Document:

Exhibit 10.1

 

 

 

		

  

AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of

 

January 21, 2019

 

among

 

ESCALADE, INCORPORATED

 

and

 

INDIAN INDUSTRIES, INC. as Borrowers,

 

Escalade’s Domestic Subsidiaries, as Loan
Parties Hereto,

 

The Lenders Party Hereto

 

and

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

 

 

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I.  Definitions	1
	SECTION 1.01.  Defined Terms	1
	SECTION 1.02.  Classification of Loans and Borrowings	31
	SECTION 1.03.  Terms Generally	31
	SECTION 1.04.  Accounting Terms; GAAP	32
	SECTION 1.05.  Interest Rates; LIBOR Notification	32
	SECTION 1.06.  Pro Forma Adjustments for Acquisitions and Dispositions	33
	SECTION 1.07.  Status of Obligations	33
	ARTICLE II.  The Credits	34
	SECTION 2.01.  Revolving Commitments	34
	SECTION 2.02.  Loans and Borrowings	34
	SECTION 2.03.  Requests for Borrowings	34
	SECTION 2.05.  Swingline Loans	35
	SECTION 2.06.  Letters of Credit	35
	SECTION 2.07.  Funding of Borrowings	40
	SECTION 2.08.  Interest Elections	40
	SECTION 2.09.  Termination of Commitments	41
	SECTION 2.10.  Repayment and Amortization of Loans; Evidence of Debt	42
	SECTION 2.11.  Prepayment of Loans	42
	SECTION 2.12.  Fees	43
	SECTION 2.13.  Interest	44
	SECTION 2.14.  Alternate Rate of Interest; Illegality	44
	SECTION 2.15.  Increased Costs	46
	SECTION 2.16.  Break Funding Payments	47
	SECTION 2.17.  Withholding of Taxes; Gross-Up	48
	SECTION 2.18.  Payments Generally; Allocation of Proceeds; Sharing of Setoffs	51
	SECTION 2.19.  Mitigation Obligations; Replacement of Lenders	53
	SECTION 2.20.  Defaulting Lenders	54
	SECTION 2.21.  Returned Payments	57
	SECTION 2.22.  Banking Services and Swap Agreements	57
	ARTICLE III.  Representations and Warranties	57
	SECTION 3.01.  Organization; Powers	57
	SECTION 3.02.  Authorization; Enforceability	57
	SECTION 3.03.  Governmental Approvals; No Conflicts	58
	SECTION 3.04.  Financial Condition; No Material Adverse Change	58
	SECTION 3.05.  Properties	58
	SECTION 3.06.  Litigation and Environmental Matters	59
	SECTION 3.07.  Compliance with Laws and Agreements; No Default	59
	SECTION 3.08.  Investment Company Status	59
	SECTION 3.09.  Taxes	59
	SECTION 3.10.  ERISA	59
	SECTION 3.11.  Disclosure	60
	SECTION 3.12.  Material Agreements	60

 

    	 	i	 

     

    

  

	SECTION 3.13.  Solvency	60
	SECTION 3.14.  Insurance	60
	SECTION 3.15.  Capitalization and Subsidiaries	61
	SECTION 3.16.  Security Interest in Collateral	61
	SECTION 3.17.  Employment Matters	61
	SECTION 3.18. Margin Regulations	61
	SECTION 3.19. Use of Proceeds	61
	SECTION 3.20. No Burdensome Restrictions	61
	SECTION 3.21.  Anti-Corruption Laws and Sanctions	62
	SECTION 3.22.  EEA Financial Institutions	62
	SECTION 3.23.  Plan Assets; Prohibited Transactions	62
	SECTION 3.24.  Affiliate Transactions	62
	ARTICLE IV.  Conditions	62
	SECTION 4.01.  Effective Date	62
	SECTION 4.02.  Each Credit Event	65
	SECTION 4.03.  Post-Closing Conditions	65
	ARTICLE V.  Affirmative Covenants	66
	SECTION 5.01.  Financial Statements; Borrowing Base and Other Information	66
	SECTION 5.02.  Notices of Material Events	68
	SECTION 5.03.  Existence; Conduct of Business	69
	SECTION 5.04.  Payment of Obligations	69
	SECTION 5.05.  Maintenance of Properties	69
	SECTION 5.06.  Books and Records; Inspection Rights	69
	SECTION 5.07.  Compliance with Laws and Material Contractual Obligations	69
	SECTION 5.08.  Use of Proceeds	70
	SECTION 5.09.  Accuracy of Information	70
	SECTION 5.10.  Insurance	70
	SECTION 5.11.  Casualty and Condemnation	70
	SECTION 5.12. Depository Banks	71
	SECTION 5.13. Additional Collateral; Further Assurances	71
	ARTICLE VI.  Negative Covenants	72
	SECTION 6.01.  Indebtedness	72
	SECTION 6.02.  Liens	73
	SECTION 6.03.  Fundamental Changes	74
	SECTION 6.04.  Investments, Loans, Advances, Guarantees and Acquisitions	75
	SECTION 6.05.  Asset Sales	76
	SECTION 6.06.  Sale and Leaseback Transactions	77
	SECTION 6.07.  Swap Agreements	77
	SECTION 6.08.  Restricted Payments; Certain Payments of Indebtedness	77
	SECTION 6.09.  Transactions with Affiliates	78
	SECTION 6.10.  Restrictive Agreements	78
	SECTION 6.11. Amendment of Material Documents	79
	SECTION 6.12. Financial Covenants	79
	ARTICLE VII.  Events of Default	79
	ARTICLE VIII.  The Administrative Agent	82
	SECTION 8.01. Authorization and Action	82
	SECTION 8.02. Administrative Agent’s Reliance, Indemnification, Etc.	85
	SECTION 8.03. Posting of Communications	86
	SECTION 8.04. The Administrative Agent Individually	87
	SECTION 8.05. Successor Administrative Agent	87
	SECTION 8.06. Acknowledgements of Lenders and Issuing Banks	88

 

    	 	ii	 

     

    

  

	SECTION 8.07. Collateral Matters	89
	SECTION 8.08. Collateral Matters	90
	SECTION 8.09. Certain ERISA Matters	91
	SECTION 8.10. Flood Laws	92
	ARTICLE IX.  Miscellaneous	92
	SECTION 9.01.  Notices	92
	SECTION 9.02.  Waivers; Amendments	94
	SECTION 9.03.  Expenses; Indemnity; Damage Waiver	96
	SECTION 9.04.  Successors and Assigns	99
	SECTION 9.05.  Survival	102
	SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution	102
	SECTION 9.07.  Severability	103
	SECTION 9.08.  Right of Setoff	103
	SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process	104
	SECTION 9.10.  WAIVER OF JURY TRIAL	104
	SECTION 9.11.  Headings	105
	SECTION 9.12.  Confidentiality	105
	SECTION 9.13.  Several Obligations; Nonreliance; Violation of Law	106
	SECTION 9.14.  USA PATRIOT Act	106
	SECTION 9.15.  Disclosure	106
	SECTION 9.16.  Appointment for Perfection	106
	SECTION 9.17.  Interest Rate Limitation	106
	SECTION 9.18.  No Fiduciary Duty, etc.	107
	SECTION 9.19.  Marketing Consent	107
	SECTION 9.20.  Acknowledgement and Consent to Bail-In of EEA Financial Institutions	107
	SECTION 9.21.  Amended and Restated; No Novation	108
	SECTION 9.22.  Release of Real Estate Collateral under Existing Credit Agreement	108
	ARTICLE X.  Loan Guaranty	108
	SECTION 10.01.  Guaranty	108
	SECTION 10.02.  Guaranty of Payment	109
	SECTION 10.03.  No Discharge or Diminishment of Loan Guaranty	109
	SECTION 10.04.  Defenses Waived	110
	SECTION 10.05.  Rights of Subrogation	110
	SECTION 10.06.  Reinstatement; Stay of Acceleration	110
	SECTION 10.07.  Information	110
	SECTION 10.08.  Termination	110
	SECTION 10.09.  Taxes	111
	SECTION 10.10.  Maximum Liability	111
	SECTION 10.11.  Contribution	111
	SECTION 10.12.  Liability Cumulative	112
	SECTION 10.13.  Keepwell	112
	SECTION 10.14.  Replaced Guarantees	112
	ARTICLE XI.  The Borrower Representative	112
	SECTION 11.01.  Appointment; Nature of Relationship	112
	SECTION 11.02.  Powers	113
	SECTION 11.03.  Employment of Agents	113
	SECTION 11.04.  Notices	113
	SECTION 11.05.  Successor Borrower Representative67	113
	SECTION 11.06.  Execution of Loan Documents; Borrowing Base Certificate	113
	SECTION 11.07.  Reporting	113

 

    	 	iii	 

     

    

  

SCHEDULES:

 

Commitment Schedule

Schedule 3.05 – Properties etc.

Schedule 3.06 – Disclosed Matters

Schedule 3.14 – Insurance

Schedule 3.15 – Capitalization and Subsidiaries

Schedule 3.24 – Affiliate Transactions

Schedule 6.01 – Existing Indebtedness

Schedule 6.02 – Existing Liens

Schedule 6.04 – Existing Investments

Schedule 6.10 – Existing Restrictions

 

EXHIBITS:

 

Exhibit A – Assignment and Assumption

Exhibit B-1 - Borrowing Request

Exhibit B-2 – Interest Election
Request

Exhibit C – Opinion of Counsel
for the Loan Parties

Exhibit D-1 – U.S. Tax Compliance
Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Exhibit D-2 – U.S. Tax Compliance
Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Exhibit D-3 – U.S. Tax Compliance
Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Exhibit D-4 – U.S. Tax Compliance
Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Exhibit E – Compliance Certificate

Exhibit F – Joinder Agreement

Exhibit G - Borrowing Base Certificate

 

    	 	iv	 

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT dated
as of January 21, 2019 (as it may be amended or modified from time to time, this “Agreement”), among ESCALADE,
INCORPORATED and INDIAN INDUSTRIES, INC. as Borrowers, the other Loan Parties party hereto, the Lenders party hereto, and JPMORGAN
CHASE BANK, N.A., as Administrative Agent.

 

WITNESSETH:

 

WHEREAS, as of January
21, 2016, the Borrowers, the Administrative Agent and the Lenders entered into a Second Amended and Restated Credit Agreement (the
“Existing Credit Agreement”);

 

WHEREAS, the parties hereto
desire to completely amend and restate the Existing Credit Agreement to govern the terms and conditions of the credit provided
by the Lenders to the Borrowers;

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto
hereby agree that the Existing Credit Agreement be, and it hereby is, amended and restated as follow:

 

ARTICLE I

 

Definitions

 

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

 

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

 

“Account”
has the meaning assigned to such term in the Security Agreement.

 

“Account Debtor”
means any Person obligated on an Account.

 

“Acquisition”
means any transaction, or any series of related transactions, consummated on or after the Effective Date, by which any Loan Party
(a) acquires any going business, business unit or all or substantially all of the assets of any Person, whether through purchase
of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in
a series of transactions) at least a majority (in number of votes) of the Equity Interests of a Person which has ordinary voting
power for the election of directors or other similar management personnel of a Person (other than Equity Interests having such
power only by reason of the happening of a contingency) or a majority of the outstanding Equity Interests of a Person.

 

“Acquisition Consideration”
means all consideration in respect of an Acquisition, including, without limitation, all direct payments, any assumed Indebtedness,
earn-outs (valued at fair value in accordance with GAAP as of the date of closing), deferred payments and any other form of consideration.

 

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

 

“Administrative
Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.

 

    	 	1	 

     

    

  

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

 

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

 

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

 

“Aggregate Credit
Exposure” means, at any time, the aggregate Credit Exposure of all the Lenders at such time.

 

“Aggregate Revolving
Exposure” means, at any time, the aggregate Revolving Exposure of all the Lenders at such time (with the Swingline Exposure
of each Lender calculated assuming that all of the Lenders have funded their participations in all Swingline Loans outstanding
at such time).

 

“Alternate Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus 1⁄2 of 1%, and (c) the Adjusted LIBO Rate for a one-month Interest Period on such
day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the purpose of this
definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available
for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the
Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including
the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base
Rate is being used as an alternate rate of interest pursuant to Section 2.14, then the Alternate Base Rate shall be the greater
of clause (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate
Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes
of this Agreement.

 

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

 

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

 

“Applicable Percentage”
means, at any time with respect to any Lender, a percentage equal to a fraction the numerator of which is such Lender’s Revolving
Commitment at such time and the denominator of which is the aggregate Revolving Commitments at such time (provided that, if the
Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s
share of the Aggregate Revolving Exposure at such time); provided that, in accordance with Section 2.20, so long as any
Lender shall be a Defaulting Lender, such Defaulting Lender’s Commitment shall be disregarded in the calculations above.

 

“Applicable Rate”
means, for any day, with respect to any ABR Loan or Eurodollar Loan, or with respect to the Letter of Credit participation fees
or Commitment Fees payable hereunder, as the case may be, the applicable rate per annum set forth below, based upon the Company’s
Funded Debt to EBITDA Ratio as of the most recent determination date:

 

    	 	2	 

     

    

 

	Funded Debt to 
EBITDA Ratio	 	Revolving
 Eurodollar
 Borrowing	 	 	ABR
 Revolving
 Borrowing	 	 	Letter of 
Credit Fee	 	 	Commitment 
Fee	 
	Category 1 
Greater than or equal to 2.50 to 1.0	 	 	2.00	%	 	 	1.00	%	 	 	2.00	%	 	 	0.30	%
	Category 2 
Greater than or equal to 1.50 to 1.0 but 
less
    than 2.50 to 1.0	 	 	1.75	%	 	 	.75	%	 	 	1.75	%	 	 	0.30	%
	Category 3 
Less than 1.50 to 1.0	 	 	1.50	%	 	 	.50	%	 	 	1.00	%	 	 	0.30	%

 

For
purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of each Fiscal Quarter of the Company based
upon the Company’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01 and (b) each
change in the Applicable Rate resulting from a change in the Funded Debt to EBITDA Ratio shall be effective during the period
commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating
such change and ending on the date immediately preceding the effective date of the next such change, provided that the
Funded Debt to EBITDA Ratio shall be deemed to be in Category 1 at the option of the Administrative Agent or at the request of
the Lenders if the Borrowers fail to deliver the annual or quarterly consolidated financial statements required to be delivered
by it pursuant to Section 5.01, during the period from the expiration of the time for delivery thereof until such consolidated
financial statements are delivered. On the Effective Date, the Applicable Rate shall be deemed to be in Category 3, and the Applicable
Rate shall be determined beginning as of the end of the Fiscal Quarter following the Borrowers’ delivery of the annual financial
statements delivered pursuant to Section 5.01 for the Fiscal Year ending December 29, 2018. 

 

If at any time the Administrative Agent determines
that the financial statements upon which the Applicable Rate was determined were incorrect (whether based on a restatement, fraud
or otherwise), or any ratio or compliance information in a Compliance Certificate or other certification was incorrectly calculated,
relied on incorrect information or was otherwise not accurate, true or correct, the Borrowers shall be required to retroactively
pay any additional amount that the Borrowers would have been required to pay if such financial statements, Compliance Certificate
or other information had been accurate and/or computed correctly at the time they were delivered.

 

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

 

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

 

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

 

    	 	3	 

     

    

  

“Availability”
means, at any time, an amount equal to (a) the lesser of (i) the aggregate Revolving Commitments and (ii) the Borrowing Base minus
(b) the Aggregate Revolving Exposure (calculated, with respect to any Defaulting Lender, as if such Defaulting Lender had funded
its Applicable Percentage of all outstanding Borrowings).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

  

“Borrower”
or “Borrowers” means, individually
or collectively, the Company and Indian Industries, Inc., an Indiana corporation.

 

“Borrower Representative”
has the meaning assigned to such term in Section 11.01.

 

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

 

“Borrowing Base”
means, at any date of determination, the sum of (a) 80% of the Eligible Accounts of the Loan Parties at such date, plus
(b) 55% of the Eligible Inventory of the Loan Parties at such date, plus (c) the Maximum Eligible In-Transit Inventory
at such date, less (d) the sum of the Reserves at such date. The Borrowing Base at any time shall be determined by
reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent.

 

“Borrowing Base
Certificate” means a certificate, completed, signed and certified as accurate and complete by a Financial Officer of
the Borrower Representative, in substantially the form of Exhibit G or another form which is acceptable to the Administrative
Agent in its sole discretion.

 

“Borrowing Request”
means a request by the Borrower Representative for a Borrowing in accordance with Section 2.03, which shall be substantially in
the form of Exhibit B-1 hereto or any other form approved by the Administrative Agent.

 

“Burdensome Restrictions”
means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 6.10.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for general business in London.

 

“Capital Expenditures”
means, without duplication, any expenditure or commitment to expend money for any purchase or other acquisition of any asset which
would be classified as a fixed or capital asset on a consolidated balance sheet of the Loan Parties prepared in accordance with
GAAP.

 

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

 

“Change in Control”
means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) other than Robert Griffin,
or Persons under his Control, of Equity Interests representing more than 50% of the aggregate ordinary voting power represented
by the issued and outstanding Equity Interests of the Company; (b) occupation of a majority of the seats (other than vacant seats)
on the board of directors of the Company by Persons who were neither (i) nominated by the board of directors of the Company nor
(ii) appointed by directors so nominated; or (c) the acquisition of direct or indirect Control of the Company by any Person or
group other than Robert Griffin or Persons under his Control; or (d) the Company shall cease to own, free and clear of all Liens
or other encumbrances, 100% of the outstanding voting Equity Interests of Indian Industries, Inc. on a fully diluted basis.

 

    	 	5	 

     

    

  

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

 

“Charges”
has the meaning assigned to such term in Section 9.17.

 

“Chase”
means JPMorgan Chase Bank, N.A., a national banking association, in its individual capacity, and its successors.

 

“Class”,
when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans, or Swingline Loans, (b) any Commitment, refers to a Revolving Commitment, and (c) any Lender, refers to whether such Lender
has a Loan or Commitment of a particular Class.

 

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

 

“Collateral”
means any and all property owned, leased or operated by a Person covered by the Collateral Documents and any and all other property
of any Loan Party, now existing or hereafter acquired, that may at any time be, become or be intended to be, subject to a security
interest or Lien in favor of the Administrative Agent, on behalf of itself and the Lenders and other Secured Parties, to secure
the Secured Obligations.

 

“Collateral Access
Agreement” has the meaning assigned to such term in the Security Agreement.

 

“Collateral Documents”
means, collectively, the Security Agreement and any other agreements, instruments and documents executed in connection with this
Agreement that are intended to create, perfect or evidence Liens to secure the Secured Obligations, including, without limitation,
all other security agreements, pledge agreements, mortgages, deeds of trust, loan agreements, notes, guarantees, subordination
agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases, financing statements and
all other written matter whether theretofore, now or hereafter executed by any Loan Party and delivered to the Administrative Agent.

 

“Commercial LC
Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding commercial Letters of Credit
plus (b) the aggregate amount of all LC Disbursements relating to commercial Letters of Credit that have not yet
been reimbursed by or on behalf of the Borrowers. The Commercial LC Exposure of any Revolving Lender at any time shall be its Applicable
Percentage of the aggregate Commercial LC Exposure at such time.

 

    	 	6	 

     

    

  

“Commitment”
means, with respect to each Lender, the sum of such Lender’s Revolving Commitment. The initial amount of each Lender’s
Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption or other documentation or record
(as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) as provided in Section 9.04(b)(ii)(C),
pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

“Commitment Schedule”
means the Schedule attached hereto identified as such.

 

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

 

“Communications” has the
meaning assigned to such term in Section 8.03(c).

 

“Company”
means Escalade, Incorporated, an Indiana corporation.

 

“Compliance Certificate”
means a certificate of a Financial Officer of the Borrower Representative in substantially the form of Exhibit E.

 

“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.

 

“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.

 

“Credit Exposure”
means, as to any Lender at any time, such Lender’s Revolving Exposure at such time.

 

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

 

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

 

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

 

    	 	7	 

     

    

  

“Disclosed Matters”
means the actions, suits, proceedings and environmental matters disclosed in Schedule 3.06.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in a series of
transactions and whether effected pursuant to a Division or otherwise) of any property by any Person (including any sale and leaseback
transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

“Dividing Person”
has the meaning assigned to it in the definition of “Division.”

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two
or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the
Dividing Person and pursuant to which the Dividing Person may or may not survive.

 

“Division Successor”
means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities
and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person
which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the
occurrence of such Division.

 

“Document”
has the meaning assigned to such term in the Security Agreement.

 

“dollars”
or “$” refers to lawful money of the U.S.

 

“Domestic Subsidiary”
means a Subsidiary organized under the laws of a jurisdiction located in the U.S.

 

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

 

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

 

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

 

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

 

    	 	8	 

     

    

  

“Effective Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02
or otherwise subject to Section 4.03).

 

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

 

“Electronic System”
means any electronic system, including e-mail, e-fax, web portal access for the Borrowers and any other Internet or extranet-based
site, whether such electronic system is owned, operated or hosted by the Administrative Agent or the Issuing Bank and any of its
respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.

 

“Eligible Accounts”
means, at any time, the Accounts of the Loan Parties, which the Administrative Agent determines in its Permitted Discretion are
eligible as the basis for the extension of Revolving Loans and Swingline Loans and the issuance of Letters of Credit. Without limiting
the Administrative Agent’s discretion provided herein, Eligible Accounts shall not include any Account:

 

(a)          which
is not subject to a first priority perfected security interest in favor of the

Administrative Agent;

 

(b)          which
is subject to any Lien other than (i) a Lien in favor of the Administrative Agent and (ii) a Permitted Encumbrance which does not
have priority over the Lien in favor of the Administrative Agent;

 

(c)          (i)
which remains unpaid more than 90 days after the due date shown on the original invoice therefor, or (ii) which has been written
off the books of the Loan Parties or otherwise designated as uncollectible;

 

(d)          which
is owing by an Account Debtor for which more than 25% of the Accounts owing from such Account Debtor and its Affiliates are ineligible
hereunder;

 

(e)          which
(i) does not arise from the sale of goods or performance of services in the ordinary course of business, (ii) is not evidenced
by an invoice or other documentation satisfactory to the Administrative Agent which has been sent to the Account Debtor, (iii)
which is evidenced by an promissory note, chattel paper or instrument, (iv) represents a progress billing, (v) is contingent upon
the Loan Parties’ completion of any further performance, (vi) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return,
sale on approval, consignment, cash-on- delivery or any other repurchase or return basis or (vii) relates to payments of interest;

 

(f)           for
which the goods giving rise to such Account have not been shipped to the Account Debtor or for which the services giving rise to
such Account have not been performed by the Loan Parties or if such Account was invoiced more than once;

 

(g)          which
is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any receiver, custodian, trustee,
or liquidator of its assets, (ii) has had possession of all or a material part of its property taken by any receiver, custodian,
trustee or liquidator, (iii) filed, or had filed against it, any request or petition for liquidation, reorganization, arrangement,
adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state or federal bankruptcy
laws, (iv) has admitted in writing its inability, or is generally unable to, pay its debts as they become due, (v) become insolvent,
or (vi) ceased operation of its business;

 

    	 	9	 

     

    

 

(h)          which
is owed by an Account Debtor which (i) does not maintain its chief executive office in the U.S. or Canada or (ii) is not organized
under applicable law of the U.S., any state of the U.S., Canada, or any province of Canada unless, in either case, such Account
is either (A) backed by a Letter of Credit acceptable to the Administrative Agent in its Permitted Discretion which is in the possession
of, has been assigned to and is directly drawable by the Administrative Agent, or (B) insured by a recognized international credit
insurer acceptable to the Administrative Agent in its Permitted Discretion (but only up to the amount of such insurance and less
any deductible);

 

(i)           which
is owed in any currency other than U.S. dollars;

 

(j)           which
is owed by (i) any Governmental Authority of any country other than the U.S. unless such Account is backed by a Letter of Credit
acceptable to the Administrative Agent in its Permitted Discretion which is in the possession of and is directly drawable by the
Administrative Agent; or (ii) any Governmental Authority of the U.S., unless the Federal Assignment of Claims Act of 1940, as amended
(31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et seq.) and any other steps necessary to perfect the Lien
of the Administrative Agent on such Account have been complied with to the Administrative Agent’s satisfaction.

 

(k)          which
is owed by any Affiliate of any Loan Party, or any employee, officer, director, agent or stockholder of any Loan Party or any of
its Affiliates; or

 

(l)           which
is owed by an Account Debtor or any Affiliate of such Account Debtor to which the Loan Party owning such Account is indebted, but
only to the extent of such indebtedness or is subject to any security, deposit, progress payment, retainage or other similar advance
made by or for the benefit of an Account Debtor, in each case to the extent thereof;

 

(m)         which
is subject to any counterclaim, deduction, defense, setoff or dispute but only to the extent of any such counterclaim, deduction,
defense, setoff or dispute;

 

(n)          with
respect to which any covenant, representation or warranty contained in this Agreement or the Security Agreement has been breached
or is not true;

 

(o)          with
respect to which any check or other instrument of payment has been returned uncollected for any reason;

 

(p)          which
is owed by any Account Debtor which has sold all or substantially all of its assets;

 

(q)          which
is owed by an Account Debtor (i) located in any jurisdiction which requires filing of a “Notice of Business Activities Report”
or other similar report in order to permit the Borrower to seek judicial enforcement in such jurisdiction of payment of such Account,
unless the Borrower has filed such report or qualified to do business in such jurisdiction or (ii) which is a Sanctioned Person;

 

    	 	10	 

     

    

  

(r)           with
respect to which such Loan Party has made any agreement with the Account Debtor for any reduction thereof, other than discounts
and adjustments given in the ordinary course of business, or any Account which was partially paid such Loan Party created a new
receivable for the unpaid portion of such Account;

 

(s)          which
does not comply in all material respects with the requirements of all applicable laws and regulations, whether federal, state or
local, including without limitation the Federal Consumer Credit Protection Act, the Federal Truth in Lending Act and Regulation
Z of the Board;

 

(t)          which
is for goods that have been sold under a purchase order or pursuant to the terms of a contract or other agreement or understanding
(written or oral) that indicates or purports that any Person other than such Loan Party has or has had an ownership interest in
such goods, or which indicates any party other than such Loan Party as payee or remittance party;

 

(u)          which
was created on cash on delivery terms; or

 

(v)          which
the Administrative Agent determines may not be paid by reason of the Account Debtor’s inability to pay or which the Administrative
Agent otherwise determines in its Permitted Discretion is unacceptable for any reason whatsoever.

 

In the event that
an Account which was previously an Eligible Account ceases to be an Eligible Account hereunder, the Borrower Representative shall
notify the Administrative Agent thereof on and at the time of submission to the Administrative Agent of the next Borrowing Base
Certificate. In determining the amount of an Eligible Account, the face amount of an Account may, in the Administrative Agent’s
Permitted Discretion, be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all
accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges
or other allowances (including any amount that the Borrower may be obligated to rebate to an Account Debtor pursuant to the terms
of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account
but not yet applied by such Loan Party to reduce the amount of such Account.

 

“Eligible Inventory”
means, at any time, the Inventory of the Loan Parties which the Administrative Agent determines in its Permitted Discretion is
eligible as the basis for the extension of Revolving Loans and Swingline Loans and the issuance of Letters of Credit. Without limiting
the Administrative Agent’s discretion provided herein, Eligible Inventory shall not include any Inventory:

 

(a)          which
is not subject to a first priority perfected Lien in favor of the Administrative Agent;

 

(b)          which
is subject to any Lien other than (i) a Lien in favor of the Administrative Agent and (ii) a Permitted Encumbrance which does not
have priority over the Lien in favor of the Administrative Agent;

 

(c)          which
is, in the Administrative Agent’s Permitted Discretion, slow moving, obsolete, unmerchantable, defective, used, unfit for
sale, not salable at prices approximating at least the cost of such Inventory in the ordinary course of business or unacceptable
due to age, type, category and/or quantity;

 

(d)          in
which any Person other than the Loan Parties shall (i) have any direct or indirect ownership, interest or title to such Inventory
or (ii) be indicated on any purchase order or invoice with respect to such Inventory as having or purporting to have an interest
therein;

 

    	 	11	 

     

    

  

(e)          which
is not finished goods or raw materials or which constitutes work-in- process, spare or replacement parts, subassemblies, packaging
and shipping material, manufacturing supplies, samples, prototypes, displays or display items, bill-and-hold or ship-in- place
goods, goods that are returned or marked for return, repossessed goods, defective or damaged goods, goods held on consignment,
or goods which are not of a type held for sale in the ordinary course of business;

 

(f)           which
is not located in the U.S. or is in transit with a common carrier from vendors and suppliers;

 

(g)          which
is not located in a location owned by a Loan Party or located on a Permitted Third Party Location, but only to the extent that
amount of such Inventory exceeds $1,000,000 in the aggregate;

 

(h)          which
is the subject of a consignment by any Loan Party as consignor;

 

(i)           which
is not reflected in a current perpetual inventory report of the Loan Parties unless such Inventory is reflected in a report to
the Administrative Agent as “in transit” Inventory;

 

(j)           with
respect to which any covenant, representation or warranty contained in this Agreement or in the Security Agreement has been breached
or is not true and which does not conform to all standards imposed by any Governmental Authority;

 

(k)          which
is a discontinued product or component thereof;

 

(l)           which
is perishable;

 

(m)         which
contains or bears any intellectual property rights licensed to such Loan Party unless the Administrative Agent is satisfied that
it may sell or otherwise dispose of such Inventory without (i) infringing the rights of such licensor, (ii) violating any contract
with such licensor, or (iii) incurring any liability with respect to payment of royalties, other than royalties incurred pursuant
to sale of such Inventory under the current licensing agreement;

 

(n)          for
which reclamation rights have been asserted by the seller;

 

(o)          which
has been acquired from a Sanctioned Person; or

 

(p)          which
the Administrative Agent otherwise determines in its Permitted Discretion is unacceptable for any reason whatsoever.

 

“Eligible In-Transit
Inventory” means, at any time, Inventory (within or outside the U.S.) in transit with a common carrier from vendors and
suppliers, but is otherwise Eligible Inventory, provided so long as such Inventory is insured by an insurer acceptable to
the Administrative Agent in its Permitted Discretion and so long as:

 

(a)          if
requested by the Administrative Agent in its Permitted Discretion, the Administrative Agent shall have received (i) a true and
correct copy of the bill of lading and other shipping documents for such Inventory and (ii) evidence of satisfactory casualty insurance
naming the Administrative Agent as lender loss payee and otherwise covering such risks as the Administrative Agent may reasonably
request,

 

    	 	12	 

     

    

  

(b)          if
the bill of lading is non-negotiable, the Administrative Agent may require in its Permitted Discretion that the inventory must
be in transit within the U.S., and the Administrative Agent shall have received, if requested, a duly executed Collateral Access
Agreement, in form and substance satisfactory to the Administrative Agent in its Permitted Discretion, from the applicable customs
broker, freight forwarder or carrier for such Inventory,

 

(c)          if
the bill of lading is negotiable, the Administrative Agent may require in its Permitted Discretion that the Inventory must be in
transit from outside the U.S., and the Administrative Agent shall have received, if requested, (i) confirmation that the bill is
issued in the name of such Loan Party and consigned to the order of the Administrative Agent, and an acceptable agreement has been
executed with such Loan Party’s customs broker, in which the customs broker agrees that it holds the negotiable bill as agent
for the Administrative Agent and has granted the Administrative Agent access to the Inventory, (ii) confirmation that such Loan
Party has paid for the goods, and (iii) an estimate from such Loan Party of the customs duties and customs fees associated with
the Inventory in order to establish an appropriate Reserve,

 

(d)          if
required by the Administrative Agent in its Permitted Discretion, the common carrier is not an Affiliate of the applicable vendor
or supplier, and

 

(e)          if
required by the Administrative Agent in its Permitted Discretion, the customs broker is not an Affiliate of any Loan Party.

 

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

 

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

 

“Equipment”
has the meaning assigned to such term in the Security Agreement.

 

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

 

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

 

    	 	13	 

     

    

  

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

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder,
with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure to satisfy the
“minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not
waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a
waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Borrower or any ERISA Affiliate
of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Borrower
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans
or to appoint a trustee to administer any Plan; (f) the incurrence by any Borrower or any ERISA Affiliate of any liability with
respect to the withdrawal or partial withdrawal of any Borrower or any ERISA Affiliate from any Plan or Multiemployer Plan; or
(g) the receipt by any Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Borrower
or any ERISA Affiliate of any notice, concerning the imposition upon any Borrower or any ERISA Affiliate of Withdrawal Liability
or a determination that a Multiemployer Plan is, or is expected to be, insolvent, in critical status or in reorganization, within
the meaning of Title IV of ERISA.

 

“Escalade Insurance”
means Escalade Insurance, Inc., a Nevada corporation.

 

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

 

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

 

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

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), 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, Letter of Credit or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other
than pursuant to an assignment request by the Borrowers under Section 2.19(b)) or (ii) such Lender changes its lending office,
except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such
Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment
or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to
comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.

 

    	 	14	 

     

    

  

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

 

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

 

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

 

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

 

“Fiscal Month”
means, with respect to the Company and its Subsidiaries, one of the 13 fiscal accounting periods in each Fiscal Year of the Company
and its Subsidiaries.

 

“Fiscal Quarter”
means, with respect to the Company and its Subsidiaries, (a) during a Fiscal Year consisting of 52 weeks, one of the four fiscal
accounting periods in such Fiscal Year of the Company and its Subsidiaries with the first, third and fourth Fiscal Quarter consisting
of 12 weeks and the second Fiscal Quarter consisting of 16 weeks, and (b) during a Fiscal Year consisting of 53 weeks, one of the
four fiscal accounting periods in such Fiscal Year of the Company and its Subsidiaries with the first and third Fiscal Quarter
consisting of 12 weeks, the second Fiscal Quarter consisting of 16 weeks, and the fourth Fiscal Quarter consisting of 13 weeks.

 

“Fiscal Year”
means, with respect to the Company and its Subsidiaries, a 52-53 week tax year ending on the last Saturday of December each year.

 

“Fixed Charges”
means, for any period, without duplication, cash Interest Expense plus scheduled principal payments on Indebtedness actually
made, plus Capital Lease Obligation payments, all calculated for the Company and its Subsidiaries on a consolidated
basis in accordance with GAAP.

 

“Fixed Charge
Coverage Ratio” means, for any period, the ratio of (a) EBITDA less expenses for income taxes paid less
Restricted Payments paid in such period less the unfinanced portion of Capital Expenditures for such period to
(b) Fixed Charges for such period, all calculated for such period for the Company and its Subsidiaries on a consolidated basis
in accordance with GAAP.

 

“Fixtures”
has the meaning assigned to such term in the Security Agreement.

 

    	 	15	 

     

    

  

“Flood Laws”
has the meaning assigned to such term in Section 8.10.

 

“Foreign Lender”
means (a) if a Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if a 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 such Borrower is resident for tax purposes.

 

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

 

“Funded Debt to
EBITDA Ratio” means on any date the ratio of (a) Total Indebtedness to (b) EBITDA for the period of four consecutive
Fiscal Quarters ended on such date (or, if such date is not the last day of a Fiscal Quarter, ended on the last day of the Fiscal
Quarter most recently ended prior to such date).

 

“Funding Account”
has the meaning assigned to such term in Section 4.01(g).

 

“GAAP”
means generally accepted accounting principles in the U.S.

 

“Governmental
Authority” means the government of the U.S., any other nation or any political subdivision thereof, whether state or
local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

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

 

“Guaranteed Obligations”
has the meaning assigned to such term in Section 10.01.

 

“Hazardous
Materials” means: (a) any substance, material, or waste that is included within the definitions of “hazardous substances,”
“hazardous materials,” “hazardous waste,” “toxic substances,” “toxic materials,”
“toxic waste,” or words of similar import in any Environmental Law; (b) those substances listed as hazardous substances
by the United States Department of Transportation (or any successor agency) (49 C.F.R. 172.101 and amendments thereto) or by the
Environmental Protection Agency (or any successor agency) (40 C.F.R. Part 302 and amendments thereto); and (c) any substance, material,
or waste that is petroleum, petroleum-related, or a petroleum by-product, asbestos or asbestos-containing material, polychlorinated
biphenyls, flammable, explosive, radioactive, freon gas, radon, or a pesticide, herbicide, or any other agricultural chemical.

 

“IBA”
has the meaning assigned to such term in Section 1.05.

 

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

 

    	 	16	 

     

    

  

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all
Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect
of bankers’ acceptances, (k) obligations under any earn-out (which for all purposes of this Agreement, other than the definition
of Total Indebtedness, shall be valued at the maximum potential amount payable with respect to each such earn-out, and with respect
to the definition of Total Indebtedness, shall be valued in accordance with GAAP) (l) any other Off-Balance Sheet Liability and
(m) obligations, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including
all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Swap Agreements, and (ii)
any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction. The Indebtedness
of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner)
to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with
such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

 

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

 

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

 

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

 

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

 

“Interest Election
Request” means a request by the Borrower Representative to convert or continue a Revolving Borrowing in accordance with
Section 2.08, which shall be substantially in the form of Exhibit B-2 hereto or any other form approved by the Administrative
Agent.

 

“Interest
Expense” means, for any period, total interest expense (including that attributable to Capital Lease Obligations) of
the Company and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Company and its Subsidiaries
(including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptances
and net costs under Swap Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance
with GAAP), calculated on a consolidated basis for the Company and its Subsidiaries for such period in accordance with GAAP.

 

    	 	17	 

     

    

  

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

 

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

 

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

 

“Inventory”
has the meaning assigned to such term in the Security Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“Issuing Bank”
means, individually and collectively, each of Chase, in its capacity as the issuer of Letters of Credit hereunder, and any other
Revolving Lender from time to time designated by the Borrower Representative as an Issuing Bank, with the consent of such Revolving
Lender and the Administrative Agent, and their respective successors in such capacity as provided in Section 2.06(i). Any
Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in which case the
term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate (it
being agreed that such Issuing Bank shall, or shall cause such Affiliate to, comply with the requirements of Section 2.06 with
respect to such Letters of Credit). At any time there is more than one Issuing Bank, all singular references to the Issuing Bank
shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of
Credit, or both (or all) Issuing Banks, as the context may require.

 

“Issuing Bank
Sublimits” means, as of the Effective Date, (i) $5,000,000, in the case of Chase, and (ii) such amount as shall be designated
to the Administrative Agent and the Borrower Representative in writing by an Issuing Bank; provided that any Issuing Bank shall
be permitted at any time to increase or reduce its Issuing Bank Sublimit upon providing five (5) days’ prior written notice
thereof to the Administrative Agent and the Borrowers.

 

“Joinder Agreement”
means a Joinder Agreement in substantially the form of Exhibit F.

 

    	 	18	 

     

    

  

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

 

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

 

“LC Exposure”
means, at any time, the sum of the Commercial LC Exposure and the Standby LC Exposure at such time. The LC Exposure of any Revolving
Lender at any time shall be its Applicable Percentage of the aggregate LC Exposure at such time.

 

“Lenders”
means the Persons listed on the Commitment Schedule and any other Person that shall have become a Lender hereunder pursuant
to an Assignment and Assumption or otherwise, other than any such Person that ceases to be a Lender hereunder pursuant to an Assignment
and Assumption or otherwise. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender
and the Issuing Bank.         

 

“Letters of Credit”
means the letters of credit issued pursuant to this Agreement, and the term “Letter of Credit” means any one
of them or each of them singularly, as the context may require.

 

“Letter of Credit
Agreement” has the meaning assigned to it in Section 2.06(b).

 

“LIBO Rate”
means, with respect to any Eurodollar Borrowing for any applicable Interest Period or for any ABR Borrowing, the LIBO Screen Rate
at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided
that, if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest
Period”), then the LIBO Rate shall be the Interpolated Rate, subject to Section 2.14 in the event that the Administrative
Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and
binding absent manifest error). Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate”
is used in connection with an ABR Borrowing, such rate shall be determined as modified by the definition of Alternate Base Rate.

 

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

 

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

 

    	 	19	 

     

    

  

“Loan Documents”
means, collectively, this Agreement, each promissory note issued pursuant to this Agreement, each Letter of Credit Agreement, each
Collateral Document, each Compliance Certificate, the Loan Guaranty, any Obligation Guaranty, and each other agreement, instrument,
document and certificate executed and delivered to, or in favor of, the Administrative Agent or any Lender and including each other
pledge, power of attorney, consent, assignment, contract, notice, letter of credit agreement, letter of credit applications and
any agreements between the Borrower Representative and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit
or the respective rights and obligations between the Borrower and the Issuing Bank in connection with the issuance of Letters of
Credit, and each other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee
of any Loan Party, and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions
contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices,
exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to
this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.

 

“Loan Guarantor”
means each Loan Party.

 

“Loan Guaranty”
means Article X of this Agreement.

 

“Loan Parties”
means, collectively, the Borrowers, the Borrowers’ Domestic Subsidiaries and any other Person who becomes a party to this
Agreement pursuant to a Joinder Agreement and their respective successors and assigns, and the term “Loan Party” shall
mean any one of them or all of them individually, as the context may require.

 

“Loans”
means the loans and advances made by the Lenders pursuant to this Agreement, including Swingline Loans.

 

“Margin Stock”
means margin stock within the meaning of Regulations T, U and X, as applicable.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, operations, prospects or condition, financial
or otherwise, of the Company and its Subsidiaries taken as a whole, (b) the ability of any Loan Party to perform any of its
Obligations, (c) the Collateral, or the Administrative Agent’s Liens (on behalf of itself and the other Secured Parties)
on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Administrative Agent, the
Issuing Bank or the Lenders under any of the Loan Documents.

 

“Material Indebtedness”
means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any
one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $500,000. For purposes of determining
Material Indebtedness, the “principal amount” of the obligations of a Borrower or any Subsidiary in respect of any
Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Borrower or
such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

“Maximum Eligible In-Transit Inventory”
means the lesser of (a) 55% of the Eligible In-Transit Inventory of the Loan Parties at such date, or (b) 10,000,000.

 

“Maximum Rate”
has the meaning assigned to such term in Section 9.17.

 

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

 

“Mortgage”
means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Administrative Agent, for
the benefit of the Administrative Agent and the other Secured Parties, on real property of a Loan Party, including any amendment,
restatement, modification or supplement thereto.

 

    	 	20	 

     

    

  

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

 

“Net Proceeds”
means, with respect to any event, (a) the cash proceeds received in respect of such event including (i) any cash received
in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a
note or installment receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but
only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation
or similar event, condemnation awards and similar payments, minus (b) the sum of (i) all reasonable fees and out-of-pocket
expenses paid to third parties (other than Affiliates) in connection with such event, (ii) in the case of a sale, transfer
or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar
proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans)
secured by such asset or otherwise subject to mandatory prepayment as a result of such event and (iii) the amount of all taxes
paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably
estimated to be payable, in each case during the year that such event occurred or the next succeeding year and that are directly
attributable to such event (as determined reasonably and in good faith by a Financial Officer of the Borrower Representative).

 

“Non-Consenting
Lender” has the meaning assigned to such term in Section 9.02(d).

 

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

 

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

 

“Obligated Party”
has the meaning assigned to such term in Section 10.02.

 

“Obligation Guaranty”
means any Guarantee of all or any portion of the Secured Obligations executed and delivered to the Administrative Agent for the
benefit of the Secured Parties by a guarantor who is not a Loan Party.

 

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

 

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

 

    	 	21	 

     

    

  

“Off-Balance Sheet
Liability” of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes
receivable sold by such Person, (b) any indebtedness, liability or obligation under any so-called “synthetic lease”
transaction entered into by such Person, or (c) any indebtedness, liability or obligation arising with respect to any other transaction
which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance
sheet of such Person (other than operating leases).

 

“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 Taxes (other than a connection arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to, or enforced, any Loan Document), or sold or assigned an interest in any Loan, Letter of Credit,
or any 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 2.19).

 

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

 

“Paid in Full”
or “Payment in Full” means, (i) the indefeasible payment in full in cash of all outstanding Loans and LC Disbursements,
together with accrued and unpaid interest thereon, (ii) the termination, expiration, or cancellation and return of all outstanding
Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of
a cash deposit, or at the discretion of the Administrative Agent a backup standby letter of credit satisfactory to the Administrative
Agent and the Issuing Bank, in an amount equal to 105% of the LC Exposure as of the date of such payment), (iii) the indefeasible
payment in full in cash of the accrued and unpaid fees, including the applicable Prepayment Fee, if any, (iv) the indefeasible
payment in full in cash of all reimbursable expenses and other Secured Obligations (other than Unliquidated Obligations for which
no claim has been made and other obligations expressly stated to survive such payment and termination of this Agreement), together
with accrued and unpaid interest thereon, (v) the termination of all Commitments, and (vi) the termination of the Swap Agreement
Obligations and the Banking Services Obligations or entering into other arrangements satisfactory to the Secured Parties counterparties
thereto.

 

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

 

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

 

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

 

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

 

    	 	22	 

     

    

  

“Permitted Acquisition” means
any Acquisition by any Loan Party in a transaction that satisfies in all respects each of the following requirements:

 

(a)          such
Acquisition is not a hostile or contested acquisition;

 

(b)          the
business acquired in connection with such Acquisition is not engaged, directly or indirectly, in any line of business other than
the businesses in which the Loan Parties are engaged on the Effective Date and any business activities that are substantially similar,
related, or incidental thereto;

 

(c)          both
before and after giving effect to such Acquisition and the Loans (if any) requested to be made in connection therewith, each of
the representations and warranties in the Loan Documents is true and correct (except (i) any such representation or warranty which
relates to a specified prior date and (ii) to the extent the Administrative Agent has been notified in writing by the Loan Parties
that any representation or warranty is not correct and the Required Lenders have explicitly waived in writing compliance with such
representation or warranty) and no Default exists, will exist, or would result therefrom;

 

(d)          as
soon as available, but not less than thirty (30) days prior to such Acquisition, the Borrower Representative has provided the Administrative
Agent (i) notice of such Acquisition, (ii) a copy of all business and financial information reasonably requested by the Administrative
Agent or the Lenders, including pro forma financial statements, balance sheets, statements of cash flow, and Revolving Loan Availability
projections, and (iii) copies of the purchase or other acquisition agreement with respect to such Acquisition and all other material
documents, instruments, and agreements with respect to such Acquisition;

 

(e)          promptly
upon the closing of such Acquisition, the Borrower Representative has provided the Administrative Agent (i) evidence satisfactory
to the Administrative Agent of the closing of such Acquisition, (ii) copies of the fully executed purchase or other acquisition
agreement with respect to such Acquisition and all other documents, instruments, and agreements with respect to such Acquisition;
and (iii) in connection with an Acquisition of the Equity Interests of any Person, evidence that legal title to such Equity Interests
is vested in a Loan Party, and in connection with an Acquisition of the assets of any Person, evidence that legal title to such
assets is vested in a Loan Party;

 

(f)           without
the prior written consent of the Required Lenders, the total Acquisition Consideration for such Acquisition does not exceed
$25,000,000;

 

(g)          if
such Acquisition is an acquisition of the Equity Interests of a Person, the Acquisition is structured so that such Person shall
become a wholly-owned Subsidiary of a Borrower or any Loan Party and shall become a Loan Party pursuant to the terms of this Agreement;

 

(h)          if
such Acquisition is an acquisition of assets, such Acquisition is structured so that a Borrower or another Loan Party shall acquire
such assets;

 

(i)           if
such Acquisition is an acquisition of Equity Interests, such Acquisition will not result in any violation of Regulation U;

 

    	 	23	 

     

    

  

(j)           if
such Acquisition involves a merger or a consolidation involving a Borrower or any other Loan Party, such Borrower or such Loan
Party, as applicable, shall be the surviving entity;

 

(k)          no
Loan Party shall, as a result of or in connection with any such Acquisition, assume or incur any direct or contingent liabilities
or obligations (whether relating to environmental, tax, litigation, or other matters) that could reasonably be expected, in the
Administrative Agent’s Permitted Discretion, to have a Material Adverse Effect;

 

(l)           in
connection with an Acquisition of the Equity Interests of any Person, all Liens on any assets of such Person shall be terminated
unless the Required Lenders in their separate sole discretion consent otherwise, and in connection with an Acquisition of the assets
of any Person, all Liens on such assets shall be terminated;

 

(m)         the
Borrower Representative shall certify (and provide the Administration Agent with pro forma calculations in form and substance reasonably
satisfactory to the Administrative Agent) to the Administrative Agent that, after giving effect to the completion of such Acquisition,
the Borrowers will be in compliance with the financial covenants in Section 6.12 on a pro forma basis which includes all Acquisition
Consideration given in connection with such Acquisition, other than Equity Interests of such Borrower delivered to the seller(s)
in such Acquisition, as having been paid in cash at the time of making such Acquisition;

 

(n)          all
actions required to be taken with respect to any newly acquired or formed wholly-owned Subsidiary of a Borrower or a Loan Party,
as applicable, required under Section 5.13 shall have been taken; and

 

(o)          the
Borrower Representative shall have delivered to the Administrative Agent the final executed material documentation relating to
such Acquisition within five (5) days following the consummation thereof.

 

“Permitted Discretion”
means a determination made in good faith and in the exercise of reasonable (from the perspective of an asset based secured lender)
business judgment.

 

“Permitted Encumbrances”
means:

 

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

 

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

 

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

 

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

 

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

 

    	 	24	 

     

    

  

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

 

provided that the term
“Permitted Encumbrances” shall not include any Lien securing Indebtedness, except with respect to clause (e) above.

 

“Permitted Investments”
means:

 

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

 

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

 

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

 

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

 

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

 

“Permitted Third
Party Location” means (i) any location leased by any Loan Party for which, at the option of the Administrative Agent,
either (A) the lessor has delivered to the Administrative Agent a Collateral Access Agreement or (B) a Reserve for rent, charges,
and other amounts due or to become due with respect to such facility has been established by the Administrative Agent in its sole
discretion; and (ii) any third party warehouse or bailee for which, at the option of the Administrative Agent, either (A) such
warehouseman or bailee has delivered to the Administrative Agent a Collateral Access Agreement and such other documentation as
the Administrative Agent may require or (B) an appropriate Reserve has been established by the Administrative Agent in its sole
discretion.

 

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

 

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

 

    	 	25	 

     

    

  

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

 

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

 

“Projections”
has the meaning assigned to such term in Section 5.01(d).

 

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

 

“Real Property”
means all real property that was, is now or may hereafter be owned, occupied or otherwise controlled by any Loan Party pursuant
to any contract of sale, lease or other conveyance of any legal interest in any real property to any Loan Party.

 

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

 

“Refinance Indebtedness”
has the meaning assigned to such term in Section 6.01(f).

 

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

 

“Regulation D”
means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation T”
means Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation U”
means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation X”
means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

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

 

    	 	26	 

     

    

  

“Release”
means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating,
disposing, or dumping of any substance into the environment.

 

“Report”
means reports prepared by the Administrative Agent or another Person showing the results of appraisals, field examinations or audits
pertaining to the assets of the Loan Parties from information furnished by or on behalf of the Borrowers, after the Administrative
Agent has exercised its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the
Administrative Agent.

 

“Required Lenders”
means, subject to Section 2.20, at any time, Lenders having Credit Exposure (provided, that, as to any Lender, clause (a) of the
definition of “Swingline Exposure” shall only be applicable in calculating a Lender’s Revolving Exposure to the
extent such Lender shall have funded its respective participations in the outstanding Swingline Loans) and Unfunded Commitments
representing more than 50% of the sum of the Aggregate Credit Exposure and Unfunded Commitments at such time; provided that,
for purposes of declaring the Loans to be due and payable pursuant to Article VII, and for all purposes after the Loans become
due and payable pursuant to Article VII or the Commitments expire or terminate, then, as to each Lender, the Unfunded Commitment
of each Lender shall be deemed to be zero.

 

“Requirement of
Law” means, with respect to any Person, (a) the charter, articles or certificate of organization or incorporation and
bylaws or operating, management or partnership agreement, or other organizational or governing documents of such Person and (b)
any statute, law (including common law), treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or
determination of any arbitrator or court or other Governmental Authority (including Environmental Laws), in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Reserves”
means any and all reserves which the Administrative Agent deems necessary, in its Permitted Discretion, to maintain with respect
to the Collateral or any Loan Party.

 

“Responsible Officer”
means the Chief Executive Officer, President, Financial Officer or other executive officer of a Borrower.

 

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

 

“Revolving Commitment”
means, with respect to each Lender, the amount set forth on the Commitment Schedule opposite such Lender’s name, or
in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York
Uniform Commercial Code) as provided in Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Revolving
Commitment, as applicable, as such Revolving Commitment may be reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 9.04; provided, that at no time shall the Revolving Exposure of any Lender exceed its Revolving
Commitment. The initial aggregate amount of the Lenders’ Revolving Commitments is $50,000,000.

 

“Revolving Credit
Maturity Date” means January 31, 2022 (if the same is a Business Day, or if not then the immediately next succeeding
Business Day), or any earlier date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the
terms hereof.

 

    	 	27	 

     

    

  

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

 

“Revolving Lender”
means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or
expired, a Lender with Revolving Exposure.

 

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

 

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

 

“Sale and Leaseback
Transaction” has the meaning assigned to such term in Section 6.06.

 

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

 

“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign
Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or by the United Nations Security Council,
the European Union, any European Union member state, 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 Person owned or controlled by any such
Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

 

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

 

“SEC”
means the Securities and Exchange Commission of the U.S.

 

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

 

“Secured Parties”
means (a) the Lenders, (b) the Administrative Agent, (c) each Issuing Bank, (d) each provider of Banking Services, to the extent
the Banking Services Obligations in respect thereof constitute Secured Obligations, (e) each counterparty to any Swap Agreement,
to the extent the obligations thereunder constitute Secured Obligations, (f) the beneficiaries of each indemnification obligation
undertaken by any Loan Party under any Loan Document, and (g) the successors and assigns of each of the foregoing.

 

    	 	28	 

     

    

  

“Security Agreement”
means that certain Pledge and Security Agreement (including any and all supplements thereto), dated as of the date hereof, among
the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any
other pledge or security agreement entered into, after the date of this Agreement by any other Loan Party (as required by this
Agreement or any other Loan Document) or any other Person for the benefit of the Administrative Agent and the other Secured Parties,
as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Standby LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus
(b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or
on behalf of the Borrowers at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage
of the aggregate Standby LC Exposure at such time.

 

“Statements”
has the meaning assigned to such term in Section 2.18(f).

 

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

 

“Subordinated
Indebtedness” of a Person means any Indebtedness of such Person, the payment of which is subordinated to payment of the
Secured Obligations to the written satisfaction of the Administrative Agent.

 

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

 

“Subsidiary”
means any direct or indirect subsidiary of the Company, a Borrower or a Loan Party, as applicable.

 

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

 

    	 	29	 

     

    

  

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

 

“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 or any rules or regulations promulgated
thereunder.

 

“Swingline Commitment”
means the amount, if any, set forth opposite Chase’s name on the Commitment Schedule as Swingline Commitment.         

 

“Swingline Exposure”
means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any
Revolving Lender at any time shall be the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time other
than with respect to any Swingline Loans made by such Revolving Lender in its capacity as the Swingline Lender and (b) the principal
amount of all Swingline Loans made by such Revolving Lender in its capacity as the Swingline Lender outstanding at such time (less
the amount of participations funded by the other Lenders in such Swingline Loans).

 

“Swingline Lender”
means Chase, in its capacity as lender of Swingline Loans hereunder. Any consent required of the Administrative Agent or the Issuing
Bank shall be deemed to be required of the Swingline Lender and any consent given by Chase in its capacity as Administrative Agent
or Issuing Bank shall be deemed given by Chase in its capacity as Swingline Lender as well.

 

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

 

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

 

“Total Indebtedness”
means, at any date, the aggregate principal amount of all Indebtedness of the Loan Parties at such date, determined on a consolidated
basis in accordance with GAAP.

 

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

 

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

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of Indiana or in any other state, the laws of which
are required to be applied in connection with the issue of perfection of security interests.

 

    	 	30	 

     

    

  

“Unfunded Commitment”
means, with respect to each Lender, the Revolving Commitment of such Lender less its Revolving Exposure; provided, that, as to
any Lender, clause (a) of the definition of “Swingline Exposure” shall only be applicable in calculating a Lender’s
Revolving Exposure to the extent such Lender shall have funded its respective participations in the outstanding Swingline Loans.

 

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

 

“U.S.”
means the United States of America.

 

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

 

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

 

“USA PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001.

 

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

 

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

 

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

 

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

 

    	 	31	 

     

    

  

SECTION 1.04. Accounting
Terms; GAAP. (a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed
in accordance with GAAP, as in effect from time to time; provided that, if after the date hereof there occurs any change
in GAAP or in the application thereof on the operation of any provision hereof and the Borrower Representative notifies the Administrative
Agent that the Borrowers request an amendment to any provision hereof to eliminate the effect of such change in GAAP or in the
application thereof (or if the Administrative Agent notifies the Borrower Representative that the Required Lenders request an amendment
to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or
in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance
herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall
be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election
under Financial Accounting Standards Board Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Loan
Party or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness
in respect of convertible debt instruments under Financial Accounting Standards Board Accounting Standards Codification 470-20
(or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any
such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at
the full stated principal amount thereof..

 

(b)          Notwithstanding
anything to the contrary contained in Section 1.04(a) or in the definition of “Capital Lease Obligations,” in the event
of an accounting change requiring all leases to be capitalized, only those leases (assuming for purposes hereof that such leases
were in existence on the date hereof) that would constitute capital leases in conformity with GAAP on the date hereof shall be
considered capital leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made
or delivered, as applicable, in accordance therewith.

 

SECTION 1.05. Interest
Rates; LIBOR Notification. The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived
from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct
Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions
to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”)
for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London
interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine
the interest rate on Eurodollar Loans. In light of this eventuality, public and private sector industry initiatives are currently
underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event
that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(c)
of this Agreement, such Section 2.14(c) provides a mechanism for determining an alternative rate of interest. The Administrative
Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest
rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall
not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered
rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto,
or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative,
successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce
the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered
rate prior to its discontinuance or unavailability.

 

    	 	32	 

     

    

  

SECTION 1.06. Pro Forma
Adjustments for Acquisitions and Dispositions. To the extent a Borrower or any Subsidiary makes any acquisition permitted pursuant
to Section 6.04 or disposition of assets outside the ordinary course of business permitted by Section 6.05 during the period of
four fiscal quarters of the Company most recently ended, the Funded Debt to EBITDA Ratio and the Fixed Charge Coverage Ratio shall
be calculated after giving pro forma effect thereto (including pro forma adjustments arising out of events which are directly attributable
to the acquisition or the disposition of assets, are factually supportable and are expected to have a continuing impact, in each
case as determined on a basis consistent with Article 11 of Regulation S-X of the Securities Act of 1933, as amended, as interpreted
by the SEC, and as certified by a Financial Officer of such Borrower), as if such acquisition or such disposition (and any related
incurrence, repayment or assumption of Indebtedness) had occurred in the first day of such four-quarter period.

 

SECTION 1.07. Status
of Obligations. In the event that any Borrower or any other Loan Party shall at any time issue or have outstanding any
Subordinated Indebtedness, such Borrower shall take or cause such other Loan Party to take all such actions as shall be
necessary to cause the Secured Obligations to constitute senior indebtedness (however denominated) in respect of such
Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or
other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated
Indebtedness. Without limiting the foregoing, the Secured Obligations are hereby designated as “senior
indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of
any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further
given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that
the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of
senior indebtedness under the terms of such Subordinated Indebtedness.

 

SECTION 1.08. Rounding.
Any financial ratios required to be maintained by any Loan Party pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio
is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

    	 	33	 

     

    

  

ARTICLE II

 

The Credits

 

SECTION 2.01. Revolving
Commitments. Subject to the terms and conditions set forth herein, each Lender severally (and not jointly) agrees to make Revolving
Loans in dollars to the Borrowers from time to time during the Availability Period in an aggregate principal amount that will not
result (after giving effect to any application of proceeds of such Borrowing pursuant to Section 2.10(a)) in (i) such Lender’s
Revolving Exposure exceeding such Lender’s Revolving Commitment or (ii) the Aggregate Revolving Exposure exceeding the
lesser of (x) the aggregate Revolving Commitments and (y) the Borrowing Base. Within the foregoing limits and subject to the terms
and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.

 

SECTION 2.02. Loans
and Borrowings.

 

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

 

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

 

(c)          At
the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $100,000 and not less than $1,000,000. ABR Revolving Borrowings may be in any amount. Borrowings
of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than
a total of 6 Eurodollar Borrowings outstanding.

 

(d)          Notwithstanding
any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any
Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date.

 

SECTION 2.03. Requests
for Borrowings. To request a Borrowing, the Borrower Representative shall notify the Administrative Agent of such request either
in writing (delivered by hand or fax) by delivering a Borrowing Request signed by a Responsible Officer of the Borrower Representative
or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, (a) in the case of a
Eurodollar Borrowing, not later than 10:00 a.m., Chicago time, three Business Days before the date of the proposed Borrowing or
(b) in the case of an ABR Borrowing, not later than noon, Chicago time, on the date of the proposed Borrowing; provided
that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e)
may be given not later than 9:00 a.m., Chicago time, on the date of the proposed Borrowing. Each such Borrowing Request shall be
irrevocable. Each such Borrowing Request shall specify the following information in compliance with Section 2.01:

 

		(i)	the Class of Borrowing, the aggregate amount of the requested
Borrowing, and a breakdown of the separate wires comprising such Borrowing;

 

		(ii)	name of the applicable Borrower(s);

 

    	 	34	 

     

    

  

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

 

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

 

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

 

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

 

SECTION 2.04.
[Section Intentionally Reserved]

 

SECTION 2.05. [Section Intentionally
Reserved]

 

SECTION 2.06. Letters
of Credit.

 

(a)          General.
Subject to the terms and conditions set forth herein, the Borrower Representative, on behalf of a Borrower, may request the issuance
of Letters of Credit denominated in dollars as the applicant thereof for the support of the obligations of any Borrower or any
Subsidiary thereof, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time
to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and
the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control. Notwithstanding
anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter
of Credit (i) the proceeds of which would be made available to any Person (A) to fund any activity or business of or with any Sanctioned
Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions or (B) in any manner
that would result in a violation of any Sanctions by any party to this Agreement, (ii) if any order, judgment or decree of any
Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter
of Credit, or any Requirement of Law relating to the Issuing Bank or any request or directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank
refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing
Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise
compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or
expense which was not applicable on the Effective Date and which the Issuing Bank in good faith deems material to it, or (iii)
if the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit
generally; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the implementation
thereof, and (y) all requests, rules, guidelines, requirements 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 not to be in effect on the Effective Date for purposes of clause
(ii) above, regardless of the date enacted, adopted, issued or implemented.

 

    	 	35	 

     

    

  

(b)          Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the Borrower Representative shall hand deliver or fax (or transmit through
Electronic System, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative
Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than
three Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended,
renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the
date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such
Letter of Credit, the name and address of the beneficiary thereof, and such other information as shall be necessary to prepare,
amend, renew or extend such Letter of Credit. In addition, as a condition to any such Letter of Credit issuance, the applicable
Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of credit
and/or shall submit a letter of credit application, in each case, as required by the Issuing Bank and using such Issuing Bank’s
standard form (each, a “Letter of Credit Agreement”). A Letter of Credit shall be issued, amended, renewed or
extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrowers shall be deemed to
represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure
shall not exceed $5,000,000, (ii) no Revolving Lender’s Revolving Exposure shall exceed its Revolving Commitment and (iii)
the Aggregate Revolving Exposure shall not exceed the lesser of the aggregate Revolving Commitments and the Borrowing Base. Notwithstanding
the foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or modify any Letter of
Credit if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all Letters of Credit issued by such
Person and its Affiliates would exceed such Issuing Bank’s Issuing Bank Sublimit. Without limiting the foregoing and without
affecting the limitations contained herein, it is understood and agreed that the Borrower Representative may from time to time
request that an Issuing Bank issue Letters of Credit in excess of its individual Issuing Bank Sublimit in effect at the time of
such request, and each Issuing Bank agrees to consider any such request in good faith. Any Letter of Credit so issued by an Issuing
Bank in excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes
of the Credit Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on
the aggregate LC Exposure set forth in clause (i) of this Section 2.06(b).

 

(c)          Expiration
Date. Each Letter of Credit shall expire (or be subject to termination or non-renewal by notice from the Issuing Bank to the
beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance
of such Letter of Credit (or, in the case of any renewal or extension thereof, including, without limitation, any automatic renewal
provision, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Revolving Credit
Maturity Date.

 

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

 

    	 	36	 

     

    

  

(e)          Reimbursement.
If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrowers shall reimburse such LC Disbursement
by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 11:00 a.m., Chicago time, on (i) the
Business Day that the Borrower Representative receives notice of such LC Disbursement, if such notice is received prior to 9:00
a.m., Chicago time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower Representative
receives such notice, if such notice is received after 9:00 a.m., Chicago time, on the day of receipt; provided that the
Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment
be financed with an ABR Revolving Borrowing in an equivalent amount and, to the extent so financed, the Borrowers’ obligation
to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrowers fail to make such
payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then
due from the Borrowers in respect thereof, and such Lender’s Applicable Percentage thereof. Promptly following receipt of
such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from
the Borrowers, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07
shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall
promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative
Agent of any payment from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the
Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank,
then to such Lenders and the Issuing Bank, as their interests may appear. Any payment made by a Revolving Lender pursuant to this
paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated
above) shall not constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such LC Disbursement.

 

(f)           Obligations
Absolute. The Borrowers’ joint and several obligation to reimburse LC Disbursements as provided in paragraph (e)
of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms
of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of
any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein or herein, (ii) any draft
or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement
therein being untrue or inaccurate in any respect, (iii) any payment by the Issuing Bank under a Letter of Credit against presentation
of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal
or equitable discharge of, or provide a right of setoff against, the Borrowers’ obligations hereunder. None of the Administrative
Agent, the Revolving Lenders or the Issuing Bank, or any of their respective Related Parties, shall have any liability or responsibility
by reason of or in connection with the issuance or transfer of any Letter of Credit, or any payment or failure to make any payment
thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption,
loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence
arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse
the Issuing Bank from liability to the Borrowers to the extent of any direct damages (as opposed to special, indirect, consequential
or punitive damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered
by any Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other
documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence
of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction),
the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without
limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in
substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make
payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary,
or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such
Letter of Credit.

 

    	 	37	 

     

    

  

(g)          Disbursement
Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower Representative
by telephone (confirmed by fax or through Electronic Systems) of such demand for payment and whether the Issuing Bank has made
or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve
the Borrowers of their obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

 

(h)          Interim
Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrowers shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including
the date such LC Disbursement is made to but excluding the date that the Borrowers reimburse such LC Disbursement, at the rate
per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement
is due; provided that, if the Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (e) of
this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing
Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section
to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

 

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

 

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

 

    	 	38	 

     

    

  

(j)           Cash
Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower Representative
receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving
Lenders with LC Exposure representing greater than 50% of the aggregate LC Exposure) demanding the deposit of cash collateral pursuant
to this paragraph, the Borrowers shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent
and for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in cash equal to 105%
of the amount of the LC Exposure as of such date plus accrued and unpaid interest thereon; provided that the obligation
to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable,
without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to any Borrower described
in clause (h) or (i) of Article VII. The Borrowers also shall deposit cash collateral in accordance with this paragraph
as and to the extent required by Section 2.11(b) or 2.20. Each such deposit shall be held by the Administrative Agent as collateral
for the payment and performance of the Secured Obligations. The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over the LC Collateral Account and the Borrowers hereby grant the Administrative Agent
a security interest in the LC Collateral Account and all moneys or other assets on deposit therein or credited thereto. Other than
any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrowers’ risk and expense, such deposits shall not bear interest. Interest or profits,
if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent
to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall
be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity
of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50%
of the aggregate LC Exposure), be applied to satisfy other Secured Obligations. If the Borrowers are required to provide an amount
of cash collateral hereunder as a result of the occurrence of a Default, such amount (to the extent not applied as aforesaid) shall
be returned to the Borrowers within three (3) Business Days after all such Defaults have been cured or waived as confirmed in writing
by the Administrative Agent.

 

(k)          LC
Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms
of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated
amount is in effect at the time of determination.

 

(l)           Letters
of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports
any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,”
“customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from
any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary
in respect of such Letter of Credit, the Borrowers (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder
for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued
solely for the account of such Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it
as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. Each Borrower
hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of such Borrower, and
that such Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

    	 	39	 

     

    

  

SECTION 2.07. Funding
of Borrowings.

 

(a)          Each
Lender shall make each Loan to be made by such Lender hereunder on the proposed date thereof solely by wire transfer of immediately
available funds by 2:00 p.m., Chicago time, to the account of the Administrative Agent most recently designated by it for such
purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Percentage. The Administrative Agent will
make such Loans available to the Borrower Representative by promptly crediting the funds so received in the aforesaid account of
the Administrative Agent to the Funding Account(s); provided that ABR Revolving Loans made to finance the reimbursement
of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.

 

(b)          Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance
upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact
made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers
each severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for
each day from and including the date such amount is made available to the applicable Borrower to but excluding the date of payment
to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate
applicable to ABR Revolving Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute
such Lender’s Loan included in such Borrowing; provided, that any interest received from the Borrowers by the Administrative
Agent during the period beginning when Administrative Agent funded the Borrowing until such Lender pays such amount shall be solely
for the account of the Administrative Agent.

 

SECTION 2.08. Interest
Elections.

 

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

 

(b)          To
make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election either
in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower
Representative or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, by the
time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting
from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable.

 

(c)          Each
Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance
with Section 2.02:

 

    	 	40	 

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

(e)          If
the Borrower Representative fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to
the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such
Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if a Default
has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower Representative,
then, so long as a Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing
and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable
thereto.

 

SECTION 2.09. Termination
of Commitments.

 

(a)          Unless
previously terminated, all the Revolving Commitments shall terminate on the Revolving Credit Maturity Date.

 

(b)          The
Borrowers may at any time terminate the Revolving Commitments upon the Payment in Full of the Secured Obligations.

 

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

 

    	 	41	 

     

    

  

SECTION 2.10. Repayment and
Amortization of Loans; Evidence of Debt.

 

(a)          The
Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender the then
unpaid principal amount of each Revolving Loan on the Revolving Credit Maturity Date, and (ii) to the Swingline Lender the then
unpaid principal amount of each Swingline Loan on the earlier of the Revolving Credit Maturity Date and the fifth Business Day
after such Swingline Loan is made; provided that on each date that a Revolving Loan is made, the Borrowers shall repay all
Swingline Loans then outstanding and the proceeds of any such Revolving Loan shall be applied by the Administrative Agent to repay
any Swingline Loans outstanding.

 

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

 

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

 

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

 

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

 

SECTION 2.11. Prepayment
of Loans.

 

(a)          The
Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior
notice in accordance with paragraph (e) of this Section and, if applicable, payment of any break funding expenses under Section
2.16.

 

(b)          In
the event and on such occasion that the Aggregate Revolving Exposure exceeds the lesser of (A) the aggregate Revolving Commitments
and (B) the Borrowing Base, the Borrowers shall prepay the Revolving Loans, LC Exposure and/or Swingline Loans (or, if no such
Borrowings are outstanding, deposit cash collateral in the LC Collateral Account in an aggregate amount equal to such excess, in
accordance with Section 2.06(j)).

 

    	 	42	 

     

    

  

(c)          The
Borrower Representative shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline
Lender) by telephone (confirmed by fax) or through Electronic System, if arrangements for doing so have been approved by the Administrative
Agent, of any prepayment under this Section: (i) in the case of prepayment of a Eurodollar Borrowing, not later than 10:00 a.m.,
Chicago time, three (3) Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not
later than 10:00 a.m., Chicago time, on the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later
than 11:00 a.m., Chicago time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment
date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that if a notice of prepayment
is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09,
then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly
following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment
of any Revolving Borrowing or Term Loan shall be in an amount that would be permitted in the case of an advance of a Borrowing
of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment.
Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied
by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16.

 

SECTION 2.12. Fees.

 

(a)          The
Borrowers agree to pay to the Administrative Agent a commitment fee for the account of each Revolving Lender, which shall accrue
at the Applicable Rate on the daily amount of the undrawn portion of the Revolving Commitment of such Lender during the period
from and including the Effective Date to but excluding the date on which the Lenders’ Revolving Commitments terminate; it
being understood that the LC Exposure of a Lender shall be included and the Swingline Exposure of a Lender shall be excluded in
the drawn portion of the Revolving Commitment of such Lender for purposes of calculating the commitment fee. Accrued commitment
fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the
Revolving Commitments terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day
but excluding the last day).

 

(b)          The
Borrowers agree to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect
to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate
applicable to Eurodollar Revolving Loans on the daily amount of such Lender’s LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later
of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC
Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.25% per annum on the daily amount
of the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of
termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard
fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension
of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including
the last day of March, June, September and December of each year shall be payable on the third Business Day following such last
day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date
on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate
shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within
ten (10) days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed (including the first day but excluding the last day).

 

    	 	43	 

     

    

  

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

 

(d)          All
fees payable hereunder shall be paid on the dates due, in dollars in immediately available funds, to the Administrative Agent (or
to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees,
to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances.

 

SECTION 2.13. Interest.

 

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

 

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

 

(c)          Notwithstanding
the foregoing, during the occurrence and continuance of a Default, the Administrative Agent or the Required Lenders may, at their
option, by notice to the Borrower Representative (which notice may be revoked at the option of the Required Lenders notwithstanding
any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates),
declare that (i) all Loans shall bear interest at 2% plus the rate otherwise applicable to such Loans as provided in the preceding
paragraphs of this Section or (ii) in the case of any other amount outstanding hereunder, such amount shall accrue at 2% plus the
rate applicable to such fee or other obligation as provided hereunder.

 

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

 

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

 

SECTION 2.14. Alternate
Rate of Interest; Illegality.

 

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

 

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

 

    	 	44	 

     

    

  

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

 

then the Administrative Agent shall give notice
thereof to the Borrower Representative and the Lenders through Electronic System as provided in Section 9.01 as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower Representative and the Lenders that the circumstances giving
rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation
of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and any such Eurodollar Borrowing shall be repaid or converted
into an ABR Borrowing on the last day of the then current Interest Period applicable thereto, and (B) if any Borrowing Request
requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

 

(b)          If
any Lender determines that any Requirement of Law has made it unlawful, or if any Governmental Authority has asserted that it is
unlawful, for any Lender or its applicable lending office to make, maintain, fund or continue any Eurodollar Borrowing, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits
of, dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower Representative through the Administrative
Agent, any obligations of such Lender to make, maintain, fund or continue Eurodollar Loans or to convert ABR Borrowings to Eurodollar
Borrowings will be suspended until such Lender notifies the Administrative Agent and the Borrower Representative that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers will upon demand from such Lender
(with a copy to the Administrative Agent), either prepay or convert all Eurodollar Borrowings of such Lender to ABR Borrowings,
either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Borrowings
to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans. Upon any such prepayment or conversion,
the Borrowers will also pay accrued interest on the amount so prepaid or converted.

 

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

 

    	 	45	 

     

    

  

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

 

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

 

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

 

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

 

and the result of any of the foregoing shall
be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any Loan (or
of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient
of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such
Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrowers will
pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate
such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)          If
any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such
Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of or the
Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued
by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s
policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and
liquidity), then from time to time the Borrowers will pay to such Lender or the Issuing Bank, as the case may be, such additional
amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding
company for any such reduction suffered.

 

    	 	46	 

     

    

  

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

 

(d)          Failure
or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver
of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrowers shall
not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred
more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower Representative
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention
to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions
is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

SECTION 2.16. Break Funding
Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11),
(b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure
to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless
of whether such notice may be revoked under Section 2.09(c) and is revoked in accordance therewith), or (d) the assignment
of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower
Representative pursuant to Section 2.19 or 9.02(d), then, in any such event, the Borrowers shall compensate each Lender for
the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender
shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would
have accrued on the principal amount of such Eurodollar Loan had such event not occurred, at the Adjusted LIBO Rate that would
have been applicable to such Eurodollar Loan, for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest
Period for such Eurodollar Loan), over (ii) the amount of interest which would accrue on such principal amount for such period
at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable
amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that
such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower Representative and shall be conclusive
absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days
after receipt thereof.

 

    	 	47	 

     

    

  

SECTION 2.17. Withholding
of Taxes; Gross-Up.

 

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

 

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

 

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

 

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

 

    	 	48	 

     

    

  

(f)           Status
of Lenders.

 

(i)           Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower Representative and the Administrative Agent, at the time or times reasonably requested by the Borrower
Representative or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
Representative 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 Representative or the Administrative Agent, shall
deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower Representative or the Administrative
Agent as will enable the Borrower Representative or the Administrative Agent to determine whether or not such Lender is subject
to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

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

 

(A)         any
Lender that is a U.S. Person shall deliver to the Borrower Representative 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 Representative or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from
U.S. federal backup withholding tax;

 

(B)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower Representative 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 Representative or the
Administrative Agent), whichever of the following is applicable:

 

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

 

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

 

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

  

    	 	49	 

     

    

  

(4)         to
the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or
Exhibit D-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that
if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-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 Representative 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 Representative or the
Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or
a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed
by applicable law to permit the Borrower Representative or the Administrative Agent to determine the withholding or deduction required
to be made; and

 

(D)         if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower Representative and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrower Representative or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower Representative or the Administrative Agent as may be necessary for
the Borrower Representative 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 Representative and the Administrative Agent in writing of its legal
inability to do so.

 

    	 	50	 

     

    

  

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

 

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

 

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

 

SECTION 2.18. Payments
Generally; Allocation of Proceeds; Sharing of Setoffs.

 

(a)          The
Borrowers shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement
of LC Disbursements, or of amounts payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., Chicago time, on
the date when due or the date fixed for any prepayment hereunder, in immediately available funds, without setoff, recoupment or
counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to
have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be
made to the Administrative Agent at its offices at 10 South Dearborn Street, 22nd Floor, Chicago, Illinois, except payments
to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections
2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any
such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.
Unless otherwise provided for herein, if any payment hereunder shall be due on a day that is not a Business Day, the date for payment
shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall
be payable for the period of such extension. All payments hereunder shall be made in dollars.

 

    	 	51	 

     

    

  

(b)          All
payments and any proceeds of Collateral received by the Administrative Agent (i) not constituting a specific payment of principal,
interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrowers), or (ii) after
an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall
be applied ratably first, to pay any fees, indemnities, or expense reimbursements then due to the Administrative Agent,
the Swingline Lender and the Issuing Bank from the Borrowers (other than in connection with Banking Services Obligations or Swap
Agreement Obligations), second, to pay any fees, indemnities, or expense reimbursements then due to the Lenders from the
Borrowers (other than in connection with Banking Services Obligations or Swap Agreement Obligations), third, to pay interest
then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and
to pay any amounts owing in respect of Swap Agreement Obligations and Banking Services Obligations up to and including the amount
most recently provided to the Administrative Agent pursuant to Section 2.22, ratably), fifth, to pay an amount to the Administrative
Agent equal to one hundred five percent (105%) of the aggregate LC Exposure, to be held as cash collateral for such Obligations,
and sixth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender from the Borrowers
or any other Loan Party. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the
Borrower Representative, or unless a Default is in existence, neither the Administrative Agent nor any Lender shall apply any payment
which it receives to any Eurodollar Loan of a Class, except (i) on the expiration date of the Interest Period applicable thereto,
or (ii) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any such event,
the Borrowers shall pay the break funding payment required in accordance with Section 2.16. The Administrative Agent and the Lenders
shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion
of the Secured Obligations.

 

Notwithstanding the foregoing,
Secured Obligations arising under Banking Services Obligations or Swap Agreement Obligations shall be excluded from the application
described above and paid in clause sixth if the Administrative Agent has not received written notice thereof, together with
such supporting documentation as the Administrative Agent may have reasonably requested from the applicable provider of such Banking
Services or Swap Agreements.

 

(c)          At
the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses
(including, without limitation, all reimbursement for fees, costs and expenses pursuant to Section 9.03), and other sums payable
under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder, whether made following a request by the Borrower
Representative pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account
of the Borrowers maintained with the Administrative Agent. The Borrowers hereby irrevocably authorize (i) the Administrative Agent
to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other
amount due under the Loan Documents and agree that all such amounts charged shall constitute Loans (including Swingline Loans),
and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 and (ii) the Administrative Agent
to charge any deposit account of any Borrower maintained with the Administrative Agent for each payment of principal, interest
and fees as it becomes due hereunder or any other amount due under the Loan Documents.

 

    	 	52	 

     

    

  

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

 

(e)          Unless
the Administrative Agent shall have received, prior to any date on which any payment is due to the Administrative Agent for the
account of the Lenders or the Issuing Bank pursuant to the terms hereof or any other Loan Document (including any date that is
fixed for prepayment by notice from the Borrower Representative to the Administrative Agent pursuant to Section 2.11(c)), notice
from the Borrower Representative that the Borrowers will not make such payment or prepayment, the Administrative Agent may assume
that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrowers have not in fact made such
payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the
NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

(f)           The
Administrative Agent may from time to time provide the Borrowers with account statements or invoices with respect to any of the
Secured Obligations (the “Statements”). The Administrative Agent is under no duty or obligation to provide Statements,
which, if provided, will be solely for the Borrowers’ convenience. Statements may contain estimates of the amounts owed during
the relevant billing period, whether of principal, interest, fees or other Secured Obligations. If the Borrowers pay the full amount
indicated on a Statement on or before the due date indicated on such Statement, the Borrowers shall not be in default of payment
with respect to the billing period indicated on such Statement; provided, that acceptance by the Administrative Agent, on behalf
of the Lenders, of any payment that is less than the total amount actually due at that time (including but not limited to any past
due amounts) shall not constitute a waiver of the Administrative Agent’s or the Lenders’ right to receive payment in
full at another time.

 

SECTION 2.19. Mitigation
Obligations; Replacement of Lenders.

 

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

 

    	 	53	 

     

    

  

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

 

SECTION
2.20. Defaulting Lenders.

 

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

 

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

 

    	 	54	 

     

    

  

(b)          any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Section 2.18(b) or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank or Swingline Lender hereunder;
third, to cash collateralize the Issuing Banks’ LC Exposure with respect to such Defaulting Lender in accordance with this
Section; fourth, as the Borrower Representative 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 Representative, to
be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing Banks’ future LC Exposure with
respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this
Section; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or Swingline Lender as a result of any judgment
of a court of competent jurisdiction obtained by any Lender, the Issuing Banks or Swingline Lender against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document;
seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of
any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such
Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting
Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share,
and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02
were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting
Lender until such time as all Loans and funded and unfunded participations in the Borrowers’ obligations corresponding to
such Defaulting Lender’s LC Exposure and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments
without giving effect to clause (d) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed
paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

 

(c)          such
Defaulting Lender shall not have the right to vote on any issue on which voting is required (other than to the extent expressly
provided in Section 9.02(b)) and the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining
whether the Required Lenders have taken or may take any action hereunder or under any other Loan Document; provided that, except
as otherwise provided in Section 9.02, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment,
waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby; 

 

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

 

(i)           all
or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than the portion of such Swingline Exposure
referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance with
their respective Applicable Percentages but only (x) to the extent that such reallocation does not, as to any non-Defaulting Lender,
cause such non-Defaulting Lender’s Revolving Exposure to exceed its Revolving Commitment; 

 

    	 	55	 

     

    

  

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

 

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

 

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

 

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

 

(e)          so
long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing
Bank shall not be required to issue, amend, renew, extend or increase any Letter of Credit, unless it is satisfied that the related
exposure and such Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting
Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section 2.20(d), and Swingline Exposure related
to any such newly made Swingline Loan or LC Exposure related to any newly issued or increased Letter of Credit shall be allocated
among non-Defaulting Lenders in a manner consistent with Section 2.20(d)(i) (and such Defaulting Lender shall not participate therein).

 

If
(i) a Bankruptcy Event or a Bail-In Action with respect to the Parent of any Lender shall occur following the date hereof and for
so long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has
defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline
Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase
any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall have entered into arrangements
with the Borrowers or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any
risk to it in respect of such Lender hereunder.

 

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

 

    	 	56	 

     

    

  

SECTION 2.21. Returned
Payments. If, after receipt of any payment which is applied to the payment of all or any part of the Obligations (including
a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to
surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent,
set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other
reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the
Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force
as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section
2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or
any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination
of this Agreement.

 

SECTION 2.22. Banking
Services and Swap Agreements. Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with,
any Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements,
written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan
Party to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each
such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or
upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap
Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier
of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.

 

ARTICLE III

 

Representations and Warranties

 

Each Loan Party represents
and warrants to the Lenders that (and where applicable, agrees):

 

SECTION 3.01. Organization;
Powers. Each Loan Party and each Subsidiary is duly organized or formed, validly existing and in good standing under the laws
of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

SECTION 3.02. Authorization;
Enforceability. The Transactions are within each Loan Party’s corporate or other organizational powers and have been
duly authorized by all necessary corporate or other organizational actions and, if required, actions by equity holders. Each Loan
Document to which each Loan Party is a party has been duly executed and delivered by such Loan Party and constitutes a legal, valid
and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

 

    	 	57	 

     

    

   

SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions
(a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority,
except such as have been obtained or made and are in full force and effect and except for filings necessary to perfect Liens created
pursuant to the Loan Documents, (b) will not violate any Requirement of Law applicable to any Loan Party or any Subsidiary, (c)
will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary
or the assets of any Loan Party or any Subsidiary, or give rise to a right thereunder to require any payment to be made by any
Loan Party or any Subsidiary, and (d) will not result in the creation or imposition of, or other requirement to create, any Lien
on any asset of any Loan Party or any Subsidiary, except Liens created pursuant to the Loan Documents.

 

SECTION 3.04. Financial
Condition; No Material Adverse Change.

 

(a)          The
Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and
cash flows (i) as of and for the Fiscal Year ended December 30, 2017, reported on by BKD LLP, independent public accountants, and
(ii) as of and for the Fiscal Quarter and the portion of the fiscal year ended October 6, 2018, certified by its Financial Officer.
Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows
of the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end
audit adjustments all of which, when taken as a whole, would not be materially adverse and the absence of footnotes in the case
of the statements referred to in clause (ii) above.

 

(b)          No
event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect, since
October 6, 2018.

  

SECTION 3.05. Properties, etc.

 

(a)          As
of the date of this Agreement, Schedule 3.05 sets forth the address of each parcel of real property that is owned or leased
by any Loan Party. Each of such leases and subleases is valid and enforceable in accordance with its terms and is in full force
and effect, and no default by any party to any such lease or sublease exists. Each of the Loan Parties and each Subsidiary has
good and indefeasible title to, or valid leasehold interests in, all of its real and personal property, free of all Liens other
than those permitted by Section 6.02.

 

(b)          Each
Loan Party and each Subsidiary owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual
property necessary to its business as currently conducted, a correct and complete list of which, as of the date of this Agreement,
is set forth on Schedule 3.05, and the use thereof by each Loan Party and each Subsidiary does not infringe in any material
respect upon the rights of any other Person, and each Loan Party’s and each Subsidiary’ rights thereto are not subject
to any licensing agreement or similar arrangement. Schedule 3.05 is a correct and complete list of all trademarks, trade
names, copyrights, patents and other intellectual property owned or licensed by the Loan Parties as of the date of this Agreement.

 

    	 	58	 

     

    

  

SECTION 3.06. Litigation
and Environmental Matters.

 

(a)          There
are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge
of any Loan Party, threatened against or affecting any Loan Party or any Subsidiary (i) as to which there is a reasonable
possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters set forth on Schedule 3.06) or (ii) that
involve any Loan Document or the Transactions.

 

(b)          Except
for the Disclosed Matters, (i) no Loan Party or any Subsidiary has received notice of any claim with respect to any Environmental
Liability or knows of any basis for any Environmental Liability and (ii) and except with respect to any other matters that, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, no Loan Party or any Subsidiary (A) has
failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required
under any Environmental Law (B) has become subject to any Environmental Liability, (C) has received notice of any claim with
respect to any Environmental Liability or (D) knows of any basis for any Environmental Liability.

 

(c)          Since
the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate,
has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

 

SECTION 3.07. Compliance
with Laws and Agreements; No Default. Except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, each Loan Party and each Subsidiary is in compliance with (i) all Requirement
of Law applicable to it or its property and (ii) all indentures, agreements and other instruments binding upon it or its property.
No Default has occurred and is continuing.

 

SECTION 3.08. Investment
Company Status. No Loan Party or any Subsidiary is an “investment company” as defined in, or subject to regulation
under, the Investment Company Act of 1940.

 

SECTION 3.09. Taxes.
Each Loan Party and each Subsidiary has timely filed or caused to be filed all Tax returns and reports required to have been filed
and has paid or caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good faith
by appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate
reserves. No tax liens have been filed and no claims are being asserted with respect to any such taxes.

 

SECTION 3.10. ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value
of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting
Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more
than $100,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of
all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87 or
subsequent recodification thereof, as applicable) did not, as of the date of the most recent financial statements reflecting such
amounts, exceed by more than $100,000 the fair market value of the assets of all such underfunded Plans.

 

    	 	59	 

     

    

  

SECTION 3.11. Disclosure.

 

(a)          The
Loan Parties have disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which any Loan Party
or any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished
by or on behalf of any Loan Party or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation
of this Agreement or any other Loan Document (as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to projected financial information, the Loan Parties
represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time delivered
and, if such projected financial information was delivered prior to the Effective Date, as of the Effective Date.

 

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

 

SECTION 3.12. Material
Agreements. No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in (i) any material agreement to which it is a party or (ii) any agreement or instrument evidencing or
governing Indebtedness.

 

SECTION 3.13. Solvency.

 

(a)          Immediately
after the consummation of the Transactions to occur on the Effective Date, (i) the fair value of the assets of each Loan Party,
at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable
value of the property of each Loan Party will be greater than the amount that will be required to pay the probable liability of
its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (iii) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts
and liabilities become absolute and matured; and (iv) no Loan Party will have unreasonably small capital with which to conduct
the business in which it is engaged as such business is now conducted and is proposed to be conducted after the Effective Date.

 

(b)          No
Loan Party intends to, nor will permit any Subsidiary to, and no Loan Party believes that it or any Subsidiary will, incur debts
beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it
or any such Subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness
of any such Subsidiary.

 

SECTION 3.14. Insurance.
Schedule 3.14 sets forth a description of all insurance maintained by or on behalf of the Loan Parties and their Subsidiaries
as of the Effective Date. As of the Effective Date, all premiums due and payable in respect of such insurance have been paid. The
Company maintains, and has caused each Subsidiary to maintain, with financially sound and reputable insurance companies, insurance
on all their real and personal property in such amounts, subject to such deductibles and self-insurance retentions and covering
such properties and risks as are adequate and customarily maintained by companies engaged in the same or similar businesses operating
in the same or similar locations.

 

    	 	60	 

     

    

  

SECTION 3.15.
Capitalization and Subsidiaries. Schedule 3.15 sets forth (a) a correct and complete list of the name and relationship
to the Company of each Subsidiary, (b) a true and complete listing of each class of each of the Company’s authorized Equity
Interests, of which all of such issued Equity Interests are validly issued, outstanding, fully paid and non-assessable, and owned
beneficially and of record by the Persons identified on Schedule 3.15, and (c) the type of entity of the Company and each
Subsidiary. All of the issued and outstanding Equity Interests owned by any Loan Party have been (to the extent such concepts are
relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable. There are
no outstanding commitments or other obligations of any Loan Party to issue, or no options, warrants or other rights of any Person
to acquire, any shares of any class of capital stock or other equity interests of any Loan Party, except for outstanding rights
to acquire Equity Interests in the Company pursuant to shareholder-approved equity incentive plans identified in the Company’s
public filings with the SEC.

 

SECTION 3.16. Security
Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the
Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and
continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third
parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances, to the extent
any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable
law and (b) Liens perfected only by possession (including possession of any certificate of title), to the extent the Administrative
Agent has not obtained or does not maintain possession of such Collateral.

 

SECTION 3.17. Employment
Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party or any Subsidiary pending
or, to the knowledge of any Loan Party, threatened. The hours worked by and payments made to employees of the Loan Parties and
their Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable federal, state, local or
foreign law dealing with such matters. All payments due from any Loan Party or any Subsidiary, or for which any claim may be made
against any Loan Party or any Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have
been paid or accrued as a liability on the books of such Loan Party or such Subsidiary.

 

SECTION
3.18. Margin Regulations. No Loan Party is engaged and will not engage, principally or as one of its important activities,
in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock,
and no part of the proceeds of any Borrowing or Letter of Credit hereunder will be used to buy or carry any Margin Stock. Following
the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the
assets (either of any Loan Party only or of the Loan Parties and their Subsidiaries on a consolidated basis) will be Margin Stock.

 

SECTION 3.19. Use of Proceeds.
The proceeds of the Loans have been used and will be used, whether directly or indirectly as set forth in Section 5.08.

 

SECTION 3.20. No Burdensome
Restrictions. No Loan Party is subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section
6.10.

 

    	 	61	 

     

    

  

SECTION 3.21. Anti-Corruption
Laws and Sanctions. Each Loan Party has implemented and maintains in effect policies and procedures designed to ensure compliance
by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
applicable Sanctions, and such Loan Party, its Subsidiaries and their respective officers and directors and, to the knowledge of
such Loan Party, its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material
respects. None of (a) any Loan Party, any Subsidiary, any of their respective directors or officers or employees, or (b) to the
knowledge of any such Loan Party or Subsidiary, any agent of such Loan Party or any Subsidiary that will act in any capacity in
connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit,
use of proceeds, Transaction or other transaction contemplated by this Agreement or the other Loan Documents will violate Anti-Corruption
Laws or applicable Sanctions.

 

SECTION 3.22. EEA
Financial Institutions. No Loan Party is an EEA Financial Institution.

 

SECTION 3.23. Plan
Assets; Prohibited Transactions . None of the Loan Parties or any of their Subsidiaries is an entity deemed to hold “plan
assets” (within the meaning of the Plan Asset Regulations), and neither the execution, delivery nor performance of the transactions
contemplated under this Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give
rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

 

SECTION
3.24. Affiliate Transactions. Except as set forth on Schedule 3.24, as of the date of this Agreement, there are no
existing or proposed agreements, arrangements, understandings or transactions between any Loan Party and any of the officers, members,
managers, directors, stockholders, parents, holders of other Equity Interests, employees or Affiliates (other than Subsidiaries)
of any Loan Party or any members of their respective immediate families, and none of the foregoing Persons is directly or indirectly
indebted to or has any direct or indirect ownership, partnership, or voting interest in any Affiliate of any Loan Party or any
Person with which any Loan Party has a business relationship or which competes with any Loan Party (except that any such Persons
may own Equity Interests in (but not exceeding 2.0% of the outstanding Equity Interests of) any publicly traded company that may
compete with a Loan Party).

 

ARTICLE IV

 

Conditions

 

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

 

(a)          Credit
Agreement and Loan Documents. The Administrative Agent (or its counsel) shall have received (i) from each party hereto either
(A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative
Agent (which may include fax or other electronic transmission of a signed signature page of this Agreement) that such party has
signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such other certificates, documents,
instruments and agreements as the Administrative Agent shall reasonably request in connection with the transactions contemplated
by this Agreement and the other Loan Documents, including any promissory notes requested by a Lender pursuant to Section 2.10 payable
to the order of each such requesting Lender and a written opinion of the Loan Parties’ counsel, addressed to the Administrative
Agent, the Issuing Bank and the Lenders in substantially the form of Exhibit C, all in form and substance satisfactory to
the Administrative Agent.

 

    	 	62	 

     

    

  

(b)          Financial
Statements. The Lenders shall have received (i) audited consolidated financial statements of the Loan Parties for the two most
recent Fiscal Years ended prior to the Effective Date as to which such financial statements are available, (ii) unaudited interim
consolidated financial statements of the Loan Parties for each Fiscal Quarter ended after the date of the latest applicable financial
statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and such financial
statements shall not, in the reasonable judgment of the Administrative Agent, reflect any material adverse change in the consolidated
financial condition of the Loan Parties, as reflected in the audited, consolidated financial statements described in clause (i)
of this paragraph.

 

(c)          Closing
Certificates; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent shall have received
(i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall
(A) certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance
of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the officers of such Loan
Party authorized to sign the Loan Documents to which it is a party and, in the case of a Borrower, its Financial Officers, and
(C) contain appropriate attachments, including the charter, articles or certificate of organization or incorporation of each Loan
Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of
its bylaws or operating, management or partnership agreement, or other organizational or governing documents or certifying that
such organizational and governing documents have not been amended (except as shown) since the previous delivery thereof to the
Administrative Agent, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization
or, if such jurisdiction does not issue long form good standing certificates, then such other form of good standing certificate
as is available in that jurisdiction.

 

(d)          No
Default Certificate. The Administrative Agent shall have received a certificate, signed by a Financial Officer of each Borrower,
dated as of the Effective Date (i) stating that no Default has occurred and is continuing, (ii) stating that the representations
and warranties contained in the Loan Documents are true and correct as of such date, and (iii) certifying as to any other factual
matters as may be reasonably requested by the Administrative Agent.

 

(e)          Fees.
The Borrowers shall have paid the upfront fees to the Administrative Agent for the benefit of the Lenders in the amount agreed
upon between the Borrowers and the Administrative Agent. The Lenders and the Administrative Agent shall have received all other
fees required to be paid, and all expenses required to be reimbursed for which invoices have been presented (including the reasonable
fees and expenses of legal counsel), on or before the Effective Date. All such amounts will be paid with proceeds of Loans made
on the Effective Date and will be reflected in the funding instructions given by the Borrower Representative to the Administrative
Agent on or before the Effective Date.

 

(f)           Lien
Searches. The Administrative Agent shall have received the results of a recent lien search in the jurisdiction of organization
of each Loan Party and each jurisdiction where assets of the Loan Parties are located, and such search shall reveal no Liens on
any of the assets of the Loan Parties except for liens permitted by Section 6.02 or discharged on or prior to the Effective Date
pursuant to a payoff letter or other documentation satisfactory to the Administrative Agent.

 

(g)          Funding
Account. The Administrative Agent shall have received a notice setting forth the deposit account of the Borrowers (the “Funding
Account”) to which the Administrative Agent is authorized by the Borrowers to transfer the proceeds of any Borrowings
requested or authorized pursuant to this Agreement.

 

    	 	63	 

     

    

  

(h)          Collateral
Access. The Administrative Agent shall have received such Collateral Access Agreement(s) as may be required to be provided
pursuant to Section 4.13 of the Security Agreement.

 

(i)           Solvency.
The Administrative Agent shall have received a solvency certificate signed by a Financial Officer of the Company dated the Effective
Date in form and substance reasonably satisfactory to the Administrative Agent.

 

(j)           Borrowing
Base Certificate. The Administrative Agent shall have received a Borrowing Base Certificate which calculates the Borrowing
Base as of the end of the Fiscal Month immediately preceding the Effective Date.

 

(k)          Pledged
Equity Interests; Stock Powers; Pledged Notes. The Administrative Agent shall have received (i) the certificates representing
the Equity Interests pledged pursuant to the Security Agreement, together with an undated stock power for each such certificate
executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative
Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank)
by the pledgor thereof.

 

(l)           Filings,
Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required by the
Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order
to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described
therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 6.02),
shall be in proper form for filing, registration or recordation.

 

(m)         Insurance.
The Administrative Agent shall have received evidence of insurance coverage in form, scope, and substance reasonably satisfactory
to the Administrative Agent and otherwise in compliance with the terms of Section 5.10 of this Agreement and Section 4.12
of the Security Agreement.

 

(n)          Letter
of Credit Application. The Administrative Agent shall have received a properly completed letter of credit application (whether
standalone or pursuant to a master agreement, as applicable) if the issuance of a Letter of Credit will be required on the Effective
Date. The Borrowers shall have executed the Issuing Bank’s master agreement for the issuance of commercial Letters of Credit.

 

(o)          USA
PATRIOT Act, Etc. (i) The Administrative Agent shall have received, (x) at least five (5) days prior to the Effective Date,
all documentation and other information regarding the Borrowers requested in connection with applicable “know your customer”
and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent requested in writing of the Borrowers
at least ten (10) days prior to the Effective Date, and (y) a properly completed and signed IRS Form W-8 or W-9, as applicable,
for each Loan Party, and (ii) to the extent the Borrowers qualify as a “legal entity customer” under the Beneficial
Ownership Regulation, at least five (5) days prior to the Effective Date, any Lender that has requested, in a written notice to
the Borrowers at least the (10) days prior to the Effective Date, a Beneficial Ownership Certification in relation to each Borrower
shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its
signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).

 

    	 	64	 

     

    

  

(p)          Other
Documents. The Administrative Agent shall have received such other documents as the Administrative Agent, the Issuing Bank,
any Lender or their respective counsel may have reasonably requested.

 

The Administrative Agent shall notify the Borrowers,
the Lenders and the Issuing Bank of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing,
the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective
unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02 or subject to the provisions of Section
4.03) at or prior to 2:00 p.m., Chicago time, on January 24, 2019 (and, in the event such conditions (other than the conditions
subject to Section 4.03) are not so satisfied or waived, the Commitments shall terminate at such time).

 

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

 

(a)          The
representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct with the same effect
as though made on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter
of Credit, as applicable (it being understood and agreed that any representation or warranty which by its terms is made as of a
specified date shall be required to be true and correct only as of such specified date).

 

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

 

(c)          After
giving effect to any Borrowing or the issuance, amendment, renewal or extension of any Letter of Credit, Availability shall not
be less than zero.

 

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

 

SECTION 4.03. Post-Closing
Conditions. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue,
amend, renew or extend any Letter of Credit, is subject to the Administrative Agent’s receipt within sixty (60) calendar
days of the date of this Agreement of (a) Collateral Access Agreements required to be provided pursuant to Section 4.13 of the
Security Agreement; (b) Confirmatory Grants (as defined in the Security Agreement) in form and substance acceptable to the Administrative
Agent for all Trademarks and Patents of a Loan Party not currently subject to a Confirmatory Grant in form suitable for filing
in the U.S Patent and Trademark Office as required by Section 4.7 of the Security Agreement; and (c) satisfactory evidence that
all Liens of record against Victory Tailgate, LLC and Victory Made, LLC have been terminated, except for Liens permitted by Section
6.02(c).

 

    	 	65	 

     

    

  

ARTICLE V

 

Affirmative Covenants

 

Until all of the Secured
Obligations shall have been Paid in Full, each Loan Party executing this Agreement covenants and agrees, jointly and severally
with all of the other Loan Parties, with the Lenders that:

 

SECTION 5.01. Financial
Statements; Borrowing Base and Other Information. The Borrowers will furnish to the Administrative Agent and each Lender:

 

(a)          within
90 days after the end of each Fiscal Year of the Company, its audited consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous Fiscal Year, all reported on by independent public accountants acceptable to the Required Lenders (without
a “going concern” or like qualification, commentary or exception and without any qualification, or exception as to
the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the
financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied, accompanied by any management letter prepared by said accountants;

 

(b)          within
45 days after the end of each Fiscal Quarter, its consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of such Fiscal Quarter, setting forth in each case in comparative form the figures for the
corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified
by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations
of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes;

 

(c)          concurrently
with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower Representative
in substantially the form of Exhibit D (i) certifying, in the case of the financial statements delivered under clause (b),
as presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes, (ii) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the
details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations
demonstrating compliance with Section 6.13 and (iv) stating whether any change in GAAP or in the application thereof has occurred
since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying
the effect of such change on the financial statements accompanying such certificate;

 

(d)          as
soon as available but in any event no later than 45 days following the end of each Fiscal Year of the Company, a copy of the plan
and forecast (including a projected consolidated and consolidating balance sheet, income statement and funds flow statement) of
the Company for each month of the upcoming Fiscal Year (the “Projections”) in form reasonably satisfactory to
the Administrative Agent;

 

    	 	66	 

     

    

 

(e)          as
soon as available but in any event within 30 days of the end of each Fiscal Month, and at such other times as may be requested
by the Administrative Agent, as of the Fiscal Month then ended, a Borrowing Base Certificate and supporting information in connection
therewith, together with any additional reports with respect to the Borrowing Base as the Administrative Agent may reasonably request;

 

(f)           as
soon as available but in any event within 30 days of the end of each Fiscal Month and at such other times as may be requested by
the Administrative Agent, as of the period then ended, all delivered electronically in a text formatted file acceptable to the
Administrative Agent;

 

(i)           a
detailed aging of the Loan Parties’ Accounts, including all invoices aged by invoice date and due date (with an explanation
of the terms offered), prepared in a manner reasonably acceptable to the Administrative Agent, together with a summary specifying
the name, address, and balance due for each Account Debtor;

 

(ii)          a
schedule detailing the Loan Parties’ Inventory, in form satisfactory to the Administrative Agent, (1) by location (showing
Inventory in transit and any Inventory located with a third party under any consignment, bailee arrangement or warehouse agreement),
by class (raw material, work-in-process and finished goods), by product type, and by volume on hand, which Inventory shall be valued
at the lower of cost (determined on a first-in, first-out basis) or market and adjusted for Reserves as the Administrative Agent
has previously indicated to the Borrowers are deemed by the Administrative Agent to be appropriate; and (2) including a report
of any variances or other results of Inventory counts performed by the Borrowers since the last Inventory schedule (including information
regarding sales or other reductions, additions, returns, credits issued by the Borrowers and complaints and claims made against
the Borrowers);

 

(iii)         a
worksheet of calculations prepared by the Borrowers to determine Eligible Accounts and Eligible Inventory, such worksheets detailing
the Accounts and Inventory excluded from Eligible Accounts and Eligible Inventory and the reason for such exclusion;

 

(iv)         a
reconciliation of the Loan Parties’ Accounts and Inventory between (A) the amounts shown in the Company’s general ledger
and financial statements and the reports delivered pursuant to clauses (i) and (ii) above and (B) the amounts and dates shown in
the reports delivered pursuant to clauses (i) and (ii) above and the Borrowing Base Certificate delivered pursuant to clause (f)
above as of such date; and

 

(v)          a
reconciliation of the loan balance per the Company’s general ledger to the loan balance under this Agreement;

 

    	 	67	 

     

    

  

(g)          promptly
upon the Administrative Agent’s request:

 

(i)           copies
of invoices issued by the Loan Parties in connection with any Accounts, credit memos, shipping and delivery documents, and other
information related thereto;

 

(ii)          copies
of purchase orders, invoices, and shipping and delivery documents in connection with any Inventory or Equipment purchased by any
Loan Party; and

 

(iii)         a
schedule detailing the balance of all intercompany accounts of the Loan Parties.

 

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

 

(i)           promptly
following any request therefor, such other information regarding the operations, changes in ownership of Equity Interests, business
affairs and financial condition of any Loan Party or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative
Agent or any Lender may reasonably request.

 

SECTION 5.02. Notices
of Material Events. Each of the Borrowers will furnish to the Administrative Agent and each Lender prompt (but in any event
within any time period that may be specified below) written notice of the following:

 

(a)          the
occurrence of any Default;

 

(b)          receipt
of any notice of any investigation by a Governmental Authority or any litigation or proceeding commenced or threatened against
any Loan Party that (i) seeks damages in excess of $750,000, (ii) seeks injunctive relief that could, if adversely determined,
reasonably be expected to result in a Material Adverse Effect, (iii) is asserted or instituted against any Plan, its fiduciaries
or its assets, (iv) alleges criminal misconduct by any Loan Party, (v) alleges the violation of any law regarding, or seeks remedies
in connection with, any Environmental Laws or related Requirements of Law, or seeks to impose Environmental Liability, (vi) contests
any tax, fee, assessment, or other governmental charge in excess of $500,000, or (vii) involves any product recall;

 

(c)          any
Lien (other than Permitted Encumbrances) or claim made or asserted against any of the Collateral;

 

(d)          any
material change in accounting or financial reporting practices by any Borrower or any Subsidiary;

 

(e)          the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability of the Loan Parties and their Subsidiaries in an aggregate amount exceeding $500,000;

 

(f)           within
two (2) Business Days after the occurrence thereof, any Loan Party entering into a Swap Agreement or an amendment to a Swap Agreement,
together with copies of all agreements evidencing such Swap Agreement or amendment;

 

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

 

    	 	68	 

     

    

  

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

 

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

 

SECTION 5.03. Existence;
Conduct of Business. Each Loan Party will, and will cause each Subsidiary to, (a) do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises,
governmental authorizations, intellectual property rights, licenses and permits material to the conduct of its business, and maintain
all requisite authority to conduct its business in each jurisdiction in which its business is conducted; provided that the
foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03 and (b) carry
on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently
conducted.

 

SECTION 5.04. Payment
of Obligations. Each Loan Party will, and will cause each Subsidiary to, pay or discharge all Material Indebtedness and all
other material liabilities and obligations, including Taxes, before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party or Subsidiary
has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending
such contest could not reasonably be expected to result in a Material Adverse Effect; provided, however, that each
Loan Party will, and will cause each Subsidiary to, remit withholding taxes and other payroll taxes to appropriate Governmental
Authorities as and when claimed to be due, notwithstanding the foregoing exceptions.

 

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

 

SECTION 5.06. Books and
Records; Inspection Rights. Each Loan Party will, and will cause each Subsidiary to, (a) keep proper books of record and account
in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities and
(b) permit any representatives designated by the Administrative Agent or any Lender (including employees of the Administrative
Agent, any Lender or any consultants, accountants, lawyers, agents and appraisers retained by the Administrative Agent), upon reasonable
prior notice, to visit and inspect its properties, conduct at the Loan Party’s premises field examinations of the Loan Party’s
assets, liabilities, books and records, including examining and making extracts from its books and records, environmental assessment
reports and Phase I or Phase II studies, and to discuss its affairs, finances and condition with its officers and independent accountants,
all at such reasonable times and as often as reasonably requested. After the occurrence and during the continuance of any Event
of Default, each Loan Party shall provide the Administrative Agent and each Lender with access to its suppliers. The Loan Parties
acknowledge that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders
certain Reports pertaining to the Loan Parties’ assets for internal use by the Administrative Agent and the Lenders.

 

SECTION 5.07. Compliance
with Laws and Material Contractual Obligations. Each Loan Party will, and will cause each Subsidiary to, (a) comply with each
Requirement of Law applicable to it or its property (including without limitation Environmental Laws) and (b) perform in all material
respects its obligations under material agreements to which it is a party, except, in each case, where the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Each Loan Party will maintain in
effect and enforce policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective
directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

    	 	69	 

     

    

  

SECTION 5.08. Use of Proceeds.

 

(a)          The
proceeds of the Loans will be used only (i) to repay the indebtedness, liability and obligations on the Effective
Date of the Borrowers under the Existing Credit Agreement; and (ii) to supplement working capital and
for other general business purposes (not otherwise prohibited by this Agreement).  No part of the proceeds of any Loan and
no Letter of Credit will be used, whether directly or indirectly, (i) for any purpose that entails a violation of any of the Regulations
of the Board, including Regulations T, U and X or (ii) to make any Acquisition other than Permitted Acquisitions.  Letters
of Credit will be used only to support general business purposes (not otherwise prohibited by this Agreement).

 

(b)          The
Borrowers will not request any Borrowing or Letter of Credit, and no Borrower shall use, and each Borrower shall procure that its
Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing
or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or
facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to
the extent permitted for a Person required to comply with Sanctions, or (c) in any manner that would result in the violation of
any Sanctions applicable to any party hereto.

 

SECTION 5.09. Accuracy
of Information. The Loan Parties will ensure that any information, including financial statements or other documents, furnished
to the Administrative Agent or the Lenders in connection with this Agreement or any other Loan Document or any amendment or modification
hereof or thereof or waiver hereunder or thereunder contains no material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and the
furnishing of such information shall be deemed to be a representation and warranty by the Borrowers on the date thereof as to the
matters specified in this Section 5.09; provided that, with respect to the Projections, the Loan Parties will cause the Projections
to be prepared in good faith based upon assumptions believed to be reasonable at the time.

 

SECTION 5.10. Insurance.
Each Loan Party will, and will cause each Subsidiary to, maintain with financially sound and reputable carriers having a financial
strength rating of at least A- by A.M. Best Company (a) insurance in such amounts (with no greater risk retention) and against
such risks (including loss or damage by fire and loss in transit; theft, burglary, pilferage, larceny, embezzlement, and other
criminal activities; business interruption; and general liability) and such other hazards, as is customarily maintained by companies
of established repute engaged in the same or similar businesses operating in the same or similar locations and (b) all insurance
required pursuant to the Collateral Documents. The Borrowers will furnish to the Lenders, upon request of the Administrative Agent,
but no less frequently than annually, information in reasonable detail as to the insurance so maintained.

 

SECTION 5.11. Casualty
and Condemnation. The Borrowers (a) will furnish to the Administrative Agent and the Lenders prompt written notice of any casualty
or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking
of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding
and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards
or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Collateral Documents.

 

    	 	70	 

     

    

  

SECTION 5.12. Depository
Banks. Each Loan Party and each Subsidiary will maintain the Administrative Agent as its principal depository bank, including
for the maintenance of operating, administrative, cash management, collection activity, and other deposit accounts for the conduct
of its business.

 

SECTION 5.13. Additional
Collateral; Further Assurances.

 

(a)          Subject
to applicable Requirement of Law, each Loan Party will cause each of its Domestic Subsidiaries formed or acquired after the date
of this Agreement to become a Loan Party by executing a Joinder Agreement. In connection therewith, the Administrative Agent shall
have received all documentation and other information regarding such newly formed or acquired Subsidiaries as may be required to
comply with the applicable “know your customer” rules and regulations, including the USA Patriot Act. Upon execution
and delivery thereof, each such Person (i) shall automatically become a Loan Guarantor hereunder and thereupon shall have all of
the rights, benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will grant Liens to the Administrative
Agent, for the benefit of the Administrative Agent and the other Secured Parties, in any property of such Loan Party which constitutes
Collateral, including any parcel of real property located in the U.S. owned by any Loan Party.

 

(b)          Each
Loan Party will cause (i) 100% of the issued and outstanding Equity Interests of each of its Domestic Subsidiaries and (ii) 65%
of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100%
of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in
each Foreign Subsidiary directly owned by a Borrower or any Domestic Subsidiary to be subject at all times to a first priority,
perfected Lien in favor of the Administrative Agent for the benefit of the Administrative Agent and the other Secured Parties,
pursuant to the terms and conditions of the Loan Documents or other security documents as the Administrative Agent shall reasonably
request.

 

(c)          Without
limiting the foregoing, each Loan Party will, and will cause each Subsidiary to, execute and deliver, or cause to be executed and
delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further
actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents
and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by any Requirement
of Law or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this
Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by
the Collateral Documents, all in form and substance reasonably satisfactory to the Administrative Agent and all at the expense
of the Loan Parties.

 

(d)          If
any material assets (including any real property or improvements thereto or any interest therein) are acquired by any Loan Party
after the Effective Date (other than assets constituting Collateral under the Security Agreement that become subject to the Lien
under the Security Agreement upon acquisition thereof), the Borrower Representative will (i) notify the Administrative Agent and
the Lenders thereof, and, if requested by the Administrative Agent or the Required Lenders, cause such assets to be subjected to
a Lien securing the Secured Obligations and (ii) take, and cause each applicable Loan Party to take, such actions as shall be necessary
or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph (c)
of this Section, all at the expense of the Loan Parties.

 

    	 	71	 

     

    

  

ARTICLE VI

 

Negative Covenants

 

Until all of the Secured
Obligations shall have been Paid in Full, each Loan Party executing this Agreement covenants and agrees, jointly and severally
with all of the other Loan Parties, with the Lenders that:

 

SECTION 6.01. Indebtedness.
No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)          the
Secured Obligations;

 

(b)          Indebtedness
existing on the date hereof and set forth in Schedule 6.01 and any extensions, renewals, refinancings and replacements of
any such Indebtedness in accordance with clause (f) hereof;

 

(c)          Indebtedness
of any Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary, provided that (i) Indebtedness
of any Subsidiary that is not a Loan Party to the Borrower or any Subsidiary that is a Loan Party shall be subject to Section 6.04
and (ii) Indebtedness of any Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations
on terms reasonably satisfactory to the Administrative Agent;

 

(d)          Guarantees
by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any other Subsidiary,
provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by the Borrower or any
Subsidiary that is a Loan Party of Indebtedness of any Subsidiary that is not a Loan Party shall be subject to Section 6.04 and
(iii) Guarantees permitted under this clause (d) shall be subordinated to the Secured Obligations of the applicable Subsidiary
on the same terms as the Indebtedness so Guaranteed is subordinated to the Secured Obligations;

 

(e)          Indebtedness
of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets
including Equipment (whether or not constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness
assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition
thereof, and extensions, renewals and replacements of any such Indebtedness in accordance with clause (f) below; provided
that (i) such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction
or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) together with any Refinance
Indebtedness in respect thereof permitted by clause (f) below, shall not exceed $500,000 at any time outstanding;

 

    	 	72	 

     

    

  

(f)           Indebtedness
which represents extensions, renewals, refinancing or replacements (such Indebtedness being so extended, renewed, refinanced or
replaced being referred to herein as the “Refinance Indebtedness”) of any of the Indebtedness described in clauses
(b) and (e) and (i) and (j) hereof (such Indebtedness being referred to herein as the “Original Indebtedness”); provided
that (i) such Refinance Indebtedness does not increase the principal amount or interest rate of the Original Indebtedness, (ii)
any Liens securing such Refinance Indebtedness are not extended to any additional property of any Loan Party or any of its Subsidiaries,
(iii) no Loan Party or any of its Subsidiaries that is not originally obligated with respect to repayment of such Original Indebtedness
is required to become obligated with respect to such Refinance Indebtedness, (iv) such Refinance Indebtedness does not result in
a shortening of the average weighted maturity of such Original Indebtedness, (v) the terms of such Refinance Indebtedness are not
less favorable to the obligor thereunder than the original terms of such Original Indebtedness and (vi) if such Original Indebtedness
was subordinated in right of payment to the Secured Obligations, then the terms and conditions of such Refinance Indebtedness must
include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those
that were applicable to such Original Indebtedness;

 

(g)          Indebtedness
owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or
liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary
course of business;

 

(h)          Indebtedness
of any Loan Party in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case
provided in the ordinary course of business;

 

(i)           Indebtedness
of any Person that becomes a Subsidiary after the date hereof; provided that (i) such Indebtedness exists at the time such
Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and
(ii) the aggregate principal amount of Indebtedness permitted by this clause (j) shall not exceed $500,000 at any time outstanding;
and

 

(j)           other
unsecured Indebtedness in an aggregate principal amount not exceeding $2,500,000 at any time outstanding.

 

SECTION 6.02. Liens.
No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or
asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including Accounts) or rights in respect
of any thereof, except:

 

(a)          Liens
created pursuant to any Loan Document;

 

(b)          Permitted
Encumbrances;

 

(c)          any
Lien on any property or asset of any Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02;
provided that (i) such Lien shall not apply to any other property or asset of such Borrower or any Subsidiary and (ii) such
Lien shall secure only those obligations which it secures on the date hereof;

 

(d)          Liens
on fixed or capital assets including Equipment acquired, constructed or improved by any Borrower or any Subsidiary; provided
that (i) such Liens secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such Liens and the Indebtedness secured thereby
are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, (iii) the
Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital assets
and (iv) such Liens shall not apply to any other property or assets of any Borrower or such Subsidiary;

 

    	 	73	 

     

    

  

(e)          any
Lien existing on any property or asset (other than Accounts and Inventory) prior to the acquisition thereof by any Borrower or
any Subsidiary or existing on any property or asset (other than Accounts and Inventory) of any Person that becomes a Loan Party
after the date hereof prior to the time such Person becomes a Loan Party; provided that (i) such Lien is not created in
contemplation of or in connection with such acquisition or such Person becoming a Loan Party, as the case may be, (ii) such Lien
shall not apply to any other property or assets of the Loan Party and (iii) such Lien shall secure only those obligations which
it secures on the date of such acquisition or the date such Person becomes a Loan Party, as the case may be;

 

(f)           Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 of the UCC in effect in the relevant jurisdiction
covering only the items being collected upon;

 

(g)          Liens
arising out of Sale and Leaseback Transactions permitted by Section 6.06; and

 

(h)          Liens
granted by a Subsidiary that is not a Loan Party in favor of a Borrower or another Loan Party in respect of Indebtedness owed by
such Subsidiary.

 

Notwithstanding
the foregoing, none of the Liens permitted pursuant to this Section 6.02 may at any time attach to any Loan Party’s
(i) Accounts, other than those permitted under clause (a) of the definition of Permitted Encumbrances and clause (a) above and
(ii) Inventory, other than those permitted under clauses (a) and (b) of the definition of Permitted Encumbrances and clause (a)
above.

 

SECTION 6.03. Fundamental
Changes.

 

(a)          No
Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person
to merge into or consolidate with it, or otherwise Dispose of all or any substantial part of its assets (except as permitted pursuant
to Section 6.05), or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter
acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of
Default shall have occurred and be continuing, (i) any Subsidiary of any Borrower may merge into a Borrower in a transaction
in which a Borrower is the surviving entity, (ii) any Loan Party (other than any Borrower) may merge into any other Loan Party
in a transaction in which the surviving entity is a Loan Party, and (iii) any Subsidiary that is not a Loan Party may liquidate
or dissolve if the Borrowers determine in good faith that such liquidation or dissolution is in the best interests of the Borrowers
and is not materially disadvantageous to the Lenders; provided that any such merger involving a Person that is not a wholly
owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04.

 

(b)          No
Loan Party will, nor will it permit any Subsidiary to, consummate a Division as the Dividing Person, without the prior written
consent of Administrative Agent. Without limiting the foregoing, if any Loan Party that is a limited liability company consummates
a Division (with or without the prior consent of Administrative Agent as required above), each Division Successor shall be required
to comply with the obligations set forth in Section 5.13 and the other further assurances obligations set forth in the Loan Documents
and become a Loan Party under this Agreement and the other Loan Documents.

 

    	 	74	 

     

    

  

(c)          No
Loan Party will, nor will it permit any Subsidiary to, engage to any material extent in any business other than businesses of the
type conducted by the Borrowers and their Subsidiaries on the date hereof and businesses reasonably related thereto.

 

(d)          No
Loan Party will, nor will it permit any Subsidiary to change its Fiscal Year or any Fiscal Quarter from the basis in effect on
the Effective Date.

 

(e)          No
Loan Party will change the accounting basis upon which its financial statements are prepared.

 

(f)           No
Loan Party will change the tax filing elections it has made under the Code.

 

SECTION 6.04. Investments,
Loans, Advances, Guarantees and Acquisitions. No Loan Party will, nor will it permit any Subsidiary to, form any subsidiary
after the Effective Date, or purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party
and a wholly owned Subsidiary prior to such merger) any Equity Interests, evidences of indebtedness or other securities (including
any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee
any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise
acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through
purchase of assets, merger or otherwise), except:

 

(a)          Permitted
Investments, subject to control agreements in favor of the Administrative Agent for the benefit of the Secured Parties or otherwise
subject to a perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties;

 

(b)          investments
in existence on the date hereof and described in Schedule 6.04;

 

(c)          investments
by the Loan Parties in Equity Interests in their respective Subsidiaries, provided that (i) any such Equity Interests
held by a Loan Party shall be pledged pursuant to the Security Agreement (subject to the limitations applicable to Equity Interests
of a Foreign Subsidiary referred to in Section 5.13);

 

(d)          loans
or advances made by any Loan Party to any Subsidiary and made by any Subsidiary to a Loan Party or any other Subsidiary, provided
that any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged pursuant to the Security
Agreement;

 

(e)          Guarantees
constituting Indebtedness permitted by Section 6.01;

 

(f)           loans
or advances made by a Loan Party to its employees on an arms-length basis in the ordinary course of business consistent with past
practices for travel and entertainment expenses, relocation costs and similar purposes up to a maximum of 100,000 in the aggregate
at any one time outstanding;

 

(g)          notes
payable, or stock or other securities issued by Account Debtors to a Loan Party pursuant to negotiated agreements with respect
to settlement of such Account Debtor’s Accounts in the ordinary course of business, consistent with past practices;

 

(h)          investments
in the form of Swap Agreements permitted by Section 6.07;

 

    	 	75	 

     

    

  

(i)           investments
of any Person existing at the time such Person becomes a Subsidiary of a Borrower or consolidates or merges with a Borrower or
any of such party’s Subsidiary (including in connection with a Permitted Acquisition), so long as such investments were not
made in contemplation of such Person becoming a Subsidiary or of such merger;

 

(j)           investments
received in connection with the disposition of assets permitted by Section 6.05;

 

(k)         
investments constituting deposits described in clauses (c) and (d) of the definition of the term “Permitted Encumbrances”;

 

(l)           extensions
of credit or credit accommodations to customers or vendors made by a Borrower or a Subsidiary in the ordinary course of its business
as conducted on the Effective Date;

 

(m)         other
investments, loans, advances and warranties and recourse obligations up to an aggregate amount not exceeding $250,000 outstanding
at any time;

 

(n)          investments
of Escalade Insurance, that (i) are investments of the same type and character as those investments of Escalade Insurance that
exist on the Effective Date, (ii) comply with the investment policies of Escalade Insurance; and (iii) comply with all laws regulating
the investments of Escalade Insurance; provided, however, as of the Effective Date, all investments of Escalade Insurance in excess
of $500,000 shall be at least NAIC Class 1 and Class 2 investments;

 

(o)          other
investments of Subsidiaries, provided that investments permitted under this

Section 6.04(o) shall not exceed $500,000;

 

(p)          Permitted
Acquisitions; and

 

(q)          purchases
of Equity Interests of a Borrower to the extent permitted by Section

6.08 of this Agreement.

 

SECTION 6.05. Asset Sales.
No Loan Party will, nor will it permit any Subsidiary to, Dispose of any asset, including any Equity Interest owned by it, nor
will any Borrower permit any Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to another Borrower
or another Subsidiary in compliance with Section 6.04), except:

 

(a)          sales,
transfers and dispositions of (i) Inventory in the ordinary course of business and (ii) used, obsolete, worn out or surplus Equipment
or property in the ordinary course of business;

 

(b)          sales,
transfers and dispositions of assets to any Borrower or any Subsidiary, provided that any such sales, transfers or dispositions
involving a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09;

 

(c)          sales,
transfers and dispositions of Accounts in connection with the compromise, settlement or collection thereof;

 

(d)          sales,
transfers and dispositions of Permitted Investments and other investments permitted by clauses (i) and (k) of Section 6.04;

 

    	 	76	 

     

    

  

(e)          Sale
and Leaseback Transactions permitted by Section 6.06;

 

(f)           dispositions
resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar
proceeding of, any property or asset of any Borrower or any Subsidiary; and

 

(g)          sales,
transfers and other dispositions of assets (other than Equity Interests in a Subsidiary unless all Equity Interests in such Subsidiary
are sold) that are not permitted by any other paragraph of this Section, provided that the aggregate fair market value of
all assets sold, transferred or otherwise disposed of in reliance upon this paragraph (g) shall not exceed $750,000 during any
Fiscal Year of the Company.

 

provided that all Dispositions permitted
under this Section 6.05 (other than those permitted by paragraphs (b) and (f) above) shall be made for fair value and for
at least 75% cash consideration.

 

SECTION
6.06. Sale and Leaseback Transactions. No Loan Party will, nor will it permit any Subsidiary to, enter
into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful
in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it
intends to use for substantially the same purpose or purposes as the property sold or transferred (a “Sale and Leaseback
Transaction”), except for any such sale of any fixed or capital assets by any Borrower or any Subsidiary that is made for
cash consideration in an amount not less than the fair value of such fixed or capital asset and is consummated within 90 days
after such Borrower or such Subsidiary acquires or completes the construction of such fixed or capital asset.

 

SECTION 6.07. Swap Agreements.
No Loan Party will, nor will it permit any Subsidiary to, enter into any Swap Agreement, except (a) Swap Agreements entered into
to hedge or mitigate risks to which any Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests
of any Borrower or any Subsidiary), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest
rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing
liability or investment of any Borrower or any Subsidiary.

 

SECTION 6.08. Restricted
Payments; Certain Payments of Indebtedness.

 

(a)          No
Loan Party will, nor will it permit any Subsidiary to, declare or make, or agree to declare or make, directly or indirectly, any
Restricted Payment, or enter into any transaction that has a substantially similar effect or incur any obligation (contingent or
otherwise) to do so, except (i) the Borrowers may declare and pay dividends with respect to its common stock payable solely in
additional shares of its common stock, and, with respect to its preferred stock, payable solely in additional shares of such preferred
stock or in shares of its common stock, (ii) so long as there exists no Event of Default, the Borrowers may, to the extent required
by law, repurchase fractional shares of Borrowers’ Equity Interests up to an aggregate repurchase total for all fractional
shares repurchased of $500,000, (iii) the Borrowers may issue its common stock pursuant to the Borrowers’ stock option plan
existing on the Effective Date, (iv) so long as there exists no Event of Default, during the period beginning on the Effective
Date and continuing to and including the Maturity Date, the Borrowers may purchase shares of Borrowers’ Equity Interests
up to an aggregate purchase total for all shares repurchased of $3,000,000; and (v) the Borrowers may declare and pay dividends
so long as there exists no Event of Default.

 

    	 	77	 

     

    

  

(b)          No
Loan Party will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other
distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness,
or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except:

 

(i)           payment
of Indebtedness created under the Loan Documents;

 

(ii)          payment
of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness permitted under Section 6.01,
other than payments in respect of the Subordinated Indebtedness prohibited by the subordination provisions thereof;

 

(iii)         refinancings
of Indebtedness to the extent permitted by Section 6.01; and

 

(iv)         payment
of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness.

 

SECTION 6.09. Transactions
with Affiliates. No Loan Party will, nor will it permit any Subsidiary to, sell, lease or otherwise transfer any property or
assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with,
any of its Affiliates, except (a) transactions that (i) are in the ordinary course of business and (ii) are at prices and on terms
and conditions not less favorable to such Loan Party or such Subsidiary than could be obtained on an arm’s-length basis from
unrelated third parties, (b) transactions between or among the Loan Parties not involving any other Affiliate, (c) any investment
permitted by Sections 6.04(c) or 6.04(d), (d) any Indebtedness permitted under Section 6.01(c), (e) any Restricted Payment permitted
by Section 6.08, (f) loans or advances to employees permitted under Section 6.04, (g) the payment of reasonable fees to directors
of any Borrower or any Subsidiary who are not employees of such Borrower or any Subsidiary, and compensation and employee benefit
arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Borrowers or their Subsidiaries
in the ordinary course of business, and (h) any issuances of securities or other payments, awards or grants in cash, securities
or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by a Borrower’s
board of directors. Notwithstanding the foregoing, no Loan Party shall, nor shall it permit any Subsidiary to make any payment,
dividend or transfer any money to Escalade Insurance except that the Loan Parties and their Subsidiaries may pay insurance premiums
which are due and payable to Escalade Insurance for insurance provided in the ordinary course of business by or through Escalade
Insurance to the Loan Parties or their Subsidiaries.

 

SECTION 6.10. Restrictive
Agreements. No Loan Party will, nor will it permit any Subsidiary to, directly or indirectly, enter into, incur or permit to
exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party
or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability
of any Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans
or advances to any Borrower or any other Subsidiary or to Guarantee Indebtedness of any Borrower or any other Subsidiary; provided
that (i) the foregoing shall not apply to restrictions and conditions imposed by any Requirement of Law or by any Loan Document,
(ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.10
(but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction
or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to
the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be
sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed
by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to
the property or assets securing such Indebtedness, and (v) clause (a) of the foregoing shall not apply to customary provisions
in leases restricting the assignment thereof.

 

    	 	78	 

     

    

  

SECTION 6.11. Amendment
of Material Documents. No Loan Party will, nor will it permit any Subsidiary to, amend, modify or waive any of its rights under
(a)  any agreement relating to any Subordinated Indebtedness, or (b) its charter, articles or certificate of organization
or incorporation and bylaws or operating, management or partnership agreement, or other organizational or governing documents,
to the extent any such amendment, modification or waiver would be adverse to the Lenders.

 

SECTION 6.12. Financial
Covenants.

 

(a)          Fixed
Charge Coverage Ratio. As of the end of each fiscal quarter closing after the Effective Date, the Company and its Subsidiaries
shall achieve a Fixed Charge Coverage Ratio for the four (4) successive Fiscal Quarters of the Company ending on the date of determination
of not less than 1.25 to 1.00.

 

(b)          Funded
Debt to EBITDA Ratio. The Loan Parties shall achieve, at the end of each Fiscal Quarter which closes after the Effective Date,
a Funded Debt to EBITDA Ratio of not more than 2.75 to 1.0 for the 12-month period then ended.

 

ARTICLE VII

 

Events of Default

 

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

 

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

 

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

 

(c)          any
representation or warranty made or deemed made by or on behalf of any Loan Party or any Subsidiary in, or in connection with, this
Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in
any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any
other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been
materially incorrect when made or deemed made;

 

    	 	79	 

     

    

  

(d)          any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (with
respect to a Loan Party’s existence), 5.08 or 5.12 or in Article VI;

 

(e)          any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clause (a), (b) or (d)), and such failure shall continue unremedied for a period of (i) 5 days after the earlier
of any Loan Party’s knowledge of such breach or notice thereof from the Administrative Agent (which notice will be given
at the request of any Lender) if such breach relates to terms or provisions of Section 5.01, 5.02 (other than Section 5.02(a)),
5.03 through 5.07 or 5.10 of this Agreement or (ii) 15 days after the earlier of any Loan Party’s knowledge of such breach
or notice thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such breach relates
to terms or provisions of any other Section of this Agreement;

 

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

 

(g)          any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness
or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment,
repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall
not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness to the extent such sale or transfer is permitted by the terms of Section 6.05;

 

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

 

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

 

(j)           any
Loan Party or any Subsidiary shall become unable, admit in writing its inability, or publicly declare its intention not to, or
fail generally, to pay its debts as they become due;

 

    	 	80	 

     

    

  

(k)          one
or more judgments for the payment of money in an aggregate amount in excess of $100,000 shall be rendered against any Loan Party,
any Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor with a judgment
in excess of $20,000 to attach or levy upon any assets of any Loan Party or any Subsidiary to enforce any such judgment or any
Loan Party or any Subsidiary shall fail within thirty (30) days to discharge one or more non-monetary judgments or orders which,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or orders, in
any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings diligently
pursued;

 

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

 

(m)         a
Change in Control shall occur;

 

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

 

(o)          the
Loan Guaranty or any Obligation Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue
or to assert the invalidity or unenforceability of the Loan Guaranty or any Obligation Guaranty, or any Loan Guarantor shall fail
to comply with any of the terms or provisions of the Loan Guaranty or any Obligation Guaranty to which it is a party, or any Loan
Guarantor shall deny that it has any further liability under the Loan Guaranty or any Obligation Guaranty to which it is a party,
or shall give notice to such effect, including, but not limited to notice of termination delivered pursuant to Section 10.08 or
any notice of termination delivered pursuant to the terms of any Obligation Guaranty;

 

(p)          except
as permitted by the terms of any Collateral Document, (i) any Collateral Document shall for any reason fail to create a valid security
interest in any Collateral purported to be covered thereby, or (ii) any Lien securing any Secured Obligation shall cease to be
a perfected, first priority Lien;

 

(q)          any
Collateral Document shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity
or unenforceability of any Collateral Document; or

 

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

 

    	 	81	 

     

    

  

then, and in every such event (other
than an event with respect to the Borrowers described in clause (h) or (i) of this Article), and at any time thereafter during
the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower Representative, take either or both of the following actions, at the same or different times:  (i) terminate
the Commitments, (including the Swingline Commitment), whereupon the Commitments shall terminate immediately, (ii) declare
the Loans then outstanding to be due and payable in whole (or in part, but ratably as among the Classes of Loans and the Loans
of each Class at the time outstanding, in which case any principal not so declared to be due and payable may thereafter be declared
to be due and payable), whereupon the principal of the Loans so declared to be due and payable, together with accrued interest
thereon and all fees (including, for the avoidance of doubt, any break funding payments) and other obligations of the Borrowers
accrued hereunder, shall become due and payable immediately, in each case without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Borrowers, and (iii) require cash collateral for the LC Exposure in accordance
with Section 2.06(j) hereof; and in the case of any event with respect to the Borrowers described in clause (h) or (i) of this
Article, the Commitments, (including the Swingline Commitment), shall automatically terminate and the principal of the Loans then
outstanding, and cash collateral for the LC Exposure, together with accrued interest thereon and all fees (including, for the avoidance
of doubt, any break funding payments) and other obligations of the Borrowers accrued hereunder and under any other Loan Document,
shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Borrowers. Upon the occurrence and during the continuance of an Event of Default, the Administrative
Agent may, and at the request of the Required Lenders shall, increase the rate of interest applicable to the Loans and other Obligations
as set forth in this Agreement and exercise any rights and remedies provided to the Administrative Agent under the Loan Documents
or at law or equity, including all remedies provided under the UCC.

 

ARTICLE VIII

 

The Administrative Agent

 

SECTION 8.01. Authorization
and Action.

 

(a)          Each
Lender, on behalf of itself and any of its Affiliates that are Secured Parties and each Issuing Bank hereby irrevocably appoints
the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative
agent and collateral agent under the Loan Documents and each Lender and each Issuing Bank authorizes the Administrative Agent to
take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated
to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. In addition,
to the extent required under the laws of any jurisdiction other than within the United States, each Lender and each Issuing Bank
hereby grants to the Administrative Agent any required powers of attorney to execute and enforce any Collateral Document governed
by the laws of such jurisdiction on such Lender’s or such Issuing Bank’s behalf. Without limiting the foregoing, each
Lender and each Issuing Bank hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations
under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies
that the Administrative Agent may have under such Loan Documents.

 

    	 	82	 

     

    

  

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

 

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

 

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

 

(ii)          where
the Administrative Agent is required or deemed to hold any Collateral “on trust”, the obligations and liabilities of
the Administrative Agent to the Secured Parties in its capacity as trustee shall be excluded to the fullest extent permitted by
applicable law;

 

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

 

    	 	83	 

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	84	 

     

    

  

SECTION 8.02. Administrative
Agent’s Reliance, Indemnification, Etc.

 

(a)          Neither
the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such
party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents
(x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the
Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise
determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any
of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained
in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided
for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the
value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for
any failure of any Loan Party to perform its obligations hereunder or thereunder.

 

(b)          The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating that
it is a “notice of default”) is given to the Administrative Agent by the Borrowers, a Lender or an Issuing Bank, and
the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document
delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition
set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport
to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly
refers to the matters described therein being acceptable or satisfactory to the Administrative Agent, or (vi) the creation, perfection
or priority of Liens on the Collateral.

 

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

 

    	 	85	 

     

    

  

SECTION 8.03. Posting
of Communications.

 

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

 

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

 

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

 

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

 

    	 	86	 

     

    

  

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

 

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

 

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

 

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

 

SECTION 8.05. Successor
Administrative Agent.

 

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

 

    	 	87	 

     

    

  

(b)          Notwithstanding
paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted
such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring
Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrower
Representative, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; provided that, solely for
purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit
of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral
agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Collateral Document and
Loan Document, and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral,
in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this
Section (it being understood and agreed that the retiring Administrative Agent shall have no duty or obligation to take any further
action under any Security Document, including any action required to maintain the perfection of any such security interest), and
(ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring
Administrative Agent; provided that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative
Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices
and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made
to each Lender and each Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its capacity
as such, the provisions of this Article, Section 2.17(d) and Section 9.03, as well as any exculpatory, reimbursement and indemnification
provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso under
clause (a) above.

 

SECTION 8.06. Acknowledgements
of Lenders and Issuing Banks.

 

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

 

    	 	88	 

     

    

  

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

 

(c)          Each
Lender hereby agrees that (i) it has requested a copy of each Report prepared by or on behalf of the Administrative Agent; (ii)
the Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy of any
Report or any of the information contained therein or any inaccuracy or omission contained in or relating to a Report and (B) shall
not be liable for any information contained in any Report; (iii) the Reports are not comprehensive audits or examinations, and
that any Person performing any field examination will inspect only specific information regarding the Loan Parties and will rely
significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel
and that the Administrative Agent undertakes no obligation to update, correct or supplement the Reports; (iv) it will keep all
Reports confidential and strictly for its internal use, not share the Report with any Loan Party or any other Person except as
otherwise permitted pursuant to this Agreement; and (v) without limiting the generality of any other indemnification provision
contained in this Agreement, (A) it will hold the Administrative Agent and any such other Person preparing a Report harmless from
any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection
with any extension of credit that the indemnifying Lender has made or may make to the Borrowers, or the indemnifying Lender’s
participation in, or the indemnifying Lender’s purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify,
defend, and hold the Administrative Agent and any such other Person preparing a Report harmless from and against, the claims, actions,
proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys’ fees) incurred by the Administrative
Agent or any such other Person as the direct or indirect result of any third parties who might obtain all or part of any Report
through the indemnifying Lender.

 

SECTION 8.07. Collateral
Matters.

 

(a)          Except
with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party’s right
to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of
the Collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that all powers, rights and
remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance
with the terms thereof. In its capacity, the Administrative Agent is a “representative” of the Secured Parties within
the meaning of the term “secured party” as defined in the UCC. In the event that any Collateral is hereafter pledged
by any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted
a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant
and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties.

 

    	 	89	 

     

    

  

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

 

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

 

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

 

    	 	90	 

     

    

  

SECTION 8.09. Certain
ERISA Matters.

 

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

 

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

 

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

 

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

 

    	 	91	 

     

    

  

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

 

In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant
as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of
the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto
to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and
not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Loan Party, that none of the Administrative
Agent, or any Arranger or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets of such
Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related to hereto or thereto).

 

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

 

SECTION 8.10. Flood Laws.
Chase has adopted internal policies and procedures that address requirements placed on federally regulated lenders under the National
Flood Insurance Reform Act of 1994 and related legislation (the “Flood Laws”). Chase, as administrative agent
or collateral agent on a syndicated facility, will post on the applicable electronic platform (or otherwise distribute to each
Lender in the syndicate) documents that it receives in connection with the Flood Laws. However, Chase reminds each Lender and Participant
in the facility that, pursuant to the Flood Laws, each federally regulated Lender (whether acting as a Lender or Participant in
the facility) is responsible for assuring its own compliance with the flood insurance requirements.

 

ARTICLE IX

 

Miscellaneous

 

SECTION 9.01. Notices.

 

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

 

    	 	92	 

     

    

  

(v)          if
to any Loan Party, to it in care of the Borrower Representative at:

 

Escalade, Incorporated

817 Maxwell Ave.

Evansville, IN 47711

Attention: Stephen R. Wawrin, Vice President and

CFO Facsimile No: 812-467-1303

 

(ii)          if
to the Administrative Agent, the Swingline Lender, or Chase in its capacity as an Issuing Bank, to JPMorgan Chase Bank, N.A. at:

 

JPMorgan Chase Bank, N.A.

1 East Ohio Street, 4th Floor

Indianapolis, IN 46277

Attention: Andrew Hedegard, Executive Director

and

 

JPMorgan Chase Bank, N.A.

1 East Ohio Street, 4th Floor

Indianapolis, IN 46277

Attention: Thomas W. Harrison, Executive Director

 

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

 

All such notices and other communications (i)
sent by hand or overnight courier service, or mailed by certified or registered mail shall be deemed to have been given when received,
(ii) sent by fax shall be deemed to have been given when sent, provided that if not given during normal business hours for
the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business
Day of the recipient, or (iii) delivered through Electronic Systems or Approved Electronic Platforms, as applicable, to the extent
provided in paragraph (b) below shall be effective as provided in such paragraph.

 

(b)          Notices
and other communications to the Lenders hereunder may be delivered or furnished by using Electronic Systems or Approved Electronic
Platforms, as applicable, or pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not
apply to notices pursuant to Article II or to compliance and no Default certificates delivered pursuant to Section 5.01(c) unless
otherwise agreed by the Administrative Agent and the applicable Lender. Each of the Administrative Agent and the Borrower Representative
(on behalf of the Loan Parties) may, in its discretion, agree to accept notices and other communications to it hereunder by using
Electronic Systems or Approved Electronic Platforms, as applicable, pursuant to procedures approved by it; provided that approval
of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise proscribes,
all such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if not given during the normal business hours of the recipient,
such notice or a communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient,
and (ii) posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient,
at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available
and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, e-mail or other
communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next Business Day of the recipient.

 

    	 	93	 

     

    

  

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

 

SECTION 9.02. Waivers;
Amendments.

 

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

 

(b)          Subject
to Section 2.14(c), and Section 9.02(e) below, neither this Agreement nor any other Loan Document nor any provision hereof or thereof
may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing
entered into by the Borrowers and the Required Lenders or (ii) in the case of any other Loan Document, pursuant to an agreement
or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto,
with the consent of the Required Lenders; provided that no such agreement shall (A) increase the Commitment of any Lender
without the written consent of such Lender (including any such Lender that is a Defaulting Lender), (B) reduce or forgive the principal
amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or fees payable
hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected
thereby (except that any amendment or modification of the financial covenants in this Agreement (or defined terms used in the financial
covenants in this Agreement) shall not constitute a reduction in the rate of interest or fees for purposes of this clause (B)),
(C) postpone any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any date for the payment
of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone
the scheduled date of expiration of any Commitment, without the written consent of each Lender (including any such Lender that
is a Defaulting Lender) directly affected thereby, (D) change Section 2.18(b) or (d) in a manner that would alter the manner in
which payments are shared, without the written consent of each Lender (other than any Defaulting Lender), (E) increase the advance
rates set forth in the definition of Borrowing Base or add new categories of eligible assets, without the written consent of each
Revolving Lender (other than any Defaulting Lender), (F) change any of the provisions of this Section or the definition of “Required
Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class)
required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the
written consent of each Lender (other than any Defaulting Lender) directly affected thereby, (G) change Section 2.20, without the
consent of each Lender (other than any Defaulting Lender), (H) release any Loan Guarantor from its obligation under its Loan Guaranty
or Obligation Guaranty (except as otherwise permitted herein or in the other Loan Documents), without the written consent of each
Lender (other than any Defaulting Lender), or (I) except as provided in clause (c) of this Section or in any Collateral Document,
release all or substantially all of the Collateral without the written consent of each Lender (other than any Defaulting Lender);
provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent, the Swingline Lender or the Issuing Bank hereunder without the prior written consent of the Administrative Agent, the Swingline
Lender or the Issuing Bank, as the case may be (it being understood that any amendment to Section 2.20 shall require the consent
of the Administrative Agent, the Swingline Lender and the Issuing Bank); provided further that no such agreement shall amend
or modify the provisions of Section 2.07 or any letter of credit application and any bilateral agreement between the Borrower Representative
and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between
the Borrower and the Issuing Bank in connection with the issuance of Letters of Credit without the prior written consent of the
Administrative Agent and the Issuing Bank, respectively. The Administrative Agent may also amend the Commitment Schedule
to reflect assignments entered into pursuant to Section 9.04. Any amendment, waiver or other modification of this Agreement or
any other Loan Document that by its terms affects the rights or duties under this Agreement of the Lenders of one or more Classes
(but not the Lenders of any other Class), may be effected by an agreement or agreements in writing entered into by the Borrowers
and the requisite number or percentage in interest of each affected Class of Lenders that would be required to consent thereto
under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time.

 

    	 	94	 

     

    

  

(c)          The
Lenders and the Issuing Bank hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to
release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the Payment in Full of all
Secured Obligations, and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender,
(ii) constituting property being sold or disposed of if the Loan Party disposing of such property certifies to the Administrative
Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely
conclusively on any such certificate, without further inquiry), and to the extent that the property being sold or disposed of constitutes
100% of the Equity Interests of a Subsidiary, the Administrative Agent is authorized to release any Loan Guaranty or Obligation
Guaranty provided by such Subsidiary, (iii) constituting property leased to a Loan Party under a lease which has expired or been
terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such
Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Except
as provided in the preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior written
authorization of the Required Lenders; provided that the Administrative Agent may, in its discretion, release its Liens
on Collateral valued in the aggregate not in excess of $250,000 during any calendar year without the prior written authorization
of the Required Lenders (it being agreed that the Administrative Agent may rely conclusively on one or more certificates of the
Borrower Representative as to the value of any Collateral to be so released, without further inquiry). Any such release shall
not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or
obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale,
all of which shall continue to constitute part of the Collateral. Any execution and delivery by the Administrative Agent of documents
in connection with any such release shall be without recourse to or warranty by the Administrative Agent.

 

    	 	95	 

     

    

  

(d)          If,
in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is
not obtained (any such Lender whose consent is necessary but has not been obtained being referred to herein as a “Non-Consenting
Lender”), then the Borrowers may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided
that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrowers, the
Administrative Agent and the Issuing Bank shall agree, as of such date, to purchase for cash the Loans and other Obligations due
to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement
and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements
of clause (b) of Section 9.04, and (ii) the Borrowers shall pay to such Non-Consenting Lender in same day funds on the day of such
replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrowers hereunder
to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections
2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement
under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.
Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption
executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an
Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such
parties are participants), and (b) the Lender required to make such assignment need not be a party thereto in order for such assignment
to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness
of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence
such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to
or warranty by the parties thereto.

 

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

 

SECTION 9.03. Expenses;
Indemnity; Damage Waiver.

 

(a)          The
Loan Parties, jointly and severally, shall pay all (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent
and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection
with the syndication and distribution (including, without limitation, via the internet or through an Electronic System or Approved
Electronic Platform) of the credit facilities provided for herein, the preparation and administration of the Loan Documents and
any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable
out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements
of any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement, collection or
protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with
the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of such Loans or Letters of Credit. Expenses being reimbursed by the Loan Parties under this Section
include, without limiting the generality of the foregoing, fees, costs and expenses incurred in connection with:

 

    	 	96	 

     

    

  

(A)         appraisals
and insurance reviews;

 

(B)          field
examinations and the preparation of Reports based on the fees charged by a third party retained by the Administrative Agent or
the internally allocated fees for each Person employed by the Administrative Agent with respect to each field examination;

 

(C)          background
checks regarding senior management and/or key investors, as deemed necessary or appropriate in the sole discretion of the Administrative
Agent;

 

(D)         Taxes,
fees and other charges for (i) lien and title searches and (ii) recording releases of the Mortgages, filing financing statements
and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens;

 

(E)          sums
paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take;
and

 

(F)          forwarding
loan proceeds, collecting checks and other items of payment, and establishing and maintaining the accounts and lock boxes, and
costs and expenses of preserving and protecting the Collateral.

 

All of the foregoing fees, costs and expenses
may be charged to the Borrowers as Revolving Loans or to another deposit account, all as described in Section 2.18(c).

 

(b)          The
Loan Parties, jointly and severally, shall indemnify the Administrative Agent, each Arranger, each Issuing Bank and each Lender,
and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against,
and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, incremental taxes, liabilities and related
expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any
Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any
agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder
or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or
the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit
if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by a Loan Party or a Subsidiary,
or any Environmental Liability related in any way to a Loan Party or a Subsidiary, (iv) the failure of a Loan Party to deliver
to the Administrative Agent the required receipts or other required documentary evidence with respect to a payment made by such
Loan Party for Taxes pursuant to Section 2.17, or (v) any actual or prospective claim, litigation, investigation, arbitration or
proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation, arbitration or proceeding is
brought by any Loan Party or their respective equity holders, Affiliates, creditors or any other third Person and whether based
on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities or related
expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any
Taxes that represent losses or damages arising from any non-Tax claim.

 

    	 	97	 

     

    

  

(c)          Each
Lender severally agrees to pay any amount required to be paid by any Loan Party under paragraph (a) or (b) of this Section 9.03
to the Administrative Agent, the Swingline Lender and each Issuing Bank, and each Related Party of any of the foregoing Persons
(each, an “Agent Indemnitee”) (to the extent not reimbursed by the Loan Parties and without limiting the obligation
of any Loan Party to do so), ratably according to their respective Applicable Percentage in effect on the date on which indemnification
is sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated
and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date),
from and against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements
of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted
against such Agent Indemnitee in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents
or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
such Agent Indemnitee in its capacity as such; provided further that no Lender shall be liable for the payment of any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that
are found by a final and non-appealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s
gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the
Payment in Full of the Secured Obligations.

 

(d)          To
the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee,
(i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic
or other information transmission systems (including the Internet), or (ii) on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of,
this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan
or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this paragraph (d) shall relieve any Loan
Party of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted
against such Indemnitee by a third party.

 

(e)          All
amounts due under this Section shall be payable promptly after written demand therefor.

 

    	 	98	 

     

    

  

SECTION 9.04. Successors
and Assigns.

 

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

 

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

 

(A)         the
Borrower Representative, provided that, the Borrower Representative shall be deemed to have consented to an assignment of
all or a portion of the Revolving Loans and Commitments unless it shall object thereto by written notice to the Administrative
Agent within five (5)Business Days after having received notice thereof, and provided further that no consent of the Borrower
Representative shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default
has occurred and is continuing, any other assignee; 

 

(B)         the
Administrative Agent;

 

(C)         the
Issuing Bank; and

 

(D)         the
Swingline Lender.

 

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

 

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

 

(B)          each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement;

 

(C)          the
parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the
extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electric Platform
as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing
and recordation fee of $3,500; and

 

    	 	99	 

     

    

  

(D)          the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information
about the Company, the other Loan Parties and their Related Parties or their respective securities) will be made available and
who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including federal
and state securities laws.

 

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

 

“Approved Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar
extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate
of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Ineligible Institution”
means a (a) natural person, (b) a Defaulting Lender or its Parent, (c) a company, investment vehicle or trust for, or owned and
operated for the primary benefit of, a natural person or relative(s) thereof; provided that, with respect to clause (c),
such company, investment vehicle or trust shall not constitute an Ineligible Institution if it (i) has not been established for
the primary purpose of acquiring any Loans or Commitments, (ii) is managed by a professional advisor, who is not such natural person
or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (iii) has assets
greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar
extensions of credit in the ordinary course of its business or (d) a Loan Party or a Subsidiary or other Affiliate of a Loan Party.

 

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

 

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

 

    	 	100	 

     

    

  

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

 

(c)          Any
Lender may, without the consent of, or notice to, the Borrowers, the Administrative Agent, the Swingline Lender or the Issuing
Bank, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and/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
Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and/or obligations under this Agreement. Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrowers agree that each Participant
shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including
the requirements under Sections 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall
be delivered to the participating Lender and the information and documentation required under Section 2.17(g) will be delivered
to the Borrower Representative and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to
the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall
not be entitled to receive any greater payment under Sections 2.15 or 2.17 with respect to any participation, than its participating
Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change
in Law that occurs after the Participant acquired the applicable participation.

 

    	 	101	 

     

    

  

Each Lender
that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the
Borrowers to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.18(d) as though it were a Lender. Each Lender that sells a participation shall, acting
solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under this Agreement or any other Loan Document (the “Participant Register”); provided that
no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its
other obligations under this Agreement or any other Loan Document) to any Person except to the extent that such disclosure is
necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement, notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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

 

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

 

SECTION 9.06. Counterparts;
Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to (i) fees payable
to the Administrative Agent and (ii) increases or reductions of the Issuing Bank Sublimit of the Issuing Bank constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns.

 

    	 	102	 

     

    

  

(b)          Delivery
of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby
shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require
the Administrative Agent to accept electronic signatures in any form or format without its prior written consent.

 

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

 

SECTION 9.08. Right of
Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank, and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time
owing, by such Lender, such Issuing Bank or any such Affiliate to or for the credit or the account of any Loan Party against any
and all of the Secured Obligations owing to such Lender or such Issuing Bank or their respective Affiliates, irrespective of whether
or not such Lender, Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document and although
such obligations of the Loan Parties may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender
or such Issuing Bank different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided
that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid
over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.20 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) the Defaulting Lender shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised
such right of setoff. The applicable Lender, the Issuing Bank or such Affiliate shall notify the Borrower Representative and the
Administrative Agent of such setoff or application; provided that the failure to give such notice shall not affect the validity
of such setoff or application under this Section. The rights of each Lender, each Issuing Bank and their respective Affiliates
under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing
Bank or their respective Affiliates may have.

 

    	 	103	 

     

    

  

SECTION 9.09. Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)          The
Loan Documents (other than those containing a contrary express choice of law provision) shall be governed by and construed in accordance
with the internal laws (and not the law of conflicts) of the State of Indiana, but giving
effect to federal laws applicable to national banks.

 

(b)          Each
of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law
provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Secured Party relating to
this Agreement, any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated
hereby or thereby shall be construed in accordance with and governed by the law of the State of Indiana.

 

(c)          Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of any U.S. federal or Indiana state court sitting in Indianapolis, Indiana, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to any Loan Documents, the transactions relating hereto or thereto, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative
Agent or any of its Related Parties may only) be heard and determined in such state court or, to the extent permitted by law, in
such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have
to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties
in the courts of any jurisdiction.

 

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

 

(e)          Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing
in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other
manner permitted by law.

 

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

 

    	 	104	 

     

    

  

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

 

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

 

EACH LENDER ACKNOWLEDGES
THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION
CONCERNING THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT
HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

 

    	 	105	 

     

    

  

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

 

SECTION 9.13. Several
Obligations; Nonreliance; Violation of Law. The respective obligations of the Lenders hereunder are several and not joint and
the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined
in Regulation U of the Federal Reserve Board) for the repayment of the Borrowings provided for herein. Anything contained in this
Agreement to the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be obligated to extend credit to the Borrowers
in violation of any Requirement of Law.

 

SECTION 9.14. USA PATRIOT
Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies each Loan Party that pursuant to
the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies such Loan Party,
which information includes the name and address of such Loan Party and other information that will allow such Lender to identify
such Loan Party in accordance with the USA PATRIOT Act.

 

SECTION 9.15. Disclosure.
Each Loan Party, each Lender and the Issuing Bank hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates
from time to time may hold investments in, make other loans to or have other relationships with, any of the Loan Parties and their
respective Affiliates.

 

SECTION 9.16. Appointment
for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit
of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable
law can be perfected only by possession or control. Should any Lender (other than the Administrative Agent) obtain possession or
control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative
Agent’s request therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral
in accordance with the Administrative Agent’s instructions.

 

SECTION 9.17. Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted
for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest
payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum
Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable
as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect
of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.

 

    	 	106	 

     

    

  

SECTION 9.18. No Fiduciary
Duty, etc. (a) Each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit
Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit
Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrowers with respect to the Loan
Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of,
any Borrower or any other person. Each Borrower agrees that it will not assert any claim against any Credit Party based on an alleged
breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally,
each Borrower acknowledges and agrees that no Credit Party is advising any Borrower as to any legal, tax, investment, accounting,
regulatory or any other matters in any jurisdiction. The Borrowers shall consult with their own advisors concerning such matters
and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or
in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to any Borrower with respect thereto.

 

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

 

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

 

SECTION 9.19. Marketing
Consent. The Borrowers hereby authorize Chase and its affiliates (collectively, the “Chase Parties”), at
their respective sole expense, but without any prior approval by the Borrowers, to publish such tombstones and give such other
publicity to this Agreement as each may from time to time determine in its sole discretion. The foregoing authorization shall remain
in effect unless the Borrower Representative notifies Chase in writing that such authorization is revoked.

 

SECTION 9.20. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

    	 	107	 

     

    

  

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

 

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

 

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

 

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

 

SECTION 9.21. Amended
and Restated; No Novation.  This Agreement constitutes an amendment and restatement of the Existing Credit Agreement,
effective from and after the Effective Date.  The execution and delivery of this Agreement shall not constitute a novation
of any indebtedness or other obligations owing to the Lenders or the Administrative Agent under the Existing Credit Agreement based
on facts or events occurring or existing prior to the execution and delivery of this Agreement.  On the Effective Date, the
credit facilities described in the Existing Credit Agreement, shall be amended, supplemented, modified and restated in their entirety
by the facilities described herein, and all loans and other obligations of the Borrowers outstanding as of such date under the
Existing Credit Agreement, shall be deemed to be loans and obligations outstanding under the corresponding facilities described
herein, without any further action by any Person, except that the Administrative Agent shall make such transfers of funds as are
necessary in order that the outstanding balance of such Loans, together with any Revolving Loans funded on the Effective Date,
reflect the respective Revolving Credit Commitment of the Lenders hereunder.  Except as provided in Section 9.22, all existing
collateral securing the obligations under the Existing Credit Agreement shall continue to secure the Obligations under this Agreement. 

 

SECTION 9.22. Release
of Real Estate Collateral under Existing Credit Agreement. Subject to satisfaction of the conditions in Section 4.01, the Lenders
and the Administrative Agent agree that the Mortgage Liens granted to the Administrative Agent on behalf of the Lenders securing
the Secured Obligations under the Existing Credit Agreement are hereby released and terminated. The Lenders hereby authorize the
Administrative Agent to execute and deliver such releases and terminations to evidence the release of the Mortgages under the Existing
Credit Agreement.

 

ARTICLE X

 

Loan Guaranty

 

SECTION 10.01. Guaranty.
Each Loan Guarantor hereby agrees that it is jointly and severally liable for, and, as a primary obligor and not merely as surety,
absolutely, unconditionally and irrevocably guarantees to the Secured Parties, the prompt payment when due, whether at stated maturity,
upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations and all costs and expenses, including,
without limitation, all court costs and reasonable attorneys’ and paralegals’ fees (including allocated costs of in-house
counsel and paralegals) and expenses paid or incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring
to collect all or any part of the Secured Obligations from, or in prosecuting any action against, any Borrower, any Loan Guarantor
or any other guarantor of all or any part of the Secured Obligations (such costs and expenses, together with the Secured Obligations,
collectively the “Guaranteed Obligations”); provided, however, that the definition of “Guaranteed
Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of security interest by any Loan Guarantor
to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor for purposes of determining any obligations of
any Loan Guarantor). Each Loan Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or
in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension
or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate
of any Lender that extended any portion of the Guaranteed Obligations.

 

    	 	108	 

     

    

  

SECTION 10.02. Guaranty
of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives any right to require
the Administrative Agent, the Issuing Bank or any Lender to sue any Borrower or any Loan Guarantor, or any other guarantor of,
or any other Person obligated for, all or any part of the Guaranteed Obligations (each, an “Obligated Party”),
or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations.

 

SECTION 10.03. No Discharge
or Diminishment of Loan Guaranty. (a) Except as otherwise provided for herein, the obligations of each Loan Guarantor hereunder
are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than
the Payment in Full of the Guaranteed Obligations), including: (i) any claim of waiver, release, extension, renewal, settlement,
surrender, alteration or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in
the corporate existence, structure or ownership of any Borrower or any other Obligated Party liable for any of the Guaranteed Obligations;
(iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party or their assets, or
any resulting release or discharge of any obligation of any Obligated Party; or (iv) the existence of any claim, setoff or other
rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, the Issuing Bank, any
Lender or any other Person, whether in connection herewith or in any unrelated transactions.

 

(b)          The
obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations or otherwise, or any
provision of applicable law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations
or any part thereof.

 

(c)          Further,
the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the failure of the
Administrative Agent, the Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all
or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating
to the Guaranteed Obligations; (iii) any release, non-perfection or invalidity of any indirect or direct security for the obligations
of any Borrower for all or any part of the Guaranteed Obligations or any obligations of any other Obligated Party liable for any
of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent, the Issuing Bank or any Lender with
respect to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise,
in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might
in any manner or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan
Guarantor as a matter of law or equity (other than the Payment in Full of the Guaranteed Obligations).

 

    	 	109	 

     

    

  

SECTION 10.04. Defenses
Waived. To the fullest extent permitted by applicable law, each Loan Guarantor hereby waives any defense based on or arising
out of any defense of any Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations
from any cause, or the cessation from any cause of the liability of any Borrower, any Loan Guarantor or any other Obligated Party,
other than the Payment in Full of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Loan Guarantor
irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not
provided for herein, as well as any requirement that at any time any action be taken by any Person against any Obligated Party
or any other Person. Each Loan Guarantor confirms that it is not a surety under any state law and shall not raise any such law
as a defense to its obligations hereunder. The Administrative Agent may, at its election, foreclose on any Collateral held by it
by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act
or fail to act with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any part
of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available
to it against any Obligated Party, without affecting or impairing in any way the liability of such Loan Guarantor under this Loan
Guaranty, except to the extent the Guaranteed Obligations have been Paid in Full. To the fullest extent permitted by applicable
law, each Loan Guarantor waives any defense arising out of any such election even though that election may operate, pursuant to
applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor
against any Obligated Party or any security.

 

SECTION 10.05. Rights
of Subrogation. No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of
subrogation, contribution or indemnification that it has against any Obligated Party or any collateral, until the Loan Parties
and the Loan Guarantors have fully performed all their obligations to the Administrative Agent, the Issuing Bank and the Lenders.

 

SECTION 10.06. Reinstatement;
Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations (including a payment effected
through exercise of a right of setoff) is rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy
or reorganization of any Borrower or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion),
each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time
as though the payment had not been made and whether or not the Administrative Agent, the Issuing Bank and the Lenders are in possession
of this Loan Guaranty. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency,
bankruptcy or reorganization of any Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement
relating to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Administrative
Agent.

 

SECTION 10.07. Information.
Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrowers’ financial condition
and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope
and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the Administrative
Agent, the Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those
circumstances or risks.

 

SECTION 10.08. Termination.
Each of the Lenders and the Issuing Bank may continue to make loans or extend credit to the Borrowers based on this Loan Guaranty
until five (5) days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any such
notice, each Loan Guarantor will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed or committed
to prior to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with
respect to, or substitutions for, all or any part of such Guaranteed Obligations. Nothing in this Section 10.08 shall be deemed
to constitute a waiver of, or eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any
Lender may have in respect of, any Default or Event of Default that shall exist under clause (o) of Article VII hereof as a result
of any such notice of termination.

 

    	 	110	 

     

    

  

SECTION 10.09. Taxes.
Each payment of the Guaranteed Obligations will be made by each Loan Guarantor without withholding for any Taxes, unless such withholding
is required by law. If any Loan Guarantor determines, in its sole discretion exercised in good faith, that it is so required to
withhold Taxes, then such Loan Guarantor may so withhold and shall timely pay the full amount of withheld Taxes to the relevant
Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by such
Loan Guarantor shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional
amounts payable under this Section), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives the amount
it would have received had no such withholding been made.

 

SECTION 10.10. Maximum
Liability. Notwithstanding any other provision of this Loan Guaranty, the amount guaranteed by each Loan Guarantor hereunder
shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section
548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act, Uniform
Voidable Transactions Act or similar statute or common law. In determining the limitations, if any, on the amount of any Loan Guarantor’s
obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation,
indemnification or contribution which such Loan Guarantor may have under this Loan Guaranty, any other agreement or applicable
law shall be taken into account.

 

SECTION 10.11. Contribution.

 

(a)          To
the extent that any Loan Guarantor shall make a payment under this Loan Guaranty (a “Guarantor Payment”) which,
taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds the
amount which otherwise would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid the aggregate
Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Loan Guarantor’s “Allocable
Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts
of each of the Loan Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible
payment in full in cash of the Guarantor Payment, the Payment in Full of the Guaranteed Obligations and the termination of this
Agreement, such Loan Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by,
each other Loan Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately
prior to such Guarantor Payment.

 

(b)          As
of any date of determination, the “Allocable Amount” of any Loan Guarantor shall be equal to the excess of the fair
saleable value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the maximum
amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other
Loan Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments
made by other Loan Guarantors as of such date in a manner to maximize the amount of such contributions.

 

(c)          This
Section 10.11 is intended only to define the relative rights of the Loan Guarantors, and nothing set forth in this Section 10.11
is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay any amounts as and when the
same shall become due and payable in accordance with the terms of this Loan Guaranty.

 

    	 	111	 

     

    

  

(d)          The
parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Loan Guarantor
or Loan Guarantors to which such contribution and indemnification is owing.

 

(e)          The
rights of the indemnifying Loan Guarantors against other Loan Guarantors under this Section 10.11 shall be exercisable upon the
Payment in Full of the Guaranteed Obligations and the termination of this Agreement.

 

SECTION 10.12. Liability
Cumulative. The liability of each Loan Party as a Loan Guarantor under this Article X is in addition to and shall be cumulative
with all liabilities of each Loan Party to the Administrative Agent, the Issuing Bank and the Lenders under this Agreement and
the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other Loan
Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically
provides to the contrary.

 

SECTION 10.13. Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guarantee
in respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.13
for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.13
or otherwise under this Loan Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and
not for any greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section
10.13 shall remain in full force and effect until the termination of all Swap Obligations. Each Qualified ECP Guarantor intends
that this Section 10.13 constitute, and this Section 10.13 shall be deemed to constitute, a “keepwell, support, or other
agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act.

 

SECTION 10.14. Replaced
Guarantees. This Loan Guaranty supersedes and replaces any previous
Guarantee given by a Loan Guarantor guaranteeing the Guaranteed Obligations.

 

ARTICLE XI

 

The Borrower
Representative.

 

SECTION
11.01. Appointment; Nature of Relationship. Escalade, Incorporated is hereby appointed by each of the Borrowers as its contractual
representative (herein referred to as the “Borrower Representative”) hereunder and under each other Loan Document,
and each of the Borrowers irrevocably authorizes the Borrower Representative to act as the contractual representative of such Borrower
with the rights and duties expressly set forth herein and in the other Loan Documents. The Borrower Representative agrees to act
as such contractual representative upon the express conditions contained in this Article XI. Additionally, the Borrowers hereby
appoint the Borrower Representative as their agent to receive all of the proceeds of the Loans in the Funding Account(s), at which
time the Borrower Representative shall promptly disburse such Loans to the appropriate Borrower(s), provided that, in the case
of a Revolving Loan, such amount shall not exceed Availability. The Administrative Agent and the Lenders, and their respective
officers, directors, agents or employees, shall not be liable to the Borrower Representative or any Borrower for any action taken
or omitted to be taken by the Borrower Representative or the Borrowers pursuant to this Section 11.01.

 

    	 	112	 

     

    

  

SECTION
11.02. Powers. The Borrower Representative shall have and may exercise such powers under the Loan Documents as are specifically
delegated to the Borrower Representative by the terms of each thereof, together with such powers as are reasonably incidental thereto.
The Borrower Representative shall have no implied duties to the Borrowers, or any obligation to the Lenders to take any action
thereunder except any action specifically provided by the Loan Documents to be taken by the Borrower Representative.

 

SECTION
11.03. Employment of Agents. The Borrower Representative may execute any of its duties as the Borrower Representative hereunder
and under any other Loan Document by or through authorized officers.

 

SECTION
11.04. Notices. Each Borrower shall immediately notify the Borrower Representative of the occurrence of any Default or Event
of Default hereunder, refer to this Agreement, describe such Default or Event of Default, and state that such notice is a “notice
of default”. In the event that the Borrower Representative receives such a notice, the Borrower Representative shall give
prompt notice thereof to the Administrative Agent and the Lenders. Any notice provided to the Borrower Representative hereunder
shall constitute notice to each Borrower on the date received by the Borrower Representative.

 

SECTION
11.05. Successor Borrower Representative. Upon the prior written consent of the Administrative Agent, the Borrower Representative
may resign at any time, such resignation to be effective upon the appointment of a successor Borrower Representative. The Administrative
Agent shall give prompt written notice of such resignation to the Lenders.

 

SECTION
11.06. Execution of Loan Documents; Borrowing Base Certificate. The Borrowers hereby empower and authorize the Borrower
Representative, on behalf of the Borrowers, to execute and deliver to the Administrative Agent and the Lenders the Loan Documents
and all related agreements, certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes
of the Loan Documents, including, without limitation, the Borrowing Base Certificate and the Compliance Certificates. Each Borrower
agrees that any action taken by the Borrower Representative or the Borrowers in accordance with the terms of this Agreement or
the other Loan Documents, and the exercise by the Borrower Representative of its powers set forth therein or herein, together with
such other powers that are reasonably incidental thereto, shall be binding upon all of the Borrowers.

 

SECTION
11.07. Reporting. Each Borrower hereby agrees that such Borrower shall furnish promptly after each Fiscal Month to the Borrower
Representative a copy of its Borrowing Base Certificate and any other certificate or report required hereunder or requested by
the Borrower Representative on which the Borrower Representative shall rely to prepare the Borrowing Base Certificate and Compliance
Certificate required pursuant to the provisions of this Agreement.

 

    	 	113	 

     

    

 

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

 

	 	BORROWERS:
	 	 
	 	ESCALADE, INCORPORATED

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer

 

	 	INDIAN INDUSTRIES, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer

 

	 	OTHER LOAN PARTIES:
	 	 
	 	BEAR ARCHERY, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	EIM COMPANY, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	ESCALADE INSURANCE, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer

 

	 	ESCALADE SPORTS PLAYGROUND, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer

 

    	 	1	 

     

    

 

 

	 	HARVARD SPORTS, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	SOP SERVICES, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	U.S. WEIGHT, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	WEDCOR HOLDINGS, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	GOALSETTER SYSTEMS, INC.

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	LIFELINE PRODUCTS, LLC

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	VICTORY MADE, LLC

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	VICTORY TAILGATE, LLC

 

	 	By:	/s/ Stephen R. Wawrin

	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer

 

    	 	2	 

     

    

  

	 	LENDER:
	 	 
	 	JPMORGAN CHASE BANK, N.A., individually, and as Administrative Agent, Swingline Lender and Issuing Bank

 

	 	By:	/s/ Thomas W. Harrison

	 	Name:	Thomas W. Harrison

	 	Title:	Executive Director

 

    	 	3Exhibit 10.2

 

PLEDGE AND SECURITY AGREEMENT

 

THIS PLEDGE AND SECURITY
AGREEMENT (as it may be amended, restated, supplemented or otherwise modified from time to time, this “Security Agreement”)
is entered into as of January 21, 2019 by and among ESCALADE, INCORPORATED, an Indiana corporation and INDIAN INDUSTRIES, INC.,
an Indiana corporation (the “Borrowers”), and WEDCOR HOLDING, INC., an Indiana corporation, GOALSETTER SYSTEMS,
INC., an Iowa corporation, U.S. WEIGHT, INC., an Illinois corporation, HARVARD SPORTS, INC., a California corporation, BEAR ARCHERY,
INC., a Florida corporation, ESCALADE SPORTS PLAYGROUND, INC., a North Carolina corporation, LIFELINE PRODUCTS, LLC, an Illinois
limited liability company, EIM COMPANY, INC., a Nevada corporation, SOP SERVICES, INC., a Nevada corporation, ESCALADE INSURANCE,
INC., a Nevada corporation, VICTORY MADE, LLC, a Florida limited liability company, and VICTORY TAILGATE, LLC, a Florida limited
liability company (collectively, the “Guarantors”), and any additional entities which become parties to this
Security Agreement by executing a Security Agreement Supplement hereto in substantially the form of Annex I hereto (such additional
entities, together with Borrower and the Guarantors, each a “Grantor”, and collectively, the “Grantors”),
and JPMorgan Chase Bank, N.A., in its capacity as administrative agent (the “Administrative Agent”) for the
lenders party to the Credit Agreement referred to below.

 

PRELIMINARY STATEMENT

 

The Borrowers, each
Grantor as a Loan Guarantor, and the Lenders are entering into an Amended and Restated Credit Agreement dated as of even date herewith
(as it may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Each Grantor is entering into this Security Agreement in order to induce the Lenders to enter into and extend credit to the Borrowers
under the Credit Agreement and to secure the Secured Obligations that it has agreed to guarantee pursuant to Article X of the Credit
Agreement.

 

ACCORDINGLY, the Grantors
and the Administrative Agent, on behalf of the Secured Parties, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1.          Terms
Defined in Credit Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to
such terms in the Credit Agreement.

 

1.2.          Terms
Defined in UCC. Terms defined in the UCC which are not otherwise defined in this Security Agreement are used herein as defined
in the UCC. Any reference to Article 8 and/or 9 of the UCC and Sections thereof that apply to the Indiana UCC shall refer to the
applicable Article/Chapter 8.1 and 9.1 and the Sections thereof of the Indiana UCC, as applicable.

 

1.3.          Definitions
of Certain Terms Used Herein. As used in this Security Agreement, in addition to the terms defined in the first paragraph hereof
and in the Preliminary Statement, the following terms shall have the following meanings:

 

“Accounts”
shall have the meaning set forth in Article 9 of the UCC.

 

“Applicable
IP Office” means the United States Patent and Trademark Office, the United States Copyright Office or any similar office
or agency within or, solely in the case of Section 4.7, outside the United States.

 

     

     

    

 

“Article”
means a numbered article of this Security Agreement, unless another document is specifically referenced.

 

“Chattel Paper”
shall have the meaning set forth in Article 9 of the UCC.

 

“Closing Date”
means the date of the Credit Agreement.

 

“Collateral”
shall have the meaning set forth in Article II.

 

“Collateral
Access Agreement” means any landlord waiver or other agreement, in form and substance satisfactory to the Administrative
Agent, between the Administrative Agent and any third party (including any bailee, consignee, customs broker, or other similar
Person) in possession of any Collateral or any landlord of any real property where any Collateral is located, as such landlord
waiver or other agreement may be amended, restated, supplemented or otherwise modified from time to time.

 

“Commercial
Tort Claims” means the commercial tort claims as defined in Article 9 of the UCC, including each commercial tort claim
specifically described on Exhibit I.

 

“Confirmatory
Grant” shall have the meaning set forth in Section 3.10(e).

 

“Control”
shall have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC.

 

“Copyrights”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating
to copyrights and all mask works, database and design rights, whether or not registered or published, all registrations and recordations
thereof and all applications in connection therewith.

 

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

 

“Deposit Account
Control Agreement” means an agreement, in form and substance satisfactory to the Administrative Agent, among any Loan
Party, a banking institution holding such Loan Party’s funds, and the Administrative Agent with respect to collection and
control of all deposits and balances held in a deposit account maintained by such Loan Party with such banking institution.

 

“Deposit Accounts”
shall have the meaning set forth in Article 9 of the UCC.

 

“Documents”
shall have the meaning set forth in Article 9 of the UCC.

 

“Equipment”
shall have the meaning set forth in Article 9 of the UCC.

 

“Event of
Default” means an event described in Section 5.1.

 

“Exhibit”
refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced.

 

“Fixtures”
shall have the meaning set forth in Article 9 of the UCC.

 

“General Intangibles”
shall have the meaning set forth in Article 9 of the UCC.

 

“Goods”
shall have the meaning set forth in Article 9 of the UCC.

 

    	 	2	 

     

    

 

“Industrial
Designs” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law
in or relating to registered industrial designs and industrial design applications.

 

“Instruments”
shall have the meaning set forth in Article 9 of the UCC.

 

“Intellectual
Property” means all rights, title and interests in or relating to intellectual property and industrial property arising
under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Industrial Designs,
Software, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses.

 

“Internet
Domain Name” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement
of Law in or relating to internet domain names.

 

“Inventory”
shall have the meaning set forth in Article 9 of the UCC.

 

“Investment
Property” shall have the meaning set forth in Article 9 of the UCC.

 

“IP Ancillary
Rights” means, with respect to any Intellectual Property, as applicable, all foreign counterparts to, and all divisionals,
reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual Property
and all income, royalties, proceeds and Liabilities at any time due or payable or asserted under or with respect to any of the
foregoing or otherwise with respect to such Intellectual Property throughout the world, including all rights to sue or recover
at law or in equity for any past, present or future infringement, misappropriation, dilution, violation or other impairment thereof,
and, in each case, all rights to obtain any other IP Ancillary Right throughout the world.

 

“IP License”
means all contractual obligations (and all related IP Ancillary Rights), whether written or oral, granting any right, title and
interest in or relating to any Intellectual Property.

 

“Lenders”
means the lenders party to the Credit Agreement and their successors and assigns.

 

“Letter-of-Credit
Rights” shall have the meaning set forth in Article 9 of the UCC.

 

“Liabilities”
mean all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines, penalties, sanctions,
costs, fees, Taxes, commissions, charges, disbursements and expenses (including those incurred upon any appeal or in connection
with the preparation for and/or response to any subpoena or request for document production relating thereto), in each case of
any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial,
legal and other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual,
punitive, treble or otherwise.

 

“Material
Intellectual Property” means Intellectual Property that is owned by or licensed to a Grantor and material to the conduct
of such Grantor’s business.

 

“Material
License Agreement” means Intellectual Property that is licensed to a Grantor and material to the conduct of such Grantor’s
business and disclosed on Exhibit D hereto.

 

“Patents”
mean all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating
to letters patent and applications therefor.

 

“Pledged Collateral”
means all Instruments, Securities and other Investment Property of the Grantors, whether or not physically delivered to the Administrative
Agent pursuant to this Security Agreement.

 

    	 	3	 

     

    

 

“Receivables”
means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other rights or claims to receive money
which are General Intangibles or which are otherwise included as Collateral.

 

“Section”
means a numbered section of this Security Agreement, unless another document is specifically referenced.

 

“Secured Parties”
shall have the meaning set forth in the Credit Agreement.

 

“Security”
shall have the meaning set forth in Article 8 of the UCC.

 

“Software”
means (a) all computer programs, including source code and object code versions, (b) all data, databases and compilations of data,
whether machine readable or otherwise, and (c) all documentation, training materials and configurations related to any of the foregoing.

 

“Security
Agreement Supplement” shall mean any Security Agreement Supplement to this Security Agreement in substantially the form
of Annex I hereto executed by an entity that becomes a Grantor under this Security Agreement after the date hereof.

 

“Stock Rights”
means all dividends, instruments or other distributions and any other right or property which the Grantors shall receive or shall
become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest
constituting Collateral, any right to receive an Equity Interest and any right to receive earnings, in which the Grantors now have
or hereafter acquire any right, issued by an issuer of such Equity Interest.

 

“Supporting
Obligations” shall have the meaning set forth in Article 9 of the UCC.

 

“Trade Secrets”
mean all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to
proprietary, confidential and/or non-public information, however documented, including but not limited to confidential ideas, know-how,
concepts, methods, processes, formulae, reports, data, customer lists, mailing lists, business plans and all other trade secrets.

 

“Trademarks”
mean all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating
to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks,
logos and other source or business identifiers and, in each case, all goodwill associated therewith, all registrations and recordations
thereof and all applications in connection therewith.

 

“UCC”
means the Uniform Commercial Code, as in effect from time to time, of the State of Indiana or of any other state the laws of which
are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with respect
to, Administrative Agent’s or any other Secured Party’s Lien on any Collateral.

 

The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms.

 

    	 	4	 

     

    

 

ARTICLE II

GRANT OF SECURITY INTEREST

 

Each Grantor hereby
pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Secured Parties, a security
interest in all of its right, title and interest in, to and under all personal property and other assets, whether now owned by
or owing to, or hereafter acquired by or arising in favor of such Grantor (including under any trade name or derivations thereof),
and whether owned or consigned by or to, or leased from or to, such Grantor, and regardless of where located (all of which will
be collectively referred to as the “Collateral”), including:

 

		(i)	all Accounts;

		(ii)	all Chattel Paper;

		(iii)	all Copyrights, Patents and Trademarks;

		(iv)	all Documents;

		(v)	all Equipment;

		(vi)	all General Intangibles;

		(vii)	all Goods;

		(viii)	all Instruments;

		(ix)	all Inventory;

		(x)	all Investment Property;

		(xi)	all cash or cash equivalents;

		(xii)	all letters of credit, Letter-of-Credit Rights and Supporting
Obligations;

		(xiii)	all Deposit Accounts with any bank or other financial
institution;

		(xiv)	all Commercial Tort Claims; and

		(xv)	all accessions to, substitutions for and replacements,
proceeds (including Stock Rights), insurance proceeds and products of the foregoing, together with all books and records, customer
lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General
Intangibles at any time evidencing or relating to any of the foregoing;

 

to secure the prompt and complete payment
and performance of the Secured Obligations; provided, that the Collateral does not include any United States intent-to-use trademark
applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the
validity or enforceability of such intent-to-use trademark applications under applicable federal law; provided, further that upon
submission and acceptance by the PTO of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision),
such intent-to-use trademark application shall be considered Collateral.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Each Grantor represents
and warrants, and each Grantor that becomes a party to this Security Agreement pursuant to the execution of a Security Agreement
Supplement represents and warrants (after giving effect to supplements, if any, to each of the Exhibits hereto with respect to
such Grantor as attached to such Security Agreement Supplement), to the Administrative Agent and the Secured Parties that:

 

3.1.        Title,
Authorization, Validity, Enforceability, Perfection and Priority. Such Grantor has good and valid rights in or the power to
transfer the Collateral and title to the Collateral with respect to which it has purported to grant a security interest hereunder,
free and clear of all Liens except for Liens permitted under Section 4.1(e), and has full power and authority to grant to the Administrative
Agent the security interest in the Collateral pursuant hereto. The execution and delivery by such Grantor of this Security Agreement
has been duly authorized by proper corporation proceedings of such Grantor, if Grantor is a corporation, or by proper limited liability
company proceedings of such Grantor, if Grantor is a limited liability company, and this Security Agreement constitutes a legal
valid and binding obligation of such Grantor and creates a security interest which is enforceable against such Grantor in all Collateral
it now owns or hereafter acquires, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law. When financing statements have been filed in the appropriate offices against such Grantor in the locations
listed on Exhibit H, the Administrative Agent will have a fully perfected first priority security interest in that Collateral
of such Grantor in which a security interest may be perfected by filing, subject only to Liens permitted under Section 4.1(e).

 

    	 	5	 

     

    

 

3.2.        Type
and Jurisdiction of Organization, Organizational and Identification Numbers. The type of entity of such Grantor, its state
of organization, the organizational number issued to it by its state of organization and its federal employer identification number
are set forth on Exhibit A.

 

3.3.        Principal
Location. Such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief
executive office (if it has more than one place of business), are disclosed in Exhibit A; such Grantor has no other places
of business except those set forth in Exhibit A.

 

3.4.        Collateral
Locations. All of such Grantor’s locations where Collateral is located are listed on Exhibit A. All of said locations
are owned by such Grantor except for locations (i) which are leased by the Grantor as lessee and designated in Part VII(b)
of Exhibit A and (ii) at which Inventory is held in a public warehouse or is otherwise held by a bailee or on consignment
as designated in Part VII(c) of Exhibit A.

 

3.5.        Deposit
Accounts. All of such Grantor’s Deposit Accounts are listed on Exhibit B.

 

3.6.        Exact
Names. Such Grantor’s name in which it has executed this Security Agreement is the exact name as it appears in such Grantor’s
organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization. Such Grantor has not, during
the past five years, been known by or used any other corporate or fictitious name, or been a party to any merger or consolidation,
or been a party to any acquisition.

 

3.7.        Letter-of-Credit
Rights and Chattel Paper. Exhibit C lists all Letter-of-Credit Rights and Chattel Paper of such Grantor. All action
by such Grantor necessary or desirable to protect and perfect the Administrative Agent’s Lien on each item listed on Exhibit
C (including the delivery of all originals and the placement of a legend on all Chattel Paper as required hereunder) has been
duly taken. The Administrative Agent will have a fully perfected first priority security interest in the Collateral listed on Exhibit
C, subject only to Liens permitted under Section 4.1(e).

 

3.8.        Accounts
and Chattel Paper.

 

(a)          The
names of the obligors, amounts owing, due dates and other information with respect to its Accounts and Chattel Paper are and will
be correctly stated in all records of such Grantor relating thereto and in all invoices and Collateral Reports with respect thereto
furnished to the Administrative Agent by such Grantor from time to time. As of the time when each Account or each item of Chattel
Paper arises, such Grantor shall be deemed to have represented and warranted that such Account or Chattel Paper, as the case may
be, and all records relating thereto, are genuine and in all respects what they purport to be.

 

(b)          With
respect to its Accounts, all Accounts represent bona fide sales of Inventory or rendering of services to Account Debtors in the
ordinary course of such Grantor’s business and are not evidenced by a judgment, Instrument or Chattel Paper; (ii) there are
no setoffs, claims or disputes existing or asserted with respect thereto in a material aggregate amount and such Grantor has not
made any agreement with any Account Debtor for any extension of time for the payment thereof, any compromise or settlement for
less than the full amount thereof, any release of any Account Debtor from liability therefor, or any deduction therefrom except
a discount or allowance allowed by such Grantor in the ordinary course of its business for prompt payment and disclosed to the
Administrative Agent; (iii) to such Grantor’s knowledge, there are no facts, events or occurrences which in any way materially
impair the validity or enforceability thereof or could reasonably be expected to reduce materially the amount payable thereunder
as shown on such Grantor’s books and records and any invoices, statements with respect thereto; (iv) such Grantor has not
received any notice of proceedings or actions which are threatened or pending against any Account Debtor which might result in
any adverse change in such Account Debtor’s financial condition; and (v) such Grantor has no knowledge that any Account Debtor
has become insolvent or is generally unable to pay its debts as they become due.

 

    	 	6	 

     

    

 

(c)          In
addition, with respect to all of its Accounts, (i) the amounts shown on all invoices and statements with respect thereto are actually
and absolutely owing to such Grantor as indicated thereon and are not in any way contingent, and (ii) to such Grantor’s knowledge,
all Account Debtors have the capacity to contract.

 

3.9.        Inventory.
With respect to any of its Inventory, (a) such Inventory (other than Inventory in transit) is located at one of such Grantor’s
locations set forth on Exhibit A, (b) no Inventory (other than Inventory in transit) is now, or shall at any time or times
hereafter be stored at any other location except as permitted by Section 4.1(g), (c) such Grantor has good, indefeasible and merchantable
title to such Inventory and such Inventory is not subject to any Lien or security interest or document whatsoever except for the
security interest granted to the Administrative Agent hereunder, for the benefit of the Administrative Agent and Secured Parties,
and Permitted Encumbrances, (d) such Inventory is of good and merchantable quality, free from any material defects, (e) such Inventory
is not subject to any licensing, patent, royalty, trademark, trade name or copyright agreements with any third parties which would
require any consent of any third party upon sale or disposition of that Inventory or the payment of any monies to any third party
upon such sale or other disposition, (f) such Inventory has been produced in accordance with the Federal Fair Labor Standards Act
of 1938, as amended, and all rules, regulations and orders thereunder, and (g) the completion of manufacture, sale or other disposition
of such Inventory by the Administrative Agent following an Event of Default shall not require the consent of any Person and shall
not constitute a breach or default under any contract or agreement to which such Grantor is a party or to which such property is
subject.

 

3.10.       Intellectual
Property.

 

(a)          Exhibit
D contains a complete and accurate listing of the following Intellectual Property such Grantor owns, licenses or otherwise
has the right to use: (i) Intellectual Property that is registered or subject to applications for registration, (ii) Internet Domain
Names and (iii) Material Intellectual Property and material Software, separately identifying that owned and licensed to such Grantor
and including for each of the foregoing items (1) the owner, (2) the title, (3) the jurisdiction in which such item has been registered
or otherwise arises or in which an application for registration has been filed, (4) as applicable, the registration or application
number and registration or application date and (5) any IP Licenses or other rights (including franchises) granted by such Grantor
with respect thereto. Such Grantor owns directly or is entitled to use, by license or otherwise, all Intellectual Property necessary
for the conduct of such Grantor’s business as currently conducted. All of the U.S. registrations, applications for registration
or applications for issuance of the Intellectual Property are in good standing and are recorded or in the process of being recorded
in the name of such Grantor.

 

(b)          On
the Effective Date, all Material Intellectual Property owned by such Grantor is valid, in full force and effect, subsisting, unexpired
and enforceable, and no Material Intellectual Property has been abandoned. No breach or default of any Material License Agreement
shall be caused by any of the following, and none of the following shall limit or impair the ownership, use, validity or enforceability
of, or any rights of such Grantor in, any Material Intellectual Property: (i) the consummation of the transactions contemplated
by any Loan Documents or (ii) any holding, decision, judgment or order rendered by any Governmental Authority. There are no pending
(or, to the knowledge of such Grantor, threatened) actions, investigations, suits, proceedings, audits, claims, demands, orders
or disputes challenging the ownership, use, validity, enforceability of, or such Grantor’s rights in, any Material Intellectual
Property of such Grantor. To such Grantor’s knowledge, no Person has been or is infringing, misappropriating, diluting, violating
or otherwise impairing any Intellectual Property of such Grantor. Such Grantor, and to such Grantor’s knowledge each other
party thereto, is not in material breach or default of any Material License Agreement.

 

    	 	7	 

     

    

 

(c)          Such
Grantor has taken or caused to be taken steps so that none of its Intellectual Property, the value of which to such Grantor is
contingent upon maintenance of the confidentiality thereof, has been disclosed by such Grantor to any Person other than employees,
contractors, customers, representatives and agents of such Grantor who are parties to customary confidentiality and nondisclosure
agreements with such Grantor. Each employee and contractor of such Grantor involved in development or creation of any Material
Intellectual Property has assigned any and all inventions and ideas of such Person in and to such Intellectual Property to such
Grantor.

 

(d)          No
settlement or consents, covenants not to sue, nonassertion assurances, or releases have been entered into by such Grantor or exist
to which such Grantor is bound that adversely affect its rights to own or use any Intellectual Property except as could not be
reasonably expected to result in a Material Adverse Effect, in each case individually or in the aggregate.

 

(e)          This
Security Agreement is effective to create a valid and continuing Lien on such Copyrights, IP Licenses, Patents and Trademarks and,
upon filing with the Applicable IP Office of the Confirmatory Grant of Security Interest in Copyrights, the Confirmatory Grant
of Security Interest in Patents and the Confirmatory Grant of Security Interest in Trademarks (each, a “Confirmatory Grant”),
and the filing of appropriate financing statements in the jurisdictions listed in Exhibit H hereto, all action necessary
or desirable to protect and perfect the security interest in, to and on such Grantor’s Patents, Trademarks, Copyrights, or
IP Licenses have been taken and such perfected security interest is enforceable as such as against any and all creditors of and
purchasers from such Grantor. Such Grantor has no interest in any Copyright that is necessary in connection with the operation
of such Grantor’s business, except for those Copyrights identified in Exhibit D attached hereto which have been registered
with the United States Copyright Office.

 

3.11.      Filing
Requirements. None of the Equipment of Grantors is covered by any certificate of title, except for the vehicles described in
Part I of Exhibit E. None of the Collateral of owned by a Grantor is of a type for which security interests or liens may
be perfected by filing under any federal statute except for (a) the vehicles described in Part II of Exhibit E and (b) Patents,
Trademarks and Copyrights held by such Grantor and described in Exhibit D.

 

3.12.      No
Financing Statements, Security Agreements. No financing statement or security agreement describing all or any portion of the
Collateral which has not lapsed or been terminated (by a filing authorized by the secured party in respect thereof) naming such
Grantor as debtor has been filed or is of record in any jurisdiction except for financing statements or security agreements (a)
naming the Administrative Agent on behalf of the Secured Parties as the secured party and (b) in respect to other Liens permitted
under Section 6.02 of the Credit Agreement.

 

3.13.      Pledged
Collateral.

 

(a)          Exhibit
G sets forth a complete and accurate list of all of the Pledged Collateral owned by such Grantor. Such Grantor is the direct,
sole beneficial owner and sole holder of record of the Pledged Collateral listed on Exhibit G as being owned by it, free
and clear of any Liens, except for the security interest granted to the Administrative Agent for the benefit of the Secured Parties
hereunder and Permitted Encumbrances. Such Grantor further represents and warrants that (i) all Pledged Collateral owned by it
constituting an Equity Interest has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly
authorized, validly issued, are fully paid and non-assessable, (ii) with respect to any certificates delivered to the Administrative
Agent representing an Equity Interest, either such certificates are Securities as defined in Article 8 of the UCC as a result of
actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Administrative
Agent so that the Administrative Agent may take steps to perfect its security interest therein as a General Intangible, (iii) all
such Pledged Collateral held by a securities intermediary is covered by a control agreement among such Grantor, the securities
intermediary and the Administrative Agent pursuant to which the Administrative Agent has Control and (iv) all Pledged Collateral
which represents Indebtedness owed to such Grantor has been duly authorized, authenticated or issued and delivered by the issuer
of such Indebtedness, is the legal, valid and binding obligation of such issuer and such issuer is not in default thereunder.

 

    	 	8	 

     

    

 

(b)          In
addition, (i) none of the Pledged Collateral owned by such Grantor has been issued or transferred in violation of the securities
registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii)
no options, warrants, calls or commitments of any character whatsoever (A) exist relating to such Pledged Collateral or (B) obligate
the issuer of any Equity Interest included in the Pledged Collateral to issue additional Equity Interests, and (iii) no consent,
approval, authorization, or other action by, and no giving of notice, filing with, any governmental authority or any other Person
is required for the pledge by such Grantor of such Pledged Collateral pursuant to this Security Agreement or for the execution,
delivery and performance of this Security Agreement by such Grantor, or for the exercise by the Administrative Agent of the voting
or other rights provided for in this Security Agreement or for the remedies in respect of the Pledged Collateral pursuant to this
Security Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities
generally.

 

(c)          Except
as set forth in Exhibit G, such Grantor owns 100% of the issued and outstanding Equity Interests which constitute Pledged
Collateral owned by it and none of the Pledged Collateral which represents Indebtedness owed to such Grantor is subordinated in
right of payment to other Indebtedness or subject to the terms of an indenture.

 

ARTICLE IV

COVENANTS

 

From the date of this
Security Agreement and thereafter until this Security Agreement is terminated pursuant to the terms hereof, each Grantor party
hereto as of the date hereof agrees, and from and after the effective date of any Security Agreement Supplement applicable to any
Grantor (and after giving effect to supplements, if any, to each of the Exhibits hereto with respect to such subsequent Grantor
as attached to such Security Agreement Supplement) and thereafter until this Security Agreement is terminated pursuant to the terms
hereof, each such additional Grantor agrees that:

 

4.1.        General.

 

(a)          Collateral
Records. Such Grantor will maintain complete and accurate books and records with respect to the Collateral owned by it, and
furnish to the Administrative Agent with sufficient copies for each of the Lenders, such reports relating to such Collateral as
the Administrative Agent shall from time to time request. 

 

(b)          Authorization
to File Financing Statements; Ratification. Such Grantor hereby authorizes the Administrative Agent to file, and if requested
will deliver to the Administrative Agent, all financing statements and other documents and take such other actions as may from
time to time be requested by the Administrative Agent in order to maintain a first perfected security interest in and, if applicable,
Control of, the Collateral owned by such Grantor. Any financing statement filed by the Administrative Agent may be filed in any
filing office in any UCC jurisdiction and may (i) indicate such Grantor’s Collateral (1) as all assets of the Grantor or
words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article
9 of the UCC of such jurisdiction, or (2) by any other description which reasonably approximates the description contained in this
Security Agreement, and (ii) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing
office acceptance of any financing statement or amendment, including whether such Grantor is an organization, the type of organization
and any organization identification number issued to such Grantor. Such Grantor also agrees to furnish any such information described
in the foregoing sentence to the Administrative Agent promptly upon request. Such Grantor also ratifies its authorization for the
Administrative Agent to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior
to the date hereof. 

 

    	 	9	 

     

    

 

(c)          Further
Assurances. Such Grantor will, if so requested by the Administrative Agent, furnish to the Administrative Agent, as often as
the Administrative Agent requests, statements and schedules further identifying and describing the Collateral owned by it and such
other reports and information in connection with its Collateral as the Administrative Agent may reasonably request, all in such
detail as the Administrative Agent may specify. Such Grantor also agrees to take any and all actions necessary to defend title
to the Collateral against all persons and to defend the security interest of the Administrative Agent in its Collateral and the
priority thereof against any Lien not expressly permitted hereunder.

 

(d)          Disposition
of Collateral. Such Grantor will not sell, lease or otherwise dispose of the Collateral except for dispositions specifically
permitted pursuant to Section 6.05 of the Credit Agreement. 

 

(e)          Liens.
Such Grantor will not create, incur, or suffer to exist any Lien on the Collateral except (i) the security interest created by
this Security Agreement, and (ii) other Liens permitted under Section 6.02 of the Credit Agreement. 

 

(f)          Other
Financing Statements. Such Grantor will not authorize the filing of any financing statement naming it as debtor covering all
or any portion of the Collateral owned by it, except for financing statements (i) naming the Administrative Agent on behalf of
the Secured Parties as the secured party, and (ii) in respect to other Liens permitted under Section 6.02 of the Credit Agreement.
Such Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with
respect to any financing statement without the prior written consent of the Administrative Agent, subject to such Grantor’s
rights under Section 9-509(d)(2) of the UCC.

 

(g)          Locations.
Such Grantor will not (i) maintain any Collateral owned by it at any location other than those locations listed on Exhibit A
or disclosed to Administrative Agent pursuant to clause (ii) of this Section, (ii) otherwise change, or add to, such locations
without the Administrative Agent’s prior written consent as required by the Credit Agreement (and if the Administrative Agent
gives such consent, such Grantor will concurrently therewith obtain a Collateral Access Agreement for each such location to the
extent required by the Credit Agreement), or (iii) change its principal place of business or chief executive office from the location
identified on Exhibit A, other than as permitted by the Credit Agreement.

 

(h)          Compliance
with Terms. Such Grantor will perform and comply in all material respects with all obligations in respect of the Collateral
owned by it and all agreements to which it is a party or by which it is bound relating to such Collateral.

 

4.2.        Receivables.

 

(a)          Certain
Agreements on Receivables. Such Grantor will not make or agree to make any discount, credit, rebate or other reduction in the
original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount thereof, except that,
prior to the occurrence of an Event of Default, such Grantor may discount, credit, rebate or otherwise reduce the amount of Accounts
arising from the sale of Inventory in accordance with its present policies and in the ordinary course of business.

 

(b)          Collection
of Receivables. Except as otherwise provided in this Security Agreement, such Grantor will collect and enforce, at such Grantor’s
sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by it, except that, prior to the occurrence
of an Event of Default, such Grantor may choose not to enforce Receivables that have been written off in accordance with its present
policies and in the ordinary course of business.

 

    	 	10	 

     

    

 

(c)          Delivery
of Invoices. Such Grantor will deliver to the Administrative Agent immediately upon its request after the occurrence and during
the continuation of an Event of Default duplicate invoices with respect to each Account owned by it bearing such language of assignment
as the Administrative Agent shall specify.

 

(d)          Disclosure
of Counterclaims on Receivables. If (i) any material discount, credit or agreement to make a rebate or to otherwise reduce
the amount owing on any Receivable owned by such Grantor exists or (ii) if, to the knowledge of such Grantor, any material dispute,
setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to any such Receivable, such Grantor
will promptly disclose such fact to the Administrative Agent in writing. Such Grantor shall promptly report each credit memorandum
and each of the facts required to be disclosed to the Administrative Agent in accordance with this Section 4.2(d) on the
Borrowing Base Certificates submitted by it.

 

(e)          Electronic
Chattel Paper. Such Grantor shall take all steps necessary to grant the Administrative Agent Control of all electronic chattel
paper in accordance with the UCC and all “transferable records” as defined in each of the Uniform Electronic Transactions
Act and the Electronic Signatures in Global and National Commerce Act.

 

4.3.        Inventory
and Equipment.

 

(a)          Maintenance
of Goods. Such Grantor will do all things necessary to maintain, preserve, protect and keep its Inventory and the Equipment
in good repair and working and saleable condition, except for damaged or defective or obsolete goods arising in the ordinary course
of such Grantor’s business and except for ordinary wear and tear in respect of the Equipment.

 

(b)          Inventory
Count; Perpetual Inventory System. Such Grantor will conduct a physical count of its Inventory at least once per fiscal year,
and after and during the continuation of an Event of Default, at such other times as the Administrative Agent requests. Such Grantor,
at its own expense, shall deliver to the Administrative Agent the results of each physical verification, which such Grantor has
made, or has caused any other Person to make on its behalf, of all or any portion of its Inventory. Such Grantor will maintain
a perpetual inventory reporting system at all times.

 

(c)          Equipment.
Such Grantor shall not permit any Equipment to become a Fixture with respect to real property or to become an accession with respect
to other personal property with respect to which real or personal property the Administrative Agent does not have a Lien. Such
Grantor will not, without the Administrative Agent’s prior written consent, alter or remove any identifying symbol or number
on any of such Grantor’s Equipment constituting Collateral.

 

(d)          Titled
Vehicles. Upon the Administrative Agent’s request, deliver to the Administrative Agent, the original of any vehicle title
certificate and provide and/or file all other documents or instruments necessary to have the Lien of the Administrative Agent noted
on any such certificate or with the appropriate state office.

 

4.4.        Delivery
of Instruments, Securities, Chattel Paper and Documents. Such Grantor will (a) deliver to the Administrative Agent immediately
upon execution of this Security Agreement the originals of all Chattel Paper, Securities and Instruments constituting Collateral
owned by it (if any then exist), (b) hold in trust for the Administrative Agent upon receipt and immediately thereafter deliver
to the Administrative Agent any Chattel Paper, Securities and Instruments constituting Collateral, (c) upon the Administrative
Agent’s request, deliver to the Administrative Agent (and thereafter hold in trust for the Administrative Agent upon receipt
and immediately deliver to the Administrative Agent) any Document evidencing or constituting Collateral.

 

    	 	11	 

     

    

 

4.5.          Uncertificated
Pledged Collateral. Such Grantor will permit the Administrative Agent from time to time to cause the appropriate issuers (and,
if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of Pledged Collateral
owned by it not represented by certificates to mark their books and records with the numbers and face amounts of all such uncertificated
securities or other types of Pledged Collateral not represented by certificates and all rollovers and replacements therefor to
reflect the Lien of the Administrative Agent granted pursuant to this Security Agreement. With respect to any Pledged Collateral
owned by it, such Grantor will take any actions necessary to cause (a) the issuers of uncertificated securities which are Pledged
Collateral and (b) any securities intermediary which is the holder of any such Pledged Collateral, to cause the Administrative
Agent to have and retain Control over such Pledged Collateral. Without limiting the foregoing, such Grantor will, with respect
to any such Pledged Collateral held with a securities intermediary, cause such securities intermediary to enter into a control
agreement with the Administrative Agent, in form and substance satisfactory to the Administrative Agent, giving the Administrative
Agent Control.

 

4.6.        Pledged
Collateral.

 

(a)          Changes
in Capital Structure of Issuers. Except as permitted by Section 6.03 of the Credit Agreement, such Grantor will not (i) permit
or suffer any issuer of an Equity Interest constituting Pledged Collateral owned by it to dissolve, merge, liquidate, retire any
of its Equity Interests or other Instruments or Securities evidencing ownership, reduce its capital, sell or encumber all or substantially
all of its assets (except for Permitted Encumbrances and sales of assets permitted pursuant to Section 4.1(d)) or merge
or consolidate with any other entity, or (ii) vote any such Pledged Collateral in favor of any of the foregoing.

 

(b)          Issuance
of Additional Securities. Such Grantor will not permit or suffer the issuer of an Equity Interest constituting Pledged Collateral
owned by it to issue additional Equity Interests, any right to receive the same or any right to receive earnings, except to such
Grantor.

 

(c)          Registration
of Pledged Collateral. Such Grantor will permit any registerable Pledged Collateral to be registered in the name of the Administrative
Agent or its nominee at any time at the option of the Required Lenders.

 

(d)          Exercise
of Rights in Pledged Collateral.

 

(i)          Without
in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to exercise all voting rights
or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement,
the Credit Agreement or any other Loan Document; provided however, that no vote or other right shall be exercised
or action taken which would have the effect of impairing the rights of the Administrative Agent in respect of such Pledged Collateral.

 

(ii)         Such
Grantor will permit the Administrative Agent or its nominee at any time after the occurrence of an Event of Default, without notice,
to exercise all voting rights or other rights relating to the Pledged Collateral owned by it, including, without limitation, exchange,
subscription or any other rights, privileges, or options pertaining to any Equity Interest or Investment Property constituting
Pledged Collateral as if it were the absolute owner thereof.

 

(iii)        Such
Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of the Pledged
Collateral owned by it to the extent not in violation of the Credit Agreement other than any of the following distributions
and payments (collectively referred to as the “Excluded Payments”): (A) dividends and interest paid or payable
other than in cash in respect of such Pledged Collateral, and instruments and other property received, receivable or otherwise
distributed in respect of, or in exchange for, any Pledged Collateral; (B) dividends and other distributions paid or payable in
cash in respect of such Pledged Collateral in connection with a partial or total liquidation or dissolution or in connection with
a reduction of capital, capital surplus or paid-in capital of an issuer; and (C) cash paid, payable or otherwise distributed, in
respect of principal of, or in redemption of, or in exchange for, such Pledged Collateral; provided however, that until
actually paid, all rights to such distributions shall remain subject to the Lien created by this Security Agreement; and

 

    	 	12	 

     

    

 

(iv)        All
Excluded Payments and all other distributions in respect of any of the Pledged Collateral owned by such Grantor, whenever paid
or made, shall be delivered to the Administrative Agent to hold as Pledged Collateral and shall, if received by such Grantor, be
received in trust for the benefit of the Administrative Agent, be segregated from the other property or funds of such Grantor,
and be forthwith delivered to the Administrative Agent as Pledged Collateral in the same form as so received (with any necessary
endorsement).

 

(e)          Interests
in Limited Liability Companies and Limited Partnerships. Each Grantor agrees that no ownership interests in a limited liability
company or a limited partnership which are included within the Collateral owned by such Grantor shall at any time constitute a
Security under Article 8 of the UCC of the applicable jurisdiction.

 

4.7.        Intellectual
Property.

 

(a)          After
any change to Exhibit D (or the information required to be disclosed thereon), the applicable Grantor shall provide the
Administrative Agent notification thereof in the next compliance certificate required to be delivered under the Credit Agreement
and the respective Confirmatory Grant as described in this Section 4.7 and any other documents that Administrative Agent
reasonably requests with respect thereto.

 

(b)          Such
Grantor shall (and shall cause all its licensees to) (i) (1) continue to use each Trademark included in the Material Intellectual
Property owned by it in order to maintain such Trademark in full force and effect with respect to each class of goods for which
such Trademark is currently used, free from any claim of abandonment for non-use, (2) maintain at least the same standards of quality
of products and services offered under such Trademark as are currently maintained, (3) use such Trademark with the appropriate
notice of registration and all other notices and legends required by applicable Requirements of Law and (4) not adopt or use any
other Trademark that is confusingly similar or a colorable imitation of such Trademark unless Administrative Agent shall obtain
a perfected security interest in such other Trademark pursuant to this Security Agreement and (ii) not do any act or omit to do
any act whereby (w) such Trademark (or any goodwill associated therewith) may become destroyed, invalidated, impaired or harmed
in any way, (x) any Patent included in the Material Intellectual Property may become forfeited, misused, unenforceable, abandoned
or dedicated to the public, (y) any portion of the Copyrights included in the Material Intellectual Property may become invalidated,
otherwise impaired or fall into the public domain or (z) any Trade Secret that is Material Intellectual Property may become publicly
available or otherwise unprotectable.

 

(c)          Such
Grantor shall notify the Administrative Agent immediately if it knows, or has reason to know, that any application or registration
relating to any Patent, Trademark, Copyright, or other Material Intellectual Property owned by it may become forfeited, misused,
unenforceable, abandoned or dedicated to the public, or of any adverse determination or development regarding the validity or enforceability
or Such Grantor’s ownership of, interest in, right to use, register, own or maintain any Patent, Trademark, Copyright or
other Material Intellectual Property (including the institution of, or any such determination or development in, any proceeding
relating to the foregoing in any Applicable IP Office). Such Grantor shall take all actions that are necessary or reasonably requested
by the Administrative Agent to maintain and pursue each application (and to obtain the relevant registration or recordation) and
to maintain each registration and recordation included in the Material Intellectual Property owned by it.

 

(d)          Such
Grantor shall not knowingly do any act or omit to do any act to infringe, misappropriate, dilute, violate or otherwise impair the
Intellectual Property of any other Person. In the event that any Material Intellectual Property of Such Grantor is or has been
infringed, misappropriated, violated, diluted or otherwise impaired by a third party, such Grantor shall promptly sue for infringement,
misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and shall
take such other actions as the Administrative Agent shall deem appropriate under the circumstances to protect such Material Intellectual
Property.

 

    	 	13	 

     

    

 

(e)          Such
Grantor shall execute and deliver to the Administrative Agent in form and substance reasonably acceptable to Agent and suitable
for (i) filing in the Applicable IP Office the respective Confirmatory Grant in form and substance acceptable to the Administrative
Agent for all Copyrights, Trademarks, Patents and Material License Agreements of such Grantor.

 

(f)          Such
Grantor shall take all actions necessary or requested by the Administrative Agent to maintain and pursue each application, to obtain
the relevant registration and to maintain the registration of all Material Intellectual Property owned by it (now or hereafter
existing), including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition
and interference and cancellation proceedings.

 

4.8         Commercial
Tort Claims. Such Grantor shall promptly, and in any event within two Business Days after the same is acquired by it, notify
the Administrative Agent of any commercial tort claim (as defined in the UCC) acquired by it and, unless the Administrative Agent
otherwise consents, such Grantor shall enter into an amendment to this Security Agreement, in the form of Exhibit J hereto,
granting to Administrative Agent a first priority security interest in such commercial tort claim.

 

4.9.        Letter-of-Credit
Rights. If such Grantor is or becomes the beneficiary of a letter of credit, it shall promptly, and in any event within two
(2) Business Days after becoming a beneficiary, notify the Administrative Agent thereof and cause the issuer and/or confirmation
bank to (i) consent to the assignment of any Letter-of-Credit Rights to the Administrative Agent and (ii) agree to direct all payments
thereunder to a Deposit Account at the Administrative Agent or subject to a Deposit Account Control Agreement for application to
the Secured Obligations, in accordance with Section 2.18 of the Credit Agreement, all in form and substance reasonably satisfactory
to the Administrative Agent.

 

4.10.      Federal,
State or Municipal Claims. Such Grantor will promptly notify the Administrative Agent of any Collateral which constitutes a
claim against the United States government or any state or local government or any instrumentality or agency thereof, the assignment
of which claim is restricted by federal, state or municipal law.

 

4.11.      No
Interference. Such Grantor agrees that it will not interfere with any right, power and remedy of the Administrative Agent provided
for in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or
beginning of the exercise by the Administrative Agent of any one or more of such rights, powers or remedies.

 

4.12.      Insurance.
(a)          In the event any Collateral is located in any area that has been
designated by the Federal Emergency Management Agency as a “Special Flood Hazard Area”, such Grantor shall purchase
and maintain flood insurance on such Collateral (including any personal property which is located on any real property leased by
such Loan Party within a “Special Flood Hazard Area”). The amount of flood insurance required by this Section shall
be in an amount equal to the lesser of the total Commitment or the total replacement cost value of the improvements.

 

(b)          All
insurance policies required hereunder and under Section 5.10 of the Credit Agreement shall name the Administrative Agent (for the
benefit of the Administrative Agent and the Secured Parties) as an additional insured or as lender’s loss payee, as applicable,
and shall contain lender loss payable clauses or mortgagee clauses, through endorsements in form and substance reasonably satisfactory
to the Administrative Agent, which provide that: (i) all proceeds thereunder with respect to any Collateral shall be payable to
the Administrative Agent; (ii) no such insurance shall be affected by any act or neglect of the insured or owner of the property
described in such policy; and (iii) such policy and lender loss payable or mortgagee clauses may be canceled, amended, or terminated
only upon at least thirty (30) days prior written notice given to the Administrative Agent.

 

    	 	14	 

     

    

  

(c)         All
premiums on any such insurance shall be paid when due by such Grantor, and copies of the policies delivered to the Administrative
Agent. If such Grantor fails to obtain or maintain any insurance as required by this Section, the Administrative Agent may obtain
such insurance at the Borrower’s expense. By purchasing such insurance, the Administrative Agent shall not be deemed to have
waived any Default arising from a Grantor’s failure to maintain such insurance or pay any premiums therefor.

 

4.13.      Collateral
Access Agreements. Such Grantor shall use commercially reasonable efforts to obtain a Collateral Access Agreement from the
lessor of each leased property, mortgagee of owned property or bailee or consignee with respect to any warehouse, processor or
converter facility or other location where Collateral is stored or located, which agreement or letter shall provide access rights,
contain a waiver or subordination of all Liens or claims that the landlord, mortgagee, bailee or consignee may assert against the
Collateral at that location, and shall otherwise be reasonably satisfactory in form and substance to the Administrative Agent.

 

4.14.      Deposit
Account Control Agreements. Such Grantor will provide to the Administrative Agent upon the Administrative Agent’s request,
a Deposit Account Control Agreement duly executed on behalf of each financial institution holding a deposit account of such Grantor
as set forth in this Security Agreement.

 

4.15.      Change
of Name or Location; Change of Fiscal Year. Such Grantor shall not (a) change its name as it appears in official filings in
the state of its incorporation or organization, (b) change its chief executive office, principal place of business, mailing address,
corporate offices or warehouses or locations at which Collateral is held or stored, or the location of its records concerning the
Collateral as set forth in this Security Agreement, (c) change the type of entity that it is, (d) change its organization identification
number, if any, issued by its state of incorporation or other organization, or (e) change its state of incorporation or organization,
in each case, unless the Administrative Agent shall have received at least thirty (30) days prior written notice of such change
and the Administrative Agent shall have acknowledged in writing that either (1) such change will not adversely affect the validity,
perfection or priority of the Administrative Agent’s security interest in the Collateral, or (2) any reasonable action requested
by the Administrative Agent in connection therewith has been completed or taken (including any action to continue the perfection
of any Liens in favor of the Administrative Agent, on behalf of the Secured Parties, in any Collateral), provided that,
any new location shall be in the continental U.S. Such Grantor shall not change its fiscal year which currently ends on December
31.

 

ARTICLE V

EVENTS OF DEFAULT AND REMEDIES

 

5.1.        Events
of Default. The occurrence of any one or more of the following events shall constitute an Event of Default hereunder:

 

(a)          Any
representation or warranty made by or on behalf of any Grantor under or in connection with this Security Agreement shall be materially
false as of the date on which made.

 

(b)          Any
Grantor shall fail to observe or perform any of the terms or provisions of Article IV.

 

(c)          Any
Grantor shall fail to observe or perform any of the terms or provisions of this Security Agreement (other than a breach which constitutes
an Event of Default under any other Section of this Article V), and such failure shall continue unremedied for a period of ten
(10) days after the earlier of knowledge of such breach or notice thereof from the Administrative Agent.

 

    	 	15	 

     

    

 

(d)          The
occurrence of any “Event of Default” under, and as defined in, the Credit Agreement.

 

(e)          Any
Equity Interest which is included within the Collateral shall at any time constitute a Security or the issuer of any such Equity
Interest shall take any action to have such interests treated as a Security unless (i) all certificates or other documents constituting
such Security have been delivered to the Administrative Agent and such Security is properly defined as such under Article 8 of
the UCC of the applicable jurisdiction, whether as a result of actions by the issuer thereof or otherwise, or (ii) the Administrative
Agent has entered into a control agreement with the issuer of such Security or with a securities intermediary relating to such
Security and such Security is defined as such under Article 8 of the UCC of the applicable jurisdiction, whether as a result of
actions by the issuer thereof or otherwise.

 

5.2.      Remedies.

 

(a)          Upon
the occurrence of an Event of Default, the Administrative Agent may exercise any or all of the following rights and remedies:

 

(i)          those
rights and remedies provided in this Security Agreement, the Credit Agreement, or any other Loan Document; provided that,
this Section 5.2(a) shall not be understood to limit any rights or remedies available to the Administrative Agent and the other
Secured Parties prior to an Event of Default;

 

(ii)         those
rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under
any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’
lien) when a debtor is in default under a security agreement;

 

(iii)        give
notice of sole control or any other instruction under any Deposit Account Control Agreement or any other control agreement with
any securities intermediary and take any action therein with respect to such Collateral;

 

(iv)       without
notice (except as specifically provided in Section 8.1 or elsewhere herein), demand or advertisement of any kind to any Grantor
or any other Person, enter the premises of any Grantor where any Collateral is located (through self-help and without judicial
process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or options to purchase or otherwise
dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales
(which sales may be adjourned or continued from time to time with or without notice and may take place at any Grantor’s premises
or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the
Administrative Agent may deem commercially reasonable; and

 

(v)        concurrently
with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any
part of the Pledged Collateral, exchange certificates or instruments representing or evidencing Pledged Collateral for certificates
or instruments of smaller or larger denominations, exercise the voting and all other rights as a holder with respect thereto, to
collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect
to the Pledged Collateral as though the Administrative Agent was the outright owner thereof. 

 

(b)          The
Administrative Agent, on behalf of the Secured Parties, may comply with any applicable state or federal law requirements in connection
with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of
any sale of the Collateral.

 

    	 	16	 

     

    

 

(c)          The
Administrative Agent shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such
private sale or sales, to purchase for the benefit of the Administrative Agent and the other Secured Parties, the whole or any
part of the Collateral so sold, free of any right of equity redemption, which equity redemption the Grantor hereby expressly releases.

 

(d)          Until
the Administrative Agent is able to effect a sale, lease, or other disposition of Collateral, the Administrative Agent shall have
the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving
Collateral or its value or for any other purpose deemed appropriate by the Administrative Agent. The Administrative Agent may,
if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Administrative
Agent’s remedies (for the benefit of the Administrative Agent and the other Secured Parties), with respect to such appointment
without prior notice or hearing as to such appointment.

 

(e)          If,
after the Credit Agreement has terminated by its terms and all of the Obligations have been Paid in Full, there remain Swap Agreement
Obligations outstanding, the Required Lenders may exercise the remedies provided in this Section 5.2 upon the occurrence of any
event which would allow or require the termination or acceleration of any Swap Agreement Obligations pursuant to the terms of the
Swap Agreement.

 

(f)          Notwithstanding
the foregoing, neither the Administrative Agent nor any other Secured Party shall be required to (i) make any demand upon, or pursue
or exhaust any of its rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect
to the payment of the Secured Obligations or to pursue or exhaust any of its rights or remedies with respect to any Collateral
therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or
to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.

 

(g)          Each
Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the Pledged Collateral and
may be compelled to resort to one or more private sales thereof in accordance with clause (a) above. Each Grantor also acknowledges
that any private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable
manner solely by virtue of such sale being private. The Administrative Agent shall be under no obligation to delay a sale of any
of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register
such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if
the applicable Grantor and the issuer would agree to do so.

 

5.3.       Grantor’s
Obligations Upon Default. Upon the request of the Administrative Agent after the occurrence of a Default, each Grantor will:

 

(a)          assemble
and make available to the Administrative Agent the Collateral and all books and records relating thereto at any place or places
specified by the Administrative Agent, whether at a Grantor’s premises or elsewhere;

 

(b)          permit
the Administrative Agent, by the Administrative Agent’s representatives and agents, to enter, occupy and use any premises
where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of
all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the Collateral
or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor
for such use and occupancy;

 

    	 	17	 

     

    

 

(c)          prepare
and file, or cause an issuer of Pledged Collateral to prepare and file, with the Securities and Exchange Commission or any other
applicable government agency, registration statements, a prospectus and such other documentation in connection with the Pledged
Collateral as the Administrative Agent may request, all in form and substance satisfactory to the Administrative Agent, and furnish
to the Administrative Agent, or cause an issuer of Pledged Collateral to furnish to the Administrative Agent, any information regarding
the Pledged Collateral in such detail as the Administrative Agent may specify;

 

(d)          take,
or cause an issuer of Pledged Collateral to take, any and all actions necessary to register or qualify the Pledged Collateral to
enable the Administrative Agent to consummate a public sale or other disposition of the Pledged Collateral; and

 

(e)          at
its own expense, cause the independent certified public accountants then engaged by each Grantor to prepare and deliver to the
Administrative Agent and each Lender, at any time, and from time to time, promptly upon the Administrative Agent’s request,
the following reports with respect to the applicable Grantor: (i) a reconciliation of all Accounts; (ii) an aging of all Accounts;
(iii) trial balances; and (iv) a test verification of such Accounts.

 

5.4.        Grant
of Intellectual Property License. For the purpose of enabling the Administrative Agent to exercise the rights and remedies
under this Article V at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies
(including in order to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign,
convey, transfer or grant options to purchase any Collateral), each Grantor hereby (a) grants to the Administrative Agent, for
the benefit of the Administrative Agent and the other Secured Parties, an irrevocable, nonexclusive worldwide license (exercisable
without payment of royalty or other compensation to any Grantor), including in such license the right to use, license, sublicense
or practice any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and
including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer
Software and programs used for the compilation or printout thereof and (b) irrevocably agrees that the Administrative Agent may
sell any of such Grantor’s Inventory directly to any person, including without limitation persons who have previously purchased
the Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the Administrative
Agent’s rights under this Security Agreement, may sell Inventory which bears any Trademark owned by or licensed to such Grantor
and any Inventory that is covered by any Copyright owned by or licensed to such Grantor and the Administrative Agent may (but shall
have no obligation to) finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell such Inventory
as provided herein.

 

ARTICLE VI

ACCOUNT VERIFICATION; ATTORNEY IN FACT;
PROXY

 

6.1.        Account
Verification. The Administrative Agent may at any time after the occurrence of an Event of Default, in the Administrative Agent’s
own name, in the name of a nominee of the Administrative Agent, or in the name of any Grantor communicate (by mail, telephone,
facsimile or otherwise) with the Account Debtors of any such Grantor, parties to contracts with any such Grantor and obligors in
respect of Instruments of any such Grantor to verify with such Persons, to the Administrative Agent’s satisfaction, the existence,
amount, terms of, and any other matter relating to, Accounts, Instruments, Chattel Paper, payment intangibles and/or other Receivables.

 

    	 	18	 

     

    

 

6.2.        Authorization
for Administrative Agent to Take Certain Action.

 

(a)          Each
Grantor irrevocably authorizes the Administrative Agent at any time and from time to time in the sole discretion of the Administrative
Agent and appoints the Administrative Agent as its attorney-in-fact (i) to endorse and collect any cash proceeds of the Collateral,
(ii) to file any financing statement with respect to the Collateral and to file any other financing statement or amendment of a
financing statement (which does not add new collateral or add a debtor) in such offices as the Administrative Agent in its sole
discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Administrative Agent’s
security interest in the Collateral, (iii) in the case of any Intellectual Property owned by or licensed to a Grantor, execute,
deliver and have recorded any document that the Administrative Agent may request to evidence, effect, publicize or record the Administrative
Agent’s security interest in such Intellectual Property and the goodwill and General Intangibles of such Grantor relating
thereto or represented thereby, (vi) to contact and enter into one or more agreements with the issuers of uncertificated securities
which are Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give
the Administrative Agent Control over such Pledged Collateral, (v) to discharge past due taxes, assessments, charges, fees or Liens
on the Collateral (except for such Liens that are permitted under Section 6.02 of the Credit Agreement), (vi) to contact Account
Debtors for any reason, (vii) to demand payment or enforce payment of the Receivables in the name of the Administrative Agent or
such Grantor and to endorse any and all checks, drafts, and other instruments for the payment of money relating to the Receivables,
(viii) to sign such Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account
Debtor of the Grantor, assignments and verifications of Receivables, (ix) to exercise all of such Grantor’s rights and remedies
with respect to the collection of the Receivables and any other Collateral, (x) to settle, adjust, compromise, extend or renew
the Receivables, (xi) to settle, adjust or compromise any legal proceedings brought to collect Receivables, (xii) to prepare, file
and sign such Grantor’s name on a proof of claim in bankruptcy or similar document against any Account Debtor of such Grantor,
(xiii) to prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar
document in connection with the Receivables, (xiv) to change the address for delivery of mail addressed to such Grantor to such
address as the Administrative Agent may designate and to receive, open and dispose of all mail addressed to such Grantor, and (xv)
to do all other acts and things necessary to carry out this Security Agreement; and such Grantor agrees to reimburse the Administrative
Agent on demand for any payment made or any expense incurred by the Administrative Agent in connection with any of the foregoing;
provided that, this authorization shall not relieve such Grantor of any of its obligations under this Security Agreement
or under the Credit Agreement.

 

(b)          All
acts of said attorney or designee are hereby ratified and approved. The powers conferred on the Administrative Agent, for the benefit
of the Administrative Agent and Secured Parties, under this Section 6.2 are solely to protect the Administrative Agent’s
interests in the Collateral and shall not impose any duty upon the Administrative Agent or any other Secured Party to exercise
any such powers. The Administrative Agent agrees that, except for the powers granted in Section 6.2(a)(i)-(v) and Section 6.2(a)(xv),
it shall not exercise any power or authority granted to it unless an Event of Default has occurred and is continuing. Notwithstanding
anything herein to the contrary, no attorney acting pursuant to the authority granted herein shall have any authority to confess
judgment on behalf of a Grantor.

 

6.3.        Proxy.
EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE ADMINISTRATIVE AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH
IN SECTION 6.2 ABOVE) OF THE GRANTOR WITH RESPECT TO ITS PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL,
WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL, THE APPOINTMENT OF THE
ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND
REMEDIES TO WHICH A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS,
CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT
THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY
ANY PERSON (INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE OF A DEFAULT.

 

    	 	19	 

     

    

 

6.4.        Nature
of Appointment; Limitation of Duty. THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE
VI IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS TERMINATED IN ACCORDANCE
WITH SECTION 7.14. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NONE OF THE ADMINISTRATIVE AGENT, ANY LENDER, ANY OTHER SECURED PARTY,
ANY OF THEIR RESPECTIVE AFFILIATES, OR ANY OF THEIR OR THEIR AFFILIATES’ RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS
OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND
SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO
SUCH PARTY’S OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED
THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES.

 

ARTICLE VII

GENERAL PROVISIONS

 

7.1         Waivers.
Each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition
of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice
made shall be deemed reasonable if sent to Grantors, addressed as set forth in Article IX, at least ten days prior to (i) the date
of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent
permitted by applicable law, each Grantor waives all claims, damages, and demands against the Administrative Agent or any Secured
Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence
or willful misconduct of the Administrative Agent or such Secured Party as finally determined by a court of competent jurisdiction.
To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage
of, and covenants not to assert against the Administrative Agent or any other Secured Party, any valuation, stay, appraisal, extension,
moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which,
but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court,
or privately under the power of sale conferred by this Security Agreement, or otherwise. Except as otherwise specifically provided
herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law)
of any kind in connection with this Security Agreement or any Collateral.

 

7.2.        Limitation
on Administrative Agent’s and Secured Parties’ Duty with Respect to the Collateral. The Administrative Agent shall
have no obligation to clean-up or otherwise prepare the Collateral for sale. The Administrative Agent and each other Secured Party
shall use reasonable care with respect to the Collateral in its possession or under its control. Neither the Administrative Agent
nor any other Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or
control of any agent or nominee of the Administrative Agent or such other Secured Party, or any income thereon or as to the preservation
of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the
Administrative Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is
commercially reasonable for the Administrative Agent (i) to fail to incur expenses deemed significant by the Administrative Agent
to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished
products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain
or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral
to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated
on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account
Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists,
(v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral
is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions
of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in
the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing
internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity
of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x)
to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements
to insure the Administrative Agent against risks of loss, collection or disposition of Collateral or to provide to the Administrative
Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Administrative
Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Administrative
Agent in the collection or disposition of any of the Collateral. The Grantor acknowledges that the purpose of this Section 7.2
is to provide non-exhaustive indications of what actions or omissions by the Administrative Agent would be commercially reasonable
in the Administrative Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Administrative
Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 7.2. Without limitation
upon the foregoing, nothing contained in this Section 7.2 shall be construed to grant any rights to the Grantor or to impose any
duties on the Administrative Agent that would not have been granted or imposed by this Security Agreement or by applicable law
in the absence of this Section 7.2.

 

    	 	20	 

     

    

 

7.3.        Compromises
and Collection of Collateral. The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and
other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or
become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may
exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each
Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is
continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative
Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be
commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it
takes any such action.

 

7.4.        Secured
Party Performance of Debtor Obligations. Without having any obligation to do so, the Administrative Agent may perform or pay
any obligation which any Grantor has agreed to perform or pay in this Security Agreement and the Grantors shall reimburse the Administrative
Agent for any amounts paid by the Administrative Agent pursuant to this Section 7.4. The Grantors’ obligation to reimburse
the Administrative Agent pursuant to the preceding sentence shall be a Secured Obligation payable on demand.

 

7.5         Specific
Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in Sections
4.1(d), 4.1(e), 4.4, 4.5, 4.6, 4.7, 4.8, 4.9, 4.10, 4.12, 4.13, 4.14, 4.15, 5.3, or 7.7 will cause irreparable injury to the Administrative
Agent and the other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate remedy at law
in respect of such breaches and therefore agrees, without limiting the right of the Administrative Agent or the other Secured Parties
to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants
of the Grantors contained in the Sections referred to in this Section 7.5 shall be specifically enforceable against the Grantors.

 

7.6.        Dispositions
Not Authorized. No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1(d)
and notwithstanding any course of dealing between any Grantor and the Administrative Agent or other conduct of the Administrative
Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1(d)) shall be binding
upon the Administrative Agent or the other Secured Parties unless such authorization is in writing signed by the Administrative
Agent with the consent or at the direction of the Required Lenders.

 

    	 	21	 

     

    

 

7.7.        No
Waiver; Amendments; Cumulative Remedies. No failure or delay by the Administrative Agent or any other Secured Party in exercising
any right or power under this Security Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the
other Secured Parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have.
No waiver of any provision of this Security Agreement or consent to any departure by the Grantor therefrom shall in any event be
effective unless in writing signed by the Administrative Agent with the concurrence or at the direction of the Lenders required
under Section 9.02 of the Credit Agreement and then only to the extent in such writing specifically set forth.

 

7.8.        Limitation
by Law; Severability of Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only
to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Security
Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to
the extent necessary so that they shall not render this Security Agreement invalid, unenforceable or not entitled to be recorded
or registered, in whole or in part. Any provision in this Security Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction, and to this end the provisions of this
Security Agreement are declared to be severable..

 

7.9         Reinstatement.
This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against
any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any
creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets,
and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured
Obligations, or any part thereof (including a payment effected through exercise of a right of setoff), is, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether
as a “voidable preference,” “fraudulent conveyance,” or otherwise (including pursuant to any settlement
entered into by a Secured Party in its reasonable discretion), all as though such payment or performance had not been made. In
the event that any payment, or any part thereof (including a payment effected through exercise of a right of setoff), is rescinded,
reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not
so rescinded, reduced, restored or returned.

 

7.10.      Benefit
of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors,
the Administrative Agent and the other Secured Parties and their respective successors and assigns (including all persons who become
bound as a debtor to this Security Agreement), except that no Grantor shall have the right to assign its rights or delegate its
obligations under this Security Agreement or any interest herein, without the prior written consent of the Administrative Agent.
No sales of participations, assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or
any portion thereof or interest therein shall in any manner impair the Lien granted to the Administrative Agent, for the benefit
of the Administrative Agent and the other Secured Parties, hereunder.

 

7.11.      Survival
of Representations. All representations and warranties of the Grantors contained in this Security Agreement shall survive the
execution and delivery of this Security Agreement.

 

7.12.      Taxes
and Expenses. Any taxes (including income taxes) payable or ruled payable by Federal or State authority in respect of this
Security Agreement shall be paid by the Grantors, together with interest and penalties, if any. The Grantors shall reimburse the
Administrative Agent for any and all out-of-pocket expenses and internal charges (including reasonable attorneys’, auditors’
and accountants’ fees and reasonable time charges of attorneys, paralegals, auditors and accountants who may be employees
of the Administrative Agent) paid or incurred by the Administrative Agent in connection with the preparation, execution, delivery,
administration, collection and enforcement of this Security Agreement and, to the extent provided in the Credit Agreement in the
audit, analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated
with any periodic or special audit of the Collateral). Any and all costs and expenses incurred by the Grantors in the performance
of actions required pursuant to the terms hereof shall be borne solely by the Grantors.

 

    	 	22	 

     

    

 

7.13.      Headings.
The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation
of any of the terms and provisions of this Security Agreement.

 

7.14.      Termination.
This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations
outstanding) until (i) the Credit Agreement has terminated pursuant to its express terms and (ii) all of the Secured Obligations
have been Paid in Full.

 

7.15.      Entire
Agreement/Amendment and Restatement. This Security Agreement and the other Loan Documents embody the entire agreement and understanding
between the Grantors and the Administrative Agent relating to the Collateral and supersedes all prior agreements and understandings
between the Grantors and the Administrative Agent relating to the Collateral. If a Grantor has an existing Pledge and Security
Agreement in favor of the Administrative Agent securing the Secured Obligations, this Security Agreement amends and, as so amended,
restates and replaces in its entirety such Pledge and Security Agreement from such Grantor in favor of the Administrative Agent.

 

7.16.     CHOICE
OF LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AND NOT THE LAW
OF CONFLICTS) OF THE STATE OF INDIANA, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

 

7.17.      CONSENT
TO JURISDICTION. EACH GRANTOR HEREBY IRREVOCABLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY
U.S. FEDERAL OR INDIANA STATE COURT SITTING IN INDIANAPOLIS, INDIANA IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH GRANTOR HEREBY IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT
AND IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION IT MAY NOW
OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT
FORUM. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING HEREIN SHALL AFFECT THE
RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION.
ANY JUDICIAL PROCEEDING BY ANY GRANTOR AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT
OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY
AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN INDIANAPOLIS, INDIANA.

 

    	 	23	 

     

    

 

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

 

7.19.      Indemnity.
Each Grantor hereby agrees to indemnify the Administrative Agent and the other Secured Parties, and their respective successors,
assigns, agents and employees, from and against any and all liabilities, damages, penalties, suits, fees, costs, and expenses of
any kind and nature (including, without limitation, all expenses of litigation or preparation therefor whether or not the Administrative
Agent or any Secured Party is a party thereto) imposed on, incurred by or asserted against the Administrative Agent or the other
Secured Parties, or their respective successors, assigns, agents and employees, in any way relating to or arising out of this Security
Agreement, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition,
sale, return or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable
by the Administrative Agent or the other Secured Parties or any Grantor, and any claim for Patent, Trademark or Copyright infringement).

 

7.20.      Counterparts.
This Security Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement,
and any of the parties hereto may execute this Security Agreement by signing any such counterpart. Delivery of an executed counterpart
of a signature page of this Security Agreement by facsimile or other electronic transmission shall be effective as delivery of
a manually executed counterpart of this Security Agreement.

 

ARTICLE VIII

NOTICES

 

8.1.       Sending
Notices. Any notice required or permitted to be given under this Security Agreement shall be sent in accordance with Section
9.01 of the Credit Agreement.

 

8.2.       Change
in Address for Notices. Each of the Grantors, the Administrative Agent and the Lenders may change the address for service of
notice upon it by a notice in writing to the other parties.

 

ARTICLE IX

THE ADMINISTRATIVE AGENT

 

JPMorgan Chase Bank,
N.A. has been appointed Administrative Agent for the Lenders hereunder pursuant to Article VIII of the Credit Agreement. It is
expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Administrative
Agent hereunder is subject to the terms of the delegation of authority made by the Lenders to the Administrative Agent pursuant
to Article VIII of the Credit Agreement, and that the Administrative Agent has agreed to act (and any successor Administrative
Agent shall act) as such hereunder only on the express conditions contained in such Article VIII. Any successor Administrative
Agent appointed pursuant to Article VIII of the Credit Agreement shall be entitled to all the rights, interests and benefits of
the Administrative Agent hereunder.

 

[Signature Page Follows]

 

    	 	24	 

     

    

 

IN WITNESS WHEREOF,
the Grantors and the Administrative Agent have executed this Security Agreement as of the date first above written.

 

	 	GRANTORS:
	 	 
	 	ESCALADE, INCORPORATED
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	INDIAN INDUSTRIES, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	BEAR ARCHERY, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	EIM COMPANY, INC.
	 	 
	 	By:	/s/ Stephen R.
    Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	ESCALADE INSURANCE, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	ESCALADE SPORTS PLAYGROUND, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	HARVARD SPORTS, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer

 

     

     

    

  

	 	SOP SERVICES, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	U.S. WEIGHT, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	WEDCOR HOLDINGS, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	GOALSETTER SYSTEMS, INC.
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	LIFELINE PRODUCTS, LLC
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	VICTORY MADE, LLC
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	VICTORY TAILGATE, LLC
	 	 
	 	By:	/s/ Stephen R. Wawrin
	 	Name: Stephen R. Wawrin
	 	Title: Chief Financial Officer
	 	 
	 	ADMINISTRATIVE AGENT:
	 	 
	 	JPMORGAN CHASE BANK, N.A.,
	 	 as Administrative Agent
	 	 
	 	By:	/s/ Thomas W. Harrison
	 	Name: 	Thomas W. Harrison
	 	Title:
	Executive
                                       Director

                                                   

    	 	2	 

     

    

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Escalade, Incorporated,
an Indiana corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and
notarial seal this 21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name 
	Vanderburgh	 	Name Printed

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Indian Industries,
Inc., an Indiana corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and
notarial seal this 21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s
    Name
	Vanderburgh	 	Name Printed

 

    	 	3	 

     

    

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Wedcor Holding,
Inc., an Indiana corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Goalsetter Systems,
Inc., an Iowa corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and
notarial seal this 21st day of January, 2019.

 

	My Commission Expires	 	 
	May
    7, 2020	 	/s/Notary’s
    Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s
    Name
	Vanderburgh	 	Name Printed

 

    	 	4	 

     

    

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of U.S. Weight, Inc.,
an Illinois corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Harvard Sports,
Inc., a California corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

    	 	5	 

     

    

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Bear Archery, Inc.,
a Florida corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Escalade Sports
Playground, Inc., a North Carolina corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf
of such corporation.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

    	 	6	 

     

    

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Lifeline Products,
LLC, an Illinois limited liability company, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf
of such limited liability company.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of EIM Company, Inc.,
a Nevada corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

    	 	7	 

     

    

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of SOP Services, Inc.,
a Nevada corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of Escalade Insurance,
Inc., a Nevada corporation, who acknowledged execution of the foregoing Pledge and Security Agreement on behalf of such corporation.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

    	 	8	 

     

    

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of
Victory Made, LLC, a Florida limited liability company, who acknowledged execution of the foregoing Pledge and Security Agreement
on behalf of such limited liability company.

 

WITNESS my hand and notarial seal this
21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

	STATE OF INDIANA	)	 
	 	)	SS:
	COUNTY OF VANDERBURGH	)	 

 

Before me, a Notary
Public in and for said County and State, personally appeared Stephen R. Wawrin, the Chief Financial Officer of
Victory Tailgate, LLC, a Florida limited liability company, who acknowledged execution of the foregoing Pledge and Security Agreement
on behalf of such limited liability company.

 

WITNESS my hand and
notarial seal this 21st day of January, 2019.

 

	My Commission Expires	 	 
	May 7, 2020	 	/s/Notary’s Signature 
	 	 	Notary Public
	 	 	 
	County of Residence	 	Notary’s Name
	Vanderburgh	 	Name Printed

 

    	 	9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]