or

(xiv)    amend, or waive the Borrower’s compliance with, Section 2.16. without the written consent of each Lender; 

it being understood and agreed that the consent of the Requisite Lenders is not also necessary for the amendments approved by all affected Lenders pursuant to this clause (b).

(c)    Amendment of Administrative Agent’s Duties, Etc.  No amendment, waiver or consent unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan Documents.  Any amendment, waiver or consent relating to Section 2.5. or the obligations of the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Swingline Lender.  Any amendment, waiver or consent relating to Section 2.4. or the obligations of any Issuing Bank under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of such Issuing Bank.  Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider or a Specified Cash Management Bank in a manner or to an extent dissimilar to that affecting the Lenders or (ii) increases the liabilities or obligations of a Specified Derivatives Provider or a Specified Cash Management Bank shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such Specified Derivatives 
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Provider or such Specified Cash Management Bank, as applicable.  Notwithstanding anything to the contrary herein, 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 Commitments of any Defaulting Lender may not be increased, reinstated or extended without the written consent of such Defaulting Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the written consent of such Defaulting Lender.  No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein.  No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto.  Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of Default.  Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances.

(d)    Technical Amendments.  Notwithstanding anything to the contrary in this Section 13.6., if the Administrative Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or an inconsistency between provisions of this Agreement, the Administrative Agent and the Borrower shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely affect the interests of the Lenders and the Issuing Banks.  Any such amendment shall become effective without any further action or consent of any other party to this Agreement, and the Administrative Agent shall promptly make a copy of such Amendment available to the Lenders.

(e)    Replacement Rate.  Notwithstanding anything to the contrary in this Section 13.6., the Administrative Agent and the Borrower may, without the consent of any Lender (but subject to the absence of objection by Requisite Lenders in accordance with the terms of Section 5.9.), enter into amendments or modifications to this Agreement or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate in order to implement any Benchmark Replacement or otherwise effectuate the terms of Section 5.9. in accordance with the terms of Section 5.9.

Section 13.7.    Nonliability of Administrative Agent and Lenders.

The relationship between the Borrower, on the one hand, and the Lenders, the Issuing Banks and the Administrative Agent, on the other hand, shall be solely that of borrower and lender.  None of the Administrative Agent, any Issuing Bank or any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent, any Issuing Bank or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party.  None of the Administrative Agent, any Issuing Bank or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations.  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: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers and the Lenders are arm’s-length 
128

commercial transactions between the Borrower, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Arrangers and the Lenders has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) none of the Administrative Agent, the Arrangers or any Lender 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 Administrative Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative Agent, the Arrangers and the Lenders has any obligation to disclose any of such interests to the Borrower or any of its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers 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.

Section 13.8.    Confidentiality.

The Administrative Agent, each Issuing Bank and each Lender shall maintain the confidentiality of all Information (as defined below) but in any event may make disclosure:  (a) to its Affiliates and to its and its Affiliates’ other respective 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) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any actual or proposed assignee, Participant or other transferee in connection with a potential transfer of any Commitment or Loan or participation therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; (c) as required or requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by Applicable Law (in which case, the Administrative Agent, such Issuing Bank or such Lender, as applicable, shall, to the extent such disclosure is permitted by Applicable Law and reasonably practicable, inform the Borrower promptly in advance thereof, to the extent reasonably practicable and, otherwise promptly thereafter); (d) to the Administrative Agent’s, such Issuing Bank’s or such Lender’s independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in connection with the exercise of any remedies under any Loan Document (or any Specified Derivatives Contract or Specified Cash 

Management Agreement) or any action or proceeding relating to any Loan Document (or any Specified Derivatives Contract or Specified Cash Management Agreement) or the enforcement of rights hereunder or thereunder; (f) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section actually known by the Administrative Agent, such Issuing Bank or such Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank, any Lender or any Affiliate of the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate of the Borrower; (g) to the extent requested by, or required to be disclosed to, any nationally recognized rating agency or regulatory or similar authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or purporting to have jurisdiction over it; (h) to bank trade publications, such information to consist of deal terms and other information customarily found in such publications; (i) to any other party hereto; (j) on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loan Documents; (k) for purposes of establishing a “due diligence” defense; and (l) with the consent of the Borrower.  Notwithstanding the foregoing, the Administrative Agent, each Issuing Bank and each Lender may disclose any such confidential information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent, such Issuing Bank or such Lender or in accordance with the regulatory compliance policy of the 
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LEGAL 4867-4266-3982v.3

Administrative Agent, such Issuing Bank or such Lender.  As used in this Section, the term “Information” means all information received from the Borrower, any other Loan Party, any other Subsidiary or Affiliate relating to any Loan Party or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate, provided that, in the case of any such information received from the Borrower, any other Loan Party, any other Subsidiary or any Affiliate 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.

Section 13.9.    Indemnification.

(a)    The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Issuing Bank, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnified Party”) against, and hold each Indemnified Party harmless from, and shall pay or reimburse any such Indemnified Party for, any and all losses, claims (including without limitation, Environmental Claims), damages, liabilities and related expenses (including without limitation, the fees, charges and disbursements of counsel for any Indemnified Party, incurred by any Indemnified Party or asserted against any Indemnified Party by any Person (including the Borrower, any other Loan Party or any other Subsidiary) other than such Indemnified Party 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 or thereto 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 Bank to honor a demand for payment under a Letter of Credit issued by such Issuing Bank 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, any other Loan Party or any other Subsidiary, or any Environmental Claim related in any way to the Borrower, any other Loan Party or any other Subsidiary, (iv) any actual or prospective claim, litigation, investigation or proceeding (an “Indemnity 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, any other Loan Party or any other Subsidiary, and regardless of whether any Indemnified Party is a party thereto, or (v) any claim (including without limitation, any Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent, any Issuing Bank or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including without limitation, reasonable attorneys and consultant’s fees; provided, however, that such indemnity shall not, as to any Indemnified Party, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Party to its Affiliates.
(b)    If and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law.

(c)    The Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in 
130

addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan Document to which it is a party.

(d)    This Section 13.9. shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

References in this Section 13.9. to “Lender” or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers and Specified Cash Management Banks, as applicable.

Section 13.10.    Termination; Survival.

This Agreement shall terminate at such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have terminated or expired or been canceled (other than Extended Letters of Credit in respect of which the Borrower has satisfied the requirements to provide Cash Collateral as required in Section 2.4.(b)), (c) none of the Lenders is obligated any longer under this Agreement to make any Loans and no Issuing Bank is obligated any longer under this Agreement to issue Letters of Credit and (d) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full.  The indemnities to which the Administrative Agent, the Issuing Banks and the Lenders are entitled under the provisions of Sections 3.10., 5.1., 5.4., 12.6., 13.2. and 13.9. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 13.4., shall continue in full force and effect and shall protect the Administrative Agent, the Issuing Banks and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement.

Section 13.11.    Severability of Provisions.

If any provision of this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full force as though the invalid, illegal, or unenforceable provision had never been part of the Loan Documents.
Section 13.12.    GOVERNING LAW.

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.
Section 13.13.    Counterparts.
To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means).  It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.
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Section 13.14.    Obligations with Respect to Loan Parties and Subsidiaries.
The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties and Subsidiaries as specified herein shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties or Subsidiaries.
Section 13.15.    Independence of Covenants.
All covenants hereunder shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.
Section 13.16.    Limitation of Liability.
None of the Administrative Agent, any Issuing Bank, any Lender, or any of their respective Related Parties shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or any of the transactions contemplated by this Agreement or any of the other Loan Documents.
Section 13.17.    Entire Agreement.
This Agreement and the other Loan Documents embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto.  To the extent any term of this Agreement is inconsistent with a term of any other Loan Document to which the parties of this Agreement are party, the term of this Agreement shall control to the extent of such inconsistency.  There are no oral agreements among the parties hereto.
Section 13.18.    Construction.

The Administrative Agent, each Issuing Bank, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and 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 construed as if jointly drafted by the Administrative Agent, each Issuing Bank, the Borrower and each Lender.
Section 13.19.    Headings.
The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation.
Section 13.20.    Acknowledgment and Consent to Bail-In of Affected Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution 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:
132

(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.

Section 13.21.    Acknowledgment Regarding Any Supported QFCs.  

To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Specified Derivatives Contracts 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 13.21., the following terms have the following meanings:

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

(B)     “Covered Entity” means any of the following:
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(1)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b);

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

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

(C)    “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.

(D)    “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).

[Signatures on Following Pages]

134

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

NETSTREIT, L.P., as the Borrower

															
	By:				
		Name:			
		Title:			
					

NETSTREIT CORP., as the Parent

															
	By:				
		Name:			
		Title:			
					

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Swingline Lender, as an Issuing Bank and as a Lender

															
	By:				
		Name:			
		Title:			
					

KEYBANK NATIONAL ASSOCIATION, as Syndication Agent, as an Issuing Bank and as a Lender

															
	By:				
		Name:			
		Title:			
					

CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
															
	By:				
		Name:			
		Title:			
					

TRUIST BANK, as a Lender
															
	By:				
		Name:			
		Title:			
					

BANK OF MONTREAL, as a Lender
															
	By:				
		Name:			
		Title:			
					

U.S. BANK NATIONAL ASSOCIATION, as a Lender
															
	By:				
		Name:			
		Title:			
					

PNC BANK, NATIONAL ASSOCIATION, as a Lender
															
	By:				
		Name:			
		Title:			
					

REGIONS BANK, as a Lender
															
	By:				
		Name:			
		Title:			
					

CITIZENS BANK, N.A., as a Lender
															
	By:				
		Name:			
		Title:			
					

ASSOCIATED BANK, NATIONAL ASSOCIATION, a national banking association, as a Lender
															
	By:				
		Name:			
		Title:			
					

COMERICA BANK, as a Lender
															
	By:				
		Name:			
		Title:Exhibit
10.1

 

EXECUTION
VERSION

 

 

 

 

 

 

 

 

 

INVESTMENT
AGREEMENT

 

by
and between

 

CEPTON,
INC.

 

and

 

KOITO
MANUFACTURING CO., LTD. 

 

Dated
as of October 27, 2022

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

		 	 	 	Page

	Article
    1
	Definitions
    & Interpretations
	 
	Section 1.01.	 	Certain Definitions	 	2
	Section 1.02.	 	Index of Defined Terms	 	15
	Section 1.03.	 	Certain Interpretations	 	16
	 	 	 	 	 
	Article
    2
	Agreement
    to Sell and Purchase
	 
	Section 2.01.	 	Sale and Purchase	 	18
	Section 2.02.	 	The Closing	 	18
	Section 2.03.	 	Adjustments	 	18
	 	 	 	 	 
	Article
    3
	Representations
    and Warranties of the Company
	 
	Section 3.01.	 	Organization; Good Standing	 	18
	Section 3.02.	 	Corporate Power; Enforceability	 	19
	Section 3.03.	 	Company Board Approval; Anti-Takeover
    Laws	 	20
	Section 3.04.	 	Requisite Stockholder Approvals	 	20
	Section 3.05.	 	Non-Contravention	 	20
	Section 3.06.	 	Requisite Governmental Approvals	 	21
	Section 3.07.	 	Company Capitalization	 	21
	Section 3.08.	 	Subsidiaries	 	23
	Section 3.09.	 	Company SEC Reports	 	24
	Section 3.10.	 	Company Financial Statements;
    Internal Controls	 	24
	Section 3.11.	 	No Undisclosed Liabilities	 	25
	Section 3.12.	 	Absence of Certain Changes	 	26
	Section 3.13.	 	Material Contracts	 	26
	Section 3.14.	 	Real Property	 	27
	Section 3.15.	 	Environmental Matters	 	27
	Section 3.16.	 	Intellectual Property	 	28
	Section 3.17.	 	Products	 	31
	Section 3.18.	 	Tax Matters	 	32
	Section 3.19.	 	Employee Benefits	 	33
	Section 3.20.	 	Labor Matters	 	35
	Section 3.21.	 	Compliance with Laws	 	36
	Section 3.22.	 	Anti-Corruption; International
    Trade	 	36
	Section 3.23.	 	Legal Proceedings; Orders	 	37
	Section 3.24.	 	Insurance	 	37
	Section 3.25.	 	Related Party Transactions	 	37
	Section 3.26.	 	Brokers	 	38
	Section 3.27.	 	Investment Company Status	 	38

 

    i

     

    

 

	Section 3.28.	 	Ability to Pay Dividends	 	38
	Section 3.29.	 	Voting Support Agreements	 	38
	Section 3.30.	 	Exclusivity of Representations
    or Warranties	 	38
	 	 	 	 	 
	Article
    4
	Representations
    and Warranties of the Investor
	 
	Section 4.01.	 	Organization; Good Standing	 	39
	Section 4.02.	 	Corporate Power; Enforceability	 	39
	Section 4.03.	 	Non-Contravention	 	39
	Section 4.04.	 	Requisite Governmental Approvals	 	40
	Section 4.05.	 	Brokers	 	40
	Section 4.06.	 	Sufficient Funds	 	40
	Section 4.07.	 	Unregistered Securities	 	40
	Section 4.08.	 	Exclusivity of Representations
    or Warranties	 	41
	 	 	 	 	 
	Article
    5
	Interim
    Operations of the Company
	 
	Section 5.01.	 	Affirmative Obligations	 	42
	Section 5.02.	 	Forbearance Covenants	 	42
	Section 5.03.	 	Exclusivity; Company Board Recommendation
    Change	 	42
	Section 5.04.	 	No Control of the Other Party’s
    Business	 	44
	 	 	 	 	 
	Article
    6
	Additional
    Covenants
	 
	Section 6.01.	 	Required Action and Forbearance;
    Efforts	 	44
	Section 6.02.	 	Regulatory Filings	 	45
	Section 6.03.	 	Proxy Statement	 	47
	Section 6.04.	 	Company Stockholder Meeting	 	48
	Section 6.05.	 	Anti-Takeover Laws	 	49
	Section 6.06.	 	Use of Proceeds	 	49
	Section 6.07.	 	Access	 	50
	Section 6.08.	 	Notification of Certain Matters	 	50
	Section 6.09.	 	Public Statements and Disclosure	 	51
	Section 6.10.	 	Listing of Shares	 	51
	Section 6.11.	 	Directors	 	51
	Section 6.12.	 	Payoff of Trinity Capital Loan
    Agreement	 	52
	Section 6.13.	 	Voting of Investor Shares	 	52
	 	 	 	 	 
	Article
    7
	Conditions
    to the Transaction
	 
	Section 7.01.	 	Conditions to Each Party’s
    Obligations to Effect the Transaction	 	52
	Section 7.02.	 	Conditions to the Obligations
    of the Investor	 	52
	Section 7.03.	 	Conditions to the Company’s
    Obligations to Effect the Transaction	 	54

 

    ii

     

    

 

	Article
    8
	Indemnification
	 
	Section 8.01.	 	Survival of Provisions	 	55
	 	 	 	 	 
	Article
    9
	Termination,
    Amendment and Waiver
	 
	Section 9.01.	 	Termination	 	55
	Section 9.02.	 	Manner and Notice of Termination;
    Effect of Termination	 	57
	Section 9.03.	 	Fees and Expenses	 	57
	Section 9.04.	 	Amendment	 	58
	Section 9.05.	 	Extension; Waiver	 	58
	 	 	 	 	 
	Article
    10
	General
    Provisions
	 
	Section 10.01.	 	Notices	 	58
	Section 10.02.	 	Assignment	 	59
	Section 10.03.	 	Confidentiality	 	60
	Section 10.04.	 	Entire Agreement	 	60
	Section 10.05.	 	Third Party Beneficiaries	 	60
	Section 10.06.	 	Severability	 	60
	Section 10.07.	 	Remedies	 	60
	Section 10.08.	 	Governing Law	 	62
	Section 10.09.	 	Consent to Jurisdiction	 	62
	Section 10.10.	 	WAIVER OF JURY TRIAL	 	63
	Section 10.11.	 	No Recourse	 	63
	Section 10.12.	 	Counterparts	 	63

 

EXHIBITS

 

	Exhibit A	Form of Series A Certificate of
    Designations
	Exhibit B	Form of Investor Rights Agreement

 

    iii

     

    

 

INVESTMENT
AGREEMENT

 

This
INVESTMENT AGREEMENT (this “Agreement”) is made and entered into as of October 27, 2022, by and between Cepton,
Inc., a Delaware corporation (the “Company”), and KOITO MANUFACTURING CO., LTD., a corporation organized under the
laws of Japan (the “Investor”). The Investor and the Company are sometimes referred to herein individually, as a “Party”
and collectively, as the “Parties.” All capitalized terms that are used in this Agreement have the respective meanings
given to them in Section 1.01.

 

RECITALS

 

A.
The Company desires to issue and sell to the Investor, and the Investor desires to purchase from the Company, certain shares of the Series
A Preferred Stock in accordance with the provisions of this Agreement (the “Transaction”).

 

B.
The Company Board, or any duly authorized committee thereof, has (i) determined that it is in the best interests of the Company and the
Company Stockholders that the Company enter into this Agreement and the other Transaction Documents and consummate the Transaction and
the other transactions contemplated hereby and thereby on the terms and subject to the conditions set forth herein and therein, (ii)
approved and declared advisable this Agreement, the other Transaction Documents, the Transaction and the other transactions contemplated
hereby and thereby on the terms and subject to the conditions set forth herein and therein, (iii) directed that the Transaction be submitted
to the Company Stockholders for approval; and (iv) resolved to recommend that the Company Stockholders approve the Transaction.

 

C.
The board of directors of the Investor, in accordance with its Organizational Documents and the laws of its jurisdiction of organization,
has approved its entry into this Agreement and the other Transaction Documents and the consummation of the transactions contemplated
hereby and thereby, including the Transaction, upon the terms and subject to the conditions set forth herein and therein.

 

D.
Concurrently with this Agreement, the Investor and Cepton Technologies are entering into the Secured Term Loan Agreement pursuant to
which the Investor has agreed to make certain loans to Cepton Technologies, upon the terms and subject to the conditions set forth therein
(the “Investor Loan Agreement”).

 

E.
The Parties desire to (i) make certain representations, warranties, covenants and agreements in connection with this Agreement and the
Transaction; and (ii) prescribe certain conditions with respect to the consummation of the Transaction.

 

    1

     

    

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements set forth herein,
as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, and intending
to be legally bound hereby, the Parties agree as follows:

 

Article
1

Definitions & Interpretations

 

Section
1.01. Certain Definitions. For all purposes of and pursuant to this Agreement, the following capitalized terms have the following
respective meanings:

 

“Acquisition
Proposal” means any inquiry, indication of interest, offer or proposal (other than an inquiry, indication of interest, offer
or proposal by the Investor pursuant to this Agreement) to engage in an Acquisition Transaction.

 

“Acquisition
Transaction” means any transaction or series of related transactions (other than the Transaction) involving:

 

(a)
any direct or indirect purchase or other acquisition by any Person or “group” (as such term is used in Section 13(d) of the
Exchange Act) of Persons of shares of capital stock of the Company, including pursuant to a tender offer or exchange offer, that if consummated
in accordance with its terms would result in such Person or “group” of Persons beneficially owning (i) more than 10% of the
Company Common Stock outstanding (on an as-converted, exchanged or exercised basis, if applicable) or (ii) securities convertible, exchangeable
or exercisable into more than 10% of the Company Common Stock outstanding (on an as-converted, exchanged or exercised basis, if applicable),
in either case, after giving effect to the consummation of such purchase or other acquisition;

 

(b)
any direct or indirect purchase, lease, exchange, transfer, license or other acquisition by any Person or “group” (as such
term is used in Section 13(d) of the Exchange Act) of Persons, or stockholders of any such Person or group of Persons, of more than 10%
of the consolidated assets of the Company and its Subsidiaries taken as a whole (measured by the fair market value thereof as of the
date of such purchase or acquisition); or

 

(c)
any merger, consolidation, division, business combination, joint venture, repurchase, redemption, share exchange, extraordinary dividend
or distribution, recapitalization, reorganization, liquidation, dissolution or other similar transaction involving the Company or any
of its Subsidiaries pursuant to which any Person or “group” (as such term is used in Section 13(d) of the Exchange Act) of
Persons, or stockholders of any such Person or group of Persons, would beneficially own equity of the Company representing (i) more than
10% of the Company Common Stock outstanding (on an as-converted, exchanged or exercised basis, if applicable) or (ii) securities convertible
into more than 10% of the Company Common Stock outstanding (on an as-converted, exchanged or exercised basis, if applicable), in either
case, after giving effect to the consummation of such transaction.

 

    2

     

    

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person. For purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of that Person, whether through the ownership
of voting securities or partnership or other ownership interests, by Contract or otherwise; provided that none of the Company
or the Investor shall be deemed to be Affiliates of one another.

 

“Anti-Corruption
Laws” means all applicable Laws and all other statutory or regulatory requirements relating to anti-corruption, anti- bribery
and anti-money laundering, including the U.S. Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act 2010 and any other Law implementing
the Organization for Economic Cooperation and Development’s Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions applicable to the Company.

 

“Antitrust
Law” means the Sherman Antitrust Act, the Clayton Antitrust Act, the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
the Federal Trade Commission Act and all other Laws that are designed or intended to prohibit, restrict or regulate actions having the
purpose or effect of monopolization or restraint of trade or significant impediments or lessening of competition or the creation or strengthening
of a dominant position through merger or acquisition, in any case that are applicable to the Transaction.

 

“Audited
Company Balance Sheet” means the consolidated balance sheet (and the notes thereto) of the Company and its consolidated Subsidiaries
as of December 31, 2021 set forth in the Company’s Amendment No. 1 to Form S-1 filed by the Company with the SEC on April 18, 2022.

 

“Business
Day” means any day other than Saturday or Sunday or a day on which commercial banks are authorized or required by Law to be
closed in New York City, New York, or Tokyo, Japan.

 

“Cepton
Technologies” means Cepton Technologies, Inc., a Subsidiary of the Company.

 

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

 

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

 

“Company
Board Recommendation Change” means for the Company Board, to withhold, withdraw, amend, qualify or modify, or publicly propose
to withhold, withdraw, amend, qualify or modify, the Company Board Recommendation in a manner adverse to the Transaction; publicly adopt,
approve or recommend an Acquisition Proposal; in connection with a tender or exchange offer by a third party, fail to recommend against
such offer by the close of business on the tenth (10th) U.S. Business Day after the commencement of a tender or exchange offer in connection
with an Acquisition Proposal; or fail to include the Company Board Recommendation in the Proxy Statement.

 

    3

     

    

 

“Company
Common Stock” means the common stock, par value $0.00001 per share, of the Company.

 

“Company
Fundamental Representations” means the representations and warranties set forth in Section 3.01 (Organization; Good Standing);
Section 3.02 (Corporate Power; Enforceability); Section 3.03(a) (Company Board Approval); Section 3.03(b) (Anti-Takeover
Laws); Section 3.04 (Requisite Stockholder Approvals); Section 3.05(a) (Non-Contravention); Section 3.07 (Company
Capitalization); and Section 3.27 (Brokers).

 

“Company
Material Adverse Effect” means any change, event, effect, occurrence or circumstance that, individually or in the aggregate,
(x) has had, or would reasonably be expected to have, a material adverse effect on the business, condition (financial or otherwise),
results of operations or prospects of the Company and its Subsidiaries, taken as a whole, or (y) prevents or materially impairs or materially
delays, or would reasonably be expected to prevent or materially impair or materially delay, the consummation of the Transaction; provided,
however, that, with respect to clause (x) above, none of the following, and no change, event, effect, occurrence or circumstance
to the extent arising out of or resulting from the following (in each case, by itself or when aggregated), will be deemed to be or constitute
a Company Material Adverse Effect or will be taken into account when determining whether a Company Material Adverse Effect has occurred
or is reasonably expected to occur (subject to the limitations set forth below):

 

(i)
changes generally affecting the global or national economy, credit or financial or capital markets, in the United States or elsewhere
in the world, including changes in interest or exchange rates; changes in conditions in the industries in which the Company and its Subsidiaries
conduct business;

 

(ii)
changes or prospective changes in, or issuances of new, Law or GAAP or accounting standards, or any changes or prospective changes in
the interpretation or enforcement of any of the foregoing, or any changes or prospective changes in general legal, regulatory or political
conditions, including any Law, directive, pronouncement or guideline issued by a Governmental Authority, the Centers for Disease Control
and Prevention, the World Health Organization or industry group providing for business closures, “sheltering-in-place” or
other restrictions that relate to, or arise out of, an epidemic, pandemic or disease outbreak (including the COVID-19 pandemic) or any
change in such law, regulation, statute, directive, pronouncement or guideline or interpretation thereof following the date of this Agreement;

 

    4

     

    

 

(iii)
any geopolitical conditions, outbreak of hostilities, acts of war, sabotage, cyberterrorism, terrorism, military actions, earthquakes,
volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wildfires or other natural disasters, weather conditions, epidemics
and other force majeure events (including any escalation or general worsening thereof);

 

(iv)
the execution, announcement or performance of this Agreement or the consummation of the Transaction, including the impact thereof on
relationships, contractual or otherwise, with customers, suppliers, distributors, partners, employees or regulators, or any claims (or
threats of claims) or litigation (or threats of litigation) arising from allegations of breach of fiduciary duty or violation of Law
relating to this Agreement or the Transaction;

 

(v)
any action taken by the Company or its Subsidiaries that is expressly required by this Agreement or with the Investor’s express
written consent or at the Investor’s express written request, or the failure to take any action by the Company or its Subsidiaries
if that action is expressly prohibited by this Agreement;

 

(vi)
any change or prospective change in the Company’s credit ratings(it being understood that the underlying cause of such change may
be taken into consideration when determining whether a Company Material Adverse Effect has occurred);

 

(vii)
any decline in the market price, or change in trading volume, of the capital stock of the Company (it being understood that the underlying
cause of such change may be taken into consideration when determining whether a Company Material Adverse Effect has occurred);

 

(viii)
any failure to meet any internal or public projections, forecasts, guidance, estimates, milestones, budgets or internal or published
financial or operating predictions of revenue, earnings, cash flow, cash position or other operating metrics (it being understood that
the exception in this clause (viii) shall not prevent or otherwise affect a determination that the underlying cause of any such change,
decline or failure referred to herein (if not otherwise falling within any of the exceptions provided by clauses (i) through (viii) hereof)
is a Material Adverse Effect); and

 

(ix)
any breach by the Investor of this Agreement;

 

except,
in each case of clauses (i) to (iii), to the extent that such change, event, effect or circumstance has had a disproportionate adverse
effect on the Company relative to other companies operating in the industries in which the Company and its Subsidiaries conduct business,
in which case only the incremental disproportionate adverse impact may be taken into account in determining whether a Company Material
Adverse Effect has occurred.

 

    5

     

    

 

“Company
Options” means any compensatory options to purchase shares of Company Common Stock, whether granted pursuant to any of the
Company Stock Plans or otherwise. For the avoidance of doubt, Company Options shall not include any option to purchase shares of Company
Stock under the Employee Stock Purchase Plan or any Warrants.

 

“Company
Products” means all Lidar devices, Software and other products, services, programs and items (tangible and intangible), in
each case, which are currently marketed, licensed, sold or offered for sale by the Company and any services performed by or on behalf
of the Company, or from which the Company or its Subsidiaries have derived within the three years preceding the date hereof or is currently
deriving revenue from the sale, license, maintenance or other provision thereof.

 

“Company
PSUs” means any performance-based restricted stock units of the Company, whether granted pursuant to any of the Company Stock
Plans or otherwise.

 

“Company
RSUs” means any service-based restricted stock units or deferred stock units of the Company, whether granted pursuant to any
of the Company Stock Plans or otherwise.

 

“Company
Stockholders” means the holders of shares of Company Common Stock.

 

“Company
Stock Plans” means the Company’s 2016 Stock Incentive Plan, 2022 Equity Incentive Plan and Employee Stock Purchase Plan,
each as may have been amended through the date of this Agreement, and each other Employee Plan that provides for the award of rights
of any kind to receive shares of Company Common Stock or benefits measured in whole or in part by reference to shares of Company Common
Stock.

 

“Company
Systems” means all Software (including Company Products), computer hardware (whether general or special purpose), information
technology, electronic data processing, information, record keeping, communications, telecommunications, networks, interfaces, platforms,
servers, peripherals, and computer systems (including any outsourced systems and processes) that are owned, leased, licensed or used
by or for, or otherwise relied on by, the Company or its Subsidiaries in the conduct of their businesses.

 

“Company
Termination Fee” means an amount equal to $3,000,000.

 

“Contract”
means any contract, subcontract, note, bond, mortgage, indenture, lease, license, sublicense or other instrument, commitment, understanding,
undertaking or agreement.

 

“Data
Security Requirements” means, collectively, all of the following to the extent relating to the Processing of Data or otherwise
relating to privacy, security, or security breach notification requirements and applicable to the Company or its Subsidiaries, to the
conduct of their businesses, or to any of the Company Systems, Company Products or any Sensitive Information: (a) the Company’s
and its Subsidiaries’ own written rules, policies and procedures; (b) applicable Laws (including, as applicable, the California
Consumer Privacy Act, the General Data Protection Regulation (EU) 2016/679 (the “GDPR”), and the ePrivacy Directive
2002/58/EC (“ePrivacy Directive”)); (c) industry standards applicable to the industry in which the Company or any
of its Subsidiaries operates; and (d) Contracts the Company or any of its Subsidiaries has entered into or by which it is otherwise bound.

 

    6

     

    

 

“Earnout
Shares” has the meaning given to it in the Business Combination Agreement dated August 4, 2021 between the Company, GCAC Merger
Sub Inc. and Cepton Technologies, as amended.

 

“Employee
Plan” means each “employee benefit plan” (within the meaning of Section 3(3) of ERISA, whether or not subject to
ERISA) and each other plan, program, arrangement, policy or contract relating to severance, change in control, employment, compensation,
vacation, incentive, bonus, retention, equity or equity-based compensation (including all awards or purchases under the Company Stock
Plans), deferred compensation or other benefit plan, program, arrangement or policy sponsored, maintained or contributed to by the Company
or any Subsidiary of the Company for the benefit of any current or former Service Provider or any spouse, dependent, or beneficiary thereof,
or with respect to which the Company or any Subsidiary of the Company has or reasonably expects to have any liability or obligation.

 

“Environmental
Law” means any Law relating to public or worker health and safety (to the extent relating to exposure to Hazardous Materials),
the protection of the environment (including ambient or indoor air, surface water, groundwater or land) or pollution, including any such
Law relating to Hazardous Materials (and including any Laws relating to Hazardous Materials in products manufactured or sold by the Company
and its Subsidiaries and associated labeling or packaging content requirements or restrictions relating to environmental attributes or
as respects product takeback or end-of-life requirements).

 

“Environmental
Permits” means Governmental Authorizations required under Environmental Laws.

 

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

 

“ERISA
Affiliate” means, with respect to any entity, trade or business, any other entity, trade or business that is (or was at any
relevant time) a member of a group described in Section 414(b), (c), (m) or (o) of the Code or Section 4001(b)(1) of ERISA that includes
the first entity, trade or business, or that is (or was at any relevant time) a member of the same “controlled group” as
the first entity, trade or business pursuant to Section 4001(a)(14) of ERISA.

 

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

 

“Foreign
Regulatory Authority” means any foreign Governmental Authority with regulatory authority over Company Products.

 

    7

     

    

 

“GAAP”
means generally accepted accounting principles, consistently applied, in the United States.

 

“Government
Official” means (a) any official, officer, employee, or representative of, or any Person acting in an official capacity for
or on behalf of, any Governmental Authority, (b) any political party or party official or candidate for political office or (c) any company,
business, enterprise or other entity owned, in whole or in part, or controlled by any person described in the foregoing clause (a) or
(b) of this definition.

 

“Governmental
Authority” means any government, political subdivision, governmental, administrative or regulatory entity or body, department,
commission, board, agency or instrumentality, or other legislative, executive or judicial governmental entity, and any court, tribunal,
judicial or arbitral body, in each case whether federal, national, state, county, municipal, provincial, local, foreign, supranational
or multinational.

 

“Governmental
Authorization” means any authorizations, approvals, licenses, franchises, clearances, permits, certificates, waivers, consents,
exemptions, variances, expirations and terminations of any waiting period requirements (including, pursuant to Antitrust Laws) issued
by or obtained from, and notices, filings, registrations, qualifications, declarations and designations with, a Governmental Authority.

 

“Hazardous
Materials” means any pollutant, contaminant, waste or chemical or any toxic, radioactive, ignitable, corrosive, reactive or
otherwise hazardous substance or material, and any substance, waste, or material that is regulated by or for which standards of conduct
or liability may be imposed pursuant to Environmental Laws, including petroleum and petroleum byproducts, per- and poly-fluoroalkyl substances,
polychlorinated biphenyls, lead, asbestos, noise, radiation, toxic mold, odor and pesticides.

 

“Intellectual
Property” means all intellectual property and proprietary rights throughout the world, including: (a) all patents, patent applications,
patent disclosures, and inventions and all improvements thereto (whether or not patentable or reduced to practice), and all reissues,
continuations, continuations-in-part, revisions, divisional, extensions, applications therefor, and reexaminations in connection therewith
(“Patents”); (b) all copyrights, works of authorship (whether or not copyrightable), moral rights, and all registrations,
applications and renewals therefor and any other rights corresponding thereto throughout the world (“Copyrights”);
(c) trademarks, service marks, internet domain names, corporate names, trade names (including social media handles and accounts), trade
dress rights and similar designation of origin and rights therein, other indicia of origin, and all registrations, renewals and applications
in connection therewith, together with all of the goodwill associated with any of the foregoing (“Marks”); (d) rights
in trade secrets and confidential and proprietary information, including trade secrets, know-how, business rules, data analytic techniques
and methodologies, formulae, ideas, concepts, discoveries, innovations, improvements, results, reports, information, research, laboratory
and programmer notebooks, methods, procedures, proprietary technology, operating and maintenance manuals, engineering and other drawings
and sketches, customer lists, supplier lists, pricing information, cost information, business manufacturing and production processes
and techniques, designs, specifications, and blueprints (collectively, “Trade Secrets”); (e) rights in Software; and
(f) rights in data, databases, data repositories, data lakes and collections of data (collectively, “Data”).

 

    8

     

    

 

“Intervening
Event” means any change, event, effect or circumstance that has materially improved the business, financial condition or results
of operations of the Company and its Subsidiaries, taken as a whole (other than any event, occurrence, fact or change resulting from
a breach of this Agreement by the Company), in each case that (i) is not known or is not reasonably foreseeable by the Company Board
as of the date hereof, which change, event, effect or circumstance becomes known to the Company Board prior to receipt of the Requisite
Stockholder Approvals and (ii) does not relate to any Acquisition Proposal or the Investor; provided that in no event shall the
following constitute, or be taken into account in determining the existence of, an Intervening Event: (A) the fact that the Company and
its Subsidiaries meet or exceed any internal or public projections, forecasts, guidance, estimates, milestones, budgets or internal or
published financial or operating predictions of revenue, earnings, cash flow, cash position or other operating metrics (it being understood
that the underlying cause of any such events may be taken into consideration when determining whether an Intervening Event has occurred);
(B) change in the market price, or change in trading volume, of the capital stock of the Company, in and of itself (it being understood
that the underlying cause of such change may be taken into consideration when determining whether an Intervening Event has occurred);
or (C) changes in conditions generally affecting the industries in which the Company and its Subsidiaries conduct business.

 

“Investor
Fundamental Representations” means the representations and warranties set forth in Article 4.

 

“Investor
Transaction Expenses” means any reasonable and documented out-of-pocket third-party costs and expenses incurred by the Investor
or its Affiliates in connection with the Transaction (including travel expenses and the fees and expenses of consultants, legal counsel,
accountants and financial advisors in connection therewith).

 

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

 

“Knowledge”
of the Company, with respect to any matter in question, means the actual knowledge of the Company’s Chief Executive Officer, Chief
Financial Officer and General Counsel (each, a “Knowledge Person” and collectively, “Knowledge Persons”),
in each case after reasonable inquiry.

 

“Law”
means any federal, national, state, county, municipal, provincial, local, foreign, supranational or multinational law, act, statute,
constitution, common law, ordinance, code, decree, writ, order, judgment, injunction, rule, regulation, ruling or requirement issued,
enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Authority.

 

    9

     

    

 

“Legal
Proceeding” means any claim, action, charge, complaint, lawsuit, litigation, audit, investigation, inquiry, proceeding, arbitration
or other similar legal proceeding brought by or pending before any Governmental Authority, arbitrator or other tribunal.

 

“Lien”
means any lien, security interest, deed of trust, mortgage, pledge, encumbrance, restriction on transfer, proxies, voting trusts or agreements,
hypothecation, assignment, claim, right of way, defect in title, encroachment, easement, restrictive covenant, charge, deposit arrangement
or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any restriction
on the voting interest of any security, any restriction on the transfer of any security (except for those imposed by applicable securities
Laws) or other asset or any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset).

 

“Material
Contract” means any of the following Contracts of the Company or any of its Subsidiaries (other than the Employee Plans):

 

(a)
any “material contract” (as defined in Item 601(b)(10) of Regulation S-K promulgated by the SEC, other than those agreements
and arrangements described in Item 601(b)(10)(iii) of Regulation S-K) with respect to the Company and its Subsidiaries taken as a whole,
that was filed or is required to be filed prior to the Closing Date, with the Company SEC Reports; and

 

(b)
any Contract with Dr. Jun Pei, Dr. Jun Ye, Dr. Mark McCord, Mr. Yupeng Cui, LDV Partners Fund I, L.P., or any of their respective Affiliates.

 

“NASDAQ”
means the Nasdaq Capital Market and any successor stock exchange or inter-dealer quotation system operated by the Nasdaq Capital Market
or any successor thereto.

 

“Organizational
Documents” means the certificate of incorporation, bylaws, certificate of formation, partnership agreement, limited liability
company agreement and all other similar documents, instruments or certificates executed, adopted or filed in connection with the creation,
formation or organization of a Person, including any amendments thereto.

 

“Permitted
Liens” means any of the following: (a) Liens for Taxes, assessments and governmental charges or levies either not yet delinquent
or that are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established to the
extent required by GAAP; (b) mechanics, carriers’, workmen’s, warehouseman’s, repairmen’s, materialmen’s
or other Liens or security interests that are not yet due or that are being contested in good faith and by appropriate proceedings; (c) pledges
or deposits to secure obligations pursuant to workers’ compensation Law or similar legislation or to secure public or statutory
obligations; (d) pledges or deposits to secure the performance of appeal bonds, fidelity bonds and other obligations of a similar nature,
in each case in the ordinary course of business; (e) easements, covenants and rights of way (unrecorded and of record) and other similar
Liens (or other encumbrances), and zoning, building and other similar codes or restrictions, in each case imposed by any governmental
authority having jurisdiction over the Leased Real Property and that do not adversely affect in any material respect, and are not violated
by, the current use, operation or occupancy of such Leased Real Property or the operation of the business of the Company and its Subsidiaries
thereon; (f) Liens the existence of which are disclosed in the notes to the most recent consolidated financial statements of the Company
included in the Company SEC Reports; and (g) any non-exclusive license of any Intellectual Property granted by the Company or any of
its Subsidiaries in the ordinary course of business.

 

    10

     

    

 

“Person”
means any individual, corporation (including any non-profit corporation), limited liability company, joint stock company, general partnership,
limited partnership, limited liability partnership, joint venture, estate, trust, firm, Governmental Authority or other enterprise, association,
organization or entity.

 

“Personal
Information” means any Data or other information (including protected health information) (a) that, alone or when combined
with other Data, identifies, allows the identification of, relates to, describes, is reasonably capable of being associated with, or
could reasonably be linked, directly or indirectly, with an individual, or about or from an individual, including any personally identifiable
Data (e.g., name, address, phone number, email address, financial account number, payment card Data, government issued identifier, and
health or medical information), or (b) that is otherwise protected by or subject to any applicable Laws concerning Data protection, privacy,
or security, or considered personal information or personal data under applicable Laws.

 

“Private
Warrants” means the warrants to acquire up to 5,175,000 shares of Company Common Stock issued at the time of Growth Capital
Acquisition Corp.’s initial public offering.

 

“Process”
(or “Processing” or “Processed”) means any operation or set of operations which is performed on
Data or other information or sets or collections thereof, such as the development, access, collection, use, adaption, recording, retrieval,
organization, structuring, erasure, exploitation, processing, storage, sharing, copying, display, distribution, transfer, transmission,
disclosure, aggregation, destruction, or disposal thereof.

 

“Public
Warrants” means the warrants to acquire up to 8,625,000 shares of Company Common Stock issued and outstanding on the date of
this Agreement originally issued as a component of the units sold in Growth Capital Acquisition Corp.’s initial public offering.

 

“Purchase
Price” means $100,000,000, which amount is calculated by multiplying the number of Purchased Shares by the Share Price.

 

“Purchased
Shares” means 100,000 shares of Series A Preferred Stock to be purchased by the Investor pursuant to the terms of this Agreement.

 

    11

     

    

 

“Real
Property” means real property, including all land, together with all buildings, structures, improvements and fixtures located
thereon, and all easements and other rights and interests appurtenant thereto.

 

“Registered
Intellectual Property” means all United States, international and foreign (a) Patents and Patent applications (including provisional
applications); (b) registered Marks and applications to register Marks (including intent-to-use applications, or other registrations
or applications related to Marks, including, for clarity, internet domain names); and (c) registered Copyrights and applications for
Copyright registration.

 

“Sanctioned
Country” means any country or territory with which Sanctions Laws prohibit or restrict dealings (currently Cuba, Iran, North
Korea, Russia, Syria, and the occupied Donetsk, Luhansk, and Crimea regions of Ukraine).

 

“Sanctioned
Person” means any Person with whom dealings are restricted or prohibited pursuant to any Sanctions Laws, including (a) any
Person identified in any sanctions list or regulation maintained by a Governmental Authority administering Sanctions Laws; (b) any Person
located, organized, or resident in, or a government instrumentality of, any Sanctioned Country and (c) any other person with whom dealings
are restricted or prohibited under any Sanctions Laws, including by reason of a relationship of ownership, control, or agency with a
person identified in (a) or (b).

 

“Sanctions
Laws” means all Laws of the United States, the United Kingdom, the European Union, Japan, or any other member state of the
Organization for Economic Cooperation and Development concerning embargoes, economic sanctions, export restrictions, the ability to make
or receive international payments, the ability to engage in international transactions, or the ability to take an ownership interest
in assets located in a foreign country, including without limitation those administered by the Office of Foreign Assets Control of the
United States Department of Treasury, the Bureau of Industry and Security of the United States Department of Commerce, and the United
States Department of State in the United States and similar laws of other jurisdictions.

 

“SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

“Securities
Act” means the Securities Act of 1933.

 

“Security
Incident” means actions that have resulted in an actual or alleged cyber or security incident that have had or would reasonably
be expected to have an adverse effect on a system (including Company Systems) or any Sensitive Information (including any Processed,
stored, or transmitted thereby or contained therein), including an occurrence that has jeopardized or would reasonably be expected to
jeopardize the confidentiality, integrity, or availability of a system or any Sensitive Information. A Security Incident includes incidents
of security breach, denial of service, phishing attack, ransomware and malware attack; or the unauthorized entry, access, collection,
use, processing, storage, sharing, distribution, transfer, disclosure, or destruction of, any Company Systems or Sensitive Information,
or any loss, distribution, compromise or unauthorized disclosure of any of the foregoing.

 

    12

     

    

 

“Sensitive
Information” means, in any form or medium, any (a) Trade Secrets or other material confidential information, (b) privileged
or proprietary information that, if compromised through any theft, interruption, modification, corruption, loss, misuse or unauthorized
access or disclosure, could cause serious harm to the organization owning it, (c) information protected by Law, and (d) Personal Information.

 

“Series
A Certificate of Designations” means the Series A Certificate of Designations of the Series A Preferred Stock, substantially
in the form attached to this Agreement as Exhibit A.

 

“Series
A Preferred Stock” means the Series A Convertible Preferred Stock of the Company, par value $0.00001 per share, the terms of
which are to be set forth in the Series A Certificate of Designations.

 

“Service
Provider” means any director, officer, employee or individual independent contractor of the Company or any of its Subsidiaries.

 

“Share
Price” means $1,000.00 per share.

 

“Software”
means, in any form or medium, any and all software and computer programs, source code, object code, Data, software implementations of
algorithms, models and methodologies, firmware, application programming interfaces, descriptions, schematics, specifications, flow charts
and other work product used to design, plan, organize and develop any of the foregoing, and all documentation, information and manuals
related to any of the foregoing.

 

“Subsidiary”
means, with respect to any Person, any other Person (other than a natural Person) of which securities or other ownership interests (a)
having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions or (b) representing
more than 50% of such securities or ownership interests, in each case, are at the time directly or indirectly owned by such first Person.

 

“Subsidiary
Securities” has the same meaning ascribed to “Company Securities”, except that all references to “the Company”
therein shall be deemed to be replaced with “any Subsidiary of the Company”.

 

“Superior
Proposal” means any bona fide written Acquisition Proposal for an Acquisition Transaction on terms that the Company
Board or any duly authorized committee thereof has determined in good faith (after consultation with its financial advisors and outside
legal counsel) (a) is more favorable to the Company Stockholders than the Transaction, and (b) is reasonably likely to be consummated
on its terms (in the case of each of clauses (a) and (b), taking into account any legal, regulatory, financial, timing, financing and
other aspects of such proposal, including the identity of the Person making the proposal). For purposes of the reference to an “Acquisition
Proposal” in this definition, all references to “10%” in the definition of “Acquisition Transaction” will
be deemed to be references to “50%.”

 

    13

     

    

 

“Supporting
Stockholder” means each of Dr. Jun Pei, Dr. Jun Ye and Dr. Mark McCord.

 

“Tax”
or “Taxes” means any taxes and similar assessments, fees, and other governmental charges imposed by any Governmental
Authority, including income, profits, gross receipts, net proceeds, ad valorem, value added, turnover, sales, use, property, personal
property (tangible and intangible), stamp, excise, duty, franchise, capital stock, transfer, payroll, employment, severance, and estimated
tax, and any unclaimed property or escheat obligations, together with any interest and any penalties, additions to tax or additional
amounts imposed by any Governmental Authority, whether disputed or not, and any secondary liabilities for any of the foregoing amounts
payable as a transferee or successor, by assumption or by Contract or by operation of Law.

 

“Tax
Return” means any return, report, statement, information return or other document (including any related or supporting information)
filed or required to be filed with any Governmental Authority in connection with the determination, assessment, collection or administration
of any Taxes.

 

“Transaction
Documents” means this Agreement, the Series A Certificate of Designations, Investor Rights Agreement and the Voting Support
Agreements.

 

“Transfer
Taxes” means any transfer, sales, use, stamp, documentary, registration, value added or other similar Taxes; provided,
for the avoidance of doubt, that Transfer Taxes shall not include any income, franchise or similar Taxes.

 

“Trinity
Capital Loan Agreement” means the Loan and Security Agreement dated as of January 4, 2022 between Trinity Capital Inc. and
Cepton Technologies, as amended from time to time.

 

“Underlying
Shares” means the shares of Company Common Stock issuable upon conversion of the Purchased Shares in accordance with the Series
A Certificate of Designations.

 

“U.S.
Business Day” means a “business day” as determined in accordance with Rule 100 of Regulation M promulgated by the
SEC.

 

“WARN
Act” means the Worker Adjustment and Retraining Notification Act of 1988, or any similar Laws regarding plant closings or mass
layoffs.

 

“Warrants”
means the Private Warrants and the Public Warrants.

 

    14

     

    

 

Section
1.02. Index of Defined Terms. The following capitalized terms have the respective meanings given to them in the respective Sections
of this Agreement set forth opposite each of the capitalized terms below:

 

	Term	 	Section
    Reference
	Agreement	 	Preamble
	Bylaws	 	3.01
	Capitalization
    Date	 	3.07(a)
	Charter	 	3.01
	Chosen
    Courts	 	10.09
	Closing	 	2.02
	Closing
    Date	 	2.02
	Collective
    Bargaining Agreement	 	3.20(a)
	Company	 	Preamble
	Company
    Board Recommendation	 	3.03(a)
	Company
    Breach Notice Period	 	9.01(f)
	Company
    Intellectual Property	 	3.16(a)
	Company
    Owned IP	 	3.16(a)
	Company
    Preferred Stock	 	3.07(a)
	Company
    SEC Reports	 	3.09
	Company
    Securities	 	3.07(c)
	Company
    Software	 	3.16(f)
	Company
    Stockholder Meeting	 	6.04(a)
	Confidentiality
    Agreement	 	10.03
	DGCL	 	3.01
	Director
    Resignation Letter	 	6.11
	Electronic
    Delivery	 	10.12
	End Date	 	9.01(c)
	Foreign
    Benefit Plan	 	3.19(i)
	Incoming
    Investor Director	 	6.11
	Incumbent
    Investor Director	 	6.11
	Investor	 	Preamble
	Investor
    Breach Notice Period	 	9.01(g)
	Investor
    Loan Agreement	 	Recitals
	Investor
    Rights Agreement	 	7.02(h)
	Lease	 	3.14(b)
	Leased
    Real Property	 	3.14(b)
	NHTSA	 	3.17(b)
	Non-Recourse
    Party	 	10.11
	Party	 	Preamble
	Proxy
    Statement	 	6.03(a)
	Requisite
    Stockholder Approvals	 	3.04(a)
	Representatives	 	5.03
	Resigning
    Director	 	6.11
	Transaction	 	Recitals
	Voting
    Support Agreements	 	3.29

 

    15

     

    

 

Section
1.03. Certain Interpretations.

 

(a)
When a reference is made in this Agreement to an Article or a Section, such reference is to an Article or a Section of this Agreement
unless otherwise indicated. When a reference is made in this Agreement to a Schedule or Exhibit, such reference is to a Schedule or Exhibit
to this Agreement, as applicable, unless otherwise indicated.

 

(b)
When used herein, the words “hereof,” “herein” and “herewith” and words of similar import will, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; and the words
“include,” “includes” and “including” will be deemed in each case to be followed by the words “without
limitation.”

 

(c)
Unless the context otherwise requires, “neither,” “nor,” “any,” “either” and “or”
are not exclusive.

 

(d)
The word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends, and
does not simply mean “if.”

 

(e)
When used in this Agreement, references to “$” or “Dollars” are references to U.S. dollars.

 

(f)
The meaning assigned to each capitalized term defined and used in this Agreement is equally applicable to both the singular and the plural
forms of such term, and words denoting any gender include all genders. Where a word or phrase is defined in this Agreement, each of its
other grammatical forms has a corresponding meaning.

 

(g)
When reference is made to any Party to this Agreement or any other agreement or document, such reference includes such Party’s
successors and permitted assigns. References to any Person include the successors and permitted assigns of that Person.

 

(h)
Unless the context otherwise requires, all references in this Agreement to the Subsidiaries of a Person will be deemed to include all
direct and indirect Subsidiaries of such Person.

 

(i)
A reference to any specific Law or to any provision of any Law includes any amendment to, and any modification, re-enactment or successor
thereof, any legislative provision substituted therefor and all rules, regulations and statutory instruments issued thereunder or pursuant
thereto, except that, for purposes of any representations and warranties in this Agreement that are made as of a specific date, references
to any specific Law will be deemed to refer to such legislation or provision (and all rules, regulations and statutory instruments issued
thereunder or pursuant thereto) as of such date.

 

(j)
References to any agreement or Contract are to that agreement or Contract as amended, modified or supplemented (including by waiver or
consent) from time to time in accordance with the terms hereof and thereof, except that for purposes of any representations and warranties
in this Agreement that are made as of a specific date, references to any specific Contract will be deemed to refer to such Contract as
of such date.

 

    16

     

    

 

(k)
All accounting terms used herein will be interpreted, and all accounting determinations hereunder will be made, in accordance with GAAP.

 

(l)
The table of contents and headings set forth in this Agreement are for convenience of reference purposes only and will not affect or
be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision hereof.

 

(m)
The measure of a period of one month or year for purposes of this Agreement will be the date of the following month or year corresponding
to the starting date. If no corresponding date exists, then the end date of such period being measured will be the next actual date of
the following month or year (for example, one month following February 18 is March 18 and one month following March 31 is May 1).

 

(n)
The Parties agree that they have been represented by legal counsel during the negotiation, execution and delivery of this Agreement and
therefore waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or
other document will be construed against the Party drafting such agreement or document.

 

(o)
No summary of this Agreement or any Exhibit or Schedule delivered herewith prepared by or on behalf of any Party will affect the meaning
or interpretation of this Agreement or such Exhibit or Schedule.

 

(p)
The information contained in this Agreement and in the Company Disclosure Letter is disclosed solely for purposes of this Agreement,
and no information contained herein or therein will be deemed to be an admission by any Party to any third Person of any matter whatsoever,
including any violation of Law or breach of Contract; or that such information is material or that such information is required to be
referred to or disclosed under this Agreement.

 

(q)
The representations and warranties in this Agreement are the product of negotiations among the Parties and are for the sole benefit of
the Parties. Any inaccuracies in such representations and warranties are subject to waiver by the Parties in accordance with Section
9.05 without notice or liability to any other Person. The representations and warranties in this Agreement represent an allocation among
the Parties of risks associated with particular matters regardless of the knowledge of any of the Parties. Consequently, Persons other
than the Parties may not rely on the representations and warranties in this Agreement as characterizations of actual facts or circumstances
as of the date of this Agreement or as of any other date.

 

(r)
All references to “ordinary course of business” will be deemed to be followed by the words “consistent with past practice.”

 

(s)
All references to time shall refer to New York City time unless otherwise specified.

 

    17

     

    

 

Article
2

Agreement to Sell and Purchase

 

Section
2.01. Sale and Purchase. Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to the Investor,
and the Investor hereby agrees to purchase from the Company, the Purchased Shares, and the Investor agrees to pay the Company the Purchase
Price.

 

Section
2.02. The Closing. The consummation of the Transaction will take place at a closing (the “Closing”) to occur
at such time as the Parties mutually agree in writing, at the offices of O’Melveny & Myers LLP, Two Embarcadero Center, 28th
Floor, San Francisco, CA 94111, United States of America, on the fifth (5th) Business Day after the satisfaction or waiver (to the extent
permitted hereunder) of the last to be satisfied or waived of the conditions set forth in Article 7 (other than those conditions that
by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver (to the extent permitted hereunder) of such
conditions; provided, that the Closing shall not occur prior to January 1, 2023 unless mutually agreed by the Parties in writing);
or such other time, location and date as the Parties mutually agree in writing. The date on which the Closing actually occurs is referred
to as the “Closing Date”.

 

Section
2.03. Adjustments. If between the date of this Agreement and the Closing Date the outstanding shares of Company Common Stock shall
have been changed into a different number of shares or a different class by reason of the occurrence of any stock split, reverse stock
split, stock dividend (including any dividend or other distribution of securities convertible into Company Common Stock), reorganization,
recapitalization, reclassification, combination, exchange of shares or other like change, the Share Price, Purchase Price and Purchased
Shares to be delivered pursuant to this Article 2 shall be appropriately adjusted to reflect such stock split, reverse stock split, stock
dividend (including any dividend or other distribution of securities convertible into Company Common Stock), reorganization, recapitalization,
reclassification, combination, exchange of shares or other like change.

 

Article
3

Representations and Warranties of the Company

 

With
respect to any Section of this Article 3, except as disclosed in the Company SEC Reports filed by the Company or furnished by the Company
to the SEC, in each case pursuant to the Exchange Act on or after February 10, 2022 and at least two (2) Business Days prior to the date
hereof (provided that in no event will any disclosure in the Company SEC Reports qualify or limit the Company Fundamental Representations),
the Company hereby represents and warrants to the Investor as follows:

 

Section
3.01. Organization; Good Standing. The Company is a corporation duly organized, validly existing and in good standing under the
General Corporation Law of the State of Delaware (the “DGCL”). The Company has the requisite corporate power and authority
to conduct its business as it is presently being conducted and to own, lease or operate its properties, rights and assets, except where
the failure to have such power or authority, individually or in the aggregate, has not had, and would not reasonably be expected to have,
a Company Material Adverse Effect. The Company is duly qualified to do business and is in good standing in each jurisdiction where the
character of its properties owned or leased or the nature of its activities make such qualification necessary (with respect to jurisdictions
that recognize the concept of good standing), except where the failure to be so qualified or in good standing has not had, and would
not reasonably be expected to have, a Company Material Adverse Effect. The Company has made available to the Investor true, correct and
complete copies of the Second Amended and Restated Certificate of Incorporation (the “Charter”) and the Amended and
Restated Bylaws of the Company (the “Bylaws”), each as amended to date. The Company is not in violation of the Charter
or the Bylaws.

 

    18

     

    

 

Section
3.02. Corporate Power; Enforceability.

 

(a) The
Company has the requisite corporate power and authority to: (i) execute and deliver this Agreement and the other Transaction Documents;
(ii) perform its covenants and obligations hereunder and thereunder; and (iii) subject to receiving the Requisite Stockholder Approvals,
consummate the Transaction and the other transactions contemplated by this Agreement and the other Transaction Documents. The execution
and delivery of this Agreement and the other Transaction Documents by the Company, the performance by the Company of its covenants and
obligations hereunder, and the consummation of the transactions contemplated by this Agreement and the other Transaction Documents, have
been duly authorized and approved by the Company Board, or any duly authorized committee thereof, and no other corporate action on the
part of the Company is necessary to authorize the execution and delivery of this Agreement or the other Transaction Documents, the performance
by the Company of its covenants and obligations and the consummation by the Company of the transactions contemplated by this Agreement
or the other Transaction Documents. This Agreement and each other Transaction Document has been duly executed and delivered by the Company
and, assuming the due authorization, execution and delivery by the Investor, constitutes a legal, valid and binding agreement of the Company,
enforceable against the Company in accordance with its terms, except as such enforceability: (A) may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other similar Laws affecting or relating to creditors’ rights generally; and (B) is subject
to general principles of equity.

 

(b)
Subject to the filing of the Series A Certificate of Designation with the Secretary of State for the State of Delaware, the Company has
all requisite power and authority to issue, sell and deliver the Purchased Shares, in accordance with and upon the terms and conditions
set forth in this Agreement and the Series A Certificate of Designations. The Series A Certificate of Designations sets forth the rights,
preferences and priorities of the Series A Preferred Stock, and the holders of the Series A Preferred Stock will have the rights set
forth in the Series A Certificate of Designations upon filing with the Secretary of State for the State of Delaware. All corporate action
required to be taken by the Company for the authorization, issuance, sale and delivery of the Purchased Shares, the execution and delivery
of this Agreement and the consummation of the transactions contemplated hereby has been, or will at the time of Closing be, validly taken.

 

    19

     

    

 

Section
3.03. Company Board Approval; Anti-Takeover Laws.

 

(a)
Company Board Approval. The Company Board, at a meeting duly called and held, has adopted resolutions, prior to the execution
of this Agreement: (i) determining that it is in the best interests of the Company and the Company Stockholders that the Company enter
into this Agreement and the other Transaction Documents and consummate the Transaction and the other transactions contemplated hereby
and thereby on the terms and subject to the conditions set forth herein and therein; (ii) approving and declaring advisable this Agreement,
the other Transaction Documents, the Transaction and the other transactions contemplated hereby and thereby on the terms and subject
to the conditions set forth herein and therein; (iii) directing that the Transaction be submitted to the Company Stockholders for approval;
and (iv) resolving to recommend that the Company Stockholders approve the Transaction (such recommendation, the “Company Board
Recommendation”).

 

(b)
Anti-Takeover Laws. The Company Board, or any duly authorized committee thereof, has taken all necessary actions so that the restrictions
contained in Section 203 of the DGCL applicable to a “business combination” (as defined in Section 203 of the DGCL) shall
not apply to the execution, delivery or performance of this Agreement or the other Transaction Documents or the consummation of the Transaction
or other transactions contemplated hereby and thereby, including the conversion of the Purchased Shares by Investor or its Affiliates
and any other similar applicable “anti-takeover” Law will not be applicable to this Agreement or the other Transaction Documents
or the consummation of the Transaction or any other transaction contemplated hereby or thereby.

 

Section
3.04. Requisite Stockholder Approvals.

 

(a)
The approval of the Transaction by the affirmative vote of a majority of the total votes cast on such matter (with abstentions and broker
non-votes not counted as votes “FOR” or “AGAINST” the matter) (the “Requisite Stockholder Approvals”)
are the only votes or approvals of the holders of any class or series of capital stock of the Company necessary under applicable Law,
the NASDAQ rules, the Charter or the Bylaws to consummate the Transaction and the other transactions contemplated in this Agreement and
the other Transaction Documents.

 

Section 3.05. Non-Contravention. The
execution and delivery of this Agreement by the Company, the performance by the Company of its covenants and obligations hereunder, and
the consummation of the Transaction and the other transactions contemplated by this Agreement and the other Transaction Documents do not:
(a) violate or conflict with any provision of the Charter or the Bylaws; (b) violate, conflict with, result in the breach of, constitute
a default (or an event that, with notice or lapse of time or both, would become a default) pursuant to, result in the termination of,
accelerate the performance required by, or result in a right of termination or acceleration or the vesting or receipt of any benefit or
value to a third party, pursuant to any Material Contract; (c) assuming compliance with the matters referred to in Section 3.06 and, in
the case of the consummation of the Transaction, subject to obtaining the Requisite Stockholder Approvals, violate or conflict with any
Law or order applicable to the Company or any of its Subsidiaries or by which any of their respective properties or assets are bound;
or (d) result in the creation of any Lien (other than Permitted Liens) upon any of the properties or assets of the Company or any of its
Subsidiaries, except in the case of each of clauses (b), (c) and (d) for such consents as have been obtained and violations, conflicts,
breaches, defaults, terminations, accelerations or Liens that have not had, and would not reasonably be expected to have, a Company Material
Adverse Effect.

 

    20

     

    

 

Section 3.06. Requisite Governmental
Approvals. No Governmental Authorization is required on the part of the Company in connection with: (a) the execution and
delivery of this Agreement by the Company; (b) the performance by the Company of its covenants and obligations pursuant to this
Agreement; or (c) the consummation of the Transaction and the other transactions contemplated by this Agreement, except (i) the
filing of the Series A Certificate of Designations with the Secretary of State of the State of Delaware, (ii) such filings and
approvals as may be required by any applicable federal or state securities Laws, including compliance with any applicable
requirements of the Exchange Act, (iii) compliance with any applicable requirements of NASDAQ, (iv) compliance with any applicable
requirements of any applicable Antitrust Laws, and (v) such other Governmental Authorizations the failure of which to obtain would
not reasonably be expected to have a Company Material Adverse Effect.

 

Section
3.07. Company Capitalization.

 

(a) Capital
Stock. The authorized capital stock of the Company consists of (i) 350,000,000 shares of Company Common Stock and (ii) 5,000,000 shares
of preferred stock, par value $0.00001 per share, of the Company (the “Company Preferred Stock”). As of 5:00 p.m. New
York City time on October 18, 2022 (such time and date, the “Capitalization Date”): (A) 156,409,142 shares of Company
Common Stock were issued and outstanding; (B) no shares of Company Preferred Stock were issued and outstanding; and (C) 0 shares of Company
Common Stock were held by the Company as treasury shares. All issued and outstanding shares of Company Common Stock are duly authorized
and validly issued, fully paid, nonassessable and free of any preemptive rights. From the Capitalization Date to the date of this Agreement,
the Company has not issued or granted any Company Securities other than pursuant to the exercise, vesting or settlement of Company Options,
Company RSUs and Company PSUs granted prior to the date of this Agreement in accordance with their respective terms or pursuant to the
exercise of the Warrants in accordance with their terms.

 

(b) Stock
Reservation and Awards. As of the Capitalization Date, the Company has reserved 10,120,767 shares of Company Common Stock for issuance
pursuant to the Company Stock Plans, which number excludes 19,708,275 shares subject to outstanding awards, 13,800,000 shares of Company
Common Stock for issuance pursuant to the Warrants, 13,000,000 shares of Company Common Stock for issuance in respect of the Earnout Shares,
and 13,357,495 shares for issuance pursuant to the Purchase Agreement entered into with Lincoln Park Capital Fund, LLC, dated as of November
24, 2021. As of the Capitalization Date, there were outstanding: (i) Company Options to acquire 14,451,545 shares of Company Common Stock
with a weighted average exercise price of $2.17; (ii) 5,133,730 shares of Company Common Stock subject to outstanding Company RSUs; and
(iii) 123,000 shares of Company Common Stock subject to outstanding Company PSUs (based on target achievement, if applicable).

 

    21

     

    

 

(c) Company
Securities. Except as set forth in this Section 3.07, as of the Capitalization Date there were: (i) no issued and outstanding shares
of capital stock of, or other equity or voting interest in, the Company; (ii) no outstanding securities of the Company convertible into
or exchangeable or exercisable for shares of capital stock of, or other equity or voting interest in, the Company; (iii) no outstanding
options, warrants or other rights or binding arrangements to acquire from the Company, or that obligate the Company to issue, any capital
stock of, or other equity or voting interest in, or any securities convertible into or exchangeable or exercisable for shares of capital
stock of, or other equity or voting interest in, the Company; (iv) no obligations of the Company to grant, extend or enter into any subscription,
warrant, right, convertible or exchangeable security, or other similar Contract relating to any capital stock of, or other equity or voting
interest (including any voting debt) in, the Company; (v) no outstanding restricted shares, restricted share units, stock appreciation
rights, performance shares, contingent value rights, “phantom” stock or similar securities or rights that are derivative of,
or provide economic benefits based, directly or indirectly, on the value or price of, any capital stock of, or other securities or ownership
interests in, the Company; (vi) no other obligations of the Company to make any payment based on the price or value of any of the items
in the foregoing clauses (i) through (v) (the items in clauses (i), (ii), (iii), (iv), (v) and (vi), collectively, the “Company
Securities”); (vii) no voting trusts, proxies or similar arrangements or understandings to which the Company is a party or by
which the Company is bound with respect to the voting of any shares of capital stock of, or other equity or voting interest in, the Company;
and (viii) no obligations or binding commitments of any character restricting the transfer of any shares of capital stock of, or other
equity or voting interest in, the Company to which the Company is a party or by which it is bound. Except as may be permitted or required
under the Company Stock Plans, the Company is not a party to any Contract that obligates it to repurchase, redeem or otherwise acquire
any Company Securities. There are no accrued and unpaid dividends with respect to any outstanding Company Securities. The Company does
not have a stockholder rights plan in effect or outstanding bonds, debentures, notes or other similar obligations which provide such holder
the right to vote with the holders of shares of Company Common Stock on any matter. The announcement or consummation of the Transaction
and the other transactions contemplated by this Agreement will not, in and of themselves, result in any vesting, acceleration or the receipt
of any rights, benefits or value under any issued and outstanding Company Securities (excluding any Company Securities issued under an
Employee Plan or Company Stock Plan, which are addressed by Section 3.19(g)).

 

    22

     

    

 

(d)
Other Rights. The Company is not a party to any Contract relating to the voting of, requiring registration of, or granting anti-dilutive
rights or rights of first refusal or other similar rights with respect to any Company Securities.

 

(e) Valid Issuance of Shares. The
Purchased Shares being purchased by the Investor hereunder will be duly authorized by the Company and, when issued and delivered by
the Company in accordance with this Agreement and the Series A Certificate of Designations against payment of the consideration set
forth herein, will be validly issued, fully paid and non-assessable and will be free and clear of any and all Liens and restrictions
on transfer, except for generally applicable transfer restrictions under applicable securities Law, the Investor Rights Agreement or
the Charter or such Liens as are created by the Investor. There are no Persons entitled to statutory, preemptive or other similar
contractual rights to subscribe for the Purchased Shares. Upon issuance in accordance with the Series A Certificate of Designations,
the Underlying Shares will be duly authorized, validly issued, fully paid and non-assessable and will be free and clear of any and
all Liens and restrictions on transfer, other than (i) restrictions on transfer under the Series A Certificate of Designations,
the Charter, the Investor Rights Agreement and under applicable state and federal securities laws and (ii) such Liens as are created by
the Investor.

 

Section
3.08. Subsidiaries.

 

(a)
Each of the Subsidiaries of the Company (i) is duly organized, validly existing and in good standing (with respect to jurisdictions that
recognize the concept of good standing) under the laws of the jurisdiction of its organization and (ii) has the requisite corporate power
and authority to conduct its business as it is presently being conducted and to own, lease or operate its properties and assets, except
in each case as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect. Each of the Subsidiaries
of the Company is duly qualified to do business and is in good standing in each jurisdiction where the character of its properties owned
or leased or the nature of its activities make such qualification necessary (with respect to jurisdictions that recognize the concept
of good standing), except where the failure to be so qualified or in good standing has not had, and would not reasonably be expected
to have, a Company Material Adverse Effect.

 

(b)
Cepton Technologies is wholly owned by the Company, directly, free and clear of any Liens (other than Permitted Liens, Liens with respect
to the Trinity Capital Loan Agreement disclosed to the Investor prior to the date hereof and, upon funding thereof, Liens with respect
to the Investor Loan Agreement) and free of any other limitation or restriction (including any restriction on the right to vote, sell
or otherwise dispose of the capital stock or securities of such Subsidiary).

 

(c)
Except as would not reasonably be expected to have a Company Material Adverse Effect: each of the Subsidiaries of the Company (other
than Cepton Technologies) is wholly owned by the Company, directly or indirectly, free and clear of any Liens; the Company does not own,
directly or indirectly, any capital stock or other equity interest of, or any other securities convertible or exchangeable into or exercisable
for capital stock or other equity interest of, any Person other than the Subsidiaries of the Company, and the Company directly or indirectly
owns all outstanding Subsidiary Securities; no Subsidiary of the Company owns any shares of capital stock or other securities of the
Company; neither the Company nor any of its Subsidiaries has any Contract pursuant to which it is obligated to make any investment (in
the form of a loan, capital contribution or otherwise) in any Person (other than the Company with respect to its Subsidiaries and the
Subsidiaries with respect to each other).

 

    23

     

    

 

Section
3.09. Company SEC Reports. Since February 10, 2022 and through the date of this Agreement, the Company has filed or furnished
all forms, reports and documents with the SEC that have been required to be filed or furnished by it pursuant to applicable Laws (the
“Company SEC Reports”) prior to the date of this Agreement. Each such Company SEC Report complied in all material
respects, as of its filing date (or, if amended or superseded by a filing prior to the date of this Agreement, on the date of such amended
or superseding filing) with the applicable requirements of the Securities Act or the Exchange Act, as the case may be, each as in effect
on the date that such Company SEC Report was filed. True, correct and complete copies of all Company SEC Reports are publicly available
in the Electronic Data Gathering, Analysis and Retrieval database of the SEC. As of its filing date (or, if amended or superseded by
a filing prior to the date of this Agreement, on the date of such amended or superseded filing), each Company SEC Report did not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in
the light of the circumstances under which they were made, not misleading.

 

Section
3.10. Company Financial Statements; Internal Controls.

 

(a) Company
Financial Statements. The consolidated financial statements (including any related notes and schedules) of the Company filed with
the Company SEC Reports: (i) were prepared in accordance Regulation S-X under the Exchange Act and with GAAP (except as may be indicated
in the notes thereto or as otherwise permitted by Form 10-Q with respect to any financial statements filed on Form 10-Q); (ii) complied,
as of their respective date of filing with the SEC in all material respects, with the published rules and regulations of the SEC with
respect thereto and (iii) fairly present, in all material respects, the consolidated financial position of the Company as of the dates
thereof and the consolidated results of operations and cash flows for the periods then ended (subject, in the case of the unaudited financial
statements, to normal and recurring year-end and audit adjustments). Except as have been described in the Company SEC Reports, there are
no off-balance sheet arrangements of the type required to be disclosed pursuant to Item 303(a)(4) of Regulation S-K promulgated by the
SEC.

 

(b) Disclosure Controls and
Procedures. Except as is not required in reliance on exemptions from various reporting requirements by virtue of the
Company’s status as an “emerging growth company” within the meaning of the Securities Act or “smaller
reporting company” within the meaning of the Exchange Act, the Company has established and maintains, and at all times since
February 10, 2022 has maintained, “disclosure controls and procedures” and “internal control over financial
reporting” (in each case as defined pursuant to Rule 13a-15 and Rule 15d-15 promulgated under the Exchange Act) that (i) are
with respect to disclosure controls and procedures, reasonably designed to ensure that all material information (both financial and
non-financial) required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that all such material
information required to be disclosed is accumulated and communicated to the management of the Company, as appropriate, to allow
timely decisions regarding required disclosure and to enable the chief executive officer and chief financial officer of the Company
to make the certifications required under the Exchange Act with respect to such reports, and (ii) with respect to internal control
over financial reporting, sufficient in all material respects to provide reasonable assurance (A) that transactions are
recorded as necessary to permit preparation of financial statements in conformity with GAAP, (B) that transactions are executed only
in accordance with the authorization of management and (C) regarding prevention or timely detection of the unauthorized acquisition,
use or disposition of the Company’s properties or assets, in each case that could have a material effect on the
Company’s financial statements.

 

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(c) Internal
Controls. The Company has established and maintains a system of internal accounting controls that are effective in providing reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. Neither
the Company nor, to the Knowledge of the Company, the Company’s independent registered public accounting firm, has identified or
been made aware of: (i) any significant deficiency or material weakness in the system of internal control over financial reporting used
by the Company and its Subsidiaries that has not been subsequently remediated; or (ii) any fraud that involves the Company’s management
or other employees who have a role in the preparation of financial statements or the internal control over financial reporting utilized
by the Company and its Subsidiaries. Since February 10, 2022, neither the Company nor any of its Subsidiaries nor, to the Company’s
Knowledge, any director, officer, employee, auditor, accountant or representative of the Company or any of its Subsidiaries has received
any written complaint, allegation, assertion, or claim (or otherwise has been informed) that the Company or any of its Subsidiaries has
engaged in improper or illegal accounting or auditing practices or maintains improper or inadequate internal accounting controls.

 

(d)
As of the date of this Agreement, there are no outstanding or unresolved comments in any comment letters from the staff of the SEC relating
to the Company’s SEC Reports and received by the Company prior to the date of this Agreement. None of the Company’s SEC Reports
filed on or prior to the date of this Agreement, is, to the Company’s Knowledge, subject to ongoing SEC review or investigation.

 

Section 3.11. No Undisclosed
Liabilities. Neither the Company nor any of its Subsidiaries has any liabilities of a nature required to be reflected or
reserved against on a balance sheet prepared in accordance with GAAP or notes thereto, other than liabilities: (a) reflected or
otherwise reserved against in the Audited Company Balance Sheet or in the consolidated financial statements of the Company and its
Subsidiaries (including the notes thereto) included in the Company SEC Reports filed prior to the date of this Agreement, (b)
arising pursuant to this Agreement or incurred in connection with the Transaction; or (c) incurred in the ordinary course of
business; in each case that, individually or in the aggregate, have not had, and would not reasonably be expected to have, a Company
Material Adverse Effect).

 

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Section
3.12. Absence of Certain Changes.

 

(a) Since
June 30, 2022 through the date of this Agreement: (i) the business of the Company and its Subsidiaries has been conducted, in all material
respects, in the ordinary course of business; and (ii) there has not been any action taken by the Company or any of its Subsidiaries
that, if taken during the period from the date of this Agreement through the Closing without the Investor’s consent, would constitute
a breach of, or require consent of the Investor under Section 5.02 other than the issuance and sale of shares of Company Common Stock
pursuant to the Purchase Agreement prior to the date of this Agreement in the amount disclosed in writing to the Investor prior to the
date of this Agreement.

 

(b)
Since December 31, 2021 through the date of this Agreement, there has not been any effect, change, development or occurrence that, individually
or in the aggregate, has had, or would reasonably be expected to have, a Company Material Adverse Effect.

 

Section
3.13. Material Contracts.

 

(a)
Validity. Each Material Contract (other than any Material Contract that has expired in accordance with its terms) is valid and
binding on the Company or each Subsidiary of the Company that is a party thereto (as the case may be) and, to the Knowledge of the Company,
any other party thereto and is enforceable in accordance with its terms, and is in full force and effect, except where the failure to
be valid and binding and in full force and effect has not had, and would not reasonably be expected to have, a Company Material Adverse
Effect. The Company and each of its Subsidiaries, and, to the Knowledge of the Company, any other party thereto, has performed all obligations
required to be performed by it under each Material Contract, except where the failure to fully perform has not had, and would not reasonably
be expected to have, a Company Material Adverse Effect. No event has occurred that, whether or not with notice or lapse of time or both,
would constitute such a breach, default, acceleration of rights or an event of termination pursuant to any Material Contract by the Company
or any of its Subsidiaries, or, to the Knowledge of the Company, any other party thereto, except for such breaches, defaults, acceleration
or termination that have not had, and would not reasonably be expected to have, a Company Material Adverse Effect. As of the date of
this Agreement, neither the Company nor any of its Subsidiaries has received written notice that it has breached, violated or defaulted
under any Material Contract.

 

(b)
None of the Company or any of its Subsidiaries is a party to any of the following Contracts:

 

(i)
any material joint venture, partnership or similar Contract;

 

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(ii)
any Contract containing any covenant (i) limiting the right of the Company or any of its Subsidiaries to engage in any line of business
or any geographic area that is material to the Company and its Subsidiaries, taken as a whole, or (ii) materially limiting the rights
of the Company or any of its Subsidiaries, taken as a whole, pursuant to any “minimum requirement,” “most favored nation”
or “exclusivity” provisions;

 

(iii)
any material Contract with any Governmental Authority; or

 

(iv)
any Contract for an Acquisition Transaction.

 

Section
3.14. Real Property.

 

(a)
No Owned Real Property. Neither the Corporation nor any of its Subsidiaries own any interest in Real Property.

 

(b)
Leased Real Property. Except as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect:
the Company or one of its Subsidiaries has valid leasehold estates in the Company or any of its Subsidiaries, leases, subleases, uses
or occupies, or has the right to use or occupy, now or in the future, any Real Property for which the annual rent (excluding common area
maintenance charges) is in excess of $140,000 (such property, the “Leased Real Property,” and each such lease, sublease,
license or other agreement, a “Lease”), free and clear of all Liens (other than Permitted Liens); each Lease is legal,
valid, binding, enforceable and in full force and effect; neither the Company’s nor any of its Subsidiaries’ possession and
quiet enjoyment of the Leased Real Property under any Lease has been disturbed, and there are no disputes with respect to any such Lease
in any material respect; neither the Company nor any of its Subsidiaries is in breach of or default pursuant to any Lease; and there
are no subleases, licenses or similar agreements granting to any Person, other than the Company or any of its Subsidiaries, any right
to use or occupy the Leased Real Property or any portion thereof, now or in the future.

 

Section 3.15. Environmental Matters.
Except as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect: (a) the Company and its Subsidiaries
are and, since January 1, 2019 (or earlier if unresolved), have been, in compliance with all applicable Environmental Laws and Environmental
Permits, which compliance includes obtaining, maintaining and renewing all Environmental Permits; (b) since January 1, 2019 (or earlier
if unresolved), no notice of violation or other notice, report, order, directive or other information has been received by the Company
or any of its Subsidiaries related to any Environmental Law, Environmental Permit or Hazardous Material; (c) no Legal Proceeding is pending
or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries relating to any Environmental Law, Environmental
Permit or Hazardous Material; (d) neither the Company nor any of its Subsidiaries has transported, manufactured, distributed, handled,
stored, treated, released, disposed or arranged for disposal of, or exposed any Person to, any Hazardous Materials, in a manner that has
resulted in an investigation or required cleanup by, or otherwise resulted in the liability of, the Company or any of its Subsidiaries;
(e) no Hazardous Material has been discharged, disposed of, dumped, injected, pumped, deposited, spilled, leaked, emitted or released
at, on, under, to, in or from (A) any property or facility now or previously owned, leased or operated by or (B) any property or facility
to which any Hazardous Material has been transported for disposal, recycling or treatment by or on behalf of, in each case the Company
or any of its Subsidiaries (or any of their respective predecessors); and (f) neither the Company nor its Subsidiaries have assumed, provided
an indemnity with respect to or otherwise become subject to the liability of any other Person under Environmental Laws.

 

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Section
3.16. Intellectual Property.

 

(a)
The Company has made available to the Investor a true, correct and complete list as of the date of this Agreement of all United States
Patents owned by, or registered in the name of Cepton Technologies (for each, indicating, as applicable, the owner(s), filing or registration
number, title, jurisdiction, date of issuance, and current record applicant(s) and registrants).

 

(b) Except
as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, the Company or one of its Subsidiaries,
as applicable, owns all Registered Intellectual Property and all other Intellectual Property owned or purported to be owned by the Company
or any of its Subsidiaries (collectively, and together with the Registered Intellectual Property, the “Company Owned IP”),
and to the Knowledge of the Company is licensed or otherwise possesses adequate rights to use pursuant to a valid license or subscription
agreement, all material Intellectual Property used or held for use in, or necessary for, their respective businesses as currently conducted
(collectively, and together with the Company Owned IP, the “Company Intellectual Property”), in each case free and
clear of all Liens (except for Permitted Liens). The Company and its Subsidiaries have taken commercially reasonable actions to maintain
and protect all of the Company Intellectual Property, including the secrecy, confidentiality and value of the material Trade Secrets of
the Company and its Subsidiaries. All past and present employees, consultants and contractors of the Company and its Subsidiaries (for
Persons that the Company and its Subsidiaries have not engaged or employed in the past five (5) years, to the Knowledge of the Company)
who have had access to material Trade Secrets of the Company and its Subsidiaries or have authored, developed or otherwise created any
material Company Intellectual Property, have executed valid written agreements pursuant to which such Person (i) is bound to maintain
and protect the confidential information of the Company and its Subsidiaries, and (ii) assigns, pursuant to a present assignment, to the
Company or its applicable Subsidiaries, sole ownership of all Intellectual Property authored, developed or otherwise created by such Person
in the course of such Person’s employment or other engagement with the Company and its Subsidiaries, in accordance with applicable
Laws and without further consideration or any restrictions or obligations on the Company or any of its Subsidiaries, and to the Knowledge
of the Company, such agreements are valid and enforceable in accordance with their terms. No material Company Owned IP is subject to any
consent, settlement, decree, order, injunction, judgment or ruling prohibiting or restricting the Company’s or any of its Subsidiaries’
use, ownership, enforcement or other exploitation or disposition thereof. The transactions contemplated by this Agreement and the consummation
thereof will not alter, encumber, impair or otherwise extinguish any right, title or interest of the Company or any of its Subsidiaries
in or to any Company Owned IP. There exist no material restrictions on the disclosure, use, license or transfer of the Company Owned IP,
and all of the Company Owned IP will be owned by the Company and its Subsidiaries immediately after the Closing.

 

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(c) There
are no claims by any Person that are either pending or made or, to the Knowledge of the Company, threatened in writing since January 1,
2019, (i) alleging infringement, misappropriation, or other violation by the Company or any of its Subsidiaries of any Intellectual Property
of such Person, or (ii) contesting the validity, use, ownership, enforceability, patentability or registrability of any material Company
Owned IP, excluding any ordinary course “office actions” received by the Company or a Subsidiary in connection with the prosecution
of Patents. Neither the Company nor any of its Subsidiaries has received any written notices or written requests for indemnification from
any third party related to any of the foregoing matters in clauses (i) and (ii).

 

(d) (i)
To the Knowledge of the Company, neither the Company nor any of its Subsidiaries, nor the conduct of the business of the Company and its
Subsidiaries, including the sale or licensing of Company Products, infringes, misappropriates, or otherwise violates or, since January
1, 2019, has infringed, misappropriated, or otherwise violated, any Intellectual Property of any Person in any material respect; (ii)
neither the Company nor any of its Subsidiaries has received any written notices regarding any of the foregoing matters in clause (i)
(including any cease and desist letters, demands or unsolicited offers to license any Intellectual Property from any Person); and (iii)
to the Knowledge of the Company as of the date of this Agreement, no Person is infringing, misappropriating, or otherwise violating any
material Company Owned IP.

 

(e) The
Company and its Subsidiaries own, lease, license, or otherwise have the valid right to use all material Company Systems, and such Company
Systems are sufficient in all material respects for the needs of the Company’s and its Subsidiaries’ businesses, and the Company
and its Subsidiaries have purchased sufficient license rights for all material third party Software used in their operations. With respect
to the Company Systems: (i) the Company and its Subsidiaries have a commercially reasonable disaster recovery plan in place and have tested
such disaster recovery plan for effectiveness, and (ii) to the Knowledge of the Company, there have not been any material malfunctions,
failures, or continued substandard performance that have not been remedied in all material respects.

 

(f) The
material proprietary Software owned by the Company and its Subsidiaries (the “Company Software”) is not subject to
any “copyleft” or other obligation or condition (including any obligation or condition under any “open source”
license) that (A) requires, or conditions the use or distribution of such Software, on the disclosure, licensing, or distribution of any
source code for any portion of such Company Software or (B) otherwise imposes any limitation or restriction on the right or ability
of the Company or any of its Subsidiaries to use, license, distribute, or otherwise exploit any portion of the Company Software (including,
for clarity, any limitation on the compensation that the Company or any of its Subsidiaries may charge in the marketing, licensing, sale,
distribution, or other commercial exploitation or other use of such Company Software or any requirement that such Company Software be
disclosed, licensed or distributed for the purpose of making derivative works, but excluding any obligation for the Company to provide
attribution for the author of such Software). The Company and its Subsidiaries possess all source code and other documentation and materials
reasonably necessary for a developer competent in the programming language for such Software to compile, operate and maintain the Company
Software. All Company Software operates in all material respects in accordance with its requirements, technical, end-user and other documentation.
To the Knowledge of the Company, there are no viruses, “worms”, “time bombs”, “key-locks”, Trojan
horses or similar disabling codes, programs or devices in any of the Company Software, or any other codes, programs or devices designed
to disrupt or interfere with the operation of the Company Software or equipment upon which the Company Software operates, or the integrity
of the Data, information or signals the Company Software produces in a manner adverse to the Company, any of its Subsidiaries, any customer,
licensee or other Person. The Company and its Subsidiaries have not delivered, licensed, or made available any source code for any Company
Software to any escrow agent or other Person who is not an employee, contractor or other service provider of the Company or any of its
Subsidiaries and subject to appropriate confidentiality obligations, and the Company and its Subsidiaries are not subject to any obligation
(whether present, contingent, or otherwise) deliver, license, or make available any such source code.

 

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(g) Since
January 1, 2019: (i) the Company and its Subsidiaries (including the conduct of their respective businesses and their Processing of Data)
have complied with all Data Security Requirements in all material respects; (ii) there has not been any material Security Incident; and
(iii) the Company and its Subsidiaries have taken commercially reasonable actions, including instituting commercially reasonable physical,
technical, and administrative security measures and policies, to protect the security and integrity of the Company Systems and all Data
stored or contained therein or transmitted thereby and all Sensitive Information collected or possessed by them from and against unauthorized
access, use, or disclosure, including by installing all patches applicable to the Company Systems and updating the Company Systems to
current versions of third party Software in a reasonably timely manner. Since January 1, 2019, neither the Company nor any of its Subsidiaries
has provided or been legally required to provide any notices to data owners in connection with (A) any unauthorized access, use or disclosure
of Sensitive Information or (B) any Data Security Requirement. Neither the Company nor its Subsidiaries (1) has received any written complaint
from any Person regarding any Data Security Requirements, Security Incident, or Sensitive Information or (2) has been subject to any investigations
or audits (other than audits commissioned in response to contractual requirements related to security and vulnerability testing in commercial
contracts and self-initiated audits) concerning any Data Security Requirements, Security Incident, or Sensitive Information.

 

(h) To
the extent that the Company or any of its Subsidiaries has: (i) purchased, licensed or otherwise acquired for compensation any Personal
Information, it has done so in accordance with all Data Security Requirements in all material respects; or (ii) obtained Personal Information
from any publicly-available sources, including websites, it has done so in accordance with the terms and conditions attaching to the use
of that publicly- available source and in accordance with all Data Security Requirements in all material respects. The Company and its
Subsidiaries have engaged in the Processing of Data (and caused third parties to engage in the Processing of Data) only with respect to
any third party Data as they are authorized to so engage by applicable Law and Contract. The Company and its Subsidiaries in respect of
each Processing activity that they carry out as a Controller (as defined in Article 4(7) of the GDPR) under the GDPR: (A) have, and have
had, a lawful basis for Processing Personal Information, including obtaining or contractually obligating others to obtain on the Company’s
behalf all requisite consents from data subjects (where consent is relied upon by the Company or its Subsidiaries as the legal basis for
Processing), in accordance with the GDPR and ePrivacy Directive; (B) have, prior to Processing any Personal Information, made available
(to the standard required under the GDPR) materially accurate processing information that meets the requirements of the GDPR; (C) have
entered into a written agreement with all third party data processors which complies with the requirements of the GDPR; and (D) comply,
and have complied with all principles set out in Article 5 of the GDPR in all material respects.

 

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Section
3.17. Products.

 

(a) Each
of the Company Products is, and at all times up to and including the sale thereof has been, (i) in compliance in all material respects
with all applicable Laws and (ii) fit for the ordinary purposes for which it is intended to be used and conforms in all material respects
to any promises or affirmations of fact made on the container or label for such product or in connection with its sale.

 

(b) Since
January 1, 2019 through the date of this Agreement, the Company and its Subsidiaries have not received any material written notices or
other correspondence from the National Highway Traffic Safety Administration (“NHTSA”), or any Foreign Regulatory Authority
relating to any Company Products, nor is there any pending, or to the Knowledge of the Company, threatened material claim by NHTSA or
any Foreign Regulatory Authority against the Company or any of its Subsidiaries relating to an alleged defect or noncompliance in any
Company Products. Since January 1, 2019 through the date of this Agreement, there has not been nor is there under consideration by any
committee or team responsible for the oversight, investigation and remediation of product quality, noncompliance, defect, warranty, recall
or customer campaign matters, any recall, customer satisfaction program or post sale warning of a material nature concerning any Company
Products. Since January 1, 2019, the Company and its Subsidiaries have, to the extent applicable, complied with the requirements of the
Transportation Recall Enhancement, Accountability and Documentation Act and implementing regulations of the NHTSA, including the Reporting
of Early Warning Information Regulation (49 CFR Part 579, subpart C), and Reporting of Safety Recalls and Other Safety Campaigns in Foreign
Countries Regulation (49 CFR Part 579, subpart B).

 

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Section
3.18. Tax Matters.

 

(a) Except
as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, each of the Company and its Subsidiaries
has: (i) timely filed (taking into account valid extensions) all Tax Returns required to be filed by it; (ii) paid all Taxes that are
due and payable by it, except for those being contested in good faith by appropriate proceedings and for which adequate reserves have
been established in accordance with GAAP; and (iii) reflected or otherwise reserved against in its books in accordance with GAAP an amount
reasonably adequate for the payment of all material amounts of Taxes for the taxable period subsequent to the latest period to which such
Tax Returns apply.

 

(b) Except
as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect: (i) no audits or other examinations with
respect to Taxes of the Company or any of its Subsidiaries are presently in progress or have been asserted or proposed in writing, except
for any audit or other examination for which adequate reserves have been made (in accordance with GAAP); (ii) neither the Company nor
any of its Subsidiaries has outstanding any waiver or extension of any statute of limitations on, or extended the period for the assessment
or collection of any Tax; and (iii) no written claim has been made by a Governmental Authority in a jurisdiction where the Company or
any of its Subsidiaries does not file Tax Returns of a particular type that the Company or such Subsidiary, as the case may be, is or
may be subject to Tax of such type in that jurisdiction.

 

(c) Except
as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, each of the Company and each of its Subsidiaries
(or its agent) has withheld or collected from each payment made to each of its employees or any other Person the amount of all Taxes required
to be withheld or collected therefrom, and has paid the same to the proper Tax receiving officers or authorized depositories.

 

(d) The
Company is not and has not been, during the five-year period ending on the date hereof, a “United States real property holding corporation”
within the meaning of Section 897 of the Code.

 

(e) Except
as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, there are no Liens for Taxes upon the
assets of the Company or any of its Subsidiaries other than those described in clause (i) of the definition of Permitted Liens.

 

(f) The
Company is classified as a corporation for United States federal income tax purposes, and the Company has never been classified as other
than a corporation for U.S. federal income tax purposes.

 

(g) Except
as had not had, and would not reasonably be expected to have, a Company Material Adverse Effect, neither the Company nor any of its Subsidiaries
has participated or engaged in any transaction that constitutes a “listed transaction” within the meaning of Treas. Reg. Section
1.6011-4(b)(2).

 

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Section
3.19. Employee Benefits.

 

(a) Company
Stock Plans. The Company has made available to the Investor a true and complete copy of all Company Stock Plans.

 

(b) Absence
of Certain Plans. Neither the Company, its Subsidiaries nor any ERISA Affiliate of the Company has maintained, sponsored or participated
in, or contributed to, in the six year period preceding the date hereof or otherwise has any liability or obligation with respect to:
(i) a “multiemployer plan” (as defined in Section 3(37) or 4001(a)(3) of ERISA); (ii) a “multiple employer plan”
(as defined in Section 4063 or Section 4064 of ERISA) or as described in Section 413(c) of the Code; or (iii) a plan covered by Section
412 of the Code or Title IV of ERISA.

 

(c) Compliance.
Except as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, each Employee Plan has been maintained,
funded, operated and administered in accordance with its terms and with all applicable Law and any applicable regulatory guidance issued
by any Governmental Authority. Each Employee Plan that is intended to be qualified under Section 401(a) of the Code (i) has received a
favorable determination letter issued by the IRS regarding such qualified status or is maintained pursuant to a prototype or volume submitter
document approved by the IRS and is entitled to rely on a favorable opinion letter issued by the IRS with respect to such prototype or
volume submitter document, and (ii) no events have occurred that would reasonably be expected to adversely affect the qualified status
of any such Employee Plan that cannot be corrected without liability to the Company or any of its Subsidiaries. Except as has not had,
and would not reasonably be expected to have, a Company Material Adverse Effect, neither the Company nor any of its Subsidiaries has incurred
or could reasonably be expected to incur any penalty or Tax (whether or not assessed) under Sections 4980B, 4980D or 4980H of the Code.

 

(d) Contributions.
Except as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, all contributions, premiums, reimbursements
or other payments that are due and owing to or in respect of any Employee Plan have been paid. Except as has not had, and would not reasonably
be expected to have, a Company Material Adverse Effect, all such contributions, premiums, reimbursements or other payments for any period
ending on or before the Closing Date that are not yet due have been (or will be prior to the Closing Date) paid or properly accrued (in
accordance with GAAP, to the extent applicable).

 

(e) No
Post-Termination Welfare Benefit Plan. Except as has not had, and would not reasonably be expected to have, a Company Material Adverse
Effect, neither the Company nor its Subsidiaries maintains and has not maintained any Employee Plan that is a welfare benefit plan (as
defined in Section 3(1) of ERISA) that provides, nor has the Company or any of its Subsidiaries committed to provide, post- termination
or retiree life insurance or health benefits to any person, except as may be required by Section 4980B of the Code or any similar Law.

 

(f) Employee
Plan Legal Proceedings. Except as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, there
are no Legal Proceedings pending or, to the Knowledge of the Company, threatened on behalf of, against or in relation to, any Employee
Plan, the assets of any trust pursuant to any Employee Plan, or the plan sponsor, plan administrator or any fiduciary or any Employee
Plan, with respect to the administration or operation of such plans, other than routine claims for benefits. Except as has not had, and
would not reasonably be expected to have, a Company Material Adverse Effect, there have been no non-exempt “prohibited transactions”
(as defined in Section 406 of ERISA or Section 4975 of the Code), or breaches of duty by a “fiduciary” (as defined in Section
3(21) of ERISA) with respect to any Employee Plan involving the Company or any of its Subsidiaries or, to the Knowledge of the Company,
any other Person.

 

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(g) Impact
of the Transaction on Employee Plans. Neither the execution or delivery of this Agreement nor the consummation of the Transaction
will constitute a “change in control,” “change of control,” or term of similar meaning under any Employee Plan
including, for the avoidance of doubt, any Company Stock Plan. Neither the execution or delivery of this Agreement nor the consummation
of the Transaction will (alone or in conjunction with any other event that would not, standing alone, trigger such payment or benefit):
(i) entitle any current or former Service Provider to any compensation or benefit; or (ii) accelerate the time of payment or vesting,
or trigger any payment or funding, of any compensation or benefits or trigger any other obligation under any Employee Plan. Neither the
execution or delivery of this Agreement nor the consummation of the Transaction will (I) result in any payment or benefit made by the
Company or any Subsidiary to be characterized as an excess parachute payment within the meaning of Section 280G of the Code; or (II) result
in any limitation on the right of the Company or any Subsidiary of the Company to amend, merge, terminate or receive a reversion of assets
from any Employee Plan or related trust.

 

(h) Section
409A. Except as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, each Employee Plan that
constitutes in any part a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code has been
administered, operated and maintained in operational and documentary compliance with Section 409A of the Code and all IRS guidance promulgated
thereunder, to the extent such Section and such guidance have been applicable to such Employee Plan. No Employee Plan, agreement or other
arrangement to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is otherwise bound obligates the
Company to compensate or reimburse any Person in respect of Taxes pursuant to Section 409A or 4999 of the Code.

 

(i) Foreign
Benefit Plans. Except as has not had, and would not reasonably be expected to have, a Company Material Adverse Effect, with respect
to each Employee Plan that is subject to the Laws of a jurisdiction other than the United States (a “Foreign Benefit Plan”):
(i) each Foreign Benefit Plan required to be registered has been registered and has been maintained in good standing with applicable
Governmental Authorities, (ii) each Foreign Benefit Plan intended to receive favorable tax treatment under applicable tax Laws, to the
extent applicable, has been qualified or similarly determined by applicable Governmental Authorities to satisfy the requirements of such
Laws, and (iii) no Foreign Benefit Plan is a defined benefit or similar type of plan or arrangement. Except as has not had, and would
not reasonably be expected to have, a Company Material Adverse Effect, no Foreign Benefit Plan has any unfunded liabilities, nor are any
unfunded liabilities reasonably expected to arise in connection with the transactions contemplated by this Agreement.

 

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Section
3.20. Labor Matters.

 

(a)
Union Activities. Neither the Company nor any of its Subsidiaries is a party to or bound by any collective bargaining agreements,
labor union contracts or trade union agreements (each, a “Collective Bargaining Agreement”). To the Knowledge of the
Company, there are no activities or proceedings of any labor or trade union to organize any employees of the Company or any of its Subsidiaries
and no employees of the Company or its Subsidiaries are represented by any labor union, works council, or other labor organization with
respect to their employment with the Company or its Subsidiaries. No Collective Bargaining Agreement is being negotiated by the Company
or any of its Subsidiaries as of the date of this Agreement and no labor union, works council, other labor organization, or group of
employees of the Company or its Subsidiaries has made a demand for recognition or certification. There is no strike, lockout, slowdown,
work stoppage, or other material labor dispute against the Company or any of its Subsidiaries pending or, to the Knowledge of the Company,
threatened against the Company or any of its Subsidiaries.

 

(b)
Employment Law. Except for such noncompliance that, individually or in the aggregate, as has not had, and would not reasonably
be expected to have, a Company Material Adverse Effect, the Company and its Subsidiaries are in compliance with applicable Laws with
respect to employment and labor practices (including applicable Laws regarding wage and hour requirements, immigration status, discrimination
in employment, employee health and safety, collective bargaining, terms and conditions of employment, classification of independent contractors
and exempt and non-exempt employees, harassment, retaliation, whistleblowing, disability rights or benefits, equal opportunity, plant
closures and layoffs (including WARN Act), employee trainings and notices, workers’ compensation, labor relations, employee leave
issues, COVID-19, affirmative action and unemployment insurance).

 

(c) To
the Knowledge of the Company, no current employee of the Company or its Subsidiaries with annualized base salary from the Company at or
above $250,000 is in violation of any term of any employment agreement, nondisclosure agreement, common law nondisclosure obligation,
fiduciary duty, noncompetition agreement, nonsolicitation agreement, restrictive covenant or other obligation: (i) owed to the Company
or its Subsidiaries; or (ii) owed to any third party with respect to such Person’s right to be employed or engaged by the Company
or its Subsidiaries.

 

(d)
Since at least January 1, 2019, the Company and its Subsidiaries have reasonably investigated all material sexual harassment, or other
material discrimination, or retaliation allegations of which their human resources representatives or any officers or directors have
been made aware. With respect to each such allegation with potential merit, the Company or its Subsidiaries has taken reasonable corrective
action, when so required, that is reasonably calculated to prevent further improper action.

 

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Section
3.21. Compliance with Laws.

 

(a) The
Company and each of its Subsidiaries is in compliance with all Laws that are applicable to the Company and its Subsidiaries or to the
conduct of the business or operations of the Company and its Subsidiaries, except for such noncompliance that, individually or in the
aggregate, has not had, and would not reasonably be expected to have, a Company Material Adverse Effect.

 

(b) Except
as has not had, and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, as
of the date of this Agreement: (i) the Company and its Subsidiaries have all Governmental Authorizations necessary for the ownership and
operation of its business as presently conducted, and each such Governmental Authorization is in full force and effect; (ii) the Company
and its Subsidiaries are, and since January 1, 2019 have been, in compliance with the terms of all Governmental Authorizations necessary
for the ownership and operation of its businesses; and (iii) since January 1, 2019 to the date of this Agreement, neither the Company
nor any of its Subsidiaries has received written notice from any Governmental Authority alleging any conflict with or breach of any such
Governmental Authorization.

 

Section
3.22. Anti-Corruption; International Trade.

 

(a) Since
January 1, 2019, any of its Subsidiaries, or any of their respective directors, officers, or employees has, nor, to the Knowledge of the
Company, have any of their other respective Representatives, violated any Anti-Corruption Laws, nor has the Company, any Subsidiary of
the Company, any of their respective directors, officers, or employees nor, to the Knowledge of the Company, any other Representative
of the Company or any of its Subsidiaries offered, paid, promised to pay, or authorized the payment of any money, or offered, given, promised
to give, or authorized the giving of anything of value, including cash, checks, wire transfers, tangible and intangible gifts, favors,
services, or those entertainment and travel expenses, to any Government Official or to any Person for the purpose of influencing any act
or decision of a Government Official in their official capacity, securing any improper advantage, or assisting the Company or any Subsidiary
of the Company in obtaining or retaining business, in violation of any Anti- Corruption Laws.

 

(b) The
Company and its Subsidiaries are currently in compliance with, and at all times since January 1, 2019 have been in compliance with, all
applicable Sanctions Laws, and there are not now, nor have there been since January 1, 2019, any formal or informal proceedings, allegations,
investigations, or inquiries pending, expected or, to the Knowledge of the Company, threatened against the Company, any of its Subsidiaries,
or any officer or director of the Company or of any of its Subsidiaries, concerning violations or potential violations of, or conduct
potentially sanctionable under, any Sanctions Law. The Company and its Subsidiaries have instituted and maintain policies and procedures
reasonably designed to ensure compliance with all applicable Sanctions Laws.

 

(c) Neither
the Company, any of its Subsidiaries, or any of their respective directors, officers, employees or Representatives, is a Sanctioned Person.

 

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(d) Neither
the Company nor any of its Subsidiaries has or in the past three years has had, directly or indirectly, any transactions with or investments
in any Sanctioned Person or Sanctioned Country that would be prohibited for any Person bound by the relevant Sanctions Laws or could result
in the imposition of sanctions under any Sanctions Laws.

 

(e) Neither
the Company nor any of its Subsidiaries has any obligation, plan, or commitment to engage in or complete any transaction with or investment
in any Sanctioned Person or Sanctioned Country in the future that would be prohibited for any person bound by the relevant Sanctions Laws
or could result in the imposition of sanctions under any Sanctions Laws.

 

Section
3.23. Legal Proceedings; Orders.

 

(a) No
Legal Proceedings. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a Company
Material Adverse Effect, there are no current, and in the past three years there have not been any, Legal Proceedings pending or, to the
Knowledge of the Company, threatened against the Company or any of its Subsidiaries or their respective properties or relating to the
Transaction Documents or the transactions contemplated hereby or thereby, nor have the Company or any of its Subsidiaries made any voluntary
or involuntary disclosures of non-compliance with applicable Law to any Governmental Authority.

 

(b) No
Orders. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect, neither the Company nor any of its Subsidiaries (nor any of its or their respective properties) is subject to any order,
judgment or decree of any Governmental Authority.

 

Section 3.24. Insurance. As of the date
of this Agreement, except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect, the Company and its Subsidiaries have all policies of insurance covering the Company and its Subsidiaries and any of their
respective employees, properties or assets, including policies of property, fire, workers’ compensation, products liability, directors’
and officers’ liability and other casualty and liability insurance, that is customarily carried by Persons conducting business similar
to that of the Company and its Subsidiaries. As of the date of this Agreement, all such insurance policies are in full force and effect,
no notice of cancellation has been received and there is no existing default or event that, with notice or lapse of time or both, would
constitute a default by any insured thereunder, except for such cancellations and defaults that, individually or in the aggregate, have
not had, and would not reasonably be expected to have, a Company Material Adverse Effect.

 

Section 3.25. Related Party Transactions.
There are no Contracts, transactions, arrangements or understandings between the Company or any of its Subsidiaries, on the one hand,
and any Affiliate of the Company (including any director or executive officer) thereof, but not including any wholly owned Subsidiary
of the Company, on the other hand, that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC
in the Company’s Form 10-K or proxy statement pertaining to an annual meeting of stockholders that have not been disclosed in the
Company SEC Reports.

 

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Section
3.26. Brokers. Except for ICR Capital LLC, there is no financial advisor, investment banker, broker, finder or agent that has
been retained by or is authorized to act on behalf of the Company or any of its Subsidiaries who is entitled to any financial advisor’s,
investment banking, brokerage, finder’s or other similar fee or commission in connection with the Transaction or other transactions
contemplated by this Agreement or the other Transaction Documents. The Company has made available to the Investor the engagement letter
of ICR Capital LLC.

 

Section
3.27. Investment Company Status. Neither the Company nor any of its Subsidiaries is, and immediately after the Closing hereunder,
none of the Company nor any of its Subsidiaries will be, required to be registered as an “investment company” under the Investment
Company Act of 1940, as amended.

 

Section
3.28. Ability to Pay Dividends. Except for the limitations imposed by the DGCL, including Section 170 thereof, the Company is
not party to any Contract, and is not subject to any provision in the Charter or resolutions of the Company Board that, in each case,
by its terms prohibits or prevents the Company from paying dividends in the form and the amounts contemplated by the Series A Certificate
of Designations.

 

Section
3.29. Voting Support Agreements. Concurrently with the execution and delivery of this Agreement, the Company has delivered to
the Investor true, complete and correct copy of voting support agreements (the “Voting Support Agreements”), each
executed concurrently herewith by the Company and the relevant Supporting Stockholder party thereto, pursuant to which the Supporting
Stockholders have agreed, among other things, to vote all Company Common Stock beneficially owned by them as of the record date for the
Company Stockholder Meeting in favor of any matters necessary or reasonably requested by the Company for consummation of the transactions
contemplated by this Agreement. Each of the Voting Support Agreements is in full force and effect as of the date of this Agreement and
is and shall remain a legal, valid and binding obligation of the Company and the relevant Supporting Stockholder party thereto for so
long as it is in full force and effect. None of the Voting Support Agreements has been or will be amended or modified, except as permitted
thereunder.

 

Section
3.30. Exclusivity of Representations or Warranties. Except for the representations and warranties expressly set forth in Article
4 and such representations and warranties set forth in the other Transaction Documents or any certificates delivered to the Company pursuant
thereto, the Company hereby acknowledges that neither the Investor or its Affiliates, nor any other Person, has made or is making (and
the Company is not relying on) any other express or implied representation or warranty with respect to the Investor or any of its Affiliates
or their respective businesses, operations, liabilities, condition (financial or otherwise) or prospects, including with respect to any
information provided or made available to the Company or any of its Representatives or any information developed by the Company or any
of its Representatives. The Company, on behalf of itself and on behalf of its Subsidiaries and Affiliates, expressly waives any such
claim relating to the foregoing matters, except with respect to fraud.

 

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Article
4

Representations and Warranties of the Investor

 

The
Investor hereby represents and warrants to the Company as follows:

 

Section
4.01. Organization; Good Standing. The Investor is duly organized and validly existing pursuant to the Laws of its jurisdiction
of organization. The Investor has the requisite power and authority to conduct its business as it is presently being conducted and to
own, lease or operate its material properties, rights and assets, except where the failure to have such power or authority, individually
or in the aggregate, would not, individually or in the aggregate, prevent or materially delay the consummation of the Transaction or
the other transactions contemplated by this Agreement or the ability of the Investor to fully perform its covenants and obligations pursuant
to this Agreement. The Investor is not in violation of its Organizational Documents.

 

Section 4.02. Corporate Power; Enforceability.
The Investor has the requisite corporate power and authority to: (a) execute and deliver this Agreement and the other applicable Transaction
Documents; (b) perform its covenants and obligations hereunder and thereunder; and (c) consummate the Transaction and the other transactions
contemplated by this Agreement and the other applicable Transaction Documents. The execution and delivery of this Agreement and the other
applicable Transaction Documents by the Investor, the performance by the Investor of its covenants and obligations hereunder and the consummation
of the Transaction and the transactions contemplated by this Agreement and the other applicable Transaction Documents have been duly authorized
by all necessary action on the part of the Investor and no additional action on the part of the Investor is necessary. This Agreement
and each other applicable Transaction Documents have been duly executed and delivered by the Investor and, assuming the due authorization,
execution and delivery by the Company, constitute legal, valid and binding obligations of the Investor, enforceable against the Investor
in accordance with their terms, except as such enforceability (i) may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other similar Laws affecting or relating to creditors’ rights generally; and (ii) is subject to general principles
of equity.

 

Section 4.03. Non-Contravention.
The execution and delivery of this Agreement by the Investor, the performance by the Investor of its covenants and obligations hereunder,
and the consummation of the Transaction and the other transactions contemplated by this Agreement and the other applicable Transaction
Documents do not: (a) violate or conflict with any provision of the Organizational Documents of the Investor; (b) violate, conflict with,
result in the breach of, constitute a default (or an event that, with notice or lapse of time or both, would become a default) pursuant
to, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration pursuant
to any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, lease, license, contract, agreement or
other instrument or obligation to which the Investor is a party or by which the Investor or any of its properties or assets may be bound;
(c) assuming the consents, approvals and authorizations referred to in Section 4.04 have been obtained, violate or conflict with any Law
or order applicable to the Investor or by which any of its properties or assets are bound; or (d) result in the creation of any Lien (other
than Permitted Liens) upon any of the properties or assets of the Investor, except in the case of each of clauses (b), (c) and (d) for
such violations, conflicts, breaches, defaults, terminations, accelerations or Liens that would not, individually or in the aggregate,
prevent or materially delay the consummation of the Transaction or the other transactions contemplated by this Agreement or the ability
of the Investor to fully perform its covenants and obligations pursuant to this Agreement.

 

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Section 4.04. Requisite Governmental Approvals.
No Governmental Authorization is required on the part of the Investor in connection with: (a) the execution and delivery of this Agreement
by the Investor; (b) the performance by the Investor of its covenants and obligations pursuant to this Agreement; or (c) the consummation
of the Transaction and the other transactions contemplated by this Agreement, except (i) such filings and approvals as may be required
by any federal or state securities Laws, including compliance with any applicable requirements of the Exchange Act; and (ii) such other
Governmental Authorizations the failure of which to obtain would not, individually or in the aggregate, prevent or materially delay the
consummation of the Transaction or the other transactions contemplated by this Agreement or the ability of the Investor to fully perform
its covenants and obligations pursuant to this Agreement. The Investor is an “accredited investor” within the meaning of Section
4(a)(2) of the Securities Act and is able to bear the risk of its investment in the Purchased Shares. Since February 10, 2022, none of
the Investor or its Affiliates has engaged in any hedge, swap, short sale or derivative transactions involving the Company Common Stock
or any other agreement or arrangement that transfers to any third party, directly or indirectly, in whole or in part, any ownership of,
or any interests in, any shares of Company Common Stock.

 

Section 4.05. Brokers. There is no financial
advisor, investment banker, broker, finder, agent or other Person that has been retained by or is authorized to act on behalf of the Investor
or any of its Affiliates that will be entitled to any financial advisor’s, investment banking, brokerage, finder’s or other
fee or commission from the Company or its Subsidiaries in connection with the Transaction.

 

Section 4.06. Sufficient Funds. The Investor
will have at the Closing sufficient funds to enable the Investor to pay in full at the Closing the entire amount of the Purchase Price
payable by the Investor hereunder in immediately available cash funds.

 

Section 4.07. Unregistered Securities.

 

(a) Investor
Status; Sophisticated Purchaser; Diligence. The Investor has such knowledge and experience in financial and business matters that
it is capable of evaluating the merits and risks of the purchase of the Purchased Shares. The Investor has conducted its own independent
review and analysis of the business, operations, assets, liabilities, results of operations, financial condition and prospects of the
Company and its Subsidiaries and acknowledges that the Investor has been provided with sufficient access for such purposes.

 

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(b)
Legends. The Investor understands that any certificate or book-entry position evidencing (i) Purchased Shares will bear the restrictive
legend set forth in the Series A Certificate of Designations and (ii) Underlying Shares will bear a restrictive legend similar to the
legend born by the Purchased Shares.

 

(c)
Purchase Representations. The Investor is purchasing the Purchased Shares (and Underlying Shares) for its own account, the account
of its Affiliates, or the accounts of clients for whom the Investor exercises discretionary investment authority (all of whom the Investor
hereby represents and warrants are “accredited investors” within the meaning of Section 4(a)(2) of the Securities Act), not
as a nominee or agent, and not with a view to distribution in violation of any securities Laws. The Investor has been advised and understands
that the Purchased Shares (and Underlying Shares) have not been registered under the Securities Act or under the “blue sky”
laws of any jurisdiction and may be resold only if registered pursuant to the provisions of the Securities Act (or if eligible, pursuant
to the provisions of Rule 144 promulgated under the Securities Act or pursuant to another available exemption from the registration requirements
of the Securities Act). The Investor has been advised and understands that the Company, in issuing the Purchased Shares (and Underlying
Shares), is relying upon, among other things, the representations and warranties of the Investor contained in this Article 4 in concluding
that such issuance is a “private offering” and is exempt from the registration provisions of the Securities Act. Neither
the Investor nor any of its Affiliates is acting in concert, and neither the Investor nor any of its Affiliates has any agreement or
understanding, with any Person that is not an Affiliate of the Investor, and is not otherwise a member of a “group” (as such
term is used in Section 13(d)(3) of the Exchange Act), with respect to the Company or its securities, in each case, other than in connection
with the Transaction.

 

(d)
Reliance by the Company. The Investor understands that the Purchased Shares are being offered and sold in reliance on a transactional
exemption from the registration requirements of federal and state securities Laws and that the Company is relying upon the truth and
accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order
to determine the applicability of such exemptions and the suitability of the Investor to acquire the Purchased Shares (and Underlying
Shares).

 

Section
4.08. Exclusivity of Representations or Warranties. Except for the representations and warranties expressly set forth in Article
3 and such representations and warranties set forth in the other Transaction Documents, the Investor hereby acknowledges that neither
the Company nor its Affiliates, nor any other Person, has made or is making (and the Investor is not relying on) any other express or
implied representation or warranty with respect to the Company or any of its Affiliates or their respective businesses, operations, liabilities,
condition (financial or otherwise) or prospects, including with respect to any information provided or made available to the Investor
or any of its Representatives or any information developed by the Investor or any of its Representatives. The Investor, on behalf of
itself and on behalf of its Subsidiaries and Affiliates, expressly waives any such claim relating to the foregoing matters, except with
respect to fraud.

 

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Article
5

Interim Operations of the Company

 

Section 5.01. Affirmative Obligations.
Except as expressly contemplated by this Agreement, as required by applicable Law or Data Security Requirements, or as approved
in advance in writing by the Investor (which approval will not be unreasonably withheld, conditioned or delayed), during the period from
the execution and delivery of this Agreement until the earlier to occur of the termination of this Agreement pursuant to Article 9 and
the Closing, the Company will, and will cause each of its Subsidiaries to, conduct its business in all material respects in the ordinary
course of business and use reasonable best efforts to preserve intact in all material respects its current business organization, ongoing
businesses and significant relationships with third parties.

 

Section 5.02. Forbearance Covenants.
Except as expressly contemplated by this Agreement, as required by applicable Law, or as approved in advance in writing by
the Investor (which approval will not be unreasonably withheld, conditioned or delayed), during the period from the execution and delivery
of this Agreement until the earlier to occur of the termination of this Agreement pursuant to Article 9 and the Closing, the Company will
not, and will not permit any of its Subsidiaries to, directly or indirectly:

 

(a) take
any action set forth in Section 2.05 (Investor Consent) of the form of the Investor Rights Agreement attached hereto as Exhibit
B;

 

(b) (i)
issue, deliver or sell, or authorize the issuance, delivery or sale of, any shares of any Company Securities or Subsidiary Securities,
other than (x) the issuance of capital stock or other equity interests pursuant to any Company Stock Plan or as permitted under the terms
of the Warrants or (y) the issuance of any Subsidiary Securities to the Company or any other Subsidiary or (ii) amend any term of any
Company Security or any Subsidiary Security (in each case, whether by merger, consolidation, combination, division, reclassification or
otherwise);

 

(c) take
any action that would cause the Company to fail to satisfy, or omit to take any action necessary to prevent the Company from satisfying,
the conditions of Section 7.02(a); or

 

(d) agree,
resolve or commit to do any of the foregoing.

 

Section 5.03. Exclusivity; Company Board
Recommendation Change.

 

(a) Subject
to Section 5.03(b), from the date of this Agreement until the earlier to occur of the termination of this Agreement pursuant to Article
9 and the Closing Date, without the Investor’s consent, the Company shall not, and shall procure that its Affiliates and their respective
directors, officers, employees, investment bankers, attorneys, accountants and other advisors or representatives (collectively, “Representatives”)
do not and will not, directly or indirectly, (i) solicit, initiate or knowingly encourage any Acquisition Transaction or enter into, or
(ii) undertake to enter into, any Contract for an Acquisition Transaction, or any Contract requiring the Company to abandon, terminate
or fail to consummate the issuance of the Purchased Shares or the Transaction. From and after the execution of this Agreement and through
the earlier to occur of the Closing or the termination of this Agreement in accordance with its terms, the Company, its Affiliates and
their respective Representatives shall (A) promptly advise the Investor in writing of the receipt of any Acquisition Proposal (including
the specific terms thereof and the identity of the other individual or entity or individuals or entities involved), (B) promptly furnish
to the Investor a copy of any such Acquisition Proposal in addition to a copy of any information provided to or by any third party relating
thereto and (C) keep the Investor reasonably informed, on a prompt basis, of the status and terms of any such Acquisition Proposal. Any
breach of the terms of this Section 5.03 by any Affiliate or Representative of the Company (as if it were a party hereto) shall be deemed
a breach by the Company.

 

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(b)
Notwithstanding Section 5.03(a), if the Company receives an Acquisition Proposal that was not received in violation of Section 5.03(a)
and the Company Board determines that such Acquisition Proposal constitutes a Superior Proposal or is reasonably likely to lead to a
Superior Proposal, then (i) the Company may respond to, engage in discussions with and provide information regarding the Company to,
the person making such proposal and (ii) at any time prior to obtaining the Requisite Stockholder Approval, the Company Board may effect
a Company Board Recommendation Change with respect to such Acquisition Proposal if the Company Board shall have determined in good faith
(after consultation with outside counsel and its financial advisor) that such Acquisition Proposal constitutes a Superior Proposal and
that the failure to make such Company Board Recommendation Change would be inconsistent with its fiduciary duties pursuant to applicable
Law; provided, that the Company Board shall not effect a Company Board Recommendation Change unless (A) the Company shall have
notified the Investor, in writing and at least five (5) Business Days prior to effecting a Company Board Recommendation Change, of its
intention to take such action and (B) the Company shall have negotiated with the Investor in good faith (to the extent requested by the
Investor) regarding any modifications to the terms and conditions of this Agreement proposed by the Investor in writing during such five
(5) Business Day period following delivery by the Company of such notification, and (iii) if the Investor shall have delivered to the
Company a written, binding and irrevocable offer to alter the terms or conditions of this Agreement during such five (5) Business Day
period, the Company Board shall have determined in good faith (after consultation with outside counsel and its financial advisor), after
considering the terms of such offer by the Investor, that such Acquisition Proposal continues to be a Superior Proposal and that the
failure to make such Company Board Recommendation Change would be inconsistent with its fiduciary duties pursuant to applicable Law.

 

(c)
Notwithstanding Section 5.03(a), upon the occurrence of an Intervening Event, the Company Board may effect a Company Board Recommendation
Change if the Company Board determines in good faith (after consultation with its financial advisor and outside legal counsel) that the
failure to do so would be inconsistent with its fiduciary duties pursuant to applicable Law; provided, that, the Company Board
shall not effect such a Company Board Recommendation Change unless: (i) the Company shall have notified the Investor, in writing and
at least five (5) Business Days prior to effecting a Company Board Recommendation Change, of its intention to take such action, (ii)
the Company shall have negotiated with the Investor in good faith (to the extent requested by the Investor) regarding any modifications
to the terms and conditions of this Agreement proposed by the Investor in writing during such five (5) Business Day period following
delivery by the Company of such notification, and (iii) if the Investor shall have delivered to the Company a written, binding and irrevocable
offer to alter the terms or conditions of this Agreement during such five (5) Business Day period, the Company Board shall have determined
in good faith (after consultation with outside counsel and its financial advisor), after considering the terms of such offer by the Investor,
that the failure to make a Company Board Recommendation Change in response to such Intervening Event would be inconsistent with its fiduciary
duties pursuant to applicable Law.

 

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Section
5.04. No Control of the Other Party’s Business. The Parties acknowledge and agree that the restrictions set forth in this
Agreement are not intended to give the Investor, on the one hand, or the Company, on the other hand, directly or indirectly, the right
to control or direct the business or operations of the other at any time prior to the Closing. Prior to the Closing Date, the Investor
and the Company will exercise, consistent with the terms, conditions and restrictions of this Agreement, complete control and supervision
over their own business and operations.

 

Article
6

Additional Covenants

 

Section
6.01. Required Action and Forbearance; Efforts.

 

(a) Reasonable
Best Efforts. Upon the terms and subject to the conditions set forth in this Agreement, the Investor will (and will cause its Affiliates
to, if applicable), on the one hand, and the Company will, on the other hand, use their respective reasonable best efforts to (i) take
(or cause to be taken) all actions, (ii) do (or cause to be done) all things, and (iii) assist and cooperate with the other Party in doing
(or causing to be done) all things, in each case as are necessary, proper or advisable pursuant to applicable Law or otherwise to consummate
and make effective, as promptly as practicable, the Transaction, including by using reasonable best efforts to:

 

(A) cause
the conditions to the Transaction set forth in Article 7 to be satisfied;

 

(B) (1)
obtain all consents, waivers, approvals, orders and authorizations from Governmental Authorities; and (2) make all registrations, declarations
and filings with Governmental Authorities, in each case that are necessary or advisable to consummate the Transaction;

 

(C) obtain
all consents, waivers and approvals and delivering all notifications from or to any third parties in connection with this Agreement and
the consummation of the Transaction that are necessary or advisable to consummate the Transaction; and

 

(D) execute
and deliver any Contracts and other instruments that are reasonably necessary to consummate the Transaction.

 

 

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(b) No
Consent Fee. Notwithstanding anything to the contrary set forth in this Section 6.01 or elsewhere in this Agreement, neither the Company
nor any of its Subsidiaries will be required to agree to: (i) the payment of a consent fee, “profit sharing” payment or other
consideration (including increased or accelerated payments); (ii) the provision of additional security (including a guaranty); or (iii)
material conditions or obligations, including amendments to existing conditions and obligations, in each case, in connection with the
Transaction, including in connection with obtaining any consent pursuant to any Material Contract.

 

(c) Section
6.01(a) shall not apply to filings under Antitrust Laws, which shall be governed by the obligations set forth in Section 6.02 below.

 

Section 6.02. Regulatory Filings.

 

(a) Filing
Under Antitrust Laws. The Investor and the Company will (i) cooperate and coordinate with the other in determining whether any filings
are required by applicable Antitrust Laws in connection with the Transaction; (ii) cooperate and coordinate (and cause its respective
Affiliates to cooperate and coordinate) with the other in the making of any required filings with any Governmental Authority (if any)
as are required by applicable Antitrust Laws in connection with the Transaction; (iii) supply the other (or cause the other to be supplied)
with any information that may be required in order to make such filings; (iv) supply (or cause to be supplied) any additional information
that reasonably may be required or requested by the Governmental Authorities of any applicable jurisdiction in which any such filing is
made; and (v) use reasonable best efforts to take all action necessary, proper or advisable to (A) cause the expiration or termination
of the applicable waiting periods pursuant to any Antitrust Laws (to the extent applicable to this Agreement or the Transaction); and
(B) obtain any required consents pursuant to any Antitrust Laws (to the extent applicable to this Agreement or the Transaction), in each
case as promptly as reasonably practicable. The Investor (and its Affiliates, if applicable), on the one hand, and the Company (and its
Affiliates), on the other hand, will promptly inform the other of any material communication from any Governmental Authority regarding
the Transaction in connection with such filings. If either Party or Affiliate thereof receives any comments or a request for additional
information or documentary material from any Governmental Authority with respect to the Transaction pursuant to any Antitrust Laws applicable
to the Transaction, then such Party will make (or cause to be made), as promptly as practicable and after consultation with the other
Party, an appropriate response to such request; provided that neither Party may extend any waiting period or enter into any agreement
or understanding with any Governmental Authority without the permission of the other Party, which shall not be unreasonably withheld,
conditioned or delayed.

 

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(b) Cooperation.
In furtherance and not in limitation of the foregoing, the Company and the Investor shall (and shall cause their respective controlling
Persons, controlled Affiliates and Subsidiaries, respectively, to), subject to any restrictions under applicable Laws: (i) promptly notify
the other Party of, and, if in writing, furnish the other with copies of (or, in the case of oral communications, advise the others of
the contents of) any material communication received by such Person from a Governmental Authority in connection with the Transaction and
permit the other Party to review and discuss in advance (and to consider in good faith any comments made by the other Party in relation
to) any proposed draft notifications, formal notifications, filing, submission or other written communication (and any analyses, memoranda,
white papers, presentations, correspondence or other documents submitted therewith) made in connection with the Transaction to a Governmental
Authority; (ii) keep the other Party informed with respect to the status of any such submissions and filings to any Governmental Authority
in connection with the Transaction and any developments, meetings or discussions with any Governmental Authority in respect thereof, including
with respect to (A) the receipt of any non-action, action, clearance, consent, approval or waiver, (B) the expiration of any waiting period,
(C) the commencement or proposed or threatened commencement of any investigation, litigation or administrative or judicial action or proceeding
under applicable Laws, including any proceeding initiated by a private party, and (D) the nature and status of any objections raised or
proposed or threatened to be raised by any Governmental Authority with respect to the Transaction; and (iii) not independently participate
in any meeting, hearing, proceeding or discussions (whether in person, by telephone or otherwise) with or before any Governmental Authority
in respect of the Transaction without giving the other Party reasonable prior notice of such meeting or discussions and, unless prohibited
by such Governmental Authority, the opportunity to attend or participate. Subject to restrictions under applicable Law, the Investor will
not, without the prior written consent of the Company, extend or offer or agree to extend any waiting period under any Antitrust Laws,
or enter into any agreement with any Governmental Authority related to this Agreement or the transactions contemplated by this Agreement.
However, the Company and the Investor may each designate any non-public information provided to any Governmental Authority as restricted
to “outside counsel” only and any such information shall not be shared with employees, officers or directors or their equivalents
of the other Party without approval of the Party providing the non-public information; provided, however, that each of the
Company and the Investor may redact any valuation and related information before sharing any information provided to any Governmental
Authority with the other Party on an “outside counsel” only basis, and that the Company and the Investor shall not in any
event be required to share information that benefits from legal privilege with the other Party, even on an “outside counsel”
only basis, where this would cause such information to cease to benefit from legal privilege.

 

(c) Limitations
on Action. Notwithstanding anything to the contrary in this Section 6.02, nothing in this Section 6.02 or this Agreement shall require
or obligate the Investor to agree, propose, commit to, or effect, or otherwise be required, by consent decree, hold separate, or otherwise,
any sale, divestiture, hold separate, or any other action otherwise limiting the freedom of action in any respect with respect to any
businesses, products, rights, services, licenses, assets, or interest therein, of Investor or any Affiliate.

 

 

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Section
6.03. Proxy Statement.

 

(a)
Proxy Statement. As promptly as practical following the date hereof, the Company (with the assistance and cooperation of the Investor
as reasonably requested by the Company) will prepare and, as promptly as practicable following the date of this Agreement, file with
the SEC a preliminary proxy statement (as amended or supplemented, the “Proxy Statement”) relating to the Company
Stockholder Meeting. Subject to Section 5.03, the Company shall include the Company Board Recommendation in the Proxy Statement. Prior
to the filing of the Proxy Statement (or any amendment or supplement thereto), or any dissemination thereof to the Company Stockholders,
or responding to any comments from the SEC with respect thereto, the Company shall provide the Investor and its counsel with a reasonable
opportunity to review and to comment on such document or response, which comments, if any, the Company shall consider in good faith.
None of the information supplied or to be supplied by or on behalf of the Company or the Investor for inclusion or incorporation by reference
in the Proxy Statement, at the date it or any amendment or supplement is mailed to the Company Stockholders and at the time of the Company
Stockholder Meeting, will contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances in which they are made, not misleading.

 

(b)
Furnishing Information. The Company, on the one hand, and the Investor, on the other hand, will furnish all information concerning
it and its Affiliates, if applicable, as the other Party may reasonably request in connection with the preparation and filing with the
SEC of the Proxy Statement. If at any time prior to the Company Stockholder Meeting any information relating to the Company, the Investor
or any of their respective Affiliates should be discovered by the Company, on the one hand, or the Investor, on the other hand, that
should be set forth in an amendment or supplement to the Proxy Statement so that such filing would not include any misstatement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading, then the Party that discovers such information will promptly notify
the other, and an appropriate amendment or supplement to such filing describing such information will be promptly prepared and filed
with the SEC by the appropriate Party and, to the extent required by applicable law or the SEC or its staff, disseminated to the Company
Stockholders.

 

(c)
Consultation Prior to Certain Communications. The Company and its Affiliates, on the one hand, and the Investor and its Affiliates,
on the other hand, shall not communicate in writing with the SEC or its staff with respect to the Proxy Statement without first providing
the other Party a reasonable opportunity to review and comment on such written communication, and each Party will give due consideration
to all reasonable additions, deletions or changes suggested thereto by the other Party or its counsel.

 

(d) Notices.
The Company, on the one hand, and the Investor, on the other hand, will advise the other, promptly after it receives notice thereof, of
any receipt of a request by the SEC or its staff for: (i) any amendment or revisions to the Proxy Statement; (ii) any receipt of comments
from the SEC or its staff on the Proxy Statement; or (iii) any receipt of a request by the SEC or its staff for additional information
in connection therewith.

 

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(e)
Dissemination of Proxy Statement. Subject to applicable Law, the Company will use its reasonable best efforts to cause the definitive
Proxy Statement to be disseminated to the Company Stockholders as promptly as reasonably practicable following the filing thereof with
the SEC and confirmation from the SEC that it will not review, or that it has completed its review of, the Proxy Statement.

 

Section
6.04. Company Stockholder Meeting.

 

(a)
Call of Company Stockholder Meeting. Within ten (10) calendar days after the date of this Agreement (and thereafter as reasonably
determined by the Company in consultation with the Investor), the Company shall conduct a “broker search” in accordance with
Rule 14a-13 of the Exchange Act for a record date for the Company Stockholder Meeting that is twenty (20) U.S. Business Days after the
date of such “broker search.” Following the clearance of the Proxy Statement by the SEC, the Company shall duly call and
hold a meeting of its stockholders (the “Company Stockholder Meeting”) as promptly as reasonably practicable (taking
into account the time necessary to solicit proxies for the approval of the Transaction) following the mailing of the Proxy Statement
to the Company Stockholders, which mailing will be initiated as promptly as practicable following the confirmation from the SEC that
it will not review, or that it has completed its review of, the Proxy Statement, for the purpose of obtaining the Requisite Stockholder
Approvals. Subject to Section 5.03, the Company will use its reasonable best efforts to solicit proxies to obtain the Requisite Stockholder
Approvals.

 

(b) Adjournment
of Company Stockholder Meeting. Notwithstanding anything to the contrary in this Agreement, nothing will prevent the Company from
postponing or adjourning the Company Stockholder Meeting (provided that the Company shall have consulted the Investor prior to
such postponement or adjournment): (i) to allow additional solicitation of votes in order to obtain the Requisite Stockholder Approvals;
(ii) if there are holders of an insufficient number of shares of the Company Common Stock present or represented by proxy at the Company
Stockholder Meeting to constitute a quorum at the Company Stockholder Meeting; (iii) if the Company is required to postpone or adjourn
the Company Stockholder Meeting by applicable Law or receives a request from the SEC or its staff; or (iv) if the Company Board, or any
duly authorized committee thereof, has determined in good faith (after consultation with outside legal counsel) that it is necessary under
applicable Law to postpone or adjourn the Company Stockholder Meeting in order to give the Company Stockholders sufficient time to evaluate
any information or disclosure that the Company has sent to the Company Stockholders or otherwise made available to the Company Stockholders.
Notwithstanding the foregoing, (A) the Company shall not, without the prior written consent of the Investor, postpone the Company Stockholder
Meeting for more than twenty (20) U.S. Business Days in the aggregate, and (B) the Company shall, at the request of the Investor, to the
extent permitted by applicable Law, adjourn the Company Stockholder Meeting to a date specified by the Investor and the Company (taking
into account the time necessary to solicit proxies) if a quorum is absent at the Company Stockholder Meeting or if the Company has not
received proxies representing a sufficient number of shares of Company Common Stock to obtain the Requisite Stockholder Approvals.

 

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(c)
Stockholder Vote. Without limiting the generality of the foregoing, the Company agrees that its obligations pursuant to this Section
6.04 (including its obligations to hold the Company Stockholder Meeting) shall not be affected by the making of a Company Board Recommendation
Change.

 

Section 6.05. Anti-Takeover Laws. The
Company and the Investor will: (a) take all actions within their power to ensure that no “control share acquisition,”
“fair price,” “moratorium,” “business combination” or other state anti-takeover Law (including Section
203 of the DGCL), statute or similar statute or regulation is or becomes applicable to the Transaction or any other transactions contemplated
by this Agreement (including the conversion of the Purchased Shares by the Investor or its Affiliates into the Company Common Stock);
and (b) if any “control share acquisition,” “fair price,” “moratorium,” “business combination”
or other state anti-takeover Law (including Section 203 of the DGCL), statute or similar statute or regulation becomes applicable to the
Transaction or any other transactions contemplated by this Agreement, take all actions within their power to ensure that the Transaction
or any other transactions contemplated by this Agreement (including the conversion of the Purchased Shares by the Investor or its Affiliates
into the Company Common Stock) may be consummated as promptly as reasonably practicable on the terms contemplated by this Agreement and
otherwise to minimize the effect of such statute or regulation on the Transaction or any other transactions contemplated by this Agreement
(including the conversion of the Purchased Shares by the Investor or its Affiliates into the Company Common Stock).

 

Section 6.06. Use of Proceeds. The Company
shall use the proceeds of the Purchase Price paid by the Investor first, to contribute such proceeds to Cepton Technologies and to cause
Cepton Technologies to pay any amounts outstanding under the Investor Loan Agreement and second, for the continued development of the
Company’s Lidar technology and general corporate purposes.

 

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Section 6.07. Access. At all times during
the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of
this Agreement pursuant to Article 9 and the Closing, the Company will afford the Investor reasonable access, consistent with applicable
Law, during normal business hours, upon reasonable advance notice provided in writing to Mr. Hull Xu, Chief Financial Officer of the Company,
or another Person designated in writing by the Company, to the properties, books and records and personnel of the Company, except that
the Company may restrict or otherwise prohibit access to any documents or information to the extent that: (a) any applicable Law or Contract
requires the Company to restrict or otherwise prohibit access to such documents or information; (b) access to such documents or information
would give rise to a material risk of waiving any attorney-client privilege, work product doctrine or other privilege applicable to such
documents or information; (c) (subject to the Company’s obligations under Section 5.03) such disclosure relates to interactions
with other prospective buyers or transaction partners of the Company or the negotiation of this Agreement and the transactions contemplated
hereby, or information relating to the analysis, valuation or consideration of the Transaction or the transactions contemplated hereby;
(d) access to a Contract to which the Company or any of its Subsidiaries is a party or otherwise bound would violate or cause a default
pursuant to, or give a third Person the right to terminate or accelerate the rights pursuant to, such Contract; (e) access would result
in the disclosure of any trade secrets of third Persons; or (f) such documents or information are reasonably pertinent to any adverse
Legal Proceeding between the Company and its Affiliates, on the one hand, and the Investor and its Affiliates, on the other hand; provided
that the Company shall use reasonable best efforts to provide such documents or information in a manner that does not violate or cause
a default pursuant to, or give a third Person the right to terminate or accelerate the rights pursuant to, any Contract or cause such
documents or information to cease to benefit from legal privilege, including by redacting or obtaining consent in connection therewith.
Nothing in this Section 6.07 will be construed to require the Company, any of its Subsidiaries or any of their respective Representatives
to prepare any reports, analyses, appraisals or opinions. Any investigation conducted pursuant to the access contemplated by this Section
6.07 will be conducted in a manner that (i) does not unreasonably interfere with the conduct of the business of the Company and its Subsidiaries
or otherwise result in any significant interference with the prompt and timely discharge by officers, employees and other authorized Representatives
of the Company or any of its Subsidiaries of their normal duties or (ii) create a risk of damage or destruction to any property or assets
of the Company or its Subsidiaries. The terms and conditions of the Confidentiality Agreement will apply to any information obtained by
the Investor or any of its Representatives in connection with any investigation conducted pursuant to the access contemplated by this
Section 6.07. All requests for access pursuant to this Section 6.07 must be directed to Mr. Hull Xu, Chief Financial Officer of the Company,
or another person designated in writing by the Company.

 

Section 6.08. Notification of Certain Matters.
From the date of this Agreement until the earlier to occur of the termination of this Agreement pursuant to Article 9 and the end of the
survival period set forth in Section 8.01 of the representations and warranties contained in this Agreement (other than the Company Fundamental
Representations and the Investor Fundamental Representations) and the covenants made in this Agreement that are required to be performed
prior to the Closing Date, the Company will give prompt notice to the Investor upon the discovery by any of the Knowledge Persons and
the Investor will give prompt notice to the Company upon discovery by it: (i) that any representation or warranty made by it in this Agreement
has become untrue or inaccurate in any material respect as of the date it was made; (ii) of any failure by it to comply with or satisfy
any covenant, condition or agreement to be complied with or satisfied by it pursuant to this Agreement in any material respect; (iii)
(with respect to the Company) of any failure of the conditions to the obligations of the Investor set forth in Section 7.02(a), Section
7.02(b) or Section 7.02(c) or (iv) (with respect to the Investor) Section 7.03(a) or Section 7.03(b), to be satisfied at the Closing or
the satisfaction of which to be materially delayed, except that no such notification will modify any representation, warranty or covenant
of the Company or the Investor, as applicable, set forth in this Agreement or the conditions to the obligations of the Investor or the
Company, as applicable, to consummate the Transaction or the remedies available to the Parties under this Agreement.

 

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Section 6.09. Public Statements and Disclosure.
The initial press releases with respect to the execution of this Agreement shall be made by each Party, which shall be coordinated with
and approved in writing by the other Party prior to the release thereof. Following such initial press releases, the Company and the Investor
shall consult with each other before issuing, and give each other the opportunity to review and comment upon, any press release or other
public statements with respect to the Transaction and shall not issue any such press release or make any such public statement prior to
such consultation, except as such Party may reasonably conclude may be required by applicable Law, court process or by obligations pursuant
to any listing agreement with any national securities exchange or national securities quotation system (and then only after as much advance
notice and consultation as is feasible); provided, however, that the Company or the Investor shall not be obligated to engage
in such consultation with respect to communications that are (a) principally directed to employees, suppliers, customers, partners or
vendors or (b) not materially inconsistent with public statements previously made in accordance with this Section 6.09; provided, further,
however, that the restrictions set forth in this Section 6.09 shall not apply to any release or public statement in connection with
any dispute between the Parties regarding this Agreement or the Transaction.

 

Section 6.10. Listing of Shares. Prior
to the Closing and subject to the stockholder approval rules of the NASDAQ, the Company will use its reasonable best efforts to obtain
approval for listing, subject to notice of issuance, of the Underlying Shares on the NASDAQ.

 

Section 6.11. Directors. The Company
shall take all necessary action so that immediately after the Closing, such person as may be designated by the Investor and notified to
the Company prior to the Closing (the “Incoming Investor Director”) is appointed as Director. Without limiting the
generality of the foregoing:

 

(a) The
Company confirms that, prior to the mailing of the Proxy Statement, the Company Board will receive from a Director of the Company to be
mutually agreed upon among the Company, the Investor and such Director (the “Resigning Director”) a conditional resignation
letter, pursuant to which such Director will resign their office as Director, effective as of the Closing Date and conditional upon the
occurrence of the Closing (the “Director Resignation Letter”);

 

(b) The
Company shall, by a resolution duly adopted by the Company Board, take all necessary action so that, immediately upon the effectiveness
of the resignation of the Resigning Director on the Closing Date, the vacancy created by such resignation shall be filled by the Incoming
Investor Director to serve as Director until the expiration of the remaining term of the Resigning Director prior to his resignation,
in each case in accordance with Section 5(E) of the Charter and Section 3.5 of the Bylaws; and

 

(c) Mr.
Takayuki Katsuda will continue as Director following the Closing until the expiration of his then-current term.

 

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Section
6.12. Payoff of Trinity Capital Loan Agreement. The Company shall, at or prior to the funding of the term loan under the Investor
Loan Agreement, cause any outstanding amounts owing by the Company or any of its Subsidiaries under the Trinity Capital Loan Agreement
to be repaid in full and shall deliver (or cause to be delivered) to the Investor a duly executed payoff letter evidencing the payoff
of all outstanding balances under, and the release of any liens, security interests and encumbrances in respect of, the Trinity Capital
Loan Agreement in accordance with its terms.

 

Section
6.13. Voting of Investor Shares. The Investor shall, and shall cause its controlled Affiliates to, vote all shares of Company
Common Stock beneficially owned by the Investor and its controlled Affiliates as of the record date for the Company Stockholder Meeting
in favor of any matters necessary for consummation of the transactions contemplated by this Agreement.

 

Article
7

Conditions to the Transaction

 

Section
7.01. Conditions to Each Party’s Obligations to Effect the Transaction. The respective obligations of the Parties to consummate
the Transaction are subject to the satisfaction or waiver (where permissible pursuant to applicable Law) prior to the Closing of each
of the following conditions:

 

(a)
Requisite Stockholder Approvals. The Company’s receipt of the Requisite Stockholder Approvals at the Company Stockholder
Meeting.

 

(b)
No Prohibitive Laws or Injunctions. No temporary restraining order, preliminary or permanent injunction or other judgment or order
or other legal or regulatory restraint or prohibition preventing the consummation of the Transaction, in each case, issued by a court
or other Governmental Authority of competent jurisdiction will be in effect, and no Law will have been enacted, entered, enforced or
deemed applicable to the Transaction by a Governmental Authority of competent jurisdiction, that in each case prohibits, makes illegal,
or enjoins the consummation of the Transaction.

 

Section
7.02. Conditions to the Obligations of the Investor. The obligations of the Investor to consummate the Transaction will be subject
to the satisfaction or waiver (where permissible pursuant to applicable Law) prior to the Closing of each of the following conditions,
any of which may be waived exclusively by the Investor:

 

(a)
Representations and Warranties.

 

(i)
Other than the Company Fundamental Representations and the representation and warranty of the Company set forth in Section 3.12(b), the
representations and warranties of the Company set forth in this Agreement will be true and correct (without giving effect to any materiality
or Company Material Adverse Effect qualifications set forth therein) as of the date of this Agreement and as of the Closing Date as if
made at and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier
date, in which case such representation and warranty will be true and correct as of such earlier date), except for such failures to be
true and correct that have not had and would not reasonably be expected to have a Company Material Adverse Effect; and

 

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(ii)
The Company Fundamental Representations will be true and correct in all material respects (without giving effect to any materiality or
Company Material Adverse Effect qualifications set forth therein) as of the date of this Agreement and as of the Closing Date as if made
at and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier date,
in which case such representation and warranty will be true and correct as of such earlier date).

 

(b)
Performance of Obligations of the Company. The Company will have performed and complied in all material respects with the covenants,
obligations and conditions of this Agreement required to be performed and complied with by it at or prior to the Closing.

 

(c)
Company Material Adverse Effect. No Company Material Adverse Effect will have occurred after the date of this Agreement.

 

(d)
Officer’s Certificate. The Investor will have received a certificate of the Company, validly executed for and on behalf
of the Company and in its name by a duly authorized officer thereof, certifying that the conditions set forth in Section 7.02(a), Section
7.02(b) and Section 7.02(c) have been satisfied.

 

(e)
Series A Certificate of Designations. The Company shall have delivered to the Investor a copy of the Series A Certificate of Designations
that has been filed with and accepted by the Secretary of State of the State of Delaware.

 

(f)
Evidence of Issuance. The Company shall have delivered to the Investor evidence of the issuance of the Purchased Shares credited
to book-entry accounts maintained by the Company.

 

(g)
Reservation and Approval for Listing of Underlying Shares. The Underlying Shares shall have been reserved by the Company and approved
for listing on the NASDAQ, subject to official notice of issuance.

 

(h)
Investor Rights Agreement. The Company shall have delivered to the Investor a copy of the Investor Rights Agreement substantially
in the form attached hereto as Exhibit B (the “Investor Rights Agreement”), duly executed by the Company.

 

(i)
Trinity Capital Loan Agreement Payoff Letter. The Company shall have delivered to the Investor, pursuant to Section 6.12, a duly
executed payoff letter evidencing the payoff of all outstanding balances under, and the release of any liens, security interests and
encumbrances in respect of, the Trinity Capital Loan Agreement in accordance with its terms.

 

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(j)
Director Resignation Letter. The Company shall have delivered to the Investor a copy of the Director Resignation Letter, which
shall remain in full force and effect (and not withheld or revoked by the Resigning Director) as of the Closing Date.

 

(k)
Default under Investor Loan Agreement. No Event of Default (as defined in the Investor Loan Agreement) will have occurred and
is continuing that has not been waived or cured in accordance with the provisions of the Investor Loan Agreement.

 

Section
7.03. Conditions to the Company’s Obligations to Effect the Transaction. The obligations of the Company to consummate the
Transaction are subject to the satisfaction or waiver (where permissible pursuant to applicable Law) prior to the Closing of each of
the following conditions, any of which may be waived exclusively by the Company:

 

(a) Representations
and Warranties. The representations and warranties of the Investor set forth in this Agreement will be true and correct on and as
of the date of this Agreement and as of the Closing Date with the same force and effect as if made on and as of such date, except for:
(i) any failure to be so true and correct that would not, individually or in the aggregate, prevent or materially delay the consummation
of the Transaction or the other transactions contemplated by this Agreement or the ability of the Investor to fully perform its covenants
and obligations pursuant to this Agreement; and (ii) those representations and warranties that expressly speak as of an earlier date,
which representations will have been true and correct as of such earlier date, except for any failure to be so true and correct that would
not, individually or in the aggregate, prevent or materially delay the consummation of the Transaction or the other transactions contemplated
by this Agreement or the ability of the Investor to fully perform its covenants and obligations pursuant to this Agreement.

 

(b) Performance
of Obligations of the Investor. The Investor will have performed and complied in all material respects with the covenants, obligations
and conditions of this Agreement required to be performed and complied with by the Investor at or prior to the Closing.

 

(c) Officer’s
Certificate. The Company will have received a certificate of the Investor, validly executed for and on behalf of the Investor and
in its name by a duly authorized officer thereof, certifying that the conditions set forth in Section 7.03(a) and Section 7.03(b) have
been satisfied.

 

(d) Investor
Rights Agreement. The Investor shall have delivered to the Company a copy of the Investor Rights Agreement substantially in the form
attached hereto as Exhibit B, duly executed by the Investor.

 

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Article
8

Indemnification

 

Section
8.01. Survival of Provisions. The Company Fundamental Representations and the Investor Fundamental Representations shall survive
the execution and delivery of this Agreement indefinitely and the other representations and warranties contained in this Agreement shall
survive for a period of 12 months following the Closing Date. Notwithstanding the foregoing, if any claim is brought pursuant to this
Article 8 prior to the expiration of any survival period set forth in this Section 8.01, the expiration date of such survival period
shall be automatically extended until such claim is fully and finally resolved.

 

Article
9

Termination, Amendment and Waiver

 

Section
9.01. Termination. This Agreement may be validly terminated only as follows (it being understood and agreed that this Agreement
may not be terminated for any other reason or on any other basis):

 

(a)
Termination by Agreement. At any time prior to the Closing (whether prior to or after the receipt of the Requisite Stockholder
Approvals) by mutual written agreement of the Investor and the Company;

 

(b) Illegality.
By the Investor or the Company, at any time prior to the Closing (whether prior to or after the receipt of the Requisite Stockholder Approvals)
if: (i) any permanent injunction or other judgment or order issued by any court of competent jurisdiction or other legal or regulatory
restraint or prohibition preventing the consummation of the Transaction is in effect, or any action has been taken by any Governmental
Authority of competent jurisdiction, that, in each case, prohibits, makes illegal or enjoins the consummation of the Transaction and has
become final and non-appealable; or (ii) any statute, rule, regulation or order has been enacted, entered, enforced or deemed applicable
to the Transaction that permanently prohibits, makes illegal or enjoins the consummation of the Transaction, except that the right to
terminate this Agreement pursuant to this Section 9.01(b) will not be available to any Party that has breached its obligations to resist
appeal, obtain consent pursuant to, resolve or lift, as applicable, such Law;

 

(c) End
Date. By the Investor or the Company, at any time prior to the Closing (whether prior to or after the receipt of the Requisite Stockholder
Approvals) if the Closing has not occurred by 11:59 p.m., New York City time, on March 31, 2023 (the “End Date”); provided
that the right to terminate this Agreement pursuant to this Section 9.01(c) will not be available to any Party whose action or failure
to act (which action or failure to act constitutes a breach by such Party of this Agreement) has been the primary cause of, or primarily
resulted in, either (i) the failure to satisfy the conditions to the obligations of the terminating Party to consummate the Transaction
set forth in Article 7 prior to the End Date or (ii) the failure of the Closing to have occurred prior to the End Date;

 

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(d)
No Requisite Stockholder Approval. By the Investor or the Company, at any time prior to the Closing if the Company fails to obtain
the Requisite Stockholder Approvals at the Company Stockholder Meeting (or any adjournment or postponement thereof) at which a vote on
the Transaction is taken, except that the right to terminate this Agreement pursuant to this Section 9.01(d) will not be available to
(x) any Party whose action or failure to act (which action or failure to act constitutes a breach by such Party of this Agreement) has
been the primary cause of, or primarily resulted in, the failure to obtain the Requisite Stockholder Approvals at the Company Stockholder
Meeting (or any adjournment or postponement thereof) or (y) the Investor if the Investor and its controlled Affiliates fail to vote all
shares of Common Stock beneficially owned by them as of the record date for the Company Stockholder Meeting in favor of any matters necessary
for consummation of the transactions contemplated by this Agreement;

 

(e)
Company Board Recommendation Change. By the Investor, at any time prior to the Closing if the Company Board has effected a Company
Board Recommendation Change; provided, that any such termination pursuant to this Section 9.01(e) must occur within five
(5) Business Days of the Company Board Recommendation Change.

 

(f) Termination
for Company Breach. By the Investor, if the Company has breached or failed to perform in any material respect any of its representations,
warranties, covenants or other agreements contained in this Agreement, which breach or failure to perform would result in a failure of
a condition set forth in Section 7.02(a) or Section 7.02(b), except that if such breach is capable of being cured by the End Date, the
Investor will not be entitled to terminate this Agreement prior to the delivery by the Investor to the Company of written notice of such
breach, delivered at least thirty (30) days prior to such termination or such shorter period of time as remains prior to the End Date
(the shorter of such periods, the “Company Breach Notice Period”) stating the Investor’s intention to terminate
this Agreement pursuant to this Section 9.01(f) and the basis for such termination, it being understood that the Investor will not be
entitled to terminate this Agreement if (i) such breach has been cured within the Company Breach Notice Period (to the extent capable
of being cured) or (ii) the Investor is then in breach of any representation, warranty, agreement or covenant contained in this Agreement
which breach would result in a failure of a condition set forth in Section 7.03(a) or Section 7.03(b); and

 

(g) Termination
for Investor Breach. By the Company, if the Investor has breached or failed to perform in any material respect any of its respective
representations, warranties, covenants or other agreements contained in this Agreement, which breach or failure to perform would result
in a failure of a condition set forth in Section 7.03(a) or Section 7.03(b), except that if such breach is capable of being cured by the
End Date, the Company will not be entitled to terminate this Agreement pursuant to this Section 9.01(g) prior to the delivery by the Company
to the Investor of written notice of such breach, delivered at least thirty (30) days prior to such termination or such shorter period
of time as remains prior to the End Date (the shorter of such periods, the “Investor Breach Notice Period”) stating
the Company’s intention to terminate this Agreement pursuant to this Section 9.01(g) and the basis for such termination, it being
understood that the Company will not be entitled to terminate this Agreement if (i) such breach has been cured within the Investor Breach
Notice Period (to the extent capable of being cured) or (ii) the Company is then in breach of any representation, warranty, agreement
or covenant contained in this Agreement which breach would result in a failure of a condition set forth in Section 7.02(a) or Section
7.02(b).

 

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Section
9.02. Manner and Notice of Termination; Effect of Termination.

 

(a)
Manner of Termination. The Party terminating this Agreement pursuant to Section 9.01 (other than pursuant to Section 9.01(a))
must deliver prompt written notice thereof to the other Party specifying the provision of Section 9.01 pursuant to which this Agreement
is being terminated and setting forth in reasonable detail the facts and circumstances forming the basis for such termination pursuant
to such provision.

 

(b)
Effect of Termination. In the event of the termination of this Agreement as provided for in Section 9.01, this Agreement shall
forthwith become wholly void and of no further force and effect without any liability or obligation on the part of the Company or the
Investor, except that the Confidentiality Agreement and this Section 9.02, Section 9.03 and Article 10 will each survive the termination
of this Agreement; provided that

 

(i)
if this Agreement is terminated by the Company or by the Investor pursuant to (x) Section 9.01(c) (End Date) and the Company Stockholder
Meeting was not held at least six (6) Business Days prior to the End Date or (y) Section 9.01(d) (No Requisite Stockholder Approval)
or Section 9.01(e) (Company Board Recommendation Change), then the Company shall pay the amount equal to the Investor Transaction
Expenses to the Investor within fifteen (15) Business Days after such termination; provided, that the maximum amount of the Investor
Transaction Expense to be reimbursed pursuant to this Section 9.02(b)(i) shall not exceed $1,000,000 in the aggregate; and

 

(ii)
the Company shall pay the Company Termination Fee to the Investor if this Agreement is terminated by either Party pursuant to Section
9.01 (other than Section 9.01(a) (Termination by Agreement), Section 9.01(b) (Illegality) and Section 9.01(g)) (Termination
for Investor Breach)) and prior to the twelve (12) month anniversary of the date hereof, the Company shall have entered into an agreement
for an Acquisition Transaction, with such Company Termination Fee to be paid within two (2) Business Days after the consummation of such
Acquisition Transaction;

 

provided
further that the termination of this Agreement shall not relieve either Party from any liability for any fraud or intentional breach
by such Party of the terms and provisions of this Agreement; provided, further, that the payment obligations of the Company under
Section 9.02(b)(i) and Section 9.02(b)(ii) are cumulative.

 

Section
9.03. Fees and Expenses. Except as set forth in Section 9.02 hereof and Section 17(b) (Transfer Taxes) of the Series A
Certificate of Designations, all fees and expenses incurred in connection with this Agreement and the Transaction will be paid by the
Party incurring such fees and expenses whether or not the Transaction is consummated.

 

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Section
9.04. Amendment. Subject to applicable Law and subject to the other provisions of this Agreement, this Agreement may be amended
by the Parties at any time by execution of an instrument in writing signed on behalf of the Investor and the Company (pursuant to authorized
action by the Company Board, or any duly authorized committee thereof), except that in the event that the Company has received the Requisite
Stockholder Approvals, no amendment may be made to this Agreement that requires the approval of the Company Stockholders pursuant to
the NASDAQ rules without such approval.

 

Section 9.05. Extension; Waiver. At any
time and from time to time prior to the Closing, either Party may, to the extent legally allowed and except as otherwise set forth herein:
(a) extend the time for the performance of any of the obligations or other acts of the other Party, as applicable; (b) waive any inaccuracies
in the representations and warranties made to such Party contained herein or in any document delivered pursuant hereto; and (c) subject
to the requirements of applicable Law, waive compliance with any of the agreements or conditions for the benefit of such Party contained
herein. Any agreement on the part of either Party to any such extension or waiver will be valid only if set forth in an instrument in
writing signed by such Party. Any delay in exercising any right pursuant to this Agreement will not constitute a waiver of such right.

 

Article
10

General Provisions

 

Section
10.01. Notices. All notices, requests and other communications to a Party shall be in writing (including email transmission, so
long as a receipt of such email is requested and received) and shall be given,

 

		(i)	if
to the Investor to:

 

KOITO
MANUFACTURING CO., LTD.

4-8-3 Takanawa

Minato-ku, Tokyo 108-8711

Japan

Attn: Satoshi Kabashima

Email: [   ]

 

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with
copies (which will not constitute notice) to:

 

Nishimura
& Asahi

Otemon Tower

1-1-2 Otemachi

Chiyoda-ku, Tokyo 100-8124

Japan

Attn: Tatsuya Tanigawa

Email: [   ]

 

Davis
Polk & Wardwell LLP

Izumi Garden Tower 33F

1-6-1 Roppongi

Minato-ku, Tokyo 106-6033

Japan

Attn: Ken Lebrun

Email: [   ]

 

		(ii)	if
to the Company to:

 

Cepton,
Inc.

399 West Trimble Road

San
Jose, CA 95131

United States of America

Attn: Hull Xu, Chief Financial Officer

Email: [   ]

 

with
a copy (which will not constitute notice) to:

 

O’Melveny
& Myers LLP

Two Embarcadero Center, 28th Floor

San
Francisco, CA 94111

United States of America

Attn: Paul Sieben; Ryan Coombs

Email: [   ]

 

or
to such other address or email address as such Party may hereafter specify for the purpose by notice to the other Party. All such notices,
requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00
p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received
on the next succeeding Business Day in the place of receipt.

 

Section 10.02. Assignment. No Party may
assign either this Agreement or any of its rights, interests, or obligations hereunder, by operation of Law or otherwise, without the
prior written approval of the other Party, except that the Investor will have the right to assign all or any portion of its rights and
obligations pursuant to this Agreement from and after the Closing to any of its Affiliates or in connection with a merger or consolidation
involving the Investor or other disposition of all or substantially all of the assets of the Investor, it being understood that, such
assignment (a) will not relieve the Investor of any of its obligations under this Agreement or (b) impede or delay the consummation of
the Transaction. Subject to the preceding sentence, this Agreement will be binding upon and will inure to the benefit of, and be enforceable
by, the Parties and their respective successors and permitted assigns. No assignment by either Party will relieve such Party of any of
its obligations hereunder. Any purported assignment of this Agreement without the consent required by this Section 10.02 is null and void.

 

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Section
10.03. Confidentiality. The Company and the Investor hereby acknowledge that the Company and the Investor have previously executed
the Non-Disclosure Agreement, dated as of August 1, 2017 (as amended by the Extension to Non-Disclosure Agreement, dated as of October
1, 2020, the “Confidentiality Agreement”), which will continue in full force and effect in accordance with its terms.
Each of the (i) Investor and its Representatives, on the one hand, and (ii) the Company and its Representatives, on the other hand, will
hold and treat all documents and information concerning the other Party furnished or made available to it or its Representatives in connection
with the Transaction in accordance with the Confidentiality Agreement.

 

Section 10.04. Entire Agreement. This
Agreement and the documents and instruments and other agreements between the Parties as contemplated by or referred to herein, including
the Confidentiality Agreement, constitute the entire agreement between the Parties with respect to the subject matter hereof and supersede
all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof. Notwithstanding
anything to the contrary in this Agreement, the Confidentiality Agreement will: (a) not be superseded; (b) survive any termination of
this Agreement; (c) and continue in full force and effect until the earlier to occur of the Closing and the date on which the Confidentiality
Agreement expires in accordance with its terms or is validly terminated by the parties thereto.

 

Section 10.05. Third Party Beneficiaries.
Unless expressly set forth herein, this Agreement is not intended to and shall not confer any rights or remedies upon any person other
than the Parties, their respective successors and permitted assigns and any Indemnified Party hereunder.

 

Section 10.06. Severability. In the event
that any provision of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal,
void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application of such provision to
other Persons or circumstances will be interpreted so as reasonably to effect the intent of the Parties. Upon such a determination, the
Parties agree to negotiate in good faith to replace such void or unenforceable provision of this Agreement with a valid and enforceable
provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision.
If any provision of this Agreement is so broad as to be unenforceable, such provision will be interpreted to be only so broad as it is
enforceable.

 

Section 10.07. Remedies.

 

(a) Remedies
Cumulative. Except as otherwise provided herein, any and all remedies herein expressly conferred upon a Party will be deemed cumulative
with and not exclusive of any other remedy conferred hereby or by Law or equity upon such Party, and the exercise by a Party of any one
remedy will not preclude the exercise of any other remedy. Notwithstanding anything else to the contrary herein, although the Company
may pursue both a grant of specific performance and monetary damages, under no circumstances will the Company be permitted or entitled
to receive both a grant of specific performance that results in the occurrence of the Closing and monetary damages (including any monetary
damages in lieu of specific performance). Except as set forth in the foregoing sentence, the Parties agree that (i) by seeking the remedies
provided for in this Section 10.07 a Party shall not in any respect waive its right to seek any other form of relief that may be available
to a Party under this Agreement and (ii) nothing set forth in this Section 10.07 shall require any Party hereto to institute any legal
action or claim for (or limit any Party’s right to institute any legal action or claim for) injunctive relief or specific performance
under this Section 10.07 prior or as a condition to exercising any termination right under Article 9 (and pursuing damages after such
termination), nor shall the commencement of any legal action or claim pursuant to this Section 10.07 or anything set forth in this Section
10.07 restrict or limit any Party’s right to terminate this Agreement in accordance with the terms of Article 9 or pursue any other
remedies under this Agreement or applicable Law that may be available then or thereafter.

 

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(b)
Specific Performance.

 

(i) The
Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy would occur in the
event that the Parties do not perform the provisions of this Agreement (including any Party failing to take such actions as are required
of it hereunder in order to consummate this Agreement) in accordance with its specified terms or otherwise breach such provisions. The
Parties acknowledge and agree that: (A) in addition to any other remedy to which they are entitled at Law or in equity, in the event of
any breach or threatened breach by any Party of this Agreement, the non-breaching Party shall be entitled to an injunction, specific performance
and other equitable relief to prevent breaches (or threatened breaches) of this Agreement in accordance with its specified terms and to
enforce specifically the terms and provisions hereof; (B) the provisions of Section 9.03 are not intended to and do not adequately compensate
the Company, on the one hand, or the Investor, on the other hand, for the harm that would result from a breach of this Agreement, and
will not be construed to diminish or otherwise impair in any respect any Party’s right to an injunction, specific performance and
other equitable relief; and (C) the right of specific enforcement (including, without limitation, specific performance of any Party’s
obligations to effect the Closing) is an integral part of the Transaction and without that right, neither the Company nor the Investor
would have entered into this Agreement.

 

(ii) The
Parties agree not to raise any objections based on the adequacy of legal remedies or the enforceability of this Section 10.07 to the granting
of an injunction, specific performance or other equitable relief to prevent or restrain breaches or threatened breaches of this Agreement
by the Company on the one hand, or the Investor, on the other hand; and the specific performance of the terms and provisions of this Agreement
to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants, obligations and agreements of the Investor
pursuant to this Agreement. Any Party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement will not be required to provide any bond or other security in connection with the injunction
to prevent breaches of this Agreement or enforcement of the terms and provisions of this Agreement, and each Party irrevocably waives
any right that it may have to require the obtaining, furnishing or posting of any such bond or other security.

 

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(iii) Notwithstanding
anything to the contrary in this Agreement, if prior to the End Date any Party initiates a Legal Proceeding against the other Party to
enforce specifically the other Party’s obligation to consummate the Transaction if and when required to do so pursuant to Section
2.02, then the End Date will be automatically extended by: (A) the amount of time during which such Legal Proceeding is pending plus five
(5) Business Days; or (B) such other time period established by the court presiding over such Legal Proceeding.

 

Section 10.08. Governing Law. This Agreement
and all actions, proceedings or counterclaims (whether based on contract, tort or otherwise) arising out of or relating to this Agreement,
any transaction contemplated hereby or the actions of the Investor or the Company in the negotiation, administration, performance and
enforcement thereof, shall be governed by, and construed in accordance with the Laws of the State of Delaware, including its statute of
limitations, without giving effect to any choice or conflict of Laws provision or rule (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware.

 

Section 10.09. Consent to Jurisdiction.
Each of the Parties: (a) irrevocably consents to the service of the summons and complaint and any other process (whether inside or outside
the territorial jurisdiction of the Chosen Courts) in any Legal Proceeding relating to the Transaction, for and on behalf of itself or
any of its properties or assets, in accordance with Section 10.01 or in such other manner as may be permitted by applicable Law, and nothing
in this Section 10.09 will affect the right of any Party to serve legal process in any other manner permitted by applicable Law; (b) irrevocably
and unconditionally consents and submits itself and its properties and assets in any Legal Proceeding to the exclusive general jurisdiction
of the Court of Chancery of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, solely if
the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any other state or federal court
within the State of Delaware) (the “Chosen Courts”) in the event of any dispute or controversy relating to or arising
out of this Agreement or the transactions contemplated hereby; (c) agrees that it will not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such court; (d) agrees that any Legal Proceeding relating to or arising out of this Agreement
or the transactions contemplated hereby will be brought, tried and determined only in the Chosen Courts; (e) waives any objection that
it may now or hereafter have to the venue of any such Legal Proceeding in the Chosen Courts or that such Legal Proceeding was brought
in an inconvenient court and agrees not to plead or claim the same; and (f) agrees that it will not bring any Legal Proceeding relating
to or arising out of this Agreement or the transactions contemplated hereby in any court other than the Chosen Courts unless the Chosen
Courts issue a final judgment determining that such court lacks jurisdiction. The Investor and the Company agree that a final judgment
and any interim relief (whether equitable or otherwise) in any Legal Proceeding in the Chosen Courts will be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law.

 

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Section 10.10. WAIVER OF JURY TRIAL.
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE PURSUANT TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LEGAL PROCEEDING (WHETHER FOR BREACH OF CONTRACT, TORTIOUS CONDUCT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTION. EACH PARTY ACKNOWLEDGES AND AGREES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER; (b) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (c) IT MAKES THIS WAIVER VOLUNTARILY; AND
(d) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.10.

 

Section 10.11. No Recourse. This Agreement
may only be enforced against, and any claims or causes of action that maybe based upon, arise out of or relate to this Agreement, or the
negotiation, execution or performance of this Agreement may only be made against the Persons that are expressly identified as parties
hereto, including their respective successors and assigns and Persons that become parties hereto after the date hereof. Except as set
forth in the immediately preceding sentence, no former, current or future equityholders, controlling persons, directors, officers, employees,
agents or Affiliates of any Party or any former, current or future equityholder, controlling person, director, officer, employee, general
or limited partner, member, manager, advisor, agent or Affiliate of any of the foregoing (each, a “Non-Recourse Party”)
shall have any liability for any obligations or liabilities of the Parties or for any claim (whether in tort, contract or otherwise) based
on, in respect of, or by reason of, the transactions contemplated by this Agreement or in respect of any representations made or alleged
to be made in connection herewith. Without limiting the rights of any Party against the other Party, in no event shall either Party or
any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover
monetary damages from, any Non-Recourse Party.

 

Section 10.12. Counterparts. This Agreement
and any amendments hereto may be executed in one or more counterparts, all of which will be considered one and the same agreement and
will become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party, it being
understood that all Parties need not sign the same counterpart. Any such counterpart, to the extent delivered by fax or .pdf, .tif, .gif,
..jpg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”), will be treated in all
manner and respects as an original executed counterpart and will be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. No Party may raise the use of an Electronic Delivery to deliver a signature, or the
fact that any signature or agreement or instrument was transmitted or communicated through the use of an Electronic Delivery, as a defense
to the formation of a contract, and each Party forever waives any such defense, except to the extent such defense relates to lack of authenticity.

 

[Signature
pages follow]

 

    63

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered by their respective duly authorized officers as
of the date first written above.

 

	 	CEPTON,
    INC.
	 	 
	 	By:	/s/
    Jun Pei
	 	 	Name: 	Jun Pei
	 	 	Title: 	Chief Executive Officer

 

    64

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered by their respective duly authorized officers as
of the date first written above.

 

	 	KOITO
    MANUFACTURING CO., LTD.
	 	 
	 	By:	/s/
    Michiaki Kato
	 	 	Name:  	Michiaki Kato
	 	 	Title: 	President and COO

 

    65

     

    

 

EXHIBIT A

FORM OF SERIES A CERTIFICATE OF DESIGNATIONS

 

[See
Attached]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    66

     

    

 

Exhibit
A

 

CERTIFICATE
OF DESIGNATIONS OF

SERIES A CONVERTIBLE PREFERRED STOCK,

OF

CEPTON, INC.

 

Pursuant
to Section 151(g) of the General Corporation Law of the State of Delaware (as amended, supplemented or restated from time to time, the
“DGCL”), Cepton, Inc., a corporation organized and existing under the laws of the State of Delaware (the “Company”),
in accordance with the provisions of Section 103 of the DGCL, DOES HEREBY CERTIFY:

 

That,
the Second Amended and Restated Certificate of Incorporation of the Company, as filed with the Secretary of State of the State of Delaware
on February 10, 2022 (the “Certificate of Incorporation”), authorizes the issuance of 355,000,000 shares of
capital stock, consisting of 350,000,000 shares of Common Stock, par value $0.00001 per share (“Common Stock”),
and 5,000,000 shares of Preferred Stock, par value $0.00001 per share (“Preferred Stock”).

 

That,
subject to the provisions of the Certificate of Incorporation, the board of directors of the Company (the “Board”)
is authorized to fix by resolution the powers, designations, preferences and relative, participating, optional or other rights, and the
qualifications, limitations or restrictions of any series of Preferred Stock, and to fix the number of shares constituting any such series.

 

That,
pursuant to the authority conferred upon the Board by the Certificate of Incorporation, the Board, on [●], adopted the following
resolution designating a new series of Preferred Stock as “Series A Convertible Preferred Stock.”

 

RESOLVED,
that, pursuant to the authority vested in the Board in accordance with the provisions of Article IV of the Certificate of Incorporation
and the provisions of Section 151 of the DGCL, a series of Preferred Stock of the Company be, and hereby is, created and authorized,
and that the number of shares to be included in such series out of the authorized and unissued shares of Preferred Stock, and the powers,
designations, preferences and relative, participating, optional or other rights, and the qualifications, limitations or restrictions
of the shares of Preferred Stock included in such series, shall be as follows:

 

Section
1. Designation and Number of Shares. The
shares of such series of Preferred Stock shall be designated as “Series A Convertible Preferred Stock” (the “Series
A Preferred Stock”). The number of authorized shares constituting the Series A Preferred Stock shall be 100,000. That number
from time to time may be increased or decreased (but not below the number of shares of Series A Preferred Stock then outstanding) by
further resolution duly adopted by the Board, or any duly authorized committee thereof, and by the filing of a certificate pursuant to
the provisions of the DGCL stating that such increase or decrease, as applicable, has been so authorized. The Company shall not have
the authority to issue fractional shares of Series A Preferred Stock.

 

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Section
2. Ranking. The Series A Preferred Stock
will rank, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution
or winding up of the affairs of the Company:

 

(a)
on a parity basis with each other class or series of Capital Stock (as defined below) of the Company hereafter authorized, classified
or reclassified in accordance with the Consent Provisions and ‎‎Section 13(b), the terms of which expressly provide that
such class or series ranks on a parity basis with the Series A Preferred Stock as to dividend rights and rights on the distribution of
assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company (such Capital Stock, “Parity
Stock”);

 

(b)
junior to each other class or series of Capital Stock of the Company hereafter authorized, classified or reclassified in accordance with
the Consent Provisions and ‎‎Section 13(b), the terms of which expressly provide that such class or series ranks senior
to the Series A Preferred Stock as to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation,
dissolution or winding up of the affairs of the Company (such Capital Stock, “Senior Stock”); and

 

(c)
senior to the Common Stock, each other currently existing class or series of Capital Stock of the Company and each class or series of
Capital Stock of the Company hereafter authorized, classified or reclassified, the terms of which do not expressly provide that such
class or series ranks on a parity basis with or senior to the Series A Preferred Stock as to dividend rights and rights on the distribution
of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company (such Capital Stock, “Junior
Stock”).

 

Section
3. Definitions. As used herein with respect
to Series A Preferred Stock:

 

“Accrued
Dividends” means, as of any date, with respect to any share of Series A Preferred Stock, all Preferred Dividends that have
accrued on such share pursuant to ‎‎Section 4, whether or not declared, but that have not, as of such date, been paid
in cash.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person; provided that the Company and its Subsidiaries shall not be deemed to be Affiliates of any Investor Party or
any of its Affiliates. For purposes of this definition, the term “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person,
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of that Person,
whether through the ownership of voting securities or partnership or other ownership interests, by contract or otherwise.

 

Any
Person shall be deemed to “beneficially own”, to have “beneficial ownership” of,
or to be “beneficially owning” any securities (which securities shall also be deemed “beneficially owned”
by such Person) that such Person is deemed to “beneficially own” within the meaning of Rules 13d-3 and 13d-5 under the Exchange
Act; provided that any Person shall be deemed to beneficially own any securities that such Person has the right to acquire, whether
or not such right is exercisable within sixty (60) days or thereafter.

 

“Available
Registration Statement” shall mean, with respect to a Resale Shelf Registration Statement as of a date, that (a) as of
such date, such Resale Shelf Registration Statement is effective for an offering to be made on a delayed or continuous basis by the Holders,
there is no stop order with respect thereto and (b) as of such date, (i) there is not in effect an Interruption Period or Suspension
Period (as each such term is defined in the Investor Rights Agreement) and (ii) the Investor Parties are not restricted by any “lock-up”
agreement with respect to the Series A Preferred or the Common Stock.

 

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“Board”
has the meaning set forth in the recitals above.

 

“Business
Day” means any weekday that is not a day on which banking institutions in New York, New York are authorized or required
by law, regulation or executive order to be closed.

 

“Bylaws”
means the Amended and Restated Bylaws of the Company, as amended and as may be amended from time to time.

 

“Capital
Stock” means, with respect to any Person, any and all shares of, interests in, rights to purchase, warrants to purchase,
options for, participations in or other equivalents of or interests in (however designated) stock issued by such Person.

 

“Certificate
of Designations” means this Certificate of Designations relating to the Series A Preferred Stock, as it may be amended
from time to time.

 

“Certificate
of Incorporation” has the meaning set forth in the recitals above.

 

“close
of business” means 5:00 p.m. (New York City time).

 

“Closing
Price” of the Common Stock on any date of determination means the closing sale price or, if no closing sale price is reported,
the last reported sale price, of the shares of the Common Stock on the NASDAQ on such date. If the Common Stock is not traded on the
NASDAQ on any date of determination, the Closing Price of the Common Stock on such date of determination means the closing sale price
as reported by the Relevant Securities Exchange, or, if no closing sale price is reported, the last reported sale price on the Relevant
Securities Exchange, or if the Common Stock is not so listed or quoted on a Relevant Securities Exchange, the last quoted bid price for
the Common Stock in the over-the-counter market as reported by OTC Markets Group Inc. or any similar organization, or, if that bid price
is not available, the market price of the Common Stock on that date as determined by an Independent Financial Advisor retained by the
Company for such purpose.

 

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

 

“Common
Stock” has the meaning set forth in the recitals above, subject to ‎‎Section 12.

 

“Company”
has the meaning set forth in the recitals above.

 

“Company
Investor Share Repurchase Trigger Date” has the meaning set forth in ‎‎Section 9(a).

 

“Company
Repurchase” has the meaning set forth in ‎‎Section 9(a).

 

“Company
Repurchase Date” has the meaning set forth in ‎‎Section 9(a).

 

“Company
Repurchase Notice” has the meaning set forth in ‎‎Section 9(b).

 

“Company
Repurchase Price” has the meaning set forth in ‎‎Section 9(a).

 

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“Company
Rights Trigger Event” means (i) with respect to any Investor Shares, for any fiscal year the end date of which falls after
the fifth (5th) anniversary of the Original Issuance Date, the Company having recorded positive net income pursuant to GAAP in its audited
financial statements and (ii) with respect to any Non-Investor Shares, the seventh (7th) anniversary of the Original Issuance Date.

 

“Competitor”
means any Person or Group which develops, manufactures, distributes or sells products or technologies that compete with products or technologies
that have been publicly disclosed as being or being planned to be developed, manufactured, distributed or sold by the Investor or its
Subsidiaries at the time of entry into of the relevant agreement with such party.

 

“Consent
Provisions” means Section 2.05 of the Investor Rights Agreement.

 

“Constituent
Person” has the meaning set forth in ‎‎Section 12(a).

 

“Contract”
means any contract, subcontract, note, bond, mortgage, indenture, lease, license, sublicense or other instrument, commitment, understanding,
undertaking or agreement.

 

“Conversion
Agent” means the Transfer Agent, acting in its capacity as conversion agent for the Series A Preferred Stock, and its successors
and assigns.

 

“Conversion
Date” has the meaning set forth in ‎‎Section 8(a).

 

“Conversion
Notice” has the meaning set forth in ‎‎Section 8(a)(i).

 

“Conversion
Price” means, for each share of Series A Preferred Stock at any time, a dollar amount equal to the Face Value divided by
the Conversion Rate as of such time, which, for the avoidance of doubt, shall initially be $2.585.

 

“Conversion
Rate” means 386.8472, subject to adjustment in accordance with ‎‎Section 11.

 

“Covered
Repurchase” has the meaning set forth in ‎‎Section 11(a)(iii).

 

“Conversion
Shares” means (i) any Common Stock issuable upon the conversion of the shares of Series A Preferred Stock and (ii) any
Common Stock issuable as a dividend on the shares of Series A Preferred Stock (if any).

 

“DGCL”
has the meaning set forth in the recitals above.

 

“Degressive
Issuance” has the meaning set forth in ‎‎Section 11(a)(viii).

 

“Distributed
Property” has the meaning set forth in ‎‎Section 11(a)(iv).

 

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“Distribution
Transaction” means any distribution of equity securities of a Subsidiary of the Company to holders of Common Stock, whether
by means of a spin-off, split-off, redemption, reclassification, exchange, stock dividend, share distribution, rights offering or similar
transaction.

 

“Dividends”
has the meaning set forth in ‎‎Section 4(a).

 

“DOJ”
has the meaning set forth in ‎‎Section 23(a).

 

“Earnout
Obligations” means the obligation of the Company to issue the Earnout Shares, as such term is defined in the Investment
Agreement.

 

“Effective
Price” has the following meaning with respect to the issuance or sale of any shares of Common Stock or any Equity-Linked
Securities:

 

(i)
in the case of the issuance or sale of shares of Common Stock, the value of the consideration received by the Company for such shares,
expressed as an amount per share of Common Stock; and

 

(ii)
in the case of the issuance or sale of any Equity-Linked Securities, an amount equal to a fraction whose (A) numerator is equal to the
sum, without duplication, of (1) the value of the aggregate consideration received by the Company for the issuance or sale of such Equity-Linked
Securities; and (2) the value of the minimum aggregate additional consideration, if any, payable to purchase or otherwise acquire shares
of Common Stock pursuant to such Equity-Linked Securities; and (B) denominator is equal to the maximum number of shares of Common Stock
underlying such Equity-Linked Securities;

 

provided,
however, that:

 

(x)
for purposes of clause (ii) above, if such minimum aggregate consideration, or such maximum number of shares of Common Stock, is not
determinable at the time such Equity-Linked Securities are issued or sold, then (A) the initial consideration payable under such Equity-Linked
Securities, or the initial number of shares of Common Stock underlying such Equity-Linked Securities, as applicable, will be used; and
(B) at each time thereafter when such amount of consideration or number of shares becomes determinable or is otherwise adjusted (including
pursuant to “anti-dilution” or similar provisions), there will be deemed to occur, for purposes of this ‎‎Section
11(a)(viii) and without affecting any prior adjustments theretofore made to the Conversion Rate, an issuance of additional Equity-Linked
Securities;

 

(y)
for purposes of clause (ii) above, the surrender, extinguishment, maturity or other expiration of any such Equity-Linked Securities will
be deemed not to constitute consideration payable to purchase or otherwise acquire shares of Common Stock pursuant to such Equity-Linked
Securities; and

 

(z)
the “value” of any such consideration will be the fair value thereof, as of the date such shares or Equity-Linked Securities,
as applicable, are issued or sold, determined in good faith by the Board (or, in the case of cash denominated in U.S. dollars, the face
amount thereof).

 

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“Equity-Linked
Securities” means any securities convertible into or exercisable or exchangeable for, or rights, options or warrants to
purchase or otherwise acquire (whether immediately, during specified times, upon the satisfaction of any conditions or otherwise) any
shares of Common Stock.

 

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

 

“Exchange
Property” has the meaning set forth in ‎‎Section 12(a).

 

“Expiration
Date” has the meaning set forth in ‎‎Section 11(a)(iii).

 

“Face
Value” means, for each share of Series A Preferred Stock, a dollar amount equal to $1,000.00.

 

“Fair
Market Value” means, with respect to any security or other property, the fair market value of such security or other property
as reasonably determined in good faith by a majority of the Board, or an authorized committee thereof, (i) as to any security or other
property with a Fair Market Value of less than $10,000,000, or (ii) otherwise using an Independent Financial Advisor to provide a valuation
opinion.

 

“FTC”
has the meaning set forth in ‎‎Section 23(a).

 

“Fundamental
Change” means the occurrence of any of the following:

 

(i)
any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act
or any successor provisions), other than the Investor Parties, becomes the beneficial owner, directly or indirectly, of 50% or more of
the total voting power of the Voting Stock then outstanding, or files a Schedule TO or any schedule, form or report under the Exchange
Act disclosing that such person or group has become the beneficial owner, directly or indirectly, of 50% or more of the total voting
power of the Voting Stock then outstanding other than as a result of a transaction in which (A) the holders of securities that represented
100% of the voting power of the Voting Stock immediately prior to such transaction are substantially the same as the holders of securities
that represent a majority of the total voting power of all classes of the Voting Stock of the surviving Person or any parent entity that
wholly owns such surviving Person immediately after such transaction and (B) the holders of securities that represented 100% of the voting
power of the Voting Stock immediately prior to such transaction own, directly or indirectly, Voting Stock of the surviving Person or
any parent entity that wholly owns such surviving Person in substantially the same proportion to each other as immediately prior to such
transaction;

 

(ii)
the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property
or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock will be converted into cash,
securities or other property or assets (other than any merger solely for the purpose of changing the Company’s jurisdiction of
incorporation and resulting in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of
common stock of the surviving entity that are listed or quoted on one of the New York Stock Exchange or NASDAQ (or any of their respective
successors) or pursuant to an agreement and plan of merger entered into with an Investor Party); or (C) any sale, lease or other transfer
in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries,
taken as a whole, to any Person other than one or more of the Company’s wholly owned Subsidiaries or to the Investor Parties and,
in the cases of clauses (A) and (B), subject to ‎Section 12, excluding any transaction following which holders of securities
that represented 100% of the voting power of the Voting Stock immediately prior to such transaction own, directly or indirectly (in substantially
the same proportion to each other as immediately prior to such transaction, other than changes in proportionality as a result of any
cash/stock or other election provided under the terms of the definitive agreement regarding such transaction), at least a majority of
the voting power of the Voting Stock of the surviving Person in such transaction or any parent entity that wholly owns such surviving
Person immediately after such transaction;

 

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(iii)
the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company;

 

(iv)
the Common Stock (or other common equity underlying the Series A Preferred Stock) ceases to be listed or quoted on any of the New York
Stock Exchange or NASDAQ (or any of their respective successors) other than as a result of an acquisition of additional shares of Common
Stock by an Investor Party; or

 

(v)
solely with respect to the Investor Shares, the Company or any of its Subsidiaries enters into any agreement with a Competitor in respect
of (A) an Acquisition Transaction (as defined in the Investment Agreement) or (B) any strategic alliance, partnership, joint venture
or similar arrangement; provided, however, that entry into ordinary course agreements with a Competitor or into agreements
for which the automotive original equipment manufacturer (or (1) any Person or Group in contractual privity with such automotive original
equipment manufacturer or (2) the Tier 1 supplier that has received from the automotive original equipment manufacturer the award to
which the agreement relates) specifies or otherwise limits the suppliers, manufacturers, distributors, developers, partners or other
parties with which the Company may work shall not be deemed to be a Fundamental Change pursuant to clause (B) hereof;

 

provided,
however, that the occurrence of any event or transaction (or series of events or transactions) described in clauses (i), (ii)
or (v) above shall not be deemed to be a Fundamental Change if either (x) the Investor Parties are entitled to the Consent Provisions
and consent to such event or transaction (or series of events or transactions) pursuant to the Consent Provisions or (y) if the Investor
Parties are not entitled to the Consent Provision, the Investor Parties beneficially owning a majority of the then outstanding Investor
Shares consent in writing to such event or transaction (or series of events or transactions).

 

Prior
to entering into any agreement described in clause (v)(B) above, the Company shall give the Investor Parties thirty (30) days’
advance notice (or such lesser amount as is practical in light of the proposed opportunity) and the Company and the Investor shall consult
in good faith to determine whether the entry into such agreement would constitute a Fundamental Change if not consented to by the Investor
Parties.

 

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“Fundamental
Change Effective Date” has the meaning set forth in ‎‎Section 10(a).

 

“Fundamental
Change Election Notice” has the meaning set forth in ‎‎Section 10(a).

 

“Fundamental
Change Repurchase” has the meaning set forth in ‎‎Section 10(b).

 

“Fundamental
Change Repurchase Date” means, with respect to each share of Series A Preferred Stock, the date on which the Company makes
the payment in full of the Fundamental Change Repurchase Price for such share to the Holder thereof or to the Transfer Agent, irrevocably,
for the benefit of such Holder.

 

“Fundamental
Change Repurchase Notice” has the meaning set forth in ‎‎Section 10(a).

 

“Fundamental
Change Repurchase Price” has the meaning set forth in ‎‎Section 10(b).

 

“GAAP”
means generally accepted accounting principles, consistently applied, in the United States.

 

“Governmental
Authority” means any government, political subdivision, governmental, administrative or regulatory entity or body, department,
commission, board, agency or instrumentality, or other legislative, executive or judicial governmental entity, and any court, tribunal,
judicial or arbitral body, in each case whether federal, national, state, county, municipal, provincial, local, foreign, supranational
or multinational.

 

“Group”
means a Person together with its Affiliates.

 

“Holder”
means a Person in whose name the shares of the Series A Preferred Stock are registered, which Person shall be treated by the Company,
Transfer Agent, Registrar, paying agent and Conversion Agent as the absolute owner of the shares of Series A Preferred Stock for the
purpose of making payment and settling conversions and for all other purposes (other than U.S. federal income tax purposes if the Holder
is a disregarded entity for U.S. federal income tax purposes, in which case the regarded owner of the Holder shall be treated as the
owner of such shares); provided that, to the fullest extent permitted by law, no Person that has received shares of Series A Preferred
Stock in violation of the Investor Rights Agreement shall be a Holder, and the Transfer Agent, Registrar, paying agent and Conversion
Agent, as applicable, shall not, unless directed otherwise by the Company, recognize any such Person as a Holder and the Person in whose
name the shares of the Series A Preferred Stock were registered immediately prior to such transfer shall remain the Holder of such shares.

 

“HSR
Act” has the meaning set forth in ‎‎Section 23(a).

 

“Independent
Financial Advisor” means an accounting, appraisal or investment banking firm or consultant of nationally recognized standing
in the United States mutually agreed upon by the Company and the Holders of a majority of the shares of Series A Preferred Stock outstanding
at such time; provided, however, that such firm or consultant may not be an Affiliate of the Company.

 

“Initial
Fundamental Change Notice” has the meaning set forth in ‎‎Section 10(a).

 

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“Investment
Agreement” means that certain Investment Agreement by and between the Company and the Investor dated as of October 27,
2022 as it may be amended, supplemented or otherwise modified from time to time, with respect to certain terms and conditions concerning,
among other things, the purchase and sale of the shares of Series A Preferred Stock.

 

“Investor”
means KOITO MANUFACTURING CO., LTD., a corporation organized under the laws of Japan.

 

“Investor
Parties” means the Investor and each Permitted Transferee of the Investor to whom shares of Series A Preferred Stock or
Common Stock are Transferred.

 

“Investor
Rights Agreement” means that certain Investor Rights Agreement by and between the Company and the Investor dated as of
[●] as it may be amended, supplemented or otherwise modified from time to time, with respect to certain terms and conditions concerning,
among other things, the rights of and restrictions on the Holders.

 

“Investor
Shares” means shares of Series A Preferred Stock for which the Holder of such shares is the Investor or an Affiliate of
the Investor who was a Permitted Transferee.

 

“Investor
Share Mandatory Conversion” has the meaning set forth in ‎‎Section 7(a)(i).

 

“Investor
Share Mandatory Conversion Date” has the meaning set forth in ‎‎Section 7(a)(i).

 

“Investor
Share Mandatory Conversion Date Selection Notice” has the meaning set forth in ‎‎Section 7(a)(ii).

 

“Investor
Share Mandatory Conversion Notice” has the meaning set forth in ‎‎Section 7(a).

 

“Issuance
Date” means, with respect to any share of Series A Preferred Stock, the date of issuance of such share.

 

“Junior
Stock” has the meaning set forth in ‎‎Section 2(c).

 

“Law”
means any federal, national, state, county, municipal, provincial, local, foreign, supranational or multinational law, act, statute,
constitution, common law, ordinance, code, decree, writ, order, judgment, injunction, rule, regulation, ruling or requirement issued,
enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Authority.

 

“Lincoln
Park Facility” means that certain Purchase Agreement dated as of November 24, 2021 entered into by and among the Company,
Cepton Technologies, Inc. and Lincoln Park Capital Fund, LLC.

 

“Liquidation
Preference” means, with respect to any share of Series A Preferred Stock, as of any date, the Face Value increased by Accrued
Dividends with respect to such share.

 

“Mandatory
Conversion” has the meaning set forth in ‎‎Section 7(b).

 

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“Mandatory
Conversion Notice” has the meaning set forth in ‎‎Section 7(b).

 

“Market
Disruption Event” means (i) a failure by the Relevant Stock Exchange to open for trading during its regular trading session;
or (ii) the occurrence or existence on any day that is scheduled to be a Trading Day for the Common Stock, (a) for more than a one half-hour
period in the aggregate during regular trading hours or (b) at any time during the one-hour period prior to the close of regular trading
hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the Relevant
Stock Exchange or otherwise) in the Common Stock.

 

“Market
Price Condition” means, as of the date of the Mandatory Conversion Notice, the Closing Price of the Common Stock has been
greater than or equal to 200% of the Conversion Price then-in-effect on at least twenty (20) Trading Days (whether or not consecutive)
in the thirty (30) consecutive Trading Day period (including the last Trading Day of such period) ending on, and including, the Trading
Day immediately preceding such date.

 

“NASDAQ”
means the Nasdaq Capital Market, the Nasdaq Global Market or the Nasdaq Global Select Market and any successor stock exchange or inter-dealer
quotation system operated by Nasdaq, Inc. or any successor thereto.

 

“Non-Investor
Shares” means shares of Series A Preferred Stock that are not Investor Shares.

 

“Officer’s
Certificate” means a certificate signed by the Chief Executive Officer, the Chief Financial Officer or the Secretary of
the Company.

 

“Original
Issuance Date” means the Closing Date, as defined in the Investment Agreement.

 

“Other
Antitrust and Foreign Investment Laws” has the meaning set forth in ‎‎Section 23(b).

 

“Parity
Stock” has the meaning set forth in ‎‎Section 2(a).

 

“Participating
Dividend” has the meaning set forth in ‎‎Section 4(e).

 

“Participating
Dividend Record Date” has the meaning set forth in ‎‎Section 4(e).

 

“Permitted
Transferee” has the meaning set forth in the Investor Rights Agreement.

 

“Person”
means any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability company, trust,
unincorporated organization or any other entity.

 

“PIK
Dividends” has the meaning set forth in ‎‎Section 4(b)(ii).

 

“PIK
Rate” means the Preferential Dividend Rate plus 1.00%.

 

“Preferential
Dividend Base Amount” means, as to shares of Series A Preferred Stock, initially the Face Value per share, subject to adjustment
as set forth in ‎‎Section 4(b), including, for the avoidance of doubt, pursuant to any PIK Dividends.

 

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“Preferential
Dividend Payment Date” means March 31, June 30, September 30 and December 31 of each year, commencing on [●]1;
provided that if any such Preferential Dividend Payment Date is not a Business Day, then the applicable Preferred Dividend shall
be payable on the next Business Day immediately following such Preferential Dividend Payment Date, without any interest.

 

“Preferential
Dividend Period” means, in respect of any share of Series A Preferred Stock, the period from (and including) the Issuance
Date of such share to (but excluding) the next Preferential Dividend Payment Date and, subsequently, in each case the period from (and
including) any Preferential Dividend Payment Date to (but excluding) the next Preferential Dividend Payment Date.

 

“Preferential
Dividend Rate” means 3.250% per annum; provided that, (i) solely with respect to Investor Shares, from (and including)
the date on which the Company breaches any Consent Provision then in effect until (but excluding) the date on which all such breaches
are cured or such time as such Consent Provision ceases to be in effect, if earlier, or (ii) on any date on which a Registration Default
(as defined in the Investor Rights Agreement) has occurred and is ongoing, the Preferential Dividend Rate shall be increased by 1.00%
per annum; provided, further that if the Company fails to pay the Company Repurchase Price or the Fundamental Change Repurchase
Price in full when due in accordance with ‎‎Section 9 and ‎‎Section 10, respectively, in respect of some
or all of the shares of Series A Preferred Stock to be repurchased, the Preferential Dividend Rate on such shares not repurchased shall
be increased by 1.00% per annum, until such shares are repurchased; provided, however, that in no event shall the Preferential
Dividend Rate exceed 4.250% per annum.

 

“Preferential
Dividend Record Date” means, with respect to any Preferential Dividend Payment Date, the March 15, June 15, September 15
and December 15, as the case may be, immediately preceding the relevant Preferential Dividend Payment Date. These Preferential Dividend
Record Dates shall apply regardless of whether a particular Preferential Dividend Record Date is a Business Day.

 

“Preferential
Dividend Record Holder” means, with respect to any Preferential Dividend Payment Date, a Holder of record of the shares
of Series A Preferred Stock as such holder appears on the stock register of the Company at the close of business on the related Preferential
Dividend Record Date.

 

“Preferential
Dividends” has the meaning set forth in ‎‎Section 4(b)(i).

 

“Preferred
Dividends” has the meaning set forth in ‎‎Section 4(b)(ii).

 

“Preferred
Stock” has the meaning set forth in the recitals above.

 

“Prevailing
Market Price” per share of Common Stock, as of any date of determination, means the arithmetic average of the VWAP per
share of Common Stock for each of the ten (10) consecutive full Trading Days ending on and including the Trading Day immediately preceding
such day, appropriately adjusted to take into account the occurrence during such period of any event described in ‎‎Section
11; provided, that if the event described in clause (iv) of the definition of “Fundamental Change” has occurred,
the Prevailing Market Price shall be the Closing Price.

 

 

		1	Note:
                                            To be the first possible payment date for which the relevant record date falls after the
                                            Original Issuance Date.

 

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“Private
Warrants” means the warrants to acquire up to 5,175,000 shares of Common Stock issued at the time of Growth Capital Acquisition
Corp.’s initial public offering.

 

“Public
Warrants” means the warrants to acquire up to 8,625,000 shares of Common Stock issued and outstanding on the date of this
Agreement originally issued as a component of the units sold in Growth Capital Acquisition Corp.’s initial public offering.

 

“Record
Date” means, with respect to any dividend, distribution or other transaction or event in which holders of Common Stock
have the right to receive any cash, securities or other property or in which Common Stock is exchanged for or converted into any combination
of cash, securities or other property, the date fixed for determination of holders of Common Stock entitled to receive such cash, securities
or other property (whether such date is fixed by the Board or by statute, contract or otherwise).

 

“Registrable
Securities” means all shares of Common Stock and all Conversion Shares; provided, however, that such securities
shall cease to be Registrable Securities when (a) a registration statement relating to such securities shall have been declared effective
by the U.S. Securities and Exchange Commission and such securities shall have been disposed of by the Holder thereof pursuant to such
registration statement, (b) such securities have been sold or otherwise disposed of in accordance with Rule 144 or another exemption
from registration requirements such that the securities are freely tradeable following such sale or disposition, (c) in the case of the
Investor Parties, upon the later of the date on which there are no individuals designated in writing by the Investor Parties to be elected
to the Board pursuant to the Investor Rights Agreement or the Investor beneficially owns shares of Common Stock and Conversion Shares
representing less than five percent (5%) of the outstanding shares of Common Stock or (d) such securities may be sold without registration
pursuant to Rule 144 without restriction as to volume or manner of sale. For the avoidance of doubt, any securities that have ceased
to be Registrable Securities in accordance with the foregoing definition shall not thereafter become Registrable Securities and any securities
that are issued or distributed in respect of securities that have ceased to be Registrable Securities are shall not be Registrable Securities.

 

“Registrar”
means the Transfer Agent, acting in its capacity as registrar for the Series A Preferred Stock, and its successors and assigns.

 

“Relevant
Stock Exchange” means the principal U.S. national securities exchange or automated quotation system on which the Common
Stock is then listed or, if the Common Stock is not then listed on a U.S. national securities exchange or automated quotation system,
on the principal other market on which the Common Stock is then listed or admitted for trading.

 

“Reorganization
Event” has the meaning set forth in ‎‎Section 12(a).

 

“Repurchase
Option” has the meaning set forth in ‎‎Section 17(c)(i).

 

“Resale
Shelf Registration Statement” means such registration statement covering the sale or distribution from time to time by
the Investor Parties holding Registrable Securities, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act of 1933,
of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities
on Form S-3, then such registration shall be on another appropriate form and shall provide for the registration of such Registrable Securities
for resale by the Investor Parties in accordance with any reasonable method of distribution elected by the Investor).

 

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“Rule
144” means Rule 144 promulgated under the Securities Act of 1933, as amended, and any successor provision.

 

“Senior
Stock” has the meaning set forth in ‎‎Section 2(b).

 

“Series
A Preferred Stock” has the meaning set forth in ‎‎Section 1.

 

“Subsidiary”
means, with respect to any Person, any corporation of which a majority of the total voting power of shares of stock entitled to vote
in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person
or one or more of the other Subsidiaries of such Person or a combination thereof or any partnership, association or other business entity
of which a majority of the partnership or other similar ownership interest is at the time owned or controlled, directly or indirectly,
by such Person or one or more Subsidiaries of such Person or a combination thereof. For purposes of this definition, a Person is deemed
to have a majority ownership interest in a partnership, association or other business entity if such Person is allocated a majority of
the gains or losses of such partnership, association or other business entity or is or controls the managing director, managing member
or general (or equivalent) partner of such partnership, association or other business entity.

 

“Tax”
or “Taxes” means any taxes and similar assessments, fees, and other governmental charges imposed by any Governmental
Authority, including income, profits, gross receipts, net proceeds, ad valorem, value added, turnover, sales, use, property, personal
property (tangible and intangible), stamp, excise, duty, franchise, capital stock, transfer, payroll, employment, severance, and estimated
tax, and any unclaimed property or escheat obligations, together with any interest and any penalties, additions to tax or additional
amounts imposed by any Governmental Authority, whether disputed or not, and any secondary liabilities for any of the foregoing amounts
payable as a transferee or successor, by assumption or by Contract or by operation of Law.

 

“Tax
Return” means any return, report, statement, information return or other document (including any related or supporting
information) filed or required to be filed with any Governmental Authority in connection with the determination, assessment, collection
or administration of any Taxes.

 

“Trading
Day” means a day on which (i) there is no Market Disruption Event and (ii) trading in the Common Stock generally occurs
on the Relevant Stock Exchange; provided that if the Common Stock is not listed or admitted for trading, “Trading Day”
means any Business Day.

 

“Transfer”
means to sell, transfer, assign, or otherwise dispose of.

 

“Transfer
Agent” means the Person acting as Transfer Agent, Registrar and paying agent and Conversion Agent for the Series A Preferred
Stock and its successors and assigns, which may be the Company or one of its Affiliates. The initial Transfer Agent shall be Continental
Stock Transfer & Trust Company.

 

“Transfer
Taxes” means any transfer, sales, use, stamp, documentary, registration, value added or other similar Taxes; provided,
for the avoidance of doubt, that Transfer Taxes shall not include any income, franchise or similar Taxes.

 

“Trigger
Event” has the meaning set forth in ‎‎Section 11(a)(vii).

 

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“Warrants”
means the Private Warrants and the Public Warrants.

 

“Weighted
Average Issuance Price” has the meaning set forth in ‎Section 11(a)(viii).

 

“Voting
Stock” means all classes of Capital Stock of the Company normally entitled (without regard to the occurrence of any contingency)
to vote in the election of directors (or their equivalent) of the Company.

 

“VWAP”
per share of Common Stock on any Trading Day means the per share volume-weighted average price as displayed under the heading Bloomberg
VWAP on Bloomberg (or, if Bloomberg ceases to publish such price, an equivalent successor service) page “CPTN<equity> AQR”
(or its equivalent successor if such page is not available) in respect of the period from the open of trading on the relevant Trading
Day until the close of trading on such Trading Day (or if such volume-weighted average price is unavailable, the market price of one
share of Common Stock on such Trading Day determined, using a volume-weighted average method, by an Independent Financial Advisor retained
for such purpose by the Company).

 

Section
4. Dividends.

 

(a)
Holders shall be entitled to receive dividends of the type and in the amount determined as set forth in this ‎‎Section 4
(such dividends, including Preferred Dividends and the Participating Dividends, collectively “Dividends”).

 

(b)
Accrual of Preferential Dividends.

 

(i)
Subject to the rights of holders of any class or series of Senior Stock, a preferential cumulative return on the Preferential Dividend
Base Amount of the Series A Preferred Stock (the “Preferential Dividends”) shall accumulate daily in arrears,
whether or not earned or declared by the Board, at the Preferential Dividend Rate. Preferential Dividends shall be payable in cash (other
than a PIK Dividend, as described below) quarterly on each Preferential Dividend Payment Date at such Preferential Dividend Rate, and
shall accumulate from the most recent Preferential Dividend Payment Date or, prior to the first Preferential Dividend Payment Date, from
the Issuance Date, whether or not in any Preferential Dividend Periods there have been funds legally available subject to Section 170
of the DGCL. Preferential Dividends shall be payable in cash when, as and if declared by the Board on the relevant Preferential Dividend
Payment Date to Preferential Dividend Record Holders on the immediately preceding Preferential Dividend Record Date, to the extent that
such Series A Preferred Stock remains outstanding on the applicable Preferential Dividend Payment Date; provided that the Preferential
Dividend Record Date for any such Preferential Dividends shall not precede the date on which such dividend was so declared; provided,
further that the Board may declare an amount to be paid in cash in respect of a part of, rather than all, of the Preferential Dividend
payable on such Preferential Dividend Payment Date. The amount of Preferential Dividends payable on each share of Series A Preferred
Stock for each Preferential Dividend Period shall be computed based upon the actual number of days elapsed during such period over a
360-day year (consisting of twelve 30-day months). The Company shall use commercially reasonable efforts to provide written notice to
the holders of Series A Preferred Stock that it intends to pay a Preferential Dividend in cash at least five (5) days prior to the applicable
Preferential Dividend Payment Date.

 

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(ii)
In the event that the Company does not declare and pay the full amount of Preferential Dividends in cash as described above, the Preferential
Dividend Base Amount of the Series A Preferred Stock shall automatically increase at the PIK Rate, on a compounding basis, on such Preferential
Dividend Payment Date with respect to any Preferential Dividend Base Amount for which Preferential Dividends remain unpaid (the “PIK
Dividends” and, together with the Preferential Dividends, the “Preferred Dividends”). Thereafter,
the Preferential Dividends shall accrue and be payable on such increased Preferential Dividend Base Amount. Preferred Dividends shall
be paid pro rata (based on the number of shares of Series A Preferred Stock held by the Holder) to the Holders of shares of Series A
Preferred Stock entitled thereto (for the avoidance of doubt, taking into account any differences in Issuance Date).

 

(iii)
Notwithstanding anything to the contrary contained herein, any PIK Dividend (1) shall be treated as an accrued but unpaid dividend
of the Series A Preferred Stock that compounds, whether or not declared by the Board, and (2) shall not be declared as a dividend by
the Board (A) unless and until such PIK Dividend is paid to the Holders of the Series A Preferred Stock immediately in cash (it
being understood that no dividends may be declared and paid in securities or otherwise “in kind”) or (B) in anticipation
of a redemption of the Series A Preferred Stock or any liquidation of the Company.

 

(c)
Priority of Dividends. So long as any shares of Series A Preferred Stock remain outstanding, unless full Preferred Dividends on
all outstanding shares of Series A Preferred Stock that have accrued from and including the Issuance Date have been declared and paid
in cash, or have been or contemporaneously are declared and a sum sufficient for the payment of those Preferred Dividends has been or
is set aside for the benefit of the Holders, the Company may not declare any dividend on, or make any distributions relating to, Junior
Stock or Parity Stock, or redeem, purchase, acquire (either directly or through any Subsidiary) or make a liquidation payment relating
to, any Junior Stock or Parity Stock, other than:

 

(i)
purchases, redemptions or other acquisitions of shares of Junior Stock in accordance with any employment contract, benefit plan or other
similar arrangement with or for the benefit of current or former employees, officers, directors or consultants;

 

(ii)
purchases of fractional interests in shares of Parity Stock or Junior Stock pursuant to the conversion or exchange provisions of such
Parity Stock or Junior Stock or the security being converted or exchanged;

 

(iii)
payment of any dividends or distributions in respect of Junior Stock where the dividend or distribution is in the form of the same stock
or rights to purchase the same stock as that on which the dividend is being paid;

 

(iv)
any dividend “in kind” in connection with the implementation of a shareholders’ rights or similar plan, or the redemption
or repurchase of any rights under any such plan; or

 

(v)
as a result of an exchange or conversion of any class or series of Parity Stock or Junior Stock for any other class or series of Parity
Stock (in the case of Parity Stock) or Junior Stock (in the case of Parity Stock or Junior Stock).

 

Notwithstanding
the foregoing, for so long as any shares of Series A Preferred Stock remain outstanding, if Preferential Dividends are not declared and
paid in full upon the shares of Series A Preferred Stock and any Parity Stock, all Preferential Dividends declared upon shares of Series
A Preferred Stock and any Parity Stock will be declared on a proportional basis so that the amount of Preferential Dividends declared
per share will bear to each other the same ratio that all accrued and unpaid Preferential Dividends as of the end of the most recent
Preferential Dividend Period per share of Series A Preferred Stock and accrued and unpaid Preferential Dividends as of the end of the
most recent dividend period per share of any Parity Stock bear to each other.

 

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(d)
Conversion Following a Record Date. If the Conversion Date for any shares of Series A Preferred Stock is prior to the close of
business on a Preferential Dividend Record Date, the Holder of such shares will not be entitled to any Preferential Dividend in respect
of such Preferential Dividend Record Date, other than through the inclusion of Accrued Dividends as of the Conversion Date in the calculation
under ‎‎Section 6(a). If the Conversion Date for any shares of Series A Preferred Stock is after the close of business
on a Preferential Dividend Record Date or a Participating Dividend Record Date, as applicable, but prior to the corresponding payment
date for such dividend, the Holder of such shares as of such Preferential Dividend Record Date or Participating Dividend Record Date,
as applicable, shall be entitled to receive such Preferential Dividend or Participating Dividend, respectively, notwithstanding the conversion
of such shares prior to the applicable Dividend Payment Date or Participating Dividend Record Date, as applicable; provided that
the amount of such Preferential Dividend or Participating Dividend shall not be included for the purpose of determining the amount of
Accrued Dividends under ‎‎Section 6(a) with respect to such Conversion Date.

 

(e)
Dividends on Junior Stock and Parity Stock. Subject to the provisions of this Certificate of Designations, dividends may be declared
by the Board or any duly authorized committee thereof on any Junior Stock and Parity Stock from time to time. In addition to Preferred
Dividends pursuant to this ‎‎Section 4, Holders shall fully participate, on an as-converted basis, in any dividends declared
and paid or distributions on the Common Stock as if the Series A Preferred Stock were converted, at the Conversion Rate in effect on
the Record Date for such dividend or distribution, pursuant to ‎‎Section 6(a) into shares of Common Stock (without regard
to any limitations on conversion) immediately prior to such Record Date (such dividend or distribution on the Series A Preferred Stock,
a “Participating Dividend”), as and when paid with respect to the Common Stock and using the same Record Date
as is used for the Common Stock (the record date for any such dividend, a “Participating Dividend Record Date”).

 

Section
5. Liquidation Rights.

 

(a) Liquidation.
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the Holders shall
be entitled, out of assets legally available therefor, before any distribution or payment out of the assets of the Company may be
made to or set aside for the holders of any Junior Stock, and subject to the rights of the holders of any Senior Stock or Parity
Stock and the rights of the Company’s existing and future creditors, to receive in full a liquidating distribution in cash in
the amount per share of Series A Preferred Stock equal to the greater of (i) the Liquidation Preference with respect to such share
of Series A Preferred Stock as of the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of
the Company and (ii) the amount per share of Series A Preferred Stock that such Holders would have received had such Holders,
immediately prior to such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, converted
such shares of Series A Preferred Stock into Common Stock (pursuant to ‎‎Section 6 without regard to any of the
limitations on convertibility contained therein). Holders shall not be entitled to any further payments in the event of any such
voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company other than what is expressly provided
for in this ‎‎Section 5 and will have no right or claim to any of the Company’s remaining assets.

 

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(b)
Partial Payment. If in connection with any distribution described in ‎‎Section 5(a) above, the assets of the Company
or proceeds therefrom are not sufficient to pay in full the aggregate liquidating distributions required to be paid pursuant to ‎‎Section
5(a) to all Holders and the liquidating distributions payable to all holders of any Parity Stock, the amounts distributed to the
Holders and to the holders of all such Parity Stock shall be paid pro rata in accordance with the respective aggregate liquidating distributions
to which they would otherwise be entitled if all amounts payable thereon were paid in full.

 

(c)
Merger, Consolidation, Conversion and Sale of Assets Not Liquidation. For purposes of this ‎‎Section 5, the sale,
conveyance, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or substantially all of the property
and assets of the Company shall not be deemed a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
Company, nor shall the merger, consolidation, statutory exchange or any other business combination transaction of the Company into or
with any other Person or the merger, consolidation, statutory exchange or any other business combination transaction of any other Person
into or with the Company be deemed to be a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company,
nor shall a conversion of the Company into another entity form be deemed to be a voluntary or involuntary liquidation, dissolution or
winding up of the affairs of the Company.

 

Section
6. Right of the Holders to Convert.

 

(a)
At any time on or after the first (1st) anniversary of the Original Issuance Date, each Holder shall have the right, at such Holder’s
option, subject to the conversion procedures set forth in ‎‎Section 8, to convert each share of such Holder’s Series
A Preferred Stock at any time into a number of shares of Common Stock equal to the Liquidation Preference for such share of Series A
Preferred Stock divided by the Conversion Price then in effect; provided that each Holder shall receive cash in lieu of fractional
shares as set out in ‎‎Section 11(h). The right of conversion may be exercised as to all or any portion of such Holder’s
Series A Preferred Stock from time to time; provided that, in each case, no right of conversion may be exercised by a Holder in
respect of fewer than 1,000 shares of Series A Preferred Stock (unless such conversion relates to all shares of Series A Preferred Stock
held by such Holder).

 

(b)
The Company shall at all times reserve and keep available out of its authorized and unissued Common Stock, solely for issuance upon
the conversion of the Series A Preferred Stock, such number of shares of Common Stock as shall from time to time be issuable upon
the conversion of all shares of Series A Preferred Stock then outstanding. Without limiting the foregoing, the Company shall not
take any action described in ‎‎Section 11 unless, after taking such action, the Company shall continue to have a
number of authorized and unissued Common Stock greater than the total number of shares of Common Stock issuable (i) pursuant to any
outstanding options, warrants or other instruments exercisable for, or exchangeable or convertible into, Common Stock and (ii) upon
the conversion of all shares of Series A Preferred Stock then outstanding after giving effect to any adjustments to the Conversion
Rate provided for in ‎‎Section 11. The Company shall use its reasonable best efforts to maintain the listing on the
NASDAQ of such number of shares of Common Stock as shall from time to time be issuable upon the conversion of all the shares of
Series A Preferred Stock then outstanding. Any shares of Common Stock issued upon conversion of Series A Preferred Stock shall be
duly authorized, validly issued, fully paid and nonassessable and will not be subject to preemptive rights or subscription rights of
any other stockholder of the Company.

 

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Section
7. Mandatory Conversion by the Company.

 

(a)
Mandatory Conversion.

 

(i) Investor
Shares. Solely with respect to the Investor Shares, at any time after the occurrence of a Company Rights Trigger Event with
respect to the Investor Shares, if the Market Price Condition is satisfied, then the Company may deliver a written notice (the
“Investor Share Mandatory Conversion Notice”) to each Holder of Investor Shares requiring such Holder to
convert (any conversion pursuant to clause ‎(i) or clause ‎(ii), an “Investor Share Mandatory
Conversion”) all, but not less than all, of such Holder’s outstanding Investor Shares into shares of Common
Stock on the date selected by the Investor pursuant to ‎‎Section 7(a)(ii) below (the applicable
conversion date for any Investor Share Mandatory Conversion, the “Investor Share Mandatory Conversion
Date”); provided that if any Investor Party holds or would hold upon such Investor Share Mandatory Conversion
Date shares of Common Stock that are Registrable Securities, and there is no Available Registration Statement covering resale of
such shares of Common Stock by the Investor Parties on the on the Investor Share Mandatory Conversion Date applicable to such
Investor Party, then at the election of such Investor Party, the Investor Share Mandatory Conversion Date for such Investor Party
may be delayed until the date such Available Registration Statement is in effect; provided, further that the Investor
Share Mandatory Conversion Date shall be subject to adjustment as provided in ‎‎Section 23(d). In the
case of an Investor Share Mandatory Conversion, each Investor Share then outstanding shall be converted into (A) a number of shares
of Common Stock equal to the Liquidation Preference for such share of Series A Preferred Stock divided by the Conversion Price then
in effect plus (B) cash in lieu of fractional shares as set out in ‎‎Section 11(h). The Company
may not exercise the Investor Share Mandatory Conversion with respect to any Investor Share for which it has elected to exercise the
Company Repurchase pursuant to ‎‎Section 9.

 

(ii)
Investor Share Mandatory Conversion Date Selection Notice. Upon receipt of the Investor Share Mandatory Conversion Notice, the
Investor, on behalf of all Investor Parties, shall provide written notice to the Company (the “Investor Share Mandatory Conversion
Date Selection Notice”) setting forth the Investor Share Mandatory Conversion Date for all Investor Shares, which date
shall be no later than twelve (12) months after the date of the Investor Share Mandatory Conversion Notice.

 

(b) All
other shares of Series A Preferred Stock. Solely with respect to the Non-Investor Shares, at any time after the occurrence of a
Company Rights Trigger Event with respect to the Non-Investor Shares, if the Market Price Condition is satisfied, then the Company
may deliver a written notice (the “Mandatory Conversion Notice”) to each Holder (other than Holders of
Investor Shares) informing such Holder that all, but not less than all, of such Holder’s Series A Preferred Stock will
automatically convert into shares of Common Stock on the Conversion Date (a “Mandatory Conversion”); provided,
that such Conversion Date shall be subject to adjustment as provided in ‎‎Section 23(d). In the case of
a Mandatory Conversion, each share of Series A Preferred Stock (other than Investor Shares) then outstanding shall be converted into
(A) a number of shares of Common Stock equal to the Liquidation Preference for such share of Series A Preferred Stock divided by the
Conversion Price then in effect plus  (B) cash in lieu of fractional shares as set out in ‎‎Section 11(h). The
Company may not exercise the Mandatory Conversion with respect to any Non-Investor Share for which it has elected to exercise the
Company Repurchase pursuant to ‎‎Section 9.

 

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(c)
Regulatory approval. To the extent that filings with any Governmental Authorities are required in respect of the Investor Share
Mandatory Conversion or the Mandatory Conversion, as applicable, in accordance with ‎‎Section 23(a) or ‎23(b),
each relevant Holder shall use its reasonable best efforts to (i) take (or cause to be taken) all actions, (ii) do (or cause to be done)
all things, and (iii) assist and cooperate with the Company in doing (or causing to be done) all things, in each case as are necessary,
proper or advisable pursuant to applicable Law or otherwise to effectuate the conversion of its shares of Series A Preferred Stock by
the Investor Share Mandatory Conversion Date or the Conversion Date, as applicable.

 

Section
8. Conversion Procedures and Effect of Conversion.

 

(a)
Conversion Procedure. A Holder must do each of the following in order to convert shares of Series A Preferred Stock pursuant to
‎‎Section 6(a), this ‎‎Section 8(a) or ‎‎Section 10(b):

 

(i)
complete and sign the conversion notice provided by the Conversion Agent, a form of which is attached hereto as Exhibit A (the
“Conversion Notice”), and deliver such notice to the Conversion Agent; provided that a Conversion Notice
may be conditional on the occurrence of any event as such Holder may specify;

 

(ii)
deliver to the Conversion Agent the certificate or certificates (if any) representing the shares of Series A Preferred Stock to be converted;
and

 

(iii)
if required, furnish appropriate endorsements and transfer documents.

 

The
“Conversion Date” means (A) with respect to conversion of any shares of Series A Preferred Stock at the option
of any Holder pursuant to ‎‎Section 6(a), the date on which such Holder complies with the procedures in this ‎‎Section
8(a) (including the satisfaction of any conditions to conversion set forth in the Conversion Notice), (B) with respect to an Investor
Share Mandatory Conversion pursuant to ‎‎Section 7(a), the Investor Share Mandatory Conversion Date, (C) with respect
to a Mandatory Conversion pursuant to ‎‎Section 7(b), the date specified by the Company in the Mandatory Conversion Notice
and (D) with respect to a Fundamental Change Conversion, the Fundamental Change Repurchase Date, in each case subject to adjustment as
provided in ‎‎Section 23(d), if applicable.

 

(b)
Effect of Conversion. Effective immediately prior to the close of business on the Conversion Date applicable to any shares of
Series A Preferred Stock, Dividends shall no longer accrue or be declared on any such shares of Series A Preferred Stock, such shares
of Series A Preferred Stock shall cease to be outstanding and the corresponding shares of Common Stock pursuant to the conversion shall
be issued and outstanding.

 

(c)
Information. At the request of the Holders, the Company shall provide to the Holders information regarding:

 

(i)
the applicable procedures a Holder must follow for issuance of the shares of Common Stock pursuant to ‎‎Section 8(a);
and

 

(ii)
the Conversion Rate that would be in effect on the Conversion Date and the number of shares of Common Stock to be issued to the Holder
upon conversion of each share of Series A Preferred Stock held by such Holder, including the calculation of the Liquidation Preference
as of the Conversion Date. For purposes of this provision, the applicable Conversion Rate and applicable calculation of the Liquidation
Preference for purposes of an Investor Share Mandatory Conversion shall be the Conversion Rate and Liquidation Preference, as applicable,
that would be in effect on the Investor Share Mandatory Conversion Date as of the date of the Investor Share Mandatory Conversion Date
Selection Notice.

 

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(d)
Record Holder of Underlying Securities as of Conversion Date. The Person or Persons entitled to receive the Common Stock and,
to the extent applicable, cash, securities or other property issuable upon conversion of Series A Preferred Stock on a Conversion Date
shall be treated for all purposes as the record holder(s) of such shares of Common Stock and/or cash, securities or other property as
of the close of business on such Conversion Date. As promptly as practicable on or after the Conversion Date and, if applicable, compliance
by the applicable Holder with the relevant procedures contained in ‎‎Section 8(a) (and in any event no later
than two (2) Trading Days thereafter; provided however that, if a written notice from the Holder in accordance with ‎‎Section
8(a)(i) specifies a date of delivery for any shares of Common Stock, such shares shall be delivered on the date so specified, which
shall be no earlier than the second (2nd) Trading Day following the Conversion Date and no later than the seventh (7th) Trading Day thereafter),
the Company shall issue the number of whole shares of Common Stock issuable upon conversion (and deliver payment of cash in lieu of fractional
shares as set out in ‎‎Section 11(h)) and, to the extent applicable, any cash, securities or other property
issuable thereon. Such delivery of shares of Common Stock, securities or other property shall be made by book-entry or, if such book-entry
is unavailable by mailing certificates evidencing the shares to the Holders, in each case at their respective addresses as set forth
in the Conversion Notice (in the case of a conversion pursuant to ‎‎Section 6(a)) or in the records of the
Company or as set forth in a notice from the Holder to the Conversion Agent, as applicable (in the case of a Mandatory Conversion or
Investor Share Mandatory Conversion). In the event that a Holder shall not by written notice designate the name in which shares of Common
Stock (and payments of cash in lieu of fractional shares) and, to the extent applicable, cash, securities or other property to be delivered
upon conversion of shares of Series A Preferred Stock should be registered or paid, or the manner in which such shares, cash, securities
or other property should be delivered, the Company shall be entitled to register and deliver such shares, securities or other property,
and make such payment, in the name of the Holder and in the manner shown on the records of the Company.

 

(e)
Status of Converted or Reacquired Shares. Shares of Series A Preferred Stock converted in accordance with this Certificate of
Designations, or otherwise acquired by the Company or any of its Subsidiaries in any manner whatsoever, shall not be reissued as shares
of Series A Preferred Stock and shall be retired promptly after the conversion or acquisition thereof. All such shares shall, upon their
retirement and any filing required by the DGCL, become authorized but unissued shares of Preferred Stock, without designation as to series
until such shares are once more designated as part of a particular series by the Board pursuant to the provisions of the Certificate
of Incorporation.

 

(f)
Partial Conversion. In case any certificate for shares of Series A Preferred Stock shall be surrendered for partial conversion,
the Company shall, at its expense, execute and deliver to or upon the written order of the Holder of the certificate so surrendered a
new certificate for the shares of Series A Preferred Stock not converted.

 

(g)
Conversion Agent. So long as any share of Series A Preferred Stock remains outstanding, the Company shall appoint and maintain
a conversion agent for the Series A Preferred Stock, which shall initially be the Conversion Agent.

 

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Section
9. Company Repurchase Option.

 

(a)
Company Repurchase. Subject to ‎‎Section 9(e), the Company may elect, by delivery of the Company Repurchase Notice in
accordance with ‎‎Section 9(b), to purchase, from time to time, (i) (A) all (but not less than all) of the outstanding
Investor Shares on or after the second anniversary of the Original Issuance Date occurring after the end of the fiscal year for which
the Company Rights Trigger Event has occurred (the “Company Investor Share Repurchase Trigger Date”) (i.e., if the
Original Issuance Date is February 1, 2023 and the first such fiscal year after the 5th anniversary of the Original Issuance Date for
which positive net income is recorded is the fiscal year ending December 31, 2028, the Company Investor Share Repurchase Trigger Date
is February 1, 2030) with respect to the Investor Shares and (B) all or any portion of the outstanding Non-Investor Shares if the Company
Rights Trigger Event has occurred with respect to the Non-Investor Shares, or (ii) all or any portion of the outstanding Non-Investor
Shares if the Company Rights Trigger Event has occurred with respect to the Non-Investor Shares but the Company Investor Share Repurchase
Trigger Date has not occurred with respect to the Investor Shares (in each case (i) or (ii), the “Company Repurchase”)
on the date specified in the Company Repurchase Notice relating thereto (the “Company Repurchase Date”) for a purchase
price per each such share of Series A Preferred Stock, payable in cash, equal to the greater of (x) the Liquidation Preference with respect
to such share of Series A Preferred Stock as of the applicable Company Repurchase Date and (y) the amount per share of Series A Preferred
Stock equal to the number of shares of Common Stock that such Holders would have received had such Holders, on the applicable Company
Repurchase Date, converted such share of Series A Preferred Stock into Common Stock (pursuant to ‎‎Section 6 without regard
to any of the limitations on convertibility contained therein), multiplied by the Prevailing Market Price as of the date of the Company
Repurchase Notice (the “Company Repurchase Price”). The Company may not exercise the Company Repurchase with respect
to any shares of Series A Preferred Stock for which it has elected to exercise the Investor Share Mandatory Conversion or Mandatory Conversion
pursuant to ‎‎Section 7; provided, however, that the Company may exercise the Company Repurchase with respect
to Investor Shares then subject to an Investor Share Mandatory Conversion if such shares have not been converted within 12 months after
the date of the Investor Share Mandatory Conversion Notice; provided, further that the Company may exercise the Company
Repurchase with respect to any Non-Investor Shares then subject to a Mandatory Conversion if such shares have not been converted within
120 days after the date of the Mandatory Conversion Notice.

 

(b)
Notice of Company Repurchase. If, subject to ‎‎Section 9(a) and ‎‎Section 9(e), the Company elects
to effect a Company Repurchase, the Company shall provide a written notice (the “Company Repurchase Notice”)
of the Company Repurchase to each applicable Holder. The Company Repurchase Date shall be thirty (30) calendar days after the date on
which the Company provides the Company Repurchase Notice to such Holders; provided, that if such date is not a Business Day, the
Company Repurchase Date shall be the next succeeding Business Day. The Company Repurchase Notice shall state:

 

(i)
the Company Repurchase Date;

 

(ii)
the expected applicable Company Repurchase Price;

 

(iii)
the instructions a Holder must follow to receive the applicable Company Repurchase Price.

 

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(c)
Delivery upon Company Repurchase. Upon a Company Repurchase, the Company (or its successor) shall deliver or cause to be delivered
to the Holder by wire transfer the Company Repurchase Price for such Holder’s shares of Series A Preferred Stock, and such Holder
shall surrender to the Conversion Agent the certificates (if any) representing the shares of Series A Preferred Stock to be repurchased
by the Company or lost stock affidavits therefor.

 

(d) Treatment
of Shares. Until a share of Series A Preferred Stock is purchased by the payment in full of the applicable Company Repurchase
Price (or otherwise converted or reacquired prior to the applicable Company Repurchase Date), such share of Series A Preferred Stock
will remain outstanding and will be entitled to all of the powers, designations, preferences and other rights provided herein,
including that such share (x) may be converted into Common Stock pursuant to ‎‎Section 6, in which case the
provisions of ‎‎Section 8 and ‎‎Section 23(d), as applicable, shall take precedence over the
provisions of this ‎‎Section 9, and, if not so converted, (y) shall (A) accrue Dividends in accordance with ‎‎Section
4 and (B) entitle the Holder thereof to the voting rights provided in ‎‎Section 13; provided that any such
shares that are converted prior to the consummation of the Company Repurchase in accordance with this Certificate of Designations
shall not be entitled to receive any payment of the Company Repurchase Price.

 

(e) Sufficient
Funds. Notwithstanding the foregoing, the Company may not exercise the Company Repurchase at a time when the Company (i) does
not or will not have sufficient funds to enable the Company to pay in full on the Company Repurchase Date the entire amount of the
Company Repurchase Price in immediately available cash funds or (ii) is, or will be as of the Company Repurchase Date, restricted or
prohibited (under applicable Law, contractually or otherwise) from redeeming some or all of the Series A Preferred Stock subject to
the Company Repurchase.

 

(f)
Effect of Company Repurchase. Upon full payment of the Company Repurchase Price (or the irrevocable deposit thereof with the Transfer
Agent) for any shares of Series A Preferred Stock subject to a Company Repurchase, such shares will cease to be entitled to any Dividends
that may thereafter be payable on the Series A Preferred Stock; such shares of Series A Preferred Stock will no longer be deemed to be
outstanding for any purpose; and all rights of the Holder of such shares of Series A Preferred Stock shall cease and terminate with respect
to such shares.

 

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Section
10. Holder Fundamental Change Repurchase Option.

 

(a)
Fundamental Change Notices. On or before the twentieth (20th) Business Day prior to the anticipated effective date of a Fundamental
Change (or, if later, promptly after the Company discovers that a Fundamental Change may occur), a written notice shall be sent by or
on behalf of the Company to the Holders as they appear in the records of the Company, which notice shall set forth a description of the
anticipated Fundamental Change (including, for the avoidance of doubt, the details of any consideration to be delivered as a distribution
on or in exchange for outstanding shares of Common Stock) and contain the date on which the Fundamental Change is anticipated to be effected
(the “Initial Fundamental Change Notice”). No later than the later of (x) five (5) Business Days prior to the
date on which the Company anticipates the Fundamental Change to be effected as set forth in the Initial Fundamental Change Notice and
(y) the earlier of (1) the thirtieth (30th) Business Day following the relevant Fundamental Change Effective Date and (2) the fifteenth
(15th) Business Day following receipt of the relevant Initial Fundamental Change Notice, any Holder that desires to exercise its rights
pursuant to ‎‎Section 10(b) shall notify the Company in writing thereof (such notice, a “Fundamental Change
Election Notice”) and shall specify (x) that such Holder is electing to exercise its rights pursuant to ‎‎Section
10(b) and (y) the number of shares of Series A Preferred Stock subject to each such election. Within two (2) days following the effective
date of a Fundamental Change (the “Fundamental Change Effective Date”) (or if the Company discovers later than
such date that a Fundamental Change has occurred, promptly following the date of such discovery), a written notice (the “Fundamental
Change Repurchase Notice”) shall be sent by or on behalf of the Company to the Holders as they appear in the records of
the Company, which notice shall contain:

 

(i)
the scheduled Fundamental Change Repurchase Date, which shall be no less than ten (10) nor more than thirty (30) Business Days following
the date of such Fundamental Change Repurchase Notice;

 

(ii)
the applicable Fundamental Change Repurchase Price if a Fundamental Change Repurchase is elected;

 

(iii)
the applicable Conversion Rate if a Fundamental Change Conversion is elected;

 

(iv)
the instructions a Holder must follow to receive the applicable Fundamental Change Repurchase Price or the applicable shares of Common
Stock to be issued;

 

(v)
that a Holder may not convert any shares of Series A Preferred Stock as to which it has elected a Fundamental Change Repurchase, subject
to ‎‎Section 10(i); and

 

(vi)
a description of the Fundamental Change (including, for the avoidance of doubt, the details of any consideration delivered as a distribution
on or in exchange for outstanding shares of Common Stock) and the applicable Fundamental Change Effective Date.

 

(b)
Fundamental Change Repurchase or Conversion. Subject to the application of ‎‎Section 10(g) and ‎‎Section
10(i), the Company shall purchase from each Holder that delivered a Fundamental Change Election Notice all shares of Series A Preferred
Stock specified in such Fundamental Change Election Notice (a “Fundamental Change Repurchase”) for a purchase
price per each such share of Series A Preferred Stock, payable in cash, equal to 100% of the Liquidation Preference of such share of
Series A Preferred Stock as of the applicable Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”)
on the Fundamental Change Repurchase Date specified in the relevant Fundamental Change Repurchase Notice (or, in the event that a Fundamental
Change Repurchase Date is not specified, the date that is thirty (30) Business Days after the Fundamental Change Effective Date). A Holder
may not convert any shares of Series A Preferred Stock as to which it has elected a Fundamental Change Repurchase and with respect to
which it has not validly withdrawn such election pursuant to ‎‎Section 10(i). Notwithstanding the foregoing, such Holder
may, in lieu of electing a Fundamental Change Repurchase, elect to convert such shares of Series A Preferred Stock in accordance with
the provisions of ‎‎Section 8 (a “Fundamental Change Conversion”); provided, however,
that the Conversion Date for such Fundamental Change Conversion shall be the Fundamental Change Repurchase Date, subject to adjustment
as provided in ‎‎Section 23(d), and the Conversion Rate applicable to such Fundamental Change Conversion
shall be the Conversion Rate in effect as of the Conversion Date multiplied by 1.10. Notwithstanding anything to the contrary herein,
the failure of the Company to deliver the Initial Fundamental Change Notice or the Fundamental Change Repurchase Notice shall not impair
the rights of the Holders under this ‎‎Section 10(b).

 

    89

     

    

 

(c)
Fundamental Change Repurchase Procedure. To receive the Fundamental Change Repurchase Price, a Holder must, no later than close
of business on the Fundamental Change Repurchase Date, surrender to the Conversion Agent the certificates (if any) representing the shares
of Series A Preferred Stock to be repurchased by the Company or lost stock affidavits therefor.

 

(d)
Delivery upon Fundamental Change Repurchase. Upon a Fundamental Change Repurchase, subject to ‎‎Section 10(g) below,
the Company (or its successor) shall deliver or cause to be delivered to the Holder by wire transfer the Fundamental Change Repurchase
Price for such Holder’s shares of Series A Preferred Stock for which such Holder has elected to exercise the Fundamental Change
Repurchase.

 

(e) Treatment
of Shares. Until a share of Series A Preferred Stock is purchased by the payment in full of the applicable Fundamental Change
Repurchase Price, such share of Series A Preferred Stock will remain outstanding and will be entitled to all of the powers,
designations, preferences and other rights provided herein, including that such share (x) may be converted pursuant to ‎‎Section
6 and in accordance with this ‎‎Section 10, in which case the provisions of ‎‎Section 8 and ‎‎Section
23(d), as applicable, shall take precedence over the provisions of this ‎‎Section 10, and, if not so converted,
(y) shall (A) accrue Dividends in accordance with ‎‎Section 4 and (B) entitle the Holder thereof to the voting rights
provided in ‎‎Section 13; provided that any such shares that are converted prior to the consummation of the
Fundamental Change Repurchase in accordance with this Certificate of Designations shall not be entitled to receive any payment of
the Fundamental Change Repurchase Price and shall instead be entitled to the same per share consideration, or the same right to
elect per share consideration, as applicable, to be received by holders of Common Stock in connection with the Fundamental Change
(subject to ‎‎Section 12, as applicable).

 

(f)
Partial Exercise of Fundamental Change Repurchase. In the event that a Fundamental Change Repurchase is effected with respect
to shares of Series A Preferred Stock representing less than all the shares of Series A Preferred Stock held by a Holder, upon such Fundamental
Change Repurchase, the Company shall execute and the Transfer Agent shall countersign and deliver to such Holder, at the expense of the
Company, a certificate evidencing the shares of Series A Preferred Stock held by the Holder as to which a Fundamental Change Repurchase
was not effected (or book-entry interests representing such shares).

 

(g) Sufficient
Funds. If the Company shall not have sufficient funds legally available under the DGCL to purchase all shares of Series A
Preferred Stock that Holders have requested to be purchased under ‎‎Section 10(b), the Company shall
(i) purchase, pro rata among the Holders that have requested their shares be purchased pursuant to ‎‎Section
10(b), a number of shares of Series A Preferred Stock with an aggregate Fundamental Change Repurchase Price equal to the amount
legally available for the purchase of shares of Series A Preferred Stock under the DGCL and (ii) purchase any shares of Series A
Preferred Stock not purchased because of the foregoing limitations at the applicable Fundamental Change Repurchase Price as soon as
practicable after the Company is able to make such purchase out of funds legally available for the purchase of such share of Series
A Preferred Stock. The inability of the Company (or its successor) to make a purchase payment for any reason shall not relieve the
Company (or its successor) from its obligation to effect any required purchase when, as and if permitted by applicable law.
Notwithstanding the foregoing, in the event a Holder elects to exercise a Fundamental Change Repurchase pursuant to this ‎‎Section
10 at a time when the Company is restricted or prohibited (under applicable Law, contractually or otherwise) from redeeming some
or all of the Series A Preferred Stock subject to the Fundamental Change Repurchase, the Company shall use its reasonable best
efforts to obtain the requisite consents to remove or obtain an exception or waiver to such restrictions or prohibition. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity, including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to comply
with its obligations under this ‎‎Section 10. In connection with any Fundamental Change, to the extent
within the Company’s control, the Company shall take all actions to permit the purchase of all shares of Series A Preferred
Stock on the Fundamental Change Repurchase Date that it reasonably believes is permitted under Delaware law and will not render the
Company insolvent until the entire amount of the Fundamental Change Repurchase Price is paid in full.

 

    90

     

    

 

(h)
Effect of Fundamental Change Repurchase. Upon full payment of the Fundamental Change Repurchase Price (or the irrevocable deposit
thereof with the Transfer Agent) for any shares of Series A Preferred Stock subject to a Fundamental Change Repurchase, such shares will
cease to be entitled to any Dividends that may thereafter be payable on the Series A Preferred Stock; such shares of Series A Preferred
Stock will no longer be deemed to be outstanding for any purpose; and all rights (except the right to receive the Fundamental Change
Repurchase Price) of the Holder of such shares of Series A Preferred Stock shall cease and terminate with respect to such shares.

 

(i) Withdrawal
of Election for Fundamental Change Repurchase. Notwithstanding anything to the contrary herein, any Holder’s Fundamental
Change Election Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Company
specifying the number of shares of Series A Preferred Stock with respect to which such notice of withdrawal is being submitted (i)
at any time prior to the close of business on the fifth (5th) Business Day immediately succeeding the date of delivery of a
Fundamental Change Repurchase Notice (or, if earlier, the close of business on the second (2nd) Business Day immediately preceding
the relevant Fundamental Change Repurchase Date) and (ii) at any time until such shares are repurchased, if the Company fails to pay
the Fundamental Change Repurchase Price in full when due in accordance with ‎‎Section 10 in respect of some or all of
the shares of Series A Preferred Stock to be repurchased pursuant to the Fundamental Change Repurchase.

 

(j)
The above provisions of this ‎‎Section 10 shall similarly apply to successive Fundamental Changes (or anticipated Fundamental
Changes).

 

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Section
11. Anti-Dilution Adjustments.

 

(a)
Adjustments. The Conversion Rate will be subject to adjustment, without duplication, upon the occurrence of the following events,
except that the Company shall not make any adjustment to the Conversion Rate if Holders of the Series A Preferred Stock participate,
at the same time and upon the same terms as holders of Common Stock and solely as a result of holding shares of Series A Preferred Stock,
in any transaction described in this ‎‎Section 11(a), without having to convert their Series A Preferred Stock, as if
they held a number of shares of Common Stock equal to the Conversion Rate multiplied by the number of shares of Series A Preferred Stock
held by such Holders:

 

(i)
The issuance of Common Stock as a dividend or distribution to all or substantially all holders of Common Stock, or a subdivision, split
or combination of Common Stock or a reclassification of Common Stock into a greater or lesser number of shares of Common Stock, in which
event the Conversion Rate shall be adjusted based on the following formula:

 

CR1
= CR0 x (OS1/OS0)

 

	CR0	=	the
                                            Conversion Rate in effect (i) immediately prior to the close of business on the Record Date
                                            for such dividend or distribution, or (ii) immediately prior to giving effect to such subdivision,
                                            split, combination or reclassification
	 	 	 
	CR1	=	the
                                            new Conversion Rate in effect (i) immediately after the close of business on the Record Date
                                            for such dividend or distribution, or (ii) immediately after giving effect to such subdivision,
                                            split, combination or reclassification
	 	 	 
	OS0	=	the
                                            number of shares of Common Stock outstanding (i) immediately prior to the close of business
                                            on the Record Date for such dividend or distribution or (ii) immediately prior to giving
                                            effect to such subdivision, split, combination or reclassification
	 	 	 
	OS1	=	the
                                            number of shares of Common Stock that would be outstanding immediately after giving effect
                                            to such dividend, distribution, subdivision, split, combination or reclassification

 

Any
adjustment made pursuant to this clause ‎(i) shall be effective immediately after the close of business on the Record Date for such
dividend or distribution, or (ii) the effective date of such subdivision, split, combination or reclassification. If any such event is
announced or declared but does not occur, the Conversion Rate shall be readjusted, effective as of the date the Board announces that
such event shall not occur, to the Conversion Rate that would then be in effect if such event had not been declared.

 

(ii)
The dividend, distribution or other issuance to all or substantially all holders of Common Stock of rights (other than rights, options
or warrants distributed in connection with a stockholder rights plan (in which event the provisions of ‎‎Section 11(a)(vii)
shall apply)), options or warrants entitling them to subscribe for or purchase shares of Common Stock for a period expiring forty-five
(45) days or less from the date of issuance thereof, at a price per share that is less than the Prevailing Market Price as of the Record
Date for such issuance, in which event the Conversion Rate will be increased based on the following formula:

 

CR1
= CR0 x [(OS0 + X) / (OS0 + Y)]

 	CR0	=	the
                                            Conversion Rate in effect immediately prior to the close of business on the Record Date for
                                            such dividend, distribution or issuance
	 	 	 
	CR1	=	the
                                            new Conversion Rate in effect immediately following the close of business on the Record Date
                                            for such dividend, distribution or issuance
	 	 	 
	OS0	=	the
                                            number of shares of Common Stock outstanding immediately prior to the close of business on
                                            the Record Date for such dividend, distribution or issuance
	 	 	 
	X	=	the
                                            total number of shares of Common Stock issuable pursuant to such rights, options or warrants
	 	 	 
	Y	=	the
                                            number of shares of Common Stock equal to the aggregate price payable to exercise such rights,
                                            options or warrants divided by the Prevailing Market Price as of the Record Date for such
                                            dividend, distribution or issuance

 

    92

     

    

 

For
purposes of this clause ‎(ii), in determining whether any rights, options or warrants entitle the holders to purchase the Common
Stock at a price per share that is less than the Prevailing Market Price as of the Record Date for such dividend, distribution or issuance,
there shall be taken into account any consideration the Company receives for such rights, options or warrants, and any amount payable
on exercise thereof, with the value of such consideration, if other than cash, to be the Fair Market Value thereof.

 

Any
adjustment made pursuant to this clause ‎(ii) shall become effective immediately following the close of business on the Record Date
for such dividend, distribution or issuance. In the event that such rights, options or warrants are not so issued, the Conversion Rate
shall be readjusted, effective as of the date the Board publicly announces its decision not to issue such rights, options or warrants,
to the Conversion Rate that would then be in effect if such dividend, distribution or issuance had not been declared. To the extent that
such rights, options or warrants are not exercised prior to their expiration or shares of Common Stock are otherwise not delivered pursuant
to such rights, options or warrants upon the exercise of such rights, options or warrants, the Conversion Rate shall be readjusted to
the Conversion Rate that would then be in effect had the adjustments made upon the dividend, distribution or issuance of such rights,
options or warrants been made on the basis of the delivery of only the number of shares of Common Stock actually delivered.

 

(iii)
The Company or one or more of its Subsidiaries purchases Common Stock pursuant to a tender offer or exchange offer (other than an exchange
offer that constitutes a Distribution Transaction subject to ‎‎Section 11(a)(v)) by the Company or a Subsidiary of the
Company for all or any portion of the Common Stock, or otherwise acquires Common Stock (except (1) in an open market purchase in compliance
with Rule 10b-18 promulgated under the Exchange Act or (2) in connection with tax withholding upon vesting or settlement of options,
restricted stock units, performance share units or other similar equity awards or upon forfeiture or cashless exercise of options or
other equity awards) (a “Covered Repurchase”), if the cash and value of any other consideration included in
the payment per share of Common Stock validly tendered, exchanged or otherwise acquired through a Covered Repurchase exceeds the Prevailing
Market Price as of the Trading Day next succeeding the last day on which tenders or exchanges may be made pursuant to such tender or
exchange offer (as it may be amended) or shares of Common Stock are otherwise acquired through a Covered Repurchase (the “Expiration
Date”), in which event the Conversion Rate shall be increased based on the following formula:

 

CR1
= CR0 x [(FMV + (SP1 x OS1)) / (SP1 x OS0)]

 

	CR0	=	the
                                            Conversion Rate in effect immediately prior to the close of business on the Expiration Date
	 	 	 
	CR1	=	the
                                            new Conversion Rate in effect immediately after the close of business on the Expiration Date
	 	 	 
	FMV	=	the
                                            Fair Market Value, on the Expiration Date, of all cash and any other consideration paid or
                                            payable for all shares validly tendered or exchanged and not withdrawn, or otherwise acquired
                                            through a Covered Repurchase, as of the Expiration Date

 

    93

     

    

 

	OS0	=	the
                                            number of shares of Common Stock outstanding immediately prior to the last time tenders or exchanges
                                            may be made pursuant to such tender or exchange offer (including the shares to be purchased in such tender or exchange offer) or shares are otherwise acquired through a Covered
                                            Repurchase

 

	OS1	=	the number of shares of Common
    Stock outstanding immediately after the last time tenders or exchanges may be made pursuant to such tender or exchange offer (after giving effect to the purchase of shares in such tender or exchange offer) or shares are otherwise acquired through a Covered Repurchase

 

	SP1	=	the
                                            Prevailing Market Price as of the Trading Day next succeeding the Expiration Date

 

Such
adjustment shall become effective immediately after the close of business on the Expiration Date. If an adjustment to the Conversion
Rate is required under this ‎‎Section 11(a)(iii), delivery of any additional shares of Common Stock that may be deliverable
upon conversion as a result of an adjustment required under this ‎‎Section 11(a)(iii) shall be delayed to the extent necessary
in order to complete the calculations provided for in this ‎‎Section 11(a)(iii).

 

In
the event that the Company or any of its Subsidiaries is obligated to purchase Common Stock pursuant to any such tender offer, exchange
offer or other commitment to acquire shares of Common Stock through a Covered Repurchase but is permanently prevented by applicable law
from effecting any such purchases, or all such purchases are rescinded, then the Conversion Rate shall be readjusted to be the Conversion
Rate that would have been then in effect if such tender offer, exchange offer or Covered Repurchase had not been made.

 

For
the avoidance of doubt, the repurchase or redemption by the Company of any of the Company’s Warrants outstanding as of the Original
Issuance Date in accordance with their terms as of the Original Issuance Date, pursuant to a tender offer, exchange offer, or otherwise,
shall not constitute a Covered Repurchase.

 

(iv)
The Company shall, by dividend or otherwise, distribute to all or substantially all holders of its Common Stock (other than for cash
in lieu of fractional shares), shares of any class of its Capital Stock, evidences of its indebtedness, assets, other property, securities
or rights to acquire any of the foregoing, but excluding dividends or distributions referred to in ‎‎Section 11(a)(i)
or ‎‎Section 11(a)(ii) hereof, Distribution Transactions as to which ‎‎Section 11(a)(v) shall apply, dividends
or distributions paid exclusively in cash as to which ‎‎Section 11(a)(vi) shall apply, and rights, options or warrants
distributed in connection with a stockholder rights plan as to which ‎‎Section 11(a)(vii) shall apply (any of such shares
of its Capital Stock, indebtedness, assets or property that are not so excluded are hereinafter called the “Distributed Property”),
then, in each such case the Conversion Rate shall be increased based on the following formula:

 

CR1
= CR0 x [SP0 / SP0 – FMV)]

 

	CR0	=	the
                                            Conversion Rate in effect immediately prior to the close of business on the Record Date for
                                            such dividend or distribution
	 	 	 
	CR1	=	the
                                            new Conversion Rate in effect immediately after the close of business on the Record Date
                                            for such dividend or distribution

 

    94

     

    

 

	SP0	=	the
                                            Prevailing Market Price as of the Record Date for such dividend or distribution
	 	 	 
	FMV	=	the
                                            Fair Market Value of the portion of Distributed Property distributed with respect to each
                                            outstanding share of Common Stock on the Record Date for such dividend or distribution; provided
                                            that, if FMV is equal or greater than SP0, then in lieu of the foregoing adjustment,
                                            the Company shall distribute to each holder of Series A Preferred Stock on the date the applicable
                                            Distributed Property is distributed to holders of Common Stock, but without requiring such
                                            holder to convert its shares of Series A Preferred Stock, in respect of each share of Series
                                            A Preferred Stock held by such holder, the amount of Distributed Property such holder would
                                            have received had such holder owned a number of shares of Common Stock equal to the Conversion
                                            Rate on the Record Date for such dividend or distribution

 

Any
adjustment made pursuant to this clause ‎(iv) shall be effective immediately after the close of business on the Record Date for such
dividend or distribution. If any such dividend or distribution is declared but does not occur, the Conversion Rate shall be readjusted,
effective as of the date the Board announces that such dividend or distribution shall not occur, to the Conversion Rate that would then
be in effect if such dividend or distribution had not been declared.

 

(v)
The Company effects a Distribution Transaction, in which case the Conversion Rate in effect immediately prior to the effective date of
the Distribution Transaction shall be increased based on the following formula:

 

CR1
= CR0 x [FMV + MP0) / MP0)]

 

	CR0	=	the Conversion Rate in effect immediately prior to
    the close of business on the effective date of the Distribution Transaction
	 	 	 
	CR1	=	the new Conversion Rate in effect immediately after
    the close of business on the effective date of the Distribution Transaction

 

	FMV	=	the
    arithmetic average of the volume-weighted average prices for a share of the capital stock or other interest distributed to holders
    of Common Stock on the principal United States securities exchange or automated quotation system on which such capital stock or other
    interest trades, as reported by Bloomberg (or, if Bloomberg ceases to publish such price, any successor service chosen by the Company)
    in respect of the period from the open of trading on the relevant Trading Day until the close of trading on such Trading Day (or
    if such volume-weighted average price is unavailable, the market price of one share of such capital stock or other interest on such
    Trading Day determined, using a volume-weighted average method, by an Independent Financial Advisor retained for such purpose by
    the Company), for each of the ten (10) consecutive full Trading Days commencing with, and including, the effective date of the Distribution
    Transaction

 

	MP0	=	the
                                            Prevailing Market Price as of the day immediately after the tenth (10th) Trading Day after
                                            the effective date of the Distribution Transaction

 

Such
adjustment shall become effective immediately following the close of business on the effective date of the Distribution Transaction.
If an adjustment to the Conversion Rate is required under this ‎‎Section 11(a)(v), delivery of any additional shares of
Common Stock that may be deliverable upon conversion as a result of an adjustment required under this ‎‎Section 11(a)(v)
shall be delayed to the extent necessary in order to complete the calculations provided for in this ‎‎Section 11(a)(v).

 

    95

     

    

 

(vi)
The Company makes a cash dividend or distribution to all or substantially all holders of the Common Stock, the Conversion Rate shall
be increased based on the following formula:

 

CR1
= CR0 x [SP0 / (SP0 − C)]

 

	CR0	=	the Conversion Rate in effect immediately prior to
    the close of business on the Record Date for such dividend or distribution
	 	 	 
	CR1	=	the new Conversion Rate in effect immediately after
    the close of business on the Record Date for such dividend or distribution
	 	 	 
	SP0	=	the Prevailing Market Price as of the Record Date for
    such dividend or distribution
	 	 	 
	C	=	the amount in cash per share of Common Stock the Company
    distributes to all or substantially all holders of its Common Stock; provided that, if C is equal to or greater than SP0,
    then in lieu of the foregoing adjustment, the Company shall pay to each holder of Series A Preferred Stock on the date the applicable
    cash dividend or distribution is made to holders of Common Stock, but without requiring such holder to convert its shares of Series
    A Preferred Stock, in respect of each share of Series A Preferred Stock held by such holder, the amount of cash such holder would
    have received had such holder owned a number of shares of Common Stock equal to the Conversion Rate on the Record Date for such dividend
    or distribution

 

Any
adjustment made pursuant to this clause ‎‎(vi) shall be effective immediately after the close of business on the Record Date
for such dividend or distribution. If any dividend or distribution is declared but not paid, the Conversion Rate shall be readjusted,
effective as of the date the Board announces that such dividend or distribution will not be paid, to the Conversion Rate that would then
be in effect if such had dividend or distribution not been declared.

 

(vii)
If the Company has a stockholder rights plan in effect with respect to the Common Stock on any Conversion Date, upon conversion of any
shares of the Series A Preferred Stock, Holders of such shares will receive, in addition to the applicable number of shares of Common
Stock, the rights under such rights plan relating to such Common Stock, unless, prior to such Conversion Date, the rights have become
exercisable or separated from the shares of Common Stock (the first of such events to occur, a “Trigger Event”),
in which case, the Conversion Rate will be adjusted, effective automatically at the time of such Trigger Event, as if the Company had
made a distribution of such rights to all holders of Common Stock as described in ‎‎Section 11(a)(ii) (without giving
effect to the forty-five (45) day limit on the exercisability of rights, options or warrants ordinarily subject to such ‎‎Section
11(a)(ii)), subject to appropriate readjustment in the event of the expiration, termination or redemption of such rights prior to
the exercise, deemed exercise or exchange thereof. Notwithstanding the foregoing, to the extent any such stockholder rights are exchanged
by the Company for shares of Common Stock or other property or securities, the Conversion Rate shall be appropriately readjusted as if
such stockholder rights had not been issued, but the Company had instead issued such shares of Common Stock or other property or securities
as a dividend or distribution of shares of Common Stock pursuant to ‎‎Section 11(a)(i) or ‎‎Section 11(a)(iv),
as applicable.

 

    96

     

    

 

To
the extent that such rights are not exercised prior to their expiration, termination or redemption, the Conversion Rate shall be readjusted
to the Conversion Rate that would then be in effect had the adjustments made upon the occurrence of the Trigger Event been made on the
basis of the issuance of, and the receipt of the exercise price with respect to, only the number of shares of Common Stock actually issued
pursuant to such rights.

 

Notwithstanding
anything to the contrary in this ‎‎Section 11(a)(vii), no adjustment shall be required to be made to the Conversion
Rate with respect to any Holder which is, or is an “affiliate” or “associate” of, an “acquiring
person” under such stockholder rights plan or with respect to any direct or indirect transferee of such Holder who receives
Series A Preferred Stock in such transfer after the time such Holder becomes, or its affiliate or associate becomes, such an
“acquiring person,” other than a stockholder rights plan which does not exempt the Investor Parties from being an
“acquiring person” as a result of (A) their holdings of any Capital Stock as of the adoption of such stockholder rights
plan, (B) PIK Dividends paid subsequent to the adoption of such stockholder rights plan, (C) the application of any adjustments
pursuant to this ‎‎Section 11(a) or (D) any other increase in the proportional holding of the Investor Parties in
relation to other holders of Capital Stock through no action of their own.

 

(viii)
Subject at all times to ‎‎Section 11(c)(iii), if, before the fifth (5th) anniversary of the Original Issuance
Date, the Company or any of its Subsidiaries issues or otherwise sells any shares of Common Stock, or any Equity-Linked Securities, in
each case at an Effective Price per share of Common Stock that is less than the Conversion Price in effect (before giving effect to the
adjustment required by this ‎Section 11(a)(viii)) as of the date of the issuance or sale of such shares or Equity-Linked
Securities (such an issuance or sale, a “Degressive Issuance”), then, effective as of the close of business
on such date, the Conversion Rate will be increased to an amount equal to (x) the Liquidation Preference per share of Series A Preferred
Stock, divided by (y) the Weighted Average Issuance Price. For these purposes, the “Weighted Average Issuance Price”
will be equal to:

 

	 	(CP
    x OS) + (EP x X)	 
	 	OS + X	 

 

	CP	=	the
    Conversion Price in effect immediately before giving effect to the adjustment required by this ‎Section 11(a)(viii)
	 	 	 
	OS	=	the
    number of shares of Common Stock outstanding immediately before such Degressive Issuance
	 	 	 
	EP	=	the
    Effective Price per share of Common Stock in such Degressive Issuance
	 	 	 
	X	=	the
    sum, without duplication, of (x) the total number of shares of Common Stock issued or sold in such Degressive Issuance; and (y) the
    maximum number of shares of Common Stock underlying such Equity-Linked Securities issued or sold in such Degressive Issuance

 

For
purposes of this ‎‎Section 11(a)(viii), any re-pricing or amendment of any Equity-Linked Securities (including, for the
avoidance of doubt, any Equity-Linked Securities existing as of the Original Issuance Date) will be deemed to be the issuance of additional
Equity-Linked Securities, without affecting any prior adjustments theretofore made to the Conversion Rate.

 

    97

     

    

 

To
the extent that any such Equity-Linked Securities (or the underlying rights, options or warrants to purchase or otherwise acquire shares
of Common Stock) are not converted, exercised, exchanged or otherwise prior to their expiration, termination or redemption, the Conversion
Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the occurrence of the Degressive
Issuance of Equity-Linked Securities been made on the basis of the issuance of, and the receipt of the consideration with respect thereto,
if applicable, only the number of shares of Common Stock actually issued pursuant to such Equity-Linked Securities.

 

(b)
Calculation of Adjustments. All adjustments to the Conversion Rate shall be calculated by the Company to the nearest 1/10,000th
of one share of Common Stock (or if there is not a nearest 1/10,000th of a share, to the next lower 1/10,000th of a share). No adjustment
to the Conversion Rate will be required unless such adjustment would require an increase or decrease of at least one percent of the Conversion
Rate; provided, however, that any such adjustment that is not required to be made will be carried forward and taken into
account in any subsequent adjustment; provided, further that any such adjustment of less than one percent that has not
been made will be made upon any Conversion Date or redemption or repurchase date.

 

(c)
When No Adjustment Required. Except as otherwise provided in this ‎‎Section 11, the Conversion Rate will not be
adjusted for the issuance of Common Stock or any securities convertible into or exchangeable for Common Stock or carrying the right to
purchase any of the foregoing, or for the repurchase of Common Stock.

 

(i)
Except as otherwise provided in this ‎‎Section 11, the Conversion Rate will not be adjusted as a result of the issuance
of, the distribution of separate certificates representing, the exercise or redemption of, or the termination or invalidation of, rights
pursuant to any stockholder rights plans.

 

(ii)
No adjustment to the Conversion Rate will be made:

 

(A)
upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or
interest payable on securities of the Company and the investment of additional optional amounts in Common Stock under any plan in which
purchases are made at market prices on the date or dates of purchase, without discount, and whether or not the Company bears the ordinary
costs of administration and operation of the plan, including brokerage commissions;

 

(B)
upon the issuance of any shares of Common Stock or options or rights to purchase such shares pursuant to any present or future employee,
director or consultant benefit plan or program of or assumed by the Company or any of its Subsidiaries or of any employee agreements
or arrangements or programs, including, without limitation, the Company’s 2016 Stock Incentive Plan, 2022 Equity Incentive Plan
and Employee Stock Purchase Plan, as may be amended;

 

(C)
upon the issuance of any shares of Common Stock pursuant to any Equity-Linked Security (it being understood, for the avoidance of doubt,
that the issuance or sale of such Equity-Linked Securities, or any re-pricing or amendment thereof, will be subject to ‎Section
11(a)(viii)); provided, however, that the issuance of shares of Common Stock upon exercise of the Warrants and upon
conversion of the Series A Preferred Stock, in each case pursuant to the terms thereof as of the Original Issuance Date shall not result
in an adjustment to the Conversion Rate;

 

    98

     

    

 

(D)
for a change in the par value of the Common Stock;

 

(E)
upon issuance of any shares of Common Stock issuable pursuant to Earnout Obligations existing as of the Original Issuance Date;

 

(F)
for dividends or distributions declared or paid to holders of Common Stock in which Holders participate pursuant to ‎‎Section
4(e);

 

(G)
pursuant to any merger, joint venture, partnership, share exchange, business combination or similar transaction or any other direct or
indirect acquisition by the Company with parties that are not Affiliates, whereby the Common Stock comprises, in whole or in part, the
consideration paid by the Company in such transaction, provided such transaction was (1) approved by the holders of the Voting
Stock or (2) approved by the Board and that such Common Stock issued under this clause ‎(G) does not exceed 10.0% of the then current
issued and outstanding Common Stock;

 

(H)
upon the issuance of any shares of Common Stock or warrants to acquire only shares of Common Stock issued to non-Affiliate banks, equipment
lessors or other lending institutions, or to non-Affiliate real property lessors, in each case, in connection with a debt financing,
equipment leasing or real property leasing transaction, provided such transaction was approved by the Board and that such Common
Stock issued under this clause ‎(H) does not exceed 10.0% of the then current issued and outstanding Common Stock; or

 

(I)
upon the issuance of any shares of Junior Stock issued on or after the second (2nd) anniversary of the Original Issuance Date pursuant
to the Lincoln Park Facility, or a similar Junior Stock purchase facility entered into with a non-Affiliate counterparty (including an
amendment to the Lincoln Park Facility or any replacement thereof).

 

(iii)
No adjustment to shares of Series A Preferred Stock being converted on a Conversion Date or to the shares of Common Stock deliverable
to the Holders upon the conversion thereof shall be made solely by reason of dividends or other distributions being payable to holders
of the Common Stock as of any date prior to the close of business on such Conversion Date if an adjustment has been made as of the Record
Date for such dividend or other distribution (it being understood that the foregoing shall not limit any Holder’s right to receive
Participating Dividends payable prior to such time or the operation of ‎‎Section 11(a) in respect of events occurring
prior to such time). Until the Conversion Date with respect to any share of Series A Preferred Stock has occurred, such share of Series
A Preferred Stock will remain outstanding and will be entitled to all of the powers, designations, preferences and other rights provided
herein.

 

(d)
Successive Adjustments. After an adjustment to the Conversion Rate under this ‎‎Section 11, any subsequent event
requiring an adjustment under this ‎‎Section 11 shall cause an adjustment to each such Conversion Rate as so adjusted.

 

    99

     

    

 

(e)
Multiple Adjustments. For the avoidance of doubt, if an event occurs that would trigger an adjustment to the Conversion Rate pursuant
to this ‎‎Section 11 under more than one subsection hereof, such event, to the extent fully taken into account in a single
adjustment, shall not result in multiple adjustments hereunder; provided, however, that if more than one subsection of
this ‎‎Section 11 is applicable to a single event, the subsection shall be applied that produces the largest adjustment.

 

(f)
Notice of Adjustments. Whenever any event of the type described in this ‎‎Section 11 has occurred, the Company
shall as soon as reasonably practicable following the occurrence of an event that requires such adjustment (or if the Company is not
aware of such occurrence, as soon as reasonably practicable after becoming so aware) and in any event prior to the delivery of a Company
Repurchase Notice or Mandatory Conversion Notice:

 

(i)
compute the adjusted applicable Conversion Rate in accordance with this ‎‎Section 11 and prepare and transmit to the Conversion
Agent an Officer’s Certificate setting forth the applicable Conversion Rate, the method of calculation thereof, and the facts requiring
such adjustment and upon which such adjustment is based; and

 

(ii)
provide a written notice to the Holders of the occurrence of such event and a statement in reasonable detail setting forth the method
by which the adjustment to the applicable Conversion Rate was determined and setting forth the adjusted applicable Conversion Rate.

 

(g)
Conversion Agent. The Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine whether
any facts exist that may require any adjustment of the Conversion Rate or with respect to the nature or extent or calculation of any
such adjustment when made, or with respect to the method employed in making the same. The Conversion Agent shall be fully authorized
and protected in relying on any Officer’s Certificate delivered pursuant to this ‎‎Section 11(g) and any adjustment
contained therein and the Conversion Agent shall not be deemed to have knowledge of any adjustment unless and until it has received such
certificate. The Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares
of Common Stock, or of any securities or property, that may at the time be issued or delivered with respect to any Series A Preferred
Stock and the Conversion Agent makes no representation with respect thereto. The Conversion Agent shall not be responsible for any failure
of the Company to issue, transfer or deliver any shares of Common Stock pursuant to the conversion of Series A Preferred Stock or to
comply with any of the duties, responsibilities or covenants of the Company contained in this ‎‎Section 11.

 

(h)
Fractional Shares. No fractional shares of Common Stock will be delivered to the Holders upon conversion. In lieu of fractional
shares otherwise issuable, the Holders will be entitled to receive an amount in cash equal to the fraction of a share of Common Stock
multiplied by the Closing Price of the Common Stock on the Trading Day immediately preceding the applicable Conversion Date. In order
to determine whether the number of shares of Common Stock to be delivered to a Holder upon the conversion of such Holder’s shares
of Series A Preferred Stock will include a fractional share, such determination shall be based on the aggregate number of shares of Series
A Preferred Stock of such Holder that are being converted on any single Conversion Date.

 

    100

     

    

 

Section
12. Reorganization Events.

 

(a)
Reorganization Events. In the event of:

 

(i)
any reclassification, conversion, statutory exchange, merger, consolidation or other similar business combination of the Company with
or into another Person, in each case, pursuant to which the Common Stock is changed or converted into, or exchanged for, cash, securities
or other property of the Company or another Person;

 

(ii)
any sale, transfer, lease or conveyance to another Person of all or a majority of the property and assets of the Company, in each case
pursuant to which the Common Stock is converted into cash, securities or other property; or

 

(iii)
any statutory exchange of securities of the Company with another Person (other than in connection with a merger or acquisition) or reclassification,
recapitalization or reorganization of the Common Stock into other securities;

 

(each
of which is referred to as a “Reorganization Event”), each share of Series A Preferred Stock outstanding immediately
prior to such Reorganization Event will, without the consent of the Holders and subject to ‎‎Section 12(d) and ‎‎Section
13(b), remain outstanding with all rights, preferences, privileges or voting power but shall become convertible into, in accordance
with ‎‎Section 6, the number, kind and amount of securities, cash and other property (the “Exchange Property”)
(without any interest on such Exchange Property other than subject to the express terms of such Exchange Property and without any right
to dividends or distributions on such Exchange Property which have a record date that is prior to the effectiveness of the Reorganization
Event) that the Holder of such share of Series A Preferred Stock would have received in such Reorganization Event had such Holder converted
its shares of Series A Preferred Stock into the applicable number of shares of Common Stock immediately prior to the effective date of
the Reorganization Event using the Conversion Rate applicable immediately prior to the effective date of the Reorganization Event; provided
that the foregoing shall not apply if such Holder is a Person with which the Company consolidated or into which the Company merged
or which merged into the Company or to which such sale or transfer was made, as the case may be (any such Person, a “Constituent
Person”), or an Affiliate of a Constituent Person, to the extent such Reorganization Event provides for different treatment
of Common Stock held by such Constituent Persons or such Affiliate thereof. If the kind or amount of securities, cash and other property
receivable upon such Reorganization Event is not the same for each share of Common Stock held immediately prior to such Reorganization
Event by a Person (other than a Constituent Person or an Affiliate thereof), then for the purpose of this ‎‎Section 12(a),
the kind and amount of securities, cash and other property receivable upon conversion following such Reorganization Event will be deemed
to be the weighted average of the types and amounts of consideration received by the holders of Common Stock.

 

(b)
Successive Reorganization Events. The above provisions of this ‎‎Section 12 shall similarly apply to successive
Reorganization Events and the provisions of ‎‎Section 11 shall apply to any shares of Capital Stock (as though such Capital
Stock were Common Stock) received by the holders of the Common Stock in any such Reorganization Event.

 

(c)
Reorganization Event Notice. The Company (or any successor) shall, no less than thirty (30) days prior to the anticipated effective
date of any Reorganization Event, provide written notice to the Holders of such occurrence of such event and of the kind and amount of
the cash, securities or other property that constitutes the Exchange Property. Failure to deliver such notice shall not affect the operation
of this ‎‎Section 12.

 

    101

     

    

 

(d) Reorganization
Event Agreements. The Company shall not enter into any agreement for a transaction constituting a Reorganization Event unless
(i) such agreement provides for or does not interfere with or prevent (as applicable) conversion of the Series A Preferred Stock
into the Exchange Property in a manner that is consistent with and gives effect to this ‎‎Section 12, and (ii) to the
extent that the Company is not the surviving corporation in such Reorganization Event or will be dissolved in connection with such
Reorganization Event, proper provision shall be made in the agreements governing such Reorganization Event for the conversion of the
Series A Preferred Stock into stock of the Person surviving such Reorganization Event or such other continuing entity in such
Reorganization Event.

 

Section
13. Voting Rights.

 

(a)
General. The Holders of Series A Preferred Stock shall have no voting rights except as set forth below in ‎‎Section
13(b) in respect of the Series A Preferred Stock, without prejudice to any rights they may have as holders of the Common Stock (including,
but not limited to, as a result of the conversion of the Series A Preferred Stock) or any other voting securities of the Company.

 

(b)
Adverse Changes. The vote or consent of the Holders of a majority of the shares of Series A Preferred Stock outstanding at such
time, voting together as a separate class, given in person or by proxy, either in writing without a meeting or by vote at any meeting
called for the purpose, will be necessary for, directly or indirectly, effecting or validating any of the following actions, whether
or not such approval is required pursuant to the DGCL:

 

(i)
any amendment, alteration or repeal (whether by merger, consolidation or otherwise) of any provision of the Certificate of Incorporation
(including this Certificate of Designations) or Bylaws that would have an adverse effect on the rights, preferences, privileges or voting
power of the Series A Preferred Stock;

 

(ii)
any amendment or alteration (whether by merger, consolidation or otherwise) of, or any supplement (whether by a certificate of designations
or otherwise) to, the Certificate of Incorporation or any provision thereof, or any other action to authorize or create, or increase
the number of authorized or issued shares of, or any securities convertible into shares of, or reclassify any security into, or issue,
any Parity Stock or Senior Stock or any other class or series of Capital Stock of the Company ranking senior to, or on a parity basis
with, the Series A Preferred Stock as to dividend rights or rights on the distribution of assets on any voluntary or involuntary liquidation,
dissolution or winding up of the affairs of the Company; or

 

(iii)
any increase or decrease (except to cancel or retire shares redeemed, repurchased or converted) in the authorized number of shares of
Series A Preferred Stock or issuance of shares of Series A Preferred Stock after the Issuance Date,

 

provided
that the authorization or creation of, or the increase in the number of authorized or issued shares of, or any securities convertible
into shares of, or the reclassification of any security (other than the Series A Preferred Stock) into, or the issuance of, Junior Stock
will not require the vote of the Holders pursuant to this ‎‎Section 13(b). For purposes of this ‎‎Section 13(b),
the filing in accordance with applicable law of a certificate of designations or any similar document setting forth or changing the designations,
powers, preferences, rights, qualifications, limitations and restrictions of any class or series of stock of the Company shall be deemed
an amendment to the Certificate of Incorporation, provided, however, that the filing of an amendment to, or an amended
and restated, certificate of designations for purposes of reducing the number of authorized shares of Series A Preferred Stock or any
class or series of stock of the Company then outstanding by the number of such shares that have been cancelled or retired shall not be
deemed to be an amendment to the Certificate of Incorporation.

 

    102

     

    

 

(c)
Each Holder of Series A Preferred Stock will have one vote per share on any matter on which Holders of Series A Preferred Stock are entitled
to vote separately as a class, whether at a meeting or by written consent.

 

(d)
For the avoidance of doubt and notwithstanding anything to the contrary in the Certificate of Incorporation or Bylaws of the Company,
the Holders of Series A Preferred Stock shall have the exclusive consent and voting rights set forth in ‎‎Section 13(b)
and may take action or consent to any action with respect to such rights without a meeting by delivering a consent in writing or by electronic
transmission of the Holders of the Series A Preferred Stock entitled to cast not less than the minimum number of votes that would be
necessary to authorize, take or consent to such action at a meeting of stockholders.

 

(e)
Nothing in this Certificate of Designations is intended to limit any rights of a Holder under the Investor Rights Agreement.

 

Section
14. No Sinking Fund. Shares of Series
A Preferred Stock shall not be subject to or entitled to the operation of a retirement or sinking fund.

 

Section
15. Transfer Agent, Conversion Agent, Registrar
and Paying Agent. The duly appointed Transfer Agent, Conversion Agent, Registrar and paying agent for the Series A Preferred
Stock shall be Continental Stock Transfer & Trust Company. The Company may, in its sole discretion, appoint any other Person to serve
as Transfer Agent, Conversion Agent, Registrar or paying agent for the Series A Preferred Stock and thereafter may remove or replace
such other Person at any time. Upon any such appointment or removal, the Company shall send notice thereof to the Holders.

 

Section
16. Replacement Certificates.

 

(a)
Mutilated, Destroyed, Stolen and Lost Certificates. If physical certificates evidencing the Series A Preferred Stock are issued,
the Company shall replace any mutilated certificate at the Holder’s expense upon surrender of that certificate to the Transfer
Agent. The Company shall replace certificates that become destroyed, stolen or lost at the Holder’s expense upon delivery to the
Company and the Transfer Agent of satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any indemnity
that may be required by the Transfer Agent and the Company.

 

(b)
Certificates Following Conversion. If physical certificates representing the Series A Preferred Stock are issued, the Company
shall not be required to issue replacement certificates representing shares of Series A Preferred Stock on or after the Conversion Date
applicable to such shares (except if any certificate for shares of Series A Preferred Stock shall be surrendered for partial conversion,
the Company shall, at its expense, execute and deliver to or upon the written order of the Holder of the certificate so surrendered a
new certificate for the shares of Series A Preferred Stock not converted). In place of the delivery of a replacement certificate following
the applicable Conversion Date, the Transfer Agent, upon receipt of the satisfactory evidence and indemnity described in clause ‎(a)‎
above, shall deliver the shares of Common Stock issuable upon conversion of such shares of Series A Preferred Stock formerly evidenced
by the physical certificate.

 

    103

     

    

 

Section
17. Taxes.

 

(a)
Withholding. The Company and the Investor agree that, under current Law, as long as the Investor has provided the Company with
a properly executed IRS Form W-8BEN-E establishing eligibility for the applicable article of the tax treaty between the United States
and Japan, the Company shall withhold dividends paid in cash at a rate of no more than five (5) percent for so long as the Investor owns
at least ten (10) percent of the outstanding Voting Stock, and no more than ten (10) percent for so long as the Investor owns less than
ten (10) percent of the outstanding Voting Stock. The Company agrees that, provided that a Holder delivers to the Company a properly
executed IRS Form W-9 certifying as to the complete exemption from backup withholding of the Holder (or, if the Holder is a disregarded
entity for U.S. federal income tax purposes, its regarded owner), under current Law the Company (including any paying agent of the Company)
shall not be required to, and shall not, deduct or withhold Taxes on any payments or deemed payments to any such Holder. If a Holder
is not legally entitled to deliver an IRS Form W-9, the Company shall cooperate reasonably and in good faith with such Holder to establish
any basis for reduction or elimination of U.S. federal withholding Tax (including under any applicable tax treaty) on any payments or
deemed payments to such Holder that is legally available to such Holder.

 

(b) Transfer
Taxes. The Company shall pay any and all Transfer Taxes due on (i) the issue of the Series A Preferred Stock and (ii) the
issue of shares of Common Stock upon conversion of the Series A Preferred Stock.

 

(c) Tax
Treatment. (i) The Holders and the Company agree (A) not to treat the Series A Preferred Stock as “preferred stock”
for purposes of Section 305 of the Code and, without limiting the generality of clause ‎(A), (B) as a consequence, not to
treat any Preferred Dividends accruing on the Series A Preferred Stock, or any difference between the purchase price paid for the
Series A Preferred Stock and the Liquidation Preference thereof, as a distribution of property under Section 305(b)(4) or (c) of the
Code until paid in cash. The Company and the Holders (and their respective Affiliates) shall file all relevant Tax Returns in a
manner consistent with the foregoing intended Tax treatment and shall not take any Tax position that is inconsistent with such
intended Tax treatment except in connection with, or as required by, any of the following: (w) a change in relevant Law occurring
after the Original Issuance Date, (x) after the Original Issuance Date, the promulgation of relevant final U.S. Treasury Regulations
addressing instruments similar to the Series A Preferred Stock (from and after the effective date of such regulations), (y) an
amendment to the terms of this Certificate of Designations or (z) a “determination” within the meaning of section
1313(a) of the Code.

 

(ii)
The Holders and the Company agree that (A) any Company Repurchase pursuant to ‎‎Section 9 or (B) any
Fundamental Change Repurchase (other than with respect to any Fundamental Change Repurchase in part but not in full pursuant to
clause (v) of the definition of Fundamental Change) in respect of the Investor Shares pursuant to ‎‎Section
10 (each a “Repurchase Option” and collectively the “Repurchase Options”)
whether in part or in full, qualifies as a sale or exchange of such Series A Preferred Stock under the Code; provided that,
if so requested by the Company in writing, at least five (5) business days prior to the date of an exercise of such Repurchase
Option, the applicable Holder shall provide a statement to the Company in connection with such Repurchase Option representing that
it has received advice from a nationally recognized accounting or law firm that (after reasonable inquiry) such Repurchase Option
would be more likely than not to be treated as a sale or exchange under Section 302(b) of the Code, taking into account any other
directly, indirectly or constructively (within the meaning of Section 302 of the Code) held equity of the Company; provided
further, that the Company shall use commercially reasonable efforts to request such statement at least ten (10) days prior to the
date of such Repurchase Option. With respect to any Fundamental Change Repurchase pursuant to ‎‎Section
10 in part but not in full pursuant to clause (v) of the definition of Fundamental Change in respect of the Investor Shares, or
any Fundamental Change Repurchase pursuant to ‎‎Section 10 in respect of the Non-Investor Shares, the
Company and the Holders shall reasonably discuss and agree regarding whether such Fundamental Change Repurchase qualifies as a sale
or exchange of such Series A Preferred Stock under the Code.

 

    104

     

    

 

(d) Tax
Covenant. The Company will not take any action that would cause it not to be a C corporation for U.S. federal income tax
purposes or could otherwise cause any Holder to own an equity interest in (A) an entity that is not a C corporation, or (B) an
entity that is a United States real property holding corporation within the meaning of Section 897(c)(2) of the Code, for U.S.
federal income tax purposes, in each case without the vote or written consent of the Holders of a majority of the shares of Series A
Preferred Stock then outstanding, such consent not to be unreasonably withheld, conditioned or delayed. Additionally, in the event
that the Company does become a United States real property holding corporation within the meaning of Section 897(c)(2) of the Code,
the Company shall provide written notice to the Holders.

 

Section
18. Notices. All notices referred to
herein shall be in writing and, unless otherwise specified herein, all notices hereunder shall be deemed to have been given upon the
earlier of receipt thereof or three (3) Business Days after the mailing thereof if sent by registered or certified mail with postage
prepaid, or by private courier service addressed: (i) if to the Company, to its office at 399 West Trimble Road, San Jose, CA 95131,
United States of America, Attn: Hull Xu, Chief Financial Officer, (ii) if to any Holder, to such Holder at the address of such
Holder as listed in the stock record books of the Company (which may include the records of the Transfer Agent) or (iii) to such
other address as the Company or any such Holder, as the case may be, shall have designated by notice similarly given.

 

Section
19. Facts Ascertainable. When the terms
of this Certificate of Designations refer to a specific agreement or other document to determine the meaning or operation of a provision
hereof, the Secretary of the Company shall maintain a copy of such agreement or document at the principal executive offices of the Company
and a copy thereof shall be provided free of charge to any Holder who makes a request therefor. The Secretary of the Company shall also
maintain a written record of the Issuance Date, the number of shares of Series A Preferred Stock issued to a Holder and the date of each
such issuance, and shall furnish such written record free of charge to any Holder who makes a request therefor.

 

Section
20. Waiver. Notwithstanding any provision
in this Certificate of Designations to the contrary, any provision contained herein and any right of the Holders of shares of Series
A Preferred Stock granted hereunder may be waived as to all shares of Series A Preferred Stock (and the Holders thereof) upon the vote
or written consent of the Holders of a majority of the shares of Series A Preferred Stock then outstanding.

 

Section
21. Severability. If any term of the Series
A Preferred Stock set forth herein is invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy,
all other terms set forth herein which can be given effect without the invalid, unlawful or unenforceable term will, nevertheless, remain
in full force and effect, and no term herein set forth will be deemed dependent upon any other such term unless so expressed herein.

 

    105

     

    

 

Section
22. Rule 144A Information. The Company
will, during any period in which the Company is not subject to ‎Section 13 or 15(d) of the Exchange Act, furnish to Holders and prospective
investors, upon request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act of 1933, as amended.

 

Section
23. Regulatory Matters.

 

(a)
HSR Filing. If a Holder determines, in its sole judgment upon the advice of counsel, that any conversion pursuant to the terms
hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR
Act”), the Company shall file, or cause its ultimate parent entity as that term is defined in the HSR Act to file, as soon
as practicable after the date on which the Company receives notice from such Holder of the applicability of the HSR Act and a request
to so file with the United States Federal Trade Commission (the “FTC”) and the United States Department of
Justice (the “DOJ”), the notification and report form and any supplemental information required to be filed
by it pursuant to the HSR Act in connection with the conversion of any Series A Preferred Stock (and in any event the Company shall make
such filing no later than five (5) Business Days after the date on which such Holder filed with the FTC and DOJ the notification and
report form required to be filed by such Holder pursuant to the HSR Act in connection with the conversion of any shares of Series A Preferred
Stock). Any such notification and report form and supplemental information will be in full compliance with the requirements of the HSR
Act.

 

(b)
Other Filings. If a Holder of Series A Preferred Stock determines, in its sole judgment upon the advice of counsel, that any conversion
pursuant to the terms hereof could be subject to the provisions of any antitrust, merger control, or competition Laws (other than the
HSR Act) or Laws designed or intended to prohibit, restrict or regulate exports or actions by foreigners with respect to the relevant
jurisdiction to acquire interests in domestic equities, securities, entities, assets, land or interests (collectively, the “Other
Antitrust and Foreign Investment Laws”), the Company will cooperate and supply promptly to such Holder such information
and assistance as such Holder may reasonably request to assess whether any conversion would be subject to filing requirements under any
Other Antitrust and Foreign Investment Laws. If such Holder determines that a filing is required or advisable under any Other Antitrust
and Foreign Investment Laws in connection with any conversion, and if the Company is required to make a separate filing under any such
Other Antitrust and Foreign Investment Laws, the Company will promptly do so after being notified of the requirement by such Holder.

 

(c) Cooperation.
The Company shall use its reasonable best efforts to (i) take (or cause to be taken) all actions, (ii) do (or cause to be done) all
things, and (iii) assist and cooperate with such Holder in doing (or causing to be done) all things, in each case as are necessary,
proper or advisable pursuant to applicable Law or otherwise to effectuate the conversion of the Series A Preferred Stock. Without
limiting the generality of the foregoing, the Company shall furnish to such Holder promptly (but in no event more than five (5) days
after receipt of a reasonable request therefore) such information and assistance as such Holder may reasonably request in connection
with the preparation of any filing or submission to be filed by such Holder under the HSR Act or any applicable Other Antitrust and
Foreign Investment Laws. The Company shall respond promptly after receiving any inquiries or requests for additional information
from the FTC, the DOJ, or any Governmental Authority under any Other Antitrust and Foreign Investment Laws in connection with any
conversions of Series A Preferred Stock of or by such Holder. The Company shall keep such Holder apprised of the status of any
communications with, and any inquiries or requests for additional information from, the FTC, the DOJ, or any Governmental Authority
in connection with any conversions of Series A Preferred Stock of or by such Holder. The Company and such Holder shall each be
required to pay fifty percent (50%) of all filing or other fees required to be paid by the Company and/or such Holder (or the
“ultimate parent entity” of such Holder, if any) under the HSR Act or any other applicable Laws in connection with such
filings and the Company and such Holder shall otherwise be solely responsible for the payment of their respective other costs and
expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred in connection with the preparation
of such filings and responses to inquiries or requests.

 

(d)
Conversion Date. In the event that this ‎‎Section 23 is applicable to any conversion, the delivery
of any shares of Common Stock upon conversion shall be subject to the receipt of clearances, approvals, and the expiration or earlier
termination of the waiting periods under the HSR Act or Other Antitrust and Foreign Investment Laws (with the Conversion Date being deemed
to be the date immediately following the date of the receipt of the last of the required clearances, approvals, and waiting period expirations
or early terminations); provided, that with respect to an Investor Share Mandatory Conversion or Mandatory Conversion, if the
receipt of clearances, approvals, and the expiration or earlier termination of the waiting periods under the HSR Act or Other Antitrust
and Foreign Investment Laws has not occurred by the Investor Share Mandatory Conversion Date or 120 days after the Mandatory Conversion
Notice, as applicable, then the Company may require the Holder to, or the Holder may, convert the maximum number of shares of Series
A Preferred Stock on such date as is permitted under the HSR Act or Other Antitrust and Foreign Investment Laws in the Holder’s
sole judgment upon the advice of counsel.

 

[Signature
Page Follows]

 

    106

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Certificate of Designations to be executed this [●] day of [●], 20[●].

 

	 	CEPTON,
    INC.
	 	By:	     
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT
A

 

CONVERSION
NOTICE

 

Reference
is made to the Certificate of Designations of Series A Convertible Preferred Stock, par value $0.00001, of Cepton, Inc. (the “Certificate
of Designations”). In accordance with and pursuant to the Certificate of Designations, the undersigned hereby elects to
convert the number of shares of Series A Convertible Preferred Stock, par value $0.00001 per share (the “Series A Preferred
Stock”), of Cepton, Inc., a Delaware corporation (the “Company”), indicated below into shares
of Common Stock, par value $0.00001 per share (the “Common Stock”), of the Company, [as of the date specified
below // upon // immediately prior to[, and subject to the occurrence of,] [•]].

 

Date of Conversion
(if applicable):           

 

Number of
shares of Series A Preferred Stock to be converted:        

 

Share certificate
no(s). of Series A Preferred Stock to be converted (if applicable):      

 

Tax ID Number
(if applicable):                

 

Please confirm
the following information:

 

Conversion
Rate:               

 

Number of
shares of Common Stock to be issued:           

 

Please issue
the shares of Common Stock into which the shares of Series A Preferred Stock are being converted in the following name and to the following
address:

 

Issue to:
           

 

Address:
           

 

Telephone
Number:            

 

Email:               

 

Authorization:
              

 

By:              

 

Title:                 

 

Dated:               

 

Account Number
(if electronic book entry transfer):            

 

Transaction
Code Number (if electronic book entry transfer):         

 

Payment Instructions
for cash payment in lieu of fractional shares:

 

     

     

    

 

EXHIBIT
B

FORM OF INVESTOR RIGHTS AGREEMENT

 

[See
Attached]

 

    B-1

     

    

 

FORM
OF

 

INVESTOR
RIGHTS AGREEMENT

 

by
and between

 

CEPTON,
INC. 

 

and

 

KOITO
MANUFACTURING CO., LTD.

 

Dated
as of [●]

 

    B-2

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	 	 	Article
    I	 	 
	 	 	Definitions	 	 
	 	 	 	 	 
	Section 1.01.	 	Definitions	 	3
	Section 1.02.	 	Certain Interpretations	 	11
	 	 	Article
    II	 	 
	 	 	Governance
    and Other Rights	 	 
	 	 	 	 	 
	Section 2.01.	 	Actions at the Closing	 	13
	Section 2.02.	 	Committee Composition	 	13
	Section 2.03.	 	Investor Directors	 	14
	Section 2.04.	 	Director Qualifications	 	15
	Section 2.05.	 	Investor Consent	 	16
	Section 2.06.	 	Corporate Opportunities	 	17
	Section 2.07.	 	Board Obligations	 	18
	Section 2.08.	 	Preemptive Rights	 	18
	 	 	Article
    III	 	 
	 	 	Registration
    Rights	 	 
	 	 	 	 	 
	Section 3.01.	 	Registration	 	19
	Section 3.02.	 	Piggyback Registration	 	21
	Section 3.03.	 	Registration Procedures	 	23
	Section 3.04.	 	Suspension	 	26
	Section 3.05.	 	Expenses of Registration	 	27
	Section 3.06.	 	Information by Holders	 	27
	Section 3.07.	 	Rule 144 Reporting	 	28
	Section 3.08.	 	Requirements for Participation
    in Registrations and Underwritten Offerings	 	29
	Section 3.09.	 	Indemnification	 	31
	Section 3.10.	 	Transfer of Registration
    Rights	 	31
	Section 3.11.	 	Termination of Registration
    Rights	 	31
	Section 3.12.	 	Registration Default	 	31
	 	 	Article
    IV	 	 
	 	 	Limitations
    on Transfers	 	 
	 	 	 	 	 
	Section 4.01.	 	Limitation on Transfer
    of Series A Preferred Stock	 	32
	Section 4.02.	 	Permitted Transfers	 	33
	Section 4.03.	 	Legend	 	33

 

    i

     

    

 

	 	 	Article
    V	 	 
	 	 	Additional
    Agreements	 	 
	 	 	 	 	 
	Section 5.01.	 	Information and Access	 	33
	Section 5.02.	 	Confidentiality	 	34
	Section 5.03.	 	Section 16 Matters	 	35
	 	 	Article
    VI	 	 
	 	 	Miscellaneous	 	 
	 	 	 	 	 
	Section 6.01.	 	Notices	 	36
	Section 6.02.	 	Amendments; Waivers	 	36
	Section 6.03.	 	Governing Law; Specific
    Performance; Consent to Jurisdiction	 	36
	Section 6.04.	 	WAIVER OF JURY TRIAL	 	37
	Section 6.05.	 	Severability	 	37
	Section 6.06.	 	Third Party Beneficiaries	 	37
	Section 6.07.	 	Assignment	 	38
	Section 6.08.	 	Termination	 	38
	Section 6.09.	 	Entire Agreement, etc	 	38
	Section 6.10.	 	Counterparts	 	38

  

    ii

     

    

 

This
INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of [●], by and between Cepton,
Inc., a Delaware corporation (the “Company”), and KOITO MANUFACTURING CO., LTD., a corporation organized under the
laws of Japan (together with any Permitted Transferees (as defined in ‎Section 4.02(c)), the “Investor”). The
Investor and the Company are sometimes referred to herein individually, as a “Party” and collectively, as the “Parties.”
All capitalized terms that are used in this Agreement have the respective meanings given to them in Section 1.01.

 

RECITALS

 

A.
The Company and the Investor are parties to the Investment Agreement, dated as of October 27, 2022 (the “Investment Agreement”),
pursuant to which on the date hereof the Company issued, sold and delivered to the Investor, and the Investor purchased and acquired
from the Company, pursuant to the terms and subject to the conditions set forth therein, an aggregate of 100,000 shares of the Company’s
Series A Convertible Preferred Stock, par value $0.00001 per share (the “Series A Preferred Stock”), having the designation,
powers, preferences and rights, and the qualifications, limitations and restrictions, as specified in the Certificate of Designations
of Series A Convertible Preferred Stock filed with the Secretary of State of the State of Delaware on or prior to the date hereof, providing
for the designation of the Series A Preferred Stock (the “Series A Certificate of Designations”);

 

B.
The Company and the Investor desire to establish in this Agreement certain terms and conditions concerning the rights of and restrictions
on the Investor with respect to the Investor’s ownership of the Series A Preferred Stock and other capital stock of the Company,
and it is a condition of the closing of the transactions contemplated by the Investment Agreement that the Company and the Investor execute
and deliver this Agreement; and

 

C.
In consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:

 

Article
I

Definitions

 

Section
1.01. Definitions.

 

(a)
As used in this Agreement (including the recitals hereto), the following terms shall have the following meanings:

 

“Adverse
Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Company (after
consultation with legal counsel): (a) would be required to be made in any registration statement filed with the SEC by the Company so
that such registration statement would not be materially misleading; (b) would not be required to be made at such time but for the filing,
effectiveness or continued use of such registration statement; and (c) the Company has a bona fide business purpose for not disclosing
publicly.

 

    B-3

     

    

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person. For purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of that Person, whether through the ownership
of voting securities or partnership or other ownership interests, by Contract or otherwise; provided that none of the Company
or the Investor shall be deemed to be Affiliates of one another.

 

Any
Person shall be deemed to “beneficially own”, to have “beneficial ownership” of, or to be “beneficially
owning” any securities (which securities shall also be deemed “beneficially owned” by such Person) that
such Person is deemed to “beneficially own” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect
on the date hereof; provided that any Person shall be deemed to beneficially own any securities that such Person has the right
to acquire, whether or not such right is exercisable immediately, within 60 days.

 

“Business
Day” means any day other than Saturday or Sunday or a day on which commercial banks are authorized or required by Law to be
closed in New York City, New York, or Tokyo, Japan.

 

“Bylaws”
means the Amended and Restated Bylaws of the Company as of the Signing Date, as the same shall be amended, modified or supplemented between
the Signing Date and Closing in accordance with the Investment Agreement, and as may be amended, modified or supplemented from and after
the Closing in compliance with this Agreement or applicable Law.

 

“Certificate
of Incorporation” means the Second Amended and Restated Certificate of Incorporation of the Company, as amended by the Series
A Certificate of Designations, as may be further amended from time to time in compliance with this Agreement and the Investment Agreement
or applicable Law.

 

“Closing”
means the closing of the Purchase.

 

“Closing
Date” means the date on which the Closing occurs.

 

“Committee
Qualification Requirements” means the requirements for service on the Compensation Committee or Nominating Committee, as applicable,
generally applicable to all of the members of such committee (and not, for the avoidance of doubt, requirements applicable to a director
fulfilling a particular function) as set forth in (a) any applicable Law, (b) the NASDAQ Stock Market Rules and (c) the charters of such
committee.

 

    B-4

     

    

 

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

 

“Company
Common Stock” means the common stock, par value $0.00001 per share, of the Company.

 

“Company
Owned IP” has the meaning set forth in the Investment Agreement.

 

“Company
Securities” means (a) issued and outstanding shares of capital stock of, or other equity or voting interest in, the Company;
(b) outstanding securities of the Company convertible into or exchangeable or exercisable for shares of capital stock of, or other equity
or voting interest in, the Company; (c) outstanding options, warrants or other rights or binding arrangements to acquire from the Company,
or that obligate the Company to issue, any capital stock of, or other equity or voting interest in, or any securities convertible into
or exchangeable or exercisable for shares of capital stock of, or other equity or voting interest in, the Company; (d) obligations of
the Company to grant, extend or enter into any subscription, warrant, right, convertible or exchangeable security, or other similar Contract
relating to any capital stock of, or other equity or voting interest (including any voting debt) in, the Company; (e) outstanding restricted
shares, restricted share units, stock appreciation rights, performance shares, contingent value rights, “phantom” stock or
similar securities or rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price
of, any capital stock of, or other securities or ownership interests in, the Company solely to the extent, except for purposes of Section
2.05, that the terms of such securities or rights entitle the beneficial owner thereof to the right to vote generally for the election
of Directors and (d) other obligations of the Company to make any payment based on the price or value of any of the items in the foregoing
clauses (a) through (e) solely to the extent, except for purposes of Section 2.05, that the terms of such securities or rights entitle
the beneficial owner thereof to the right to vote generally for the election of Directors.

 

“Company
Stock Plan” has the meaning set forth in the Investment Agreement.

 

“Compensation
Committee” means the Compensation Committee of the Company Board or such committee of the Company Board with the duties customarily
fulfilled by a compensation committee of a board of directors.

 

“Confidentiality
Agreement” means the Non-Disclosure Agreement, dated as of August 1, 2017, between the Investor and Cepton Technologies, Inc.,
as amended by the Extension to Non-Disclosure Agreement, dated as of October 1, 2020, and as may be further amended from time to time.

 

“Conversion
Shares” means (i) any Company Common Stock issuable upon the conversion of the shares of Series A Preferred Stock and (ii)
any Company Common Stock issuable as a dividend on the shares of Series A Preferred Stock (if any).

 

    B-5

     

    

 

“DGCL”
means the General Corporation Law of the State of Delaware.

 

“Director”
means a member of the Company Board.

 

“Director
Qualification Standards” means any requirements generally applicable to all of the Directors (and not, for the avoidance of
doubt, requirements applicable to a director fulfilling a particular function (other than Committee Qualification Requirements)) regarding
service as a Director of the Company under applicable Law or the rules and regulations of NASDAQ.

 

“Equity-Linked
Securities” means any securities convertible into or exercisable or exchangeable for, or rights, options or warrants to purchase
or otherwise acquire (whether immediately, during specified times, upon the satisfaction of any conditions or otherwise) any shares of
Company Common Stock.

 

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

 

“Excluded
Issuance” means any of the events set forth in Section 11(c)(ii), other than Section 11(c)(ii)(I) of the Series A Certificate
of Designations.

 

“Excluded
Registration Statement” means a (i) registration statement on Form S-4, Form S-8 or any successor forms thereto, filed to effectuate
an exchange offer or any employee benefit or dividend reinvestment plan, (ii) any registration statement on Form S-1, Form S-3 or any
successor forms thereto, solely registering debt securities, including debt securities that are convertible into equity securities of
the Company (or such securities into which the debt securities are convertible), (iii) any registration statement on Form S-1, Form S-3
or any successor forms thereto solely registering equity securities of the Company pursuant to contractual obligations existing on the
date hereof except in connection with an underwritten offering, and (iv) any registration statement on Form S-1, Form S-3 or any successor
forms thereto solely registering equity securities of the Company for purposes of an equity capital line of credit entered into by the
Company with a financial institution that is not an Affiliate of the Company.

 

“Governmental
Authority” means any government, political subdivision, governmental, administrative or regulatory entity or body, department,
commission, board, agency or instrumentality, or other legislative, executive or judicial governmental entity, and any court, tribunal,
judicial or arbitral body, in each case whether federal, national, state, county, municipal, provincial, local, foreign, supranational
or multinational.

 

“Investor
75% Event” means if at any time (a) the number of shares of Company Common Stock beneficially owned by the Investor (counting
the Series A Preferred Stock (including any PIK Dividends) on an as-converted basis as of such time even if not convertible within 60
days of such time, but excluding any Company Common Stock acquired by the Investor after the date hereof), falls below (b) 75% of the
number of shares of Company Common Stock (counting the Series A Preferred Stock on an as-converted basis even though the Series A Preferred
Stock is not convertible as of the date hereof) that it beneficially owns as of the date hereof.

 

    B-6

     

    

 

“Investor
Director Designees” means the individuals designated in writing by the Investor to be elected to the Company Board pursuant
to Section 2.01(b) or 2.03, as applicable. For the avoidance of doubt, the Initial Investor Director Designees shall be considered Investor
Director Designees for all purposes of this Agreement.

 

“Investor
Directors” means the members of the Company Board who were elected to the Company Board pursuant to Section 2.01(b) or 2.03
as the Investor Director Designees.

 

“Law”
means any federal, national, state, county, municipal, provincial, local, foreign, supranational or multinational law, act, statute,
constitution, common law, ordinance, code, decree, writ, order, judgment, injunction, rule, regulation, ruling or requirement issued,
enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Authority.

 

“NASDAQ”
means the Nasdaq Capital Market and any successor stock exchange or inter-dealer quotation system operated by the Nasdaq Capital Market
or any successor thereto.

 

“National
Securities Exchange” means the NYSE or NASDAQ.

 

“Nominating
Committee” means the Nominating and Corporate Governance Committee of the Company Board or any successor committee thereto.

 

“NYSE”
means the New York Stock Exchange and its successors.

 

“Other
Director” means a Director that is not designated by the Investor.

 

“Permitted
Liens” has the meaning set forth in the Investment Agreement.

 

“Person”
means any individual, corporation (including any non-profit corporation), limited liability company, joint stock company, general partnership,
limited partnership, limited liability partnership, joint venture, estate, trust, firm, Governmental Authority or other enterprise, association,
organization or entity.

 

“PIK
Dividends” has the meaning set forth in the Series A Certificate of Designations.

 

“Private
Warrants” means the warrants to acquire up to 5,175,000 shares of Company Common Stock issued at the time of Growth Capital
Acquisition Corp.’s initial public offering.

 

“Public
Warrants” means the warrants to acquire up to 8,625,000 shares of Company Common Stock issued and outstanding on the date of
this Agreement originally issued as a component of the units sold in Growth Capital Acquisition Corp.’s initial public offering.

 

    B-7

     

    

 

“Purchase”
means the purchase of Series A Preferred Stock by the Investor pursuant to the Investment Agreement.

 

“register”,
“registered” and “registration” shall refer to a registration effected by preparing and filing
a registration statement with the SEC in compliance with the Securities Act, and the declaration or ordering of effectiveness of such
registration statement by the SEC or the automatic effectiveness of such registration statement, as applicable.

 

“Registrable
Securities” means all shares of Company Common Stock and all Conversion Shares; provided, however, that such
securities shall cease to be Registrable Securities when (a) a registration statement relating to such securities shall have been declared
effective by the SEC and such securities shall have been disposed of by the Holder thereof pursuant to such registration statement, (b)
such securities have been sold or otherwise disposed of in accordance with Rule 144 or another exemption from registration requirements
such that the securities are freely tradeable following such sale or disposition, (c) in the case of the Investor, upon the later of
the date on which there are no Investor Directors on the Company Board or the Investor beneficially owns shares of Company Common Stock
and Conversion Shares representing less than five percent (5%) of the outstanding shares of Company Common Stock or (d) such securities
may be sold without registration pursuant to Rule 144 without restriction as to volume or manner of sale. For the avoidance of doubt,
any securities that have ceased to be Registrable Securities in accordance with the foregoing definition shall not thereafter become
Registrable Securities and any securities that are issued or distributed in respect of securities that have ceased to be Registrable
Securities are shall not be Registrable Securities.

 

“Registration
Expenses” means (a) all expenses incurred by the Company in complying with Sections 3.01 or 3.02, including all registration,
qualification, listing and filing fees, expenses incurred by the Company in connection with any roadshow related to such registration
and offering, auditor fees, printing expenses, escrow fees, and fees and disbursements of counsel for the Company, blue sky fees and
expenses; (b) reasonable, documented out-of-pocket fees and expenses of no more than two outside legal counsel to the Investor and all
other participating Holders, which counsel shall be jointly selected by the Holders, and retained in connection with Underwritten Offerings
pursuant hereto, subject to a maximum amount of $50,000 per Underwritten Offering; and (c) reasonable, documented out-of-pocket fees
and expenses for any local counsel necessary to effect a registration contemplated hereby, if applicable; provided, however,
that Registration Expenses shall not be deemed to include any Selling Expenses.

 

“Related
Party Transaction” means any transaction that would be required to be disclosed by the Company pursuant to Item 404 of Regulation
S-K promulgated under the Exchange Act.

 

    B-8

     

    

 

“Representatives”
means, with respect to any Person, its Affiliates and their respective directors, officers, employees, investment bankers, attorneys,
accountants and other advisors or representatives

 

“Rule
144” means Rule 144 promulgated under the Securities Act and any successor provision.

 

“Rule
415” means Rule 415 promulgated under the Securities Act and any successor provision.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Selling
Expenses” means (a) all underwriting discounts, selling commissions, and stock transfer taxes and applicable to the securities
registered by any Holder holding Registrable Securities.

 

“Shelf
Registration” means a Resale Shelf Registration Statement or a Subsequent Shelf Registration, as applicable.

 

“Signing
Date” means October 27, 2022.

 

“Subsidiary”
means, with respect to any Person, any other Person (other than a natural Person) of which securities or other ownership interests (a)
having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions or (b) representing
more than 50% of such securities or ownership interests, in each case, are at the time directly or indirectly owned by such first Person.

 

“Subsidiary
Securities” has the same meaning ascribed to “Company Securities” except that all reference to “the Company”
therein shall be deemed to be replaced with “any Subsidiary of the Company”.

 

“Transaction
Documents” has the meaning set forth in the Investment Agreement.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as a principal in connection with a distribution of such Registrable
Securities and not as part of such dealer’s market-making activities.

 

“Warrants”
means the Private Warrants and the Public Warrants.

 

    B-9

     

    

 

“Wholly
Owned Subsidiary” means any Subsidiary of the Company in which all of such Subsidiary’s Subsidiary Securities are owned
directly or indirectly by the Company.

 

(b)
In addition to the terms defined in Section 1.01(b), the following terms have the meanings assigned thereto in the Sections set forth
below:

 

	Term
	 	Section

	Action	 	6.03(c)
	Agreement	 	Preamble
	Company	 	Preamble
	Company
    Confidential Information	 	5.02(a)
	Company
    Indemnified Parties	 	3.09(a)
	Effectiveness
    Period	 	3.01(b)
	Electronic
    Delivery	 	6.10
	FINRA	 	3.03(a)(xv)
	Holder	 	3.01(a)
	Holder
    Indemnified Parties	 	3.09(b)
	Holder
    Information	 	3.06(a)
	Indemnified
    Party	 	3.09(c)
	Indemnifying
    Party	 	3.09(c)
	Initial
    Investor Director Designees	 	2.01(b)
	Interruption
    Period	 	3.03(b)
	Investment
    Agreement	 	Recitals
	Investor	 	Preamble
	Investor
    Financial Statements	 	5.01(e)
	Investor
    Related Parties	 	2.06
	Investor
    Transactions	 	2.06
	Losses	 	3.09(a)
	Offeree	 	2.08(a)
	Offering
    Persons	 	3.03(a)(xiv)
	Party
    or Parties	 	Preamble
	Permitted
    Transferee	 	4.02(c)
	Piggyback
    Notice	 	3.02(a)
	Piggyback
    Registration Statement	 	3.02(b)
	Piggyback
    Request	 	3.02(b)
	Pro
    Rata Share	 	2.08(a)
	Quarterly
    Blackout Period	 	3.01(f)(i)
	Registration
    Default	 	3.12
	Resale
    Shelf Registration Statement	 	3.01(a)
	Restricted
    Period	 	4.01
	Series
    A Certificate of Designations	 	Recitals
	Series
    A Preferred Stock	 	Recitals
	Shelf
    Offering	 	3.01(g)
	Subsequent
    Holder Notice	 	3.01(e)
	Subsequent
    Shelf Registration	 	3.01(c)
	Suspension
    Period	 	3.04(a)
	Take-Down
    Notice	 	3.01(g)
	Transfer	 	4.01
	Underwritten
    Offering	 	3.01(f)(i)
	Underwritten
    Offering Notice	 	3.01(f)(i)

 

    B-10

     

    

 

Section
1.02. Certain Interpretations.

 

(a)
When a reference is made in this Agreement to an Article or a Section, such reference is to an Article or a Section of this Agreement
unless otherwise indicated. When a reference is made in this Agreement to a Schedule or Exhibit, such reference is to a Schedule or Exhibit
to this Agreement, as applicable, unless otherwise indicated.

 

(b)
When used herein, (i) the words “hereof,” “herein” and “herewith” and words of similar import will,
unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; and
(ii) the words “include,” “includes” and “including” will be deemed in each case to be followed by
the words “without limitation.”

 

(c)
Unless the context otherwise requires, “neither,” “nor,” “any,” “either” and “or”
are not exclusive.

 

(d)
The word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends, and
does not simply mean “if.”

 

(e)
When used in this Agreement, references to “$” or “Dollars” are references to U.S. dollars.

 

(f)
The meaning assigned to each capitalized term defined and used in this Agreement is equally applicable to both the singular and the plural
forms of such term, and words denoting any gender include all genders. Where a word or phrase is defined in this Agreement, each of its
other grammatical forms has a corresponding meaning.

 

(g)
When reference is made to any Party to this Agreement or any other agreement or document, such reference includes such Party’s
successors and permitted assigns. References to any Person include the successors and permitted assigns of that Person.

 

(h)
Unless the context otherwise requires, all references in this Agreement to the Subsidiaries of a Person will be deemed to include all
direct and indirect Subsidiaries of such Person.

 

(i)
A reference to any specific Law or to any provision of any Law includes any amendment to, and any modification, re-enactment or successor
thereof, any legislative provision substituted therefor and all rules, regulations and statutory instruments issued thereunder or pursuant
thereto.

 

(j)
References to any agreement or Contract are to that agreement or Contract as amended, modified or supplemented (including by waiver or
consent) from time to time in accordance with the terms hereof and thereof.

 

(k)
All accounting terms used herein will be interpreted, and all accounting determinations hereunder will be made, in accordance with GAAP.

 

    B-11

     

    

 

(l)
The table of contents and headings set forth in this Agreement are for convenience of reference purposes only and will not affect or
be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision hereof.

 

(m)
The measure of a period of one month or year for purposes of this Agreement will be the date of the following month or year corresponding
to the starting date. If no corresponding date exists, then the end date of such period being measured will be the next actual date of
the following month or year (for example, one month following February 18 is March 18 and one month following March 31 is May 1).

 

(n)
The Parties agree that they have been represented by legal counsel during the negotiation, execution and delivery of this Agreement and
therefore waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or
other document will be construed against the Party drafting such agreement or document.

 

(o)
No summary of this Agreement or any Exhibit or Schedule delivered herewith prepared by or on behalf of any Party will affect the meaning
or interpretation of this Agreement or such Exhibit or Schedule.

 

(p)
All references to “ordinary course of business” will be deemed to be followed by the words “consistent with past practice.”

 

(q)
All references to time shall refer to New York City time unless otherwise specified.

 

(r)
For purposes of determining beneficial ownership, the Investor may rely on the Company’s most recent publicly available Quarterly
Report on Form 10-Q or Annual Report on Form 10-K to determine the number of issued and outstanding Equity Securities of the Company
at any given time and any Person’s beneficial ownership percentage, unless the Company provides written notice to the Investor
with an updated number of Company Securities then issued and outstanding.

 

(s)
In the event that the Company Common Stock is listed on a National Securities Exchange other than NASDAQ, all references herein to NASDAQ
rules shall be deemed to be to the most comparable rule applicable to such other National Securities Exchange and all references to NASDAQ
shall be deemed to be such other National Securities Exchange, in each case, mutatis mutandis. In the event that the Company Common
Stock is listed on both NASDAQ and any other National Securities Exchange, the Company and the Investor shall cooperate to make any amendments
to this Agreement reasonably requested by the other party; provided, that in no event shall the Investor be required to accept
any changes that would result from any shares Company Securities beneficially owned by the Investor being listed on any exchange other
than a National Securities Exchange unless the Investor consented to the transaction or event that was the cause thereof, the Investor
consented to the change in listing or such change in listing is the result of any action taken by the Investor.

 

    B-12

     

    

 

 

Article
II

Governance
and Other Rights

 

Section
2.01. Actions at the Closing. The Company and the Company Board shall take all necessary action to cause, effective as of the
Closing:

 

(a)
the size of the Company Board to be seven (7) members;

 

(b)
the Company Board to include two (2) members to be designated by the Investor, one of whom shall be assigned to Class C whose term expires
at the third annual meeting of the Company’s stockholders held after the Effective Time (as defined in the Certificate of Incorporation),
who shall initially be Takayuki Katsuda, and one of whom shall be a Class [●] Director whose term expires at the [●] annual
meeting of the Company’s stockholders held after the Effective Time, who shall initially be [●] (the “Initial Investor
Director Designees”).

 

Section
2.02. Committee Composition.

 

(a)
From time to time, the Investors shall have the right to designate the Investor Directors to serve on the Compensation Committee and/or
the Nominating Committee and to remove and/or replace such Investor Directors, and the Company Board shall promptly designate any such
Investor Director to serve as a member of the Compensation Committee and/or the Nominating Committee as the Investor shall identify and
remove any such Investor Director as a member of the Compensation Committee and/or the Nominating Committee as identified by the Investor;
provided, that such designation shall in each case be subject to each such Investor Director meeting the applicable Committee
Qualification Requirements and no such Investor Director shall be removed from the Compensation Committee or Nominating Committee, as
applicable, if a qualified replacement Director who meets the applicable Committee Qualification Requirements is not immediately available
or such removal would result in the Company ceasing to comply with the rules and regulations of NASDAQ or any other applicable Law.

 

(b)
If at any time during which an Investor Director is serving on the Compensation Committee and/or the Nominating Committee such Investor
Director ceases to meet the Committee Qualification Requirements, the Investor shall have the right to select an Investor Director who
satisfies the applicable Committee Qualification Requirements, and the Company Board shall take all necessary action to appoint such
other Investor Director to serve on the Compensation Committee and/or the Nominating Committee in place of the applicable Investor Director
being removed from such committee; provided, however, if the Investor does not timely (pursuant to the requirements of
the rules and regulations of NASDAQ) select a replacement Investor Director, the Company Board may immediately remove such Investor Director
who ceases to satisfy the Committee Qualification Requirements and appoint a replacement Director who satisfies the Committee Qualification
Requirements in order to maintain compliance with the rules and regulations of NASDAQ.

 

    B-13

     

    

 

Section
2.03. Investor Directors.

 

(a)
The Investor shall initially be entitled to designate for nomination two (2) Directors (inclusive of Takayuki Katsuda, who is already
a Director). Following the appointment of the Initial Director Designees to the Company Board, the number of Directors the Investor shall
be entitled to designate for nomination to the Company Board shall: (y) increase and decrease automatically to a number of Directors
equal to the product, rounded to the nearest whole number, of (i) the number of shares of Company Common Stock beneficially owned by the
Investor (including any shares of Company Common Stock which are then issuable upon conversion of shares of Series A Preferred Stock
held by the Investor) divided by the number of shares of Company Common Stock then outstanding (plus any shares of Company Common Stock
issuable upon conversion of shares of Series A Preferred Stock included in clause (i)) and (ii) the size of the Company Board (e.g.,
2.4 will be rounded down to 2 and 2.5 will be rounded up to 3), provided, however, that in no event shall the number of
Directors the Investor shall be entitled to designate for nomination to the Company Board pursuant to this Agreement represent the majority
of the Directors; and (z) decrease to one (1) Director in the event the Investor ceases to beneficially own at least ten percent (10%)
of the then outstanding shares of Company Common Stock and to zero (0) Directors in the event the Investor ceases to beneficially own
at least five percent (5%) of the then outstanding shares of Company Common Stock, in each case including any shares of Company Common
Stock which are then issuable upon conversion of shares of Series A Preferred Stock held by the Investor). The appointment of any such
Investor Director Designees pursuant hereto shall be subject to such Persons’ satisfaction of the Director Qualification Standards;
provided, that so long as the Investor is entitled to nominate no more than two (2) Directors, such Directors shall not be required
to comply with any independence or board diversity requirements under the rules and regulations of NASDAQ; provided, however,
that any additional Directors the Investor is entitled to nominate shall be required to comply with applicable independence requirements
under the rules and regulations of Nasdaq.

 

(b)
In the event that the Investor nominates any Investor Director Designees pursuant to clause (a) above, the Company shall (i) include
the Investor Director Designees in its slate of nominees for election to the Company Board at the next annual or special meeting of the
stockholders of the Company at which directors are to be elected (of the same class as the Directors to be elected at such meeting, to
the extent the Company Board is a classified board) and (ii) recommend that the Company’s stockholders vote in favor of the election
of such Investor Director Designee at any such annual or special meeting of the Company’s stockholders, and support such Investor
Director Designee in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees (including,
to the extent applicable, solicitation of proxies or consents in favor of such nominees), subject in each case to the Directors’
fiduciary duties. The Company and the Company Board shall take all necessary actions to ensure that, at all times when the Investor Director
Designee is eligible to be appointed or nominated, there are sufficient vacancies on the Company Board to permit such designation.

 

    B-14

     

    

 

(c)
The Investor shall have the sole right to (subject to any limitations under the Certificate of Incorporation, the Bylaws or any applicable
Law) cause to resign any Investor Director at any time and to nominate, designate or appoint, as applicable (and subject to any limitations
under the Certificate of Incorporation, the Bylaws or any applicable Law), any replacement or successor thereof if the Investor is then
entitled to such rights hereunder.

 

(d)
If an Investor Director ceases to serve on the Company Board for any reason during his or her term, the vacancy created thereby shall
be filled, and the Company Board shall fill such vacancy, with a new Investor Director Designee and appoint such Investor Director to
the Compensation Committee and/or the Nominating Committee, as applicable, subject to satisfaction of the applicable Committee Qualification
Requirements, in each case to the extent the Investor is then entitled to such rights hereunder.

 

(e)
For the avoidance of doubt, each Investor Director shall be entitled to travel and expense reimbursement for their reasonable and documented
out-of-pocket expenses (including air fare) incurred in connection with travelling to and from meetings of the Company Board and/or any
committee of the Company Board in accordance with the Company’s current reimbursement policy applicable to Directors generally.
In addition, (x) each Investor Director shall be entitled to enter into a customary indemnification agreement with the Company on terms
that are, in the event that the Company has entered into any such agreement with another non-employee Director, no less favorable than
that provided to such other non-employee Director, and (y) the Company shall maintain in full force and effect directors’ and officers’
liability insurance containing terms that are no less favorable than those provided to other non-employee Directors. Each Investor Director
shall be covered as an insured director, in such a manner as to provide each Investor Director in his or her capacity as a Director with
rights and benefits under all directors’ and officers’ insurance policies no less favorable than those provided to any other
non-employee Directors. The Company acknowledges and agrees that the Company is the indemnitor of first resort with respect to any Investor
Related Party who is an officer, director or other fiduciary of the Company and its Subsidiaries (i.e., its obligations to such Person
are primary and any obligation of any other Persons to which such Investor Director or its Affiliates may have rights to advancement
of expenses or to indemnification for the same expenses or liabilities incurred by such Investor Related Party are secondary).

 

Section
2.04. Director Qualifications.

 

(a)
Notwithstanding anything to the contrary in this Agreement, the Certificate of Incorporation or the Bylaws, the Investor agrees that,
prior to and as a condition to the election to the Company Board of any Investor Director Designee, (x) such Investor Director Designee
shall have satisfied the Director Qualification Standards (and the Company acknowledges and agrees that Mr. Katsuda and [●] have
satisfied such requirements as of the date hereof); provided that (1) no Investor Director Designee shall be eligible to serve on
the Company Board if he or she has been involved in any of the events enumerated under Item 2(d) or (e) of Schedule 13D under the Exchange
Act or Item 401(f) of Regulation S-K under the Securities Act (to the extent material to his or her ability or integrity to serve as
a Director) or is subject to any judgment prohibiting service as a director of any public company and (2) if any Investor Director Designee
shall fail to satisfy the Director Qualification Standards or the requirements of the preceding clause (1), the Investor agrees
that such Investor Director Designee shall not be nominated or elected to the Company Board, and the Investor shall, if then entitled
to such right hereunder, have the right to designate a replacement therefor (which replacement Investor Director Designee shall be subject
to the requirements of this Section 2.04), (y) each Investor Director Designee shall (and the Investor shall cause each Investor Director
Designee to) make himself or herself reasonably available for an interview and to consent to such customary reference and background
checks as the Nominating Committee may reasonably request to determine such Investor Director Designee’s eligibility to serve as
a Director and compliance with the Director Qualification Standards and (z) each Investor Director Designee must provide to the Company:

 

(i)
all information reasonably requested by the Company that is required to be disclosed for Directors, candidates for Directors and their
respective Affiliates in a proxy statement, current report on form 8-K or other filings in accordance with applicable Law, any NASDAQ
rules or listing standards or the Certificate of Incorporation or Bylaws, in each case, relating to such Investor Director Designee’s
nomination or election, as applicable, as a Director, and, if applicable, consent to being named as such in any such filing; and

 

    B-15

     

    

 

(ii)
all information reasonably requested by the Company in connection with assessing eligibility under the Director Qualification Standards
and the Committee Qualification Requirements, in each case, relating to such Investor Director Designee’s nomination or election,
as applicable, as a Director.

 

(b)
The Investor shall not be under any obligation to vote in the same manner as recommended by the Company Board or in any other manner,
other than in its sole discretion.

 

Section
2.05. Investor Consent. From time to time so long as the Investor 75% Event shall not have occurred, without the prior written
consent of the Investor, the Company shall not take (and the Company Board shall not authorize the Company to take) any of the following
actions:

 

(a)
issue, deliver or sell, or authorize the issuance, delivery or sale of, any shares of any Company Securities or Subsidiary Securities
that rank senior to, or pari passu with, the Series A Preferred Stock for purposes of dividends, redemption and upon liquidation to any
Person other than the Company or its Wholly Owned Subsidiaries;

 

(b)
split, combine or reclassify any shares of capital stock of the Company or declare, set aside or pay any dividend or other distribution
(whether in cash, stock or property or any combination thereof) in respect of the Company Securities or Subsidiary Securities owned by
any Person other than the Company or its Wholly Owned Subsidiaries, or redeem, repurchase or otherwise acquire or offer to redeem or
repurchase, or otherwise acquire any Company Securities or any Subsidiary Securities other than (x) pursuant to the terms of any Company
Stock Plan, (y) the Warrants, pursuant to the terms thereof or (z) shares of Series A Preferred Stock, pursuant to the terms thereof;

 

(c)
create, incur, assume, suffer to exist or otherwise be liable with respect to any indebtedness for borrowed money or guarantees thereof,
having an aggregate principal amount on a consolidated basis for the Company and its Subsidiaries outstanding at any time exceeding the
greater of (i) $20 million or (ii) the sum of the operating expenses for the two (2) preceding fiscal quarters of the Company;

 

(d)
enter into any Related Party Transaction, excluding compensation, benefits, indemnification and other agreements with Directors and employees
of the Company (in each case, to the extent in the ordinary course of business);

 

(e)
amend the Certificate of Incorporation, Bylaws or other similar organizational documents (whether by merger, consolidation, combination,
reclassification or otherwise);

 

(f)
change the size of the Company Board;

 

(g)
adopt any stockholder rights plan which does not exempt the Investor from being an “acquiring person” solely as a result
of (i) its holdings of any Company Securities as of the adoption of such stockholder rights plan, (ii) payment of PIK Dividends subsequent
to the adoption of the stockholder rights plan, (iii) the application of any adjustments pursuant to Section 11(a) of the Series A Certificate
of Designations or (iv) any other increase in the proportional holding of the Investor in relation to other holders of Company Securities
through no action of the Investor;

 

    B-16

     

    

 

(h)
acquire (by merger, consolidation, acquisition of stock or assets or otherwise), directly or indirectly, any assets, securities, properties,
interests or businesses, other than (i) supplies in the ordinary course of business of the Company and the Subsidiaries in a manner that
is consistent with past practice and (ii) acquisitions with a purchase price (including assumed indebtedness) that does not exceed the
greater of (x) $20 million individually or (y) 10% of total revenues for the last twelve (12) full months;

 

(i)
sell, lease or otherwise transfer, or create or incur any Lien (other than Permitted Liens) on, any of the Company’s or any Subsidiary’s
assets, securities, properties, interests or businesses, other than (i) sales of inventory in the ordinary course of business and (ii)
sales of assets, securities, properties, interests or businesses with a sale price (including any related assumed indebtedness) that
does not exceed the greater of (x) $20 million individually or (y) the sum of the operating expenses for the two (2) preceding fiscal
quarters of the Company;

 

(j)
An amendment to, or the adoption of any new, Company Stock Plan; provided, that issuance of any shares of Company Common Stock
currently reserved for issuance under existing Company Stock Plans and all annual increases thereto pursuant to the automatic minimum
increase provisions shall not be subject to the Investor’s consent right under this clause (j), but any discretionary increases
greater than the automatic annual increase amount specified under the existing Company Stock Plans shall be subject to such consent right;

 

(k)
(i) sell, assign, transfer, license, sublicense, abandon, permit to lapse, grant a covenant not to sue, create or incur any Lien (other
than Permitted Liens), or otherwise dispose of any material Company Owned IP, other than non-exclusive licenses or sublicenses granted
in the ordinary course of business consistent with past practice; or (ii) abandon or permit to lapse any Company Owned IP that is Registered
Intellectual Property (as defined in the Investment Agreement) other than at the end of its statutory term;

 

(l)
incur any capital expenditures or any obligations or liabilities in respect thereof, except for any capital expenditures not to exceed
the greater of (x) $20 million per fiscal year or (y) 10% of total revenues for the last twelve (12) full months; or

 

(m)
agree, resolve or commit to do any of the foregoing.

 

Section
2.06. Corporate Opportunities. For so long as the Investor beneficially owns Company Common Stock (including shares of Company
Common Stock that would be issuable upon conversion of shares of Series A Preferred Stock beneficially owned by the Investor even if
not convertible at such time) at least ten percent (10%) of the then outstanding Company Common Stock, to the fullest extent permitted
by Section 122(17) of the DGCL (or any successor provision) and except as may be otherwise expressly agreed in writing by the Company
and the Investor, the Company, on behalf of itself and its Subsidiaries, renounces any interest or expectancy of the Company and its
Subsidiaries in, or in being offered an opportunity to participate in, business opportunities, that are from time to time presented to
the Investor or any of their respective officers, representatives, directors, agents, stockholders, members, partners, Affiliates, Subsidiaries
(other than the Company and its Subsidiaries), or any of their respective designees on the Company Board and/or any of their respective
representatives who, from time to time, may act as officers of the Company, even if the opportunity is one that the Company or its Subsidiaries
might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and no such person
shall be liable to the Company or any of its Subsidiaries for breach of any fiduciary or other duty, as a director or officer or otherwise,
by reason of the fact that such person pursues or acquires such business opportunity, directs such business opportunity to another person
or fails to present such business opportunity, or information regarding such business opportunity, to the Company or its Subsidiaries
unless such business opportunity is disclosed to the applicable director or officer in his or her capacity as such. Neither the alteration,
amendment or repeal of this Section 2.06, nor the adoption of any provision of the Certificate of Incorporation or the Series A Certificate
of Designations inconsistent with this Section 2.06, nor, to the fullest extent permitted by the DGCL, any modification of law, shall
eliminate or reduce the effect of this Section 2.06 in respect of any business opportunity first identified or any other matter occurring,
or any cause of action, suit or claim that, but for this Section 2.06, would accrue or arise, prior to such alteration, amendment, repeal,
adoption or modification. If any provision or provisions of this Section 2.06 shall be held to be invalid, illegal or unenforceable as
applied to any circumstance for any reason whatsoever: (a) the validity, legality and enforceability of such provisions in any other
circumstance and of the remaining provisions of this Section 2.06 (including, without limitation, each portion of any paragraph of this
Section 2.06 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this
Section 2.06 (including, without limitation, each such portion of any paragraph of this Section 2.06 containing any such provision held
to be invalid, illegal or unenforceable) shall be construed so as to permit the Company to protect its directors, officers, employees
and agents from personal liability in respect of their good faith service to or for the benefit of the Company to the fullest extent
permitted by law. This Section 2.06 shall not limit any protections or defenses available to, or indemnification or advancement rights
of, any director, officer, employee or agent of the Company under the Certificate of Incorporation, the Bylaws, any other agreement between
the Company and such director, officer, employee or agent or applicable law.

 

    B-17

     

    

 

Section
2.07. Board Obligations. Any breach by the Company Board of its obligations under this Article II shall be deemed a breach by
the Company of its obligations hereunder.

 

Section
2.08. Preemptive Rights.

 

(a)
Except for any Company Securities issued in an Excluded Issuance, if, following the date hereof, the Company authorizes the issuance
or sale of any Company Common Stock or Equity-Linked Securities to any Person or Persons (the “Offeree”), the Company
shall first offer to sell to the Investor a portion of such Company Common Stock or Equity-Linked Securities, as applicable, equal to
the quotient (the “Pro Rata Share”) determined by dividing (x) the number of shares of Company Common Stock beneficially
owned by the Investor at such time (including shares of Company Common Stock that would be issuable upon conversion, exchange or exercise,
as applicable, of any Equity-Linked Securities beneficially owned by the Investor at such time even if not convertible, exchangeable
or exercisable at such time), by (y) the total number of shares of Company Common Stock then issued and outstanding immediately prior
to such issuance (including any shares of Company Common Stock included in clause (x) on an as-converted, exchanged or exercised basis,
if applicable). The Investor shall be entitled to purchase such Company Common Stock or Equity-Linked Securities, as applicable, at the
same price as such Company Common Stock or Equity-Linked Securities, as applicable, is to be offered to the Offeree. The Investor, if
it elects to purchase its pro rata share of the Company Common Stock or Equity-Linked Securities, as applicable, authorized for issuance
or sale to the Offeree, will take all necessary actions in connection with the consummation of the purchase transactions contemplated
by this Section 2.08 (which, subject to clause (e) below, shall be concurrent with the consummation of the issuance or sale of the
Company Common Stock or Equity-Linked Securities, as applicable, to the Offeree) as reasonably requested by the Company Board, including
the execution of all agreements, documents and instruments in connection therewith in the form presented by the Company, so long as such
agreements, documents and instruments are on customary forms for a transaction of this type and do not require the Investor to make or
agree to any representation, warranty, covenant or indemnity that is more burdensome than that required of the Offeree in the agreements,
documents or instruments in connection with such transaction. Notwithstanding the foregoing, in calculating the portion of such Company
Common Stock or Equity-Linked Securities, as applicable, that the Investor is entitled to purchase pursuant to this provision, no shares
of Company Common Stock issuable upon conversion, exchange or exercise, as applicable, of Equity-Linked Securities shall be included
if such Equity-Linked Securities are entitled to an anti-dilution or similar adjustment, pursuant to the terms thereof with respect to
the issuance or sale of Company Common Stock or Equity-Linked Securities, as applicable, giving right to these preemptive rights; provided,
that, where the application of such anti-dilution or similar adjustment is not sufficient for the Investor to maintain its Pro Rata Share
taking into account the issuance of the Company Common Stock or Equity-Linked Securities to the Offeree, the Investor shall be entitled
to purchase pursuant to this Section 2.08 such portion of the Company Common Stock or Equity-Linked Securities, as applicable, to allow
the Investor to maintain its Pro Rata Share immediately following such issuance.

 

(b)
In order to exercise its purchase rights hereunder, the Investor must, within 30 days after receipt of written notice from the Company
describing the Company Common Stock or Equity-Linked Securities, as applicable, being offered, the purchase price thereof and the payment
terms, deliver a written notice to the Company describing its election hereunder.

 

(c)
During the 90 days following the expiration of the 30-day offer period described above, the Company shall be entitled to sell the shares
of Company Common Stock or such Equity-Linked Securities, as applicable, which the Investor has not elected to purchase, to the Offeree
at no less than the purchase price, and upon other terms no more favorable than those, stated in the notice provided under Section 2.08(b)
(in addition to the portion of the Company Common Stock or Equity-Linked Securities, as applicable, the Company is not required to offer
to the Investor pursuant to the first sentence of Section 2.08(a)). Any Company Common Stock or Equity-Linked Securities, as applicable,
proposed to be offered or sold by the Company to the Offeree after such 90-day period, or at a price not complying with the immediate
preceding sentence, must be reoffered to the Investor pursuant to the terms of this Section 2.08 prior to any sale to the Offeree.

 

    B-18

     

    

 

(d)
In the case of the offering of Company Common Stock or Equity-Linked Securities, as applicable, for consideration in whole or in part
other than cash, including securities acquired in exchange therefor (other than securities by their terms so exchangeable), the consideration
other than cash shall be deemed to be the fair value thereof as reasonably determined by the Company Board; provided, however,
that such fair value as determined by the Company Board shall not exceed the aggregate market price of the securities being offered as
of the date the Company Board authorizes the offering of such securities.

 

(e)
Notwithstanding the requirement in clause (a) above that the Investor’s pro rata purchase pursuant to these preemptive rights
be concurrent with the consummation of the issuance or sale of the Company Common Stock or Equity-Linked Securities, as applicable, to
the Offeree, the consummation of pro rata purchases pursuant to these preemptive rights that, individually, involve purchases by the
Investor of less than $1 million dollars shall be aggregated and consummated on a quarterly basis for each three-month period ending
March 31, June 30, September 30 or December 31, within sixty (60) days after the end of such period. The aggregation of such purchases
does not relieve the Company or the Investor from their respective obligations to provide timely notices with respect to any individual
offering of Company Common Stock or Equity-Linked Securities as required by this Section 2.08.

 

Article
III

Registration Rights

 

Section
3.01. Registration.

 

(a)
Resale Shelf Registration Statement. Subject to the other applicable provisions of this Agreement, the Company shall prepare and
file within three-hundred (300) days after the date hereof a registration statement covering the sale or distribution from time to time
by the Investor holding Registrable Securities (the “Holder”), on a delayed or continuous basis pursuant to Rule 415
of the Securities Act, of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale
the Registrable Securities on Form S-3, then such registration shall be on another appropriate form and shall provide for the registration
of such Registrable Securities for resale by the Holder in accordance with any reasonable method of distribution elected by the Investor)
(the “Resale Shelf Registration Statement”) and shall use commercially reasonable efforts to cause such Resale Shelf
Registration Statement to be declared effective by the SEC as promptly as reasonably practicable after the filing thereof (and in any
event within twelve (12) months after the date hereof). Notwithstanding anything to the contrary herein, the Company shall not have any
obligation to participate in any due diligence, execute any agreements or certificates or deliver any legal opinions to the Holders or
obtain comfort letters solely in connection with the filing and/or effectiveness of the Shelf Registration Statement or, if applicable,
Subsequent Shelf Registration Statement.

 

(b)
Effectiveness Period. Once declared effective, the Company shall, subject to the other applicable provisions of this Agreement,
use its commercially reasonable efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable until
such time as there are no longer any Registrable Securities (the “Effectiveness Period”).

 

    B-19

     

    

 

(c)
Subsequent Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any
time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable
cause such Shelf Registration to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order
suspending the effectiveness of such Shelf Registration), and shall use its commercially reasonable efforts to as promptly as is reasonably
practicable amend such Shelf Registration in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness
of such Shelf Registration or file an additional registration statement (a “Subsequent Shelf Registration”) for an
offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time
by the Holder of all securities that are Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration is
filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective
under the Securities Act as promptly as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf Registration
continuously effective and usable until the end of the Effectiveness Period. Any such Subsequent Shelf Registration shall be a registration
statement on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall
be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by the Holders in accordance
with any reasonable method of distribution elected by the Investor. Notwithstanding the foregoing, the Company shall not be required
to amend such Resale Shelf Registration Statement or file a Subsequent Shelf Registration if such Resale Shelf Registration Statement
ceases to be effective due to the filing of a post-effective amendment thereto permitted by this Agreement or during an Interruption
Period or Suspension Period provided for in this Agreement.

 

(d)
Supplements and Amendments. The Company shall supplement and amend any Shelf Registration if required by the Securities Act or
the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration; provided,
however, that no such supplements or amendments will be required to be filed during an Interruption Period or a Suspension Period.

 

(e)
Subsequent Holder Notice. If a Person entitled to the benefits of this Agreement becomes a Holder of Registrable Securities after
a Shelf Registration becomes effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following
delivery of written notice to the Company of such Person becoming a Holder and requesting for its name to be included as a selling securityholder
in the prospectus related to the Shelf Registration (a “Subsequent Holder Notice”):

 

(i)
if required and permitted by applicable Law, file with the SEC a supplement to the related prospectus or a post-effective amendment to
the Shelf Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the related prospectus
in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities in accordance with applicable
Law; provided, however, that the Company shall not be required to file more than one post-effective amendment or a supplement
to the related prospectus for such purpose in any 30-day period and no such post-effective amendment or supplement will be required to
be filed during an Interruption Period or a Suspension Period;

 

(ii)
if, pursuant to clause (i) above, the Company shall have filed a post-effective amendment to the Shelf Registration that is not
automatically effective, use its commercially reasonable efforts to cause such post-effective amendment to become effective under the
Securities Act as promptly as is reasonably practicable; and

 

(iii)
notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective amendment
filed pursuant to clause (i) above.

 

    B-20

     

    

 

(f)
Underwritten Offering.

 

(i)
Subject to any applicable restrictions on transfer in this Agreement or otherwise, the Investor may, after the Resale Shelf Registration
Statement becomes effective, deliver a written notice to the Company (the “Underwritten Offering Notice”) specifying
that the sale of some or all of the Registrable Securities subject to the Shelf Registration is intended to be conducted through an underwritten
offering (the “Underwritten Offering”); provided, however, that the Investor may not, without the Company’s
prior written consent, (x) launch more than two (2) Underwritten Offerings at the request of the Investor within any three-hundred sixty-five
(365) day period, (y) launch an Underwritten Offering the anticipated gross proceeds of which shall be less than $25,000,000 (unless
the Investor is proposing to sell all of their remaining Registrable Securities) or (z) launch an Underwritten Offering within the period
(a “Quarterly Blackout Period”) commencing on the seventh (7th) calendar day of the third (3rd) month of each fiscal
quarter and ending at the start of the second full trading day following the date of public disclosure of the financial results for that
fiscal quarter.

 

(ii)
In the event of an Underwritten Offering, the Investor shall select the managing Underwriter or Underwriters to administer the Underwritten
Offering; provided that the choice of such managing underwriter(s) shall be subject to the consent of the Company, which shall
not be unreasonably withheld. The Company, the Investor and the Holders of Registrable Securities participating in the Underwritten Offering
will enter into and perform its obligations under an underwriting agreement in customary form with the managing Underwriter or Underwriters
selected for such offering.

 

(iii)
The Company and other holders of Company Securities entitled to contractual registration rights may include in any Underwritten
Offering pursuant to this Section 3.01(f) any securities that are not Registrable Securities without the prior written consent of
the Investor, subject to Section 3.02. If the managing Underwriter or Underwriters advise the Company and the Investor in writing
that in its or their good faith opinion the number of Registrable Securities (and, if permitted hereunder, other securities
requested to be included in such offering) exceeds the number of securities which can be sold in such offering in light of market
conditions or is such so as to adversely affect the success of such offering, the Company and other holders of Company Securities
may include in such offering only such number of securities that can be sold without adversely affecting the marketability of the
offering, which securities will be so included in the following order of priority: (A) first, the Registrable Securities that have
been requested to be so included by the Holders on the basis of the percentage of the Registrable Securities owned by such Holders,
(B) second, any other Persons granted piggyback registration rights prior to the date of this Agreement who have the right to
participate and that have requested to participate in such Underwritten Offering, allocated in accordance with any agreement as to
priority as between the Company and such Persons, (C) third, any securities proposed to be sold by the Company and (D) fourth,
any other securities of the Company that have been requested to be so included.

 

(g)
Take-Down Notice. Subject to the other applicable provisions of this Agreement, at any time that any Shelf Registration is effective,
if the Investor delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or
distribution of all or part of its Registrable Securities included by it on any Shelf Registration (a “Shelf Offering”)
and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company shall amend, subject to
the other applicable provisions of this Agreement, or supplement the Shelf Registration as may be necessary in order to enable such Registrable
Securities to be sold and distributed pursuant to the Shelf Offering.

 

Section
3.02. Piggyback Registration.

 

(a)
Notice of Registration. If at any time or from time to time the Company proposes to file a registration statement under the Securities
Act with respect to, or otherwise commence, a public offering of its Company Common Stock or securities convertible into, or exchangeable
or exercisable for, Company Common Stock, whether or not for sale for its own account (other than an Excluded Registration Statement),
the Company will promptly give to each Investor written notice of such filing or commencement, which notice shall be given as soon as
practicable and no later than ten (10) Business Days prior to the filing date or commencement date (the “Piggyback Notice”)
to the Investor on behalf of the Holders of Registrable Securities.

 

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(b)
Right to Participate. The Piggyback Notice shall offer such Holders the opportunity to include (or cause to be included) in such
registration statement and offering the number of shares of Registrable Securities as the Investor on behalf of any such Holder may request
(each, a “Piggyback Registration Statement”). Subject to Section 3.02(c), the Company shall include in each Piggyback
Registration Statement all Registrable Securities with respect to which the Company has received written requests for inclusion therein
(each, a “Piggyback Request”) within five (5) Business Days after the date of the Piggyback Notice but in any event
not later than one (1) Business Day prior to the filing date of a Piggyback Registration Statement. Such notice shall state the intended
method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities
in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any
Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect
to offerings of its securities, all upon the terms and conditions set forth herein. The Company shall not be required to maintain the
effectiveness of a Piggyback Registration Statement beyond the earlier of (x) 180 days after the effective date thereof and (y) consummation
of the distribution by the Holders of the Registrable Securities included in such registration statement.

 

(c)
Underwriting. The right of any Holder to registration pursuant to Section 3.01(f) or this Section 3.02 shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent
provided therein. If any of the securities to be registered pursuant to the registration giving rise to the rights under this Section
3.02 are to be sold in an underwritten offering, the Company shall use commercially reasonable efforts to cause the managing Underwriter
or Underwriters of a proposed underwritten offering to permit Holders of Registrable Securities who have timely submitted a Piggyback
Request in connection with such offering to include in such offering all Registrable Securities included in each Holder’s Piggyback
Request on the same terms and subject to the same conditions as any other shares of capital stock, if any, of the Company included in
the offering. Each Holder proposing to distribute its securities through a Piggyback Registration Statement shall (together with the
Company and the other holders distributing their securities through such underwriting) enter into an underwriting agreement with the
managing Underwriter or Underwriters selected for such underwriting by the Company or by the stockholders of the Company who have the
right to select the Underwriters (such underwriting agreement to be in the form negotiated by the Company or such stockholders, as the
case may be). Notwithstanding any other provision of this Section 3.02, if the managing Underwriter or Underwriters of a proposed underwritten
offering with respect to which Holders have exercised their piggyback registration rights advise the Company Board that in its or their
good faith opinion the number of Registrable Securities requested to be included in the offering thereby and all other securities proposed
to be sold in the offering exceeds the number which can be sold in such underwritten offering in light of market conditions or is such
as to adversely affect the success of such filing, the Registrable Securities and such other securities to be included in such underwritten
offering shall be allocated: (i) in the event such offering was initiated by the Company, (A) first, up to the total number of securities
that the Company has requested to be included in such registration for its own account, (B) second, any other Persons granted piggyback
registration rights prior to the date of this Agreement who have the right to participate and that have requested to participate in such
offering, allocated in accordance with any agreement as to priority between the Company and such Persons; (C) third, the Registrable
Securities of the Holders that have requested to participate in such underwritten offering, and (D) fourth, any other securities of the
Company that have been requested to be included in such offering, allocated pro rata among such holders on the basis of the percentage
of securities then held by such holders; and (ii) in the event such offering was initiated by holders of securities (other than Registrable
Securities) who have exercised their demand registration rights pursuant to other written contractual arrangements with the Company,
(A) first, up to the total number of securities that such holders of such securities have requested to be included in such offering,
allocated in accordance with any agreement as to priority between the Company and such Persons, (B) second, any other Persons granted
piggyback registration rights prior to the date of this Agreement who have the right to participate and that have requested to participate
in such underwritten offering, allocated in accordance with any agreement as to priority as between the Company and such Persons, (C)
third, the Registrable Securities of the Holders that have requested to participate in such underwritten offering, allocated pro rata
among such Holders on the basis of the percentage of the Registrable Securities owned by such Holders; and (D) fourth, any other securities
of the Company that have been requested to be included in such offering, allocated in accordance with any agreement as to priority between
the Company and such Persons. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom
by written notice to the Company and the managing Underwriter or Underwriters. Any securities excluded or withdrawn from such underwriting
(x) may be substituted by securities held by the Holders to be included in such registration; or (y) in the event the Holders elect not
to substitute any shares, may be substituted by securities held by the Company or other holders of Company Securities to be included
in such registration; or (z) in the event that the Holders, the Company and other holders of Company Securities elect not to substitute
any shares, shall be withdrawn from such registration.

 

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(d)
Right to Terminate Registration. The Company or the holders of securities who have caused Registrable Securities to be included
in a registration statement pursuant to Section 3.01 or 3.02 to be filed as contemplated by this Section 3.02, as the case may be, shall
have the right to have any registration initiated by it or them, as applicable, under this Section 3.02 terminated or withdrawn prior
to the effectiveness thereof, whether or not any Holder has elected to include securities in such registration, without any liability
to the Company or the holders of securities that were to be included therein.

 

Section
3.03. Registration Procedures.

 

(a)
Subject to the other applicable provisions of this Agreement, in the case of each registration of Registrable Securities effected by
the Company pursuant to Section 3.01 or Section 3.02, the Company will:

 

(i)
prepare and promptly file with the SEC a registration statement with respect to such securities and use commercially reasonable efforts
to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby in accordance
with the applicable provisions of this Agreement;

 

(ii)
prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such registration statement and
the prospectus used in connection with such registration statement as (x) reasonably requested by any Holder (to the extent such request
related to information relating to such Holder) or (y) may be necessary to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement in accordance with the Investor’s intended method of
distribution set forth in such registration statement and as may be necessary to keep the registration statement continuously effective
for the period set forth in this Agreement;

 

(iii)
respond promptly to any comments received from the SEC and, unless requested otherwise by the Holder who has initiated such registration,
request acceleration of effectiveness promptly after it learns that the SEC will not review the registration statement or after it has
satisfied comments received from the SEC;

 

(iv)
furnish, (A) to the Investor’s legal counsel, copies of the registration statement and the prospectus included therein (including
each preliminary prospectus), in each case including all exhibits thereto, proposed to be filed and provide such legal counsel a reasonable
opportunity to review and comment on such registration statement and (B) to the Investor and the Underwriters, such other documents as
it may reasonably request in order to facilitate the disposition of Registrable Securities owned by it;

 

(v)
if requested by the managing Underwriter or Underwriters, if any, or the Investor, promptly include in any prospectus supplement or post-effective
amendment such information as the managing Underwriter or Underwriters, if any, or the Investor may reasonably request in order to permit
the intended method of distribution of such securities and make all required filings of such prospectus supplement or post-effective
amendment as soon as reasonably practicable after the Company has received such request; provided, however, that the Company shall not
be required to take any actions under this Section 3.03(a)(v) that are not, in the opinion of counsel for the Company, in compliance
with applicable law;

 

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(vi)
in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish to the Investor and to the Underwriters
of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus
as the Investor or Underwriters may reasonably request in order to facilitate the public offering or other disposition of such securities;

 

(vii)
as promptly as reasonably practicable, use commercially reasonable efforts to notify the Investor at any time when (A) a prospectus
relating thereto is required to be delivered under the Securities Act or of the Company’s discovery of the occurrence of any
event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading or incomplete in the light of the circumstances then existing, and, subject to Section 3.04, at the request of the
Investor, prepare as promptly as is reasonably practicable and furnish to the Investor a reasonable number of copies of a supplement
to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchaser of such securities, 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 or incomplete in the light of the circumstances then existing, or (B) if
for any other reason it shall be necessary to amend or supplement such registration statement or prospectus in order to comply with
the Securities Act;

 

(viii)
use reasonable best efforts to register and qualify (or exempt from such registration or qualification) the securities covered by such
registration statement under such other securities or “blue sky” laws of such jurisdictions within the United States as shall
be reasonably requested in writing by the Investor; provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to (A) qualify to do business in any jurisdictions where it would not otherwise be required to qualify
but for this subsection or (B) file a general consent to service of process in any such states or jurisdictions;

 

(ix)
in the event that the Registrable Securities are being offered in an underwritten public offering, enter into an underwriting agreement
and any related lock-up arrangement, in usual and customary form and otherwise in accordance with the applicable provisions of this Agreement;

 

(x)
in connection with an Underwritten Offering, the Company shall cause its officers to use their commercially reasonable efforts to support
the marketing of the Registrable Securities covered by such offering (including participation in “road shows” or other similar
marketing efforts) to the extent reasonably necessary, in the view of the managing underwriter(s), to support the proposed sale of Registrable
Securities pursuant to such Underwritten Offering;

 

(xi)
use commercially reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the Underwriters for sale
(if such securities are being sold through Underwriters) or, solely in the case of clause (A), (D) and (E), the pricing or closing date
of the applicable offering or sale (in the case of an offering with the assistance of a broker, placement agent or other agent of the
Holder): (A) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form
and substance as is customarily given to the managing Underwriter or Underwriters in an underwritten public offering, addressed to the
Underwriter or Underwriters (in the case of an underwritten offering) or, if requested, in form and substance as is customarily given
to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities addressed to such broker,
placement agent or other agent, if any, (B) a “negative assurances letter”, dated such date, of the legal counsel representing
the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public
offering, (C) a “cold comfort” and “bring-down” letter, dated as of such date, from the independent certified
public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to Underwriters
in an underwritten public offering, addressed to the Underwriters, (D) customary certificates executed by authorized officers of the
Company as may be requested by any Holder or any underwriter of such Registrable Securities, and (E) make available to the appropriate
representatives of the underwriters, if any, and any and any counsel or accountants retained by the Holder access to such information
and personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act;

 

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(xii)
in the event that the Registrable Securities covered by such registration statement are shares of Company Common Stock or shares of capital
stock of the Company in a series that the Company has listed on a National Securities Exchange, use commercially reasonable efforts to
list the Registrable Securities covered by such registration statement with such National Securities Exchange on which the Company Common
Stock or such other shares of capital stock are then listed;

 

(xiii)
provide a transfer agent and registrar for all such Registrable Securities and, if requested by Underwriter(s) or the Holder, a CUSIP/ISIN
number for all such Registrable Securities that the Company has listed on a National Securities Exchange, in each case not later than
the effective date of such registration statement;

 

(xiv)
in connection with a customary due diligence review, make available, during reasonable business hours, for inspection by any Underwriter
participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Investor or Underwriter
(collectively, the “Offering Persons”), at the offices where normally kept, during reasonable business hours, all
financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers,
directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions
in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such Registration
Statement; provided, however, that any information that is not generally publicly available at the time of delivery of
such information shall be kept confidential by such Offering Persons unless (A) disclosure of such information is required by court or
administrative order or in connection with an audit or examination by, or a blanket document request from, a regulatory or self-regulatory
authority, bank examiner or auditor, (B) disclosure of such information, in the reasonable judgment of the Offering Persons, is required
by law or applicable legal process (including in connection with the offer and sale of securities pursuant to the rules and regulations
of the SEC), (C) such information is or becomes generally available to the public other than as a result of a non-permitted disclosure
or failure to safeguard by such Offering Persons in violation of this Agreement or (D) such information (x) was known to such Offering
Persons (prior to its disclosure by the Company) from a source other than the Company when such source, to the knowledge of the Offering
Persons, was not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information,
(y) becomes available to the Offering Persons from a source other than the Company when such source, to the knowledge of the Offering
Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information
or (z) was developed independently by the Offering Persons or their respective representatives without the use of, or reliance on, information
provided by the Company. In the case of a proposed disclosure pursuant to (A) or (B) above, such Person shall be required to give the
Company written notice of the proposed disclosure prior to such disclosure (except in the case of (B) above when a proposed disclosure
was or is to be made in connection with a registration statement or prospectus under this Agreement and except in the case of clause
(A) above when a proposed disclosure is in connection with a routine audit or examination by, or a blanket document request from, a regulatory
or self-regulatory authority, bank examiner or auditor);

 

(xv)
cooperate with the Investor and each Underwriter or agent participating in the disposition of Registrable Securities and their respective
counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”),
including the use of commercially reasonable efforts to obtain FINRA’s pre-clearance or pre-approval of the registration statement
and applicable prospectus upon filing with the SEC;

 

    B-25

     

    

 

(xvi)
as promptly as is reasonably practicable notify the Investor (A) when the prospectus or any prospectus supplement or post-effective amendment
has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective,
(B) of any request by the SEC for amendments or supplements to such registration statement or related prospectus or to amend or to supplement
such prospectus or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of such
registration statement or the initiation of any proceedings for such purpose or (D) of the receipt by the Company of any notification
with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any proceeding for such purpose; or

 

(xvii)
use its commercially reasonable efforts to take such other steps that are customarily taken by issuers necessary to effect the registration
and sale of the Registrable Securities contemplated hereby.

 

(b)
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3.03(a)(vii) or 3.03(a)(xvi)(C), the Investor shall discontinue, and shall cause each Holder to discontinue, disposition of any Registrable
Securities covered by such registration statement or the related prospectus until receipt of the copies of the supplemented or amended
prospectus, which supplement or amendment shall, subject to the other applicable provisions of this Agreement, be prepared and furnished
by the Company as soon as reasonably practicable, or until the Investor are advised in writing by the Company that the use of the applicable
prospectus may be resumed, and has received copies of any amended or supplemented prospectus or any additional or supplemental filings
which are incorporated, or deemed to be incorporated, by reference in such prospectus (such period during which disposition is discontinued
being an “Interruption Period”) and, if requested by the Company, the Investor shall use commercially reasonable efforts
to return, and cause the Holders to return, to the Company all copies then in their possession, of the prospectus covering such Registrable
Securities at the time of receipt of such request. As soon as practicable after the Company has determined that the use of the applicable
prospectus may be resumed, the Company will notify the Investor thereof. In the event the Company invokes an Interruption Period hereunder
and in the reasonable discretion of the Company the need for the Company to continue the Interruption Period ceases for any reason, the
Company shall, as soon as reasonably practicable, provide written notice to the Investor that such Interruption Period is no longer applicable.

 

Section
3.04. Suspension.

 

(a)
The Company shall be entitled on up to three (3) occasions during any twelve-month period, for the shortest possible period of time and
no more than sixty (60) consecutive calendar days and no more than ninety (90) total calendar days during any twelve-month period (any
such period, a “Suspension Period”) to (x) defer any registration of Registrable Securities and shall have the right
not to file and not to cause the effectiveness of any registration covering any Registrable Securities, (y) suspend the use of any prospectus
and registration statement covering any Registrable Securities and (z) require the Holders of Registrable Securities to suspend any offerings
or sales of Registrable Securities pursuant to a registration statement, if the Company delivers to the Investor a certificate signed
by an executive officer certifying that such registration and offering would (i) require the Company to make an Adverse Disclosure or
(ii) materially interfere with any bona fide material financing, acquisition, disposition, reorganization, restructuring, pending or
proposed transaction or announcement or other similar transaction or action involving the Company or any of its subsidiaries then under
consideration. Such certificate shall contain a statement of the reasons for such suspension and an approximation of the anticipated
length of such suspension. The Investor shall keep the information contained in such certificate confidential subject to the same terms
set forth in Section 3.03(a)(xiv).

 

    B-26

     

    

 

(b)
If the Company defers any registration of Registrable Securities in response to an Underwritten Offering Notice or requires the Investor
or the Holders to suspend any Underwritten Offering, the Investor shall be entitled to withdraw such Underwritten Offering Notice and
if it does so, such request shall not be treated for any purpose as the delivery of an Underwritten Offering Notice pursuant to Section
3.01(f).

 

(c)
Notwithstanding the foregoing or anything herein to the contrary, the application of Section 3.01(f)(iii) or Section 3.02(c) shall not
be deemed to be a Suspension Period with respect to any Holder. The Holders acknowledge that the existence of a Suspension Period may
or may not constitute material non-public information.

 

Section
3.05. Expenses of Registration. All Registration Expenses incurred in connection with any registration pursuant to Sections 3.01
and 3.02 shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne
by the applicable Holders of the Registrable Securities included in any such registration.

 

Section
3.06. Information by Holders.

 

(a)
The Holder or Holders of Registrable Securities included in any registration shall, and the Investor shall cause such Holder or Holders
to, furnish to the Company such information regarding such Holder or Holders and their Affiliates, the Registrable Securities held by
them and the distribution proposed by such Holder or Holders and their Affiliates (the “Holder Information”) as the
Company or its Representatives may reasonably request and as shall be required in connection with any registration, qualification or
compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under Sections 3.01 and 3.02
are conditioned on the timely provisions of the foregoing information by such Holder or Holders and, without limitation of the foregoing,
will be conditioned on compliance by such Holder or Holders with the following:

 

(i)
such Holder or Holders will, and will cause their respective Affiliates to, cooperate with the Company in connection with the preparation
of the applicable registration statement and prospectus and, for so long as the Company is obligated to keep such registration statement
effective, such Holder or Holders will and will cause their respective Affiliates to, provide to the Company, in writing and in a timely
manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and
their respective Affiliates and such other information as may be required by applicable Laws to enable the Company to prepare or amend
such registration statement, any related prospectus and any other documents related to such offering covering the applicable Registrable
Securities owned by such Holder or Holders and to maintain the currency and effectiveness thereof;

 

(ii)
during such time as such Holder or Holders and their respective Affiliates may be engaged in a distribution of the Registrable Securities,
such Holder or Holders will, and they will cause their Affiliates to, comply with all Laws applicable to such distribution, including
Regulation M promulgated under the Exchange Act, and, to the extent required by such Laws, will, and will cause their Affiliates to,
among other things (A) not engage in any stabilization activity in connection with the securities of the Company in contravention of
such Laws, (B) distribute the Registrable Securities acquired by them solely in the manner described in the applicable registration statement
and (C) if required by applicable Law, cause to be furnished to each agent or broker-dealer to or through whom such Registrable Securities
may be offered, or to the offeree if an offer is made directly by such Holder or Holders or their respective Affiliates, such copies
of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by reference therein as may be required
by such agent, broker-dealer or offeree;

 

    B-27

     

    

 

(iii)
such Holder or Holders shall, and they shall cause their respective Affiliates to, (A) supply in a timely manner any information as they
may be reasonably requested to provide in connection with the offering or other distribution of Registrable Securities by such Holder
or Holders and (B) execute, deliver and perform under any agreements and instruments reasonably requested by the Company or its Representatives
to effectuate such registered offering, including opinions of counsel and questionnaires; and

 

(iv)
on receipt of any notice from the Company of the occurrence of any of the events specified in Section 3.03(a)(vii), 3.03(a)(xvi)(B) or
3.03(a)(xvi)(C) or that otherwise requires the suspension by such Holder or Holders and their respective Affiliates of the offering,
sale or distribution of any of the Registrable Securities owned by such Holder or Holders, such Holders shall, and they shall cause their
respective Affiliates to, cease offering, selling or distributing the Registrable Securities owned by such Holder or Holders until the
offering, sale and distribution of the Registrable Securities owned by such Holder or Holders may recommence in accordance with the terms
hereof and applicable Law.

 

Section
3.07. Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders, the Company agrees that, for
so long as a Holder owns Registrable Securities, the Company will use its commercially reasonable efforts to:

 

(a)
make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the date of this
Agreement;

 

(b)
file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act; and

 

(c)
so long as a Holder owns any Registrable Securities, furnish to the Holder upon written request a written statement by the Company as
to its compliance with the reporting requirements of the Exchange Act.

 

Section
3.08. Requirements for Participation in Registrations and Underwritten Offerings. Notwithstanding anything in this Agreement to
the contrary, if any Holder does not provide the Company with its requested Holder Information, the Company may exclude such Holder’s
Registrable Securities from the applicable registration statement or prospectus if the Company reasonably determines, based on the advice
of counsel, that such information is necessary to effect the registration and such Holder continues thereafter to withhold such information.
No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the
Company hereunder unless such person (a) agrees to sell such person’s securities on the basis provided in any underwriting arrangements
approved by the Company and (b) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements,
underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.
The exclusion of a Holder’s Registrable Securities as a result of this Section 3.08 shall not affect the registration of the other
Registrable Securities to be included in such Registration.

 

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Section
3.09. Indemnification.

 

(a)
Indemnification by Company. To the extent permitted by applicable Law, the Company will, with respect to any Registrable Securities
covered by a registration statement or prospectus, or as to which registration or qualification or compliance under applicable “blue
sky” laws has been effected pursuant to this Agreement, indemnify and hold harmless each Holder, each Holder’s current and
former officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees, and each Person
controlling such Holder within the meaning of Section 15 of the Securities Act and such Holder’s current and former officers, directors,
partners, members, managers, stockholders, accountants, attorneys, agents and employees, and each Underwriter thereof, if any, and each
Person who controls any such Underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company
Indemnified Parties”) from and against any and all expenses, claims, losses, damages, costs (including costs of preparation
and reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation
or proceeding), judgments, fines, penalties, charges, amounts paid in settlement and other liabilities, joint or several (or actions
in respect thereof) (collectively, “Losses”), to the extent arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular “issuer
free writing prospectus” (as such term is defined in Rule 433 under the Securities Act) or other document, in each case related
to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein
a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they
were made, not misleading, or any violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rules
or regulations thereunder applicable to the Company in connection with any registration or offering hereunder and (without limiting the
preceding portions of this Section 3.09) the Company will reimburse each of the Company Indemnified Parties for any reasonable and documented
out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating,
defending or, subject to the last sentence of this Section 3.09, settling any such Losses or action, as such expenses are incurred; provided
that the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such
settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed),
nor shall the Company be liable to a Holder in any such case for any such Losses or action to the extent that it arises out of or is
based upon a violation or alleged violation of any state or federal Law (including any claim arising out of or based on any untrue statement
or alleged untrue statement or omission or alleged omission in the registration statement or prospectus) which occurs in reliance upon
and in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives
expressly for use in connection with such registration by or on behalf of any Holder.

 

(b)
Indemnification by Holders. To the extent permitted by applicable Law, each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which registration or qualification or compliance under applicable “blue sky”
laws is being effected, indemnify, severally and not jointly with any other Holders of Registrable Securities, the Company, each of its
Representatives, each Person who controls the Company or such Underwriter within the meaning of Section 15 of the Securities Act (collectively,
the “Holder Indemnified Parties”), against all Losses (or actions in respect thereof) to the extent arising out of
or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus,
preliminary prospectus, offering circular, “issuer free writing prospectus” or other document, in each case related to such
registration statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading, and will reimburse each of the Holder Indemnified Parties for any reasonable and documented out-of-pocket legal expenses
and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject
to the last sentence of this Section 3.09, settling any such Losses or action, as such expenses are incurred, in each case to the extent,
but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration
statement, prospectus, offering circular, “issuer free writing prospectus” or other document in reliance upon and in conformity
with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives specifically
for use therein; provided, however, that in no event shall any indemnity under this Section 3.09(b) payable by the Investor
and any Holder exceed an amount equal to the net proceeds (after payment of Selling Expenses) received by each such Holder in respect
of the Registrable Securities sold pursuant to the registration statement. The indemnity agreement contained in this Section 3.09(b)
shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without
the prior written consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed).

 

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(c)
Notification. If any Person shall be entitled to indemnification under this Section 3.09 (each, an “Indemnified Party”),
such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying Party”)
of any claim or of the commencement of any proceeding as to which indemnity is sought. The Indemnifying Party shall have the right, exercisable
by giving written notice to the Indemnified Party as promptly as reasonably practicable after the receipt of written notice from such
Indemnified Party of such claim or proceeding, to assume, at the Indemnifying Party’s expense, the defense of any such claim or
litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying Party to such Indemnified
Party of its election to assume the defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right
to defend, contest, litigate and settle the matter in question in accordance with this Section 3.09(c)) be liable to such Indemnified
Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense
thereof; provided, however, that an Indemnified Party shall have the right to employ separate counsel in any such claim
or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party
shall have failed within a reasonable period of time to assume such defense and the Indemnified Party is or would reasonably be expected
to be materially prejudiced by such delay. The failure of any Indemnified Party to give notice as provided herein shall relieve an Indemnifying
Party of its obligations under this Section 3.09 only to the extent that the failure to give such notice is materially prejudicial or
harmful to such Indemnifying Party’s ability to defend such action. No Indemnifying Party shall, without the prior written consent
of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party
of a release from all liability in respect to such claim or litigation. The indemnity agreements contained in this Section 3.09 shall
not apply to amounts paid in settlement of any claim, loss, damage, liability or action if such settlement is effected without the prior
written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification set forth
in this Section 3.09 shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have. An Indemnifying
Party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more
than one counsel for all parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment
of any Indemnified Party a conflict of interest may exist between such Indemnified Party and any other Indemnified Parties with respect
to such claim.

 

(d)
Contribution. If the indemnification provided for in this Section 3.09 is held by a court of competent jurisdiction to be unavailable
to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to
the limitations contained in this Section 3.09, the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such Losses or action in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection with
the actions, statements or omissions that resulted in such Losses or action, as well as any other relevant equitable considerations.
The relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, 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 to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying
Party or such Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent any such action, statement or omission. The Company and the Holders agree that it would not be just and equitable if contribution
pursuant to this Section 3.09(d) was determined solely upon pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding sentence of this Section 3.09(d). Notwithstanding the
foregoing, the amount the Investor and any Holder will be obligated to contribute pursuant to this Section 3.09(d) will be limited to
an amount equal to the net proceeds (after payment of Selling Expenses) received by such Investor and/or such Holder in respect of the
Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute. 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.

 

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Section
3.10. Transfer of Registration Rights. Any rights to cause the Company to register securities granted to a Holder under this Article
III may be transferred or assigned to any Affiliate of such Holder to whom shares of Series A Preferred Stock or Series A Preferred Stock
are transferred pursuant to and in accordance with Section 4.02 or any other party to whom such Holder may transfer any shares of Series
A Preferred Stock pursuant to Section 4.02; provided, however, that (a) prior written notice of such assignment of rights
is given to the Company and (b) such Person agrees in writing to be bound by, and subject to, this Agreement as a “Holder”
pursuant to a written instrument in form and substance reasonably acceptable to the Company.

 

Section
3.11. Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities under
Article III shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities.
The registration rights contained in this Article III shall terminate on the date on which all Holders cease to hold Registrable Securities.

 

Section
3.12. Registration Default. Any of the following events shall be deemed to be a “Registration Default” for
purposes of the Series of A Certificate of Designations:

 

(a)
If a Resale Shelf Registration Statement is not filed with the SEC on or prior to the date that is 300 days after the date hereof;

 

(b)
if a Resale Shelf Registration Statement is filed but not declared effective by the SEC (or has not become effective in the case of an
automatic shelf registration statement) on or prior to the date that is twelve (12) months after the date hereof; or

 

(c)
if a Shelf Registration has been declared or becomes effective but ceases to be effective or usable for the offer and sale of the Registrable
Securities (without being succeeded immediately by an effective replacement registration statement), or the Shelf Registration or prospectus
contained therein is subject to one or more Suspension Periods which exceeds 90 days in the aggregate in any consecutive 12-month period;

 

provided,
however, that (i) upon the filing of the Resale Shelf Registration Statement (in the case of paragraph (a) above), (ii) upon the
effectiveness of the Resale Shelf Registration Statement (in the case of paragraph (b) above), or (iii) upon such time as the Shelf
Registration which had ceased to remain effective or usable for resales again becomes effective and usable for resales (in the case of
paragraph (c) above), the applicable Registration Default shall cease and be deemed cured as of such time.

 

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Article
IV

Limitations on Transfers

 

Section
4.01. Limitation on Transfer of Series A Preferred Stock.

 

(a)
Except as otherwise permitted by this Agreement, including Section 4.02, the Investor shall not, from and after the date hereof until
the earliest of (i) the date that is twelve (12) months following the date hereof and (ii) the date of the consummation of a Fundamental
Change (as defined in the Series A Certificate of Designations) (such period, the “Restricted Period”), directly or
indirectly, sell, transfer, assign, or otherwise dispose of (each, a “Transfer”) any portion of or interest in any
shares of Series A Preferred Stock (including any Conversion Shares; but excluding, for the avoidance of doubt, any Company Common Stock
held by the Investor immediately prior to the date hereof) without the prior written consent of the Company (which consent may be given
or withheld or made subject to such conditions as are determined by the Company in its sole discretion); it being understood that a transfer
of any common stock or other securities issued by the Investor shall not constitute an indirect Transfer of any shares of Series A Preferred
Stock (including any Conversion Shares) by the Investor for purposes of this Section 4.01). Notwithstanding the foregoing, the Investor
shall provide notice to the Company of any Transfer of any shares of Series A Preferred Stock (but not any Conversion Shares that are
no longer subject to transfer restrictions) substantially concurrent with such Transfer.

 

(b)
Any purported Transfer that is not in accordance with the terms and conditions of this Article IV shall be, to the fullest extent permitted
by Law, null and void ab initio, and, in addition to other rights and remedies at law and in equity, the Company shall be entitled
to injunctive relief enjoining the prohibited action.

 

Section
4.02. Permitted Transfers. Notwithstanding anything to the contrary in Section 4.01, the Investor may Transfer all or any portion
of or any interest in any shares of Series A Preferred Stock or Conversion Shares as follows:

 

(a)
to the Company or its Subsidiaries;

 

(b)
pursuant to a merger, other business combination, acquisition of assets or similar transaction or any change of control transaction involving
the Company or any of its Subsidiaries, or tender offer or exchange offer made to all holders of the Company Common Stock (for the avoidance
of doubt, if such transaction does not close for any reason, the release from restrictions on Transfers under this clause (b) shall
not apply to any Series A Preferred Stock and Conversion Shares, including Company Common Stock received pursuant to the conversion of
any Series A Preferred Stock that had previously been converted to participate in any such transaction); and

 

(c)
to any Affiliate of an Investor, and such permitted transferee may further Transfer all or any portion of or any interest in any shares
of Series A Preferred Stock or Conversion Shares to any other Affiliate; provided, however, that no such Transfer shall
be permitted pursuant to this clause (c) unless and until any such permitted transferee agrees in writing for the benefit of the
Company to be bound by the terms of this Agreement (each such transferee under this clause (c), a “Permitted Transferee”).

 

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Section
4.03. Legend.

 

(a)
The Company may place appropriate and customary legends on the shares of Series A Preferred Stock (or the Conversion Shares) held by
the Investor setting forth the restrictions referred to in this Article IV and any restrictions appropriate for compliance with U.S.
federal securities Laws. The Investor agrees with the Company that, other than to take into account any changes in applicable securities
Laws, each share of Series A Preferred Stock held by an Investor on the Closing Date shall be marked with a legend substantially in the
form set forth below:

 

THESE
SECURITIES AND THE SECURITIES ISSUABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD,
PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT RELATING TO SUCH SECURITIES UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS.

 

THESE
SECURITIES ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN THE INVESTOR RIGHTS AGREEMENT DATED OCTOBER 27, 2022, BETWEEN
CEPTON, INC. AND KOITO MANUFACTURING CO., LTD., AS AMENDED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER.

 

(b)
Upon request of the applicable Investor and delivery by such Investor of such certificates, representations (including broker’s
representation letters), tax forms and other documentation reasonably requested by the Company or the Company’s transfer agent,
upon receipt by the Company of an opinion of counsel reasonably satisfactory to the Company at the Company’s expense to the effect
that such legend is no longer required under the Securities Act and applicable state securities laws, the Company shall promptly cause
the first paragraph of the legend to be removed from any certificate for any Series A Preferred Stock or Company Common Stock to be Transferred
in accordance with the terms of this Agreement and the second paragraph of the legend shall be removed upon the expiration of such transfer
and other restrictions set forth in this Agreement (and, for the avoidance of doubt, immediately prior to any termination of this Agreement),
and upon the removal of all such legends, the Company shall cooperate with the Investor to permit such Company Common Stock to be eligible
for book-entry deposit through the facilities of The Depositary Trust Company.

 

Article
V

Additional Agreements

 

Section
5.01. Information and Access. From time to time, upon reasonable written request by the Investor, the Company agrees to provide
the Investor with the following:

 

(a)
as soon as practicable after the end of each fiscal year of the Company, (i) an audited, consolidated balance sheet of the Company and
its Subsidiaries as of the end of such fiscal year and (ii) audited, consolidated statements of income, comprehensive income, cash flows
and changes in shareholders’ equity of the Company and its Subsidiaries for such fiscal year; provided that this requirement
shall be deemed to have been satisfied if the Company files its annual report on Form 10-K for the applicable fiscal year with the SEC
and notify Investor of the completion of such filing, together with a URL to such filed report, on the date of the filing;

 

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(b)
as soon as practicable after the end of each of the first three quarters of each fiscal year of the Company, (i) a reviewed consolidated
balance sheet of the Company and its Subsidiaries as of the end of such fiscal quarter and (ii) reviewed consolidated statements of income,
comprehensive income and cash flows of the Company and its Subsidiaries for such fiscal quarter; provided that this requirement
shall be deemed to have been satisfied if the Company files its quarterly report on Form 10-Q for the applicable fiscal quarter with
the SEC and notify Investor of the completion of such filing, together with a URL to such filed report, on the date of such filing;

 

(c)
within six (6) Business Days after the end of each calendar month, a monthly financial report containing the trial balance of unaudited
consolidated balance sheet and statement of revenues of the Company and its Subsidiaries as of the end of such calendar month, in such
format reasonably designated by the Investor from time to time;

 

(d)
reasonable access, to the extent reasonably requested by the Investor, to the offices and the properties of the Company and its Subsidiaries,
including its and their books and records, all upon reasonable notice and at such reasonable times as the Investor may reasonably request;
provided that any access pursuant to this Section 5.01(d) shall be conducted in a manner as not to interfere unreasonably with
the conduct of the business of the Company and its Subsidiaries; and

 

(e)
any information that may be reasonably requested by the Investor in connection with the conversion of Series A Preferred Stock or any
other information that is necessary for the Investor to prepare any of its financial statements in accordance with the Japanese generally
accepted accounting principles for each fiscal year of the Investor.

 

Section
5.02. Confidentiality.

 

(a)
The Investor shall, and shall cause its Affiliates and Representatives to, keep confidential any information (including oral, written
and electronic information) concerning the Company, its Subsidiaries or its Affiliates that may be furnished to the Investor or their
respective Affiliates or Representatives by or on behalf of the Company or any of its Representatives pursuant to Section 5.01 (collectively
referred to as the “Company Confidential Information”); provided that the Company Confidential Information
shall not include information that (i) was or becomes available to the public other than as a result of a disclosure by the Investor
or any of their respective Affiliates or Representatives in violation of this Section 5.02, (ii) was or becomes available to the Investor
or any of their respective Affiliates or Representatives from a source other than the Company or its Representatives; provided
that such source is believed by the Investor not to be disclosing such information in violation of an obligation of confidentiality (whether
by agreement or otherwise) to the Company or any of its Affiliates, or (iii) at the time of disclosure is already in the possession of
the Investor or any of their respective Affiliates or Representatives; provided that such information is believed by the Investor
not to be subject to an obligation of confidentiality (whether by agreement or otherwise) to the Company. The Investor and the Company
agree that Company Confidential Information may be disclosed solely to the Investor’s Affiliates and their respective Representatives
and in the event that the Investor, any of its Affiliates or any of its or their respective Representatives are requested or required
by applicable Law, judgment or by a Governmental Entity (including by deposition, interrogatory, request for documents, subpoena, civil
investigative demand, summons or similar process) to disclose any Company Confidential Information, in each of which instances, to the
extent permissible by applicable Law and reasonably practicable, the Investor, its Affiliates, and their respective Representatives,
as the case may be, shall provide notice to the Company sufficiently in advance of any such disclosure so that the Company shall have
a reasonable opportunity to timely seek to limit, condition or quash such disclosure; and, provided, that, with respect to any
Affiliate of the Investor receiving Company Confidential Information hereunder (i) such Affiliate of the Investor, as applicable, will
agree to keep such information confidential in accordance with this Section 5.02 as though it were a party hereto and (ii) the Investor
will remain liable for any breaches by their respective Affiliates and Related Investment Funds of this Section 5.02.

 

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(b)
The Company and the Investor further acknowledge and agree that, for the avoidance of doubt, the confidentiality obligation with respect
to any Confidential Information (as defined in the Confidentiality Agreement), whether disclosed prior to or on and after the date hereof,
shall be subject to the terms and conditions of the Confidentiality Agreement, which shall continue in full force and effect after the
date hereof until the expiration or termination thereof in accordance with its terms.

 

Section
5.03. Section 16 Matters.

 

(a)
For so long as the Investor is deemed to be a “ten percent beneficial owner” with respect to the Company under Rule 16a-2
under the Exchange Act, the Company shall provide to the Investor the notice set forth in Section 11(f) of the Series A Certificate of
Designations as soon as reasonably practicable (including, prior to the occurrence of the applicable event) and in any event no later
than one Business Day following any adjustment pursuant to Section 11 of the Series A Certificate of Designations, in order to enable
the Investor to comply with its reporting obligations under Section 16 of the Exchange Act.

 

(b)
If the Company becomes a party to a consolidation, merger or other similar transaction that may result in the Investor, their Affiliates
and/or any Investor Director being deemed to have made a disposition of Company Common Stock or derivatives thereof for purposes of Section
16 of the Exchange Act, and if any Investor Director is serving on the Company Board at such time or has served on the Board during the
preceding six months (i) the Company Board will pre-approve such disposition of Company Common Stock or derivatives thereof for the express
purpose of exempting the Investor’s, their respective Affiliates’ and the Investor Director’s interests (to the extent
the Investor or their respective Affiliates may be deemed to be “directors by deputization”) in such transaction from Section
16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder and (ii) if the transaction involves (x) a merger or consolidation to which
the Company is a party and Company Common Stock (or Equity-Linked Securities) is, in whole or in part, converted into or exchanged for
equity securities of a different issuer, (y) a potential acquisition by the Investor, such Investor’s respective Affiliates, and/or
the Investor Director of equity securities of such other issuer or derivatives thereof and (z) an Affiliate or other designee of the
Investor or their respective Affiliates will serve on the board of directors (or its equivalent) of such other issuer, then if the Company
requires that the other issuer pre-approve any acquisition of equity securities or derivatives thereof for the express purpose of exempting
the interests of any director or officer of the Company or any of its Subsidiaries in such transactions from Section 16(b) of the Exchange
Act pursuant to Rule 16b-3 thereunder, the Company shall require that such other issuer pre-approve any such acquisitions of equity securities
or derivatives thereof for the express purpose of exempting the interests of the Investor, their respective Affiliates and the Investor
Director (for such Investor and/or their respective Affiliates, to the extent such persons may be deemed to be “directors by deputization”
of such other issuer) in such transactions from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder.

 

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Article
VI

Miscellaneous

 

Section
6.01. Notices. All notices, requests and other communications to a Party shall be in writing (including email transmission, so
long as a receipt of such email is requested and received) and shall be given,

 

		(i)	if
                                            to the Investor to:

 

[Address
for notice.]

 

with
copies (which will not constitute notice) to:

 

[Address
for copies.]

 

		(ii)	if
                                            to the Company to:

 

[Address
for notice.]

 

with
a copy (which will not constitute notice) to:

 

[Address
for copies.]

 

or
to such other address or email address as such party may hereafter specify for the purpose by notice to the other Party. All such notices,
requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00
p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received
on the next succeeding Business Day in the place of receipt.

 

Section
6.02. Amendments; Waivers. This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and
signed by the Company and the Investor. The failure of any party hereto to exercise any right, power or remedy provided under this Agreement
or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations
hereunder, shall not constitute a waiver by such party of its right to exercise any such other right, power or remedy or to demand such
compliance.

 

Section
6.03. Governing Law; Specific Performance; Consent to Jurisdiction.

 

(a)
This Agreement and all actions, proceedings or counterclaims (whether based on contract, tort or otherwise) arising out of or relating
to this Agreement, any transaction contemplated hereby or the actions of the Investor or the Company in the negotiation, administration,
performance and enforcement thereof, shall be governed by, and construed in accordance with the Laws of the State of Delaware, including
its statute of limitations, without giving effect to any choice or conflict of Laws provision or rule (whether of the State of Delaware
or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware.

 

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(b)
The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto
shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches or threatened breaches
of this Agreement and to enforce specifically the terms and provisions of this Agreement in the courts described in Section 6.03(c),
without proof of damages or otherwise (in each case, subject to the terms and conditions of this clause (b)) (and each party hereto
acknowledges and agrees that any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in accordance with this clause (b) shall not be required to provide any bond or other
security in connection with any such order or injunction), this being in addition to any other remedy to which they are entitled at law
or in equity. The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to Law
or inequitable for any reason, or that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have
an adequate remedy at law.

 

(c)
Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the Chancery Court of the State of
Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction, any state or federal court within the State
of Delaware), for the purposes of any demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before
any Governmental Entity or any arbitration or mediation tribunal (“Action”) or other proceeding arising out of this
Agreement and the rights and obligations arising hereunder, and irrevocably and unconditionally waives any objection to the laying of
venue of any such Action or proceeding in any such court, and further irrevocably and unconditionally waives and agrees not to plead
or claim in any such court that any such Action or proceeding has been brought in an inconvenient forum. Each party hereto agrees that
service of any process, summons, notice or document by registered mail to such party’s respective address set forth in Section
6.01 shall be effective service of process for any such Action or proceeding.

 

Section
6.04. WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE PURSUANT TO THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING (WHETHER FOR BREACH OF CONTRACT, TORTIOUS CONDUCT OR OTHERWISE)
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTION. EACH PARTY ACKNOWLEDGES AND AGREES THAT (A) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C)
IT MAKES THIS WAIVER VOLUNTARILY; AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 6.04.

 

Section
6.05. Severability. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a
court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and
effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent
of the Parties. Upon such a determination, the Parties agree to negotiate in good faith to replace such void or unenforceable provision
of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other
purposes of such void or unenforceable provision. If any provision of this Agreement is so broad as to be unenforceable, such provision
will be interpreted to be only so broad as it is enforceable.

 

Section
6.06. Third Party Beneficiaries. Unless expressly set forth herein, this Agreement is not intended to and shall not confer any
rights or remedies upon any person other than the Parties, their respective successors and permitted assigns and any Indemnified Party
hereunder.

 

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Section
6.07. Assignment.

 

(a)
Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by any party
hereto (whether by operation of Law or otherwise) without the prior written consent of the other party; provided that notwithstanding
the foregoing, (i) the Investor shall be permitted to assign this Agreement and its rights, interests and obligations hereunder without
the prior written consent of the Company to any Permitted Transferee of the Series A Preferred Stock and Conversion Shares and (ii) this
Section 6.07 shall not prohibit any Transfer permitted under Section 4.02.

 

(b)
Without limitations to clause (a), subject to Section 4.01, the Investor shall be permitted to assign its rights, interests and
obligations arising out of Article III, Section 4.03 and Section 5.03(a) (which obligations and rights shall apply in full to both the
Investor and such transferee, provided that the total number of Underwritten Offerings that may be demanded by the Investor and such
transferee shall remain the same as before such transfer) without the prior written consent of the Company in connection with a transfer
of the Series A Preferred Stock (counted on an as-converted basis) and Conversion Shares constituting greater than 50% of the sum of
(i) the Series A Preferred Stock (counted on an as-converted basis) and Conversion Shares held by the Investor immediately prior to such
transfer and (ii) any Series A Preferred Stock (counted on an as-converted basis) and Conversion Shares previously transferred by the
Investor as permitted under Section 4.02.

 

Section
6.08. Termination.

 

(a)
Automatic Termination. Other than the termination provisions applicable to particular Sections of this Agreement that are specifically
provided elsewhere in this Agreement, this Agreement shall terminate, subject to Section 6.08(b), (i) upon the mutual written agreement of
the Company and the Investor and, (ii) with respect to any Holder, at such time when such Holder no longer beneficially owns any Registrable
Securities, unless such Holder is the Investor in which case this Agreement shall remain in effect for so long as the Investor is entitled
to any of the rights in Article II.

 

(b)
Survival. In the event that this Agreement shall terminate, all provisions of this Agreement shall terminate and shall be void,
except Section 5.02 and Articles I and VI and shall survive any such termination indefinitely. The termination of this Agreement
shall not relieve any party from any liability for any breach by a party of this Agreement.

 

Section
6.09. Entire Agreement, etc. This Agreement, together with the Series A Certificate of Designations and the Investment Agreement,
constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written
and oral, between the parties, with respect to the subject matter hereof; provided, that nothing herein shall limit, restrict,
prevent or supersede the other Transaction Documents, or serve as a consent or waiver thereunder.

 

Section
6.10. Counterparts. This Agreement and any amendments hereto may be executed in one or more counterparts, all of which will be
considered one and the same agreement and will become effective when one or more counterparts have been signed by each of the Parties
and delivered to the other Parties, it being understood that all Parties need not sign the same counterpart. Any such counterpart, to
the extent delivered by fax or .pdf, .tif, .gif, .jpg or similar attachment to electronic mail (any such delivery, an “Electronic
Delivery”), will be treated in all manner and respects as an original executed counterpart and will be considered to have the
same binding legal effect as if it were the original signed version thereof delivered in person. No Party may raise the use of an Electronic
Delivery to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated through the
use of an Electronic Delivery, as a defense to the formation of a contract, and each Party forever waives any such defense, except to
the extent such defense relates to lack of authenticity.

 

[Signature
pages follow]

 

    B-38

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	CEPTON,
    INC.
	 	 
	 	By:	 
	 	 	Name:
    	 
	 	 	Title:
    	 

 

    B-39

    

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	KOITO
    MANUFACTURING CO., LTD.
	 	 
	 	By:	 
	 	 	Name:
    	   
	 	 	Title:
    	 

 

 

B-40

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