Document:

Exhibit 10.5

 

Execution Version

 

AMENDMENT NO. 5

TO SECOND LIEN CREDIT AGREEMENT

 

This AMENDMENT
NO. 5 TO SECOND LIEN CREDIT AGREEMENT, dated as of July 20, 2020 (this “Amendment”), is by and among
TELIGENT, INC., a Delaware corporation (the “Borrower”), its Subsidiaries signatory hereto, the
lenders from time to time party hereto (each a “Lender” and, collectively, the “Lenders”),
ARES CAPITAL CORPORATION, a Maryland corporation (“ARCC”), as administrative agent and collateral
agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative
Agent”). For purposes of this Amendment, all terms used herein which are not otherwise defined herein, including
but not limited to those terms used in the recitals hereto, shall have the respective meanings assigned thereto in the Amended
Credit Agreement (as defined below).

 

WHEREAS,
the Administrative Agent, Lenders, Borrower and other Credit Parties have entered into financing arrangements pursuant to which
the Lenders (or Administrative Agent on behalf of the Lenders) have made and may make Loans and provide other financial accommodations
to Borrower as set forth in (i) the Second Lien Credit Agreement, dated as of December 13, 2018, as amended by that certain Amendment
No. 1 to Second Lien Credit Agreement, dated as of February 8, 2019, as amended by that certain Amendment No. 2 to Second Lien
Credit Agreement, dated as of July 18, 2019 and effective as of June 29, 2019, as amended by that certain Consent and Amendment
No. 3 to Second Lien Credit Agreement, dated as of October 31, 2019, as amended by that certain Amendment No. 4 to Second Lien
Credit Agreement, dated as of April 6, 2020 and effective as of December 31, 2019 (as in effect prior to the effectiveness of this
Amendment, the “Credit Agreement”, and as the same is further amended by this Amendment and as may be
further amended, restated, supplemented or otherwise modified from time to time, the “Amended Credit Agreement”),
by and among the Administrative Agent, Lenders, Borrower and other Credit Parties and (ii) the other Credit Documents, including,
without limitation, this Amendment;

 

WHEREAS,
the Borrower plans to enter into the Third Lien Note Documents (as defined in the Amended Credit Agreement) with certain holders
of the 2023 PIK Convertible Notes and certain of the holders of the 2023 Convertible Notes, in connection with, among other things,
the issuance and sale of Third Lien Notes that will result in net cash proceeds of not less than $10,000,000 for the Borrower and
its Subsidiaries (the transactions contemplated by the Third Lien Note Documents are referred to herein collectively as the “Third
Lien Transaction”);

 

WHEREAS,
pursuant to (i) Section 10.01(b) of the Credit Agreement an Event of Default has occurred due to the Credit
Parties’ failure to disclose a complete and accurate Schedule 7.31 in respect of all material Registrations held
by each Credit Party and its Subsidiaries, (ii) Section 10.01(c) of the Credit Agreement an Event of Default has
occurred due to the Borrower’s failure to comply with the covenant set forth in Section 9.01(n) with respect to
the incurrence of a one-time unsecured loan under and in accordance with 15 U.S.C. 636(a)(36) (as added to the Small Business
Act by Section 1102 of the CARES Act) under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, and
applicable rules and regulations (as amended from time to time, the “Cares Act”), (iii) Section
10.01(c) of the Credit Agreement an Event of Default has occurred due to the Credit Parties’ failure to comply with
the covenant set forth in Section 8.01(g) of the Credit Agreement with respect to the delivery of written notice by an
Authorized Officer of a Credit Party specifying the nature of any Default or Event of Default, including the period of
existence thereof and what action such Credit Party proposes to take, upon such Authorized Officer’s knowledge of such
Default or Event of Default and (iv) Section 10.01(c) of the Credit Agreement an Event of Default has occurred due to
the Credit Parties’ failure to comply with the covenant set forth in Section 9.13(c) of the Credit Agreement
from July 16, 2020 through the date hereof (such Event of Defaults are hereinafter referred to as the “Specified
Defaults”); and

 

    1 

     

    

 

WHEREAS,
the Borrower has requested that the Administrative Agent and the Lenders (i) waive the Specified Defaults, (ii) consent to
the Third Lien Transaction and (iii) amend certain provisions of the Credit Agreement, as provided more fully herein.

 

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

 

Section
1. Amendments to the Credit Agreement. Subject to the conditions to effectiveness set forth in Section 3 hereof,
and in reliance upon the representations and warranties made by the Credit Parties in Section 2 hereof, pursuant to Section
12.01 of the Credit Agreement and subject to the terms and conditions herein, the Credit Agreement is hereby amended as set
forth below in this Section 1.

 

1.01.      The
Credit Agreement is hereby amended in its entirety (inclusive of Schedule 7.31 but exclusive of all other schedules and
exhibits thereto) with the document attached hereto as Annex I.

 

Section
2. Representations and Warranties. Each Credit Party, jointly and severally, hereby represents and warrants to the Lenders
and the Administrative Agent as follows, which representations and warranties are continuing and shall survive the execution and
delivery hereof:

 

2.01
       No Default. At and as of the date of this Amendment and both prior to and after
giving effect to this Amendment, no Default or Event of Default (other than the Specified Defaults) is continuing.

 

2.02       Representations
and Warranties True and Correct. At and as of the date of this Amendment and both prior to and after giving effect to this
Amendment, each of the representations and warranties contained in the Credit Agreement and other Credit Documents is true and
correct in all material respects (except where such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties are true and correct in all material respects as of such earlier date).

 

2.03       Corporate
Power and Authority. Each Credit Party has the corporate or other organizational power and authority to execute and deliver
this Amendment and carry out the terms and provisions of this Amendment and the Amended Credit Agreement and has taken all necessary
corporate or other organizational action to authorize the execution, delivery and performance of this Amendment and the performance
of the Amended Credit Agreement. Each Credit Party has duly executed and delivered this Amendment, and this Amendment and the Amended
Credit Agreement constitute the valid and binding agreements of such Credit Party enforceable in accordance with their respective
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating
to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity
or law).

 

    2 

     

    

 

2.04       No
Violation. The execution, delivery and performance by any Credit Party of this Amendment and the performance of the Amended
Credit Agreement, and compliance with the terms and provisions thereof, will not (i) contravene any applicable provision of any
material Applicable Law of any Governmental Authority, (ii) result in any breach of any of the terms, covenants, conditions or
provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose)
any Lien upon any of the property or assets of any Credit Party (other than Permitted Liens and Liens created under the Credit
Documents) pursuant to (A) the terms of any material indenture, loan agreement, lease agreement, mortgage or deed of trust, or
(B) any other Material Contracts Obligation, in the case of either clause (ii)(A) or (ii)(B), to which any Credit Party is a party
or by which it or any of its property or assets is bound, or (iii) violate any provision of the Organization Documents of any Credit
Party, except with respect to any conflict, breach or contravention or default (but not creation of Liens) referred to in clause
(ii), to the extent that such conflict, breach, contravention or default could not reasonably be expected to have a Material Adverse
Effect.

 

Section
3. Conditions. This Amendment shall not become effective until each of the following conditions is satisfied (or waived
by the Required Lenders):

 

3.01       The
Administrative Agent shall have received counterparts of this Amendment duly executed by each Credit Party signatory hereto and
each other relevant party to this Amendment;

 

3.02       The
representations and warranties contained in Section 2 hereof shall be true and correct in all material respects on and as
of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to
an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as
of such earlier date);

 

3.03       (i)
The Third Lien Transaction shall have been consummated (or shall be consummated substantially simultaneously with the execution
hereof) on the terms and conditions set forth in the Third Lien Note Documents and (ii) the Administrative Agent shall have received
evidence of the Borrower’s receipt of net proceeds of at least $10,000,000 from the Third Lien Transaction in form and substance
satisfactory to Administrative Agent;

 

3.04       The
Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, the Amendment No. 5 Warrants
executed by Borrower and each Warrant Holder;

 

3.05       The
Administrative Agent shall have received a certificate for each Credit Party party to the Amendment, dated as of the date hereof,
duly executed and delivered by an Authorized Officer of such Credit Party party to the Amendment as to:

 

(i)                
resolutions of each such Person’s board of managers/directors (or other managing body,
in the case of a Person that is not a corporation) then in full force and effect expressly and specifically authorizing, to the
extent relevant, all aspects of this Amendment and Amendment No. 5 Warrants applicable to such Person and the execution, delivery
and performance of this Amendment and Amendment No. 5 Warrants, in each case, to be executed by such Person;

 

(ii)             
the incumbency and signatures of its Authorized Officers and any other of its officers, managing
member or general partner, as applicable, authorized to act with respect to this Amendment and Amendment No. 5 Warrants to be executed
by such Person;

 

    3 

     

    

 

(iii)           
 each such Person’s Organization Documents, as amended, modified or supplemented as
of the date hereof, with the certificate or articles of incorporation or formation certified by the appropriate officer or official
body of the jurisdiction of organization of such Person; and 

 

(iv)            
certificates of good standing with respect to each Credit Party, each dated within a recent
date prior to the date hereof, such certificates to be issued by the appropriate officer or official body of the jurisdiction of
organization of such Credit Party, which certificate shall indicate that such Credit Party is in good standing in such jurisdiction.

 

3.06       The
Administrative Agent shall have received, for its own account, the fees, costs and expenses due and payable to it pursuant to Section
5.01 hereof and Section 12.05 of the Amended Credit Agreement (including the reasonable fees, disbursements and other
charges of counsel) for which invoices have been presented prior to the date hereof; and

 

3.07       The
Administrative Agent shall have received counterparts of the Amendment No. 3 to First Lien Credit Agreement duly executed by the
First Lien Agent, each Credit Party signatory thereto and each other relevant party thereto.

 

3.08       The
First Lien Agent shall have received a Transfer Letter (as defined in the applicable Security Documents) executed in blank covering
each pending or issued Drug Application (as defined in the Security Agreement) existing after the Closing Date if a Transfer Letter
with respect thereto shall not have heretofore been delivered.

 

3.09       The
Administrative Agent shall have received an executed version of the Third Lien Intercreditor Agreement duly executed by the Third
Lien Agent, the First Lien Agent, the Administrative Agent and each other relevant party thereto.

 

3.10       The
Administrative Agent shall have received counterpart of the Amended and Restated Canadian Security Agreement between the Administrative
Agent and Teligent Canada, Inc.

 

Section
4. Waiver. Effective as of the date hereof, subject to the satisfaction of the conditions set forth in
Section 3 hereof, Administrative Agent and the Lenders signatory hereto hereby waive the Specified Defaults. The waiver
contained in this Section 4 is a limited waiver and (i) shall only be relied upon and used for the specific purpose set forth
herein, (ii) shall not constitute nor be deemed to constitute a waiver, except as otherwise expressly set forth herein, of
(a) any Default or Event of Default or (b) any term or condition of the Credit Agreement and the other Loan Documents, (iii)
shall not constitute nor be deemed to constitute a consent by the Administrative Agent or any Lender to anything other than
the specific purpose set forth herein and (iv) shall not constitute a custom or course of dealing among the parties
hereto.

 

Section
5. Miscellaneous.

 

5.01       Fees
and Expenses. The Borrower agrees and acknowledges that all reasonable and documented out-of-pocket costs and expenses
incurred by the Administrative Agent in connection with this Amendment, including the reasonable fees, disbursements and
other charges of one counsel, shall be paid by the Credit Parties to the Administrative Agent.

 

    4 

     

    

 

 

5.02        No
Waiver or Modification. Nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition
contained in the Credit Agreement or any other Credit Document or constitute a course of conduct or dealing among the parties.
The Administrative Agent and Lenders reserve all rights, privileges and remedies under the Credit Documents. Except as expressly
amended hereby, the Credit Agreement and other Credit Documents remain unmodified and in full force and effect in accordance with
their respective terms and are hereby ratified and confirmed in all respects.

 

5.03       Credit
Document. This Amendment shall constitute a Credit Document under and as defined in the Amended Credit Agreement. All references
in the Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as amended hereby.

 

5.04        Governing
Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ANY CLAIM, CONTROVERSY OR DISPUTE UNDER, ARISING
OUT OF OR RELATING TO THIS AMENDMENT, WHETHER BASED IN CONTRACT (AT LAW OR IN EQUITY), TORT OR ANY OTHER THEORY, SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

5.05        Counterparts.
This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which when
so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic format (i.e.,
 “pdf” or “tif”) by electronic transmission shall be effective as delivery of a manually executed counterpart
of this Amendment.

 

5.06        Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not affect the interpretation
of this Amendment.

 

5.07        Binding
Effect; Assignment. This Amendment shall be binding upon and inure to the benefit of the Borrower, the other Credit Parties,
the Administrative Agent and the Lenders and their respective successors and assigns in accordance with the terms of the Credit
Agreement.

 

5.08        Integration.
This Amendment, the Amended Credit Agreement, and the other Credit Documents incorporate all negotiations of the parties hereto
with respect to the subject matter hereof and thereof and are the final expression and agreement of the parties hereto and thereto
with respect to the subject matter hereof and thereof. This Amendment, the Amended Credit Agreement, and the other Credit Documents
represent the agreement of the parties hereto with respect to the subject matter hereof and thereof, and there are no promises,
undertakings, representations or warranties by any party hereto or thereto relative to the subject matter hereof or thereof not
expressly set forth or referred to herein or therein.

 

5.09        Reaffirmation.
Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in any other similar capacity in which such Credit Party
grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be,
hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each Credit Document
to which it is a party (after giving effect hereto) and (ii) to the extent such Credit Party granted liens on or security interests
in any of its property pursuant to any such Credit Document as security for or otherwise guaranteed the Borrower’s Obligations
under or with respect to the Credit Documents, ratifies and reaffirms such guarantee and grant of security interests and liens
and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby.

 

    5 

     

    

 

5.10        Release of Claims. In consideration of the Lenders’ and Administrative Agent’s agreements contained
in this Amendment, each Credit Party hereby irrevocably releases and forever discharges the Lenders and the Administrative
Agent and their respective affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants
and attorneys (each, a “Released Person”) of and from any and all claims, suits, actions, investigations,
proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil
statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against the
Administrative Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions
prior to the date hereof of the Administrative Agent, any Lender or any other Released Person relating to the Amended Credit
Agreement, any other Credit Document or the Amendment No. 5 Warrants.

 

5.11        Electronic
Signatures. Section 12.02(b) of the Credit Agreement is hereby incorporated herein, mutatis mutandis.

 

[Remainder
of the page intentionally left blank]

 

    6 

     

    

 

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

 

	BORROWER:	TELIGENT, INC.
	 	 
	 	By:	/s/ Timothy B. Sawyer
	 		Name:  Timothy B. Sawyer
	 	 	Title:   Chief Executive Officer and President
	 	 
	GUARANTORS:	IGEN, INC.
	 	 
	 	By:	/s/
Timothy B. Sawyer
	 	 	Name:  Timothy B. Sawyer
	 	 	Title:   Chief Executive Officer and President
	 	 
	 	TELIGENT PHARMA, INC.
	 	 
	 	By:   	/s/ Timothy B. Sawyer
	 	 	Name:   Timothy B. Sawyer
	 	 	Title:   Chief Executive Officer and President

 

[Signature
Page to Amendment No. 3 to First Lien Credit Agreement]

 

     

     

    

 

	ADMINISTRATIVE
    AGENT AND A LENDER:	ARES
CAPITAL CORPORATION,
	 	a
    Maryland corporation
	
	 	 
	 	By:	/s/ Scott Lern 
	 	 	Name: Scott Lern
	 	 	Title: Authorized Signatory

 

[Signature Page to Amendment No. 3 to First Lien Credit Agreement]

 

     

     

    

 

	LENDERS:	ACF
                                         FINCO I LP,
	 	a
    Delaware limited partnership
	 	 
	 	By:   	/s/ Oleh Szczupak
	 	 	Name: Oleh Szczupak
	 	 	Title: Authorized Signatory
	 	 
	 	CION
    ARES DIVERSIFIED CREDIT FUND
	 	 
	 	By:	/s/ Scott Lern
	 	 	Name: Scott Lern
	 	 	Title: Authorized Signatory
	 	
	 	ARES
    CENTRE STREET PARTNERSHIP, L.P.,
	 	 
	 	By:
    Ares Centre Street GP, Inc., as general partner
	 	 
	 	By:	/s/ Scott Lern
	 	 	Name: Scott Lern
	 	 	Title: Authorized Signatory
	 	 
	 	 
	 	ARES
    CREDIT STRATEGIES INSURANCE DEDICATED FUND SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P.
	 	 
	 	By:
    Ares Capital Management LLC, its investment manager
	 	 
	 	By:	/s/ Scott Lern
	 	 	Name: Scott Lern
	 	 	Title: Authorized Signatory

 

[Signature
Page to Amendment No. 3 to First Lien Credit Agreement]

 

     

     

    

 

	 	ARES
    COMMERCIAL FINANCE,
	 	 
	 	By:
    Ares Commercial Finance GP LP, its general partner
	 	By:
    ACF GP LLC, its general partner
	 	 
	 	By:	/s/ Oleh Szczupak
	 	 	Name: Oleh Szczupak
	 	 	Title: Authorized Signatory

 

[Signature
Page to Amendment No. 3 to First Lien Credit Agreement]

 

     

     

    

 

 

ANNEX I 

 

CONFORMED COPY INCORPORATING

AMENDMENT NO. 1 THROUGH AMENDMENT
NO. 5

 

NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, THE LIEN AND SECURITY INTEREST GRANTED TO THE ADMINISTRATIVE AGENT PURSUANT TO THIS AGREEMENT AND THE EXERCISE OF ANY
RIGHT OR REMEDY BY THE ADMINISTRATIVE AGENT HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT, DATED AS OF
DECEMBER 13, 2018 (AS AMENDED, RESTATED, AMENDED AND RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE “INTERCREDITOR
AGREEMENT”), AMONG TELIGENT, INC., ACF FINCO I LP, AS FIRST LIEN AGENT AND ARES CAPITAL CORPORATION AS SECOND LIEN AGENT,
AND CERTAIN OTHER PERSONS PARTY OR THAT MAY BECOME PARTY THERETO FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS
OF THE INTERCREDITOR AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.

 

SECOND LIEN CREDIT AGREEMENT

 

by and among

 

TELIGENT, INC.,

as Borrower,

 

Certain Subsidiaries thereof, as Guarantors,

 

The Lenders

from Time to Time Party Hereto,

 

and

 

ARES CAPITAL CORPORATION,

as Administrative Agent,

 

Dated as of December 13, 2018

 

 

 

 

     

     

    

 

	Article I          
    Definitions	 	 	2	 
	 	 	 	 	 	 	 
	Section 1.01	 	Defined Terms	 	 	2	 
	Section 1.02	 	Other Interpretive Provisions	 	 	37	 
	Section 1.03	 	Accounting Terms and
    Determination	 	 	37	 
	Section 1.04	 	Rounding	 	 	38	 
	Section 1.05	 	References to Agreements,
    Laws, etc	 	 	38	 
	Section 1.06	 	Times of Day	 	 	38	 
	Section 1.07	 	Timing of Payment of Performance	 	 	38	 
	Section 1.08	 	Corporate Terminology	 	 	38	 
	Section 1.09	 	UCC Definitions	 	 	38	 
	Section 1.10	 	Collateral	 	 	38	 
	 	 	 	 	 	 	 
	Article
    II           Amount and Terms of Credit Facilities	 	 	39	 
	 	 	 	 	 	 	 
	Section 2.01	 	Loans	 	 	39	 
	Section 2.02	 	Minimum Amount of Each
    Borrowing; Maximum Number of Borrowings	 	 	42	 
	Section 2.03	 	Notice of Borrowing	 	 	42	 
	Section 2.04	 	Disbursement of Funds	 	 	42	 
	Section 2.05	 	Payment of Loans; Evidence
    of Debt	 	 	43	 
	Section 2.06	 	Conversions and Continuations	 	 	44	 
	Section 2.07	 	Pro Rata Borrowings	 	 	45	 
	Section 2.08	 	Interest	 	 	45	 
	Section 2.09	 	Interest Periods	 	 	47	 
	Section 2.10	 	Increased Costs, Illegality,
    etc	 	 	47	 
	Section 2.11	 	Compensation	 	 	50	 
	Section 2.12	 	Change of Lending Office	 	 	50	 
	Section 2.13	 	Notice of Certain Costs	 	 	50	 
	Section 2.14	 	[Reserved]	 	 	50	 
	Section 2.15	 	Defaulting Lenders	 	 	50	 
	 	 	 	 	 	 	 
	Article
    III           [RESERVED]	 	 	52	 
	 	 	 	 	 	 	 
	Article
IV           Fees and Commitment Terminations	 	 	52	 
	 	 	 	 	 	 	 
	Section 4.01	 	Fees	 	 	52	 
	Section 4.02	 	Mandatory Termination
    of Commitments	 	 	52	 
	 	 	 	 	 	 	 
	Article V            Payments	 	 	53	 
	 	 	 	 	 	 	 
	Section 5.01	 	Voluntary Prepayments	 	 	53	 
	Section 5.02	 	Mandatory Prepayments	 	 	54	 
	Section 5.03	 	Payment of Obligations;
    Method and Place of Payment	 	 	56	 
	Section 5.04	 	Net Payments	 	 	57	 
	Section 5.05	 	Computations of Interest
    and Fees	 	 	60	 
	 	 	 	 	 	 	 
	Article
    VI	 	Conditions Precedent	 	 	60	 
	 	 	 	 	 	 	 
	Section 6.01	 	Conditions Precedent
    to Initial Credit Extension	 	 	60	 
	Section 6.02	 	Conditions Precedent
    to all Credit Extensions	 	 	64	 
	 	 	 	 	 	 	 
	Article VII            Representations, Warranties and Agreements	 	 	65	 

 

    i

     

    

 

	Section
    7.01	 	Corporate
    Status	 	 	65	 
	Section 7.02	 	Corporate Power and Authority	 	 	65	 
	Section 7.03	 	No Violation	 	 	65	 
	Section 7.04	 	Litigation, Labor Controversies,
    etc	 	 	66	 
	Section 7.05	 	Use of Proceeds; Regulations
    U and X	 	 	66	 
	Section 7.06	 	Approvals, Consents,
    etc	 	 	66	 
	Section 7.07	 	Investment Company Act	 	 	66	 
	Section 7.08	 	Full Disclosure	 	 	67	 
	Section 7.09	 	Financial Condition;
    No Material Adverse Effect	 	 	67	 
	Section 7.10	 	Tax Returns and Payments	 	 	68	 
	Section 7.11	 	Compliance with ERISA	 	 	68	 
	Section 7.12	 	Capitalization and Subsidiaries	 	 	69	 
	Section 7.13	 	Intellectual Property;
    Licenses, etc	 	 	69	 
	Section 7.14	 	Environmental	 	 	69	 
	Section 7.15	 	Ownership of Properties	 	 	70	 
	Section 7.16	 	No Default	 	 	70	 
	Section 7.17	 	Solvency	 	 	71	 
	Section 7.18	 	[Intentionally Omitted]	 	 	71	 
	Section 7.19	 	Compliance with Laws;
    Authorizations	 	 	71	 
	Section 7.20	 	Contractual or Other
    Restrictions	 	 	71	 
	Section 7.21	 	Transaction Documents	 	 	71	 
	Section 7.22	 	Collective Bargaining
    Agreements	 	 	71	 
	Section 7.23	 	Insurance	 	 	72	 
	Section 7.24	 	Evidence of Other Indebtedness	 	 	72	 
	Section 7.25	 	Deposit Accounts and
    Securities Accounts	 	 	72	 
	Section 7.26	 	Foreign Assets Control
    Regulations; Anti-Money Laundering and Anti-Corruption Practices	 	 	72	 
	Section 7.27	 	Patriot Act	 	 	73	 
	Section 7.28	 	First Lien Loan Documents	 	 	73	 
	Section 7.29	 	Flood Insurance	 	 	73	 
	Section 7.30	 	Location of Collateral;
    Equipment List	 	 	73	 
	Section 7.31	 	Regulatory Matters	 	 	74	 
	Section 7.32	 	Third Lien Note Documents	 	 	77	 
	 	 	 	 	 	 	 
	Article
    VIII            Affirmative Covenants	 	 	77	 
	 	 	 	 	 	 	 
	Section 8.01	 	Financial Information,
    Reports, Notices and Information	 	 	77	 
	Section 8.02	 	Books, Records and Inspections	 	 	82	 
	Section 8.03	 	Maintenance of Insurance	 	 	82	 
	Section 8.04	 	Payment of Taxes	 	 	83	 
	Section 8.05	 	Maintenance of Existence;
    Compliance with Laws, etc	 	 	83	 
	Section 8.06	 	Environmental Compliance	 	 	83	 
	Section 8.07	 	ERISA	 	 	85	 
	Section 8.08	 	Maintenance of Property
    and Assets	 	 	85	 
	Section 8.09	 	End of Fiscal Years;
    Fiscal Quarters	 	 	86	 
	Section 8.10	 	Use of Proceeds	 	 	86	 

 

    ii

     

    

 

	Section 8.11	 	Further Assurances; Additional
    Guarantors and Grantors	 	 	86	 
	Section 8.12	 	Bank Accounts	 	 	88	 
	Section 8.13	 	[Intentionally Omitted]	 	 	88	 
	Section 8.14	 	2019 Convertible Notes
    Repurchase Blocked Account	 	 	89	 
	Section 8.15	 	Post-Closing	 	 	89	 
	Section 8.16	 	Board Observation	 	 	91	 
	 	 	 	 	 	 	 
	Article IX            Negative Covenants	 	 	92	 
	 	 	 	 	 	 	 
	Section 9.01	 	Limitation on Indebtedness	 	 	92	 
	Section 9.02	 	Limitation on Liens	 	 	94	 
	Section 9.03	 	Consolidation, Merger,
    etc	 	 	96	 
	Section 9.04	 	Permitted Dispositions	 	 	96	 
	Section 9.05	 	Investments	 	 	97	 
	Section 9.06	 	Restricted Payments,
    etc	 	 	99	 
	Section 9.07	 	Modification of Certain
    Agreements	 	 	99	 
	Section 9.08	 	Sale and Leaseback	 	 	99	 
	Section 9.09	 	Transactions with Affiliates	 	 	100	 
	Section 9.10	 	Restrictive Agreements,
    etc	 	 	100	 
	Section 9.11	 	Hedging Transactions	 	 	100	 
	Section 9.12	 	Changes in Business	 	 	101	 
	Section 9.13	 	Financial Performance
    Covenant	 	 	101	 
	Section 9.14	 	Disqualified Capital
    Stock	 	 	102	 
	Section 9.15	 	Removal of Collateral	 	 	102	 
	Section 9.16	 	Voluntary Prepayments
    of Material Indebtedness; Scheduled Interest Payments on the 2023 PIK Convertible Notes,	 	 	102	 
	 	 	 	 	 	 	 
	Article X            Events of Default	 	 	102	 
	 	 	 	 	 	 	 
	Section 10.01	 	Listing of Events of Default	 	 	102	 
	Section 10.02	 	Remedies Upon Event of
    Default	 	 	106	 
	 	 	 	 	 	 	 
	Article XI            The Administrative Agent	 	 	107	 
	 	 	 	 	 	 	 
	Section 11.01	 	Appointment	 	 	107	 
	Section 11.02	 	Delegation of Duties	 	 	107	 
	Section 11.03	 	Exculpatory Provisions	 	 	107	 
	Section 11.04	 	Reliance by Agents	 	 	108	 
	Section 11.05	 	Notice of Default	 	 	108	 
	Section 11.06	 	Non-Reliance on Agents
    and Other Lenders	 	 	109	 
	Section 11.07	 	Indemnification	 	 	109	 
	Section 11.08	 	Agent in Its Individual
    Capacity	 	 	110	 
	Section 11.09	 	Successor Agents	 	 	110	 
	Section 11.10	 	Agents Generally	 	 	110	 
	Section 11.11	 	Restrictions on Actions
    by Lenders; Sharing of Payments	 	 	110	 
	Section 11.12	 	Agency for Perfection	 	 	111	 
	Section 11.13	 	Authorization to File
    Proof of Claim	 	 	111	 
	Section 11.14	 	Credit Bids	 	 	112	 
	Section 11.15	 	Binding Effect	 	 	112	 

 

    iii

     

    

 

	Article XII            Miscellaneous	 	 	112	 
	 	 	 	 	 	 	 
	Section 12.01	 	Amendments and Waivers	 	 	112	 
	Section 12.02	 	Notices and Other Communications;
    Facsimile Copies	 	 	114	 
	Section 12.03	 	No Waiver; Cumulative
    Remedies	 	 	115	 
	Section 12.04	 	Survival of Representations
    and Warranties	 	 	115	 
	Section 12.05	 	Payment of Expenses;
    Indemnification	 	 	116	 
	Section 12.06	 	Successors and Assigns;
    Participations and Assignments	 	 	116	 
	Section 12.07	 	Replacements of Lenders
    Under Certain Circumstances	 	 	120	 
	Section 12.08	 	Securitization	 	 	121	 
	Section 12.09	 	Adjustments; Set-off	 	 	121	 
	Section 12.10	 	Counterparts	 	 	122	 
	Section 12.11	 	Severability	 	 	122	 
	Section 12.12	 	Integration	 	 	122	 
	Section 12.13	 	GOVERNING LAW	 	 	122	 
	Section 12.14	 	Submission to Jurisdiction;
    Waivers	 	 	123	 
	Section 12.15	 	Acknowledgments	 	 	123	 
	Section 12.16	 	WAIVERS OF JURY TRIAL	 	 	124	 
	Section 12.17	 	Confidentiality	 	 	124	 
	Section 12.18	 	Press Releases, etc	 	 	126	 
	Section 12.19	 	Releases of Guarantees
    and Liens	 	 	126	 
	Section 12.20	 	USA Patriot Act	 	 	126	 
	Section 12.21	 	No Fiduciary Duty	 	 	127	 
	Section 12.22	 	Authorized Officers	 	 	127	 
	Section 12.23	 	Acknowledgement and Consent
    to Bail-In of EEA Financial Institutions	 	 	127	 

 

    iv

     

    

 

	SCHEDULES	 	 
	 	 	 
	Schedule 1.01(a)	 	Commitments
	Schedule 1.01(b)	 	Immaterial Subsidiaries
	Schedule 1.01(c)	 	Material Contracts
	Schedule 7.04	 	Litigation
	Schedule 7.12	 	Subsidiaries and Joint
    Ventures/Partnerships
	Schedule 7.15	 	Real Property
	Schedule 7.22	 	Collective Bargaining
    Agreements
	Schedule 7.23	 	Insurance
	Schedule 7.24	 	Evidence of Indebtedness
	Schedule 7.25	 	Deposit Accounts and
    Securities Accounts
	Schedule 7.30	 	Location of Collateral;
    Equipment List
	Schedule 7.31	 	Regulatory Matters
	Schedule 9.02	 	Liens
	Schedule 12.02	 	Addresses for Notices
	Schedule 12.06	 	2023
    Convertible Note holders, 2023 PIK Convertible Note holders and Affiliates
	 	 	 
	EXHIBITS	 	 
	 	 	 
	Exhibit A-1	 	Form of Assignment and
    Acceptance
	Exhibit D-1	 	Form of DDTL Note
	Exhibit C-1	 	Form of Compliance Certificate
	Exhibit N-1	 	Form of Notice of Borrowing
	Exhibit N-2	 	Form of Notice of Conversion
    or Continuation
	Exhibit T-1	 	Form of Term Loan Note
	Exhibit P-1	 	Form of Perfection Certificate

 

    v

     

    

 

 

SECOND LIEN CREDIT AGREEMENT

 

THIS SECOND LIEN
CREDIT AGREEMENT, dated as of December 13, 2018, is among TELIGENT, INC., a Delaware corporation (the “Borrower”),
its Subsidiaries signatory hereto as guarantors or hereafter designated as Guarantors pursuant to Section 8.11, the lenders from
time to time party hereto (each a “Lender” and, collectively, the “Lenders”),
and ARES CAPITAL CORPORATION, a Maryland corporation (“Ares”), as administrative agent and collateral
agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative
Agent”).

 

RECITALS

 

WHEREAS,
the Borrower has requested that the Lenders extend credit to the Borrower in the form of (a) an initial term loan in the aggregate
principal amount of $50,000,000 on the Closing Date (the “Initial Term Loan Facility”),
(b) a delayed draw term loan facility (the “DDTL A Facility”) in the
aggregate principal amount of up to $30,000,000 and (c) a delayed draw term loan facility (the “DDTL B Facility”,
together with the DDTL A Facility, the “DDTL Facility”) in the aggregate
principal amount of up to $15,000,000;

 

WHEREAS, (a)
the proceeds of the Initial Term Loan Facility will be used (i) to finance the 2019 Convertible Notes Repurchase (as defined herein)
and the repayment of other Indebtedness outstanding as of the date hereof (other than the 2023 Convertible Notes) and (ii) to pay
fees and expenses incurred in connection with the transactions contemplated hereby and such repurchase, redemption or repayment,
in each case, to the extent not prohibited by this Agreement, (b) the proceeds of the DDTL A Facility will be used solely (i) to
finance the 2019 Convertible Notes Repurchase and (ii) to pay fees and expenses incurred in connection with the transactions contemplated
hereby and the 2019 Convertible Notes Repurchase and (c) the proceeds of the DDTL B Facility will be used for solely to finance
the construction of the high speed injectable line (the “Line Project”) at the Borrower’s Buena,
New Jersey facility;

 

WHEREAS,
the Borrower previously issued the 2023 PIK Convertible Notes, having the terms, tenor, amount and other provisions set forth in
an Indenture, dated as of October 31, 2019, by and among the Borrower, as issuer, the Guarantors, as subsidiary guarantors, and
Wilmington Trust, National Association, as trustee; and

 

WHEREAS,
the Borrower and certain of the holders of the 2023 PIK Convertible Notes and certain holders of the 2023 Convertible Notes desire
that, on the Amendment No. 5 Effective Date, (i) such holders shall exchange their outstanding 2023 PIK Convertible Notes and 2023
Convertible Notes, as applicable in each case, for Third Lien Convertible Notes (as defined herein) and (ii) such holders of the
2023 PIK Convertible Notes shall purchase additional Third Lien Convertible Notes for cash, in each case on the terms and conditions
set forth in the Third Lien Note Documents. 

 

     

     

    

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

Article
I

 

Definitions

 

Section
1.01        Defined
Terms. As used herein, the following terms shall have the meanings specified in this Section 1.01 unless the context otherwise
requires:

 

“2019 Convertible
Notes” shall mean the Borrower’s 3.75% senior notes due 2019.

 

“2019 Convertible
Notes Repurchase” shall mean the Borrower’s repurchase, redemption, defeasance, purchase or repayment at maturity
of all or any portion of the 2019 Convertible Notes, whether by tender offer, open-market purchases or otherwise.

 

“2019 Convertible
Notes Repurchase Blocked Account” shall mean a deposit account of Borrower maintained with Disbursement Bank that
shall be subject to Administrative Agent’s and First Lien Agent’s sole dominion and control.

 

“2023 Convertible
Notes” shall mean the Borrower’s 4.75% senior notes due 2023.

 

“2023 PIK
Convertible Notes” shall mean the Borrower’s 7.0% / 8.0% PIK Convertible Senior Notes due 2023.

 

“ABR”
shall mean, for any day, a fluctuating rate of interest per annum (rounded upward, if necessary, to the next highest 1/16 of 1%)
equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 1⁄2
of one percentage point (c) the Eurodollar Rate with a term of one month plus one percentage point, and (d) (i) from the Closing
Date until the Amendment No. 4 Closing Date, 2.00% per annum and (ii) from and including the Amendment No. 4 Closing Date, 2.50%
per annum. Changes in the rate of interest on that portion of any Loans maintained as ABR Loans will take effect simultaneously
with each change in the ABR.

 

“ABR Loan”
shall mean each Loan bearing interest at ABR, as provided in 2.08.

 

“ACF”
shall have the meaning set forth in the preamble to this Agreement.

 

“Administrative
Agent” shall have the meaning set forth in the preamble to this Agreement.

 

“Administrative
Questionnaire” shall mean a questionnaire completed by each Lender, in a form approved by the Administrative Agent,
in which such Lender, among other things, (a) designates one or more credit contacts to whom all syndicate-level information (which
may contain material non-public information about the Credit Parties and their Related Parties or their respective securities)
will be made available and who may receive such information in accordance with such Lender’s compliance procedures and Applicable
Laws, including federal and state securities laws and (b) designates an address, facsimile number, electronic mail address and/or
telephone number for notices and communications with such Lender.

 

    2 

     

    

 

“Affiliate”
shall mean, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified; provided, that, no Secured Party shall be an Affiliate
of any Credit Party solely by reason of the provisions of the Credit Documents. The term “Control” means
either (a) the power to vote, or the beneficial ownership of, 10% or more of the voting Capital Stock of such Person or (b) the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Agreement”
shall mean this Credit Agreement, as the same may be amended, amended and restated, supplemented, or otherwise modified from time
to time.

 

“Amendment
No. 3 Effective Date” shall mean October 31, 2019.

 

“Amendment
No. 4 Closing Date” shall mean April 6, 2020.

 

“Amendment
No. 4 Effective Date” shall mean December 31, 2019.

 

“Amendment
No. 5 Effective Date” shall mean July 20, 2020.

 

“Amendment
No. 5 Warrants” shall mean the warrants issued to the Warrant Holder equal to 2.50% of the aggregate outstanding
shares of common stock of Borrower.

 

“Anti-Corruption
Laws” shall mean any and all laws, rules or regulations relating to corruption or bribery, including, but not limited
to, the FCPA and the U.K. Bribery Act 2010.

 

“Anti-Money
Laundering Laws” shall mean any and all laws, rules or regulations relating to money laundering or terrorism financing,
including (a) 18 U.S.C. §§ 1956 and 1957; and (b) the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq., as amended
by the PATRIOT Act, and its implementing regulations.

 

“Anti-Terrorism
Laws” shall mean any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing,
money laundering or bribery, all as amended, supplemented or replaced from time to time.

 

“Applicable
Laws” shall mean, with respect to any Person, the common law and any federal, state, local, foreign, multinational
or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments,
writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or administration
thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether
or not having the force of law and that are applicable to or binding upon such Person or any of its Property or Products or to
which such Person or any of its Property or Products is subject. For the avoidance of doubt, the term “Applicable Laws”
shall include FATCA and any intergovernmental agreements with respect thereto between the United States and another jurisdiction.

 

    3 

     

    

 

“Applicable
Margin” shall mean (a) from the Closing Date until the Amendment No. 4 Closing Date, a percentage per annum equal
to, with respect to Loans, (i) that are Eurodollar Loans, 8.75 percentage points and (ii) that are ABR Loans, 7.75 percentage points
and (b) from and including the Amendment No. 4 Closing Date to the Maturity Date, a percentage per annum equal to, with respect
to Loans, (i) that are Eurodollar Loans, 13.00 percentage points and (ii) that are ABR Loans, 12.00 percentage points.

 

“Approved
Fund” shall mean 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 and that is administered, advised or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

 

“Ares”
shall have the meaning set forth in the recitals to this Agreement.

 

“Assignment
and Acceptance” shall mean an assignment and acceptance substantially in the form of Exhibit A-1.

 

“Attributable
Indebtedness” shall mean, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

 

“Authorized
Officer” shall mean, with respect to any Credit Party, the Chief Executive Officer, the Chief Financial Officer,
or any other senior financial officer (to the extent that such senior financial officer is designated as such in writing to the
Administrative Agent by such Credit Party) of such Credit Party.

 

“Bail-In
Action” shall mean 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” shall mean, 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.

 

“Bankruptcy
Code” shall mean the Federal Bankruptcy Reform Act of 1978.

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).

 

“Board
of Directors” shall mean the board of directors (or other similar body) of Borrower.

 

“Borrower”
shall have the meaning set forth in the preamble to this Agreement.

 

    4 

     

    

 

“Borrowing”
shall mean and include the incurrence of one Type of Loan on a given date (or resulting from conversions on a given date) having,
in the case of Eurodollar Loans, the same Interest Period.

 

“Budget”
shall have the meaning set forth in Section 8.01(f).

 

“Business
Day” shall mean (a) any day excluding Saturday, Sunday and any day that shall be in the City of New York a legal
holiday or a day on which banking institutions are authorized by law or other governmental actions to close, and (b) any day that
is also a day for trading by and between banks in Dollar deposits in the interbank Eurodollar market.

 

“Canadian
Subsidiary” shall mean Teligent Canada.

 

“Canadian
Security Documents” shall mean (i) that certain Canadian Security Agreement, dated as of March 20, 2019, by and among
each relevant Credit Party party thereto and the Administrative Agent for the benefit of the Secured Parties, in form and substance
reasonably satisfactory to the Administrative Agent, as the same may be amended, amended and restated, supplemented, or otherwise
modified from time to time and (ii) that certain Pledge Agreement, dated as of March 20, 2019, by and among each relevant Credit
Party party thereto and the Administrative Agent for the benefit of the Secured Parties, as the same may be amended, amended and
restated, supplemented, or otherwise modified from time to time.

 

“Capital
Stock” shall mean any and all shares, interests, participations, units or other equivalents (however designated)
of capital stock of a corporation, membership interests in a limited liability company, partnership interests of a limited partnership,
any and all equivalent ownership interests in a Person and any and all warrants, rights or options to purchase any of the foregoing.

 

“Capitalized
Lease Obligations” shall mean, as applied to any Person, all obligations under Capitalized Leases of such Person
or any of its Subsidiaries, in each case taken at the amount thereof accounted for as liabilities on the balance sheet (excluding
the footnotes thereto) of such Person in accordance with GAAP.

 

“Capitalized
Leases” shall mean, as applied to any Person, all leases of property that have been or should be, in accordance with
GAAP, recorded as capitalized leases on the balance sheet of such Person or any of its Subsidiaries, on a consolidated basis; provided,
that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for
as a liability on the balance sheet (excluding the footnotes thereto) of such Person in accordance with GAAP.

 

“Cash Equivalents”
shall mean:

 

(a)              
any direct obligation of (or unconditional guarantee by) the United States (or any agency or political subdivision thereof,
to the extent such obligations are supported by the full faith and credit of the United States) maturing not more than one year
after the date of acquisition thereof;

 

    5 

     

    

 

(b)              
 commercial paper maturing not more than one hundred eighty (180) days from the date of issue and issued by (i) a corporation
(other than an Affiliate of any Credit Party) organized under the laws of any state of the United States or of the District of
Columbia and, at the time of acquisition thereof, rated A-1 or higher by S&P or P-1 or higher by Moody’s, or
(ii) any Lender (or its holding company);

 

(c)              
any certificate of deposit, time deposit or bankers acceptance, maturing not more than one hundred eighty (180) days after
its date of issuance, which is issued by either: (i) a bank organized under the laws of the United States (or any state thereof)
which has, at the time of acquisition thereof, (A) a credit rating of P2 or higher from Moody’s or A or higher from
S&P and (B) a combined capital and surplus greater than $500,000,000, or (ii) a Lender;

 

(d)              
any repurchase agreement having a term of thirty (30) days or less entered into with any Lender or any commercial banking
institution satisfying, at the time of acquisition thereof, the criteria set forth in clause (c)(i) which (i) is secured by a fully
perfected security interest in any obligation of the type described in clause (a), and (ii) has a market value at the time such
repurchase agreement is entered into of not less than 100% of the repurchase obligation of such Lender or commercial banking institution
thereunder;

 

(e)              
money market and mutual funds investing primarily in assets described in clauses (a) through (d) of this definition.

 

“Cash Interest
Payment Event” shall have the meaning set forth in Section 2.08(h).

 

“Casualty
Event” shall mean the damage, destruction or condemnation, as the case may be, of property of any Person or any of
its Subsidiaries.

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980.

 

“Change
of Control” shall mean an event or series of events by which: (a) any Person or group (within the meaning of the
Securities Exchange Act of 1934 and the rules of the SEC thereunder) shall acquire ownership, directly or indirectly, beneficially
or of record, of Capital Stock of the Borrower representing more than 50% of the aggregate ordinary voting power represented by
the issued and outstanding Stock of the Borrower; (b) Borrower ceases to own one hundred percent (100%) of the issued and outstanding
Capital Stock of Igen, Inc. (other than as a result of a transaction permitted by Section 9.03 or 9.04); (c) Igen, Inc. ceases
to own one hundred percent (100%) of the issued and outstanding Capital Stock of Teligent Pharma, Inc. (other than as a result
of a transaction permitted by Section 9.03 or 9.04), in each instance in clauses (b) and (c), free and clear of all Liens, rights,
options, warrants or other similar agreements or understandings, other than Liens in favor of Administrative Agent), (d) during
any period of 24 consecutive months commencing on or after the Closing Date, the occurrence of a change in the composition of the
Board of Directors of Borrower such that a majority of the members of such Board of Directors are not Continuing Directors; or
(e) a “change of control” (however so defined in the First Lien Credit Agreement or Third Lien Note Documents, as applicable)
shall occur.

 

“Claims”
shall have the meaning set forth in the definition of “Environmental Claims”.

 

    6 

     

    

 

“Closing
Date” shall mean December 13, 2018.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued
thereunder. Section references to the Code are to the Code, as in effect at the date of this Agreement, and any subsequent provisions
of the Code, amendatory thereof, supplemental thereto or substituted therefor.

 

“Collateral”
shall mean any assets of any Credit Party or other collateral upon which Administrative Agent has been granted a Lien in connection
with this Agreement.

 

“Collateral
Documents” shall mean the Security Agreement, any Foreign Security Instrument and each other document or agreement
that creates or perfects any security interests granted by any of the Credit Parties to the Administrative Agent on behalf of the
Secured Parties.

 

“Collateral
Sale” shall have the meaning set forth in Section 11.14.

 

“Collections”
shall mean all cash, checks, credit card slips or receipts, notes, instruments, and other items of payment (including insurance
proceeds, proceeds of cash sales, rental proceeds, and tax refunds) of the Credit Parties.

 

“Commitment”
shall mean any of the Initial Term Loan Commitment, DDTL A Commitment, or DDTL B Commitment. The aggregate amount of the Commitments
as of the date hereof is $95,000,000, as set forth on Schedule 1.01(a).

 

“Compliance
Certificate” shall mean a certificate duly completed and executed by an Authorized Officer of the Borrower substantially
in the form of Exhibit C-1.

 

“Confidential
Information” shall have the meaning set forth in Section 12.17.

 

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

 

“Consolidated
Adjusted EBITDA” shall mean, for a specified period, an amount determined for the Borrower and its Subsidiaries on
a consolidated basis equal to

 

(a)              
Consolidated Net Income,

 

plus

 

(b)              
to the extent deducted in calculating Consolidated Net Income for such period, the sum of, without duplication, amounts
for:

 

(i)            
Consolidated Interest Expense (net of interest income),

 

(ii)           
provisions for Taxes based on income,

 

(iii)           
total depreciation expense,

 

    7 

     

    

 

(iv)          
 total amortization expense,

 

(v)           
other non-cash charges reducing Consolidated Net Income (excluding any such non cash item (x) to the extent that it represents
an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that was paid in a prior
period or (y) relating to a write-down, write off or reserve with respect to Receivables),

 

(vi)          
losses on asset sales, disposals or abandonments, including derivative liabilities or losses related to the 2023 Convertible
Notes (other than (i) of current assets and (ii) asset sales, disposals or abandonments in the ordinary course of business),

 

(vii)         
fees and expenses incurred in connection with (i) the consummation of the Transactions on the Closing Date, in an aggregate
amount not to exceed $1,500,000 and (ii) the development, preparation, negotiation and execution of, and any amendment, waiver,
supplement or modification to this Agreement and the First Lien Agreement, in an aggregate amount not to exceed $1,500,000, in
each case, to the extent disclosed to Administrative Agent,

 

(viii)       
fees and expenses incurred in connection with a Permitted Acquisition, a permitted Disposition or the refinancing or redemption
of Indebtedness pursuant to Section 9.01(b) to the extent disclosed to Administrative Agent, provided, to the extent such transactions
have not been consummated, in an amount not greater than $1,000,000 in the aggregate,

 

(ix)           
foreign exchange losses,

 

(x)           
legal fees and expenses incurred in connection with litigation and arbitration matters as agreed from time to time by the
Company and Administrative Agent,

 

(xi)          
fees and expenses incurred in connection with compliance with NASDAQ listing standards, in an amount not to exceed $250,000,
and

 

(xii)         
losses attributed to failure to supply penalties in an amount not to exceed (i) $2,000,000 for such losses incurred for
the twelve-month period ending on December 31, 2019 and (ii) $0 for any losses after December 31, 2019;

 

minus

 

(c)              
to the extent included in calculating Consolidated Net Income for such period, the sum of, without duplication, amounts
for:

 

(i)                
other non-cash gains increasing Consolidated Net Income for such period (excluding any such non-cash item to the
extent it represents the reversal of an accrual or reserve for a potential cash item in any prior period),

 

(ii)           
gains on asset sales, disposals or abandonments (other than (A) of current assets and (B) asset sales, disposals or abandonments
in the ordinary course of business),

 

    8 

     

    

 

(iii)          
 foreign exchange gains;

 

(iv)         
extraordinary gains and income; and

 

(v)          
gains related to the 2023 Convertible Notes;

 

provided; however, for purposes of determining
the Total Net Leverage Ratio, Consolidated Adjusted EBITDA shall be determined on a Pro Forma Basis;

 

provided; further, that, notwithstanding
the foregoing, the amount of Consolidated Adjusted EBITDA that is attributable to revenues from customers located in countries
other than the United States and Canada shall not exceed 15% of the Consolidated Adjusted EBITDA of Borrower and its Subsidiaries
on a consolidated basis for any specified period, except to the extent such revenues are actually distributed to the Borrower or
any other Credit Party.”

 

“Consolidated
Capital Expenditures” shall mean, for any specified period, the sum of, without duplication, all expenditures made,
directly or indirectly, by the Borrower and its Subsidiaries during such period, determined on a consolidated basis in accordance
with GAAP, that are or should be reflected as additions to property, plant or equipment or similar items reflected in the consolidated
statement of cash flows of the Borrower and its Subsidiaries, or have a useful life of more than one year.

 

“Consolidated
Excess Cash Flow” shall mean, for a specified period, the excess (if any), of: (a) Consolidated Adjusted EBITDA for
such period, less (b) the sum for such period (without duplication and to the extent that the following amounts have not
already been deducted in determining Consolidated Adjusted EBITDA for such period) of (i) Consolidated Interest Expense paid in
cash, (ii) scheduled principal payments of the Term Loans or other Indebtedness of the Borrower and its Subsidiaries (in respect
of Indebtedness permitted under Section 9.01 hereof) made during such period to the extent paid in cash (and not financed, other
than with the proceeds of loans funded under the First Lien Credit Agreement), (iii) Taxes based on income paid in cash by the
Borrower and its Subsidiaries, (iv) Consolidated Capital Expenditures made in cash during such period (and not financed, other
than with the proceeds of loans funded under the First Lien Credit Agreement), (v) any costs, expenses and/or charges described
in clause (b)(vii) or clause (b)(viii) of the definition of “Consolidated Adjusted EBITDA” to the extent paid in the
cash during such period, (vi) the purchase price paid in cash for all Permitted Acquisitions to the extent paid in cash (and not
financed, other than with the proceeds of loans funded under the First Lien Credit Agreement) and (vii) increases (or minus
decreases) in Consolidated Working Capital for such period.

 

“Consolidated
Interest Expense” shall mean, for any specified period, for the Borrower and its Subsidiaries, determined on a
consolidated basis in accordance with GAAP, the sum of: (a) all interest in respect of Indebtedness (including, without
limitation, the interest component of any payments in respect of Capitalized Lease Obligations) accrued or capitalized during
such period (whether or not actually paid during such period) plus (b) the net amount payable (or minus the net amount
receivable) in respect of Hedging Obligations relating to interest during such period (whether or not actually paid or
received during such period). For the avoidance of doubt, the total interest expense of the Indebtedness permitted under
Section 9.01(q) shall not be included herein so long as such Indebtedness is outstanding, unless not forgiven by the
applicable Governmental Authority relevant thereto or Quaint Oak Bank, as applicable

 

    9 

     

    

 

“Consolidated
Net Income” shall mean, for any specified period, the consolidated net income (or loss) of Borrower and its Subsidiaries,
after deduction of all expenses, taxes, and other proper charges, determined in accordance with GAAP; provided that there shall
be excluded (i) the income (or loss) of any Person (other than consolidated Subsidiaries of Borrower) in which any Person (other
than Borrower or any of its consolidated Subsidiaries) has a joint interest, except to the extent of the amount of dividends or
other distributions actually paid to Borrower or any of its consolidated Subsidiaries by such Person during such specified period,
(ii) the income (or loss) of any Person accrued prior to the date it becomes a consolidated Subsidiary of Borrower or is merged
into or consolidated with Borrower or any of its consolidated Subsidiaries or such Person’s assets are acquired by Borrower
or any of its consolidated Subsidiaries, and (iii) the income of any consolidated Subsidiary of Borrower (other than a Credit Party)
to the extent that the declaration or payment of dividends or similar distributions by that consolidated Subsidiary of that income
is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to that consolidated Subsidiary. Notwithstanding the foregoing, in no event shall any
income resulting from the forgiveness or cancellation of any Indebtedness permitted under Section 9.01(q) be included in the calculation
of Consolidated Net Income.

 

“Consolidated
Total Assets” shall mean the consolidated total assets of Borrower and its Subsidiaries determined in accordance
with GAAP as of the date of the financial statements most recently delivered pursuant to Section 8.01 hereunder.

 

“Consolidated
Total Net Debt” shall mean, as of any date of determination, the outstanding principal amount of all Funded Debt
less the aggregate amount of unrestricted cash and Cash Equivalents subject to a Control Agreement (not to exceed $10,000,000).
For the avoidance of doubt, the Indebtedness permitted under Section 9.01(q) shall not constitute Consolidated Total Net Debt so
long as such Indebtedness is outstanding, unless not forgiven by the applicable Governmental Authority relevant thereto or Quaint
Oak Bank, as applicable.

 

“Consolidated
Working Capital” shall mean, as of any date of determination, the excess of (a) the sum of all amounts (other than
Cash and Cash Equivalents) that would, in conformity with GAAP, be set forth opposite the caption “total current assets”
(or any like caption) on a consolidated balance sheet of Borrower and its Subsidiaries at such date over (b) the sum of all amounts
that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption)
on a consolidated balance sheet of Borrower and its Subsidiaries on such date, including deferred revenue but excluding, without
duplication, (i) the current portion of any Funded Debt, (ii) all Indebtedness consisting of the Loans and loans under the First
Lien Credit Agreement and the Third Lien Note Documents, as applicable, to the extent otherwise included therein, (iii) the current
portion of interest and (iv) the current portion of current and deferred income Taxes.

 

    10 

     

    

 

“Contingent
Liability” shall mean, for any Person, any agreement, undertaking or arrangement by which such Person
guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or
otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a
creditor against loss) the Indebtedness of any other Person (other than by endorsements of instruments in the course of
collection), or guarantees the payment of dividends or other distributions upon the Capital Stock of any other Person. The
amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be
deemed to be the outstanding principal amount of the debt, obligation or other liability guaranteed thereby.

 

“Continuing
Director” shall mean (a) any member of the Board of Directors who was a director (or comparable manager) of Borrower
on the Closing Date, and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such individual
was approved, appointed or nominated for election to the Board of Directors by a majority of the Continuing Directors, but excluding
any such individual originally proposed for election in opposition to the Board of Directors in office at the Closing Date in an
actual or threatened election contest relating to the election of the directors (or comparable managers) of Borrower and whose
initial assumption of office resulted from such contest or the settlement thereof.

 

“Control”
shall have the meaning set forth in the definition of “Affiliate”.

 

“Control
Agreement” shall mean a control agreement, in form and substance reasonably satisfactory to Administrative Agent,
executed and delivered by the applicable Credit Party, Administrative Agent, and the applicable securities intermediary or bank,
which agreement is sufficient to give the First Lien Agent or Administrative Agent “control” over each of such Credit
Party’s securities accounts, deposit accounts or investment property, as the case may be.

 

“Credit
Documents” shall mean this Agreement, the Control Agreements, the Fee Letter, the Guarantee Agreement, the Security
Documents, the Intercreditor Agreement, the Perfection Certificate, any Notes issued by the Borrower hereunder, the Third Lien
Subordination Agreement, any intercreditor or subordination agreements in favor of the Administrative Agent with respect to this
Agreement, and any other agreement entered into now, or in the future, by any Credit Party, on the one hand, and the Administrative
Agent or Lender, on the other hand, in connection with this Agreement.

 

“Credit
Extension” shall mean and include the making (but not the conversion or continuation) of a Loan.

 

“Credit
Facility” shall mean any of the Initial Term Loan Facility or DDTL Facility, as applicable, and collectively, the
Initial Term Loan Facility and DDTL Facility.

 

“Credit
Party” shall mean the Borrower, each of the Guarantors and each other Person that becomes a Credit Party hereafter
pursuant to the execution of joinder documents.

 

“DDTL
A Commitment” shall mean, (a) in the case of each Lender that is a Lender on the date hereof, the amount set
forth opposite such Lender’s name on Schedule 1.01(a) as such Lender’s “DDTL A Commitment” and
(b) in the case of any Lender that becomes a Lender after the date hereof, the amount specified as such Lender’s
 “DDTL A Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the DDTL
A Commitment, in each case as the same (x) shall be permanently reduced each time there is a Delayed Draw Term Loan A draw by
the amount of such Delayed Draw Term Loan A draw that such Lender funds and (y) may be otherwise changed from time to time
pursuant to the terms hereof.

 

    11 

     

    

 

“DDTL A
Commitment Expiration Date” shall mean the date that is the first anniversary of the Closing Date..

 

“DDTL A
Facility” shall have the meaning set forth in the recitals to this Agreement.

 

“DDTL B
Commitment” shall mean, (a) in the case of each Lender that is a Lender on the date hereof, the amount set forth
opposite such Lender’s name on Schedule 1.01(a) as such Lender’s “DDTL B Commitment” and (b) in
the case of any Lender that becomes a Lender after the date hereof, the amount specified as such Lender’s “DDTL B Commitment”
in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the DDTL B Commitment, in each case as the
same (x) shall be permanently reduced each time there is a Delayed Draw Term Loan B draw by the amount of such Delayed Draw Term
Loan B draw that such Lender funds and (y) may be otherwise changed from time to time pursuant to the terms hereof.

 

“DDTL B
Commitment Expiration Date” shall mean October 31, 2019.

 

“DDTL B
Facility” shall have the meaning set forth in the recitals to this Agreement.

 

“DDTL Commitment”
shall mean the DDTL A Commitment or DDTL B Commitment.

 

“DDTL Note”
shall mean a promissory note substantially in the form of Exhibit D-1.

 

“Declined
Proceeds” shall have the meaning set forth in Section 5.02(j).

 

“Default”
shall mean any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Default
Rate” shall have the meaning set forth in Section 2.08(c).

 

    12 

     

    

 

“Defaulting
Lender” shall mean, subject to Section 2.15, any Lender that, as determined by the Administrative Agent, (a)
has failed to (i) fund any portion of the Term Loans required to be funded by it hereunder for three (3) or more Business
Days unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together
with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent, any other Lender any other amount required to be paid by it hereunder, (b) has notified the Borrower,
or the Administrative Agent in writing that it does not intend to comply with its funding obligations or has made a public
statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to
extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and
states that such position is based on such Lender’s determination that a condition precedent to funding (which
condition precedent, together with any applicable default, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three (3) or more Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing in a manner satisfactory to the Administrative Agent that it will
comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent), or (d) has, or has a
direct or indirect parent company that has, (i) become the subject of a bankruptcy or insolvency proceeding, (ii) had a
receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any
other state or federal regulatory authority acting in such capacity, (iii) taken any action in furtherance of, or indicated
its consent to, approval of or acquiescence in any such proceeding or appointment or (iv) become the subject of a Bail-in
Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such
ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by
the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be
conclusive and binding absent manifest error.

 

“Delayed
Draw Term Loan A” shall have the meaning set forth in Section 2.01(a).

 

“Delayed
Draw Term Loan B” shall have the meaning set forth in Section 2.01(a).

 

“Delayed
Draw Term Loan” shall mean each of Delayed Draw Term Loan A and Delayed Draw Term Loan B.

 

“Disbursement
Bank” shall mean Pacific Western Bank.

 

“Disposition”
shall mean, with respect to any Person, any sale, transfer, lease, contribution, division or other conveyance (including by way
of merger) of, or the granting of options, warrants or other rights to, any of such Person’s or their respective Subsidiaries’
assets (including Receivables and Capital Stock of Subsidiaries) to any other Person in a single transaction or series of transactions.

 

“Disqualified
Capital Stock” shall mean any Capital Stock that, by its terms (or by the terms of any security or other
Capital Stock into which it is convertible or for which it is exchangeable) or upon the happening of any event or condition,
(a) matures or is mandatorily redeemable (other than solely for Qualified Capital Stock), pursuant to a sinking fund
obligation or otherwise (except as a result of a Change of Control or asset sale so long as any rights of the holders thereof
upon the occurrence of a Change of Control or asset sale event shall be subject to the prior repayment in full of the Loans
and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is redeemable at the
option of the holder thereof (other than solely for Qualified Capital Stock) (except as a result of a Change of Control or
asset sale so long as any rights of the holders thereof upon the occurrence of a Change of Control or asset sale event shall
be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the
termination of the Commitments), in whole or in part, (c) provides for the scheduled payment of dividends in cash or (d) is
or becomes convertible into or exchangeable for Indebtedness or any other Capital Stock that would constitute Disqualified
Capital Stock, in each case, prior to the date that is ninety-one (91) days after the latest Maturity Date; provided,
that if such Capital Stock is issued pursuant to a plan for the benefit of employees of the Borrower or its Subsidiaries or
by any such plan to such employees, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may
be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

 

    13 

     

    

 

“Dollars”
and “$” shall mean dollars in lawful currency of the United States of America.

 

“Domestic
Holding Company” any Domestic Subsidiary substantially all of the assets of which consist of equity interests in
one or more Foreign Subsidiaries.

 

“Domestic
Subsidiary” shall mean each Subsidiary of the Borrower that is organized under the Applicable Laws of the United
States, any state, territory, protectorate or commonwealth thereof, or the District of Columbia.

 

“Drug Application”
shall mean a pending or approved new drug application, an abbreviated new drug application or a biologic license application, including
a section 351(k) application, or an investigational new drug exemption, for any Teligent Product, as appropriate, as those terms
are defined in the Food Drug Cosmetic Act and any and all Intellectual Property relating thereto, solely as applied to the Product
covered thereunder.

 

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

 

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

 

“EEA Resolution
Authority” shall mean 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.

 

“Environmental
Claims” shall mean any and all administrative, regulatory, adjudicatory or judicial actions, suits, demands,
demand letters, claims, liens, fines, penalties, requests for information, inquiries, notices of noncompliance or violation,
investigations (other than internal reports prepared by the Credit Parties in the ordinary course of such Person’s
business) or proceedings relating in any way to any Environmental Law, any Hazardous Material (including any exposure to any
Hazardous Material), or any permit issued, or any approval given, under any such Environmental Law
(“Claims”), including (i) any and all Claims by governmental or regulatory authorities for
enforcement, cleanup, removal, response, remedial, investigation, monitoring or other actions or damages pursuant to any
Environmental Law and (ii) any and all Claims by any Person seeking damages, contribution, indemnification, cost recovery,
compensation or injunctive relief resulting from the presence, Release of, or threat of Release of Hazardous Materials or
arising from alleged injury or threat of injury to human health, public safety or the environment, pursuant to any
Environmental Law.

 

    14 

     

    

 

“Environmental
Law” shall mean any federal, state, foreign, regional, county or local statute, law, rule, regulation, ordinance,
and code now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof,
including any binding judicial or administrative order, decree or judgment, relating to the protection of human health, safety
or the environment or natural resources, including laws relating to the Release, threat of Release, manufacture, processing, distribution,
use, presence, production, treatment, storage, disposal, transport, labeling or handling of, or exposure to, Hazardous Materials,
including the Federal Water Pollution Control Act, the Resource Conservation and Recovery Act, the Safe Drinking Water Act, the
Toxic Substances Control Act, the Clean Air Act and CERCLA, and other similar state and local statutes, and any regulations promulgated
thereto.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.
Section references to ERISA are to ERISA as in effect at the date of this Agreement and any subsequent provisions of ERISA amendatory
thereof, supplemental thereto or substituted therefor.

 

“ERISA
Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) that, together with any Credit Party or a
Subsidiary thereof, is, or within the last six (6) years was, treated as a “single employer” within the meaning of
Section 414(b), (c), (m) or (o) of the Code.

 

“ERISA
Event” shall mean (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 pursuant to applicable
regulations), (b) any failure by any Plan to satisfy the minimum funding standard (within the meaning of Section 412 of the Code
or Section 302 of ERISA) applicable to such Plan, in each case whether or not waived, (c) the filing pursuant to Section 412(c)
of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan,
(d) a determination that any Plan is, or is reasonably expected to be, in “at-risk” status (as defined in Section 303(i)(4)
of ERISA or Section 430(i)(4) of the Code), (e) the incurrence by Holdings, the Borrower, and Restricted Subsidiary or any ERISA
Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan, (f) the receipt by Holdings, the
Borrower, any Restricted Subsidiary or any ERISA Affiliate from the PBGC of any notice relating to an intention to terminate any
Plan or Plans or to appoint a trustee to administer any Plan, (g) the cessation of operations at a facility of Holdings, the Borrower,
any Restricted Subsidiary or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA, (h) the incurrence
by Holdings, the Borrower any Restricted Subsidiary or any ERISA Affiliate of any liability with respect to its withdrawal or partial
withdrawal from any Plan or Multiemployer Plan or (i) the receipt by Holdings, the Borrower, any Restricted Subsidiary or any ERISA
Affiliate of any notice concerning the imposition of Withdrawal Liability on it or a determination that a Multiemployer Plan is,
or is reasonably expected to be, insolvent, within the meaning of Title IV of ERISA or in “endangered” or “critical”
status, within the meaning of Section 305 of ERISA.

 

    15 

     

    

 

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

 

“Eurodollar
Loan” shall mean any Loan bearing interest at a rate determined by reference to the Eurodollar Rate.

 

“Eurodollar
Rate” shall mean, with respect to any Eurodollar Loan for any Interest Period, a rate per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) equal to the greater of (a) (i) from the Closing Date until the Amendment No. 4 Closing
Date, 1.00% per annum and (ii) from and including the Amendment No. 4 Closing Date to the Maturity Date, 1.50% per annum and (b)
an amount equal to (i) the rate per annum appearing on Bloomberg Professional Service Page BBAN1 offered rate for deposits in Dollars
at approximately 11:00 a.m. (London time) two (2) business days prior to the first day of such interest period for a term comparable
thereto; multiplied by (ii) the Statutory Reserve Rate. If for any reason the rate referred to in clause (b)(i) is not available,
for any such interest period, such rate will be (x) a comparable successor or alternative interbank rate for deposits in Dollars
that it, at such time, broadly accepted by the loan market in lieu of the Eurodollar Rate and is reasonably acceptable to the Administrative
Agent in consultation with the Borrower or (y) solely if no such broadly accepted comparable successor interbank rate exists at
such time, a successor or alternative index rate as the Agent may reasonably determine in light of prevailing market practices
and is reasonably acceptable to the Borrower; provided that, to the extent a successor or alternative index rate cannot be agreed
upon in accordance with clause (x) or (y) above within five (5) Business Days after the Eurodollar Rate becomes unavailable, all
Loans hereunder will be deemed to be ABR Loans (and shall bear interest accordingly) for purposes of the definition of “Applicable
Margin” and Section 2.10, until such time as an alternative rate can be agreed upon in accordance with clause (x) or (y).

 

“Event
of Default” shall have the meaning set forth in Article X.

 

“Excess
Availability” shall have the meaning set forth in the First Lien Credit Agreement.

 

“Excluded
Account” means each deposit or securities accounts constituting (a) a zero balance account that sweeps on a daily
basis into a deposit account subject to a Control Agreement, (b) a deposit account used solely to fund payroll obligations, health
benefit or employee benefit obligations, trust fund Tax obligations, escrow arrangements, trust accounts or holding third-party
insurance funds or funds owned by Persons other than the Credit Parties, (c) any other deposit or securities account so long as
with respect to this clause (c), the aggregate amount on deposit in all such accounts does not exceed $750,000 at any one time,
(d) a deposit account into which an Account Debtor makes payment under Medicare, Medicaid, TRICARE or any other health program
operated by or financed in whole or in part by any foreign or domestic federal, state or local government so long as funds on deposit
in such deposit account are transferred on each Business Day to an account subject to a Control Agreement or (e) a deposit account
holding solely funds pledged as cash collateral to the extent permitted under Section 9.02(o).

 

    16 

     

    

 

 

“Excluded
Subsidiary” shall mean (i) any Foreign Subsidiary or Domestic Holding Company, in each case solely to the extent
that the inclusion of such Person as a Guarantor may result (or may be reasonably likely to result) in adverse tax consequences
to the Borrower and its Subsidiaries, taken as a whole, as determined in good faith by the Borrower and notified in writing to
the Administrative Agent and (ii) each Immaterial Subsidiary. For the avoidance of doubt, none of Teligent OU, a private limited
company organized in Tallin, Republic of Estonia, Teligent Luxembourg S.a.r.l., a société a responsabilité
limitée formed in Luxembourg, and Teligent Canada, a company formed in the province of British Columbia, shall constitute
Excluded Subsidiaries.

 

“Excluded
Taxes” shall mean with respect to the Administrative Agent, any Lender or any other recipient of any payment to be
made by or on account of any Obligation of the Borrower hereunder, (a) income, franchise or similar Taxes imposed on (or measured
by) its net income (i) by the United States of America, or by the jurisdiction under the laws of which such recipient is organized
or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or
(ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed by the United States of America or any similar tax imposed
by any other jurisdiction in which the Borrower is located, (c) in the case of a Non-U.S. Lender, any withholding tax that is imposed
on amounts payable to such Non-U.S. Lender at the time such Non-U.S. Lender becomes a party to this Agreement (or designates a
new lending office, unless such designation was at the request of the Borrower), except to the extent that such Non-U.S. Lender
(or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 5.04(a), (d) Taxes imposed by reason of the
failure of the Administrative Agent or such Lender to comply with its obligations under Section 5.04(b) and Section 5.04(c), or
to the extent that such documentation fails to establish a complete exemption from applicable withholding Taxes, other than, in
either case, due to a change in Applicable Laws after the Closing Date, and (e) U.S. federal withholding Taxes imposed under FATCA.

 

“Existing
Notes” shall mean the 2019 Convertible Notes and the 2023 Convertible Notes.

 

“FATCA”
shall mean 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.

 

“FCPA”
shall mean the Foreign Corrupt Practices Act of 1977, as amended from time to time, and the rules and regulations thereunder.

 

“FDA”
shall mean the United States Food and Drug Administration and any successor thereto.

 

“FDA Trigger
Amount” shall mean $2,500,000, which such amount shall be increased to $5,000,000 if at any time, when tested, the
revenue of Borrower and its Subsidiaries for the Test Period measured at the end of the most recently ended two consecutive fiscal
quarters is greater than $100,000,000).

 

    17 

     

    

 

“Federal
Funds Rate” shall mean, for any day, a fluctuating interest rate per annum equal to: (a) the weighted average of
the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers,
as published for such day (or, if such day is not a Business Day, for the next succeeding Business Day) by the Federal Reserve
Bank of New York; or (b) if such rate is not so published for any day which is a Business Day, the average of the quotations
for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by it.

 

“Fee Letter”
shall mean, collectively, the (i) Amended and Restated Fee Letter dated as of the Closing Date by and between the Borrower, the
Administrative Agent and the First Lien Agent, as amended, restated, supplemented or otherwise modified from time to time, (ii)
Amendment Fee Letter dated as of the Amendment No. 3 Effective Date by and between the Borrower, the Administrative Agent and the
First Lien Agent, as amended, restated, supplemented or otherwise modified from time to time (the “Amendment Fee Letter”)
and (iii) Amendment No. 2 Fee Letter dated as of the Amendment No. 4 Effective Date by and between the Borrower and the Administrative
Agent, as amended, restated, supplemented or otherwise modified from time to time.

 

“Financial
Advisor” shall have the meaning set forth in Section 8.17.

 

“Financial
Advisor Engagement” shall have the meaning set forth in Section 8.17.

 

“First
Lien Agent” shall mean ACF FINCO I LP, or any successor “Administrative Agent” as such term is defined
in the First Lien Credit Agreement.

 

“First
Lien Credit Agreement” shall mean that certain First Lien Revolving Credit Agreement of even date herewith among
the Borrower, ACF FINCO I LP, as administrative agent, the lenders from time to time party thereto, and the other credit parties
thereto, as such agreement may be amended, restated, supplemented or otherwise modified from time to time in accordance with the
Intercreditor Agreement.

 

“First
Lien Indebtedness” shall mean Indebtedness under the First Lien Loan Documents.

 

“First
Lien Lenders” shall mean “Lenders” as such term is defined in the First Lien Credit Agreement.

 

“First
Lien Loan Documents” shall mean the First Lien Credit Agreement and all agreements, documents and instruments at
any time executed and/or delivered by any Credit Party or any other Person with, to or in favor of the First Lien Agent, the First
Lien Lenders, or any of them, in connection therewith or related thereto, as all of the foregoing now exist or may hereafter be
amended, restated, supplemented or otherwise modified from time to time in accordance with the Intercreditor Agreement.

 

“Flood
Hazard Property” shall have the meaning set forth in the definition of the term “Flood Insurance Requirements”.

 

    18 

     

    

 

“Flood
Insurance Laws” shall mean, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect
or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor
statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute
thereto, (iv) the Flood Insurance Reform Act of 2004 and (v) the Biggert –Waters Flood Insurance Reform Act of
2012, as now or hereafter in effect of any successor statute thereto, in each case, together with all statutory and regulatory
provisions consolidating, amending, replacing, supplementing, implementing  or interpreting any of the foregoing, as amended
or modified from time to time.

 

“Flood
Insurance Requirements” shall mean (i) a completed “life of loan” Federal Emergency Management Standard
Flood Hazard Determination as to whether such real property is in an area designated by the Federal Emergency Management Agency
as having special flood or mud slide hazards (a “Flood Hazard Property”) and (ii) if such real property
is a Flood Hazard Property, evidence as to (A) whether the community in which such real property, or as applicable, the leasehold
interest of such Credit Party in such real property, is located is participating in the National Flood Insurance Program, (B) the
applicable Credit Party’s written acknowledgment of receipt of written notification from the Administrative Agent (1) as
to the fact that such real property is a Flood Hazard Property and (2) as to whether the community in which each such Flood Hazard
Property is located is participating in the National Flood Insurance Program and (C) copies of flood insurance policies under the
National Flood Insurance Program (or private insurance endorsed to cause such private insurance to be fully compliant with the
federal law as regards private placement insurance applicable to the National Flood Insurance Program, with financially sound and
reputable insurance companies not Affiliates of the Borrower) or a declaration page, application accompanied by proof of premium
payment for such policies, or such other documentation as is satisfactory to the Administrative Agent and each Lender, with confirmation
of such satisfaction of such Lender to be made in writing (which, for purposes of such confirmation, shall include email) and such
confirmation shall not be unreasonably withheld or delayed, in each case, for the Borrower and its Subsidiaries evidencing such
flood insurance coverage in such amounts and with such deductibles as required by Flood Insurance Laws or as the Administrative
Agent may request (but no less than required by applicable Flood Insurance Laws) and naming the Administrative Agent and its successors
and/or assigns as sole loss payee on behalf of the Lenders.

 

“Foreign
Security Instrument” shall have the meaning set forth in Section 8.15(e)(i).

 

“Foreign
Subsidiary” shall mean each Subsidiary of a Credit Party that is not a Domestic Subsidiary.

 

“Funded
Debt” shall mean, as of any date of determination, all then outstanding Indebtedness of Borrower and its Subsidiaries,
on a consolidated basis, of the type described in clauses (a), (b), (d) and (f) of the defined term “Indebtedness”.
For the avoidance of doubt, the Indebtedness permitted under Section 9.01(q) shall not constitute Funded Debt so long as such Indebtedness
is outstanding, unless not forgiven by the applicable Governmental Authority relevant thereto or Quaint Oak Bank, as applicable.

 

    19 

     

    

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America, as in effect from time to time; provided,
that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies the Borrower 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 the Administrative Agent, the Lenders and the Credit Parties shall negotiate in good faith to effect such amendment and 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.

 

“Governmental
Authority” shall mean the government of the United States, any foreign country or any multinational authority, or
any state, commonwealth, protectorate or political subdivision thereof, and any entity, body or authority exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government, including the PBGC and other quasi-governmental
entities established to perform such functions.

 

“Guarantee
Agreement” shall mean a Guarantee Agreement, executed and delivered by each Guarantor in favor of the Administrative
Agent for the benefit of the Secured Parties, in form and substance satisfactory to Administrative Agent.

 

“Guarantee
Obligations” shall mean, as to any Person, any Contingent Liability of such Person or other obligation of such Person
guaranteeing or intended to guarantee any Indebtedness of any other Person (the “primary obligor”) in
any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (a) to purchase
any such Indebtedness or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for
the purchase or payment of any such Indebtedness or (ii) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily
for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness
or (d) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; provided, that
the term “Guarantee Obligations” shall not include endorsements of instruments for deposit or collection in the ordinary
course of business or customary and reasonable indemnity obligations in effect on the Closing Date, entered into in connection
with any acquisition or disposition of assets permitted under this Agreement (other than with respect to Indebtedness). The amount
of any Guarantee Obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect
of which such Guarantee Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

 

“Guarantors”
shall mean (a) each Person that is a Domestic Subsidiary on the Closing Date, (b) each Person that is a Foreign Subsidiary on
the Closing Date, and (c) each Person that becomes a party to the Guarantee Agreement after the Closing Date pursuant to
Section 8.11, in each case, other than any Excluded Subsidiary.

 

    20 

     

    

 

“Hazardous
Materials” shall mean (a) any petroleum or petroleum products, radioactive materials, friable asbestos, urea formaldehyde
foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls,
and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “hazardous substances”,
 “hazardous waste”, “hazardous materials”, “extremely hazardous waste”, “restricted hazardous
waste”, “toxic substances”, “toxic pollutants”, “contaminants”, or “pollutants”,
or words of similar import, under any Environmental Law; and (c) any other chemical, material or substance, which is classified,
prohibited, limited or regulated by, or forming the basis of liability under any Environmental Law.

 

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

 

“Hedging
Obligations” shall mean, with respect to any Person, any and all obligations of such Person, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired under (a) any and all Hedging Transactions, (b)
any and all cancellations, buy backs, reversals, terminations or assignments of any Hedging Transactions and (c) any and all renewals,
extensions and modifications of any Hedging Transactions and any and all substitutions for any Hedging Transactions.

 

“Hedging
Transaction” of any Person shall mean (a) any transaction (including an agreement with respect to any such transaction)
permitted under Section 9.11 now existing or hereafter entered into by such Person that is a rate swap transaction, swap option,
basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, interest
rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency
rate swap transaction, currency option, spot transaction, credit protection transaction, credit swap, credit default swap, credit
default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back
transaction, securities lending transaction, or any other similar transaction (including any option with respect to any of these
transactions) or any combination thereof, whether or not any such transaction is governed by or subject to any master agreement
and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of,
or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules,
a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

 

    21 

     

    

 

“Historical
Financial Statements” shall mean (a) audited consolidated financial statements of Borrower for the fiscal year ended
December 31, 2016 as filed on March 15, 2017 with the SEC pursuant to an annual report on Form 10-K and December 31, 2017 as filed
on March 19, 2018 with the SEC pursuant to an annual report on Form 10-K and (b) unaudited consolidated financial statements of
the Borrower for the fiscal year to date periods ended March 31, 2018 as filed on May 15, 2018 with the SEC pursuant to a quarterly
report on Form 10-Q, June 30, 2018 as filed on December 12, 2018 with the SEC pursuant to a quarterly report on Form 10-Q/A and
September 30, 2018 as filed on December 12, 2018 with the SEC pursuant to a quarterly report on Form 10-Q.

 

“Immaterial
Subsidiary” shall mean, at any date of determination, each Subsidiary of the Borrower that has been designated by
the Borrower in writing to the Administrative Agent as an “Immaterial Subsidiary” for purposes of this Agreement; provided,
that, (a) for purposes of this Agreement, at no time shall (i) the Consolidated Total Assets of all Immaterial Subsidiaries at
the last day of the most recent Test Period be equal to or exceed 2.5% of the Consolidated Total Assets of the Borrower and its
subsidiaries at such date or (ii) Consolidated Adjusted EBITDA for such Test Period of all Immaterial Subsidiaries equal or exceed
2.5% of the Consolidated Adjusted EBITDA of Borrower and its Subsidiaries for such period, (b) the Borrower shall not designate
any new Immaterial Subsidiary if such designation would not comply with the provisions set forth in clause (a) above, and (c) if
clause (a) shall not be satisfied at any time, then all such Subsidiaries shall be deemed to be non-Immaterial Subsidiaries unless
and until the Borrower shall redesignate one or more Immaterial Subsidiaries as non-Immaterial Subsidiaries, in each case in a
written notice to the Administrative Agent, and, as a result thereof, clause (a) shall be satisfied. Each Immaterial Subsidiary
existing as of the Closing Date is set forth on Schedule 1.01(b).

 

“Indebtedness”
shall mean, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

(a)              
all indebtedness of such Person for borrowed money and all indebtedness of such Person evidenced by bonds, debentures, notes,
loan agreements or other similar instruments;

 

(b)              
the maximum amount (after giving effect to any prior drawings or reductions which may have been reimbursed) available under
all letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds, performance
bonds and similar instruments issued or created by or for the account of such Person;

 

(c)              
the Hedge Termination Value of all Hedging Obligations of such Person;

 

(d)              
all obligations of such Person to pay the deferred purchase price of property or services, including earn-out obligations
(other than (i) trade accounts payable in the ordinary course of business and (ii) to the extent such obligation is not due at
any time prior to the date that is six months after the latest Maturity Date, any earn-out obligation until such obligation becomes
a liability on the balance sheet of such Person in accordance with GAAP);

 

    22 

     

    

 

(e)              
 indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond,
industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or
is limited in recourse;

 

(f)               
all Attributable Indebtedness;

 

(g)              
all obligations of such Person in respect of Disqualified Capital Stock; and

 

(h)              
all Guarantee Obligations of such Person in respect of any of the foregoing,

 

provided, that Indebtedness shall
not include (i) prepaid or deferred revenue arising in the ordinary course of business, (ii) purchase price holdbacks arising in
the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warranties or other unperformed
obligations of the seller of such asset, (iii) endorsements of checks or drafts arising in the ordinary course of business, and
(iv) preferred Capital Stock to the extent not constituting Disqualified Capital Stock.

 

For all purposes hereof,
the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that
is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to
the extent such Person’s liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would
be included in the calculation of Consolidated Total Net Debt. The amount of any net Hedging Obligations on any date shall be deemed
to be the Hedge Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of clause (e)
above shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market
value of the property of such Person encumbered thereby as determined by such Person in good faith. For the avoidance of doubt,
the Indebtedness permitted under Section 9.01(q) shall not constitute Indebtedness so long as such Indebtedness is outstanding,
unless not forgiven by the applicable Governmental Authority relevant thereto or Quaint Oak Bank, as applicable.

 

“Initial
Term Loan Facility” shall have the meaning set forth in the recitals to this Agreement.

 

“Initial
Term Loan” shall have the meaning set forth in Section 2.01(a)(x).

 

“Initial
Term Loan Commitment” shall mean, (a) in the case of each Lender that is a Lender on the date hereof, the amount
set forth opposite such Lender’s name on Schedule 1.01(a) as such Lender’s “Initial Term Loan Commitment”
and (b) in the case of any Lender that becomes a Lender after the date hereof, the amount specified as such Lender’s “Initial
Term Loan Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed all or a portion of the Initial
Term Loan Commitment, in each case as the same (x) shall be permanently reduced on the Closing Date upon the Initial Term Loan
draw that such Lender funds and (y) may be changed from time to time pursuant to the terms hereof.

 

    23 

     

    

 

“Intercreditor
Agreement” shall mean the Intercreditor Agreement, dated as of the date hereof, by and between the Administrative
Agent and First Lien Agent, and acknowledged by the Credit Parties, as amended, restated, supplemented or otherwise modified from
time to time.

 

“Interest
Period” shall mean, with respect to any Eurodollar Loan, the interest period applicable thereto, as determined pursuant
to Section 2.09.

 

“Investment”
shall mean, relative to any Person, (a) any loan, advance or extension of credit made by such Person to any other Person, including
the purchase by such first Person of any bonds, notes, debentures or other debt securities of any such other Person; (b) Contingent
Liabilities in favor of any other Person; and (c) any Capital Stock or other investment held by such Person in any other Person.
The amount of any Investment at any time shall be the original principal or capital amount thereof less all returns of principal
or equity thereon made on or before such time and shall, if made by the transfer or exchange of property other than cash, be deemed
to have been made in an original principal or capital amount equal to the fair market value of such property at the time of such
Investment.

 

“Lender”
shall have the meaning set forth in the preamble to this Agreement.

 

“Letter
of Direction” shall mean that certain executed letter of direction from Borrower addressed to Administrative Agent,
on behalf of itself and Lenders, directing the disbursement on the Closing Date of the proceeds of the Loans made on such date.

 

“Lien”
shall mean any mortgage, pledge, security interest, hypothecation, assignment for collateral purposes, lien (statutory or other)
or similar encumbrance, and any easement, right-of-way, license, restriction (including zoning restrictions), defect, exception
or irregularity in title or similar charge or encumbrance (including any agreement to give any of the foregoing, any conditional
sale or other title retention agreement or any lease in the nature thereof); provided, that in no event shall an operating
lease entered into in the ordinary course of business or any precautionary UCC filings made pursuant thereto by an applicable lessor
or lessee, be deemed to be a Lien.

 

“Line Project”
shall have the meaning set forth in the recitals to this Agreement.

 

“Liquidity”
shall mean, at any time, Availability (as defined in the First Lien Credit Agreement), plus unrestricted cash and Cash Equivalents
of any Credit Party that is on deposit in deposit accounts or in securities accounts, or any combination thereof, and which such
deposit accounts and/or securities accounts are the subject of a Control Agreement.

 

“Loan”
shall mean, individually, any Loan made by any Lender hereunder, and collectively, the Loans made by the Lenders hereunder. “Loan”
shall include the Initial Term Loan and each Delayed Draw Term Loan.

 

“Make-Whole
Premium” shall mean, with respect to any prepayment of the Term Loans at any time on or prior to the second
anniversary of the Closing Date, the excess of (a) the sum of the present value of (i) 102% of the outstanding principal
amount of the Term Loans being prepaid as of such date of prepayment, plus (ii) all required interest payments due on such
Term Loans from the date of prepayment through and including the second anniversary of the Closing Date, which such present
value shall be computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal
amount of the Term Loans being prepaid; provided that in no event shall the Make-Whole Premium be less than zero.

 

    24 

     

    

 

“Master
Agreement” shall have the meaning set forth in the definition of the term “Hedging Transaction”.

 

“Material
Adverse Effect” shall mean (a) a material adverse effect on the business, assets, properties, liabilities (actual
or contingent), operations, financial condition or results of operations of the Borrower and its Subsidiaries, taken as a whole,
(b) a material impairment of the validity or enforceability of this Agreement or any of the other Credit Documents, (c) a material
impairment in the Secured Parties’ ability to enforce their rights or remedies hereunder or under any of the other Credit
Documents, or (d) a material impairment of the ability of the Borrower and its Subsidiaries, taken as a whole, to perform their
payment and other material obligations under the Credit Documents to which they are parties.

 

“Material
Contract” shall mean, as to any Person, (i) each contract or agreement to which such Person or any of its Subsidiaries
is a party involving aggregate annual consideration payable to or by such Person or such Subsidiary of $1,500,000 or more (other
than customer contracts), and (ii) all other contracts or agreements, the loss of which could reasonably be expected to result
in a Material Adverse Effect. A reasonably detailed description of each Material Contract is set forth on Schedule 1.01(c)
as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 8.01(d).

 

“Material
Real Property” shall mean any Real Property that has a fair market value in excess of $1,500,000, as reasonably determined
by the Borrower based on information available to it.

 

“Maturity
Date” shall mean December 29, 2022.

 

“Minimum
DDTL A Borrowing Amount” shall mean $10,000,000.

 

“Minimum
DDTL B Borrowing Amount” shall mean $2,500,000.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 

“Mortgage”
shall mean a mortgage or a deed of trust, deed to secure debt, trust deed or other security document entered into by any applicable
Credit Party and the Administrative Agent for the benefit of the Secured Parties in respect of any Real Property owned by such
Credit Party, in such form as agreed between such Credit Party and the Administrative Agent, as amended, restated, supplemented
or otherwise modified from time to time.

 

“Mortgaged
Property” shall mean each parcel of Real Property and improvements thereto with respect to which a Mortgage is granted
pursuant to Section 8.11(d).

 

“Multiemployer
Plan” shall mean a “multiemployer plan” within the meaning of Section 3(37) of ERISA to which any
Credit Party, any Subsidiary of a Credit Party or any ERISA Affiliate makes, is making, is obligated, or within the last six
(6) years has been obligated, to make contributions, or with respect to which any Credit Party or any Subsidiary of a Credit
Party has any liability, actual or contingent.

 

    25 

     

    

 

“Net Proceeds”
shall mean (a) in respect of a Disposition or Casualty Event, cash proceeds as and when received by the Person making a Disposition,
as well as insurance proceeds and condemnation and similar awards received on account of a Casualty Event, net of: (i) in the event
of a Disposition (w) the direct costs relating to such Disposition, (x) sales, use or other transaction Taxes actually paid, assessed
or estimated by such Person (in good faith) to be payable in cash within the next 12 months in connection with such proceeds provided,
that if, after the expiration of the twelve-month period, the amount of estimated or assessed Taxes, if any, exceeded the Taxes
actually paid in cash in respect of proceeds from such Disposition, the aggregate amount of such excess shall constitute Net Proceeds
under Section 5.02 and, subject to Section 5.02(k), be immediately applied to the prepayment of the Obligations in
accordance with Section 5.02(f), (y) amounts required to be applied to pay principal, interest and prepayment premiums and
penalties on Indebtedness (other than the Obligations) secured by a Lien on the asset which is the subject of such Disposition
and (z) with respect to a Disposition, any escrow or reserve for any indemnification payments (fixed or contingent) attributable
to seller’s indemnities and representations and warranties to purchaser in respect of the applicable Disposition undertaken
by any Credit Party or other liabilities in connection with such Disposition (provided that upon release of any such escrow or
reserve, the amount released shall be considered Net Proceeds) and (ii) in the event of a Casualty Event, (x) all of the costs
and expenses reasonably incurred in connection with the collection of such proceeds, award or other payments, and (y) any amounts
retained by or paid to parties having superior rights to such proceeds, awards or other payments and (b) in respect of any incurrence
of Indebtedness or issuance of equity, cash proceeds, net of underwriting discounts and out-of-pocket costs and expenses paid or
incurred in connection therewith in favor of any Person not an Affiliate of a Borrower.

 

“Net Revenue”
means, for any period, (a) Credit Parties’ gross revenues during such period, less (b)(i) trade, quantity and cash discounts
allowed by a Credit Party, (ii) discounts, refunds, rebates, charge backs, retroactive price adjustments and any other allowances
which effectively reduce net selling price, (iii) product returns and allowances, (iv) allowances for shipping or other distribution
expenses, (v) set-offs and counterclaims, and (vi) any other similar and customary deductions used by a Credit Party in determining
net revenues, all, in respect of (a) and (b), as determined in accordance with GAAP and in the ordinary course of business (and
not, for the avoidance of doubt, revenues from extraordinary, non-recurring or unusual events).

 

“Non-Consenting
Lender” shall have the meaning set forth in Section 12.07(b).

 

“Non-Excluded
Taxes” shall have the meaning set forth in Section 5.04(a).

 

“Non-U.S.
Lender” shall have the meaning set forth in Section 5.04(b).

 

“Note”
shall mean, as the context may require, a DDTL Note or a Term Loan Note.

 

“Notice
of Borrowing” shall have the meaning set forth in Section 2.03(a).

 

    26 

     

    

 

“Notice
of Conversion or Continuation” shall have the meaning set forth in Section 2.06(a).

 

“November
Interest Payment” shall mean the cash interest payment in respect of the 2023 Convertible Notes that is due and payable
in November 2020.

 

“Obligations”
shall mean all Loans, advances, debts, liabilities, obligations, covenants and duties owing by any Credit Party to any Lender,
Agent, or any other Person required to be indemnified hereunder, that arise under any Credit Document, whether or not for the payment
of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification or in any other manner, whether
direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter
arising and however acquired, including all fees, expenses and other amounts accruing during the pendency of any proceeding of
the type described in Section 10.01(h), whether or not allowed in such proceeding.

 

“Organization
Documents” shall mean, (a) with respect to any corporation, the certificate or articles of incorporation and the
bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any
limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and, if applicable, any agreement, instrument, filing or notice with respect thereto filed in connection
with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization
and, if applicable, any certificate or articles of formation or organization of such entity.

 

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

 

“Other
Taxes” shall mean any and all present or future stamp, court, documentary, intangible recording, filing or similar
Taxes or any other excise or property Taxes, charges or similar levies (but excluding any Tax, charge or levy that constitutes
an Excluded Tax) arising from any payment made hereunder or from the execution, delivery or enforcement of, from the receipt or
perfection of a security interest under, or otherwise with respect to, this Agreement.

 

“Participant”
shall have the meaning set forth in Section 12.06(c)(i).

 

“Participant
Register” shall have the meaning set forth in Section 12.06(c)(iii).

 

“Patriot
Act” shall have the meaning set forth in Section 12.20.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto.

 

    27 

     

    

 

“Pension
Plan” shall mean any single-employer plan, as defined in Section 4001(a)(15) of ERISA, and subject to Title IV of
ERISA, Section 412 of the Code or Sections 302 or 303 of ERISA, that is or was within any of the preceding six plan years sponsored,
maintained or contributed to (or to which there is or was an obligation to contribute or to make payments) by any Credit Party,
Subsidiary of a Credit Party or an ERISA Affiliate thereof, or respect of which any Credit Party, Subsidiary of a Credit Party
or an ERISA Affiliate thereof incurs or otherwise has any obligation or liability, contingent or otherwise.

 

“Perfection
Certificate” shall mean, individually and collectively, the certificates, substantially in the form of Exhibit
P-1 or otherwise in form and substance satisfactory to the Administrative Agent, delivered by the Credit Parties to the Administrative
Agent.

 

“Permits”
shall mean, with respect to any Person, any permit, approval, clearance, authorization, license, registration, certificate, concession,
grant, franchise, variance or permission from, and any other contractual obligations with, any Governmental Authority, in each
case whether or not having the force of law and applicable to or binding upon such Person or any of its property or Products or
to which such Person or any of its property or Products is subject, including without limitation all Registrations.

 

“Permitted
Acquisition” shall mean any acquisition by a Credit Party of (i) all or substantially all of the assets of a target,
which assets are located in the United States or (ii) 100% of the Capital Stock of a target organized under the laws of any State
in the United States or the District of Columbia, in each case, to the extent that each of the following conditions shall have
been satisfied:

 

(a)              
the Borrower and its Subsidiaries (including any new Subsidiary) shall execute and deliver the agreements, instruments and
other documents required by Section 8.11;

 

(b)              
such acquisition shall not be hostile and shall have been approved by the board of directors (or other similar body) and/or
the stockholders or other equityholders of the target;

 

(c)              
no Event of Default shall then exist or would exist after giving effect thereto;

 

(d)              
the average daily Excess Availability for the immediately preceding ninety (90) day period is not less than $5,000,000,
and after giving effect to such proposed acquisition (including payment of the purchase price in accordance with clause (e) below),
the Borrower shall have a minimum pro-forma Excess Availability as of the date of consummation of such acquisition (after giving
effect to the funding of all Loans and use of cash as of such date) of not less than $5,000,000;

 

(e)              
the total consideration paid or payable for Permitted Acquisitions shall be funded solely with internally generated cash
or net proceeds from an issuance of Capital Stock or Indebtedness permitted under Section 9.01(j); and

 

    28 

     

    

 

(f)               
 the pro forma Target Adjusted EBITDA of the target of each such acquisition, on a cumulative basis for the immediately
preceding four fiscal quarters, shall be no less than $0.

 

“Permitted
Liens” shall have the meaning set forth in Section 9.02.

 

“Permitted
Refinancing Indebtedness” shall mean Indebtedness issued or incurred (including by means of the extension or renewal
of existing Indebtedness) to refinance, refund, extend, renew or replace existing Indebtedness of any Credit Party or any of its
Subsidiaries permitted hereunder (the “Refinanced Indebtedness”); provided, that the original
principal amount of such refinancing, refunding, extending, renewing or replacing Indebtedness does not exceed the principal amount
of such Refinanced Indebtedness plus the amount of any interest, premiums or penalties required to be paid thereon plus fees and
expenses associated therewith.

 

“Person”
shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other
enterprise or any Governmental Authority.

 

“PIK Amount”
shall have the meaning set forth in Section 2.08(f).

 

“PIK Interest”
shall have the meaning set forth in Section 2.08(f).

 

“PIK Notice”
shall have the meaning set forth in Section 2.08(f).

 

“PIK Termination
Date” shall mean March 31, 2021.

 

“Plan”
shall mean a Pension Plan or a Multiemployer Plan.

 

“Prepayment
Premium” shall have the meaning set forth in Section 5.01(a).

 

“Prime
Rate” shall mean a variable per annum rate, as of any date of determination, equal to the rate as of such date published
in The Wall Street Journal as being the “Prime Rate” (or, if more than one rate is published as the Prime Rate,
then the highest of such rates). The Prime Rate will change as of the date of publication in The Wall Street Journal of
a Prime Rate that is different from that published on the preceding Business Day. In the event that The Wall Street Journal
shall, for any reason, fail or cease to publish the Prime Rate, the Administrative Agent shall choose a reasonably comparable index
or source to use as the basis for the Prime Rate.

 

“Products”
shall mean any item or any service that is researched or developed, created, tested, packaged, labeled, distributed, manufactured,
managed, performed, or otherwise used, offered, marketed, sold, or handled by or on behalf of the Credit Parties or any of their
Subsidiaries, whether marketed or in development.

 

“Property”
shall mean any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible.

 

“Pro Forma
Basis” shall mean, for purposes of calculating the Total Net Leverage Ratio:

 

    29 

     

    

 

(a)              
 Investments, acquisitions, mergers, consolidations and dispositions of any Subsidiary, line of business or division, that
have been made by the specified Person or any of its Subsidiaries, or any Person or any of its Subsidiaries acquired by, merged
or consolidated with the specified Person or any of its Subsidiaries, and including any related financing transactions and incurrences
of Indebtedness, and including increases in ownership of Subsidiaries, during the applicable reference period or subsequent to
such reference period and on or prior to the date of determination will be given pro forma effect, as if they had occurred on the
first day of the applicable reference period;

 

(b)              
any Person that is a Subsidiary on the date of determination will be deemed to have been a Subsidiary at all times during
such reference period; and

 

(c)              
any Person that is not a Subsidiary on the date of determination will be deemed not to have been a Subsidiary at any time
during such reference period;

 

For purposes of this
definition, whenever pro forma effect is given to a transaction, the pro forma calculations shall be made in good faith by an Authorized
Officer of the Borrower and shall be reasonably satisfactory to the Administrative Agent. Any such pro forma calculation may include
adjustments appropriate, in the good faith determination of the Borrower as set forth in an officers’ certificate, to reflect
operating expense reductions (but not revenue increases) expected to result from the applicable pro forma event if such adjustments
are reasonably satisfactory to the Administrative Agent.

 

“Pro Rata
Share” shall mean (a) with respect to the Initial Term Loan Commitment of any Lender at any time, a percentage, the
numerator of which shall be the sum of such Lender’s unfunded Initial Term Loan Commitment, plus such Lender’s funded
Initial Term Loans, and the denominator of which shall be the sum of the unused Initial Term Loan Commitments of all Lenders, plus
all funded Initial Term Loans of all Lenders, (b) with respect to the DDTL A Commitment of any Lender at any time, a percentage,
the numerator of be the sum of such Lender’s unfunded DDTL A Commitment, plus such Lender’s funded Delayed Draw Term
Loan A, and the denominator of which shall be the sum of the DDTL A Commitment of all Lenders, plus all funded Delayed Draw Term
Loan A of all Lenders or (c) with respect to the DDTL B Commitment of any Lender at any time, a percentage, the numerator of be
the sum of such Lender’s unfunded DDTL B Commitment, plus such Lender’s funded Delayed Draw Term Loan B, and the denominator
of which shall be the sum of the DDTL B Commitment of all Lenders, plus all funded Delayed Draw Term Loan B of all Lenders.

 

“Public
Health Laws” shall mean all Applicable Laws relating to the procurement, development, manufacture, production,
analysis, distribution, dispensing, importation, exportation, use, handling, quality, sale, or promotion of any drug, medical
device, food, dietary supplement, or other product (including, without limitation, any ingredient or component of the
foregoing products) subject to regulation under the Federal Food, Drug, and Cosmetic Act (21 U.S.C. §301 et seq.), the
Controlled Substances Act, 21 U.S.C. §801 et seq., pharmacy laws, or consumer product safety laws and similar state
laws, the False Claims Act, 31 U.S.C. §3729 et seq., the Antikickback Statute, 42 U.S.C. §1320a-7b(b), the Civil
Monetary Penalty Law, 42 U.S.C. §1320a-7a, the Stark Law, 42 U.S.C. §1395nn, all laws relating to the disclosure of
payments or other value to healthcare providers, including but not limited to the Physician Payments Sunshine Act, 42 C.F.R.
 §401-403, the Health Insurance Portability and Accountability Act of 1996, 42 U.S.C. §1320d et seq., as amended by
the Health Information Technology for Economic and Clinical Health Act, and all other federal, state and local laws relating
to the prevention of fraud and abuse, and the regulation of the Credit Party’s and its Subsidiaries’ Products and
services to ensure they are not adulterated or misbranded.

 

    30 

     

    

 

“Qualified
Capital Stock” shall mean any Capital Stock that is not Disqualified Capital Stock.

 

“Real Property”
shall mean, with respect to any Person, all right, title and interest of such Person (including, without limitation, any leasehold
estate) in and to a parcel of real property owned, leased or operated by such Person together with, in each case, all improvements
and appurtenant fixtures, equipment, personal property, easements and other property and rights incidental to the ownership, lease
or operation thereof.

 

“Receivable”
shall mean, with respect to each Credit Party, each (i) Account, (ii) Health-Care-Insurance Receivable, (iii) credit card receivable,
(iv) right to payment under any contract, Document, Instrument, promissory note, Chattel Paper, or electronic chattel paper, (v)
tax refund or right to receive any tax refund, (vi) bond or certificate owned or held by such Credit Party or held for the benefit
of such Credit Party, (vi) right to payment for the sale, lease or license of any Inventory, Equipment or General Intangible, (vii)
policy of insurance issued to or for the benefit of such Credit Party and each right to payment and Proceeds of such insurance,
(viii) right to payment in connection with each Investment Property, Deposit Account, book account, credit or reserve, and (ix)
form of obligation whatsoever owing to such Credit Party, together with all Instruments, Documents and Certificates of Title representing
any of the foregoing, and all rights in any merchandise or Goods which any of the same may represent, all files and Records with
respect to any collateral or security given by such Credit Party to Administrative Agent in the foregoing, together with all rights,
title, security, Supporting Obligations and guarantees with respect to the foregoing, including any right of stoppage in transit,
whether now owned or hereafter created or acquired by such Credit Party or in which such Credit Party now has or hereafter acquires
any interest.

 

“Refinanced
Indebtedness” shall have the meaning set forth in the definition of “Permitted Refinancing Indebtedness”.

 

“Register”
shall have the meaning set forth in Section 12.06(b)(iv).

 

“Registrations”
shall mean all Permits and exemptions issued or allowed by any Governmental Authority (including but not limited to new drug
applications, abbreviated new drug applications, biologics license applications, including section 351(k) applications, drug
master files, investigational new drug applications, over-the-counter drug monograph, drug establishment and listing forms,
device pre-market approval applications, device pre-market notifications, investigational device exemptions, product
recertifications, manufacturing approvals and authorizations, CE Marks, pricing and reimbursement approvals, labeling
approvals or their foreign equivalent, controlled substance registrations, marketing and promotion registrations, and
wholesale distributor permits held by, or applied by contract to, any Credit Party or any of its Subsidiaries, that are
required for the research, development, testing, manufacture, distribution, promotion, marketing, storage, transportation,
use and sale of the Products of any Credit Party or any of its Subsidiaries.

 

    31 

     

    

 

 

“Regulatory
Matters” shall mean, collectively, activities and Products that are subject to Public Health Laws.

 

“Regulation
D” shall mean Regulation D of the Board as from time to time in effect and any successor to all or a portion thereof
establishing reserve requirements.

 

“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof
establishing margin requirements.

 

“Regulation
X” shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof
establishing margin requirements.

 

“Related
Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the directors, officers,
employees, agents, trustees, advisors of such Person and any Person that possesses, directly or indirectly, the power to direct
or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract
or otherwise.

 

“Release”
shall mean a “release”, as such term has the meaning set forth in CERCLA.

 

“Reportable
Event” shall mean an event described in Section 4043 of ERISA and the regulations thereunder (excluding any such
event for which the notice requirement has been waived by the PBGC).

 

“Required
Lenders” shall mean, at any date, Lenders having or holding a majority of (a) unused Commitments of Lenders plus
(b) the aggregate outstanding principal amount of the Loans; provided that the Commitment of, and the portion of the outstanding
principal amount of the Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of Required Lenders.

 

“Required
Notice” shall have the meaning set forth in Section 5.02(j).

 

“Restricted
Credit Party” shall mean Teligent OU, a private limited company organized in Tallin, Republic of Estonia, and any
other Credit Party that is a Foreign Subsidiary and is organized under the laws of any jurisdiction other than Canada, in each
case, unless otherwise agreed by the Administrative Agent.

 

“Restricted
Credit Party Intercompany Investment Amount” shall mean at any time $1,150,000.

 

“Restricted
Payment” shall mean, with respect to any Person, (a) the declaration or payment of any dividend on, or the
making of any payment or distribution on account of, or setting apart assets for a sinking or other analogous fund for the
purchase, redemption, defeasance, retirement or other acquisition of, any class of Capital Stock of such Person or any
warrants or options to purchase any such Capital Stock, whether now or hereafter outstanding, or the making of any other
distribution in respect thereof, either directly or indirectly, whether in cash or property, (b) the payment or prepayment of
principal of, or premium or interest or any other amount in respect of, any Indebtedness that is contractually subordinate to
the Obligations unless such payment is permitted under the terms of the subordination agreement applicable thereto and (c)
any payment in respect of earn-out obligations.

 

    32 

     

    

 

“SEC”
means the Securities and Exchange Commission.

 

“S&P”
shall mean Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business.

 

“Secured
Parties” shall mean, collectively, (a) the Lenders, (b) the Administrative Agent, (c) the beneficiaries of each indemnification
obligation undertaken by any Credit Party under the Credit Documents and (d) any successors, endorsees, transferees and assigns
of each of the foregoing.

 

“Security
Agreement” shall mean a Security Agreement, by and among each Credit Party and the Administrative Agent for the benefit
of the Secured Parties, in form and substance reasonably satisfactory to the Administrative Agent, as amended, restated, supplemented
or otherwise modified from time to time.

 

“Security
Documents” shall mean, collectively, the Security Agreement, the Canadian Security Documents, any Mortgage and each
other security agreement or other instrument or document executed and delivered pursuant to Section 8.11 or pursuant to any of
the Security Documents to secure any of the Obligations.

 

“Solvency
Certificate” shall mean a solvency certificate dated as of the Closing Date, duly executed and delivered by an Authorized
Officer of the Borrower to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent.

 

“Solvent”
shall mean, with respect to any Person, at any date, that (a) the sum of such Person’s debt (including Contingent Liabilities)
does not exceed the present fair saleable value of such Person’s present assets, (b) such Person’s capital is not unreasonably
small in relation to its business as contemplated on such date, (c) such Person has not incurred and does not intend to incur debts
including current obligations beyond its ability to pay such debts as they become due (whether at maturity or otherwise), and (d)
such Person is “solvent” within the meaning given that term and similar terms under Applicable Laws relating to fraudulent
transfers and conveyances. For purposes of this definition, the amount of any Contingent Liability at any time shall be computed
as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for
accrual under Statement of Financial Accounting Standard No. 5).

 

“Statutory
Reserve Rate” shall mean, for any day as applied to any Eurodollar Loan, a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum
reserve percentages that are in effect on that day (including any marginal, special, emergency or supplemental reserves),
expressed as a decimal, as prescribed by the Board and to which the Administrative Agent is subject, for Eurocurrency funding
(currently referred to as “Eurocurrency Liabilities” in Regulation D). Such reserve percentages shall include
those imposed pursuant to such Regulation D. 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 such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be
adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

    33 

     

    

 

“Subordinated
Intercompany Note” shall mean that certain subordinated intercompany note, in form and substance reasonably acceptable
to Administrative Agent, executed by each of the Credit Parties and their respective Subsidiaries on the date hereof.

 

“Subsidiary”
of any Person shall mean and include (a) any corporation more than 50% of whose Voting Stock having by the terms thereof power
to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes
of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by
such Person directly or indirectly through Subsidiaries and (b) any partnership, association, joint venture or other entity in
which such Person directly or indirectly through Subsidiaries has more than a 50% voting equity interest at the time. Unless otherwise
expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of a Credit Party.

 

“Target
Adjusted EBITDA” shall mean, for any specified period, an amount determined for any Person equal to (a) the consolidated
net income (or deficit) of such Person, after deduction of all expenses, taxes, and other proper charges, determined in accordance
with GAAP after eliminating all extraordinary nonrecurring items of income, plus (b) without duplication and to the
extent deducted in arriving at the consolidated net income of such Person, the sum of, without duplication, amounts for (i) total
interest expense, (ii) provisions for Taxes based on income, (iii) total depreciation expense, (iv) total amortization
expense, and (v) any other non-cash charges and expenses, reasonably acceptable to the Administrative Agent, deducted in arriving
at the consolidated net income of such Person (excluding any such non-cash item to the extent that it represents an accrual
or reserve for potential cash items in any future period or amortization of an item that was paid in a prior period), minus
(c) without duplication and to the extent included in arriving at the consolidated net income of such Person, amounts for
non-cash gains (excluding any such non-cash item to the extent it represents the reversal of an accrual or reserve for
potential cash items in any prior period).

 

“Taxes”
shall mean all income, stamp or other taxes, duties, levies, imposts, charges, assessments, fees, deductions or withholdings, now
or hereafter imposed, enacted, levied, collected, withheld or assessed by any Governmental Authority, and all interest, penalties,
additions to tax or similar liabilities with respect thereto.

 

“Teligent
Product” shall mean any Product owned exclusively by Borrower and/or its Subsidiaries.

 

“Term
Loan” shall mean the Initial Term Loan, Delayed Draw Term Loan A or Delayed Draw Term Loan B. For the avoidance
of doubt, “Term Loan” shall include all interest and fees (including the Amendment PIK Fee (as defined in the
Amendment Fee Letter)) that are paid in kind and added to the principal of the Term Loans.

 

    34 

     

    

 

“Term Loan
Note” shall mean a promissory note substantially in the form of Exhibit T-1.

 

“Test Period”
shall mean, for any date of determination under this Agreement, the four consecutive fiscal quarters of Borrower most recently
ended as of such date of determination.

 

“Third
Lien Agent” shall mean Wilmington Trust, National Association, as trustee and collateral agent under the Third Lien
Note Documents.

 

“Third
Lien Convertible Notes” shall mean the Borrower’s 9.5% Series C Senior Secured Convertible Notes due 2023.

 

“Third
Lien Indebtedness” shall mean Indebtedness under the Third Lien Note Documents.

 

“Third
Lien Indenture” shall mean, in respect of the Third Lien Convertible Notes, the Indenture, dated as of the Amendment
No. 5 Effective Date, by and among the Borrower, as issuer, the Guarantors, as subsidiary guarantors, and Wilmington Trust, National
Association, as trustee.

 

“Third
Lien Note Documents” shall mean the Third Lien Indenture, the Third Lien Subordination Agreement, Note Purchase Agreement
(as defined in the Third Lien Indenture) and Note Exchange Agreement (as defined in the Third Lien Indenture), each as dated on
the Amendment No. 5 Effective Date by and between the Credit Parties and the Third Lien Noteholders and/or Third Lien Agent, as
applicable, or any of them, in connection therewith or related thereto, as all of the foregoing now exist or may hereafter be amended,
restated, supplemented or otherwise modified from time to time in accordance with the Third Lien Subordination Agreement.

 

“Third
Lien Noteholders” shall mean the holders of Third Lien Indebtedness.

 

“Third
Lien Subordination Agreement” shall mean the Subordination Agreement, dated as of the date hereof, by and between
the Administrative Agent, Second Lien Agent, the Third Lien Agent and acknowledged by the Credit Parties and Third Lien Noteholders,
as amended, restated, supplemented or otherwise modified from time to time.

 

“Total
Net Leverage Ratio” shall mean, as of the last day of any Test Period, the ratio of (a) Consolidated Total Net
Debt as of such date to (b) Consolidated Adjusted EBITDA for such Test Period.

 

“Transaction
Documents” shall mean each of the documents executed and/or delivered in connection with the Transactions, including
without limitation, the Credit Documents and the First Lien Loan Documents.

 

“Transactions”
shall mean collectively, the transactions contemplated by the Credit Documents and the First Lien Loan Documents.

 

    35 

     

    

 

“Treasury
Rate” shall mean as of any prepayment date, shall mean the yield to maturity at the time of computation of United
States Treasury Securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release
H.15 (519) which has become publicly available at least two Business Days prior such prepayment (or, if such Statistical Release
is no longer published, any publicly available source or similar market data) most nearly equal to the period from such prepayment
date to the second anniversary of the Closing Date; provided, however, that if the period from such prepayment date to the second
anniversary of the Closing Date, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one twelfth
of a year) from the weekly average yields of United States Treasury Securities for which such yields are given.

 

“Type”
shall mean, as to any Loan, its nature as an ABR Loan or Eurodollar Loan.

 

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

 

“Unasserted
Contingent Obligations” shall have the meaning given to such term in the Security Agreement.

 

“Unfunded
Current Liability” of any Pension Plan shall mean the amount, if any, by which the present value of all accumulated
benefit obligations under such Pension Plan as of the close of its most recent plan year, determined in accordance with FASB Accounting
Standards Codification 715: Compensation - Retirement Benefits, as in effect on the date hereof, exceeds the fair market value
of the assets of such Pension Plan allocable to such accrued benefits.

 

“Unused
DDTL A Commitment Fee” shall have the meaning set forth in Section 4.01(b).

 

“Unused
DDTL B Commitment Fee” shall have the meaning set forth in Section 4.01(c).

 

“U.S.”
and “United States” shall mean the United States of America.

 

“Voting
Stock” shall mean, with respect to any Person, shares of such Person’s Capital Stock having the right to vote
for the election of directors (or Persons acting in a comparable capacity) of such Person under ordinary circumstances.

 

“Warrant
Holder” shall mean each of the Lenders hereunder.

 

“Warrants”
shall mean (i) the warrants issued to the Warrant Holder equal to 10.00% of the aggregate outstanding shares of common stock of
Borrower and (ii) the Amendment No. 5 Warrants.

 

“Write-Down
and Conversion Powers” shall mean, 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.

 

    36 

     

    

 

Section
1.02        Other
Interpretive Provisions. With reference to this Agreement and each other Credit Document, unless otherwise specified herein
or in such other Credit Document:

 

(a)              
 The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)              
The words “herein”, “hereto”, “hereof” and “hereunder” and words of similar
import when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

 

(c)              
Article, Section, Exhibit and Schedule references are to the Credit Document in which such reference appears.

 

(d)              
The term “including” is by way of example and not limitation.

 

(e)              
The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports,
financial statements and other writings, however evidenced, whether in physical or electronic form.

 

(f)               
In the computation of periods of time from a specified date to a later specified date, the word “from” means
 “from and including”; the words “to” and “until” each mean “to but excluding”;
and the word “through” means “to and including”.

 

(g)              
Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Credit Document.

 

Section
1.03        Accounting
Terms and Determination. All accounting terms not specifically or completely defined herein shall be construed in conformity
with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to
this Agreement shall be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the Historical
Financial Statements, except as otherwise specifically prescribed herein. No change in the accounting principles used in the preparation
of any financial statement hereafter adopted by the Borrower shall be given effect for purposes of measuring compliance with any
provisions of Article IX unless the Borrower, the Administrative Agent, the Administrative Agent and the Required Lenders agree
to modify such provisions to reflect such changes in GAAP and, unless such provisions are modified, all financial statements, Compliance
Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the calculations
and amounts set forth therein before and after giving effect to such change in GAAP. 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 in Article IX shall be made, without giving effect to any election under Accounting Standards Codification 825-10 or
470-20 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities
of any Credit Party or any Subsidiary of any Credit Party at “fair value.” A breach of any Financial Performance Covenant
shall be deemed to have occurred as of the last day of the relevant specified measurement period, regardless of when the financial
statements reflecting such breach are delivered to the Administrative Agent.

 

    37 

     

    

 

Section
1.04        Rounding.
Any financial ratios required to be maintained or complied with by the Borrower pursuant to this Agreement (or required to be
satisfied in order for a specific action to be permitted under 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).

 

Section
1.05        References
to Agreements, Laws, etc. Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements
(including the Credit Documents) and other Material Contracts shall be deemed to include all subsequent amendments, restatements,
amendment and restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments,
restatements, amendment and restatements, extensions, supplements and other modifications are permitted by any Credit Document;
and (b) references to any Applicable Law shall include all statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such Applicable Law.

 

Section
1.06        Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or
standard, as applicable).

 

Section
1.07        Timing
of Payment of Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is stated
to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the
definition of Interest Period) or performance shall extend to the immediately succeeding Business Day.

 

Section
1.08        Corporate
Terminology. Any reference to officers, shareholders, stock, shares, directors, boards of directors, corporate authority, articles
of incorporation, bylaws or any other such references to matters relating to a corporation made herein or in any other Credit Document
with respect to a Person that is not a corporation shall mean and be references to the comparable terms used with respect to such
Person.

 

Section
1.09        UCC
Definitions. When used in this Agreement, the following terms have the same definitions as provided in Article 9 of the UCC,
but for convenience in this Agreement the first letter of all such terms shall be capitalized : “Accession”,
 “Account”, “Account Debtor”, “Authenticate” (and all derivations thereof),
“Certificate Of Title”, “Chattel Paper”, “Commercial Tort Claim”, “Deposit Account”,
 “Document”, “Equipment”, “General Intangible”, “Goods”, “Health-Care-Insurance
Receivable”, “Instrument”, “Inventory”, “Investment Property”, “Letter-Of-Credit
Right”, “Obligor”, “Proceeds” (as specifically defined in Section 9-102(64) of the UCC),
 “Record”, “Secondary Obligor”, “Secured Party”, “Software” and “Supporting
Obligation”.

 

Section
1.10        Collateral.
With respect to any Collateral, until the Discharge of First Lien Obligations (as defined in the Intercreditor Agreement),
any obligation of the Credit Parties hereunder or under any other Credit Document with respect to the delivery, transfer or
control of any Collateral, the notation of any lien, security interest or pledge on any certificate of title, bill of lading,
share register or other document or record, the giving of any notice to any bailee or other Person, the execution of any
instrument of transfer or similar document, the provision of voting rights or the obtaining of any consent of any Person
shall be deemed to be satisfied if such Credit Party complies with the requirements of the similar provision of the
applicable First Lien Indebtedness Documents. Until the Discharge of First Lien Obligations, the delivery or transfer of any
Collateral to, or the control of any Collateral by, the First Lien Agent pursuant to the First Lien Loan Documents shall
satisfy any delivery, transfer or control requirement hereunder or under any other Credit Document.

 

    38 

     

    

 

Article
II

 

Amount and Terms of Credit Facilities

 

Section
2.01        Loans.

 

(a)              
Subject to and upon the terms and conditions herein set forth:

 

(x) Each Lender
having an Initial Term Loan Commitment, severally agrees to make a term loan (collectively, the “Initial Term Loan”)
to the Borrower on the Closing Date in the amount of the Initial Term Loan Commitment of such Lender. $21,535,808.07 of the Initial
Term Loan shall be deposited on the Closing Date and maintained in the 2019 Convertible Notes Repurchase Blocked Account, to be
released pursuant to the conditions set forth herein.

 

(y) Each Lender
having a DDTL A Commitment, severally agrees to make a term loan or loans (collectively, the “Delayed Draw Term Loan
A”) to the Borrower on or before the DDTL A Commitment Expiration Date in the aggregate amount of the DDTL A Commitment
of such Lender.

 

(z) Each Lender
having a DDTL B Commitment, severally agrees to make a term loan or loans (collectively, the “Delayed Draw Term Loan
B”) to the Borrower on or before the DDTL B Commitment Expiration Date in the aggregate amount of the DDTL B Commitment
of such Lender.

 

(b)              
 Each of the Term Loans made pursuant to Section 2.01(a) may, at the option of the Borrower, (i) be incurred and maintained
as, and/or converted into, ABR Loans or Eurodollar Loans; provided, that all such Term Loans made by each of the Lenders pursuant
to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Term Loans of the same Type, and
(ii) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid may not be reborrowed.

 

(c)              
Each Lender, may at its option, make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make such Eurodollar Loan; provided, that (i) any exercise of such option shall not affect the obligation of the
Borrower to repay such Eurodollar Loan and (ii) in exercising such option, such Lender shall use its reasonable efforts to minimize
any increased costs to the Borrower resulting therefrom.

 

(d)               Reductions
in DDTL Commitments. Borrower may at any time upon at least two (2) Business Days' (or such shorter period as is
acceptable to Administrative Agent) prior written notice by the Borrower to the Administrative Agent permanently reduce any
DDTL Commitment; provided that (i) such reductions shall be in an amount greater than or equal to $1,000,000 or, if less, the
remaining amount of such DDTL Commitment and (ii) Borrower shall pay to the Administrative Agent, for the account of the
Lenders holding such DDTL Commitment a reduction fee in an amount equal to 0.625% of the amount of the reduction of such DDTL
Commitment. All reductions of a DDTL Commitment shall be allocated pro rata among all Lenders holding such DDTL
Commitment.

 

    39 

     

    

 

(e)              
Delayed Draw Term Loan Conditions: Except in connection with a 2019 Convertible Notes Repurchase constituting a payment
at maturity at par,

 

(i)                
Delayed Draw Term Loan A Conditions. No Lender with a DDTL A Commitment shall be obligated to fund any Delayed Draw
Term Loan A unless each of the following conditions have been satisfied or waived in accordance with this Agreement (in addition
to all other conditions to the funding of Delayed Draw Term Loan A set forth in this Agreement):

 

		a.	no Default or Event of Default shall have occurred or be continuing prior to and immediately after
giving effect to such Delayed Draw Term Loan A;

 

		b.	Administrative Agent shall have received evidence of the Borrower’s commitment to repurchase
or redeem all or a portion of 2019 Convertible Notes pursuant to the 2019 Convertible Notes Repurchase and the amount of consideration
to be paid therefor;

 

		c.	Administrative Agent shall have received a Notice of Borrowing in form and substance reasonably
satisfactory to the Administrative Agent;

 

		d.	Administrative Agent shall have received a pro forma balance sheet of Borrower and its Subsidiaries
giving effect to the Delayed Draw Term Loan A; and

 

		e.	each of the conditions set forth in Section 6.02 shall have been satisfied (it being understood
that all references to “the date of such Credit Extension” or similar language in Section 6.02 shall be deemed to refer
to date of funding of the Delayed Draw Term Loan A).

 

(ii)             
Delayed Draw Term Loan B Conditions. No Lender with a DDTL B Commitment shall be obligated to fund any Delayed Draw
Term Loan B after the DDTL B Commitment Expiration Date and unless each of the following conditions have been satisfied or waived
in accordance with this Agreement (in addition to all other conditions to the funding of Delayed Draw Term Loan B set forth in
this Agreement):

  

    40 

     

    

 

		a.	no Default or Event of Default shall have occurred or be continuing prior to and immediately after
giving effect to such Delayed Draw Term Loan B;

 

		b.	Administrative Agent shall have received a Notice of Borrowing in form and substance reasonably
satisfactory to the Administrative Agent;

 

		c.	Administrative Agent shall have received a budget of the Line Project, in form and substance reasonably
satisfactory to the Administrative Agent;

 

		d.	Administrative Agent shall have received evidence of Board of Director approval for the Line Project
(together with any and all documentation submitted in connection with such approval), as well as a detailed sources and uses, in
form and substance reasonably satisfactory to Administrative Agent) and certification that the proceeds of the Delayed Draw Term
Loan B shall be used solely for the DDTL Facility B Purposes in accordance with the budget for the Line Project, along with documents,
including purchase orders, invoices or other demands for payment, each evidencing the amounts due and payable thereunder;

 

		e.	the trailing twelve-month revenue of the Borrower and its Subsidiaries shall be at least $65,000,000,
as certified and reported pursuant to Section 8.01; and

 

		f.	each of the conditions set forth in Section 6.02 shall have been satisfied (it being understood
that all references to “the date of such Credit Extension” or similar language in Section 6.02 shall be deemed to refer
to the date of funding of the Delayed Draw Term Loan B).

 

(iii)           
Terms. Each Delayed Draw Term Loan shall have the same pricing and maturity as the Initial Term Loan.

 

(iv)             Required
Amendments. The Loans and Commitments established pursuant to this Section 2.01(e) shall constitute Term Loans and
Commitments hereunder and shall be entitled to all the benefits afforded by, this Agreement and the other Credit Documents,
and shall, without limiting the foregoing, benefit equally and ratably from the guarantees and security interests created by
the applicable Collateral Documents. The Credit Parties shall take any actions reasonably required by the Administrative
Agent to ensure that the Liens and security interests granted by the applicable Collateral Documents continue to be perfected
under the UCC or otherwise after giving effect to the establishment of any such new Loans and Commitments to the extent
provided in any Collateral Documents. Each of the parties hereto hereby agrees that the Administrative Agent may, in
consultation with the Borrower, take any and all action as may be reasonably necessary to ensure that all Delayed Draw Term
Loans which are not separate tranches, when originally made, are included in each Borrowing of outstanding Term Loans on a
pro rata basis. This may be accomplished by requiring each outstanding Borrowing of Term Loans that are Eurodollar Loans to
be converted into a Borrowing of Term Loans that are ABR Loans on the date of each such Delayed Draw Term Loan, or by
allocating a portion of each such Delayed Draw Term Loan to each outstanding Borrowing of Term Loans that are Eurodollar
Loans on a pro rata basis. Any conversion of Eurodollar Loans to ABR Loans required by the preceding sentence shall be
subject to Section 2.11.

 

    41 

     

    

 

Section
2.02        Minimum
Amount of Each Borrowing; Maximum Number of Borrowings. The aggregate principal amount of each Borrowing of (i) Delayed Draw
Term Loan A shall not be less than the Minimum DDTL A Borrowing Amount and (ii) Delayed Draw Term Loan B shall not be less than
the Minimum DDTL B Borrowing Amount, as applicable. More than one Borrowing may be incurred on any date; provided, that
at no time shall there be outstanding more than 4 Borrowings of Eurodollar Loans under this Agreement.

 

Section
2.03        Notice
of Borrowing.

 

(a)              
The Borrower shall give the Administrative Agent prior written notice in the form of Exhibit N-1 (a “Notice of Borrowing”)
(or telephonic notice promptly confirmed in writing) (i) prior to 1:00 p.m. (New York time) at least three Business Days’
prior to each Borrowing of Term Loans which are to be initially Eurodollar Loans and (ii) prior to 12:00 noon (New York time) on
the date of each Borrowing of Term Loans which are to be ABR Loans. Except as otherwise expressly provided in Section 2.10, each
Notice of Borrowing shall be irrevocable and shall specify (A) the aggregate principal amount of the Term Loans to be made, (B)
the date of the Borrowing (which shall be, in the case of Term Loans, the Closing Date) and (C) whether the Term Loans shall consist
of ABR Loans and/or Eurodollar Loans and, if the Term Loans are to include Eurodollar Loans, the Interest Period to be initially
applicable thereto. The Administrative Agent shall promptly give each Lender written notice (or telephonic notice promptly confirmed
in writing) of each proposed Borrowing of Term Loans, of such Lender’s Pro Rata Share thereof and of the other matters covered
by the related Notice of Borrowing.

 

(b)              
[Reserved].

 

(c)              
Without in any way limiting the obligation of the Borrower to confirm in writing any notice it may give hereunder by telephone,
the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice
believed by the Administrative Agent in good faith to be from an Authorized Officer of the Borrower. In each such case, the Borrower
hereby waives the right to dispute the Administrative Agent’s record of the terms of any such telephonic notice.

 

Section
2.04        Disbursement
of Funds.

 

(a)               No
later than (i) 2:00 p.m. (New York time), in the case of each Borrowing of Delayed Draw Term Loans for which a Notice of
Borrowing has been timely delivered in accordance with Section 2.03 (other than for Borrowings on the Closing Date), each
Lender will make available its Pro Rata Share, if any, of the Borrowing requested to be made on such date in the manner
provided below, and (ii) 5:00 p.m. (New York time), in the case of the making of the Initial Term Loan, if the conditions set
forth in Article VI to the effectiveness of this Agreement are met prior to 4:00 p.m. (New York time) on the Closing Date,
each Lender will make available its Pro Rata Share of the Initial Term Loan in the manner provided below.

 

    42 

     

    

 

(b)              
Each Lender shall make available all amounts it is to fund to the Borrower, under any Borrowing, in immediately available
funds to the Administrative Agent, and the Administrative Agent will make available to the Borrower, by depositing $21,535,808.07
of the Initial Term Loan and all of the Delayed Draw Term Loan A in the 2019 Convertible Notes Repurchase Blocked Account, and
in the case of the remaining Initial Term Loans and Delayed Draw Term Loan B or otherwise with the Administrative Agent’s
consent, another account designated by the Borrower to the Administrative Agent in writing, the aggregate of the amounts so made
available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any Borrowing
that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be
made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent
on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without
any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made
available to the Administrative Agent by such Lender and the Administrative Agent has made available the same to the Borrower,
the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such
corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify
the Borrower and the Borrower shall promptly pay such corresponding amount to the Administrative Agent. The Administrative Agent
shall also be entitled to recover from such Lender or the Borrower, as the case may be, interest on such corresponding amount in
respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower, to
the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender,
the Federal Funds Rate or (ii) if paid by the Borrower, the then-applicable rate of interest, calculated in accordance with Section
2.08, applicable to ABR Loans. If the Borrower and such Lender shall pay interest to the Administrative Agent for the same (or
a portion of the same) period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by
the Borrower for such period.

 

(c)              
Nothing in this Section 2.04 shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder
or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it
being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

 

Section
2.05        Payment
of Loans; Evidence of Debt.

 

(a)              
Borrower agrees to pay to the Administrative Agent, for the benefit of the Lenders, on the Maturity Date, the aggregate
amount of all outstanding Term Loans.

 

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

 

    43 

     

    

 

(c)              
The Borrower agrees that from time to time on and after the Closing Date, upon the request to Administrative Agent by any
Lender, at Borrower’s own expense, the Borrower will execute and deliver to such Lender a Note, evidencing the Loans made
by, and payable to such Lender or registered assigns in a maximum principal amount equal to such Lender’s applicable Initial
Term Loan Commitment, DDTL A Commitment or DDTL B Commitment, as the case may be. The Administrative Agent shall maintain the Register
pursuant to Section 12.06(b)(iv), and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be
recorded (i) the amount of each Loan made hereunder, the Type of each Loan made and the Interest Period applicable thereto, (ii)
the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder
and (iii) the amount of any sum received by the Administrative Agent from the Borrower and each Lender’s share thereof.

 

(d)              
The entries made in the Register and accounts and subaccounts maintained pursuant to paragraphs (c) and (d) of this Section
2.05 shall, to the extent permitted by Applicable Law, be prima facie evidence of the existence and amounts of the obligations
of the Borrower therein recorded; provided, that the failure of any Lender or Administrative Agent to maintain such account,
such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower
to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.

 

Section
2.06        Conversions
and Continuations. (a) The Borrower shall have the option on any Business Day to convert all or a portion equal to at
least the Minimum Delayed Draw Term Loan A or Minimum DDTL B Borrowing Amount, as applicable, of the outstanding principal
amount of Term Loans of one Type into a Borrowing or Borrowings of another Type and the Borrower shall have the option on any
Business Day to continue the outstanding principal amount of any Eurodollar Loans as Eurodollar Loans for an additional
Interest Period; provided, that (i) no partial conversion of Eurodollar Loans shall reduce the outstanding principal
amount of Eurodollar Loans made pursuant to a single Borrowing to less than the Minimum DDTL A Borrowing Amount or Minimum
DDTL B Borrowing Amount, as applicable, (ii) ABR Loans may not be converted into Eurodollar Loans if an Event of Default is
in existence on the date of the proposed conversion and the Administrative Agent has, or the Required Lenders in respect of
the Credit Facility that is the subject of such conversion have, determined in its or their sole discretion not to permit
such conversion, (iii) Eurodollar Loans may not be continued as Eurodollar Loans for an additional Interest Period in excess
of one month if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent
has, or the Required Lenders in respect of the Credit Facility that is the subject of such conversion have, determined in its
or their sole discretion not to permit such continuation and (iv) Borrowings resulting from conversions pursuant to this
Section 2.06 shall be limited in number as provided in Section 2.02. Each such conversion or continuation shall be effected
by the Borrower by giving the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) prior
to 1:00 p.m. (New York time) at least three Business Days (or one Business Day in the case of a conversion into ABR Loans)
(and in either case on not more than five Business Days) prior to such proposed conversion or continuation, in the form of Exhibit
N-2 (each, a “Notice of Conversion or Continuation”) specifying the Loans to be so converted or
continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as
Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender
notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.

 

    44 

     

    

 

(b)              
If any Event of Default is in existence at the time of any proposed continuation of any Eurodollar Loans for an Interest
Period in excess of one month and the Administrative Agent has, or the Required Lenders in respect of the Credit Facility that
is subject of such continuation have, determined in its or their sole discretion not to permit such continuation, such Eurodollar
Loans shall be automatically continued on the last day of the current Interest Period into Eurodollar Loans with an Interest Period
of one month. If, upon the expiration of any Interest Period in respect of Eurodollar Loans, the Borrower has failed to elect a
new Interest Period to be applicable thereto as provided in Section 2.06(a), Borrower shall be deemed to have elected to convert
such Borrowing of Eurodollar Loans into a Borrowing of ABR Loans effective as of the expiration date of such current Interest Period.

 

Section
2.07        Pro
Rata Borrowings. Borrowing of the Initial Term Loan funded on the Closing Date under this Agreement shall be made
by each Lender with an Initial Term Loan Commitment on the basis of its then-applicable Initial Term Loan Commitment. Each Borrowing
of Delayed Draw Term Loan A under this Agreement shall be made by each Lender with a DDTL A Commitment on the basis of its then-applicable
DDTL A Commitment. Each Borrowing of Delayed Draw Term Loan B under this Agreement shall be made by each Lender with a DDTL B Commitment
on the basis of its then applicable DDTL B Commitment. It is understood that no Lender shall be responsible for any default by
any other Lender in its obligation to make Loans hereunder and that each Lender shall be obligated to make the Loans provided to
be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder.

 

Section
2.08        Interest.
(a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until repayment or
prepayment thereof at a rate per annum that shall at all times be the Applicable Margin plus the ABR in effect from time
to time.

 

(b)              
The unpaid principal amount of each Eurodollar Loan shall bear interest from the date of the Borrowing thereof until repayment
or prepayment thereof at a rate per annum that shall at all times be the Applicable Margin in effect from time to time plus the
relevant Eurodollar Rate.

 

(c)              
From and after the occurrence and during the continuance of any Event of Default, upon notice by the Administrative Agent
or the Required Lenders to the Borrower (or automatically while any Event of Default under Section 10.01(a) or Section 10.01(h)
exists), the Borrower shall pay interest on the principal amount of all Loans and all other due and unpaid Obligations, to the
extent permitted by Applicable Law, at the rate described in Section 2.08(a) or Section 2.08(b), as applicable, plus two (2) percentage
points per annum (the “Default Rate”). All such interest at the Default Rate shall be payable on demand
of the Administrative Agent or the Required Lenders and in cash.

 

    45 

     

    

 

(d)              
 Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment
thereof and shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last day of each March, June, September
and December, beginning with the fiscal quarter ending December 31, 2018 (the “ABR Interest Payment Date”),
(ii) in respect of each Eurodollar Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest
Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period (the
 “Eurodollar Interest Payment Date”), and (iii) in respect of each Loan, on any prepayment (on the amount
prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand.

 

(e)              
[reserved].

 

(f)               
On each of the ABR Interest Payment Date or Eurodollar Interest Payment Date, as applicable, Borrower shall pay all accrued
and unpaid interest on the Term Loans by, at Borrower’s option (upon advanced written notice to Administrative Agent, in
form and substance as addressed below, and as permitted under the First Lien Loan Documents), either (x) paying all such accrued
interest in cash or (y) (i) until the PIK Termination Date, paying all such accrued interest by increasing the then aggregate outstanding
principal amount of the applicable Term Loans by the amount of such accrued and unpaid interest on such Term Loans and (ii) after
the PIK Termination Date paying all such accrued interest except the PIK Amount (as defined below) in cash and paying the PIK Amount
by increasing the then aggregate outstanding principal amount of the Term Loans by the PIK Amount (any such amount that is added
to the outstanding principal amount of the Term Loans pursuant to subclauses (i) or (ii) under this clause (y), “PIK
Interest”). Notwithstanding the foregoing, from and after the Amendment No. 5 Effective Date, if any Credit Party
pays any cash interest on the 2023 Convertible Notes or any other unsecured or junior lien notes (a “Cash Interest
Payment Event”), then 100% of all accrued and unpaid interest on the Term Loans shall thereafter be payable in cash
when due; provided, that, notwithstanding the foregoing, no Cash Interest Payment Event shall result from the making of
the November Interest Payment by the Borrower if, after the Amendment No. 5 Effective Date and on or before any portion of the
November Interest Payment is made, the Borrower either (x) issues equity or unsecured indebtedness that yields Net Proceeds to
the Borrower of not less than $1,000,000 or (y) one or more holders of 2023 Convertible Notes agree to settle or compromise their
right to receive cash interest (in each case for consideration other than cash) with respect to at least $1,000,000 of the November
Interest Payment. “PIK Amount” shall mean a portion of the interest accruing on the outstanding principal
amount of the Term Loans at a rate of up to 4.25% per annum. On or prior to the first interest payment date after the (i) Closing
Date and (ii) the PIK Termination Date, the Borrower shall deliver a written notice, which such notice may be in the form of electronic
mail (the “PIK Notice”), to the Administrative Agent specifying whether the Borrower will elect to pay
PIK Interest by increasing the then aggregate outstanding principal amount of the Loans in accordance with clause (y) of the first
sentence above. On each subsequent interest payment date, unless a new PIK Notice has been delivered to the Administrative Agent
on or prior to such interest payment date, the Borrower is deemed to have made the election set forth in the most recently delivered
PIK Notice. All accrued, but unpaid Interest shall be payable in cash on the Maturity Date.

 

    46 

     

    

 

 

(g)               The
Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans, shall promptly notify the
Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and
conclusive and binding on all parties hereto.

 

Section
2.09        Interest
Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making
of, or conversion into or continuation as, a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable
thereto) or prior to 1:00 p.m. (New York time) on the third Business Day (and in any event, on not more than five Business Days’
notice) prior to the expiration of an Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower shall have, by
giving the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) the right to elect the Interest
Period applicable to such Borrowing, which Interest Period shall, at the option of the Borrower, be a one (1), two (2), three (3)
or six (6) month period:

 

(a)              
the initial Interest Period for any Borrowing of Eurodollar Loans shall commence on the date of such Borrowing (including
the date of any conversion from a Borrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such Borrowing
shall commence on the day on which the immediately preceding Interest Period expires;

 

(b)              
if any Interest Period relating to a Borrowing of Eurodollar Loans begins on the last Business Day of a calendar month or
begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such
Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

 

(c)              
if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on
the next succeeding Business Day; provided, that if any Interest Period in respect of a Eurodollar Loan would otherwise
expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month,
such Interest Period shall expire on the immediately preceding Business Day; and

 

(d)              
the Borrower shall not be entitled to elect any Interest Period in respect of any Eurodollar Loan if such Interest Period
would extend beyond the applicable Maturity Date of such Loan.

 

Section
2.10        Increased
Costs, Illegality, etc. (a) In the event that (x) in the case of clause (i) below, the Administrative Agent or (y) in the case
of clauses (ii) and (iii) below, any Lender, in each case, shall have reasonably determined (which determination shall, absent
clearly demonstrable error, be final and conclusive and binding upon all parties hereto):

 

(i)                
on any date for determining the Eurodollar Rate for any Interest Period that (A) deposits in the principal amounts of the
Loans comprising any Eurodollar Loan are not generally available in the relevant market or (B) by reason of any changes arising
on or after the Closing Date affecting the interbank Eurodollar market, adequate and fair means do not exist for ascertaining the
applicable interest rate on the basis provided for in the definition of Eurodollar Rate; or

 

    47 

     

    

 

(ii)             
 at any time, after the later of the Closing Date and the date such entity became a Lender hereunder, that such Lender shall
incur increased costs or reductions in the amounts received or receivable hereunder with respect to any Eurodollar Loans (excluding
all Taxes except any Other Connection Taxes that are not Connection Income Taxes) because of (A) any change since the date hereof
in any Applicable Law (or in the interpretation or administration thereof and including the introduction of any new Applicable
Law), such as, for example, without limitation, a change in official reserve requirements (but excluding changes in the rate of
tax on the overall net income of such Lender), and/or (B) other circumstances affecting the interbank Eurodollar market or the
position of such Lender in such market; or

 

(iii)           
at any time, that the making or continuance of any Eurodollar Loan has become unlawful by compliance by such Lender in good
faith with any Applicable Law (or would conflict with any such Applicable Law not having the force of law even though the failure
to comply therewith would not be unlawful), or has become impracticable as a result of a contingency occurring after the date hereof
that materially and adversely affects the interbank Eurodollar market,

 

then, and in any such event, such Lender
(or the Administrative Agent, in the case of clause (i) above) shall promptly give notice (if by telephone, confirmed in writing)
to the Borrower and the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit
to each of the other Lenders). Thereafter (A) in the case of clause (i) above, Eurodollar Loans shall no longer be available until
such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice by
the Administrative Agent no longer exist (which notice the Administrative Agent agrees to give at such time when such circumstances
no longer exist), and any Notice of Borrowing or Notice of Conversion or Continuation given by the Borrower with respect to Eurodollar
Loans that have not yet been incurred shall be deemed rescinded by the Borrower, (B) in the case of clause (ii) above, the Borrower
shall, pay to such Lender, within 5 days after receipt of written demand therefor, such additional amounts (in the form of an increased
rate of, or a different method of calculating, interest or otherwise as such Lender in its reasonable discretion shall determine)
as shall be required to compensate such Lender for such increased costs or reductions in amounts receivable hereunder (it being
agreed that a written notice as to the additional amounts owed to such Lender, showing in reasonable detail the basis for the calculation
thereof, submitted to the Borrower by such Lender shall, absent clearly demonstrable error, be final and conclusive and binding
upon all parties hereto) and (C) in the case of clause (iii) above, the Borrower shall take one of the actions specified in Section
2.10(b) as promptly as possible and, in any event, within the time period required by law.

 

(b)              
At any time that any Eurodollar Loan is affected by the circumstances described in (i) Section 2.10(a)(ii), the Borrower
may either (A) if the affected Eurodollar Loan is then being made pursuant to a Borrowing, cancel said Borrowing by giving the
Administrative Agent telephonic notice (confirmed promptly in writing) thereof on the same date that the Borrower was notified
by a Lender pursuant to Section 2.10(a)(ii) or (B) if the affected Eurodollar Loan is then outstanding, upon at least three (3)
Business Days’ notice to the Administrative Agent, require the affected Lender to convert each such Eurodollar Loan into
an ABR Loan; provided, that if more than one Lender is so affected at any time, then all affected Lenders must be treated
in the same manner pursuant to this Section 2.10(b) or (ii) Section 2.10(a)(iii), (A) if the affected Eurodollar Loan is then being
made pursuant to a Borrowing, such Borrowing shall automatically be deemed cancelled and rescinded and (B) if the affected Eurodollar
Loan is then outstanding, each such Eurodollar Loan shall automatically be converted into an ABR Loan; provided, that if
more than one Lender is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this Section
2.10(b).

 

    48 

     

    

 

(c)              
If, after the later of the date hereof, and that date such entity becomes a Lender hereunder, the adoption of any Applicable
Law regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by a Lender
or its parent with any request or directive made or adopted after such date regarding capital adequacy (whether or not having the
force of law) of any such authority, association, central bank or comparable agency, has the effect of reducing the rate of return
on such Lender’s or its parent’s capital or assets as a consequence of such Lender’s commitments or obligations
hereunder to a level below that which such Lender or its parent could have achieved but for such adoption, effectiveness, change
or compliance (taking into consideration such Lender’s or its parent’s policies with respect to capital adequacy),
then within 5 days after written demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such
Lender such additional amount or amounts as will compensate such Lender or its parent for such reduction, it being understood and
agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender’s compliance with, or
pursuant to any request or directive to comply with, any such Applicable Law as in effect on the date hereof. Each Lender (on its
own behalf), upon determining in good faith that any additional amounts will be payable pursuant to this Section 2.10(c), will,
as promptly as practicable upon ascertaining knowledge thereof, give written notice thereof to the Borrower, which notice shall
set forth in reasonable detail the basis of the calculation of such additional amounts. The failure to give any such notice, with
respect to a particular event, within the time frame specified in Section 2.13, shall not release or diminish any of the Borrower’s
obligations to pay additional amounts pursuant to this Section 2.10(c) for amounts accrued or incurred after the date of such notice
with respect to such event.

 

(d)              
Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each
case be deemed to be a change in Applicable Law, regardless of the date enacted, adopted or issued.

 

(e)              
This Section 2.10 shall not apply to Taxes to the extent duplicative of Section 5.04.

 

    49 

     

    

 

Section
2.11        Compensation.
If (a) any payment of principal of a Eurodollar Loan is made by the Borrower to or for the account of a Lender other than on
the last day of the Interest Period for such Eurodollar Loan as a result of a payment or conversion pursuant to Section 2.05,
2.06, 2.10, 5.01 or 5.02, as a result of acceleration of the maturity of the Loans pursuant to Article X or for any other
reason, (b) any Borrowing of Eurodollar Loans is not made as a result of a withdrawn Notice of Borrowing (except with respect
to a revocation as provided in Section 2.10 or by reason of a Lender being a Defaulting Lender), (c) any ABR Loan is not
converted into a Eurodollar Loan as a result of a withdrawn Notice of Conversion or Continuation, (d) any Eurodollar Loan is
not continued as a Eurodollar Loan as a result of a withdrawn Notice of Conversion or Continuation or (e) any prepayment of
principal of a Eurodollar Loan is not made as a result of a withdrawn notice of prepayment pursuant to Section 5.01 or 5.02,
the Borrower shall, after receipt of a written request by such Lender (which request shall set forth in reasonable detail the
basis for requesting such amount), pay to the Administrative Agent for the account of such Lender any amounts required to
compensate such Lender for any additional losses, costs or expenses that such Lender may reasonably incur as a result of such
payment, failure to convert, failure to continue, failure to prepay, reduction or failure to reduce, including any loss, cost
or expense (excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits
or other funds acquired by such Lender to fund or maintain such Eurodollar Loan.

 

Section
2.12        Change
of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.10(a)(ii),
2.10(a)(iii), 2.10(b) or 5.04 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject
to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event; provided,
that such designation is made on such terms that such Lender and its lending office suffer no economic, legal or regulatory disadvantage,
with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this Section
2.12 shall affect or postpone any of the obligations of the Borrower or the rights of any Lender provided in Section 2.10 or 5.04.

 

Section
2.13        Notice
of Certain Costs. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by Section
2.10, 2.11 or 5.04 is given by any Lender more than one hundred twenty (120) days after such Lender has knowledge (or should have
had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, tax or other additional
amounts described in such Sections, such Lender shall not be entitled to compensation under Section 2.10, 2.11 or 5.04, as the
case may be, for any such amounts incurred or accruing prior to the giving of such notice to the Borrower.

 

Section
2.14        [Reserved].

 

Section
2.15        Defaulting
Lenders.

 

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

 

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(i)             
Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as set forth in Section 12.01.

 

(ii)              Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the
account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 5.02(f) or Article X or
otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section
12.09), 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 that Defaulting Lender to the Administrative Agent hereunder; second, as the
Borrower may request (so long as no Event of Default exists), to the funding of any Loan in respect of which that Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third,
if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and
released in order to satisfy such Defaulting Lender’s potential future funding with respect to Loans under this
Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of
competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; fifth, so long as no Event of Default exists, to the payment of any
amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower
against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement;
and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that
if such payment is a payment of the principal amount of any Loans in respect of which that Defaulting Lender has not fully
funded its appropriate share. 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 shall be deemed paid to and redirected by that Defaulting
Lender, and each Lender irrevocably consents hereto.

 

(iii)           
Certain Fees. A Lender that is a Defaulting Lender shall not be entitled to receive any Unused DDTL A Commitment
or Unused DDTL B Commitment Fee, as applicable, for any period during which that Lender is a Defaulting Lender (and the Borrower
shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 

(iv)            
[reserved.

 

(v)             
[reserved].

 

(b)                 
Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing in their sole discretion that
a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto,
whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will,
to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative
Agent may determine to be necessary to cause the Lenders to hold their respective Pro Rata Share of Loans, whereupon that Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued
or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further,
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to a Lender
that is not a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender.

 

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Article
III

 

[RESERVED]

 

Article
IV

Fees and Commitment Terminations

 

Section
4.01        Fees.

 

(a)              
The Borrower agrees to pay to the Administrative Agent, all the Fees set forth in the Fee Letter.

 

(b)              
The Borrower agrees to pay to each Lender having a DDTL A Commitment a commitment fee (the “Unused DDTL A Commitment
Fee”) calculated at the rate of 1.00% on the daily balance of the DDTL A Commitment of such Lender during each fiscal
quarter or portion thereof from the Closing Date to the DDTL A Commitment Expiration Date. The Unused DDTL A Commitment Fee shall
be payable quarterly in arrears on the first day of each January, April, July and October and on the DDTL A Commitment Expiration
Date or any earlier date on which the DDTL A Commitments shall terminate.

 

(c)              
The Borrower agrees to pay to each Lender having a DDTL B Commitment a commitment fee (the “Unused DDTL B Commitment
Fee”) calculated at the rate of 1.00% on the daily balance of the DDTL B Commitment during each fiscal quarter or
portion thereof from the Closing Date to the DDTL B Commitment Expiration Date. The Unused DDTL B Commitment Fee shall be payable
quarterly in arrears on the first day of each January, April, July and October and on the DDTL B Commitment Expiration Date or
any earlier date on which the DDTL B Commitments shall terminate.

 

Section
4.02        Mandatory
Termination of Commitments.

 

(a)              
The Initial Term Loan Commitment shall terminate at 5:00 p.m. (New York time) on the Closing Date.

 

(b)              
The DDTL A Commitment shall terminate at 5:00 p.m. (New York time) on the DDTL A Commitment Expiration Date.

 

(c)              
The DDTL B Commitment shall terminate at 5:00 p.m. (New York time) on the DDTL B Commitment Expiration Date.

 

    52 

     

    

 

Article
V

Payments

 

Section
5.01        Voluntary
Prepayments.

 

(a)              
 Subject to the terms and conditions set forth in this Section 5.01, the Borrower shall have the right to prepay the Loans,
in whole or in part, from time to time subject to payment of the following Make-Whole Premium or prepayment premium (expressed
as a percentage of the principal amount of the Term Loans being prepaid) (the “Prepayment Premium”),
as applicable, plus accrued and unpaid interest on the principal amount being prepaid to the prepayment date. Each prepayment (x) made
on or prior to the second anniversary of the Closing Date shall be made subject to payment of the Make-Whole Premium and (y) made
after the second anniversary of the Closing Date shall be subject to payment of the applicable Prepayment Premium set forth below:

 

	Time Period	Prepayment
Premium
	After the second anniversary, but on or prior to the third anniversary of the Closing Date	2.0%
	After the third  anniversary, but on or prior to the fourth anniversary of the Closing Date	1.00%
	After the fourth anniversary of the Closing Date	0.0%

 

(b)              
When making a voluntary partial prepayment, the Borrower shall give the Administrative Agent written notice (or telephonic
notice promptly confirmed in writing) of (i) its intent to make such prepayment, (ii) the amount of such prepayment and (iii) in
the case of Eurodollar Loans, the specific Borrowing(s) pursuant to which such prepayment will be made, no later than (A) in the
case of Eurodollar Loans, 1:00 p.m. (New York time) three (3) Business Days prior to, and (B) in the case of ABR Loans, 1:00 p.m.
(New York time) on the date of such prepayment, and such prepayment shall promptly be transmitted by the Administrative Agent to
each of the relevant Lenders, as the case may be.

 

(c)              
Each voluntary partial prepayment of any Loans shall be in a multiple of $500,000 and in aggregate principal amount of at
least $100,000; provided, that no partial prepayment of Eurodollar Loans outstanding under a single Borrowing shall reduce
the outstanding Eurodollar Loans outstanding under such Borrowing to an amount less than $500,000.

 

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(d)               With
respect to each prepayment of Term Loans pursuant to this Section 5.01, the Borrower may designate the Types of Loans
that are to be prepaid and the specific Borrowing(s) pursuant to which made; provided, that the Borrower pays any amounts, if
any, required to be paid pursuant to Section 2.11 with respect to prepayments of Eurodollar Loans made on any date other than
the last day of the applicable Interest Period. In the absence of a designation by the Borrower as described in the preceding
sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion with a
view, but no obligation, to minimize breakage costs owing under Section 2.11. Each such prepayment shall be accompanied by
all accrued interest on the Loans so prepaid, through the date of such prepayment.

 

(e)               
Each prepayment in respect of any Term Loans pursuant to this Section 5.01 shall be applied ratably to Term Loans.

 

Section
5.02        Mandatory
Prepayments.

 

(a)              
Concurrently with the receipt by any Credit Party of any proceeds from any Disposition pursuant to Section 9.04(k), the
Borrower shall (i) (x) subject to compliance with Section 8.17 of the First Lien Credit Agreement, be permitted to retain
such Net Proceeds until the Credit Parties have a maximum amount of Liquidity equal to $9,500,000 and (ii) thereafter, apply any
remaining Net Proceeds to prepay the Loans in an amount equal to one hundred percent (100%) of the Net Proceeds from such Disposition,
to be applied as set forth in Section 5.02(f). Nothing in this Section 5.02(a) shall be construed to permit or waive any Default
or Event of Default arising from any Disposition not permitted under the terms of this Agreement.

 

(b)              
Concurrently with the receipt by any Credit Party of any Net Proceeds from any Casualty Event, the Borrower shall prepay
the Loans in an amount equal to one hundred percent (100%) of such Net Proceeds, to be applied as set forth in Section 5.02(f).

 

(c)              
Concurrently with the incurrence of any Indebtedness by any Credit Party (other than Indebtedness permitted under Section
9.01), the Borrower shall prepay the Loans in an amount equal to one hundred percent (100%) of such Net Proceeds, to be applied
as set forth in Section 5.02(f). Nothing in this Section 5.02(c) shall be construed to permit or waive any Default or Event
of Default arising from any incurrence of Indebtedness not permitted under the terms of this Agreement.

 

(d)              
Substantially concurrently with any Change of Control, the Borrower shall prepay the Loans in full, to be applied as set
forth in Section 5.02(f).

 

(e)              
Immediately upon any acceleration of the Maturity Date of any Loans pursuant to Section 10.02, the Borrower shall repay
all the Loans and other Obligations, unless only a portion of all the Loans and other Obligations is so accelerated (in which case
the portion so accelerated shall be so repaid).

 

(f)                Subject
to Section 5.02(i), amounts to be applied in connection with prepayments and Commitment reductions made pursuant to this
Section 5.02, other than under subsection (l) of this Section, shall be applied, first, to the prepayment of
the Term Loans, together with any accrued and unpaid interest thereon, until such Term Loans are repaid in full and, second,
to the prepayment of any other outstanding Obligations. Each prepayment of the Loans under this Section 5.02, other than
under subsection (l) of this Section, shall be accompanied by accrued interest to the date of such prepayment on the
principal amount prepaid and the Prepayment Premium or Make-Whole Premium, as applicable; notwithstanding the foregoing, from
the Amendment No. 4 Closing Date until on or before December 13, 2020, each prepayment of the Loans made pursuant to Section
5.02(a) shall not be subject to the Make-Whole Premium, but shall instead be subject a prepayment fee of 2.00% on the
principal amount prepaid.

 

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(g)              
Subject to clause (j), each prepayment in respect of any Term Loans pursuant to this Section 5.02 shall be applied
ratably to Term Loans.

 

(h)              
Application to Loans. With respect to each prepayment of Term Loans required by this Section 5.02, the Borrower may
designate the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made; provided, that
the Borrower pays any amounts, if any, required to be paid pursuant to Section 2.11 with respect to prepayments of Eurodollar Loans
made on any date other than the last day of the applicable Interest Period. In the absence of a designation by the Borrower as
described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable
discretion with a view, but no obligation, to minimize breakage costs owing under Section 2.11.

 

(i)                
Application of Collateral Proceeds and Payments. Notwithstanding anything to the contrary in Section 5.01, this Section
5.02 or any other provision of any Credit Document, (x) all payments (including, without limitation, prepayments) in respect of
the Obligations after acceleration and (y) all proceeds of Collateral and other payments received by the Administrative Agent pursuant
to the exercise of remedies against the Collateral, applied as set forth in this clause (i), as follows:

 

(i)              
first, ratably to pay any fees then due to the Administrative Agent under the Credit Documents and any costs or expense
reimbursements of the Administrative Agent and any indemnities then due to the Administrative Agent under the Credit Documents,
until paid in full,

 

(ii)             
second, ratably, to pay any fees or premiums then due to any of the Lenders of any Term Loans until paid in full,

 

(iii)            
third, ratably to pay any costs or expense reimbursements of Lenders of any Term Loans and indemnities then due to
any of the Lenders of any Term Loans until paid in full,

 

(iv)            
fourth, ratably to pay interest due in respect of the outstanding the Term Loans until paid in full,

 

(v)             
fifth, ratably to pay the outstanding principal balance of the Term Loans (in the inverse order of the maturity of
the installments due thereunder) until the Term Loans are paid in full,

 

(vi)            
sixth, to pay any other Obligations in respect of Term Loans,

 

    55 

     

    

 

(vii)          
seventh, to Borrower or such other Person entitled thereto under Applicable Law.

 

(j)                
Notwithstanding the foregoing, each Lender may reject all or a portion of its Pro Rata Share of any mandatory prepayment
(such declined amounts, the “Declined Proceeds”) of any class of Term Loans required to be made pursuant
to clauses (a), (b), (c), or (l) of this Section 5.02 by providing written notice (each, a “Rejection Notice”)
to the Administrative Agent and the Borrower no later than 1:00 p.m. one (1) Business Day after the date of such Lender’s
receipt of notice from the Administrative Agent regarding such prepayment (subject to extension by Administrative Agent in its
sole discretion). Each Rejection Notice from a Lender shall specify the principal amount of the mandatory prepayment of Term Loans
to be rejected by such Lender. If a Lender fails to deliver a Rejection Notice to Administrative Agent within the time frame specified
above or such Rejection Notice fails to specify the principal amount of the Term Loans to be rejected, any such failure will be
deemed an acceptance of the total amount of such mandatory prepayment of such Term Loans. Any Declined Proceeds may be retained
by the Borrower.

 

(k)              
Other Mandatory Prepayment Matters. Notwithstanding anything to the contrary set forth in any other clause in this
Section 5.02, until the Discharge of First Lien Obligations (as defined in the Intercreditor Agreement) shall have occurred, the
Borrower’s obligation to make the mandatory prepayments set forth in Section 5.02(a)-(c) hereof will be (A) reduced by an
amount equal to any mandatory prepayment of the First Lien Indebtedness arising from the same circumstances requiring the prepayment
of the Loans to the extent such mandatory prepayment is actually made to the holders of such First Lien Indebtedness and (B) deferred
by an amount equal to any mandatory prepayment of the First Lien Indebtedness arising from the same circumstances requiring the
prepayment of the Loans to the extent such mandatory prepayment is due but not yet made.

 

(l)                
On or prior to the earlier of (A) the fifth (5th) day after the delivery of annual financial statements for a
fiscal year in accordance with Section 8.01(c) or (B) the ninety-fifth (95th) day of each year, in each case commencing
with the fiscal year ending December 31, 2020, the Borrowers shall prepay the Loans in an amount equal to (x) fifty percent (50%)
of Consolidated Excess Cash Flow (if any) for such fiscal year, to be applied as set forth in Section 5.02(f) less (y) all voluntary
prepayments of Term Loans made during such fiscal year pursuant to Section 5.01, to be applied as set forth in Section 5.02(f).

 

Section
5.03        Payment
of Obligations; Method and Place of Payment.

 

(a)              
The obligations of the Borrower hereunder and under each other Credit Document are not subject to counterclaim, set-off,
rights of rescission, or any other defense. Subject to Section 5.04, and except as otherwise specifically provided herein, all
payments under this Agreement shall be made by the Borrower, without set-off, rights of rescission, counterclaim or deduction of
any kind, to the Administrative Agent for the ratable account of the Secured Parties entitled thereto, as the case may be, not
later than 2:00 p.m. (New York time) on the date when due and shall be made in immediately available funds in Dollars to the Administrative
Agent. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the
Administrative Agent prior to 2:00 p.m. (New York time), on such day) like funds relating to the payment of principal or interest
or Fees ratably to the Secured Parties entitled thereto.

 

    56 

     

    

 

(b)               For
purposes of computing interest or fees, any payments under this Agreement that are made later than 2:00 p.m. (New York time),
shall be deemed to have been made on the next succeeding Business Day. Whenever any payment to be made hereunder shall be
stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business
Day and, with respect to payments of principal, interest shall continue to accrue during such extension at the applicable
rate in effect immediately prior to such extension.

 

Section
5.04        Net
Payments.

 

(a)              
Subject to the following sentence, all payments made by or on behalf of the Borrower under this Agreement or any other Credit
Document shall be made free and clear of, and without deduction or withholding for or on account of, any current or future Taxes
(including Other Taxes) other than Excluded Taxes. If any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions
or withholdings (“Non-Excluded Taxes”) are required to be withheld from any amounts payable under this
Agreement, the Borrower shall increase the amounts payable to the Administrative Agent or such Lender to the extent necessary to
yield to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes, including any such Non-Excluded Taxes
payable in respect of additional amounts paid pursuant to this Section 5.04(a)) interest or any such other amounts payable hereunder
at the rates or in the amounts specified in this Agreement. Whenever any Non-Excluded Taxes are payable by the Borrower, as promptly
as possible thereafter, the Borrower shall send to the Administrative Agent for its own account or for the account of such Secured
Party, as the case may be, a certified copy of an original official receipt (or other evidence acceptable to such Lender, acting
reasonably) received by the Borrower showing payment thereof. If the Borrower fails to pay any Non-Excluded Taxes when due to the
appropriate taxing authority or fails to remit to the Administrative Agent the required receipts or other required documentary
evidence, the Borrower shall indemnify the Administrative Agent and the Lenders for any incremental Taxes, interest, costs or penalties
that may become payable by the Administrative Agent or any Lender as a result of any such failure. In addition, the Borrower shall
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. The agreements in this Section 5.04(a)
shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

 

(b)              
Each Lender that is not organized under the laws of the United States of America or any state thereof (a “Non-U.S.
Lender”) shall:

 

(i)             deliver
to the Borrower and the Administrative Agent two copies of either (A) in the case of Non-U.S. Lender claiming exemption from
U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio
interest”, United States Internal Revenue Service Form W-8BEN (together with a certificate representing that such
Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning
of Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower
(within the meaning of Section 864(d)(4) of the Code)), (B) Internal Revenue Service Form W-8BEN or Form W-8ECI, or (C) to
the extent a Non-U.S. Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN, IRS Form W-9, the certificate described in (A) above, if applicable, and/or other certification
documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more
direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender will
provide the documents set forth in (A) above on behalf of each such direct and indirect partner, in each case properly
completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or reduced rate of, U.S. federal
withholding tax on payments by the Borrower under this Agreement;

 

    57 

     

    

 

(ii)            deliver
to the Borrower and the Administrative Agent two further copies of any such form or certification (or any applicable successor
form) promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender; and

 

(iii)           obtain
such extensions of time for filing and complete such forms or certifications as may reasonably be requested by the Borrower or
the Administrative Agent, unless in any such case any change in treaty, law or regulation has occurred prior to the date on which
any such delivery would otherwise be required that renders any such form inapplicable or would prevent such Lender from duly completing
and delivering any such form with respect to it and such Lender so advises the Borrower and the Administrative Agent, in which
case such Lender shall not be required to provide any form under subparagraphs (i) or (ii) above. Each Person that shall become
a Participant pursuant to Section 12.06 or a Lender pursuant to Section 12.06 shall, upon the effectiveness of the related transfer,
be required to provide all the forms and statements required pursuant to this Section 5.04(b) or Section 5.04(c), as applicable;
provided, that in the case of a Participant such Participant shall furnish all such required forms and statements to the
Lender from which the related participation shall have been purchased. Notwithstanding any other provision of this paragraph,
a Non-U.S. Lender shall not be required to deliver any form pursuant to this paragraph that such Non-U.S. Lender is not legally
able to deliver.

 

(c)              
Each Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction
in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement
shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by Applicable Law or reasonably
requested by the Borrower, such properly completed and executed documentation prescribed by Applicable Law as will permit such
payments to be made without withholding or at a reduced rate; provided, that such Lender is legally entitled to complete,
execute and deliver such documentation and in such Lender’s reasonable judgment such completion, execution or submission
would not materially prejudice the legal position of such Lender.

 

(d)              
The Borrower shall indemnify each Agent and each Lender within 10 days after written demand therefor, for the full amount
of any Non-Excluded Taxes or Other Taxes paid by each Agent or such Lender, as the case may be, on or with respect to any payment
by or on account of any obligation of the Borrower hereunder (including Non-Excluded Taxes or Other Taxes imposed or asserted on
or attributable to amounts payable under this Section) and any penalties, interest, additions to tax and reasonable expenses arising
therefrom or with respect thereto, whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by
a Lender or by each Agent on its own behalf or on behalf of a Lender shall be conclusive absent manifest error.

 

    58 

     

    

 

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

 

(f)               
If any Lender or the Administrative Agent determines, in its sole discretion, that it has received a refund of a Tax for
which an additional payment has been made by the Borrower pursuant to this Section 5.04 or Section 12.05 of this Agreement, then
such Lender or the Administrative Agent, as the case may be, shall reimburse the Borrower for such amount (but only to the extent
of indemnity payments made, or additional amounts paid, by the Borrower under this Section 5.04 and Section 12.05 with respect
to the Tax giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including
any Taxes imposed on the receipt of such refund) and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent or such
Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required
to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent
or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to
the Borrower or any other Person.

 

(g)              
Any Lender claiming any additional amounts payable pursuant to this Section 5.04 shall use its reasonable efforts (consistent
with its internal policies and requirements under Applicable Laws) to change the jurisdiction of its lending office if such a change
would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the reasonable determination
of such Lender, be otherwise disadvantageous to such Lender.

 

(h)              
Each party’s obligations under this Section 5.04 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 Loans and Commitments and the repayment,
satisfaction or discharge of all obligations under any Credit Document.

 

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Section
5.05        Computations
of Interest and Fees. All interest and fees shall be computed on the basis of the actual number of days (including the
first day but excluding the last day) occurring during the period for which such interest or fee is payable over a year
comprised of (a) 365 (or 366 as appropriate) days in the case of ABR Loans and (b) 360 days in all other cases. Payments due
on a day that is not a Business Day shall (except as otherwise required by Section 2.09(c)) be made on the next succeeding
Business Day and such extension of time shall be included in computing interest and fees in connection with that payment.

 

Article
VI

 

Conditions Precedent

 

Section
6.01        Conditions
Precedent to Initial Credit Extension. The making of the initial Credit Extension is subject to the satisfaction of the following
conditions precedent on or before the Closing Date:

 

(a)              
Credit Documents. The Administrative Agent shall have received the following documents, duly executed by an Authorized
Officer of each Credit Party and each other relevant party:

 

(i)             
this Agreement;

 

(ii)            
the Fee Letter;

 

(iii)           
the Intercreditor Agreement;

 

(iv)          
  the Guarantee Agreement;

 

(v)            
the Security Agreement;

 

(vi)           
each Note requested by any Lender;

 

(vii)          
the Mortgage in respect of the Real Property set forth on Schedule 7.15;

 

(viii)         
the Notice of Borrowing, reasonably satisfactory to the Administrative Agent;

 

(ix)            
the Letter of Direction and flow of funds, reasonably satisfactory to the Administrative Agent;

 

(x)             
the Subordinated Intercompany Note; and

 

(xi)           
each other Credit Document.

 

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(b)              
Collateral. (i) To the extent required under the Security Documents, all Capital Stock of each Subsidiary of each
Credit Party shall have been pledged to the Administrative Agent.

 

(ii)            
[reserved].

 

(iii)            The
Administrative Agent shall have received the results of a search of the UCC filings (or equivalent filings), in addition to
tax Lien, judgment Lien, bankruptcy and litigation searches made with respect to each Credit Party, together with copies of
the financing statements and other filings (or similar documents) disclosed by such searches, and accompanied by evidence
satisfactory to the Administrative Agent that the Liens indicated in any such financing statement and other filings (or
similar document) are Permitted Liens or have been released or will be released substantially simultaneously with the initial
Credit Extensions hereunder.

 

(iv)         
The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, the appropriate
UCC (or equivalent) financing statements for filing in such office or offices as may be necessary or, in the opinion of Administrative
Agent, desirable, to perfect the Administrative Agent’s Liens in and to the Collateral.

 

(c)              
Legal Opinions. The Administrative Agent shall have received executed legal opinion of K&L Gates LLP, counsel
to the Borrower and the other Credit Parties, which opinion shall be addressed to the Administrative Agent and the Lenders and
shall be in form and substance reasonably satisfactory to the Administrative Agent.

 

(d)              
First Lien Loan Documents.

 

(i)             The
Administrative Agent shall have received executed copies of the First Lien Loan Documents, which shall be reasonably satisfactory
to the Administrative Agent and shall be subject to the Intercreditor Agreement.

 

(ii)            The Administrative Agent shall have received evidence, in form and substance satisfactory to the Administrative Agent that,
substantially simultaneously with the initial Credit Extension hereunder, the First Lien Credit Agreement shall have been executed
and delivered.

 

(e)              
Legal and Collateral Due Diligence. The Administrative Agent shall have completed its legal and collateral due diligence,
including a satisfactory review of regulatory due diligence and a satisfactory review of the terms of the Existing Notes.

 

(f)             
Phase I Report. The Administrative Agent shall have received a phase-I environmental report with respect to each
parcel composing the owned Real Property located in New Jersey (the environmental consultants retained for such reports, the scope
of the reports, and the results thereof of which shall be reasonably satisfactory to Administrative Agent).

 

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(g)         
Officer’s Certificates. The Administrative Agent shall have received a certificate for each Credit Party, dated
the Closing Date, duly executed and delivered by such Credit Party’s General Counsel, other duly authorized officer, managing
member or general partner, as applicable, as to:

 

(i)           resolutions
of each such Person’s board of managers/directors (or other managing body, in the case of a Person that is not a
corporation) then in full force and effect expressly and specifically authorizing, to the extent relevant, all aspects of the
Credit Documents and the other Transaction Documents applicable to such Person and the execution, delivery and performance of
each Credit Document and each other Transaction Document, in each case, to be executed by such Person;

 

(ii)        
the incumbency and signatures of its Authorized Officers and any other of its officers, managing member or general partner,
as applicable, authorized to act with respect to each Credit Document to be executed by such Person;

 

(iii)       
each such Person’s Organization Documents, as amended, modified or supplemented as of Closing Date, with the certificate
or articles of incorporation or formation certified by the appropriate officer or official body of the jurisdiction of organization
of such Person;

 

(A)            
certificates of good standing with respect to each Credit Party, each dated within a recent date prior to the Closing Date,
such certificates to be issued by the appropriate officer or official body of the jurisdiction of organization of such Credit Party,
which certificate shall indicate that such Credit Party is in good standing in such jurisdiction, and (B) certificates of good
standing with respect to each Credit Party, each dated within a recent date prior to the Closing Date, such certificates to be
issued by the appropriate officer of the jurisdictions where such Credit Party is qualified to do business as a foreign entity
and conducts material business operations, which certificates shall indicate that such Credit Party is in good standing in such
jurisdictions, which certificates shall provide that each Secured Party may conclusively rely thereon until it shall have received
a further certificate of a General Counsel, other duly authorized officer, managing member or general partner, as applicable, of
any such Person canceling or amending the prior certificate of such Person as provided in Section 8.01(k).

 

(h)         
Other Documents and Certificates. The Administrative Agent shall have received the following documents and certificates,
each of which shall be dated the Closing Date and properly executed by an Authorized Officer of each applicable Credit Party, in
form and substance reasonably satisfactory to the Administrative Agent and its legal counsel:

 

(i)           a certificate of an Authorized Officer of the Borrower, certifying as to such items as reasonably requested by the Administrative
Agent, including without limitation:

 

(A)            
the consummation of the Transactions, all in accordance with Applicable Laws and the Transaction Documents;

 

(B)            
the receipt of all required approvals and consents of all Governmental Authorities and other third parties with respect
to the consummation of the Transactions (if any) and the transactions contemplated by the Transaction Documents; and

 

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(C)            
the names of each of the officers and directors of each Credit Party as of the Closing Date.

 

(ii)         
a Perfection Certificate of each Credit Party.

 

(i)           Solvency
Certificate. The Administrative Agent shall have received a Solvency Certificate of the chief financial officer of the
Borrower, on behalf of the Credit Parties, confirming the Solvency of the Credit Parties and their Subsidiaries after giving
effect to the Transactions.

 

(j)           Financial Information. The Administrative Agent shall have received (or in the case of clause (i) below, made available
to the Administrative Agent through the materials filed with the SEC) the following documents and reports (each in form and substance
reasonably satisfactory to the Administrative Agent):

 

(i)          
the Historical Financial Statements;

 

(ii)         
the forecasted financial projections of the Credit Parties (including adjustments to Consolidated Adjusted EBITDA and projections
for Consolidated Capital Expenditures) for the fiscal years 2018-2020 as of the Closing Date along with a pro forma balance sheet
of the Borrower and its Subsidiaries giving effect to the Transactions; and

 

(iii)        
a detailed sources and uses statement which reflects (A) the sources of all funds to be used by the Credit Parties to consummate
the Transactions and to pay all transaction expenses incurred in connection therewith (including the fees, costs and expenses due
and payable pursuant to the Fee Letter, Sections 4.01 and 12.05) and (B) all uses of such funds, which sources and uses shall be
attached as an exhibit to the Notice of Borrowing delivered pursuant to Section 6.01(a).

 

(k)         
Insurance. The Administrative Agent shall have received a certificate of insurance, together with the endorsements
thereto, in each case, as to the insurance required by Section 8.03, in form and substance reasonably satisfactory to Administrative
Agent.

 

(l)          
Payment of Outstanding Indebtedness. (A) On the Closing Date, the Credit Parties and each of their respective
Subsidiaries shall have no outstanding Indebtedness other than the Loans hereunder and the Indebtedness (if any) listed on Schedule
7.24, and the Administrative Agent shall have received copies of all documentation and instruments evidencing the discharge
of all Indebtedness paid off in connection with the Transactions on the Closing Date, and (B) all Liens (other than Permitted Liens)
securing payment of any such Indebtedness shall have been released and the Administrative Agent shall have received pay-off letters
and all form UCC-3 termination statements and other instruments as may be reasonably requested by Administrative Agent in connection
therewith. The terms, maturity and subordination of any indebtedness listed on Schedule 7.24 shall be satisfactory to the
Administrative Agent.

 

(m)        
Material Adverse Effect. There has been no Material Adverse Effect, since December 31, 2017.

 

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(n)          
Fees and Expenses. Each of the Administrative Agent and each Lender shall have received, for its own respective account,
(i) all fees and expenses due and payable to such Person under the Fee Letter, and (ii) the reasonable fees, costs and expenses
due and payable to such Person pursuant Sections 4.01 and 12.05 (including the reasonable and documented fees, disbursements and
other charges of counsel) for which invoices have been presented at least one (1) Business Day prior to the Closing Date.

 

(o)           Patriot Act Compliance. The Administrative Agent shall have received, at least 5 Business Days prior to the Closing
Date, all documentation and other information required by banking regulatory authorities under applicable “know your customer”
and Anti-Money Laundering Laws, rules and regulations, and any required Patriot Act compliance, the results of which are satisfactory
to Administrative Agent in its sole discretion.

 

(p)          
No Adverse Actions. The Administrative Agent shall be reasonably satisfied that there is no action or proceeding
before any court or Governmental Authority, litigation or investigation, pending or threatened in writing against the Borrower
or any other Credit Party, or any of their respective Subsidiaries wherein an unfavorable judgment, decree or order would (w) prevent
the consummation of any of the Transactions, (x) declare unlawful any of the Transactions, (y) reasonably be expected to cause
any of the Transactions to be rescinded, or (z) result in damages owing by ACF in connection with the consummation of the Transactions.

 

(q)          
[reserved].

 

(r)          
2019 Convertible Notes Repurchase Blocked Account. The Administrative Agent shall have received (i) satisfactory
evidence of the formation of the 2019 Convertible Notes Repurchase Blocked Account and (ii) a Control Agreement, in form and substance
satisfactory to the Administrative Agent for such 2019 Convertible Notes Repurchase Blocked Account.

 

Section
6.02     Conditions
Precedent to all Credit Extensions.

 

(a)           No Default; Representations and Warranties. The agreement of each Lender to make any Loan requested to be made by
it on any date is subject to the satisfaction of the condition precedent that at the time of each such Credit Extension and also
after giving effect thereto, and in the case of the Credit Extensions on the Closing Date, both before and after giving effect
to the consummation of the Transactions: (i) no Default or Event of Default shall have occurred and be continuing, (ii) all representations
and warranties made by each Credit Party contained herein or in the other Credit Documents shall be true and correct in all material
respects (except in the case of the initial Credit Extensions to occur on the Closing Date, in which case all representations and
warranties made by each Credit Party contained herein or in the other Credit Documents shall be true and correct in all respects),
in each case, with the same effect as though such representations and warranties had been made on and as of the date of such Credit
Extension (except where such representations and warranties expressly relate to an earlier date, in which case such representations
and warranties shall have been true and correct in all material respects as of such earlier date); provided, that
any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar
language shall be true and correct in all respects on such respective dates, and (iii) no injunction, writ, restraining order,
or other order of any nature restricting or prohibiting, directly or indirectly, such Credit Extension shall have been issued and
remain in force by any Governmental Authority against the Borrower, the Administrative Agent, any Lender. The acceptance of the
benefits of each Credit Extension shall constitute a representation and warranty by each Credit Party to each of the Lenders that
all the applicable conditions specified above are satisfied as of that time.

 

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(b)           Notice of Borrowing. Prior to the making of each Loan, the Administrative Agent shall have received a Notice of
Borrowing (whether in writing or by telephone) meeting the requirements of Section 2.03.

 

Article
VII

Representations, Warranties and Agreements

 

In order to induce
the Lenders to enter into this Agreement, make the Loans as provided for herein, the Credit Parties make the following representations
and warranties as of the Closing Date and as of the date of making of each Loan thereafter, all of which shall survive the execution
and delivery of this Agreement:

 

Section
7.01    Corporate
Status. Each Credit Party and each of their Subsidiaries (a) is a duly organized or formed and validly existing corporation
or other registered entity in good standing under the laws of the jurisdiction of its organization and has the corporate or other
organizational power and authority to own its property and assets and to transact the business in which it is engaged and (b) has
duly qualified and is authorized to do business and is in good standing in all jurisdictions where it does business or owns assets,
except where the failure to be so qualified, authorized or in good standing could not reasonably be expected to result in a Material
Adverse Effect.

 

Section
7.02     Corporate
Power and Authority. Each Credit Party has the corporate or other organizational power and authority to execute, deliver and
carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other
organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each
Credit Party has duly executed and delivered the Credit Documents and each other Transaction Document to which it is a party and
such Transaction Documents constitute the legal, valid and binding obligation of such Credit Party enforceable in accordance with
its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization and other similar
laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding
in equity or law).

 

Section
7.03     No
Violation. None of (a) the execution, delivery and performance by any Credit Party of the Credit Documents to which it is
a party and compliance with the terms and provisions thereof, (b) the consummation of the Transactions, or (c) the
consummation of the other transactions contemplated hereby or thereby on the relevant dates therefor will (i) contravene any
applicable provision of any material Applicable Law of any Governmental Authority, (ii) result in any breach of any of the
terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or
the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party (other than Permitted
Liens and Liens created under the Credit Documents) pursuant to, (A) the terms of any material indenture, loan agreement,
lease agreement, mortgage or deed of trust (for the avoidance of doubt, including but not limited to, the First Lien Loan
Documents or Third Lien Note Documents, as applicable), or (B) any other Material Contracts, in the case of either clause (A)
and (B) to which any Credit Party is a party or by which it or any of its
property or assets is bound or (iii) violate any provision of the Organization Documents any Credit Party, except with
respect to any conflict, breach or contravention or default (but not the creation of Liens) referred to in clauses (ii)(A) or
(ii)(B), to the extent that such conflict, breach, contravention or default could not reasonably be expected to have a
Material Adverse Effect.

 

    65 

     

    

 

Section
7.04     Litigation,
Labor Controversies, etc. There is no litigation, action, proceeding or labor controversy (including without limitation, strikes,
lockouts or slowdowns) against the Credit Parties or any of their respective Subsidiaries that is pending or, to the knowledge
of any Credit Party, threatened in writing (a) except as disclosed in Schedule 7.04 and other matters that could not reasonably
be expected to (x) have a Material Adverse Effect, or (y) result in monetary judgments or relief, individually or in the aggregate,
in excess of $1,000,000, or (b) which purports to affect the legality, validity or enforceability of any Credit Document, any Transaction
Document or the Transactions.

 

Section
7.05      Use
of Proceeds; Regulations U and X. The proceeds of the Loans are intended to be and shall be used solely for the purposes set
forth in and permitted by Section 8.10. No Credit Party is engaged in the business of extending credit for the purpose of purchasing
or carrying margin stock, and no proceeds of any Credit Extension will be used to purchase or carry margin stock or otherwise for
a purpose which violates, or would be inconsistent with Regulation U or Regulation X. No Credit Party and no Subsidiary of
any Credit Party owns any margin stock.

 

Section
7.06     Approvals,
Consents, etc. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority
or other Person, and no consent or approval under any contract or instrument (other than (a) those that have been duly obtained
or made and which are in full force and effect, or if not obtained or made, individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect and (b) the filing of UCC financing statements and other equivalent filings for foreign
jurisdictions) is required for the consummation of the Transactions or the due execution, delivery or performance by any Credit
Party of any Credit Document to which it is a party, or for the due execution, delivery or performance of the other Transaction
Documents, in each case by any of the parties thereto. There does not exist any judgment, order, injunction or other restraint
issued or filed with respect to the transactions contemplated by the Transaction Documents, the consummation of the Transactions,
the making of any Credit Extension or the performance by the Credit Parties or any of their respective Subsidiaries of their Obligations
under the Credit Documents.

 

Section
7.07      Investment
Company Act. No Credit Party is, or will be after giving effect to the Transactions and the transactions contemplated under
the Credit Documents, an “investment company” or a company “controlled” by an “investment company”,
within the meaning of the Investment Company Act of 1940.

 

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Section
7.08      Full
Disclosure.

 

(a)           In
connection with the execution of this Agreement and the Transactions, Credit Parties have disclosed to the Administrative
Agent and the Lenders all agreements, instruments and corporate or other restrictions to which any Credit Party or any of its
Subsidiaries is subject, and all other matters known to them, that, individually or in the aggregate, could reasonably be
expected to have Material Adverse Effect. None of the factual information and data (taken as a whole) at any time furnished
by any Credit Party, any of their respective Subsidiaries or any of their respective authorized representatives in writing to
the Administrative Agent or any Lender (including all information contained in the representations and warranties, reports,
exhibits or otherwise in the Credit Documents but excluding the Budget, any pro forma financial information or projections,
which are subject to the requirements of clause (b) below) for purposes of or in connection with this Agreement or any of the
Transactions contains any untrue statement of a material fact or omits to state any material fact necessary to make such
information and data (taken as a whole) not materially misleading, in each case, at the time such information was provided in
light of the circumstances under which such information or data was furnished.

 

(b)          
The Budget, pro forma financial information and projections provided pursuant to this Agreement were prepared in good faith
based upon assumptions believed by the Credit Parties to be reasonable at the time made in light of then current market conditions,
it being recognized by the Agents and the Lenders that such projections as to future events are not to be viewed as facts , are
subject to uncertainties and contingencies, and that actual results during the period or periods covered by any such projections
are not guaranties of financial performance and may differ from the projected results and such differences may be material.

 

Section
7.09     Financial
Condition; No Material Adverse Effect.

 

(a)          
The Historical Financial Statements present fairly in all material respects the financial position and results of operations
of the Credit Parties at the respective dates of such information and for the respective periods covered thereby, subject in the
case of unaudited financial information, to changes resulting from normal year end audit adjustments and to the absence of footnotes.
The Historical Financial Statements and all of the balance sheets, all statements of income and of cash flow and all other financial
information furnished pursuant to Section 8.01 have been and will for all periods following the Closing Date be prepared in accordance
with GAAP consistently applied. All of the financial information furnished pursuant to Section 8.01 presents fairly in all material
respects the financial position and results of operations of the Credit Parties at the respective dates of such information and
for the respective periods covered thereby, subject in the case of unaudited financial information, to changes resulting from normal
year end audit adjustments and to the absence of footnotes.

 

(b)           There are no material liabilities of any Credit Party of any kind whatsoever, whether accrued, contingent, absolute, determined,
determinable or otherwise, and there is no existing condition, situation or set of circumstances which could reasonably be expected
to result in any such liabilities, other than those liabilities provided for or disclosed in the most recently delivered financial
statements pursuant to Section 8.01.

 

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(c)           
Since December 31, 2017, there has been no circumstance, event or occurrence, and no fact is known to the Credit Parties
that has resulted in or could reasonably be expected to result in a Material Adverse Effect.

 

Section
7.10      Tax
Returns and Payments. Each Credit Party has filed all applicable federal and state income Tax returns and all other
material Tax returns, domestic and foreign, required to be filed by them and has paid all material Taxes and assessments
payable by them that have become due, other than those not yet delinquent or being diligently contested in good faith by
appropriate proceedings and by proper proceedings which stay the enforcement of any Lien as to which such Credit Party has
maintained adequate reserves in accordance with GAAP.

 

Section
7.11      Compliance
with ERISA. Each Pension Plan is in compliance with ERISA, the Code and any Applicable Law; no Reportable Event has
occurred (or is reasonably likely to occur) with respect to any Pension Plan; each Pension Plan that is intended to qualify
under Section 401(a) of the Code has received a favorable determination or opinion letter from the Internal Revenue Service
for all required amendments regarding its qualification thereunder that considers the law changes incorporated in the plan
sponsor’s most recently expired remedial amendment cycle determined under the provisions of Rev. Proc. 2007-44, and
nothing has occurred subsequent to the issuance of such determination letter which would reasonably be expected to prevent,
or cause the loss of, such qualification. To the knowledge of the Credit Parties, (i) no Multiemployer Plan is insolvent or
in reorganization or in endangered or critical status within the meaning of Section 432 of the Code or Section 4241 or 4245
of Title IV of ERISA (or is reasonably likely to be insolvent or in reorganization), and no written notice of any such
insolvency or reorganization has been given to any of the Credit Parties, any of their respective Subsidiaries or any ERISA
Affiliate; (ii) no Pension Plan is, or is reasonably expected to be, in “at risk” status (as defined in Section
430 of the Code or Section 303 of ERISA); (iii) no Pension Plan has failed to satisfy the minimum funding standard of Section
412 of the Code or Section 302 of ERISA, including, without limitation, any obligation to make any required installment under
Section 430(j) of the Code (whether or not waived in accordance with Section 412(c) of the Code or Section 302(c) of ERISA),
(or is reasonably likely to do so); (iv) no failure to make any required contribution to a Multiemployer Plan when due has
occurred; (v) none of the Credit Parties, any of their respective Subsidiaries or any ERISA Affiliate has incurred (or is
reasonably expected to incur) any liability to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515, 4062,
4063, 4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code or has been notified in writing that it will
incur any liability under any of the foregoing Sections with respect to any Plan; (vi) no proceedings have been instituted
(or are reasonably likely to be instituted) to terminate or to reorganize any Plan or to appoint a trustee to administer any
Plan, and no written notice of any such proceedings has been given to any of the Credit Parties, any of their respective
Subsidiaries or any ERISA Affiliate; and (vii) no Lien imposed under the Code or ERISA on the assets of any of the Credit
Parties, any of their respective Subsidiaries or any ERISA Affiliate exists (or is reasonably likely to exist) nor have the
Credit Parties, any of their respective Subsidiaries or any ERISA Affiliate been notified in writing that such a Lien will be
imposed on the assets of any of the Credit Parties, any of their respective Subsidiaries or any ERISA Affiliate on account of
any Plan. No Pension Plan has an Unfunded Current Liability that exceeds $1,000,000. No employee welfare benefit plan within
the meaning of §3(1) or §3(2)(B) of ERISA of any Credit Party or any of their respective Subsidiaries, provides
benefit coverage subsequent to termination of employment except as required by Title I, Subtitle B, Part 6 of ERISA or
applicable state insurance laws. No 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 has been, or is
reasonably expected to be, incurred. With respect to any Foreign Plan, (a) all employer and employee contributions required
by applicable law or by the terms of such Foreign Plan have been made or, if applicable, accrued in accordance with normal
accounting practices; (b) the accrued benefit obligations of each Foreign Plan (based on those assumptions used to fund such
Foreign Plan) with respect to all current and former participants do not exceed the assets of such Foreign Plan; (c) each
Foreign Plan that is required to be registered has been registered and has been maintained in good standing and applicable
regulatory authorities; and (d) each Foreign Plan is in compliance in all material respects with applicable law and
regulations and with the terms of such Foreign Plan.

 

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Section
7.12      Capitalization
and Subsidiaries. Except as set forth on Schedule 7.12 as of the Closing Date and as of the last date such Schedule
was required to be updated in accordance with Section 8.01(d), no Credit Party and no Subsidiary of any Credit Party (a) has any
Subsidiaries or (b) is engaged in any joint venture or partnership with any other Person. All of the issued and outstanding Capital
Stock of each of the Credit Parties and their Subsidiaries is validly issued, fully paid and non-assessable, free and clear of
all Liens except those created under the Credit Documents. All such securities were issued in compliance with all Applicable Laws
concerning the issuance of securities. Except as set forth in Schedule 7.12, there are no pre-emptive or other outstanding
rights to purchase, options, warrants or similar rights or agreements (other than stock options granted to employees) pursuant
to which any Credit Party may be required to issue, sell, repurchase or redeem any of its Capital Stock or any Capital Stock of
its Subsidiaries.

 

Section
7.13     Intellectual
Property; Licenses, etc. Each Credit Party and each of its Subsidiaries owns, or possesses the right to use, all of the material
trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property
rights that are reasonably necessary for the operation of their respective businesses. To the knowledge of each Credit Party, neither
the use of such intellectual property, nor any slogan or other advertising device, product, process, method, substance, part or
other material now employed, or now contemplated to be employed by such Credit Party, or any of such Credit Party’s Subsidiaries,
infringes upon any intellectual property rights held by any other Person. Except as specifically set forth on Schedule 7.04
and as could not reasonably be expected to have a Material Adverse Effect, no claim or litigation regarding any of the foregoing
is pending or, to the knowledge of such Credit Party threatened in writing.

 

Section
7.14      Environmental.
(a) Except as would not reasonably be expected to result in a Material Adverse Effect: (i) the Credit Parties and each of their
respective Subsidiaries are in compliance with all Environmental Laws in all jurisdictions in which the Credit Parties or such
Subsidiary, as the case may be, are currently doing business (including obtaining, maintaining in full force and effect, and complying
with all Permits required under Environmental Laws to operate the business of the Credit Parties and their respective Subsidiaries
as currently conducted); (ii) none of the Credit Parties or any of their respective Subsidiaries is subject to any Environmental
Claim or any other liability under any Environmental Law that is pending or, to the knowledge of such Credit Party, threatened
in writing; (iii) to the knowledge of the Credit Parties, there are no conditions relating to the formerly owned Real Property
that could reasonably be expected to give rise to any Environmental Claim against any of the Credit Parties or any of their Subsidiaries
and (iv) no Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Claims has attached to any
Real Property of any of the Credit Parties or any of their Subsidiaries.

 

    69 

     

    

 

(b)          
 None of the Credit Parties or any of their respective Subsidiaries has treated, stored, transported, Released or disposed
of Hazardous Materials at, from, on or under any currently or formerly owned Real Property, facility relating to its business,
or, to the knowledge of any Credit Party, any other location, in each case, in a manner that could reasonably be expected to give
rise to an Environmental Claim that could result in a Material Adverse Effect.

 

(c)          
Each Credit Party has made available to the Administrative Agent copies of all existing material environmental assessment
reports, assessments, reviews, audits, correspondence and other documents and data that have a material bearing on actual or potential
Environmental Claims or compliance with Environmental Laws, in each case to the extent such reports, assessments, reviews, audits
and documents and data are in their possession or reasonable control.

 

(d)          
This Section 7.14 contains the sole and exclusive representations and warranties of the Credit Parties with respect to matters
arising under or relating to Environmental Laws, Environmental Claims, Hazardous Materials, Releases, or any other environmental,
health, or safety matters.

 

Section
7.15     Ownership
of Properties. Set forth on Schedule 7.15 is a list of all of the Real Property owned or leased by any of the Credit
Parties or their respective Subsidiaries as of the Closing Date and as of the last date such Schedule was required to be updated
in accordance with Section 8.01(d), indicating in each case whether the respective property is owned or leased, the identity of
the owner or lessor and the location of the respective property. Each Credit Party owns (a) in the case of owned Real Property,
good, indefeasible and marketable fee simple title to such Real Property, (b) in the case of owned personal property, good
and valid title to such personal property, and (c) in the case of leased Real Property or personal property, valid, subsisting,
marketable, insurable and enforceable (except as may be limited by bankruptcy, insolvency, moratorium, fraudulent conveyance or
other laws applicable to creditors’ rights generally and by generally applicable equitable principles, whether considered
in an action at law or in equity) leasehold interests (as the case may be) in such leased property, in each case, free and clear
in each case of all Liens, except for Permitted Liens.

 

Section
7.16     No
Default. None of the Credit Parties or any of their respective Subsidiaries is in default under or with respect to, or a party
to, any Material Contract (copies of which have been received by the Administrative Agent) (other than any such Material Contract
in respect of Indebtedness) that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Upon the effectiveness of this Agreement and the other Credit Documents, none of the Credit Parties or any of their respective
Subsidiaries is in default under or with respect to any Material Contract in respect of Indebtedness the breach of which could
reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continue or would result from the consummation
of the transactions contemplated by this Agreement or any other Credit Document.

 

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Section
7.17     Solvency.
On the Closing Date after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

 

Section
7.18     [Intentionally
Omitted].

 

Section
7.19     Compliance
with Laws; Authorizations. Each Credit Party and each of its Subsidiaries (a) has complied and is complying with all Applicable
Laws and (b) is in possession of and has all requisite Registrations, governmental licenses, authorizations, consents and approvals
required under Applicable Laws, and (c) to the extent due and owing has fully paid all applicable user fees, to operate its business
and relating to the Credit Party’s Products as currently conducted except, in each case, to the extent that failure to do
so could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section
7.20     Contractual
or Other Restrictions. Other than the Credit Documents and to the extent permitted by Section 9.10, no Credit Party or any
of its Subsidiaries is a party to any agreement or arrangement or subject to any Applicable Law that limits its ability to pay
dividends to, or otherwise make Investments in or other payments to any Credit Party, that limits its ability to grant Liens in
favor of the Administrative Agent or that otherwise limits its ability to perform the terms of the Credit Documents.

 

Section
7.21    Transaction
Documents. All representations and warranties of (a) the Credit Parties set forth in the Transaction Documents and (b) to
the best knowledge of the Credit Parties, of each other Person (other than Lenders) party to the Transaction Documents, were true
and correct in all material respects as of the time as of which such representations and warranties were made and shall be true
and correct in all material respects as of the Closing Date as if such representations and warranties were made on and as of such
date (unless such representation or warranty is given as of a specific date). No default or event of default has occurred and is
continuing under any Transaction Document. Each Transaction Document is in full force and effect, enforceable against each of the
parties thereto (except as may be limited by bankruptcy, insolvency, moratorium, fraudulent conveyance or other laws applicable
to creditors’ rights generally and by generally applicable equitable principles, whether considered in an action at law or
in equity), no Transaction Document has been amended or modified except as disclosed to the Administrative Agent on or prior to
the Closing Date or otherwise in accordance with Section 9.07, and no waiver or consent has been granted under any such document,
except in accordance with Section 9.07. There are no agreements, contracts or other arrangements entered into by any Credit Party
or Subsidiary of any Credit Party for the payment of fees, compensation or other similar amounts to any employee or member of the
management of any Credit Party.

 

Section
7.22    Collective
Bargaining Agreements. Set forth on Schedule 7.22 is a list and description (including dates of termination) of all collective
bargaining or similar agreements between or applicable to any Credit Party or any of its Subsidiaries and any union, labor organization
or other bargaining agent in respect of the employees of any Credit Party or any of its Subsidiaries as of the date hereof or as
of the last date such schedule was required to be updated in accordance with Section 8.01(d).

 

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Section
7.23      Insurance.
The properties of each Credit Party are insured with financially sound and reputable insurance companies which are not
Affiliates of any Credit Party against loss and damage in such amounts, with such deductibles and covering such risks as are
customarily carried by Persons of comparable size and of established reputation engaged in the same or similar businesses and
owning similar properties in the general locations where such Credit Party operates, in each case as described on Schedule
7.23 as in effect on the Closing Date.

 

Section
7.24      Evidence
of Other Indebtedness. Schedule 7.24 is a complete and correct list of each credit agreement, loan agreement, indenture,
purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or
any extension of credit (or commitment for any extension of credit) to, any Credit Party outstanding on the Closing Date which
will remain outstanding after the Closing Date (other than this Agreement and the other Credit Documents), and the aggregate principal
or face amount outstanding or that may become outstanding under each such arrangement as of the Closing Date is correctly described
in Schedule 7.24.

 

Section
7.25      Deposit
Accounts and Securities Accounts. Set forth in Schedule 7.25 is a list of all of the deposit accounts and securities accounts
of each Credit Party, including, with respect to each bank or securities intermediary at which such accounts are maintained by
such Credit Party (a) the name and location of such Person and (b) the account numbers of the deposit accounts or securities accounts
maintained with such Person, in each case, as of the Closing Date and as of the last date such Schedule was required to be updated
in accordance with Section 8.01(d).

 

Section
7.26     Foreign
Assets Control Regulations; Anti-Money Laundering and Anti-Corruption Practices. Each Credit Party and each Subsidiary of each
Credit Party is (x) in compliance with all U.S. economic sanctions laws, executive orders and implementing regulations (“Sanctions”)
as promulgated by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), and
(y) in compliance in all material respects with all applicable anti-money laundering and counter-terrorism financing provisions
of the Bank Secrecy Act and all regulations issued pursuant to it. No Credit Party and no Subsidiary or Affiliate of a Credit Party
(i) is a Person designated by the U.S. government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN
List”) with which a U.S. Person cannot deal with or otherwise engage in business transactions, (ii) is a Person who
is otherwise the target of U.S. economic sanctions laws such that a U.S. Person cannot deal or otherwise engage in business transactions
with such Person or (iii) is controlled by (including without limitation, by virtue of such Person being a director or owning voting
shares or interests), or acts, directly or indirectly, for or on behalf of, any Person or entity on the SDN List or a foreign government
that is the target of U.S. economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any
other Credit Document would be prohibited under U.S. law. Each Credit Party and each Subsidiary of each Credit Party is in compliance
in all material respects with all applicable Anti-Corruption Laws. None of the Credit Parties or any Subsidiary thereof, nor to
the knowledge of the Borrower, any director, officer, agent, employee, or other person acting on behalf of a Credit Party or any
Subsidiary, has taken any action, directly or indirectly, that would result in a violation in any material respect of applicable
Anti-Corruption Laws. Each Credit Party and each Subsidiary of a Credit Party has instituted and will continue to maintain policies
and procedures designed to promote compliance with Applicable Anti-Corruption laws.

 

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Section
7.27    Patriot
Act. The Credit Parties, each of their Subsidiaries and each of their controlled Affiliates are in compliance in all
material respects with (a) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United
States Treasury Department (31 CFR, Subtitle B Chapter V, as amended) and any other enabling legislation or executive order
relating thereto, (b) the Patriot Act and (c) other federal or state laws relating to “know your customer”
and Anti-Money Laundering Laws, rules and regulations. No part of the proceeds of any Loan will be used directly or
indirectly for any payments to any government official or employee, political party, official of a political party, candidate
for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain
any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977.

 

Section
7.28     First
Lien Loan Documents.

 

(a)         
As of the Closing Date, the Borrower has delivered to the Administrative Agent a complete and correct copy of the First
Lien Loan Documents (including all schedules, exhibits, amendments, supplements, modifications, assignments and all other documents
delivered pursuant thereto or in connection therewith).

 

Section
7.29    Flood
Insurance. Borrower and its Subsidiaries maintain, if available, fully paid flood hazard insurance on all Real Property that
is located in a special flood hazard area and that constitutes Collateral, on such terms and in such amounts as required by Flood
Insurance Laws or as otherwise reasonably required by the Administrative Agent.

 

Section
7.30     Location
of Collateral; Equipment List. Schedule 7.30 lists:

 

(a)         
all places at which Records relating to the Collateral, including, but not limited to, all Documents and Instruments relating
to Receivables and Inventory, are maintained by Borrower or by any other Person;

 

(b)         
except for In-Transit Inventory (as defined in the First Lien Credit Agreement), all places where Credit Parties maintain,
or will maintain, Inventory, and whether the premises are owned or leased by Credit Parties or whether the premises are the premises
of a warehouseman, bailee or other third party, and if owned by a third party, the name and address of such third party; and

 

(c)          
subject to Section 9.15, all places where the Credit Parties’ equipment is located and whether the premises are owned
or leased by Credit Parties or whether the premises are the premises of a warehouseman, bailee or other third party, and if owned
by a third party, the name and address of such third party.

 

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Section
7.31     Regulatory
Matters.

 

(a)           Schedule
7.31 sets forth, as of the Amendment No. 5 Effective Date, a complete and correct list of all material Registrations held
by each Credit Party and its Subsidiaries. Such listed material Registrations are the only material Registrations that are
required for the Credit Parties and their Subsidiaries to conduct their respective businesses as presently or previously
conducted or as proposed to be conducted. Each Credit Party and its Subsidiaries has, and it and its Products are in
conformance with, all Registrations required to conduct its respective businesses as now or currently proposed to be
conducted except where the failure to have such Registrations would not reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect. To the knowledge of each Credit Party and its Subsidiaries, neither the FDA
nor other Governmental Authority has provided notice of or is considering limiting, suspending, revoking or otherwise
restricting such Registrations or changing the regulatory status or marketing classification or labeling or other material
parameter affecting the Products of the Credit Parties or any of their respective Subsidiaries. To the knowledge of each
Credit Party and its Subsidiaries, there is no false or misleading information or significant omission in any Product
application or other submission to the FDA or other Governmental Authority administering Public Health Laws. The Credit
Parties and their respective Subsidiaries have fulfilled and performed, in all material respects, their obligations under
each material Registration, and, to the knowledge of each Credit Party and its Subsidiaries, no event has occurred or
condition or state of facts exists which would constitute a breach or default, or would cause revocation, modification,
suspension, or termination of any such Registration. To the knowledge of each Credit Party and its Subsidiaries, no event has
occurred or condition or state of facts exists which would present potential product liability related, in whole or in part,
to Regulatory Matters. To the knowledge of each Credit Party and its Subsidiaries, any third party that is a manufacturer or
contractor for the Credit Parties or any of their respective Subsidiaries is in compliance with all material Registrations
required by the FDA or comparable Governmental Authority and all Public Health Laws insofar as they reasonably pertain to the
Products of the Credit Parties and their respective Subsidiaries, except to the extent that failure to be in such compliance
would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)          
All Products researched, developed, investigated, manufactured, prepared, assembled, packaged, tested, labeled, distributed,
sold or marketed by or on behalf of the Credit Parties or their respective Subsidiaries that are subject to Public Health Laws,
to the knowledge of each Credit Party and its Subsidiaries, have been and are being researched, developed, investigated, manufactured,
prepared, assembled, packaged, tested, labeled, distributed, sold and marketed in compliance with the Public Health Laws or any
other Applicable Law, including, without limitation, clinical and non-clinical testing, product approval or clearance, current
good manufacturing practices, labeling, advertising and promotion, record-keeping, establishment registration and listing, and
adverse event reporting, and all other required importation and distribution requirements, except to the extent that failure to
be in such compliance would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(c)          No
Credit Party nor its Subsidiaries is subject to any material obligation arising under an administrative or regulatory action,
proceeding, investigation or inspection by or on behalf of a Governmental Authority, warning letter, notice of violation
letter, untitled letter, consent decree, request for information or any other notice or communication, response or commitment
made to or with a Governmental Authority with respect to Regulatory Matters, and Public Health Laws, and, to the knowledge of
each Credit Party and its Subsidiaries, no such obligation has been threatened in writing. There is no, and there is no act,
omission, event, or circumstance of which any Credit Party or any of its Subsidiaries has knowledge that would reasonably be
expected to give rise to or lead to, any civil, criminal or administrative action, suit, demand, claim, complaint, hearing,
investigation, demand letter, warning letter, FDA Form 483, penalty, fine, reprimand, sanction, data integrity review,
proceeding or request for information pending against any Credit Party or its Subsidiaries, and, to each Credit Party’s
and its Subsidiary’s knowledge, no Credit Party nor its Subsidiaries has any liability (whether actual or contingent)
for failure to comply with any Public Health Laws. There has not been any violation of any Public Health Laws by any Credit
Party or its Subsidiaries in its Product research or development efforts, testing submissions, record keeping, importation,
and reports to the FDA, DEA or any other Governmental Authority that could reasonably be expected to require or lead to
investigation, corrective action or enforcement, regulatory or administrative action that would reasonably be expected, in
the aggregate, to have a Material Adverse Effect. To the knowledge of each Credit Party and each of their respective
Subsidiaries, there are no civil or criminal proceedings relating to any Credit Party or any of its Subsidiaries or any
officer, director or employee of any Credit Party or Subsidiary of any Credit Party that involve an alleged violation of any
Public Health Law.

 

(d)          
As of the Closing Date, no Credit Party nor its Subsidiaries is undergoing any inspection related to Regulatory Matters,
or any other Governmental Authority investigation, except as set forth on Schedule 7.31; nor are there any uncompleted corrective
or preventative actions resulting from any FDA cGMP inspections related to a Product during the period of the last three calendar
years.

 

(e)          
During the period of three calendar years immediately preceding the Closing Date, no Credit Party nor any Subsidiary of
any Credit Party has introduced into commercial distribution any Products manufactured by or on behalf of any Credit Party or any
Subsidiary of a Credit Party or distributed any products on behalf of another manufacturer that were upon their shipment by any
Credit Party or any of its Subsidiaries knowingly adulterated or misbranded in violation of 21 U.S.C. § 331. No Credit
Party nor any Subsidiary of any Credit Party has received any notice of communication from any Governmental Authority alleging
material noncompliance with any Applicable Law. No Product has been seized, withdrawn, recalled (voluntary or otherwise), detained,
or subject to a suspension (other than in the ordinary course of business) relating to research, testing, manufacturing, distribution,
or commercialization activity, and there are no facts or circumstances reasonably likely to cause (i) the seizure, denial, withdrawal,
recall (voluntary or otherwise), detention, public health notification, safety alert or suspension of manufacturing or other activity
relating to any Product; (ii) a change in the labeling of any Product suggesting a compliance or safety issue or risk; or (iii)
a termination, seizure or suspension of manufacturing, researching, distributing or marketing of any Product. No proceedings in
the United States or any other jurisdiction seeking the withdrawal, recall (voluntary or otherwise), revocation, suspension, import
detention, or seizure of any Product are pending or threatened in writing against any Credit Party or any of its Subsidiaries.

 

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(f)           No
Credit Party nor any Subsidiary of any Credit Party nor any of their respective officers, directors or employees or, to the
knowledge of each Credit Party and its Subsidiaries, agents or contractors (i) have been excluded or debarred from any
federal healthcare program (including without limitation Medicare or Medicaid) or any other federal program or (ii) have
received notice from the FDA or any other Governmental Authority with respect to debarment or disqualification of any Person
that would reasonably be expected to have, in the aggregate, a Material Adverse Effect. No Credit Party nor any Subsidiary of
any Credit Party nor any of their respective officers, directors or employees or, to the knowledge of each Credit Party and
its Subsidiaries, agents or contractors have been convicted of any crime or engaged in any conduct for which (x) debarment is
mandated or permitted by 21 U.S.C. § 335a or (y) such Person could be excluded or otherwise deemed ineligible from
participating in the federal health care programs under Section 1128 of the Social Security Act or any similar law. No
officer and to the knowledge of each Credit Party and its Subsidiaries, no employee or agent of any Credit Party or its
Subsidiaries, has (A) made any untrue statement of material fact or fraudulent statement to the FDA or any other Governmental
Authority; (B) failed to disclose a material fact required to be disclosed to the FDA or any other Governmental Authority; or
(C) committed an act, made a statement, or failed to make a statement that would reasonably be expected to provide the basis
for the FDA or any other Governmental Authority to invoke its policy respecting “Fraud, Untrue Statements of Material
Facts, Bribery, and Illegal Gratuities,” as set forth in 56 Fed. Reg. 46191 (September 10, 1991); or (D) been
investigated by FDA or any other Governmental Authority, including but not limited to the Office of the Inspector General for
the Department of Health and Human Services, or the Department of Justice, for data or healthcare program fraud. Neither
Credit Party or any of its subsidiaries, nor any of their respective officers, directors, employees, or, to their knowledge,
contractors, have made or offered any payment, gratuity, or other thing of value that is prohibited by any Applicable Law to
personnel of the FDA or any other Governmental Authority.

 

(g)          
[Intentionally Omitted].

 

(h)         
Except as set forth on Schedule 7.31: (i) each Credit Party and its Subsidiaries and, to their knowledge, their respective
contract manufacturers are, and have been for the past three calendar years, in compliance with, and each Product in current commercial
distribution has been and is imported, researched, manufactured, tested, processed, prepared, packaged, labeled, marketed, stored
and held in compliance with, the current Good Manufacturing Practice regulations set forth in 21 C.F.R. Parts 210 and 211, as applicable,
(ii) each Credit Party and its Subsidiaries has been and is in compliance with the written standard operating procedures, record-keeping
and reporting requirements implemented by Credit Party or its subsidiaries or required by the FDA or any comparable Governmental
Authority pertaining to the Product, including but not limited to reporting of adverse events involving the Products, (iii) all
Products are and have been labeled, promoted, marketed, and advertised in accordance with their Registration and approved labeling,
and (iv) each Credit Party and its Subsidiaries’ establishments are registered with the FDA and each Product is listed with
the FDA under the applicable FDA regulations except, in each case, to the extent that failure to be in such compliance would not,
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(i)          
There are no civil, criminal, or administrative actions, suits, demands, claims, hearings, notices of violation, investigations,
proceedings, demand letters, or other communications relating to any alleged hazard or alleged defect in design, manufacture, materials,
or workmanship, including, without limitation, any failure to warn or alleged breach of express or implied warranty or representation,
relating to any Product provided by the Credit Party or its Subsidiaries, or alleging that any Products are otherwise unsafe or
ineffective for their intended use, that are presently pending or threatened in writing. Since January 1, 2013, neither any Credit
Party nor its Subsidiaries have made any modification to any Product because of warranty, product liability, regulatory, or other
claims or communications concerning alleged hazards or defects in such product, that has had or would reasonably be expected to
have a Material Adverse Effect.

 

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(j)          The Credit Party and its Subsidiaries have timely filed all reports, documents, applications, notices, Permits, and copies
of any contracts required by any Applicable Laws to be filed or furnished to any Governmental Authority, including, without limitation,
the FDA, DEA and state agencies, except where the failure to so timely file would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. Such reports, documents, applications, notices, Permits, and copies of any contracts
were complete and correct in all respects on the date filed (or were corrected in or supplemented by a subsequent filing such
that no liability exists in respect to the Credit Party or its Subsidiaries with respect to such filings or lack thereof), except
as would not reasonably be expected to have a Material Adverse Effect.

 

Section
7.32        Third
Lien Note Documents.

 

(a)       
As of the Amendment No. 5 Effective Date, the Borrower has delivered to the Administrative Agent a complete and correct
copy of the Third Lien Note Documents (including all schedules, exhibits, amendments, supplements, modifications, assignments and
all other documents delivered pursuant thereto or in connection therewith).

 

Article
VIII

 

Affirmative Covenants

 

The Credit Parties
hereby covenant and agree that on the Closing Date and thereafter, until the Commitments have been terminated and the Loans and
all other Obligations incurred hereunder (other than Unasserted Contingent Obligations) are paid in full in accordance with the
terms of this Agreement:

 

Section
8.01       Financial
Information, Reports, Notices and Information. The Credit Parties will furnish each Agent for further distribution to each
Lender copies of the following financial statements, reports, notices and information, provided, that as to any information contained
in materials filed with the SEC, the Borrower shall not be separately required to furnish such information under Sections 8.01(b)
and (c) below):

 

(a)         Monthly
Financial Statements. As soon as available and in any event within thirty (30) days after the end of each month, (i) (x) unaudited
consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such month, and (y) unaudited consolidated statements
of income and cash flow of the Borrower and its Subsidiaries as of the end of such month and for the portion of the fiscal year
then ended, in each case, including in comparative form the figures for the corresponding month in the preceding fiscal year of
Borrower, and year-to-date portion of, the immediately preceding fiscal year of Borrower, (ii) a schedule of Consolidated Adjusted
EBITDA for the year-to-date portion of such fiscal year ending concurrently with such month, including, in comparative form Consolidated
Adjusted EBITDA for the same year-to-date period in the immediately preceding fiscal year and (iii) a monthly Liquidity forecast
in a form reasonably acceptable to Administrative Agent, together with a certification from an Authorized Officer of Borrower,
that Borrower is in compliance with the minimum Liquidity requirement set forth in Section 9.13(c) in a form reasonably acceptable
to Administrative Agent.

 

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(b)        Quarterly
Financial Statements. As soon as available and in any event within forty-five (45) days after the end of each of the first
three (3) fiscal quarters of Borrower, (i)(A) unaudited consolidated balance sheets of the Borrower and its Subsidiaries as of
the end of such fiscal quarter, and (B) unaudited consolidated statements of income and cash flow of the Borrower and its Subsidiaries
for such fiscal quarter, in each case, and for the period commencing at the end of the previous fiscal year of Borrower and ending
with the end of such fiscal quarter, including (in each of clause (A) and (B)), in comparative form to the figures for the corresponding
fiscal quarter in, and year-to-date portion of, the immediately preceding fiscal year of Borrower, certified as complete and correct
by an Authorized Officer of the Borrower, (ii) a schedule of Consolidated Adjusted EBITDA (A) for the year-to-date portion of
such fiscal year of Borrower ending concurrently with such fiscal quarter, including, in comparative form for the same year-to-date
period in the immediately preceding fiscal year of Borrower and (B) commencing with the fiscal quarter ending September 30, 2019,
for the Test Period ending concurrently with such fiscal quarter, including, in comparative form for the Test Period immediately
preceding such reported period, and (iii) a management discussion and analysis (with reasonable detail and specificity) of the
results of operations for the fiscal periods reported, including, in comparative form the figures for the corresponding fiscal
quarter in, and year-to-date portion of, the immediately preceding fiscal year of Borrower, and a comparison to projections for
such fiscal quarter, and period commencing at the end of the previous fiscal year of Borrower and ending with the end of such
fiscal quarter.

 

(c)         Annual Financial Statements. As soon as available and in any event within one hundred twenty (120) days after the
end of the fiscal year of Borrower ending December 31, 2019 and within ninety (90) days after the end of each fiscal year
of Borrower thereafter, (i) copies of the consolidated balance sheets of the Borrower and its Subsidiaries, and the related consolidated
and consolidating statements of income and cash flows of the Borrower and its Subsidiaries for such fiscal year, setting forth
in comparative form the figures for the immediately preceding fiscal year, such consolidated statements to be audited and certified
accompanied by a report and unqualified opinion of Deloitte or another independent firm of certified public accountants of nationally
recognized standing reasonably acceptable to the Administrative Agent (which report and opinion shall (x) state that such financial
statements present fairly in all material respects the financial position for the periods indicated in conformity with GAAP applied
on a basis consistent with prior years and (y) not be subject to any “going concern” exception (except with respect
to the opinion delivered in connection with the fiscal year ending December 31, 2019) or any qualifications or exception as to
the scope of the audit), together with a management discussion and analysis (with reasonable detail and specificity) of the results
of operations for the fiscal periods reported and (ii) a schedule of Consolidated Adjusted EBITDA for such fiscal year, including,
in comparative form for the same year to date period in the immediately preceding fiscal year

 

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(d)        Compliance
Certificates. Concurrently with the delivery of the financial information pursuant to clauses (b) and (c) above, a
Compliance Certificate, executed by an Authorized Officer of the Borrower, (i) showing compliance with the Financial
Performance Covenants and stating that no Default or Event of Default has occurred and is continuing (or, if a Default or an
Event of Default has occurred, specifying the details of such Default or Event of Default and the actions taken or to be
taken with respect thereto) and containing the applicable certifications set forth in Section 7.09 with respect thereto, (ii)
specifying any change in the identity of the Subsidiaries as at the end of such fiscal year or period, as the case may be,
from the Subsidiaries identified to the Lenders on the Closing Date or the most recent fiscal year or period, as the case may
be, (iii) including a written supplement substantially in the form of Schedules 1-5, as applicable, to the Security Agreement
with respect to any assets and property acquired by any Credit Party after the date hereof or since the date of the most
recently delivered Compliance Certificate, as applicable, all in reasonable detail, and (iv) to the extent applicable, a
written supplement updating Schedules 1.01(b), 1.01(c) (including delivery of copies of (a)(x) each Material Contract entered
into since the Closing Date or the most recently delivered Compliance Certificate, as applicable, and (y) each material
amendment or modification of any Material Contract entered into since the Closing Date or the most recently delivered
Compliance Certificate, as applicable), 7.12, 7.15, 7.22, 7.23, 7.25 and 7.30 (it being agreed that Borrower may deliver at
any time and from time to time written supplements to any such Schedules to make the representations and warranties set forth
herein or in the Security Agreement, as applicable, true and correct) and each such written supplement shall be deemed to
immediately and automatically amend such Schedule as then in effect.

 

(e)        
[Reserved].

 

(f)        
Budget. Within thirty (30) days prior to the commencement of each fiscal year of Borrower, commencing with its fiscal
year 2019, the forecasted financial projections for the then current fiscal year and the next succeeding fiscal year (on a month-by-month
basis, as well as for each following fiscal year to the last Maturity Date, on an annual basis), in each case (including projections
for Consolidated Capital Expenditures, a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end
of the following fiscal year, the related consolidated statements of projected cash flow, projected changes in financial position
and projected income and a description of the underlying assumptions applicable thereto), in each case, as customarily prepared
by management of the Credit Parties for their internal use consistent in scope with the financial statements provided pursuant
to Section 8.01(c), setting forth the principal assumptions on which such projections are based (such projections and the projections
delivered as of the Closing Date pursuant to Section 6.01(j)(ii), collectively, the “Budget”).

 

(g)         Defaults.
As soon as possible and in any event within five (5) Business Days after an Authorized Officer of the Borrower or any of its Subsidiaries
obtains knowledge thereof, notice from an Authorized Officer of the Borrower of (i) the occurrence of any event that constitutes
a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action
the applicable Credit Parties propose to take with respect thereto or (ii) the occurrence of a breach or non-performance of, or
any default under, any other Material Contracts of any Credit Party or any Subsidiary of a Credit Party, or any violation of,
or non-compliance with any Applicable Laws, in each case, which would reasonably be expected to result, either individually or
in the aggregate, in a Material Adverse Effect.

 

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(h)               Other
Litigation. As soon as possible and in any event within five (5) Business Days after an Authorized Officer of the
Borrower or any of its Subsidiaries obtains knowledge thereof, notice from an Authorized Officer of the Borrower of (i) the
commencement of, or any material development in, any litigation, action, proceeding or labor controversy or proceeding
affecting any Credit Party or any Subsidiary of any Credit Party or its respective property (A) in which the amount of
damages claimed is $1,000,000 or more, (B) which would reasonably be expected to have a Material Adverse Effect, (C) which
purports to affect the legality, validity or enforceability of any Credit Document, any other Transaction Document or (D) in
which the relief sought is an injunction or other stay of the performance of this Agreement, any other Credit Document or any
Transaction Document or any other document or instrument referred to in Section 9.07, or (ii) the occurrence of any material
adverse development with respect to any litigation, action, proceeding or labor controversy described in Schedule
7.04, and, in each case together with a statement of an Authorized Officer of the Borrower, which notice shall specify
the nature thereof, and what actions the applicable Credit Parties propose to take with respect thereto, and, to the extent
the Administrative Agent requests, copies of all documentation related thereto.

 

(i)                
Transaction Documents. As soon as possible and in any event within five (5) Business Days after any Credit Party
obtains knowledge of the occurrence of a breach or default or notice of termination by any party under, or material amendment entered
into by any party to, any Transaction Document or any other document or instrument referred to in Section 9.07, a statement of
an Authorized Officer of the Borrower setting forth details of such breach or default or notice of termination and the actions
taken or to be taken with respect thereto and, if applicable, a copy of such amendment.

 

(j)                
Management Letters. Promptly upon, and in any event within five (5) Business Days after, receipt thereof, copies
of all “management letters” submitted to any Credit Party by the independent public accountants referred to in Section
8.01(c) in connection with each audit made by such accountants.

 

(k)              
Corporate Information. Promptly upon, and in any event within five (5) Business Days after, becoming aware of any
additional corporate or limited liability company information or division information of the type delivered pursuant to Section
6.01(f), or of any change to such information delivered on or prior to the Closing Date or pursuant to this Section 8.01 or otherwise
under the Credit Documents, a certificate, certified to the extent of any change from a prior certification, from the secretary,
assistant secretary, managing member or general partner of such Credit Party notifying the Administrative Agent of such information
or change and attaching thereto any relevant documentation in connection therewith.

 

(l)                
Other Information. With reasonable promptness, such other information (financial or otherwise) as the Administrative
Agent on its own behalf or on behalf of any Lender may reasonably request in writing from time to time.

 

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(m)            
Insurance Report. Substantially concurrently with the delivery of the financial statements provided for in Section
8.01(c), a report of a reputable insurance broker with respect to insurance policies maintained by the Credit Parties, as the Administrative
Agent on its own behalf or on behalf of any Lender may reasonably request in writing from time to time.

 

(n)             
Indebtedness Notices. Promptly after (and in any event within five (5) Business Days of) the receipt or delivery
thereof, the Borrower shall, and shall cause its Subsidiaries to, deliver to the Administrative Agent copies of all executed amendments,
waivers,

 

consents, material notices (including any
notice of default) and material correspondence which the Borrower or any such Subsidiary sends or receives in respect of its material
Indebtedness (including, but not limited to, the 2023 Convertible Notes, the 2023 PIK Convertible Notes, the Third Lien Note Documents
and the First Lien Credit Agreement).

 

(o)             
FDA Notices. Promptly, and in no event later than three (3) Business Days after an Authorized Officer becomes aware
thereof, notify and provide copies to the Administrative Agent of any notice and related correspondence that (i) the FDA or any
other similar Governmental Authority is limiting, suspending or revoking any material Registration, changing the Product Approval,
manufacturing process or facilities, distribution pathway or parameters, or label or labeling of the Products of the Credit Parties
or their respective Subsidiaries, or considering any of the foregoing; (ii) any Credit Party or any of its Subsidiaries becoming
subject to any administrative or regulatory action, including FDA application integrity review, Form FDA 483 observation or other
inspection-related or audit documents, warning letter, untitled letter, notice of violation letter, penalty, fine, sanction or
reprimand, or other notice, response or commitment made to or with the FDA or any comparable Governmental Authority, or any Product
of any Credit Party or any of its Subsidiaries being seized, withdrawn, recalled (voluntarily or otherwise), detained, or subject
to a suspension of manufacturing, or the commencement of any proceedings in the United States or any other jurisdiction seeking
the withdrawal, recall (voluntary or otherwise), suspension, import detention, or seizure of any Product are pending or threatened
in writing against the Credit Parties or their respective Subsidiaries; and (iii) any voluntary withdrawal or recall of any Product
by any Credit Party or any of its Subsidiaries in an aggregate amount of $500,000 or which would, in the aggregate, have a Material
Adverse Effect.

 

(p)             
2019 Convertible Notes Repurchase Documentation. Promptly, and in any event not later than three (3) Business Days
after each 2019 Convertible Notes Repurchase, (i) cause the 2019 Convertible Notes so repurchased to be delivered to the trustee
and cancelled and (ii) provide all information and documentation available to the Borrower relating to such 2019 Convertible Notes
Repurchase and such cancellation to the Administrative Agent.

 

(q)             
Cash Flow Forecast. Commencing in the week of April 6, 2020, on or prior to the close of business on the Wednesday
of such week and each week thereafter, the Borrower shall deliver to the Administrative Agent a thirteen-week cash flow forecast
detailing cash receipts and cash disbursements as of the end of the prior week, and, commencing with the second such forecast,
a variance analysis against the immediately preceding forecast, all in reasonable detail and duly certified by an Authorized Officer
of the Borrower as having been prepared in good faith based on assumptions believed to be fair and reasonable in light of the conditions
existing at the time of delivery of such forecast.

 

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Section
8.02        Books,
Records and Inspections. The Borrower will, and will cause each of its Subsidiaries to, maintain proper books of record
and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP
consistently applied shall be made of all material financial transactions and matters involving the assets and business of
the Credit Parties or such Subsidiary, as the case may be. The Borrower will, and will cause each of its Subsidiaries to,
permit representatives and independent contractors of the Administrative Agent to visit and inspect any of its properties (to
the extent authorized pursuant to any leases for such properties), to examine its corporate, financial and operating records,
and make copies thereof or abstracts therefrom (subject to applicable confidentiality agreements or undertakings and
copyright laws), and to discuss its affairs, finances and accounts with its directors and officers (provided, that an
authorized representative of the Credit Parties shall allowed to be present and that any such inspection of properties shall
not include any invasive or physically intrusive environmental sampling), all at the expense of the Credit Parties and
(unless an Event of Default then exists) as often as the Administrative Agent may reasonably request at reasonable times
during normal business hours, upon reasonable advance notice to the Credit Parties; provided that during any calendar year,
absent the continuation of an Event of Default, reasonable expenses of a reasonable number of people in connection with only
one (1) inspection by Administrative Agent shall be at the Borrower’s expense and reimbursable under this Agreement.
Any information obtained by the Administrative Agent pursuant to this Section 8.02 may be shared with the Administrative
Agent or any Lender upon the request of such Secured Party.

 

Section
8.03        Maintenance
of Insurance.

 

(a)              
The Borrower will, and will cause each of its Subsidiaries to, at all times maintain in full force and effect, with insurance
companies that the Borrower believes (in its reasonable business judgment) are financially sound and reputable at the time the
relevant coverage is placed or renewed, insurance in at least such amounts and against at least such risks (and with such risk
retentions) as are usually insured against in the same general area by companies engaged in businesses similar to those engaged
in by the Credit Parties; and will furnish to the Administrative Agent for further delivery to the Lenders, upon written request
from the Administrative Agent, information presented in reasonable detail as to the insurance so carried, including (i) endorsements
to (A) all “All Risk” policies naming the Administrative Agent, on behalf of the Secured Parties, as loss payee and
(B) all general liability and other liability policies naming the Administrative Agent, on behalf of the Secured Parties, as additional
insured and (ii) legends providing that no cancellation, material reduction in amount or material change in insurance coverage
thereof shall be effective until at least thirty (30) days after receipt by the Administrative Agent of written notice thereof.

 

(b)             
Within forty-five (45) days after the Closing Date, the Borrower shall have delivered to the Administrative Agent copies
of each insurance policy (or binders in respect thereof), in form and substance reasonably satisfactory to the Administrative Agent.

 

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(c)              
Without limiting the foregoing, the Borrower will, and will cause each of its Subsidiaries to, (i) maintain, if available,
fully paid flood hazard insurance on all owned or leased Real Property that is located in a special flood hazard area and that
constitutes Collateral, on such terms and in such amounts as required by Flood Insurance Laws or as otherwise reasonably required
by the Administrative Agent or any Lender, (ii) furnish to the Administrative Agent evidence of the renewal (and payment of renewal
premiums therefor) of all such policies prior to the expiration or lapse thereof, and (iii) furnish to the Administrative Agent
prompt written notice of any redesignation of any such owned or leased improved Real Property into or out of a special flood hazard
area.

 

Section
8.04      Payment
of Taxes. The Credit Parties will pay and discharge, and will cause each of their respective Subsidiaries to pay and discharge,
all material Taxes payable by them that have become due, other than those not yet delinquent or being diligently contested in
good faith and by proper proceedings which stay the enforcement of any Lien as to which such Credit Party has maintained adequate
reserves in accordance with GAAP.

 

Section
8.05        Maintenance
of Existence; Compliance with Laws, etc.

 

(a)              
Each Credit Party will, and will cause its Subsidiaries to, (a) preserve and maintain in full force and effect its organizational
existence and good standing under the laws of its jurisdiction of incorporation, organization or formation as applicable, except
as permitted by Section 9.03, and (b) preserve and maintain its good standing under the laws of each state or other jurisdiction
where such Person is required to be so qualified, to do business as a foreign entity except, in the case of this clause (b) where
the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

(b)              
Each Credit Party shall, and shall cause each of its Subsidiaries to, comply with all Applicable Laws and Permits (including
without limitation, all Registrations) of any Governmental Authority having jurisdiction over it, its business or its Products,
except where such failures to comply would not reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect. Without limiting the generality of the foregoing, each Credit Party and its Subsidiaries shall comply with all
material Public Health Laws and their implementation by any applicable Governmental Authority and all lawful requests of any Governmental
Authority applicable to its Products. All Products developed, manufactured, tested, distributed or marketed by any Credit Party
or any of its Subsidiaries that are subject to the jurisdiction of the FDA or comparable Governmental Authority shall be developed,
tested, manufactured, distributed and marketed in compliance with the Public Health Laws and any other Applicable Laws, including,
without limitation, product approval or premarket notification, good manufacturing practices, labeling, advertising, record-keeping,
and adverse event reporting, and have been and are being tested, investigated, distributed, marketed, and sold in compliance with
Public Health Laws and all other Applicable Laws.

 

Section
8.06        Environmental
Compliance.

 

(a)              
Each Credit Party will, and will cause its Subsidiaries to, use and operate all of its and their facilities and Real Property
in compliance with all Environmental Laws, keep all necessary permits, approvals, certificates, licenses and other authorizations
relating to environmental matters in effect and remain in compliance therewith, and handle all Hazardous Materials in compliance
with all Environmental Laws, and keep its and their Real Property free of any Lien imposed by any Environmental Law, in each case,
except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(b)               The
Borrower will promptly give notice to the Administrative Agent upon any Credit Party or Subsidiary thereof becoming aware of:
(i) any violation by any Credit Party or any of its Subsidiaries of any Environmental Law which could reasonably be expected
to result in a Material Adverse Effect, (ii) any proceeding against or investigation of any Credit Party under any
Environmental Law, including a written request for information or a written notice of violation or potential environmental
liability from any Governmental Authority or any other Person, which could reasonably be expected to result in a Material
Adverse Effect, (iii) the occurrence or discovery of a new Release or new threat of a Release (or discovery of any Release or
threat of a Release previously undisclosed by any Credit Party to Administrative Agent) at, on, under or from any of the Real
Property of any Credit Party or any facility or assets therein in excess of reportable or allowable standards or levels under
any Environmental Law, or under circumstances, or in a manner or amount which could reasonably be expected to result in a
Material Adverse Effect, or (iv) any Environmental Claim arising or existing on or after the Closing Date which could
reasonably be expected to result in a Material Adverse Effect.

 

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(c)              
In the event of a Release of any Hazardous Material on any Real Property of any Credit Party which could reasonably be expected
to result in material liability on the part of any Credit Party under any Environmental Law, such Credit Party, upon discovery
thereof, shall take all necessary steps to initiate and expeditiously complete all response, corrective and other action to mitigate
and resolve any such violation or potential liability in accordance with and to the extent required of such Credit Party under
Environmental Law, and shall keep the Administrative Agent informed on a regular basis of their actions and the results of such
actions; provided, however, that no Credit Party (or its respective Subsidiaries) shall be required to undertake any such response,
corrective action or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings
and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

 

(d)              
Each Credit Party shall provide the Administrative Agent with copies of any material demand, request for information, notice,
submittal, documentation or correspondence received or provided by any Credit Party or any of its Subsidiaries from or to any Governmental
Authority or other Person under any Environmental Law. Such notice, submittal or documentation shall be provided to the Administrative
Agent promptly and, in any event, within five (5) Business Days after such material is provided to any Governmental Authority or
third party.

 

(e)               At
the written request of the Administrative Agent, the Borrower shall obtain and provide, at its sole expense, an environmental
site assessment (including, without limitation, the results of any groundwater or other testing, conducted at the
Administrative Agent’s reasonable request) concerning any Real Property now or hereafter owned, leased or operated by
any Credit Party or any of its Subsidiaries, conducted by an environmental consulting firm approved by the Administrative
Agent indicating, to the reasonable satisfaction of the Administrative Agent, the likely presence or absence of Hazardous
Materials and the potential cost of any required action in connection with any Hazardous Materials on, at, under or emanating
from such Real Property; provided, that such request may be made only if (i) there has occurred and is continuing
an Event of Default, or (ii) circumstances exist that in the reasonable judgment of the Administrative Agent could be
expected to result in a material violation of or material liability under any Environmental Law on the part of any Credit
Party or its respective Subsidiaries; provided further, if the Borrower fails to provide the same within ninety (90)
days after such request was made, the Administrative Agent may but is under no obligation to conduct the same, and the Credit
Parties shall grant and hereby do grant to the Administrative Agent and its agents access to such Real Property and
specifically grants the Administrative Agent an irrevocable non-exclusive license, subject to the rights of tenants, to
undertake such an assessment, all at the Borrower’s sole cost and expense.

 

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Section
8.07        ERISA.
(a) Promptly after any Credit Party or any Subsidiary of any Credit Party knows or has reason to know of the occurrence of any
of the following events (including such events previously disclosed or exempt from disclosure hereunder, to the extent the liability
therefor remains outstanding), the Borrower will deliver to the Administrative Agent and each Lender a certificate of an Authorized
Officer of the Borrower setting forth details as to such occurrence and the action, if any, that such Credit Party, such Subsidiary
or such ERISA Affiliate is required or proposes to take, together with any notices (required, proposed or otherwise) given to or
filed with or by such Credit Party, such Subsidiary, such ERISA Affiliate, the PBGC, a Plan participant (other than notices relating
to an individual participant’s benefits) or the Plan administrator and all documentation with respect thereto: that a Reportable
Event has occurred; that a failure to satisfy the minimum funding standard of Section 412 of the Code or Section 302 of ERISA (whether
or not waived in accordance with Section 412(c) of the Code or Section 302(c) of ERISA) has occurred (or is reasonably likely to
occur) or an application is to be made to the Secretary of the Treasury for a waiver or modification of the minimum funding standard
(including any required installment payments) or an extension of any amortization period under Section 412, 430 or 431 of the Code
with respect to a Plan; the failure to make a required contribution to any Plan if such failure is sufficient to give rise to a
Lien under Section 303(k) or 4068 of ERISA or under Section 430(k) of the Code; that a Pension Plan having an Unfunded Current
Liability has been or is to be terminated, reorganized or partitioned under Title IV of ERISA (including the giving of written
notice thereof); the taking of any action with respect to a Plan which would reasonably be expected to result in the requirement
that any Credit Party furnish a bond or other security to the PBGC or such Plan; that a proceeding has been instituted against
a Credit Party, a Subsidiary thereof or an ERISA Affiliate pursuant to Section 515 of ERISA to collect a delinquent contribution
to a Multiemployer Plan; or that the PBGC has notified any Credit Party, any Subsidiary thereof or any ERISA Affiliate of its intention
to appoint a trustee to administer any Plan; or the occurrence of any event with respect to any Plan which could result in the
incurrence by any Credit Party or any Subsidiary of any Credit Party of any material liability (including any contingent or secondary
liability), fine or penalty.

 

(b)              
Promptly following any request therefor, copies of any documents or notices described in Sections 101(f), 101(k) or 101(l)
of ERISA that any Credit Party, any of its Subsidiaries or any ERISA Affiliate may reasonably request with respect to any Plan;
provided, that if any Credit Party, any of its Subsidiaries or any ERISA Affiliate has not requested such documents or notices
from the administrator or sponsor of the applicable Plan, the applicable Credit Party, the applicable Subsidiary(ies) or the ERISA
Affiliate(s) shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies
of such documents and notices promptly after receipt thereof.

 

Section
8.08        Maintenance
of Property and Assets. Each Credit Party will, and will cause its Subsidiaries to, maintain, preserve, protect and keep
its properties and assets in good repair, working order and condition (ordinary wear and tear excepted and subject to
dispositions permitted pursuant to Section 9.04), and make necessary repairs, renewals and replacements thereof and will
maintain and renew as necessary all licenses, permits and other clearances necessary to use and occupy such properties and
assets, in each case so that the business carried on by such Person may be properly conducted at all times, except where the
failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

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Section
8.09        End
of Fiscal Years; Fiscal Quarters. The Credit Parties will, for financial reporting purposes, cause (a) each of their, and each
of their Subsidiaries’, fiscal years to end on December 31 of each year and (b) each of their and each of their Subsidiaries’,
fiscal quarters to end on dates consistent with such fiscal year-end; provided, that the Credit Parties may change
their, and each of their respective Subsidiaries’, fiscal year end (and change the end of the fiscal quarters in a corresponding
manner) upon thirty (30) days’ prior written notice to the Administrative Agent.

 

Section
8.10        Use
of Proceeds. The proceeds of the Initial Term Loan shall be used (i) to finance the 2019 Convertible Notes Repurchase and the
repayment of other Indebtedness outstanding as of the date hereof (other than the 2023 Convertible Notes) and (ii) to pay fees
and expenses incurred in connection with the transactions contemplated hereby and such repurchase, redemption or repayment, in
each case, to the extent not prohibited by this Agreement. The proceeds of the DDTL A Facility shall be used (i) to finance the
2019 Convertible Notes Repurchase and (ii) to pay fees and expenses incurred in connection with the transactions contemplated hereby
and the 2019 Convertible Notes Repurchase. The proceeds of the DDTL B Facility shall be used to finance the Line Project at the
Borrower’s Buena, New Jersey facility. The Credit Parties shall not use the proceeds of any Credit Extension made hereunder,
or use or allow its respective directors, officers, employees and agents to use, the proceeds of any extension of credit (i) in
furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value,
to any Person in violation of any Anti-Corruption Laws, Anti-Terrorism Laws or Anti-Money Laundering Laws, (ii) for the purpose
of funding, financing or facilitating any activities, business or transaction of or with any Person on the SDN List or (iii) in
any manner that would result in the violation of any Sanctions applicable to any party.

 

Section
8.11        Further
Assurances; Additional Guarantors and Grantors.

 

(a)              
The Credit Parties will and will cause their Subsidiaries to execute any and all further documents, financing statements,
agreements and instruments, and take all such further actions (including the filing and recording of financing statements, fixture
filings, mortgages, deeds of trust (excluding leasehold deeds of trust) and other documents), which may be required under any Applicable
Law, or which the Administrative Agent may reasonably request, in order to grant, preserve, protect and perfect the validity and
priority of the security interests created or intended to be created by the Security Agreement, any Mortgage or any other Security
Document, all at the sole cost and expense of the Borrower.

 

(b)               Subject
to any applicable limitations set forth in the Guarantee Agreement and the Security Agreement, as applicable, the Credit
Parties will promptly upon the formation or acquisition thereof (and in any event within thirty (30) days after the
formation, division or acquisition thereof (or such later date as agreed by the Administrative Agent)) cause any direct or
indirect Subsidiary formed or otherwise purchased or acquired after the Closing Date to execute (i) a supplement to the
Guarantee Agreement in the form of Annex I to the Guarantee Agreement or a guarantee in form and substance reasonably
satisfactory to Administrative Agent, and (ii) a supplement to the Security Agreement in the form of Annex I to the Security
Agreement, or a security agreement in form and substance reasonably satisfactory to Administrative Agent; provided, however,
that no Excluded Subsidiary shall be required to execute the documentation described in clauses (i) and (ii) above.

 

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(c)              
Subject to any applicable limitations set forth in the Security Agreement, the Credit Parties (i) will promptly upon the
formation or acquisition thereof (and in any event within thirty (30) days after the formation or acquisition thereof (or such
later date as agreed by the Administrative Agent)) pledge to the Administrative Agent for the benefit of the Secured Parties, all
the Capital Stock of each Subsidiary Administrative held by such Credit Party in each case, formed or otherwise purchased or acquired
after the Closing Date; provided, however, that, with respect to any pledge of the Capital Stock of any Foreign Subsidiary or Domestic
Holding Company , such pledge shall be limited to 65% of the issued and outstanding Voting Stock and 100% of the outstanding non-voting
Capital Stock of each Foreign Subsidiary and Domestic Holding Company to the extent that providing greater than such amount would
result in adverse tax consequences to the Credit Parties, and (ii) subject to the Intercreditor Agreement, will promptly deliver
to the Administrative Agent any promissory notes executed after the Closing Date evidencing Indebtedness of any Credit Party or
Subsidiary of any Credit Party that is owing to any other Credit Party or any other promissory notes executed after the Closing
Date evidencing Indebtedness in excess of $250,000 owing to the Credit Parties.

 

(d)               Subject
to any applicable limitations set forth in any applicable Security Document, if any fee simple interest in Material Real
Property is acquired by any Credit Party after the Closing Date, the Borrower will notify the Administrative Agent and the
Lenders thereof and will cause such assets to be subjected to a Lien securing the applicable Obligations and will take, and
cause the other Credit Parties to take, such actions as shall be necessary or reasonably requested by the Administrative
Agent to grant and/or perfect such Liens consistent with the applicable requirements of the Security Documents, including
actions described in this Section 8.11, all at the sole cost and expense of the Borrower within 60 days after the acquisition
of such Material Real Property (or such longer period as the Administrative Agent may agree). Any Mortgage delivered to the
Administrative Agent in accordance with the preceding sentence shall be accompanied by (A) a policy or policies (or
unconditional binding commitment thereof) of title insurance issued by a nationally recognized title insurance company
insuring the Lien of each Mortgage as a valid Lien (with the priority described therein) on the Mortgaged Property described
therein, free of any other Liens except as expressly permitted by Section 9.02, together with such endorsements as the
Administrative Agent may reasonably request and (B) if requested by the Administrative Agent, an opinion of local counsel to
the applicable Credit Party(ies) in form and substance reasonably satisfactory to the Administrative Agent. In addition to
the obligations set forth in Section 8.03(a), the Credit Parties shall, in connection with the grant to the Administrative
Agent for the benefit of the Secured Parties of any Mortgage with respect to any Real Property, (X) provide at least twenty
(20) days' prior written notice to the Administrative Agent of the contemplated pledge of such Real Property as Collateral,
(Y) the Borrower shall provide each of the documents and determinations required by the Real Property Flood Insurance
Requirements and (Z) notwithstanding anything to the contrary contained herein or in any other Credit Document, the
Administrative Agent shall not enter into, accept or record (and no Credit Party shall be required to grant) any mortgage in
respect of such Real Property until the Administrative Agent shall have received written confirmation (which shall, for
purposes hereunder, include email) from each Lender that flood insurance compliance has been completed by such Lender with
respect to such Real Property (such written confirmation not to be unreasonably withheld or delayed).  Any increase,
extension or renewal of this Agreement shall be subject to flood insurance due diligence and flood insurance compliance
reasonably satisfactory to the Administrative Agent and each Lender.

 

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(e)              
Notwithstanding anything herein to the contrary, if the Administrative Agent determines that the cost of creating or perfecting
any Lien on any property is excessive in relation to the practical benefits afforded to the Lenders thereby, then such property
may be excluded from the Collateral for all purposes of the Credit Documents.

 

(f)               
For the avoidance of doubt, for all purposes under this Section 8.11, the formation and acquisition of a Person shall be
deemed to include any formations and acquisitions by division; provided that compliance with the requirements of this Section
8.11 shall not cure any Default or Event of Default for the occurrence of such division.

 

(g)              
From and after the Closing Date, any Drug Applications and comparable applications required outside of the United States
submitted after the Closing Date for Teligent Products shall be held exclusively by Borrower or a Guarantor that is a Domestic
Subsidiary, unless prohibited by applicable law or otherwise approved by the Administrative Agent.

 

Section
8.12        Bank
Accounts.

 

(a)              
Within 30 days after the Closing Date (or such longer period as the Administrative Agent may agree), the Borrower shall
establish and deliver to Administrative Agent a Control Agreement with respect to each of the Credit Parties’ respective
securities accounts, deposit accounts and investment property set forth on Schedule 7.25 (other than Excluded Accounts); provided,
that, so long as no Event of Default has occurred and is continuing, the Credit Parties may establish new deposit accounts
or securities accounts so long as, prior to the time such account is established: (i) the Credit Parties have delivered to the
Administrative Agent and Administrative Agent an amended Schedule 7.25 including such account and (ii) the Credit Parties have
delivered to Administrative Agent a Control Agreement with respect to such account (other than any Excluded Account).

 

(b)              
If, after the occurrence and during the continuance of an Event of Default, any of the Credit Parties receive or otherwise
have dominion over or control of any Collections or other amounts, the Borrower shall hold, and shall cause each other Credit Party
to hold, such Collections and amounts in trust for the Administrative Agent or First Lien Agent, as applicable and as subject to
the terms of the Intercreditor Agreement, and shall not commingle such Collections with any other funds of any Credit Party or
other Person or deposit such Collections in any account other than those accounts set forth on Schedule 7.25 (unless otherwise
instructed by the Administrative Agent or First Lien Agent, as applicable and as subject to the terms of the Intercreditor Agreement).

 

Section
8.13        [Intentionally
Omitted].

 

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Section
8.14        2019
Convertible Notes Repurchase Blocked Account. $21,535,808.07 from the proceeds of the Initial Term Loan and, unless
otherwise agreed by the Borrower and the Administrative Agent, all proceeds of the Delayed Draw Term Loan A shall be
deposited in the 2019 Convertible Notes Repurchase Blocked Account and shall only be released by the Administrative Agent
upon evidence of the Borrower’s intent to repurchase or redeem all or a portion of 2019 Convertible Notes pursuant to
the 2019 Convertible Notes Repurchase and the amount of consideration therefor unless such 2019 Convertible Notes Repurchase
constitutes a payment at maturity, in which event no such condition shall apply. It is understood and agreed that the release
of proceeds of the Initial Term Loan and Delayed Draw Term Loan A from the 2019 Convertible Notes Repurchase Blocked Account
shall be subject to no conditions other than as set forth in the immediately preceding sentence and the Administrative Agent
shall direct the Disbursement Bank to release such funds on the date of satisfying such conditions.

 

Section
8.15        Post-Closing.

 

(a)              
Landlord Agreements. Within sixty (60) days of the Closing Date (or such later date approved by Administrative Agent),
the Borrower shall use commercially reasonable efforts to obtain and deliver to Administrative Agent a landlord agreement from
each lessor of a leased location identified on Schedule 7.15, which agreements shall be reasonably satisfactory in form
and substance to Administrative Agent.

 

(b)              
Bailee Waivers. Within sixty (60) days of the Closing Date (or such later date approved by Administrative Agent),
the Borrower shall use commercially reasonable efforts to obtain and deliver to Administrative Agent a bailee waiver for each location
for which a bailee arrangement is in place, which agreements shall be reasonably satisfactory in form and substance to Administrative
Agent.

 

(c)              
Stock Certificates. Within three (3) Business Days following the Closing Date (or such later date approved by Administrative
Agent), the First Lien Agent shall have received all existing certificates representing securities (if such securities are certificated
securities for purposes of Article 8 of the UCC) pledged under the Security Agreement, accompanied by instruments of transfer and
undated stock powers endorsed in blank.

 

(d)              
Transfer Letters. Within thirty (30) days following the Closing Date (or such later date approved by Administrative
Agent), the First Lien Agent shall have received a Transfer Letter (as defined in the Security Agreement) executed in blank covering
each pending or issued Drug Application (as defined in the Security Agreement).

 

(e)              
Certificate of Occupancy. Within thirty (30) days following the Closing Date (or such later date approved by Administrative
Agent), Borrower shall have received a certificate of occupancy from the applicable Governmental Authority in respect of its manufacturing
facility in Buena, New Jersey.

 

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(f)                Foreign
Collateral Documents. Within (i) sixty (60) days for each Credit Party organized under the laws of Canada (or a province
thereof) and Luxembourg and (ii) ninety (90) days for each Credit Party organized under the laws of Estonia, in each case
following the Closing Date (or such later date as shall be approved by the Administrative Agent), shall deliver the
following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each
properly executed by an authorized officer of such applicable Credit Party and in form and substance reasonably satisfactory
to the Administrative Agent:

 

(A)            
a security agreement or similar agreement expressed to be governed by the laws of Canada (or a province thereof), Luxembourg
or Estonia, as applicable (as amended, restated, supplemented or otherwise modified from time to time, each a “Foreign
Security Instrument”), with respect to which such Credit Party grants or conveys to the Administrative Agent a Lien
in the present and future Collateral (or any similarly defined term set forth therein in such agreement) of such Credit Party on
substantially similar terms as the Security Agreement but giving effect to any substantive or procedural legal requirements of
the applicable jurisdiction, together with:

 

(B)             
to the extent applicable, filings in form appropriate for filing in all jurisdictions that the Administrative Agent may
deem necessary or desirable in order to perfect the Liens created under each Foreign Security Instrument, covering the Collateral
described therein;

 

(C)             
copies of applicable lien searches or equivalent reports, each of a recent date listing all effective lien notices or comparable
documents (together with copies of such documents) that name any such Credit Party as debtor and that are filed in those jurisdictions
in which any such Credit Party is organized or maintains its principal place of business, in each case, to the extent such searches
or reports are available at a reasonable expense in such jurisdiction; and

 

(D)            
a stock pledge expressed to be governed by the laws of Canada (or a province thereof), Luxembourg or Estonia, as applicable,
with respect to which the parent of such Credit Party grants or coveys to the Administrative Agent a pledge in the stock (or local
equivalent) of such Credit Party on substantially similar terms as the Security Agreement but giving effect to any substantive
or procedural legal requirements of the applicable jurisdiction.

 

(g)              
such certificates of resolutions or other action, incumbency certificates and/or other certificates of authorized officers
of each such Credit Party as the Administrative Agent may require evidencing the identity, authority and capacity of each such
Credit Party and its authorized officers to act as an authorized officer in connection with the Foreign Security Instrument to
which such Credit Party is a party; and

 

(h)              
such other documents and certifications as the Administrative Agent may reasonably require to evidence that each Credit
Party is duly organized or formed, is validly existing and in good standing and qualified in its jurisdiction of organization or
maintains its principal place of business.

 

(i)                 Within
thirty (30) days following the Closing Date (or such later date approved by Administrative Agent), Administrative Agent and
Borrower shall have entered into an amendment to this Agreement providing for a customary mandatory prepayment of 50% of
 “Excess Cash Flow” of Borrower and its Subsidiaries (such definition and related terms to be agreed by
Administrative Agent and Borrower), calculated and paid on an annual basis, commencing with Excess Cash Flow for the fiscal
year ending December 31, 2020. No such “Excess Cash Flow” prepayment shall be subject to any Prepayment Premium
or other penalty.

 

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(j)                
Within three (3) Business Days following any 2019 Convertible Notes Repurchase constituting payment at maturity (or such
longer period as may be agreed by Administrative Agent in its sole discretion), Borrower shall have delivered to Administrative
Agent a discharge from the trustee of the 2019 Convertible Notes evidencing such payment at maturity.

 

Section
8.16        Board
Observation.

 

(a)              
Meetings. Until such time as all Obligations incurred hereunder are paid in full in accordance with the terms of
this Agreement, Ares shall be entitled to have one of its employees (the “Ares Designee”) present (whether in
person or by telephone) at all physical and telephonic meetings of the Board of Directors. The Ares Designee shall not be entitled
to vote at such meetings. Ares may be excluded from certain confidential “closed sessions” of the Board of Directors
would jeopardize the attorney client privilege, confidentiality provisions binding the Borrower or any other Credit Party or if
information is being discussed at such meeting relates to any of the Borrower’s or its Subsidiaries’ strategy, negotiating
positions or similar matters relating to any of the Lenders or directly relating to any refinancing or replacement of the Obligation.

 

(b)              
Notices and other Information. The Borrower shall send to Ares at the same time such materials distributed by or
to the members of any Board of Directors, all of the notices, information and other materials that are distributed to the members
of the Board of Directors, including, without limitation, copies of the minutes of all meetings of the Board of Directors and all
notices, information and other materials that are distributed by or to the members of the Board of Directors with respect to the
meetings of the Board of Directors, but excluding any notices, information or other materials distributed by or to members of the
Board of Directors, if the Board of Directors determines that receipt of such materials by Ares would jeopardize the attorney client
privilege, confidentiality provisions binding the Borrower or any other Credit Party or if information is being discussed at such
meeting or disclosed in such materials relating to any of the Borrower’s or its Subsidiaries’ strategy, negotiating
positions or similar matters relating to any of the Lenders or directly relating to any refinancing or replacement of the Obligations.
Any material provided to stockholders of the Borrower in connection with any meetings of stockholders shall also be provided to
Ares. Upon the request of Ares, Borrower shall refrain from sending such notices, information and other materials to Ares for so
long as Ares, shall request.

 

(c)              
Consent in lieu of Meetings. If the Borrower proposes to take any action by written consent in lieu of a meeting
of the Board of Directors, the Borrower, shall give notice thereof to Ares at the same time and in the same manner as notice is
given to the members of the Board of Directors.

 

(d)               Expenses.
Promptly upon receipt of a written demand (including documentation supporting such demand) from Ares, the Borrower shall
reimburse Ares for the reasonable documented out-of-pocket expenses of the Ares Designee incurred in connection with the
attendance at such meetings of the Board of Directors of the Borrower on a basis consistent with its reimbursement policies
for its Board of Directors.

 

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Section
8.16       Financial Advisor.

 

(a)             
Financial Advisor Engagement. Berkeley Research Group, LLC or another third-party advisor reasonably satisfactory to
the Required Lenders (the “Financial Advisor”) shall be retained by Borrower with reporting responsibilities and access
rights of the Lenders described in subsection (c) below and other terms reasonably acceptable to the Required Lenders, no later
than July 24, 2020, to perform operations consulting, due diligence and managerial support (the “Financial Advisor Engagement”).
The Financial Advisor Engagement may not be terminated without written consent of the Required Lenders or the Administrative Agent.

 

(b)               Updates.
At the request of the Administrative Agent on not more than a weekly basis, the Borrower and the Financial Advisor shall conduct
a telephonic meeting, to be attended by management representative(s) of the Borrower, the Financial Advisor and the Lenders, during
which the Borrower and the Financial Advisor shall present to Lenders on the work done and planned to be done by the Financial
Advisor and the results and projected results of such work.

 

(c)              
Financial Advisor Access. The Credit Parties shall (i) provide access on its properties (including remote access as may
be requested) to the Financial Advisor as frequently as the Financial Advisor reasonably determines to be appropriate in order
to perform the agreed scope of work in the Financial Advisor’s engagement letter; (ii) make the Credit Parties’ directors,
officers, employees and advisors available for meetings and discussions with Lenders and/or the Financial Advisor, at such times
as shall be reasonably requested; (iii) permit the Financial Advisor to conduct monitoring and evaluations of the Borrower’s
finances, financial condition, business and operations in order to perform the agreed scope of work in the Financial Advisor’s
engagement letter; (iv) furnish information when reasonably requested and permit the Financial Advisor to inspect and obtain copies
(including electronic data), as available, from the Borrower’s books and records in order to perform the agreed scope of
work in the Financial Advisor’s engagement letter; (v) provide timely updates to the Financial Advisor on any changes in
the business or expected financial performance that could reasonably be expected to have a material effect on the affairs of the
Borrower; and (vi) authorize the Financial Advisor to conduct meetings and discussions with Lenders as reasonably requested by
Lender; provided (A) such meetings and discussions shall not consume more than two hours of the Financial Advisor’s time
in any week, (B) the Financial Advisor shall be required to keep the Borrower fully and promptly informed about the specifics
of any such meetings and discussions, (C) Lenders shall not be entitled to instruct the Financial Advisor to provide any services
or scope of work not authorized in writing by the Borrower or to modify any services or scope of work requested by the Borrower,
without the prior written consent of the Borrower, such consent shall not be unreasonably withheld or delayed and (D) the Borrower
shall be entitled to review and comment on any written materials that are to be shared by the Financial Advisor to Lenders.

 

Article
IX

 

Negative Covenants

 

Each Credit Parties
hereby covenants and agrees that on the Closing Date and thereafter, until the Commitments have been terminated and the Loans and
all other Obligations incurred hereunder (other than Unasserted Contingent Obligations) are paid in full in accordance with the
terms of this Agreement:

 

Section
9.01        Limitation
on Indebtedness. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, directly or indirectly,
create, incur, issue, assume, guarantee, suffer to exist or otherwise become directly or indirectly liable, contingently or otherwise
with respect to any Indebtedness, except for:

 

(a)               
Indebtedness in respect of the Obligations;

 

(b)              
Indebtedness existing as of the Closing Date which is identified in Schedule 7.24 and which is not otherwise permitted by
this Section 9.01, and, except with respect to any 2019 Convertible Notes, Permitted Refinancing Indebtedness thereof;

 

(c)              
unsecured Indebtedness (i) incurred in the ordinary course of business of such Credit Party and its Subsidiaries in respect
of open accounts extended by suppliers on normal trade terms in connection with purchases of goods and services which are not overdue
for a period of more than ninety (90) days or, if overdue for more than ninety (90) days, as to which a dispute exists and adequate
reserves in conformity with GAAP have been established on the books of such Credit Party or Subsidiary and (ii) in respect of performance,
surety or appeal bonds, bid bonds and similar obligations provided in the ordinary course of business, but excluding (in each case)
Indebtedness incurred through the borrowing of money or Contingent Liabilities in respect thereof;

 

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(d)              
Indebtedness (i) evidencing the deferred purchase price of newly acquired property or incurred to finance the acquisition,
replacement or construction of any property of such Credit Party and its Subsidiaries (pursuant to purchase money mortgages or
otherwise, whether owed to the seller or a third party), provided, that such Indebtedness is incurred within one hundred
twenty (120) days after such acquisition, replacement or construction of such property, and (ii) Capitalized Lease Liabilities,
and, with respect to each of clause (i) and (ii), Permitted Refinancing Indebtedness thereof; provided, that the aggregate
amount of all Indebtedness outstanding pursuant to this clause (d) shall not at any time exceed $2,875,000;

 

(e)              
Intercompany Indebtedness permitted pursuant to Section 9.05;

 

(f)               
Contingent Liabilities of the Credit Parties and their Subsidiaries arising in the ordinary course of business with respect
to surety and appeals bonds, bid bonds, performance bonds and other similar obligations;

 

(g)             
 Guarantee Obligations of any Credit Party in respect of Indebtedness otherwise permitted hereunder; provided that if such
Indebtedness is subordinated to the Obligations, such Guarantee Obligation shall be subordinated to the same extent;

 

(h)              
Hedging Obligations not prohibited by Section 9.11;

 

(i)               
First Lien Indebtedness in an aggregate principal amount not to exceed the First Lien Cap Amount (as defined in the Intercreditor
Agreement);

 

(j)               
unsecured Indebtedness arising in connection with Permitted Acquisitions (including, without limitation, seller notes and
earnouts) incurred after the PIK Termination Date, provided, that (i) the maximum amount of Indebtedness shall not exceed $25,000,000
in the aggregate or represent more than twenty percent (20%) of the purchase price for any Permitted Acquisition, (ii) all such
Indebtedness shall be subordinated in right of payment to the Obligations and First Lien Indebtedness on terms and conditions reasonably
satisfactory to the Administrative Agent and First Lien Agent, and (iii) the Total Net Leverage Ratio on a Pro Forma Basis after
giving effect to such Permitted Acquisition shall not exceed 4.75:1.00;

 

(k)              
Indebtedness incurred in the ordinary course of business to finance insurance policy premiums;

 

(l)               
Indebtedness incurred in the ordinary course of business in respect of netting services, overdraft protection, returned
items, employee credit card programs and other similar services in connection with cash management and deposit accounts;

 

(m)             
Letters of credit and reimbursement obligations in respect thereof in favor of suppliers, landlords and other counterparties
at any one time outstanding not to exceed $2,300,000 and Permitted Refinancings thereof;

 

(n)              
other unsecured Indebtedness not to exceed $1,150,000 at any time outstanding;

 

(o)             
Indebtedness of the Credit Parties in respect of the 2023 PIK Convertible Notes, in an amount not to exceed $806,173;

  

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(p)             
Third Lien Indebtedness, to the extent subject to the Third Lien Subordination Agreement; and

 

(q)             
the unsecured loan funded to Teligent Pharma, Inc. by Quaint Oak Bank, as is guaranteed under paragraph (36) of Section
7(a) of the Small Business Act (15 U.S.C. 636(a)) as added by Section 1102 of the Coronavirus
Aid, Relief, and Economic Security Act (Public Law 116-136), and all regulations and guidance issued by any Governmental Authority
with respect thereto, as in effect from time to time constituting the Paycheck Protection Program.

 

Section
9.02          Limitation
on Liens. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, directly or indirectly, create,
incur, assume or suffer to exist any Lien upon any property or assets of any kind (real or personal, tangible or intangible) of
any such Person (including its Capital Stock), whether now owned or hereafter acquired, except for the following (collectively,
the “Permitted Liens”):

 

(a)               
Liens securing the Obligations;

 

(b)              
Liens existing as of the Closing Date and disclosed in Schedule 9.02 securing Indebtedness permitted under Section
9.01(b) (other than the Existing Notes) and any renewals or extensions thereof; provided, that no such Lien shall (1) secure
Indebtedness under any Existing Notes or (2) encumber any additional property and the principal amount of Indebtedness secured
by such Lien shall not be increased (as such Indebtedness may be permanently reduced subsequent to the Closing Date) except to
the extent permitted by Section 9.01(b);

 

(c)              
Liens securing Capitalized Lease Liabilities and Liens securing Indebtedness of the type permitted under Section 9.01(d)(i);
provided, that (i) the principal amount of the Indebtedness secured thereby does not exceed the cost of the applicable property
at the time of such acquisition, replacement or construction and (ii) such Lien secures only the assets that are the subject of
the Indebtedness referred to in such clause and proceeds thereof;

 

(d)              
Liens arising by operation of law in favor of carriers, warehousemen, mechanics, materialmen, suppliers, laborers and landlords
and other similar Liens incurred in the ordinary course of business for amounts not overdue or being diligently contested in good
faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been established on its books;

 

(e)              
Liens incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment
insurance or other forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, bids,
leases or other similar obligations (other than for borrowed money) entered into in the ordinary course of business or to secure
obligations on surety, bid, appeal or performance bonds;

 

(f)               
judgment Liens not constituting an Event of Default under Section 10.01(f);

 

(g)              
easements, rights-of-way, zoning restrictions, minor defects or irregularities in title and other similar encumbrances not
interfering in any material respect with the value or use of the property to which such Lien is attached and other Liens on any
Real Property subject to a Mortgage that are identified in any title insurance policy issued in favor of the Administrative Agent;

 

(h)              
Liens for Taxes, assessments or other governmental charges or levies not yet due and payable or the non-payment of which
is permitted by Section 7.10;

 

(i)                 Liens
arising in the ordinary course of business by virtue of any contractual, statutory or common law provision relating to
banker’s Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including
funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary,
so long as the applicable provisions of Section 8.12 have been complied with, in respect of such deposit accounts (other than
Excluded Accounts);

 

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(j)                
Non-exclusive licenses, leases and sublicenses, and subleases granted by any Credit Party or any Subsidiary of a Credit
Party or leases or subleases by any Credit Party or any Subsidiary of a Credit Party, in the ordinary course of its business and
covering only the assets so licensed, sublicensed, leased, or subleased;

 

(k)              
Liens that are customary rights of set-off relating to the establishment of depository relations with banks not given in
connection with the issuance of Indebtedness;

 

(l)               
Liens arising from precautionary Uniform Commercial Code financing statements (or similar filings under other applicable
law) regarding operating leases or consignment or bailee arrangements in the ordinary course of business;

 

(m)             
Liens in favor of the Borrower or any other Credit Party securing intercompany Indebtedness permitted under the Credit Documents
so long as any such Liens on the Collateral are subordinated to the Liens securing the Obligations in a manner reasonably satisfactory
to the Administrative Agent and the Borrower;

 

(n)              
Liens securing First Lien Indebtedness to the extent permitted by Section 9.01(i), to the extent such Liens are subject
to the Intercreditor Agreement;

 

(o)              
Cash collateral securing Indebtedness permitted under Section 9.01(m) in an amount not to exceed 110% of the amount of such
Indebtedness;

 

(p)              
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods in the ordinary course of business; and

 

(q)              
Liens securing Third Lien Indebtedness to be incurred pursuant to Section 9.01(p), provided that such Liens shall be subject
to the Third Lien Subordination Agreement.

 

Notwithstanding anything to the contrary
contained in this Section 9.02, commencing on the Amendment No. 4 Effective Date, the Credit Parties and each its Subsidiaries
shall not in any event license in any manner any assets (including intellectual property) without the prior written consent of
the Required Lenders.

 

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Section
9.03         Consolidation,
Merger, etc. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, liquidate or dissolve,
consolidate with, or merge into or with, any other Person or purchase or otherwise acquire all or substantially all of the
assets of any Person (or any division thereof) except Permitted Acquisitions, provided, that (a) any Credit Party or
Subsidiary of any Credit Party may liquidate or dissolve voluntarily into, and may merge with and into, the Borrower (so long
as the Borrower is the surviving entity), (b) any Guarantor may liquidate or dissolve voluntarily into, and may merge with
and into any Credit Party, (c) any Subsidiary that is not a Credit Party may liquidate or dissolve voluntarily into, and may
merge with and into any other Subsidiary, (d) the assets or Capital Stock of any Credit Party may be purchased or otherwise
acquired by any other Credit Party, (e) the assets or Capital Stock of any Subsidiary that is not a Credit Party may be
purchased or otherwise acquired by the Borrower or any Subsidiary Party and (f) any Subsidiary of any Credit Party may file a
certificate of division, adopt a plan of division or otherwise take any action to effectuate a division pursuant to Section
18-217 of the Delaware Limited Liability Company Act (or any analogous action taken pursuant to Applicable Law with respect
to any corporation, limited liability company, partnership or other entity) so long as such surviving Person shall have
complied with the requirements of Section 8.11 within the time periods set forth therein.

 

Section
9.04          Permitted
Dispositions. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, make a Disposition, or enter
into any agreement to make a Disposition, of such Credit Party’s or such other Person’s assets (including Receivables
and Capital Stock of Subsidiaries) to any Person in one transaction or a series of transactions unless such Disposition:

 

(a)              
is in the ordinary course of its business and is of obsolete or worn out property or property no longer used or useful in
its business;

 

(b)              
is a sale of Inventory in the ordinary course of business;

 

(c)              
is the leasing, subleasing or licensing, as lessor, of real or personal property no longer used or useful in such Person’s
business or otherwise in the ordinary course of business;

 

(d)              
is a sale or disposition of equipment to the extent that such equipment is exchanged for credit against the purchase price
of similar replacement equipment, or the proceeds of such Dispositions are reasonably promptly applied to the purchase price of
similar replacement equipment, all in the ordinary course of business;

 

(e)              
is otherwise permitted by Section 9.02(j) or 9.03;

 

(f)              
is a Disposition of property by one Credit Party (other than a Restricted Credit Party) to another Credit Party (other than
a Restricted Credit Party);

 

(g)             
is a Disposition of property by a non-Credit Party or a Restricted Credit Party to a Credit Party if the purchase price
of said property is not higher than its fair market value;

 

(h)              
is a Disposition of property by a non-Credit Party or a Restricted Credit Party to a non-Credit Party or Restricted Credit
Party;

 

(i)               
is a Disposition of accounts receivable in connection with the collection or compromise thereof in the ordinary course of
business or consistent with past practice (and not for financing purposes);

 

(j)                is
the lapse, abandonment or other Disposition of intellectual property that is in the reasonable judgment of the Borrower or
its Subsidiaries no longer economically practicable or commercially desirable to maintain or necessary for the conduct of the
business of the Borrower or its Subsidiaries;

 

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(k)              
is a Disposition of (i) all or substantially all of the Canadian business of the Company and its Subsidiaries or the Equity
Interests in Teligent Canada so long as (x) the purchase price therefor is not less than an amount separately agreed by the Company
and Administrative Agent and (y) not less than at least seventy-five percent (75%) of the consideration paid in connection therewith
shall be cash or Cash Equivalents paid contemporaneously with such Disposition or (ii) at the time of such Disposition, (x) no
Event of Default has occurred and is continuing, (y) not less than at least seventy-five percent (75%) of the consideration paid
in connection therewith shall be cash or Cash Equivalents paid contemporaneously with such Disposition and (z) the aggregate fair
market value of all assets so sold shall not exceed $2,500,000 in the aggregate; or

 

(l)               
is a Disposition of cash or Cash Equivalents,

 

provided, that, notwithstanding
the foregoing, in no event shall any Credit Party, or shall any Credit Party permit any of its Subsidiaries to, (i) directly or
indirectly, issue, sell, assign or otherwise dispose of any Capital Stock of any of its Subsidiaries, except (1) to qualify directors
if required by applicable law or (2) pursuant to clause (f) or (g) above or (ii) to file a certificate of division, adopt a plan
of division or otherwise take any action to effectuate a division pursuant to Section 18-217 of the Delaware Limited Liability
Company Act (or any analogous action taken pursuant to Applicable Law with respect to any corporation, limited liability company,
partnership or other entity).

 

Notwithstanding anything to the contrary
contained in this Section 9.04, commencing on the Amendment No. 4 Effective Date, the Credit Parties and each its Subsidiaries
shall not utilize clauses (k)(ii) and shall not in any event license in any manner any assets (including intellectual property)
without the prior written consent of the Required Lenders.

 

Section
9.05        Investments.
No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, purchase, make, incur, assume or permit to
exist any Investment in any other Person, except:

 

(a)              
Investments existing on the Closing Date and identified in Schedule 7.12;

 

(b)              
Investments in cash and Cash Equivalents;

 

(c)              
Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes
with, customers and suppliers, in each case in the ordinary course of business;

 

(d)               Investments
by way of contributions to capital or purchases of Capital Stock (i) outstanding as of the date hereof and (ii) hereafter (x)
by any Credit Party in any other Credit Party (other than a Restricted Credit Party), (y) by any Subsidiary that is not a
Credit Party in any Subsidiary that is not a Credit Party and (z) by a Credit Party in any Subsidiary that is not a Credit
Party or that is a Restricted Credit Party so long as at the time of the Investment pursuant to this clause (z) no Event of
Default has occurred and is continuing and the aggregate amount of such Investments, together with the aggregate amount of
Investments pursuant to Section 9.05(g)(z), shall not exceed the Restricted Credit Party Intercompany Investment Amount;

 

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(e)              
Investments constituting (i) Receivables arising, (ii) trade debt granted, or (iii) deposits made in connection
with the purchase price of goods or services, in each case in the ordinary course of business;

 

(f)              
Investments consisting of any deferred portion of the sales price received by any Credit Party in connection with any Disposition
permitted under Section 9.04;

 

(g)             
Investments consisting of intercompany loans, other extensions of credit or other Investments (i) outstanding as of the
date hereof and (ii) hereafter (x) by a Credit Party to any other Credit Party (other than Restricted Credit Parties), (y) by a
Subsidiary that is not a Credit Party to a Credit Party or another Subsidiary that is not a Credit Party or (z) by a Credit Party
to any Subsidiary that is not a Credit Party or that is a Restricted Credit Party so long as at the time of such Investment pursuant
to this clause (z), no Event of Default has occurred and is continuing and the aggregate amount of all such Investments, together
with the aggregate amount of all Investments pursuant to of Section 9.05(d)(ii)(z), does not exceed the Restricted Credit Party
Intercompany Investment Amount at any one time outstanding; provided, that, any intercompany Indebtedness described in clauses
(i) and (ii) above: (1) shall be evidenced by one or more promissory notes in form and substance reasonably satisfactory to the
Administrative Agent, duly executed and delivered in pledge to the Administrative Agent pursuant to the Security Documents, and
shall not be forgiven or otherwise discharged for any consideration other than and to the extent of repayment in cash; and (2)
shall be subordinated to the Obligations pursuant to the subordination terms set forth therein;

 

(h)              
Investments constituting Permitted Acquisitions;

 

(i)               
the maintenance of deposit accounts in the ordinary course of business so long as the applicable provisions of Section 8.12
have been complied with in respect of such deposit accounts;

 

(j)              
Investments consisting of intercompany loans, other extensions of credit or other Investments (i) outstanding as of the
date hereof and (ii) hereafter (x) by a Credit Party to any other Credit Party (other than Restricted Credit Parties) or (y) by
a Subsidiary that is not a Credit Party to a Credit Party or another Subsidiary that is not a Credit Party; provided, that, any
intercompany Indebtedness described in clauses (i) and (ii) above: (1) shall be evidenced by one or more promissory notes in form
and substance reasonably satisfactory to the Administrative Agent, duly executed and delivered in pledge to the Administrative
Agent pursuant to the Security Documents, and shall not be forgiven or otherwise discharged for any consideration other than and
to the extent of repayment in cash; and (2) shall be subordinated to the Obligations pursuant to the subordination terms set forth
therein;

 

(k)            
Investments in any Person to the extent such Investment represents the non-cash portion of the consideration received in
a Disposition permitted pursuant to Section 9(j); and

 

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(l)              
 loans and advances to current or former employees, officers, directors, consultants and advisors in the ordinary course
of business or in connection with relocations, indemnification, or reimbursement in respect of liabilities relating to them serving
in any such capacity, including business travel and entertainment expenses, not to exceed $150,000 in the aggregate at any time
outstanding.

 

Section
9.06         Restricted
Payments, etc. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, make any Restricted Payment,
or make any deposit for any Restricted Payment, other than:

 

(a)              
payments by any Subsidiary of the Borrower to the Borrower or its direct parent so long as such parent is a direct or indirect
wholly-owned subsidiary of the Borrower;

 

(b)              
Restricted Payments by any Credit Party or any of its Subsidiaries to pay dividends with respect to its Capital Stock payable
solely in additional shares of its common stock (other than Disqualified Capital Stock);

 

(c)              
regularly scheduled, non-accelerated payments with respect to Indebtedness subordinated to the Obligations (including, without
limitation, seller notes and earnout obligations) permitted by Section 9.01(j) to the extent expressly permitted by the applicable
subordination agreement or such other subordination terms with respect thereto;

 

(d)              
conversion of the 2019 Convertible Notes, the 2023 Convertible Notes, the 2023 PIK Convertible Notes and the Third Lien
Convertible Notes into equity interests of the Borrower in accordance with the terms thereof; and

 

(e)              
conversion of the 2023 PIK Convertible Notes into the Third Lien Convertible Notes in accordance with the terms thereof.

 

Section
9.07         Modification
of Certain Agreements. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, consent to any amendment,
supplement, waiver or other modification of, or enter into any forbearance from exercising any rights with respect to the terms
or provisions contained in (a) any of First Lien Loan Documents except to the extent permitted by the Intercreditor Agreement,
(b) any of the Organization Documents if such amendment, modification or change would (i) require any mandatory redemption date
of any Capital Stock, (ii) require any cash dividends or other payments in cash to be made earlier than the Maturity Date, (iii)
in the case of a Credit Party, modify any name, jurisdiction of organization, organizational identification number or federal identification
number unless at least ten (10) Business Days prior written notice shall be given to the Administrative Agent or (iv) otherwise
be materially adverse to the interests of the Agents or the Lenders in any respect, (c) any document, agreement or instrument evidencing
or governing any Indebtedness that has been subordinated to the Obligations in right of payment or any Liens that have been subordinated
in priority to the Liens of the Administrative Agent (including the Third Lien Note Documents) unless such amendment, supplement,
waiver or other modification is permitted under the terms of the subordination agreement applicable thereto or (d) any Material
Contract, except to the extent that such amendment, modification or change could not, individually or in the aggregate, reasonably
be expected to be materially adverse to the interests of the Lender.

 

Section
9.08          Sale
and Leaseback. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, directly or indirectly,
enter into any agreement or arrangement providing for the sale or transfer by it of any property (now owned or hereafter acquired)
to a Person and the subsequent lease or rental of such property or other similar property from such Person.

 

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Section
9.09         Transactions
with Affiliates. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, enter into or cause or
permit to exist any arrangement, transaction or contract (including for the purchase, lease or exchange of property or the rendering
of services) with any Affiliate except (a) on fair and reasonable terms no less favorable to such Credit Party or such Subsidiary
than it could obtain in an arm’s-length transaction with a Person that is not an Affiliate, (b) any transaction expressly
permitted under Section 9.03, Section 9.05(d), Section 9.05(g) or Section 9.06, (c) customary fees to, and indemnifications of,
non-officer directors of the Credit Parties and their respective Subsidiaries, (d) the payment of reasonable and customary compensation
and indemnification arrangements and benefit plans for officers and employees of the Credit Parties and their respective Subsidiaries
in the ordinary course of business and (e) transactions solely among Credit Parties.

 

Section
9.10        Restrictive
Agreements, etc. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, enter into any agreement
(other than a Transaction Document) prohibiting:

 

(a)              
the creation or assumption by any Credit Party of any Lien upon its properties, revenues or assets, whether now owned or
hereafter acquired;

 

(b)              
the ability of such Person to amend or otherwise modify any Credit Document; or

 

(c)              
the ability of such Person to make any payments, directly or indirectly, to the Credit Parties, including by way of dividends,
advances, repayments of loans, reimbursements of management and other intercompany charges, expenses and accruals or other returns
on investments.

 

The foregoing prohibitions shall not apply
to (i) agreements entered into in connection with the First Lien Credit Agreement or the Third Lien Note Documents, as applicable,
or (ii) customary restrictions of the type described in clause (a) above (which do not prohibit the Credit Parties from complying
with or performing the terms of this Agreement and the other Credit Documents) which are contained in any agreement, (A) governing
any Indebtedness permitted by Section 9.01(d) as to assets financed with the proceeds of such Indebtedness, (B) for the creation
or assumption of any Lien on the sublet or assignment of any leasehold interest of any Credit Party or any of its Subsidiaries
entered into in the ordinary course of business, (C) for the assignment of any contract entered into by any Credit Party or any
of its Subsidiaries in the ordinary course of business or (D) for the transfer of any asset pending the close of the sale of such
asset pursuant to a Disposition permitted under this Agreement;

 

Section
9.11         Hedging
Transactions. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, enter into any Hedging
Transaction, except (a) Hedging Transactions entered into to hedge or mitigate risks to which such Credit Party or such
Subsidiary has actual exposure (other than those in respect of Capital Stock) and (b) Hedging Transactions entered into in
order to effectively cap, collar or exchange interest rates (from fixed to floating rate, from one floating rate to another
floating rate or otherwise) with respect to any interest-bearing liability or investment of such Credit Party or such
Subsidiary.

 

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Section
9.12         Changes
in Business. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to engage in any business other
than the businesses the Credit Parties and their Subsidiaries are engaged in as of the date hereof and other businesses that are
reasonably related thereto or reasonable extensions thereof.

 

Section
9.13          Financial
Performance Covenant. The Credit Parties will not permit:

 

(a)              
Minimum Net Revenue. The Net Revenue of the Credit Parties on a consolidated basis to be less than the corresponding
amount set forth in the Net Revenue Level column for the corresponding Test Period as set forth in the below chart:

 

	Test Period	 	Net Revenue

 Level	 
	4 quarters ending June 30, 2020	 	$	52,827,300	 
	4 quarters ending September 30, 2020	 	$	45,163,200	 
	4 quarters ending December 31, 2020	 	$	41,622,400	 

 

(b)              
Consolidated Adjusted EBITDA. The Consolidated Adjusted EBITDA, as of the last day of each Test Period set forth
below, to be less than the amount set forth below opposite such measurement date:

 

	Test Period	 	Consolidated

 Adjusted

 EBITDA	 
	4 quarters ending June 30, 2021	 	$	(3,122,500	)
	4 quarters ending September 30, 2021	 	$	10,500,000	 
	4 quarters ending December 31, 2021	 	$	10,500,000	 
	4 quarters ending March 31, 2022	 	$	10,500,000	 
	4 quarters ending June 30, 2022	 	$	11,000,000	 
	4 quarters ending September 30, 2022	 	$	13,000,000	 
	4 quarters ending December 31, 2022	 	$	14,500,000	 

 

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(c)              
 Minimum Liquidity. The Liquidity of the Credit Parties on a consolidated basis to be less than $3,000,000 at any
time.

 

Section
9.14        Disqualified
Capital Stock. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, issue any Disqualified Capital
Stock.

 

Section
9.15         Removal
of Collateral. No Credit Party shall remove, or cause or permit to be removed, any of the Collateral from the premises where
such Collateral is currently located and described in Schedule 7.30 (as such schedule may be updated from time to time in accordance
with the Security Agreement), except in connection with (a) dispositions permitted under Section 9.04, and (b) off-site repairs
of Equipment in the ordinary course of Borrower’s and its Subsidiaries’ business as conducted on the Closing Date.

 

Section
9.16         Voluntary
Prepayments of Material Indebtedness; Scheduled Interest Payments on the 2023 PIK Convertible Notes.

 

(a)              
No Credit Party shall make any voluntary prepayment, purchase, repurchase, redemption, defeasance or purchase of 2019 Convertible
Notes unless such prepayment is funded from the proceeds of (w) the Term Loans funded on the Closing Date, (x) the DDTL A Facility,
(y) the issuance of Capital Stock or (z) the proceeds of all or any portion of the 2023 PIK Convertible Notes.

 

(b)              
No Credit Party shall make any voluntary prepayment, purchase, repurchase, redemption, defeasance or purchase of the 2023
Convertible Notes, the 2023 PIK Convertible Notes or the Third Lien Convertible Notes except solely to the extent such voluntary
prepayment is made solely in shares of Capital Stock and no cash payment is made.

 

(c)              
Borrower shall not elect to make any payments of interest on the 2023 PIK Convertible Notes in cash if and to the extent
that Borrower has the right to make such election pursuant to the indenture, promissory note or other agreements, instruments and
documents governing the 2023 PIK Convertible Notes as in effect on the date hereof.

 

(d)              
No Credit Party shall make any voluntary prepayment of the Indebtedness permitted under Section 9.01(q); provided that,
the foregoing shall not prohibit the return of any unused proceeds thereof.

 

Article
X

 

Events of Default

 

Section
10.01        Listing of Events
of Default. Each of the following events or occurrences described in this Section 10.01 shall constitute an “Event
of Default”:

 

(a)               
Non-Payment of Obligations. The Borrower shall default in the payment of:

 

(i)                
any principal of any Loan when such amount is due; or

 

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(ii)             
 any interest on any Loan when such amount is due and such default shall continue unremedied for a period of five (5) Business
Days after such amount is due; or

 

(iii)           
any fee described in Article IV or any other monetary Obligation under the Credit Documents when such amount is due and
such default shall continue unremedied for a period of five (5) Business Days after such amount is due.

 

(b)              
Breach of Warranty. Any representation or warranty of any Credit Party made or deemed to be made in any Credit Document
(including any certificates delivered pursuant to Article VI) which, by its terms, is subject to a materiality qualifier, is or
shall be incorrect in any respect when made or deemed to have been made or any other representation or warranty of any Credit Party
made or deemed to be made in any Credit Document (including any certificates delivered pursuant to Article VI) is or shall be incorrect
in any material respect when made or deemed to have been made.

 

(c)               
Non-Performance of Certain Covenants and Obligations. Any Credit Party shall default in the due performance or observance
of any of its obligations under (i) Section 8.01(a) – (d), Section 8.01(e)(i)-(iii), Section 8.01(g), 8.01 (q), Section 8.02
(other than to the limited extent such Section requires books and records to be kept in accordance with GAAP which shall instead
be subject to Section 10.01(d)), Section 8.03, Section 8.05(a), Section 8.10, Section 8.11(b), Section 8.11(c), Section 8.12, 8.16,
Article IX or the Fee Letter (other than any payment obligations under the Fee Letter which shall instead be subject to Section
10.01(a)(iii)) or (ii) Section 8.01(e)(iv), Section 8.01(f), Section 8.01(h), Section 8.01(o) and such default shall continue unremedied
for a period of five (5) Business Days after the earlier of (x) any officer of any Credit Party shall first have knowledge thereof
or (y) any Credit Party receives written notice from the Administrative Agent or the Required Lenders in respect thereof.

 

(d)              
Non-Performance of Other Covenants and Obligations. Any Credit Party shall default in the due performance and observance
of any obligation contained in any Credit Document executed by it (other than as specified in Section 10.01(a), Section 10.01(b)
or Section 10.01(c)), and such default shall continue unremedied for a period of thirty (30) Business Days after the earlier of
(i) any officer of any Credit Party shall first have knowledge thereof or (ii) any Credit Party receives written notice from the
Administrative Agent or the Required Lenders in respect thereof.

 

(e)                Default
on Other Indebtedness. (i) A default shall occur in the payment of any amount when due (subject to any applicable grace
period or cure period), whether by acceleration or otherwise, of any principal or stated amount of, or interest or fees on,
any Indebtedness (other than the Obligations or the First Lien Indebtedness) of any Credit Party, or Subsidiary of any Credit
Party having a principal or stated amount, individually or in the aggregate, in excess of $1,500,000, or a default shall
occur in the performance or observance of any obligation or condition with respect to any such Indebtedness if the effect of
such default is to accelerate the maturity of such Indebtedness or to permit the holder or holders of such Indebtedness, or
any trustee or agent for such holders, to cause or declare such Indebtedness to become immediately due and payable, (ii) a
default shall occur (after expiration of any available grace or cure periods) in the performance or observance of any
obligation or condition with respect to any Indebtedness which has been subordinated (whether as to payment or Lien priority)
to the Obligations or the Administrative Agent’s Liens or any such Indebtedness shall be required to be or prepaid,
redeemed, purchased or defeased, or require an offer to purchase or defease such Indebtedness to be made, prior to its
expressed maturity or (iii) an “Event of Default” (as defined in the First Lien Credit Agreement) shall have
occurred and be continuing under the First Lien Credit Agreement and as a result of such Event of Default thereunder the
maturity of any Loans (as defined in the First Lien Credit Agreement) thereunder has been accelerated, the Commitments (as
defined therein) shall have been terminated or the First Lien Agent or First Lien Lenders otherwise shall cause such First
Lien Indebtedness to become due and payable (or require any Credit Party to purchase or redeem such First Lien Indebtedness)
in its entirety prior to its expressed maturity.

 

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(f)               
Judgments. Any judgment or order for the payment of money individually or in the aggregate in excess of $1,000,000
(exclusive of any amounts fully covered by insurance (less any applicable deductible) and as to which the insurer has been notified
of the claim and has not disputed coverage) shall be rendered against any Credit Party or any of its Subsidiaries and such judgment
shall not have been vacated or discharged or stayed or bonded pending appeal within thirty (30) days after the entry thereof
or enforcement proceedings shall have been commenced by any creditor upon such judgment or order.

 

(g)              
Plans. An ERISA Event occurs that has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

(h)              
Bankruptcy, Insolvency, etc. Any Credit Party or any of its Subsidiaries shall:

 

(i)                
become insolvent or generally fail to pay, or admit in writing its inability or unwillingness generally to pay, its debts
as they become due;

 

(ii)             
apply for, consent to, or acquiesce in the appointment of a trustee, receiver, sequestrator or other custodian for any substantial
part of the assets or other property of any such Person, or make a general assignment for the benefit of creditors;

 

(iii)           
in the absence of such application, consent or acquiesce to or permit or suffer to exist, the appointment of a trustee,
receiver, sequestrator or other custodian for a substantial part of the property of any thereof, and such trustee, receiver, sequestrator
or other custodian shall not be discharged within sixty (60) days; provided, that each Credit Party hereby expressly
authorizes each Secured Party to appear in any court conducting any relevant proceeding during such 60-day period to preserve,
protect and defend their rights under the Credit Documents;

 

(iv)             permit
or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any
bankruptcy or insolvency law or any dissolution, winding up or liquidation proceeding, in respect thereof, and, if any such
case or proceeding is not commenced by such Person, such case or proceeding shall be consented to or acquiesced in by such
Person, or shall result in the entry of an order for relief or shall remain for sixty (60) days undismissed; provided, that
each Credit Party hereby expressly authorizes each Secured Party to appear in any court conducting any such case or
proceeding during such 60-day period to preserve, protect and defend their rights under the Credit Documents; or

 

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(v)              
take any action authorizing, or in furtherance of, any of the foregoing.

 

(i)                
Impairment of Security, etc. Any Credit Document or any Lien granted thereunder with respect to any portion of the
Collateral (except (i) in accordance with its terms or (ii) with respect to immaterial assets), in whole or in part, terminate,
cease to be effective or cease to be the legally valid, binding and enforceable obligation of any Credit Party thereto, or any
Credit Party or any other Person shall contest in writing such effectiveness, validity, binding nature or enforceability; or, except
as permitted under any Credit Document, any Lien on the Collateral (except with respect to immaterial assets) shall cease to be
a perfected Lien (other than as a result of the Administrative Agent’s failure to take any action within its control).

 

(j)                
Change of Control. Any Change of Control shall occur.

 

(k)              
Restraint of Operations; Loss of Assets. If any Credit Party or any Subsidiary of a Credit Party is enjoined, restrained,
or in any way prevented by court order or other Governmental Authority from continuing to conduct all or any material part of its
business affairs or if any material portion of any Credit Party’s or any of its Subsidiaries’ assets is attached, seized,
subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any third Person and the same is not
discharged before the earlier of 30 days after the date it first arises or 5 days prior to the date on which such property or asset
is subject to forfeiture by such Credit Party or the applicable Subsidiary.

 

(l)                
Damage; Casualty. Any event occurs, whether or not insured or insurable, as a result of which revenue-producing activities
cease or are substantially curtailed at facilities of the Credit Parties generating more than 35% of the Borrower’s consolidated
revenues for the fiscal year preceding such event and such cessation or curtailment continues for more than forty-five (45) days.

 

(m)             Subordination
and Intercreditor Agreements, Intercreditor Agreement and Third Lien Subordination Agreement. (i) The subordination
provisions of the Third Lien Subordination Agreement or of any other subordination agreement or any subordination provisions
governing any subordinated Indebtedness shall for any reason be revoked or invalidated, or otherwise cease to be in full
force and effect, or any Credit Party or any Affiliate of a Credit Party shall contest in writing the validity or
enforceability thereof or deny in writing that it has any further liability or obligation thereunder, or the Obligations, for
any reason shall not have the priority contemplated by such subordination provisions (other than as a result of the
Administrative Agent’s failure to take any action within its control) or (ii) any lien subordination or any other
material provision of the Intercreditor Agreement or Third Lien Subordination Agreement, as applicable, shall for any reason
be revoked or invalidated, or otherwise cease to be in full force and effect, or any Credit Party or any Affiliate of a
Credit Party shall contest in writing the validity or enforceability thereof or deny in writing that it has any further
liability or obligation thereunder.

 

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(n)              
FDA Matters. (i) The FDA or any other Governmental Authority initiates enforcement action including but not limited
to any inspection against any Credit Party or any of its Subsidiaries, or any suppliers that causes such Credit Party or Subsidiary
to recall, withdraw, remove or discontinue manufacturing, shipping or marketing any of its Products the result of which could reasonably
be expected to result in aggregate liability and expense to the Credit Parties and their Subsidiaries of the FDA Trigger Amount
or more or would reasonably be expected to have a Material Adverse Effect; (ii) the FDA requires Credit Party or its Subsidiaries
to modify the label or labeling of any Product as a result of a safety or compliance risk, or seeks to restrict in any way, the
distribution of any of Credit Party’s or its Subsidiaries’ Products, which would reasonably be expected, in the aggregate
to have a Material Adverse Effect; (iii) the FDA or any other Governmental Authority issues a warning letter or other communication
to any Credit Party or any of its Subsidiaries with respect to any Regulatory Matter which if not promptly resolved would reasonably
be expected, in the aggregate, to have a Material Adverse Effect; (iv) any Credit Party or any of its Subsidiaries conducts a mandated
or voluntary recall or market withdrawal which could reasonably be expected to result in aggregate liability and expense to the
Credit Parties and their Subsidiaries of the FDA Trigger Amount or more; or (v) any Credit Party or any of its Subsidiaries enters
into a settlement agreement with the FDA or any other Governmental Authority that results in aggregate liability as to any single
or related series of transactions, incidents or conditions, of the FDA Trigger Amount or more, or that would reasonably be expected
to have a Material Adverse Effect.

 

Section
10.02      Remedies Upon
Event of Default. If any Event of Default shall occur for any reason, whether voluntary or involuntary, and be continuing,
the Administrative Agent may, and upon the direction of the Required Lenders shall, by notice to the Borrower (a) permanently reduce
the Commitment in whole or in part or (b) declare all or any portion of the outstanding principal amount of the Loans and other
Obligations to be due and payable and the Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid
amount of such Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable,
without further notice, demand or presentment, and the Commitments shall terminate. The Lenders and the Administrative Agent shall
have all other rights and remedies available at law or in equity or pursuant to any Credit Documents.

 

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Article
XI

 

The Administrative Agent

 

Section
11.01    Appointment.
Each Lender (and, if applicable, each other Secured Party) hereby appoints ACF as its Administrative Agent under and for
purposes of each Credit Document and hereby authorizes the Administrative Agent to act on behalf of such Lender (or, if
applicable, each other Secured Party) under each Credit Document and, in the absence of other written instructions from the
Lenders pursuant to the terms of the Credit Documents received from time to time by the Administrative Agent, to exercise
such powers hereunder and thereunder as are specifically delegated to or required of the Administrative Agent by the terms
hereof and thereof, together with such powers as may be incidental thereto. Each Lender (and, if applicable, each other
Secured Party) hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender.
Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties
or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender or other Secured
Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Credit Document or otherwise exist against the Administrative Agent.

 

Section
11.02    Delegation of
Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Credit Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.
The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in-fact selected
by it with reasonable care.

 

Section
11.03  Exculpatory
Provisions. Neither the Administrative Agent nor any of its respective officers, directors, employees, agents, attorneys-in-fact
or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection
with this Agreement or any other Credit Document (except to the extent that any of the foregoing are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (b) responsible in any manner to any of the Lenders or any other Secured Party for any recitals, statements, representations
or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit 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 Credit Document or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Credit Document or for any failure of any Credit Party or other Person to perform
its obligations hereunder or thereunder. The Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit Document or applicable
law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any bankruptcy or insolvency
law or other similar law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation
of any bankruptcy or insolvency law or other similar law. The Administrative Agent shall not be under any obligation to any Lender
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement
or any other Credit Document, or to inspect the properties, books or records of any Credit Party.

 

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Section
11.04    Reliance
by Agents. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit, letter, electronic mail, statement, order or other
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
or Persons and upon advice and statements of legal counsel (including counsel to the Credit Parties), independent accountants
and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of any note as
the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been
filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any
action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of the
Required Lenders (or, if so specified by this Agreement, all or other requisite Lenders) as it deems appropriate or it shall
first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it
by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement and the other Credit Documents in accordance with a request of the
Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to
act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans and all other Secured
Parties.

 

Section
11.05    Notice of Default.
The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder,
except with respect to any Default or Event of Default in the payment of principal, interest and fees required to be paid to the
Administrative Agent for the account of the Lenders unless the Administrative Agent has received notice from a Lender or the Borrower
referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”.
In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders.
The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified
by this Agreement); provided, that unless and until the Administrative Agent shall have received such directions, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or
Event of Default as the Administrative Agent shall deem advisable in the best interests of the Secured Parties.

 

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Section
11.06    Non-Reliance
on Agents and Other Lenders. Each Lender (and, if applicable, each other Secured Party) expressly acknowledges that
neither the Administrative Agent nor any of its respective officers, directors, employees, agents, attorneys-in-fact
or Affiliates have made any representations or warranties to it and that no act by the Administrative Agent hereafter taken,
including any review of the affairs of a Credit Party or any Affiliate of a Credit Party, shall be deemed to constitute any
representation or warranty by the Administrative Agent to any Lender or any other Secured Party. Each Lender (and, if
applicable, each other Secured Party) represents to the Administrative Agent that it has, independently and without reliance
upon the Administrative Agent or any other Lender or any other Secured Party, and based on such documents and information as
it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and
other condition and creditworthiness of the Credit Parties and their Affiliates and made its own decision to make its Loans
hereunder and enter into this Agreement. Each Lender (and, if applicable, each other Secured Party) also represents that it
will, independently and without reliance upon the Administrative Agent or any other Lender or any other Secured Party, and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to make such
investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition
and creditworthiness of the Credit Parties and their Affiliates. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any
duty or responsibility to provide any Lender or any other Secured Party with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Credit Party or any
Affiliate of a Credit Party that may come into the possession of the Administrative Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates.

 

Section
11.07    Indemnification.
The Lenders agree to indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Credit Parties
and without limiting the obligation of the Credit Parties to do so), ratably according to their respective Total Credit Exposure
in effect on the date on which indemnification is sought under this Section 11.07 (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 Total
Credit Exposure immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or 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 the Administrative Agent in any way relating to or arising
out of, the Commitments, this Agreement, any of the other Credit Documents, any Specified Hedging Agreement 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 the Administrative
Agent under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the Administrative
Agent’s gross negligence or willful misconduct. The agreements in this Section 11.07 shall survive the payment of the Loans
and all other amounts payable hereunder.

 

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Section
11.08    Agent in Its Individual
Capacity. The Administrative Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind
of business with any Credit Party as though the Administrative Agent were not the Administrative Agent. With respect to its Loans
made or renewed by it, the Administrative Agent shall have the same rights and powers under this Agreement and the other Credit
Documents as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms “Lender”,
 “Lenders”, “Secured Party” and “Secured Parties” shall include the Administrative Agent in
its individual capacity.

 

Section
11.09    Successor
Agents. The Administrative Agent may resign as Administrative Agent, upon twenty (20) days’ notice to the Lenders
and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Credit
Documents, then the Required Lenders shall appoint from among the Lenders a successor agent, which successor agent shall
(unless an Event of Default shall have occurred and be continuing) be subject to approval by the Borrower (which approval
shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights (other than any
rights to indemnity payments owed to the retiring Administrative Agent), powers and duties of the Administrative Agent, and
the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and
the former Administrative Agent’s rights (other than any rights to indemnity payments owed to the retiring
Administrative Agent), powers and duties as Administrative Agent shall be terminated, without any other or further act or
deed on the part of such former Agent or any of the parties to this Agreement or any holders of the Loans. If no applicable
successor agent has accepted appointment as Administrative Agent by the date that is twenty (20) days following such retiring
Administrative Agent’s notice of resignation, such retiring Agent’s resignation shall nevertheless thereupon
become effective (except that in the case of any Collateral held by the Administrative Agent for the benefit of the Secured
Parties under any of the Credit Documents, the Administrative Agent will continue to hold such collateral security until such
time as a successor Administrative Agent is appointed) and the Lenders shall assume and perform all of the duties of the
Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for
above. After an Agent’s resignation as the Administrative Agent, the provisions of this Article XI shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was an Agent under this Agreement and the other Credit
Documents.

 

Section
11.10   Agents Generally.
Except as expressly set forth herein, the Administrative Agent shall not have any duties or responsibilities hereunder in its
capacity as such.

 

Section
11.11    Restrictions
on Actions by Lenders; Sharing of Payments.

 

(a)               
Each of the Lenders agrees that it shall not, without the express written consent of the Administrative Agent, and that
it shall, to the extent it is lawfully entitled to do so, upon the written request of Administrative Agent, set off against the
Obligations, any amounts owing by such Lender to any Credit Party or any of their respective Subsidiaries or any deposit accounts
of any Credit Party or any of their respective Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further
agrees that it shall not, unless specifically requested to do so in writing by Administrative Agent, take or cause to be taken
any action, including, the commencement of any legal or equitable proceedings to enforce any Credit Document against any Credit
Party or to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral.

 

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(b)               Subject
to Section 12.09, if, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any
proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by
such Lender from the Administrative Agent pursuant to the terms of this Agreement, or (ii) payments from the Administrative
Agent in excess of such Lender’s pro rata share of all such distributions by the Administrative Agent, such Lender
promptly shall (A) turn the same over to the Administrative Agent, in kind, and with such endorsements as may be required to
negotiate the same to the Administrative Agent, or in immediately available funds, as applicable, for the account of all of
the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B)
purchase, without recourse or warranty, an undivided interest and participation in the Obligations owed to the other Lenders
so that such excess payment received shall be applied ratably as among the Lenders in accordance with their pro rata shares;
provided, that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those
purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase
price paid therefor shall be returned to such purchasing party, but without interest except to the extent that such
purchasing party is required to pay interest in connection with the recovery of the excess payment.

 

Section
11.12    Agency for Perfection.
Administrative Agent hereby appoints each other Secured Party as its agent (and each Secured Party hereby accepts such appointment)
for the purpose of perfecting the Administrative Agent’s Liens in assets which, in accordance with Article 7 or Article 8,
as applicable, of the Uniform Commercial Code of any applicable state can be perfected only by possession or control. Should any
Secured Party obtain possession or control of any such Collateral, such Secured Party shall notify Administrative Agent thereof,
and, promptly upon Administrative Agent’s request therefor shall deliver possession or control of such Collateral to Administrative
Agent or in accordance with Administrative Agent’s instructions.

 

Section
11.13    Authorization
to File Proof of Claim. In case of the pendency of any bankruptcy, insolvency or other similar proceeding with respect to any
Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable or whether
the Administrative Agent shall have made any demand therefor) shall be entitled: (i) to file and prove a claim in such proceeding
for the full amount of the principal and interest owing and unpaid in respect of the Loans and to file such other documents as
may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for
reimbursement under Section 12.05) allowed in such 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 trustee, liquidator or another similar official in any such
proceedings is hereby authorized by each Lender to make such payments to the Administrative Agent for the account of such Lender.
Nothing contained herein shall be deemed to authorize the Administrative Agent to consent to or accept or adopt on behalf of any
Lender any plan of reorganization, arrangement, adjustment or composition affecting the obligations of the Credit Party hereunder
or the rights of any Lender, or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

 

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Section
11.14   Credit
Bids. Each Credit Party and each Secured Party hereby irrevocably authorizes Administrative Agent, based upon the written
instruction of the Required Lenders, to bid and purchase (either directly or through one or more acquisition vehicles) all or
any portion of the Collateral at any sale thereof conducted (i) by the Administrative Agent under the provisions of the Code,
including pursuant to Sections 9-610 or 9-620 of the Code (ii) under the provisions of the Bankruptcy Code, including Section
363, 365 and/or 1129 of the Bankruptcy Code or (iii) by the Administrative Agent (whether by judicial action or
otherwise, including a foreclosure sale) in accordance with applicable law (clauses (i), (ii) an (iii), a
 “Collateral Sale”); and in connection with any Collateral Sale based upon the written instruction
of Required Lenders, the Administrative Agent may accept non-cash consideration, including debt and equity securities issued
by such acquisition vehicle under the direction or control of the Administrative Agent and the Administrative Agent may
offset all or any portion of the Obligations against the purchase price of such Collateral. Each Secured Party hereby agrees
that, except as otherwise provided in any Credit Documents, or with the written consent of the Administrative Agent and the
Required Lenders, it will not take any enforcement action, accelerate obligations under any Credit Documents, or exercise any
right that it might otherwise have under applicable law to credit bid at foreclosure sales, UCC sales or other similar
dispositions of Collateral.

 

Section
11.15   Binding Effect.
Each Secured Party, by accepting the benefits of the Credit Documents, agrees that (i) any action taken by the Administrative
Agent or the Required Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions
of the Credit Documents, (ii) any action taken by the Administrative Agent in reliance upon the instructions of Required Lenders
(or, where so required, such greater proportion) and (iii) the exercise by the Administrative Agent or the Required Lenders (or,
where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are
reasonably incidental thereto, shall be authorized and binding upon all of the Secured Parties.

 

Article
XII

Miscellaneous

 

Section
12.01   Amendments and
Waivers. Neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended, supplemented
or modified except in accordance with the provisions of this Section 12.01. The Required Lenders may, or, with the consent of
the Required Lenders or the Administrative Agent, as applicable, may, from time to time, (a) enter into with the relevant Credit
Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose
of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or
the Credit Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative
Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents
or any Default or Event of Default and its consequences; provided, that no such waiver, amendment, supplement or modification
shall directly:

 

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(i)             
(A) reduce or forgive any portion of any Loan or extend the final expiration date of any Lender’s Commitment or extend
the final scheduled maturity date of any Loan or reduce the stated interest rate (it being understood that only the consent of
the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the Default Rate or amend Section
2.08(c)), or (B) reduce or forgive any portion or extend the date for the payment, of any interest or fee payable hereunder (other
than as a result of waiving the applicability of any post-default increase in interest rates), or (C) amend or modify any provisions
of Section 12.09(b) or any other provision that provides for the pro rata nature of disbursements by or payments to Lenders,
in each case without the written consent of each Lender directly and adversely affected thereby;

 

(ii)            
amend, modify or waive any provision of this Section 12.01 or reduce the percentages specified in the definitions of the
term “Required Lenders” or consent to the assignment or transfer by any Credit Party of its rights and obligations
under any Credit Document to which it is a party (except as permitted pursuant to Section 9.03), in each case without the written
consent of each Lender directly and adversely affected thereby;

 

(iii)           
 increase the aggregate amount of any Commitment of any Lender without the consent of such Lender;

 

(iv)           
amend, modify or waive any provision of Article XI applicable to the Administrative Agent without the written consent of
the Administrative Agent;

 

(v)           
release all or substantially all of the Guarantors under the Guarantee Agreement (except as expressly permitted by the Guarantee
Agreement), or release all or substantially all of the Collateral under the Security Agreement and the Mortgages (except as expressly
permitted thereby and in Section 12.19), in each case without the prior written consent of each Lender;

 

(vi)          
amend Section 2.10 so as to permit Interest Period intervals greater than six months if not agreed to by all applicable
Lenders; or

 

Notwithstanding the foregoing or anything
to the contrary herein:

 

(i)            
this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative
Agent, and the Borrower (x) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit
from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits
of this Agreement and the other Credit Documents with the Loans and the accrued interest and fees in respect thereof and (y) to
include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders;

 

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(ii)             
no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that
the Commitment of such Lender may not be increased or extended, and amounts payable to such Lender hereunder may not be permanently
reduced without the consent of such Lender (other than reductions in fees and interest in which such reduction does not disproportionately
affect such Lender);

 

(iii)           
schedules to this Agreement and the Security Agreement may be amended or supplemented by the delivery of a Compliance Certificate
in accordance with, and solely to the extent set forth in, Section 8.01(d); and

 

(iv)             this
Agreement and any other Credit Document may be amended solely with the consent of the Administrative Agent and the Borrower
without the need to obtain the consent of any other Lender if such amendment is delivered in order to (x) correct or cure
ambiguities, errors, omissions, defects, (y) effect administrative changes of a technical or immaterial nature or (z) correct
or cure incorrect cross references or similar inaccuracies in this Agreement or the applicable Credit Document, in each case
with regards to clauses (x) through (z), the correction of which is not adverse to the interest of any Lender. Guarantees,
collateral documents, security documents, intercreditor agreements, and related documents executed in connection with this
Agreement may be amended, modified, terminated or waived, and consent to any departure therefrom may be given, without the
consent of any Lender if such amendment, modification, waiver or consent is given in order to cause such guarantee,
collateral document, security document, intercreditor agreement or related document to be consistent with this Agreement and
the other Credit Documents. Any such amendment shall become effective without any further consent of any other party to such
Credit Document.

 

Section
12.02    Notices and
Other Communications; Facsimile Copies.

 

(a)              
General. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder
or under any other Credit Document shall be in writing (including by electronic transmission). All such written notices shall be
mailed, e-mailed or delivered to the applicable address or electronic mail address, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)              
if to the Credit Parties, the Administrative Agent, to the address, electronic mail address or telephone number specified
for such Person on Schedule 12.02 or to such other address, electronic mail address or telephone number as shall be designated
by such party in a notice to the other parties; and

 

(ii)             
if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by
such party in a notice to the Borrower, and the Administrative Agent.

 

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All such notices and
other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party
hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered
by mail, three (3) Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt
has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of
Section 12.02(c)), when delivered; provided, that notices and other communications to the Administrative Agent pursuant
to Article II shall not be effective until actually received by such Person.

 

(b)              
Effectiveness of Electronic Documents and Signatures. Credit Documents may be transmitted and/or signed by e-mail
or other electronic communication. The effectiveness of any such documents and signatures shall have the same force and effect
as manually signed originals and shall be binding on all Credit Parties, the Administrative Agent and the Lenders.

 

(c)              
Reliance by the Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled
to rely and act upon any notices (including telephonic Notices of Borrowing) purportedly given by or on behalf of any Credit Party
even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
All telephonic notices to the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto
hereby consents to such recording.

 

Section
12.03    No Waiver;
Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any
Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by
law.

 

Section
12.04    Survival of
Representations and Warranties. All representations and warranties made hereunder and in the other Credit Documents shall survive
the execution and delivery of this Agreement and the making of the Loans hereunder.

 

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Section
12.05   Payment of
Expenses; Indemnification. The Borrower agrees, subject to any limitations set forth in the Fee Letter, (a) to pay or reimburse
the Agents for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the development,
preparation, negotiation and execution of, and any amendment, waiver, supplement or modification to, this Agreement and the other
Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration
of the transactions contemplated hereby and thereby, including the reasonable and documented fees, disbursements and other charges
of one counsel (and, to the extent necessary, one local counsel in any relevant jurisdiction and, if reasonably required, one
regulatory counsel) to the Agents and the First Lien Agent (unless the Agents and the First Lien Agent are not affiliated), (b)
to pay or reimburse each Lender and the Agents for all their reasonable and documented out-of-pocket costs and expenses incurred
in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such
other documents, including the reasonable and documented fees, disbursements and other charges of counsel to the Agents and the
Lenders and other third party advisors to the Agents, and (c) to pay, indemnify and hold harmless each Lender and the Agents and
their respective Related Parties from and against any and all other liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, and reasonable out-of-pocket costs, expenses or disbursements of any kind or nature whatsoever, including reasonable
and documented fees, disbursements and other charges of one counsel, arising as a result of the execution, delivery, enforcement,
performance and administration of this Agreement, the other Credit Documents and any such other documents, including any of the
foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law on the part of any Credit
Party or any of its Subsidiaries or any actual or alleged presence of Hazardous Materials as a result of the operations of each
Credit Party or any of its Subsidiaries, including at any of their Real Property (all the foregoing in this clause (c), collectively,
the “indemnified liabilities”); provided, that the Credit Parties shall have no obligation hereunder
to the Agents or any Lender nor any of their Related Parties with respect to indemnified liabilities arising from (i) the gross
negligence or willful misconduct of the party to be indemnified or one of their Related Parties; (ii) disputes among the Agents,
the Lenders and/or their transferees; or (iii) diminution in value of any Real Property of any Credit Party resulting from the
presence of Hazardous Materials existing at such Real Property on or before the Closing Date. The agreements in this Section 12.05
shall survive repayment of the Loans and all other amounts payable hereunder and termination of this Agreement. To the fullest
extent permitted by Applicable Law, no Credit Party shall assert, and each Credit Party hereby waives, any claim against any Lender,
the Administrative Agent and their respective Related Parties, 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 Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby,
any Loan or the use of the proceeds thereof. No Lender, no Agent nor any of their respective Related Parties shall be liable for
any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions
contemplated hereby or thereby. 

 

Section
12.06    Successors and
Assigns; Participations and Assignments.

 

(a)              
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that (i) except as set forth in Section 9.03, no Credit Party may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment
or transfer by any Credit Party 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 12.06. Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants (to the extent provided in paragraph (c) of this Section 12.06) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement. Notwithstanding anything to the contrary herein, (a) any Lender shall be permitted to pledge
or grant a security interest in all or any portion of such Lender’s rights hereunder including, but not limited to, any Loans
(without the consent of, or notice to or any other action by, any other party hereto) to secure the obligations of such Lender
or any of its Affiliates to any Person providing any loan, letter of credit or other extension of credit to or for the account
of such Lender or any of its Affiliates and any agent, trustee or representative of such Person and (b) the Administrative Agent
shall be permitted to pledge or grant a security interest in all or any portion of their respective rights hereunder or under the
other Credit Documents, including, but not limited to, rights to payment (without the consent of, or notice to or any other action
by, any other party hereto), to secure the obligations of the Administrative Agent or any of its Affiliates to any Person providing
any loan, letter of credit or other extension of credit to or for the account of the Administrative Agent or any of its Affiliates
and any agent, trustee or representative of such Person.

 

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(b)         
(i)        Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (other
than to a Defaulting Lender or to the Borrower or to any of the Borrower’s Affiliates or Subsidiaries) (each, an “Eligible
Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans at the time owing to it) with the prior written consent (which consent in each case shall not be unreasonably
withheld or delayed) of the Administrative Agent; provided, that no consent of the Administrative Agent shall be required for an
assignment to a Lender, an Affiliate of a Lender or an Approved Fund, and provided further, that no consent of the Borrower shall
be required for any assignment hereunder.

 

(ii)         
Assignments shall be subject to the consent of the Administrative Agent; provided, that no consent of the Administrative Agent
shall be required for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund.

 

(iii) 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 Commitments or Loans, the amount of the Commitments or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment
is delivered to the Administrative Agent) shall not be less than $1,000,000, unless each of the Borrower and the Administrative
Agent otherwise consents, which consent, in each case, shall not be unreasonably withheld or delayed; provided, however,
that no such consent of the Borrower shall be required if an Event of Default under Section 10.01(a), (c) (solely in respect of
a breach of Section 8.01(a), (b), (c), (d) or (e), or Section 9.13) or Section 10.01(h) has occurred and is continuing; and
provided further, that contemporaneous assignments to a single assignee made by affiliated Lenders or related Approved
Funds and contemporaneous assignments by a single assignor to affiliated Lenders or related Approved Funds shall be aggregated
for purposes of meeting the minimum assignment amount requirements stated above;

 

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

 

(C)             
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together
with a processing and recordation fee of $3,500; provided, that only one such fee shall be payable in connection with simultaneous
assignments to two or more Approved Funds; and

 

(D)            
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(E)               
No Lender may assign or otherwise transfer its rights or obligations hereunder to any of the Credit Parties.

 

In connection
with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to such assignment shall make
such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as
appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro
rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
(by its execution and delivery of the applicable Assignment and Acceptance to the Administrative Agent) and assignor hereby
irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent, or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its
full respective Pro Rata Share of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and
obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the
provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes
of this Agreement until such compliance occurs.

 

(iii)        
Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section 12.06, from and after the effective
date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance 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 2.10, 2.11, 5.04 and 12.05); provided, that except to the extent otherwise expressly agreed by the affected parties,
no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this Section 12.06 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 12.06.

 

(iv)        
The Administrative Agent, acting for this purpose on behalf of the Borrower (but not as an agent, fiduciary or for any other
purposes), shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitments of, and principal amount of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). Further, the Register shall contain the name and address of
the Administrative Agent and the lending office through which each such Person acts under this Agreement. The entries in the Register
shall be conclusive absent manifest error, and the Credit Parties, the Administrative Agent, and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation,
and revocation of designation, of any Lender as a Defaulting Lender. The Register, as in effect at the close of business on the
preceding Business Day, shall be available for inspection by the Borrower, and any Lender, at any reasonable time and from time
to time upon reasonable prior notice.

 

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(v)         
Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder) and any written consent to such
assignment required by paragraph (b)(i) of this Section 12.06, the Administrative Agent shall accept such Assignment and Acceptance
and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless
and until it has been recorded in the Register as provided in this paragraph.

 

(vi)         Notwithstanding
the foregoing or anything to the contrary herein, (i) no Person identified on Schedule 12.06 as a holder of 2023 Convertible
Notes, 2023 PIK Convertible Notes or other unsecured Indebtedness nor (ii) any Affiliate of any Person identified on Schedule
12.06 to the extent such Affiliate is either (x) identified as such in writing to the Administrative Agent from time to time
or (y) readily identifiable on the basis of such Affiliate’s name, in each case, shall be permitted to acquire Loans
hereunder by means of exchanging such holder’s 2023 Convertible Notes, 2023 PIK Convertible Notes or such other
unsecured Indebtedness (or any similar exchange transaction) for Loans hereunder. For the avoidance of doubt, the foregoing
shall not prohibit assignments of Loans to Persons identified on Schedule 12.06 and their Affiliates in a transaction not
involving an exchange of 2023 Convertible Notes, 2023 PIK Convertible Notes or other unsecured Indebtedness for Loans
hereunder.

 

(c)              
(i)        Any Lender may, without the consent of the Borrower, or the Administrative Agent, sell participations to one or more
banks or other entities (other than a natural person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates
or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided, that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, and the other Lenders shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or
any other Credit Document; provided, that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver described in clause (i) of the first proviso to Section
12.01. Subject to paragraph (c)(ii) of this Section 12.06, the Borrower agrees that each Participant shall be entitled to the benefits
of Sections 2.10, 2.11 and 5.04 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to paragraph (b) of this Section 12.06. To the extent permitted by law, each Participant also shall be entitled to the benefits
of Section 12.09(b) as though it were a Lender, provided, that such Participant agrees to be subject to Section 12.09(a)
as though it were a Lender.

 

    119 

     

    

 

(ii)          
A Participant shall not be entitled to receive any greater payment under Section 2.14, 2.15 or 5.04 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Non-U.S. Lender if it
were a Lender shall not be entitled to the benefits of Section 5.04 unless the Borrower is notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 5.04(b) as though it were
a Lender.

 

(iii)          Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a
register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Lender’s obligations hereunder (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any Participant or any information relating to a Participant’s interest
in any commitments, loans, letters of credit or its other obligations under any Credit 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 not have any
responsibility for maintaining a Participant Register.

 

Section
12.07    Replacements
of Lenders Under Certain Circumstances.

 

(a)              
The Borrower, at its sole cost and expense, shall be permitted to replace any Lender (or any Participant), other than an
Affiliate of the Administrative Agent, that (i) requests reimbursement for amounts owing pursuant to Section 2.10, Section 2.11,
Section 2.12 or Section 5.04, or (ii) is affected in the manner described in Section 2.10(a)(iii) and as a result thereof any of
the actions described in such Section is required to be taken, provided, that (A) such replacement does not conflict with
any Applicable Law, (B) no Default or Event of Default shall have occurred and be continuing at the time of such replacement, (C)
the Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts (other than
any disputed amounts) pursuant to Section 2.10, Section 2.11, Section 2.12 or Section 5.04, as the case may be, owing to such replaced
Lender prior to the date of replacement, (D) the replacement bank or institution, if not already a Lender, and the terms and conditions
of such replacement, shall be reasonably satisfactory to the Administrative Agent, (E) the replaced Lender shall be obligated
to make such replacement in accordance with the provisions of Section 12.06 (except that such replaced Lender shall not be obligated
to pay any processing and recordation fee required pursuant thereto) and (F) any such replacement shall not be deemed to be a waiver
of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender.

 

    120 

     

    

 

(b)              
If any Lender (a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver,
discharge or termination, which pursuant to the terms of Section 12.01 requires the consent of all of the Lenders affected or the
Required Lenders and with respect to which the Required Lenders shall have granted their consent, then, provided that no Default
or Event of Default then exists, the Borrower shall have the right (unless such Non-Consenting Lender grants such consent), at
its own cost and expense, to replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans and
Commitments to one or more assignees reasonably acceptable to the Administrative Agent, provided, that: (i) all Obligations
of the Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently
with such assignment and (ii) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price
equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment, the Borrower,
the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 12.06 (except
that such Non-Consenting Lender shall not be obligated to pay any processing and recordation fee required pursuant thereto).

 

Section
12.08  Securitization.
The Credit Parties hereby acknowledge that the Lenders and their Affiliates may securitize the Loans (a
 “Securitization”) through the pledge of the Loans as collateral security for loans to the Lenders
or their Affiliates or through the sale of the Loans or the issuance of direct or indirect interests in the Loans to their
controlled Affiliates, which loans to the Lenders or their Affiliates or direct or indirect interests will be rated by
Moody’s, S&P or one or more other rating agencies. The Credit Parties shall, to the extent commercially reasonable,
cooperate with the Lenders and their Affiliates to effect any and all Securitizations. Notwithstanding the foregoing, no such
Securitization shall release the Lender party thereto from any of its obligations hereunder or substitute any pledgee,
secured party or any other party to such Securitization for such Lender as a party hereto and no change in ownership of the
Loans may be effected except pursuant to Section 12.06.

 

Section
12.09   Adjustments;
Set-off. (a) If any Lender (a “Benefited Lender”) shall at any time receive any payment of all or
part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by
set-off, pursuant to events or proceedings of the nature referred to in Section 10.01(h), or otherwise), in a greater proportion
than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans or
interest thereon, such Benefited Lender shall (i) notify the Administrative Agent of such fact and (ii) purchase for cash from
the other Lenders a participating interest in such portion of each such other Lender’s Loans, or shall provide such other
Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender
to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, that
(x) if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase
shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest and (y)
the provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of
a Defaulting Lender) or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans to any assignee or participant (as to which the provisions of this Section shall apply).

 

    121 

     

    

 

 

Notwithstanding the
foregoing, in the event that any Defaulting Lender shall exercise any such right of setoff, (1) all amounts so set off shall be
paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.05(d)
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 and the Lenders, and (2) the Defaulting Lender shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such
right of setoff.

 

Each Credit Party consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Credit Party rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of such Credit Party in the amount of such participation.

 

(b)               After
the occurrence and during the continuance of an Event of Default, to the extent consented to by Administrative Agent, in
addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to
the Borrower or any other Credit Party, any such notice being expressly waived by the Credit Parties to the extent permitted
by Applicable Law, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by
acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special,
time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender
or any branch or agency thereof to or for the credit or the account of the Borrower, as the case may be. Each Lender agrees
promptly to notify the Borrower and the Administrative Agent after any such set-off and application made by such Lender; provided,
that the failure to give such notice shall not affect the validity of such set-off and application.

 

Section
12.10    Counterparts.
This Agreement and the other Credit Documents may be executed by one or more of the parties thereto on any number of separate counterparts
(including by electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same
instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower, and the Administrative
Agent.

 

Section
12.11    Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Without limiting the foregoing provisions of this Section 12.11, if and to the extent that the enforceability of any provisions
in this Agreement relating to Defaulting Lenders shall be limited by bankruptcy, insolvency, fraudulent conveyance, moratorium,
reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity
(whether considered in a proceeding in equity or law), as determined in good faith by the Administrative Agent, then such provisions
shall be deemed to be in effect only to the extent not so limited.

 

Section
12.12    Integration.
This Agreement and the other Credit Documents represent the agreement of the Credit Parties, the Administrative Agent and the Lenders
with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by any party
hereto or thereto relative to the subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

 

Section
12.13    GOVERNING LAW.
THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS (UNLESS EXPRESSLY PROVIDED OTHERWISE THEREIN) AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK.

 

    122 

     

    

 

Section
12.14    Submission to
Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)               agrees
that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether
in contract or in tort or otherwise, against the Administrative Agent, any Lender, or any Affiliate of the foregoing in any
way relating to this Agreement or any other Credit Document or the transactions relating hereto or thereto, in any forum
other than the courts of the State of New York sitting in New York County, and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and
unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action,
litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by
applicable law, in such federal court;

 

(b)              
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;

 

(c)              
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to the applicable party at its respective address
set forth on Schedule 12.02 or on Schedule 1.01(a) or at such other address of which the Administrative Agent shall
have been notified pursuant thereto;

 

(d)              
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall
limit any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this
Agreement or any other Credit Document against the Borrower or any other Credit Party or their respective properties in the courts
of any jurisdiction;

 

(e)              
waives, to the maximum extent not prohibited by law, all rights of rescission, setoff, counterclaims, and other defenses
in connection with the repayment of the Obligations; and

 

(f)               
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section 12.14 any special, exemplary, punitive or consequential damages.

 

Section
12.15    Acknowledgments.
Each Credit Party hereby acknowledges that:

 

(a)              
it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents;

 

(b)              
neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Credit Parties arising
out of or in connection with this Agreement or any of the other Credit Documents, and the relationship between the Administrative
Agent and Lenders, on one hand, and the Credit Parties, on the other hand, in connection herewith or therewith is solely that of
debtor and creditor; and

 

(c)              
no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Lenders or among the Credit Parties and the Lenders.

 

    123 

     

    

 

Section
12.16    WAIVERS
OF JURY TRIAL. THE CREDIT PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM
THEREIN.

 

Section
12.17    Confidentiality.
Each Agent and Lender shall hold all Confidential Information confidential in accordance with its customary procedure for handling
confidential information of this nature and (in the case of a Lender that is a bank) in accordance with safe and sound banking
practices; provided, that Confidential Information may be disclosed by the Administrative Agent or Lender:

 

(a)              
as required by any governmental agency or representative thereof (including, without limitation, public disclosures by the
Administrative Agent, Lender, or any of their Related Parties required by the SEC or any other governmental or regulatory authority);

 

(b)              
pursuant to legal process;

 

(c)              
in connection with the enforcement of any rights or exercise of any remedies by the Administrative Agent or Lender under
this Agreement or any other Credit Document or any action or proceeding relating to this Agreement or any other Credit Document;

 

(d)              
to the Administrative Agent’s or Lender’s attorneys, professional advisors, independent auditors or Affiliates,

 

(e)              
in connection with:

 

(i)                
the establishment of any special purpose funding vehicle with respect to the Loans,

 

(ii)             
any Securitization permitted under Section 12.08;

 

(iii)           
any prospective assignment of, or participation in, its rights and obligations pursuant to Section 12.06, to prospective
assignees or Participants, as the case may be;

 

(iv)            
any Hedging Transaction entered into or proposed to be entered into in connection with the Loans made hereunder, to actual
or proposed direct or indirect contractual counterparties; and

 

(v)              
any actual or proposed credit facility for loans, letters of credit or other extensions of credit to or for the account
of the Administrative Agent or Lender or any of its Affiliates, to any Person providing or proposing to provide such loan, letter
of credit or other extension of credit or any agent, trustee or representative of such Person; or

 

(f)               
with the consent of the Borrower;

 

provided, that in the case of clause (e)
hereof, the Person to whom Confidential Information is so disclosed is advised of and has been directed to comply with the provisions
of this Section 12.17.

 

    124 

     

    

 

For purposes of this Section, “Confidential
Information” means all information received from a Credit Party or any Subsidiary, whether directly or from a Credit Party
or a Subsidiary’s managers, officers, employees, attorneys, agents, or other advisors, relating to the Credit Parties or
any Subsidiary or any of their respective businesses, other than any such information that is available to the Agents or any Secured
Party on a nonconfidential basis prior to disclosure by or on behalf of such Credit Party or any Subsidiary.

 

Notwithstanding the foregoing, (A) each
of the Administrative Agent, the Lenders and any Affiliate thereof is hereby expressly permitted by the Credit Parties to refer
to any Credit Party and any of their respective Subsidiaries in connection with any promotion or marketing undertaken by the Administrative
Agent, Lender or Affiliate and, for such purpose, the Administrative Agent, Lender or Affiliate may utilize any trade name, trademark,
logo or other distinctive symbol associated with such Credit Party or such Subsidiary or any of their businesses and (B) any information
that is or becomes generally available to the public (other than as a result of prohibited disclosure by the Administrative Agent
or Lender) shall not be subject to the provisions of this Section 12.17.

 

EACH LENDER ACKNOWLEDGES
THAT CONFIDENTIAL INFORMATION (AS DEFINED IN THIS SECTION 12.17) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL
NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS
DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC
INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

ALL INFORMATION,
INCLUDING WAIVERS AND AMENDMENTS, FURNISHED BY THE CREDIT PARTIES 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
CREDIT PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE CREDIT PARTIES
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.

 

    125 

     

    

 

Section
12.18    Press
Releases, etc. Each Credit Party will not, and will not permit any of its respective Subsidiaries, directly or
indirectly, to publish any press release or other similar public disclosure or announcements (including any marketing
materials) regarding this Agreement, the other Credit Documents, the Transaction Documents, or any of the Transactions,
without the consent of the Administrative Agent, which consent shall not be unreasonably withheld.

 

Section
12.19    Releases of
Guarantees and Liens. (a) Notwithstanding anything to the contrary contained herein or in any other Credit Document, the Administrative
Agent is hereby irrevocably authorized by each Secured Party (without requirement of notice to or consent of any Secured Party
except as expressly required by Section 12.01) to take any action requested by the Borrower having the effect of releasing any
Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any
Credit Document or that has been consented to in accordance with Section 12.01, (ii) upon request by Borrower, to release any Guarantor
that has become an Excluded Subsidiary, provided, no Event of Default has occurred and is continuing or (iii) under the circumstances
described in paragraph (b) below.

 

(b)              
At such time as (i) the Loans and the other Obligations (other than Unasserted Contingent Obligations) shall have been paid
in full and (ii) the Commitments have been terminated, the Collateral shall be released from the Liens created by the Security
Documents, and the Security Documents and all pledges and obligations (other than those expressly stated to survive such termination)
of the Administrative Agent and each Credit Party under the Security Documents shall terminate, all without delivery of any instrument
or performance of any act by any Person.

 

(c)              
Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s
authority to release its interest in particular types or items of property, or to release any guarantee obligations pursuant to
this Section 12.19. In each case as specified in this Section 12.19, the Administrative Agent will (and each Lender irrevocably
authorizes the Administrative Agent to), at the Borrower’s request and expense, (i) execute and deliver any termination statements,
lien releases, discharges of security interests, and other similar discharge or release documents (and, if applicable, in recordable
form) as are reasonably necessary to release, as of record, the Administrative Agent’s Liens and all notices of security
interests and liens previously filed by the Administrative Agent and (ii) deliver all possessory collateral in the Administrative
Agent’s possession, custody or control to the Borrower (or the Borrower’s designee), and (iii) execute and deliver
to the applicable Credit Party such other documents as such Credit Party may reasonably request to evidence the release of such
item of Collateral or obligation from the assignment, lien or security interest granted under the Security Documents, in each case
in accordance with the terms of the Credit Documents and this Section 12.19.

 

Section
12.20    USA Patriot
Act. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the USA Patriot Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and
record information that identifies the Credit Parties, which information includes the name and address of each Credit Party and
other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act. Each Credit Party
agrees to provide all such information to the Lenders upon request by the Administrative Agent at any time, whether with respect
to any Person who is a Credit Party on the Closing Date or who becomes a Credit Party thereafter.

 

    126 

     

    

 

Section
12.21    No Fiduciary
Duty.  Each Credit Party, on behalf of itself and its Subsidiaries, agrees that in connection with all aspects of the
transactions contemplated hereby and any communications in connection therewith, the Credit Parties, their respective Subsidiaries
and Affiliates, on the one hand, and the Administrative Agent, the Lenders and their respective Affiliates, on the other hand,
will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative
Agent, the Lenders or their respective Affiliates, and no such duty will be deemed to have arisen in connection with any such
transactions or communications.

 

Section
12.22    Authorized Officers.
The execution of any certificate requirement hereunder by an Authorized Officer shall be considered to have been done solely in
such Authorized Officer’s capacity as an officer of the applicable Credit Party (and not individually). Notwithstanding anything
to the contrary set forth herein, the Secured Parties shall be entitled to rely and act on any certificate, notice or other document
delivered by or on behalf of any Person purporting to be an Authorized Officer of a Credit Party and shall have no duty to inquire
as to the actual incumbency or authority of such Person.

 

Section
12.23    Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Credit 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 Credit Document, to the extent such liability is unsecured, may be subject to the
write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound
by: (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution, and (b) the effects of any Bail-in
Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability,
(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Credit 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.

 

[SIGNATURE PAGES FOLLOW]

 

    127 

     

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above
written.

 

	BORROWER:	TELIGENT, INC.,
	 	a
    Delaware corporation
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	OTHER
GUARANTORS:	[__________],
	 	a
    [________]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page to Credit Agreement

 

     

     

    

 

	ADMINISTRATIVE
AGENT AND A	ACF FINCO I LP,
	LENDER:	a Delaware limited partnership
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page to
Credit AgreementEX-4.1

 Exhibit 4.1 

DESCRIPTION OF THE REGISTRANT’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934 
 As of
July 20, 2020, FedEx Corporation (“FedEx,” the “Company,” “we,” “us,” and “our”) had six classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”): our Common Stock; our 0.700% Notes due 2022; our 1.000% Notes due 2023; our 0.450% Notes due 2025; our 1.625% Notes due 2027; and our 1.300% Notes due 2031. 

DESCRIPTION OF COMMON STOCK 
 The following
description of our Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Third Amended and Restated Certificate of Incorporation (the “Certificate of
Incorporation”) and our Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit
4.1 is a part. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the General Corporation Law of the State of Delaware (“DGCL”) for additional information. 

Authorized Shares of Capital Stock 
 Our authorized
capital stock consists of 800,000,000 shares of common stock, $0.10 par value per share, and 4,000,000 shares of series preferred stock, without par value. On July 16, 2020, there were outstanding (a) 261,954,496 shares of common stock and
(b) stock options to purchase an aggregate of 19,360,822 shares of common stock, of which options to purchase an aggregate of 11,288,890 shares of common stock were exercisable. As of July 16, 2020, no shares of our preferred stock were
issued or outstanding. 
 Voting Rights 
 Holders of
common stock are entitled to one vote per share on all matters voted on generally by the stockholders, including the election of directors, and possess all voting power (except as may, in the future, be provided by Delaware law, our Certificate of
Incorporation or a resolution of our board of directors authorizing a series of our preferred stock). Our common stock does not have cumulative voting rights. 

Dividends 
 Holders of our common stock are entitled to
receive dividends when, as and if declared by the board of directors out of funds legally available for payment of dividends, subject to the rights of the holders of any outstanding shares of preferred stock. The holders of common stock will share
equally, share for share, in such dividends, whether payable in cash, in property or in shares of our stock. 
 Liquidation Rights 

Subject to any preferential rights of outstanding shares of preferred stock, holders of common stock will share ratably in our assets legally available for
distribution to our stockholders in the event of our liquidation, dissolution or winding up. 
 Absence of Other Rights 

Our common stock has no preemptive, subscription, preferential, conversion or exchange rights. 

Listing 
 Our common stock is listed on the New York Stock
Exchange under the symbol “FDX.” 

 Miscellaneous 

The outstanding shares of our common stock are, and any shares of common stock offered by a prospectus supplement upon issuance and payment therefor will be,
fully paid and nonassessable. 
 Transfer Agent and Registrar 

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A., P.O. Box 505000, Louisville, Kentucky 40233-5000. 

Certain Anti-Takeover Effects 
 General. Certain
provisions of our Certificate of Incorporation, our Bylaws and Delaware law may have the effect of impeding the acquisition of control of us. These provisions are designed to reduce, or have the effect of reducing, our vulnerability to unsolicited
takeover attempts. 
 Delaware Takeover Statute. We are subject to the provisions of Section 203 of the Delaware General Corporation Law.
Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became
an interested stockholder, unless the business combination is approved in a prescribed manner. A “business combination” includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder.
Subject to specified exceptions, an “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years did own, 15% or more of the corporation’s voting stock. 

Stockholder Action by Written Consent. Our Certificate of Incorporation and Bylaws require that all stockholder action be taken at a duly called
meeting of the stockholders and prohibit taking action by written consent of stockholders. 
 Additional Authorized Shares of Capital Stock. The
additional shares of authorized common stock and preferred stock available for issuance under our Certificate of Incorporation could be issued at such times, under such circumstances and with such terms and conditions as to impede a change in
control. 
 DESCRIPTION OF THE NOTES 

The following description of our 0.700% Notes due 2022 (the “2022 Notes”), our 1.000% Notes due 2023 (the “2023 Notes”), our 0.450% Notes
due 2025 (the “2025 Notes”), our 1.625% Notes due 2027 (the “2027 Notes”), and our 1.300% Notes due 2031 (the “2031 Notes,” and together with the 2022 Notes, 2023 Notes, 2025 Notes and 2027 Notes, the “Notes”)
is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the indenture, dated as of October 23, 2015, among FedEx, the subsidiary guarantors named below and Wells Fargo Bank, National
Association, as trustee (the “Base Indenture”), as supplemented, in the case of the 2022 Notes, by supplemental indenture no. 8, dated as of January 18, 2019, among FedEx, the subsidiary guarantors named below, the trustee and the
paying agent named below, in the case of the 2023 Notes and the 2027 Notes, by supplemental indenture no. 3, dated as of April 11, 2016, among FedEx, the subsidiary guarantors named below, the trustee and the paying agent named below, as
supplemented, in the case of the 2025 Notes and the 2031 Notes, by supplemental indenture no. 10, dated as of August 5, 2019, among FedEx, the subsidiary guarantors named below, the trustee and the paying agent named below (collectively, the
“Indenture”), which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read the Indenture for additional
information. References in this section to the “Company,” “us,” “we” and “our” are solely to FedEx and not to any of its subsidiaries, unless the context requires otherwise. 

 The Base Indenture 

Merger, Consolidation and Sale of Assets 
 The Base
Indenture provides that we may not consolidate with or merge into any other person, or convey, transfer or lease our properties and assets as, or substantially as, an entirety to any person, unless: 

 

	 	•	 	 our successor is a corporation organized and existing under the laws of the United States, any state thereof or
the District of Columbia; 

  

	 	•	 	 our successor shall expressly assume, by a supplemental indenture, the due and punctual payment of the principal
of and any premium and interest on the Notes and the performance of every covenant in the Base Indenture that we would otherwise have to perform; 

  

	 	•	 	 immediately after giving effect to such transaction, there will not be any defaults under the Base Indenture; and

  

	 	•	 	 we shall have delivered to the trustee an officers’ certificate and an opinion of counsel, each stating that
the transaction and the supplemental indenture comply with the Base Indenture. 

 Upon the sale or disposition (by merger or otherwise) of
any subsidiary guarantor by FedEx or any subsidiary of FedEx to any person that is not an affiliate of FedEx, each such subsidiary guarantor will automatically be released from all obligations under its guarantee. 

We have agreed that we will not sell or dispose of any subsidiary guarantor whose assets exceed 10% of our consolidated total assets (determined as of the
date of our most recent interim or fiscal year-end balance sheet filed with the Securities and Exchange Commission (“SEC”) prior to the date such guarantee is released) (each, a
“10% subsidiary guarantor”) unless at least 75% of the net proceeds of such sale or disposition will consist of any combination of: 
  

	 	•	 	 cash (including assumption by the acquiror of any indebtedness of FedEx or its subsidiaries) or readily
marketable securities; 

	 	•	 	 property or assets (other than current assets) of a nature or type similar or related to the nature or type of
the property or assets of FedEx and its subsidiaries existing on the date of such sale or disposition; or 

  

	 	•	 	 interests in companies or businesses having property or assets or engaged in businesses similar or related to the
nature or type of the property or assets or businesses of FedEx and its subsidiaries on the date of such sale or disposition. 

  

Application of Proceeds Upon Release of a 10% Subsidiary Guarantor 

In the event that the net proceeds from the sale or disposition of a 10% subsidiary guarantor consist of cash or readily marketable securities, we will apply,
within 12 months of such sale or disposition, an amount equal to 100% of the fair market value, as determined in good faith by our board of directors, of such net proceeds to: 

 

	 	•	 	 repay unsubordinated indebtedness of FedEx or any subsidiary guarantor, in each case owing to a person other than
an affiliate of FedEx (such repayment is not required to be made pro rata among all our unsubordinated indebtedness); 

  

	 	•	 	 invest in property or assets (other than current assets) of a nature or type similar or related to the nature or
type of the property or assets of FedEx and its subsidiaries existing on the date of such investment; or 

  

	 	•	 	 invest in a company or business having property or assets or engaged in a business similar or related to the
nature or type of the property or assets or businesses of FedEx and its subsidiaries on the date of such investment. 

 Modification,
Amendment and Waiver 
 We and the trustee may modify and amend the Base Indenture with the consent of the holders of a majority in principal amount of
each series of Notes to be affected (voting as a single class). However, no modification or amendment may, without the consent of the holder of such Notes affected thereby: 
  

	 	•	 	 change the stated maturity of the principal of, or any premium or installment of interest on, such Notes;

	 	•	 	 reduce the principal amount of, rate of interest on, or premium payable upon the redemption of, such Notes;

  

	 	•	 	 change any place of payment where, or the currency in which, any principal of, or interest or premium on, such
Notes is payable; 

  

	 	•	 	 impair the right to institute suit for the enforcement of any payment on such Notes on or after the stated
maturity, or, in the case of redemption, on or after the redemption date; or 

  

	 	•	 	 reduce the percentage in principal amount of such Notes the consent of whose holders is required for modification
or amendment of the Base Indenture, for waiver of compliance with certain provisions of the Base Indenture or for waiver of certain defaults. 

The holders of a majority in principal amount of the Notes of any series may on behalf of the holders of Notes of that series waive any past default under the
Base Indenture and its consequences, except a default in the payment of the principal of or any premium or interest on such Notes or in respect of a covenant or provision that under the Base Indenture cannot be modified or amended without the
consent of the holder of such Notes affected. 
 In addition, we and the trustee can modify and amend the Base Indenture without the consent of any holders
in order to, among other things: 
  

	 	•	 	 allow a successor to FedEx or a subsidiary guarantor to assume our or its obligations under the Base Indenture;

  

	 	•	 	 add additional events of default or additional covenants of FedEx or a subsidiary guarantor for the benefit of
the holders of all or any series of Notes, or to surrender any of our rights or powers; 

  

	 	•	 	 establish the form or terms of any series of Notes; 

 

	 	•	 	 secure the Notes of any series; 

 

	 	•	 	 correct any ambiguity, defect or inconsistency under the Base Indenture, or to make other provisions with respect
to matters or questions arising under the Base Indenture, provided that such action does not adversely affect the interests of the holders of any debt securities in any material respect; 

 

	 	•	 	 add to, change or eliminate any provision of the Base Indenture applying to one or more series of Notes, provided
that if such action adversely affects in any material respect the interests of holders such series of Notes, such addition, change or elimination will become effective with respect to such series only when no such Notes of that series remain
outstanding; 

  

	 	•	 	 add additional subsidiary guarantors of the Notes; 

 

	 	•	 	 evidence and provide for the appointment of a successor trustee or to add to or change any provisions to the
extent necessary to appoint a separate trustee for a specific series of Notes; or 

  

	 	•	 	 make any other amendment or supplement to the Base Indenture as long as that amendment or supplement does not
materially adversely affect the interests of any holders of Notes. 

 Events of Default 

Unless otherwise provided in a supplemental indenture with respect to a series of Notes, an event of default with respect to a series of Notes will occur if:

  

	 	•	 	 we fail to pay interest when due on any Notes of that series for 30 days; 

 

	 	•	 	 we fail to pay the principal of or any premium on any Notes of that series when due; 

 

	 	•	 	 we fail to perform any covenant in the Base Indenture and this failure continues for 90 days after we
receive written notice as provided in the Base Indenture; 

  

	 	•	 	 we fail to deposit any sinking fund payment when and as due by the terms of the Notes of that series;

	 	•	 	 we or a court takes certain actions relating to our bankruptcy, insolvency or reorganization for the benefit of
our creditors; or 

  

	 	•	 	 any subsidiary guarantor whose consolidated total assets constitute 60% or more of our consolidated total assets
(determined as of the date of our most recent interim or fiscal year-end balance sheet filed with the SEC prior to such determination date) or a court takes certain actions relating to the
bankruptcy, insolvency or reorganization of such subsidiary guarantor for the benefit of its creditors. 

 If an event of default with
respect to the Notes of any series occurs and continues, the trustee or the holders of a majority in principal amount of the outstanding Notes of that series may require us to repay immediately the principal amount of the Notes of that series. The
holders of a majority in principal amount of the outstanding Notes of that series may rescind and annul such acceleration if all events of default with respect to Notes of that series, other than the nonpayment of accelerated principal, have been
cured or waived as provided in the Base Indenture. For information as to waiver of defaults, see “—Modification, Amendment and Waiver” above. 

Other than its duties in case of a default, the trustee will not be obligated to exercise any of its rights or powers under the Base Indenture at the request
or direction of any of the holders, unless the holders offer to the trustee reasonable indemnity. If the holders provide this reasonable indemnity, the holders of a majority in principal amount of the outstanding Notes of such series will have the
right, subject to certain limitations, to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to any series of Notes. 

No holder of any Notes of any series will have any right to institute any proceeding with respect to the Base Indenture or for any remedy under the Base
Indenture unless: 
  

	 	•	 	 the holder has previously given to the trustee written notice of a continuing event of default;

  

	 	•	 	 the holders of a majority in principal amount of the outstanding Notes of that series have made a written
request, and offered reasonable indemnity, to the trustee to institute a proceeding as trustee; and 

  

	 	•	 	 the trustee has not received from the holders of a majority in principal amount of the outstanding Notes of that
series a direction inconsistent with the request, and the trustee has failed to institute such proceeding within 60 days. 

However, the holder of any Notes will have an absolute right to receive payment of the principal of and any premium and interest on such Notes as expressed in
the Notes, or, in the case of redemption, on the redemption date, and to institute suit for the enforcement of any payment. 
 We will be required to
furnish to the trustee annually a statement as to the absence of certain defaults under the Base Indenture. The trustee may withhold notice to the holders of Notes of any default, except as to payment of principal of (or premium, if any) or interest
with respect to the Notes, if the trustee considers such withholding to be in the interest of the holders of the Notes. 
 Discharge and Defeasance

 We may satisfy and discharge obligations with respect to the Notes of a particular series by either delivering to the trustee for cancellation all
outstanding Notes of that series, or depositing with the trustee, after the outstanding Notes of that series have become due and payable, or will become due and payable within one year, at maturity or by redemption, sufficient cash or government
securities to pay the principal, interest, any premium and any other sums due to the stated maturity date or redemption date of the Notes of that series. 

In addition, the Base Indenture provides that at our option we may: 
  

	 	•	 	 be discharged from our obligations with respect to Notes of a particular series (“defeasance and
discharge”), or 

	 	•	 	 cease to comply with certain restrictive covenants under the Base Indenture, including those described under
“—Merger, Consolidation and Sale of Assets,” and certain events of default will no longer apply to us (“covenant defeasance”), 

if we deposit with the trustee sufficient cash or government securities to pay the principal, interest, any premium and any other sums due to the stated
maturity date or redemption date of the Notes of that series. Upon defeasance and discharge, the holders of the Notes of the affected series will not be entitled to the benefits of the Base Indenture, except for registration of transfer and exchange
of Notes and replacement of lost, stolen or mutilated Notes. Such holders may look only to such deposited funds or obligations for payment. 
 The
defeasance and discharge and covenant defeasance described above are effective only if, among other things, we deliver to the trustee an opinion of counsel to the effect that (i) the holders of such Notes will not recognize income, gain or loss
for federal income tax purposes as result of such defeasance and discharge or covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same time as would have been the case if such defeasance
and discharge or covenant defeasance had not occurred, and (ii) in the case of defeasance and discharge, the opinion as to tax consequences is based upon an Internal Revenue Service ruling or a change in applicable federal income tax law. 

With respect to the Notes, “government securities” shall include (1) securities that are direct obligations of the Federal Republic of Germany
for the payment of which its full faith and credit is pledged or (2) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the Federal Republic of Germany, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the Federal Republic of Germany, which, in either case under clauses (1) or (2) are not callable or redeemable at the option of the issuer thereof. 

General 
 We issued €640,000,000 aggregate principal
amount of our 2022 Notes on January 18, 2019, €750,000,000 aggregate principal amount of our 2023 Notes and €1,250,000,000 aggregate principal amount of our 2027 Notes on April 11, 2016, and €500,000,000 aggregate principal
amount of our 2025 Notes and €500,000,000 aggregate principal amount of our 2031 Notes on August 5, 2019. The 2022 Notes, the 2023 Notes, the 2025 Notes, the 2027 Notes, and the 2031 Notes will mature on May 13, 2022, January 11,
2023, August 5, 2025, January 11, 2027 and August 5, 2031, respectively. 
 The Notes are our general unsecured obligations and rank equally
with all our other unsecured and unsubordinated indebtedness. The Notes are fully and unconditionally guaranteed by Federal Express Corporation, FedEx Ground Package System, Inc., FedEx Freight Corporation, FedEx Freight, Inc., FedEx Office and
Print Services, Inc., FedEx Corporate Services, Inc., Federal Express Europe, Inc., Federal Express Holdings S.A., LLC and Federal Express International, Inc. These subsidiaries guarantee our obligations under our outstanding unsecured debt
securities and revolving credit facilities. If we sell, transfer or otherwise dispose of all of the capital stock or all or substantially all of the assets of a subsidiary guarantor to any person that is not an affiliate of FedEx, the guarantee of
that subsidiary will automatically terminate and holders of the Notes will no longer have a claim against such subsidiary under the guarantee. 
 We may
redeem the Notes in whole or in part at any time at the redemption price described under “—Optional Redemption” below. In addition, we may redeem any series of the Notes in whole but not in part at any time, if certain events occur
involving changes in United States taxation, at the applicable redemption price described under “—Redemption for Tax Reasons” below. We may issue additional notes of each series from time to time at any time. The Notes of each series
and any additional new notes of such series subsequently issued under the Indenture would be treated as a single series for all purposes under the Indenture, including, without limitation, waivers, amendments and redemptions. If the additional notes
of a series, if any, are not fungible with the notes of that series previously offered for U.S. federal income tax purposes, the additional notes will have separate CUSIP, Common Code and ISIN numbers. The Notes do not have the benefit of a sinking
fund. If a Change of Control Repurchase Event (as defined below) with respect to the Notes occurs, except to the extent we have exercised our right to redeem the Notes, we will be required to offer to repurchase the Notes, as described under
“—Change of Control Repurchase Event” below. 

 The Indenture does not limit the aggregate amount of debt securities which may be issued under the
Indenture. Other than the provisions relating to a Change of Control Repurchase Event, the Indenture does not contain any debt covenants or provisions which would afford the holders of the Notes protection in the event of a highly leveraged
transaction. The trustee will not be liable for special, indirect, exemplary, incidental, punitive or consequential or other similar loss or damage of any kind under the Indenture. We and the trustee, and each holder of a note by its acceptance
thereof, irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to the Indenture, the notes or any transaction contemplated thereby. 

The Notes were issued in fully registered form without coupons in denominations of €100,000 and integral multiples of €1,000 in excess of
€100,000. The Notes of each series are represented by one or more permanent global notes that have been deposited with a common depositary and registered in the name of the nominee of the common depositary for the accounts of Clearstream and
Euroclear. 
 Interest 
 The 2022 Notes bear interest at
the rate of 0.700% per year. The 2023 Notes bear interest at the rate of 1.000% per year. The 2025 Notes bear interest at the rate of 0.450% per year. The 2027 Notes bear interest at the rate of 1.625% per year. The 2031 Notes bear interest at the
rate of 1.300% per year. Interest on the 2022 Notes accrued from January 18, 2019, or from the most recent date to which interest on the Notes has been paid. Interest on the 2023 Notes and the 2027 Notes accrued from April 11, 2016, or
from the most recent date to which interest on the 2023 Notes and the 2027 Notes has been paid. Interest on the 2025 Notes and the 2031 Notes accrued from August 5, 2019, or from the most recent date to which interest on the 2025 Notes and the
2031 Notes has been paid. Interest is payable annually in arrears on May 13 of each year, commencing on May 13, 2019 in the case of the 2022 Notes, on January 11 of each year, commencing on January 11, 2017 in the case of the
2023 Notes and the 2027 Notes, and on August 5 of each year, commencing on August 5, 2020 in the case of the 2025 Notes and the 2031 Notes, to the persons in whose names the Notes are registered at the close of business on the preceding
April 28 in the case of the 2022 Notes, December 25 in the case of the 2023 Notes and the 2027 Notes, and July 21 in the case of the 2025 Notes and the 2031 Notes, or, if the Notes are represented by one or more global notes, the
close of business on the business day (for this purpose a day on which Clearstream and Euroclear are open for business) immediately preceding April 28 in the case of the 2022 Notes, December 25 in the case of the 2023 Notes and the 2027
Notes, and July 21 in the case of the 2025 Notes and the 2031 Notes. Interest on the Notes is computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
including the last date on which interest was paid on the Notes (or January 18, 2019, if no interest has been paid in the case of the 2022 Notes, April 11, 2016, if no interest has been paid in the case of the 2023 Notes and the 2027
Notes, or August 5, 2019, if no interest has been paid in the case of the 2025 Notes and the 2031 Notes) to, but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in
the rulebook of the International Capital Market Association. 
 If the maturity date or any redemption date of the Notes of a series falls on a day that is
not a business day, the related payment of principal, premium and additional amounts, if any, and interest will be made on the next business day as if it were made on the date such payment was due, and no interest will accrue on the amounts so
payable for the period from and after such date to the next business day. If any interest payment date would otherwise be a day that is not a business day, that interest payment date will be postponed to the next date that is a business day. 

Optional Redemption 
 At our option, we may redeem the
2022 Notes, in whole or in part, at any time, on at least 10 days’ but no more than 60 days’ prior written notice mailed (or otherwise delivered in accordance with the applicable clearing system’s procedures) to the registered holders
of the 2022 Notes to be redeemed. 
 At our option, we may redeem the 2023 Notes or the 2027 Notes, in whole or in part, at any time prior to the applicable
Par Call Date (as defined below), on at least 30 days’ but no more than 60 days’ prior written notice mailed (or otherwise delivered in accordance with the applicable clearing system’s procedures) to the registered holders of the
series of Notes to be redeemed. 

 At our option, we may redeem the 2025 Notes or the 2031 Notes, in whole or in part, at any time prior to the
applicable Par Call Date (as defined below), on at least 10 days’, but no more than 60 days’, prior written notice mailed (or otherwise delivered in accordance with the applicable clearing system’s procedures) to the registered
holders of the series of Notes to be redeemed. 
 Upon redemption of the Notes, we will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Notes to be redeemed; and 

(2) the sum of the present values of the Remaining Scheduled Payments (as defined below) of principal and interest on the 2023 Notes, 2025 Notes, 2027 Notes,
and 2031 Notes to be redeemed that would be due if such Notes matured on the applicable Par Call Date, or on the 2022 Notes to be redeemed on the maturity date ((not including any portion of such payments of interest accrued as of the redemption
date), discounted to the redemption date on an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable Government Bond Rate (as defined below) plus 20 basis points in the case of the 2022 Notes, the 2023 Notes and the 2025 Notes, and 25
basis points in the case of the 2027 Notes and the 2031 Notes; 
 in each case, plus accrued and unpaid interest to the date of redemption on the principal
amount of the Notes being redeemed. 
 In the case of the 2023 Notes, the 2025 Notes, the 2027 Notes or the 2031 Notes, at any time on or after the
applicable Par Call Date, we may redeem such notes in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the date of redemption on the principal amount of the
Notes being redeemed. 
 “Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of
an independent investment bank selected by us, a bond that is a direct obligation of the Federal Republic of Germany (“German government bond”), whose maturity is closest to the maturity of the Notes to be redeemed, or if such independent
investment bank in its discretion determines that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds
selected by us, determine to be appropriate for determining the Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means the
yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), on the third business day prior to the date fixed for redemption, of the Comparable Government Bond (as defined above) on the basis of
the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment bank selected by us. 

“Par Call Date” means October 11, 2022 in the case of the 2023 Notes (the date that is three months prior to the maturity date of the 2023
Notes), May 5, 2025 in the case of the 2025 Notes (the date that is three months prior to the maturity date of the 2025 Notes), October 11, 2026 in the case of the 2027 Notes (the date that is three months prior to the maturity date of the
2027 Notes) and May 5, 2031 in the case of the 2031 Notes (the date that is three months prior to the maturity date of the 2031 Notes). 

“Remaining Scheduled Payments” means with respect to each Notes to be redeemed, the remaining scheduled payments of the principal thereof and
interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Notes, the amount of the next succeeding scheduled
interest payment thereon will be deemed to be reduced (solely for the purposes of this calculation) by the amount of interest accrued thereon to such redemption date. Unless we default in payment of the redemption price, on and after the date of
redemption, interest will cease to accrue on the Notes or portions of the Notes called for redemption. 
 If less than all of a series of the Notes are to
be redeemed, the Notes to be redeemed shall be selected by the trustee by such method as the trustee deems to be fair and appropriate in accordance with the applicable clearing system’s procedures. 

 Redemption for Tax Reasons 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing
authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the
date of the initial sale of any series of Notes, we become or, based upon a written opinion of independent counsel selected by us, will become obligated to pay additional amounts as described herein under the heading “—Payment of
Additional Amounts” with respect to that series of the Notes, then we may at any time at our option redeem, in whole, but not in part, the outstanding Notes of such series on not less than 30 nor more than 60 days’ prior notice, at a
redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption. 

Payment of Additional Amounts 
 We will, subject to the
exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts as are necessary in order that the net payment by us of the principal of and interest on the Notes to a holder who is not a United States
person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States (including any withholding or deduction with
respect to the payment of such additional amounts), will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not
apply: 
 (1) to any tax, assessment or other governmental charge that is imposed by reason of the holder (or the beneficial owner for whose benefit such
holder holds such note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder or beneficial owner if the holder or beneficial owner is an estate, trust, partnership, corporation or other entity, or a person holding a power over
an estate or trust administered by a fiduciary holder, being considered as: 
 (a) being or having been engaged in a trade or business in the United States
or having or having had a permanent establishment in the United States; 
 (b) having a current or former connection with the United States (other than a
connection arising solely as a result of the ownership of the Notes, the receipt of any payment thereon or the enforcement of any rights thereunder), including being or having been a citizen or resident of the United States; 

(c) being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United States federal income
tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax; 
 (d) being or having been a “10-percent shareholder” of FedEx as defined in Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision; or 

(e) being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;

 (2) to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability
company, but only to the extent that a beneficial owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled
to the payment of such additional amounts had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

(3) to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the holder or any other person to comply with
certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of such holder or other person, if compliance is required by statute, by regulation of the
United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from, or reduction in, such tax, assessment or other governmental charge; 

(4) to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by us or a paying agent from payments on the Notes; 

 (5) to any tax, assessment or other governmental charge that would not have been imposed but for a change in
law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 

(6) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental
charge; 
 (7) in the case of the 2023 Notes and 2027 Notes, to any withholding or deduction that is required to be made pursuant to European Council
Directive 2003/48/EC on the taxation of savings income or any Directive amending, supplementing or replacing such Directive, or any law implementing or complying with, or introduced in order to conform to, such Directive or Directives; 

(8) to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest on any note,
if such payment can be made without such withholding by presenting such note (where presentation is required) to at least one other paying agent; 
 (9) to
any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the holder of any note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due
and payable or the date on which payment thereof is duly provided for, whichever occurs later; 
 (10) to any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner being a bank (i) purchasing the Notes in the ordinary course of its lending business or (ii) that is neither (A) buying the Notes for investment purposes only nor
(B) buying the Notes for resale to a third-party that either is not a bank or holding the Notes for investment purposes only; 
 (11) to any tax,
assessment or other governmental charge imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code; or 

(12) in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9), (10) and (11). 

The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except
as specifically provided under this heading “—Payment of Additional Amounts,” we will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or
taxing authority of or in any government or political subdivision. 
 As used under this heading “—Payment of Additional Amounts” and under
the heading “—Redemption for Tax Reasons,” the term “United States” means the United States of America (including the states of the United States and the District of Columbia and any political subdivision thereof) and the
term “United States person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United
States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to United
States federal income taxation regardless of its source. 
 Any reference to amounts payable in respect of the Notes herein or in the Indenture shall be
deemed to include any additional amounts which may be payable as described above. 
 Change of Control Repurchase Event 

If a Change of Control Repurchase Event with respect to the Notes occurs, except to the extent we have exercised our right to redeem the Notes as described
above, we will make an offer to each holder of the Notes of each series to 

 
repurchase all or any part (in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof) of that holder’s Notes at a repurchase price (the
“repurchase price”) in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest on such Notes repurchased to, but not including, the repurchase date. Within 30 days following a
Change of Control Repurchase Event or, at our option, prior to a Change of Control, but after the public announcement of such Change of Control, we will mail, or cause to be mailed, or otherwise deliver in accordance with the applicable clearing
system’s procedures, a notice to each holder of the Notes of each series, with a copy to the trustee and the paying agent, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and
offering to repurchase the Notes on the payment date specified in the notice (such offer the “repurchase offer” and such date the “repurchase date”), which repurchase date will be no earlier than 30 days and no later than 60 days
from the date such notice is mailed, pursuant to the procedures described in such notice. The notice shall, if mailed or delivered prior to the date of consummation of the Change of Control, state that the repurchase offer is conditioned on a Change
of Control Repurchase Event occurring on or prior to the repurchase date. 
 We will comply with the requirements of
Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations to the extent those laws and regulations are applicable
in connection with the repurchase of the Notes of each series as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event
provisions of the Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

On the repurchase date following a Change of Control Repurchase Event, we will, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to the repurchase offer; 

(2) deposit with the paying agent an amount equal to the aggregate repurchase price for all Notes or portions of Notes properly tendered; and 

(3) deliver, or cause to be delivered, to the trustee the Notes properly accepted for payment by us, together with an officers’ certificate stating the
aggregate principal amount of Notes being repurchased by us pursuant to the repurchase offer and, to the extent applicable, an executed new note or notes evidencing any unrepurchased portion of any note or notes surrendered for which the trustee
shall be required to authenticate and deliver a new note or notes as provided below. 
 The trustee will promptly mail, or cause the paying agent to
promptly mail, or otherwise deliver in accordance with the applicable clearing system’s procedures, to each holder of Notes, or portions of Notes, properly tendered and accepted for payment by us the repurchase price for such Notes, or portions
of Notes, and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note duly executed by us equal in principal amount to any unrepurchased portion of any notes surrendered, as
applicable; provided that each new note will be in a principal amount equal to €100,000 or any integral multiple of €1,000 in excess thereof. 

We will not be required to make a repurchase offer upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times
and otherwise in compliance with the requirements for such an offer made by FedEx and such third party purchases all Notes or portions of Notes properly tendered and not withdrawn under its offer. 

For purposes of the foregoing discussion of a repurchase at the option of holders, the following definitions are applicable: 

“Below Investment Grade Ratings Event” means, with respect to the Notes, on any day within
the 60-day period (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any Rating Agency) after the earlier of
(1) the occurrence of a Change of Control, or (2) public announcement of the occurrence of a Change of Control or our intention to effect a Change of Control, the Notes are rated below Investment Grade by each and every Rating Agency.
Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a
Below Investment Grade 

 
Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply
do not publicly announce or publicly confirm or inform the trustee in writing at our request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the
applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Ratings Event). 

“Change of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than (1) FedEx or any of its subsidiaries, (2) any employee benefit plan (or a trust forming a part thereof)
maintained by FedEx or any of its subsidiaries, or (3) any underwriter temporarily holding Voting Stock of FedEx pursuant to an offering of such Voting Stock, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of FedEx’s Voting Stock or other Voting Stock into which
FedEx’s Voting Stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares. 
 “Change of
Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings Event with respect to the Notes. 

“Investment Grade” means, with respect to Moody’s, a rating of Baa3 or better (or its equivalent under any successor rating categories of
Moody’s); with respect to S&P, a rating of BBB– or better (or its equivalent under any successor rating categories of S&P); and, with respect to any additional Rating Agency or Rating Agencies selected by FedEx, the equivalent
investment grade credit rating. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its
successors. 
 “Rating Agency” means (1) each of Moody’s and S&P, and (2) if either of Moody’s or S&P ceases to rate
the Notes or fails to make a rating of the Notes publicly available for reasons outside of FedEx’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act,
selected by FedEx (as certified by a board resolution) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors. 

“Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the
capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 
 The Change of
Control Repurchase Event provisions of the Notes may in certain circumstances make more difficult or discourage a sale or takeover of FedEx and, thus, the removal of incumbent management. We could, in the future, enter into certain transactions,
including acquisitions, refinancings or other recapitalizations, that would not constitute a Change of Control Repurchase Event under the Notes, but that could increase the amount of indebtedness outstanding at such time or otherwise affect our
capital structure or credit ratings on the Notes. 
 If we experience a Change of Control Repurchase Event, we may not have sufficient financial resources
available to satisfy our obligations to repurchase all Notes or portions of Notes properly tendered. Furthermore, debt agreements to which we may become a party in the future may contain restrictions and provisions limiting our ability to repurchase
the Notes. Our failure to repurchase the Notes as required under the Indenture would result in a default under the Indenture, which could have material adverse consequences for us and the holders of the Notes. 

Issuance in Euro 
 If we are unable to obtain euro in
amounts sufficient to make a required payment under the Notes due to the imposition of exchange controls or other circumstances beyond our control (including the dissolution of the European Monetary Union) or if the euro is no longer being used by
the then member states of the European 

 
Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in
respect of the Notes will be made in U.S. dollars until the euro is again available to us or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve
Board as of the close of business on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange
rate available on or prior to the second business day prior to the relevant payment date as determined by us in our sole discretion. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default under the Notes
or the Base Indenture governing the Notes. Neither the trustee nor the paying agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

Investors are subject to foreign exchange risks as to payments of principal and interest that may have important economic and tax consequences to them. 

Global Clearance and Settlement 
 The Notes are issued in
the form of one or more global notes (the “Euro Global Notes”) in fully registered form, without coupons, and are deposited with, or on behalf of, a common depositary, and registered in the name of the nominee of the common depositary,
for, and in respect of interests held through, Euroclear and Clearstream. Except as described herein, certificates will not be issued in exchange for beneficial interests in the Euro Global Notes. 

Except as set forth below, the Euro Global Notes may be transferred, in whole and not in part, only to Euroclear or Clearstream or their respective nominees.

 Beneficial interests in the Euro Global Notes are represented, and transfers of such beneficial interests are effected, through accounts of financial
institutions acting on behalf of beneficial owners as direct or indirect participants in Euroclear or Clearstream. Those beneficial interests will be in denominations of €100,000 and integral multiples of €1,000 in excess thereof.
Investors may hold Notes directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations that are participants in such systems. It is possible that the clearing systems may process trades that
could result in amounts being held in denominations smaller than the minimum denominations. If definitive Notes are required to be issued in relation to such Notes in accordance with the provisions of the relevant Euro Global Notes, a holder who
does not have the minimum denomination or a multiple of €1,000 in excess thereof in its account with the relevant clearing system at the relevant time may not receive all of its entitlement in the form of definitive Notes unless and until such
time as its holding satisfies the minimum denomination requirement. 
 So long as Euroclear or Clearstream or their nominee or their common depositary is
the registered holder of the Euro Global Notes, Euroclear, Clearstream or such nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by such Euro Global Notes for all purposes under the Indenture and the
Notes. Payments of principal, interest and premium and additional amounts, if any, in respect of the Euro Global Notes will be made to Euroclear, Clearstream or such nominee, as the case may be, as registered holder thereof. 

Certificated Notes 
 Subject to certain conditions, the
Notes represented by the Euro Global Notes are exchangeable for certificated Notes in definitive form of like tenor in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof if: 

(1) the common depositary provides notification that it is unwilling, unable or no longer qualified to continue as depositary for the Euro Global Notes and a
successor is not appointed within 90 days; 
 (2) we in our discretion at any time determine not to have all of the Notes represented by the Euro Global
Notes; or 
 (3) default entitling the holders of the applicable Notes to accelerate the maturity thereof has occurred and is continuing. 

 Any note that is exchangeable as above is exchangeable for certificated Notes issuable in authorized
denominations and registered in such names as the common depositary shall direct. Subject to the foregoing, a Euro Global Note is not exchangeable, except for a global note of the same aggregate denomination to be registered in the name of the
common depositary (or its nominee). 
 Same-day Payment 

Payments (including principal, premium and additional amounts, if any, and interest) and transfers with respect to Notes in certificated form may be executed
at the office or agency maintained for such purpose in London (initially the corporate trust office of the paying agent) or, at our option, by check mailed to the holders thereof at the respective addresses set forth in the register of holders of
the Notes (maintained by the registrar), provided that all payments (including principal, premium and additional amounts, if any, and interest) on Notes in certificated form, for which the holders thereof have given wire
transfer instructions, will be required to be made by wire transfer of immediately available funds to the accounts specified by the holders thereof. No service charge will be made for any registration of transfer, but payment of a sum sufficient to
cover any tax or governmental charge payable in connection with that registration may be required. 
 The paying agent for the Notes is Elavon Financial
Services DAC, UK Branch.

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