Document:

Exhibit 4.2

 

Execution Version

 

Registration Rights and Lock-Up Agreement

 

    

     

    

 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

 

This Registration Rights
and Lock-Up Agreement (this “Agreement”) dated as of December 18, 2020 is between Team, Inc., a Delaware
corporation (the “Company”), and APSC Holdco II, L.P. (“Atlantic Park”).

 

WHEREAS, on
December 18, 2020, the Company issued to Atlantic Park a warrant to purchase in the aggregate up to 3,582,949 shares of common
stock, $0.01 par value per share, of the Company (the “Common Stock”), upon the terms and conditions set forth
in that certain common stock purchase warrant, dated as of December 18, 2020 (the “Initial Warrant”); and

 

WHEREAS, the
Company and Atlantic Park are entering into this Agreement in order to grant certain registration rights with respect to the Common
Stock.

 

NOW, THEREFORE, in
consideration of the foregoing, the parties hereby agree as follows:

 

Article I

DEFINITIONS

 

Section 1.1. Definitions. For
purposes of this Agreement, the following terms and variations thereof have the meanings set forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Board,
after consultation with outside counsel to the Company, (i) would be required to be made in any Registration Statement or
Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary
prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be
made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose
for not making such information public.

 

“Affiliates”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
 “controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of that Person, whether through the
ability to exercise voting power, by contract or otherwise.

 

“Agreement”
shall have the meaning given in the Preamble, as amended from time to time in accordance herewith.

 

“Atlantic
Park” shall have the meaning given in the Recitals.

 

“Board”
shall mean the Board of Directors of the Company.

 

    

     

    

 

“Business
Day” means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to close.

 

“Change in
Control” means the transfer (whether by tender offer, merger, stock purchase, consolidation or other similar transaction),
in one transaction or a series of related transactions, to a person or group of affiliated persons of the Company’s voting
securities if, after such transfer, such person or group of affiliated persons would hold more than 50% of outstanding voting securities
of the Company (or surviving entity) or would otherwise have the power to control the Board or to direct the operations of the
Company.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
shall have the meaning given in the Recitals.

 

“Company”
shall have the meaning given in the Preamble.

 

“Company Competitor”
means any Person, or any Affiliate thereof, engaged in a business similar to that of the Company, or any of its direct or indirect
subsidiaries, that provides any of the services or product sales as currently provided by the Company, including such entities
engaged in the business of providing asset integrity management and performance solutions, conventional NDE, advanced NDE, heat
treating products and services, tank management solutions, pipeline integrity solutions, machining, torquing and bolting, field
machining, vapor barrier services, weld testing services, onstream services, hot tap, leak repair and line intervention services,
valve management solutions (valve sales and repair), emission control services, Quest Integrity proprietary inspections (serving
unpiggable piping, furnace tubes and steam reformer tubes), Quest Integrity advanced engineering and Quest Integrity advanced digital
imaging, including designing, developing, manufacturing, distributing or assembling equipment or products to support such services,
to the following industry sectors: Energy (refining, power, renewable, nuclear and LNG), Manufacturing and Process (chemical, petrochemical,
pulp and paper, manufacturing, automotive and mining), Midstream and Others (valves, pipeline, terminals and storage and offshore
and subsea), Aerospace and Defense (aerospace and government) and Infrastructure (amusement parks, dams, ports, roads and railways,
construction and building and bridges).

 

“Demand Registration”
shall have the meaning given in subsection 2.1.1.

 

“Demand Requesting
Holder” shall have the meaning given in subsection 2.1.1.

 

“Demanding
Holders” shall have the meaning given in subsection 2.1.1.

 

“Disqualified
Institutions” means (i) the Persons identified in writing on that certain list delivered by the Company to Atlantic
Park on or prior to the date hereof (as such list may be updated from time to time in accordance with this paragraph as described
below, the “DQ List”), (ii) any Affiliate of any Person described in clause (i) above that is reasonably
identifiable as an Affiliate of such Person solely on the basis of such Affiliate’s name, and (iii) any other Affiliate
of any Person described in clause (i) above that is identified from time to time in a written notice to Atlantic Park as described
below; provided that (x) following the date hereof, the DQ List may be updated by the Company from time to time to
add one or more additional Persons; provided, that such additional Persons may only be added to the DQ List if they constitute
a Company Competitor or an Affiliate of a Company Competitor, (y) no such update shall apply retroactively to disqualify any
Person that has previously acquired a Warrant (but such Person and any of its Affiliates that are Disqualified Institutions shall
be prohibited from acquiring any additional Warrants except to the extent otherwise expressly agreed to in writing by the Company),
and (z) any designation of a Person as a Disqualified Institution after the date hereof that is permitted pursuant to this
definition shall become effective no later than the second Business Day after written notice thereof by the Company to Atlantic
Park in accordance with Section 7.1 hereof.

 

    

     

    

 

Any supplement or other modification to
the list of Persons identified as Disqualified Institutions permitted above shall be emailed to the Atlantic Park at viral.naik@ironparkcap.com
and mike.kumor@alterdomus.com.

 

“Effectiveness
Deadline” shall have the meaning given in subsection 2.3.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form S-1”
means a Registration Statement on Form S-1 or any comparable successor form or forms thereto.

 

“Form S-3”
means a Registration Statement on Form S-3 or any comparable successor form or forms thereto.

 

“Governmental
Authority” means any government, court, regulatory or administrative agency, commission, arbitrator or authority or other
legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal,
state or local, domestic, foreign or multinational.

 

“Holders”
shall mean Atlantic Park (and, for the avoidance of doubt, any person or entity to whom rights under this Agreement are assigned
in accordance with Section 7.4).

 

“Initial Warrant”
shall have the meaning given in the Recitals.

 

“Maximum Number
of Securities” shall have the meaning given in subsection 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus,
in the light of the circumstances under which they were made) not misleading.

 

“New Registration
Statement” shall have the meaning given in subsection 2.3.4.

 

“Permitted
Transferee” means any transferee of a Warrant or the shares of Common Stock issued or upon exercise of such Warrant by
such Warrant and the provisions of Article V hereof.

 

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

 

    

     

    

 

“Piggyback
Registration” shall have the meaning given in subsection 2.3.1.

 

“Pro Rata”
shall have the meaning given in subsection 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” or “Registrable Securities” means, as of any date of determination, any shares of Common
Stock issued or issuable upon the exercise of the Warrants, and, in each case, any other equity securities issued or issuable with
respect to any such shares of Common Stock by way of share split, share dividend, distribution, recapitalization, merger, exchange,
replacement, reorganization, conversion or similar event; provided, however, that any particular Registrable Securities
shall cease to be Registrable Securities when (i) such securities are sold or otherwise transferred pursuant to an effective
registration statement under the Securities Act, (ii) such securities are held by the Company or any of its direct or indirect
Subsidiaries, (iii) such securities have been transferred in a transaction in which the transferor’s rights under this
Agreement are not assigned to the transferee of the securities in accordance with the terms of this Agreement, (iv) such securities
are sold or disposed of (excluding transfers or assignments by a Holder to an Affiliate of such Holder) pursuant to Rule 144
(or any successor or similar provision adopted by the SEC then in effect) under circumstances in which all of the applicable conditions
of Rule 144 (as then in effect) are met, or (v) as to any Registrable Securities that are Common Stock, at any time such
Holder and its Affiliates own less than 1% of the outstanding shares of Common Stock (assuming all Warrants of such Holder and
its Affiliates have been exercised).

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration
statement becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration or Underwritten Offering, including, without limitation,
the following:

 

(A) all registration
and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.)
and any listing fees of any securities exchange on which the Common Stock is then listed;

 

(B) fees and expenses
of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in
connection with blue sky qualifications of Registrable Securities);

 

(C) printing,
messenger, telephone and delivery expenses;

 

(D) reasonable
fees and disbursements of counsel for the Company;

 

    

     

    

 

(E) reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration or Underwritten Offering;

 

(F) the Company’s
expenses with respect to any roadshow related to the Registration or Underwritten Offering; and

 

(G) fees and expenses
of the Company’s transfer agent.

 

Notwithstanding the
foregoing, under no circumstances shall the Company be obligated to pay any fees, discounts and/or commissions to any Underwriter
or broker with respect to the Registrable Securities.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of
this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.3.5.

 

“Resale Shelf
Registration Statement” shall have the meaning given in subsection 2.3.1.

 

“Rule 144”
shall have the meaning set forth in Section 7.3.

 

“Rule 144A”
shall have the meaning set forth in Section 7.3.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees
or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies
thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of
that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled
by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed
to be outstanding.

 

“Takedown
Requesting Holder” shall have the meaning given in subsection 2.3.5.

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any interest owned by a person or any interest (including
a beneficial interest) in, or the ownership, control or possession of, any interest owned by a person, establish or increase of
a put equivalent position or liquidate with respect to or decrease of a call equivalent position within the meaning of Exchange
Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any security, enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or publicly announce any intention
to effect any of the foregoing transactions.

 

    

     

    

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the Company
are sold to an Underwriter in a firm commitment underwriting for distribution to the public, including for the avoidance of doubt
an Underwritten Shelf Takedown.

 

“Underwritten
Shelf Takedown” shall have the meaning given in subsection 2.3.5.

 

“Warrants”
means the Initial Warrants and any subsequent warrants that may be issued by the Company pursuant to permitted transfers of the
Initial Warrants.

 

Article II

REGISTRATION

 

Section 2.1. Demand Registration.

 

2.1.1            Request
for Registration.  Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any
time and from time to time following expiration of the Lock-Up Period (other than as a result of the occurrence of clause (iii) of
such definition), the Holders of a majority in interest of the Registrable Securities the “Demanding Holder”
or “Demanding Holders”, may make a written demand for Registration of all or part of their Registrable Securities
on Form S-3 (or, if Form S-3 is not available to be used by the Company at such time, on Form S-1 or another appropriate
form permitting Registration of such Registrable Securities for resale by such Demanding Holders), which written demand shall describe
the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such
written demand a “Demand Registration”).  The Company shall, within ten (10) days of the Company’s
receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder
of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a
Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable
Securities in such Registration, a “Demand Requesting Holder”) shall so notify the Company, in writing, within
five (5) days after the receipt by the Holder of the notice from the Company.  Upon receipt by the Company of any such
written notification from a Demand Requesting Holder(s) to the Company, such Demand Requesting Holder(s) shall be entitled
to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect,
as soon thereafter as practicable, but not more than sixty (60) days immediately after the Company’s receipt of the Demand
Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Demand Requesting Holders pursuant
to such Demand Registration.  Under no circumstances shall the Company be obligated to effect more than an aggregate of two
(2) Registrations pursuant to a Demand Registration under this subsection 2.1.1.

 

    

     

    

 

2.1.2            Effective
Registration.  Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement,
a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement
filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission
and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided,
further, however, that if, after such Registration Statement has been declared effective, an offering of Registrable
Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction
of the Commission, federal or state court or any other governmental agency, the Registration Statement with respect to such Registration
shall be deemed not to have been declared effective for purposes of counting Registrations under subsection 2.1.1 above
unless and until (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest
of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration
and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; provided,
further, however, that the Company shall not be obligated or required to file another Registration Statement until
the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes
effective or has been terminated.

 

2.1.3            Underwritten
Offering.  Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if the Demanding
Holder or Demanding Holders advise the Company as part of their Demand Registration that the offering of the Registrable Securities
pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder
or any Demand Requesting Holder (if any) to include their Registrable Securities in such Registration shall be conditioned upon
any such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities
in such Underwritten Offering to the extent provided herein.  All such Holders proposing to distribute their Registrable Securities
through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary
form with the Underwriter(s) selected for such Underwritten Offering by the Company, which Underwriter(s) shall be reasonably
acceptable to the Demanding Holders initiating the Demand Registration; provided that such underwriting agreement shall
not require the Company or any of its directors, officers and./or stockholders to be locked up for any period of time following
the date of the underwriting agreement.

 

    

     

    

 

2.1.4            Reduction
of Underwritten Offering.  If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
Registration, in good faith, advise the Company, the Demanding Holder or Demanding Holders and Demand Requesting Holders (if any)
in writing that the dollar amount or number of Registrable Securities that the Demanding Holder or Demanding Holders and the Demand
Requesting Holders (if any) desire to sell, taken together with all other Common Stock or other equity securities that the Company
desires to sell and the Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual
piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum
number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price,
the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number
of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such
Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Demand Requesting
Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder
(if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the
Demanding Holders and the Demand Requesting Holders have requested be included in such Underwritten Registration (such proportion
is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Common Stock or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), Common
Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant
to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

2.1.5            Demand
Registration Withdrawal.  A majority-in-interest of the Demanding Holders and Demand Requesting Holders (if any) shall
have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written
notification to the Company and the Underwriter(s) (if any) of their intention to withdraw from such Registration prior to
the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable
Securities pursuant to such Demand Registration (or, in the case of an Underwritten Registration pursuant to Rule 415 under
the Securities Act, at least two (2) business days prior to the time of pricing of the applicable offering). Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection
with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

Section 2.2. Piggyback Registration.

 

2.2.1            Piggyback
Rights.  If the Company proposes to file a Registration Statement under the Securities Act with respect to an offering
of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities,
for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company
including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection
with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s
existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for
a dividend reinvestment plan, then the Company shall give written notice of such proposed registration to all of the Holders of
Registrable Securities as soon as practicable but no later than (5) days following the initial filing date of such Registration
Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended
method(s) of distribution, and the name of the proposed managing Underwriter(s), if any, in such offering, and (B) offer
to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as
such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback
Registration”).  The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback
Registration and shall use its commercially reasonable efforts to cause the managing Underwriter(s) of a proposed Underwritten
Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included
in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration
and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof.  All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this
subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering by the Company.

 

    

     

    

 

2.2.2            Reduction
of Piggyback Registration.  If the managing Underwriter(s) in an Underwritten Registration that is to be a Piggyback
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that the dollar amount or number of shares of Common Stock that the Company desires to sell, taken together with (i) the
shares of Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements
with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to
which registration has been requested pursuant to Section 2.2 hereof, and (iii) the shares of Common Stock, if
any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other
stockholders of the Company, exceeds the Maximum Number of Securities, then:

 

		(i)	If the Registration is undertaken for the Company’s account, the Company shall include in
any such Registration (A) first, Common Stock or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to subsection 2.2.1 hereof (on a pro rata basis based on the respective number of Registrable
Securities that each Holder has so requested exercising its rights to register its Registrable Securities pursuant to subsection
2.2.1 hereof, which can be sold without exceeding the Maximum Number of Securities); and (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), Common Stock, if any, as to
which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the
Company, which can be sold without exceeding the Maximum Number of Securities; and

 

    

     

    

 

		(ii)	If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable
Securities, then the Company shall include in any such Registration (A) first, Common Stock or other equity securities, if
any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to subsection 2.2.1 hereof (on a pro rata basis based on the respective number of Registrable Securities
that each Holder has so requested exercising its rights to register its Registrable Securities pursuant to subsection 2.2.1
hereof, which can be sold without exceeding the Maximum Number of Securities); (C) third, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A) and (B), Common Stock or other equity securities that the
Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), Common Stock or other
equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written
contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

 

2.2.3            Piggyback
Registration Withdrawal.  Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration
for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her
or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with
the Commission with respect to such Piggyback Registration.  The Company (whether on its own good faith determination or as
the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement.  Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for
the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4            Unlimited
Piggyback Registration Rights.  For purposes of clarity, any Registration effected pursuant to Section 2.2
hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof,
and there shall be no limit on the number of Piggyback Registrations.

 

2.2.5            Right
to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2.2 prior to the effectiveness of such registration whether or not any Holder of Registrable Securities
has elected to include securities in such registration.

 

    

     

    

 

Section 2.3. Resale Shelf Registration
Rights

 

2.3.1            Registration
Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and filed with
the Commission, no later than the earlier of (x) 245 days following the date of this Agreement and (y) forty-five (45)
days following expiration of the Lock-Up Period pursuant to clause (ii) of such definition (the “Filing Deadline”),
a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act or any
successor thereto registering the resale from time to time by Holders of all of the Registrable Securities held by the Holders
(the “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall be on Form S-3
(or, if Form S-3 is not available to be used by the Company at such time, on Form S-1 or another appropriate form permitting
Registration of such Registrable Securities for resale). The Company shall use commercially reasonable efforts to cause the Resale
Shelf Registration Statement to be declared effective no later than the earlier of (x) 365 days following the date of this
Agreement and (y) as soon as possible after filing but no later than the earlier of (i) 90th day (or 120th day if the
SEC notifies the Company that it will “review” the Resale Shelf Registration Statement) following the date of the initial
filing of such Resale Shelf Registration Statement with the Commission and (ii) the 10th business day after the
date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Resale Shelf Registration Statement
will not be “reviewed” or will not be subject to further review; provided, however, that the Company’s
obligations to include the Registrable Securities held by a Holder in the Resale Shelf Registration Statement are contingent upon
such Holder furnishing in writing to the Company such information regarding the Holder, the securities of the Company held by the
Holder and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to
effect the registration of the Registrable Securities, and the Holder shall execute such documents in connection with such registration
as the Company may reasonably request that are customary of a selling stockholder in similar situations. Once effective, the Company
shall use commercially reasonable efforts to keep the Resale Shelf Registration Statement and Prospectus included therein continuously
effective and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or,
if not available, to ensure that another Registration Statement is available, under the Securities Act at all times until the earliest
of (i) the date on which all Registrable Securities and other securities covered by such Registration Statement have been
disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement and (ii) the
date on which all Registrable Securities and other securities covered by such Registration Statement have ceased to be Registrable
Securities. The Registration Statement filed with the Commission pursuant to this subsection 2.3.1 shall contain a prospectus
in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or
any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for such
Registration Statement, and shall provide that such Registrable Securities may be sold pursuant to any method or combination of
methods legally available to, and requested by, Holders.

 

2.3.2            Notification
and Distribution of Materials. The Company shall notify the Holders in writing of the effectiveness of the Resale Shelf Registration
Statement as soon as practicable, and in any event within five (5) Business Days after the Resale Shelf Registration Statement
becomes effective, and shall furnish to them, without charge, such number of copies of the Resale Shelf Registration Statement
(including any amendments, supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and
all related amendments and supplements) and any documents incorporated by reference in the Resale Shelf Registration Statement
or such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable Securities in
the manner described in the Resale Shelf Registration Statement (to the extent that any of such documents is not available on EDGAR).

 

    

     

    

 

2.3.3            Amendments
and Supplements. Subject to the provisions of Section 2.3.1 above, the Company shall as soon as reasonably practicable
prepare and file with the Commission from time to time such amendments and supplements to the Resale Shelf Registration Statement
and Prospectus used in connection therewith as may be necessary to keep the Resale Shelf Registration Statement effective and to
comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities. If any Resale
Shelf Registration Statement filed pursuant to Section 2.3.1 is filed on Form S-3 and thereafter the Company becomes
ineligible to use Form S-3 for secondary sales, the Company shall promptly notify the Holders of such ineligibility and use
its commercially reasonable efforts to file a shelf registration on an appropriate form as soon as reasonably practicable to replace
the shelf registration statement on Form S-3 and have such replacement Resale Shelf Registration Statement declared effective
as soon as reasonably practicable and to cause such replacement Resale Shelf Registration Statement to remain effective, and to
be supplemented and amended to the extent necessary to ensure that such Resale Shelf Registration Statement is available or, if
not available, that another Resale Shelf Registration Statement is available, for the resale of all the Registrable Securities
held by the Holders until all such Registrable Securities have ceased to be Registrable Securities; provided, however,
that at any time the Company once again becomes eligible to use Form S-3, the Company shall cause such replacement Resale
Shelf Registration Statement to be amended, or shall file a new replacement Resale Shelf Registration Statement, such that the
Resale Shelf Registration Statement is once again on Form S-3.

 

2.3.4            Underwritten
Shelf Takedown. At any time and from time to time after a Resale Shelf Registration Statement on Form S-3 has been declared
effective by the Commission, any of the Demanding Holders may request to sell all or any portion of the Registrable Securities
in an underwritten offering that is registered pursuant to such Resale Shelf Registration Statement (each, an “Underwritten
Shelf Takedown”); provided, however, that the Company shall only be obligated to effect an Underwritten
Shelf Takedown if such offering shall include securities with a total offering price (including piggyback securities and before
deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $15,000,000. All requests for Underwritten
Shelf Takedowns shall be made by giving written notice to the Company, which shall specify the approximate number of Registrable
Securities proposed to be sold in the Underwritten Shelf Takedown. Promptly upon receiving such notice (but no later than 10 days
after receipt of such notice), the Company shall notify all of the holders of Registrable Securities regarding the potential Underwritten
Shelf Takedown. The Company shall include in any Underwritten Shelf Takedown the securities requested to be included by any Holder
(each a “Takedown Requesting Holder”) within 5 days of receipt of notice of such Underwritten Shelf Takedown
pursuant to written contractual piggyback registration rights of such Holder (including those set forth herein). All such Holders
proposing to distribute their Registrable Securities through an Underwritten Shelf Takedown under this subsection 2.3.5
shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering
by the Company, with the consent of the Demanding Holder who initiated the Underwritten Shelf Takedown.

 

    

     

    

 

2.3.5            Reduction
of Underwritten Shelf Takedown. If the managing Underwriter(s) in
an Underwritten Shelf Takedown, in good faith, advise the Company and the Takedown Requesting Holders in writing that the dollar
amount or number of Registrable Securities that the Takedown Requesting Holders desire to sell, taken together with all other shares
of the Common Stock or other equity securities that the Company desires to sell, exceeds the Maximum Number of Securities, then
the Company shall include in such Underwritten Shelf Takedown, as follows: (i) first, the Registrable Securities of the Takedown
Requesting Holders, on a Pro Rata basis, that can be sold without exceeding the Maximum Number of Securities; and (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Common Stock or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities.

 

2.3.6            Registrations
effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.
Under no circumstances shall the Company be obligated to effect more than an aggregate of two (2) Underwritten Shelf Takedowns.

 

Section 2.4. Restrictions on Registration
Rights. Notwithstanding anything to the contrary contained herein, the Company shall not be obligated to (but may, at its sole
option) file a Registration Statement pursuant to a Demand Registration request made under Section 2.1 or effect an Underwritten
Shelf Takedown made pursuant to Section 2.3.5 within 90 days after any other Demand Registration or Underwritten Shelf Takedown,
provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection
2.1.1 or a request for an Underwritten Shelf Takedown pursuant to Section 2.3.5. and that the Company continues to actively
employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective or Underwritten
Shelf Takedown to be consummated.

 

Article III

COMPANY
PROCEDURES

 

Section 3.1. General Procedures.
If at any time the Company is required to effect the Registration of Registrable Securities, whether pursuant to the filing of
a new Registration Statement or effecting an Underwritten Offering, the Company shall use its commercially reasonable efforts to
effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution
thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1            prepare
and file with the Commission as soon as reasonably practicable a Registration Statement with respect to such Registrable Securities
and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until
all Registrable Securities covered by such Registration Statement have been sold; provided the Company shall not be required
to file such Registration Statement until such time as it has received any necessary information from the Holders;

 

3.1.2            prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as may be required
by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration
Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement
to the Prospectus;

 

    

     

    

 

3.1.3            prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration that are Demanding Holders, and such Holders’
legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included
in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders
of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate
the disposition of the Registrable Securities owned by such Holders;

 

3.1.4            prior
to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in
the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the
Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of
the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable
the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be
subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

3.1.5            cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;

 

3.1.6            [reserved];

 

3.1.7            advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order
or to obtain its withdrawal if such stop order should be issued;

 

3.1.8            advise
each Holder of Registrable Securities covered by such Registration Statement, promptly after the Company receives notice thereof,
of the time when such registration statement has been declared effective (which may be satisfied by the issuance of a press release
by the Company);

 

    

     

    

 

3.1.9            notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect,
includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10          permit
a representative of the Holders, the Underwriter(s), if any, and any attorney or accountant retained by such Holders or Underwriter(s) to
participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter(s), attorney
or accountant in connection with the Registration; provided, however, that such representatives or Underwriter(s) enter
into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure
of any such information;

 

3.1.11          obtain
a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters
as the managing Underwriter(s) may reasonably request;

 

3.1.12          on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of
counsel representing the Company for the purposes of such Registration, addressed to the Underwriter(s), if any, covering such
legal matters with respect to the Registration in respect of which such opinion is being given as the Underwriter(s) may reasonably
request and as are customarily included in such opinions and negative assurance letters; provided, however, that
counsel for the Company shall not be required to provide any opinions with respect to any Holder;

 

3.1.13          in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter(s) of such offering; provided that such underwriting agreement shall not require
the Company or any of its directors and officers to be locked up for any period of time following the date of the underwriting
agreement;

 

3.1.14          make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or
any successor rule promulgated thereafter by the Commission);

 

3.1.15          in
connection with an Underwritten Offering, cause its senior management, officers, employees and independent public accountants (in
the case of the independent public accountants, subject to any applicable accounting guidance regarding their participation in
the offering or the due diligence process) to participate in, make themselves available, supply such information as may reasonably
be requested and to otherwise facilitate and cooperate with the preparation of the Registration Statement and Prospectus and any
amendments or supplements thereto (including participating in due diligence sessions) taking into account the Company’s reasonable
business needs; and

 

    

     

    

 

3.1.16          otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.

 

Section 3.2. Registration Expenses.
All Registration Expenses shall be borne by the Company, including as set forth in Section 2.1.5.  It is acknowledged
by the Holders that the Holders shall pay the Underwriters’ commissions and discounts and all fees and expenses of any legal
counsel representing the Holders.

 

Section 3.3. Requirements for Participation
in Underwritten Offerings.  No person may participate in any Underwritten Offering for equity securities of the Company
unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements
approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up
agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting
arrangements.

 

Section 3.4. Suspension of Sales;
Adverse Disclosure.  The Company shall promptly notify each of the Holders in writing if a Registration Statement or Prospectus
contains a Misstatement and, upon receipt of such written notice from the Company, each of the Holders shall forthwith discontinue
disposition of Registrable Securities until he, she or it is advised in writing by the Company that the use of the Prospectus may
be resumed or has received copies of a supplemented or amended Prospectus correcting the Misstatement, provided that the Company
hereby covenants to as soon as reasonably practicable prepare and file any required supplement or amendment correcting any Misstatement
promptly after the time of such notice and, if necessary, to request the immediate effectiveness thereof.  If the filing,
initial effectiveness or continued use of a Registration Statement or Prospectus included in any Registration Statement at any
time (a) would require the Company to make an Adverse Disclosure, (b) would require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in
the good faith judgment of the Board, which judgment shall be documented in writing and provided to the Holders in the form of
a written certificate signed by the Chairman of the Board, such filing, initial effectiveness or continued use of a Registration
Statement would materially adversely affect the Company, the Company shall have the right to defer the filing, initial effectiveness
or continued use of any Registration Statement pursuant to (a), (b) or (c) for a period of not more than sixty (60) consecutive
days and the Company shall not defer any such filing, initial effectiveness or use of a Registration Statement pursuant to this
Section 3.4 for more than three times or for more than a total of 120 days (in each case counting deferrals initiated
pursuant to (a), (b) and (c) in the aggregate) in any 12-month period.

 

Section 3.5. Reporting Obligations. 
As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the
Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of
the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings (unless such filings are
otherwise available on EDGAR).  The Company further covenants that it shall take such further action as any Holder may reasonably
request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under
the Securities Act (or any successor rule promulgated thereafter by the Commission).

 

    

     

    

 

Section 3.6. Limitations on Registration
Rights. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with
or violates the rights granted to the Holders of Registrable Securities in this Agreement and in the event of any conflict between
any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

Article IV

INDEMNIFICATION
AND CONTRIBUTION

 

Section 4.1. Indemnification

 

4.1.1            The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors
and agents and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses (including attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact
contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such
Holder expressly for use therein.  The Company shall indemnify the Underwriter(s), their officers and directors and each person
who controls (within the meaning of the Securities Act) such Underwriter(s) to the same extent as provided in the foregoing
with respect to the indemnification of the Holder.

 

4.1.2            In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers
and agents and each person who controls (within the meaning of the Securities Act) the Company against any losses, claims, damages,
liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of
material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not
joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities
shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant
to such Registration Statement.  The Holders of Registrable Securities shall indemnify the Underwriter(s), their officers,
directors and each person who controls (within the meaning of the Securities Act) such Underwriter(s) to the same extent as
provided in the foregoing with respect to indemnification of the Company.

 

    

     

    

 

4.1.3            Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided, however, that the failure to give prompt notice shall not impair
any person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying
party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified
and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim
with counsel reasonably satisfactory to the indemnified party.  If such defense is assumed, the indemnifying party shall not
be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld, conditioned or delayed).  An indemnifying party who is not entitled to, or elects not to, assume the
defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by
such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest
may exist between such indemnified party and any other of such indemnified parties with respect to such claim.  No indemnifying
party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which
cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the
terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such indemnified party of a release from all liability in respect to such claim or litigation.

 

4.1.4            The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities.  The Company and each Holder of Registrable Securities participating in an offering also agrees
to make such provisions as are reasonably requested by any indemnified party for contribution (pursuant to subsection 4.1.5)
to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason.

 

4.1.5            If
the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to
hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. 
The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall
be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability.  The
amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.  The parties hereto
agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata
allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this
subsection 4.1.5.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not
guilty of such fraudulent misrepresentation.

 

    

     

    

 

Article V

LOCK-UP

 

Section 5.1. Lock-Up.

 

5.1.1            Except
as permitted by Section 5.2, each Holder shall not Transfer any Warrant, or shares of Common Stock issued or issuable
upon exercise of a Warrant, beneficially owned or owned of record by such Holder until the earliest of: (i) the date that
is 365 days from the date of this Agreement, (ii) the last consecutive trading day where the last reported sale price of the
Common Stock equals or exceeds $20.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 10 trading days within any 15-trading day period commencing at least 180 days after the date of this Agreement,
or (iii) such date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction
that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property (the “Lock-Up Period”).

 

5.1.2            No
transfer of a Warrant, or of shares of Common Stock issued upon exercise of a Warrant, shall be permitted by Atlantic Park or its
Affiliates to any Disqualified Institutions in one or more privately negotiated transactions, without the consent of the Company,
in its sole discretion. Atlantic Park and its Affiliates may not transfer a Warrant or shares of Common Stock issued upon exercise
of a Warrant in a privately negotiated transaction designed to result in the indirect transfer of a Warrant, or shares of Common
Stock issued upon exercise of a Warrant, to a Disqualified Institution.

 

Section 5.2. Exceptions. The
provisions of subsection 5.1.1 shall not apply to:

 

5.2.1            Transfers
of Warrants or shares of Common Stock issued upon exercise of a Warrant as a bona fide gift;

 

5.2.2            if
the Holder is a corporation, partnership (whether general, limited or otherwise), limited liability company, trust or other business
entity, (i) Transfers to another corporation, partnership, limited liability company, trust or other business entity that
is an Affiliate of such Holder, or (ii) distributions of Warrants or shares of Common Stock issued upon exercise of a Warrant
to partners, limited liability company members or stockholders of the Holder;

 

5.2.3            Transfers
pursuant to a bona fide third-party tender offer, merger, stock sale, recapitalization, consolidation or other transaction involving
a Change in Control of the Company; provided, however, that in the event that such tender offer, merger, recapitalization,
consolidation or other such transaction is not completed, the Warrants and shares of Common Stock issued upon exercise of such
Warrants shall remain subject to this Agreement;

 

    

     

    

 

5.2.4            the
exercise of the Warrants to acquire shares of Common Stock on a “cashless” or “net exercise” basis;

 

5.2.5            Transfers
by operation of law or pursuant to a court or regulatory order; and

 

5.2.6            the
pledge, hypothecation or other granting of a security interest in the Holder’s shares of Common Stock issued upon exercise
of the Warrants and any Transfer upon foreclosure upon such shares of Common Stock, in each case relating to any margin loan facility
of the Holder.

 

provided, however, that in
the case of any Transfer pursuant to Sections 5.2.1, 5.2.2, 5.2.5 or 5.2.6, each donee, distributee or other transferee shall agree
in writing, in form and substance reasonably satisfactory to the Company, to be bound by the provisions of this Agreement.

 

Section 5.3. Legends. The certificates
evidencing the Warrants and shares of Common Stock issued upon exercise of the Warrants shall be stamped or otherwise imprinted
with a legend in substantially the following form:

 

THE SECURITIES EVIDENCED HEREIN ARE SUBJECT TO RESTRICTIONS
ON TRANSFER AND CERTAIN OTHER AGREEMENTS, SET FORTH IN THE REGISTRATION RIGHTS AND LOCK-UP AGREEMENT, DATED AS OF December 18,
2020, BY AND AMONG THE HOLDER HEREOF AND THE OTHER PARTIES THERETO.

 

Article VI

TERMINATION

 

Section 6.1. Termination. This
Agreement shall terminate upon the earlier to occur of (i) the date on which neither the Holders nor any of their Permitted
Transferees hold any Registrable Securities and (ii) June 14, 2028.

 

Article VIII

GENERAL PROVISIONS

 

Section 7.1. Notices. All notices,
requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have
been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or email address
for a party as shall be specified in a notice given in accordance with this Section 7.1. ):

 

If to the Company, to it at:

 

Team, Inc.

13131 Dairy Ashford Road 

Suite 600

 

    

     

    

 

Sugar Land, Texas 77478 

Attn: Susan Ball

E-mail: Susan.Ball@TeamInc.com

with a copy (which shall not constitute notice) to:

 

Freshfields Bruckhaus Deringer US LLP

601 Lexington Avenue

31st Floor 

New York, New York 10022

Attention: Valerie Ford Jacob and Michael Levitt

Email: Valerie.Jacob@freshfields.com,
Michael.Levitt@freshfields.com

 

If to Atlantic
Park, to it at, 

Iron Park Capital Partners

527 Madison Avenue

25th Floor

New York, NY 10022

Attention: Viral Naik

Email: viral.naik@ironparkcap.com

 

and

 

alterDomus (Cortland)

225 W. Washington St.

9th Floor

Chicago, IL, 60606

Attention: Mike Kumor

Email: mike.kumor@alterdomus.com

 

with a copy (which shall not constitute notice) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, NY 10022

Attention: Peter Sluka

Email: Peter.Sluka@lw.com

 

Section 7.2. Severability. If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible.

 

    

     

    

 

Section 7.3. Rule 144.
If the Company shall have filed a registration statement pursuant to the requirements of Section 12 of the Exchange Act or
a registration statement pursuant to the requirements of the Securities Act in respect of the Common Stock, the Company covenants
that (i) so long as it remains subject to the reporting provisions of the Exchange Act, it will timely file the reports required
to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and
15(d) of the Exchange Act referred to in subparagraph (c)(1)(i) of Rule 144 under the Securities Act, as such Rule may
be amended (“Rule 144”)) or, if the Company is not required to file such reports, it will, upon the request
of any Holder, make publicly available other information so long as necessary to permit sales by such Holder under Rule 144
or any similar rules or regulations hereafter adopted by the SEC, and (ii) it will take such further action as any Holder
may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 or (B) any
similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company
will deliver to such Holder a written statement as to whether it has complied with such requirements.

 

Section 7.4. Entire Agreement; Assignment.
This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all
prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter
hereof. entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings,
both written and oral, among the parties, or any of them, with respect to the subject matter hereof. This Agreement shall not be
assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without the prior express written consent
of the other parties hereto. Notwithstanding the foregoing, upon expiration of the Lock-Up Period, Atlantic Park may transfer or
assign all or any portion of its rights provided in this Agreement, subject to this Section 7.4, in connection with
the transfer of the Initial Warrants without the prior written consent of the Company; provided that such transferee or
assignee (x) represents and warrants to the Company that it is not a Disqualified Institution, and (y) agrees in writing
with the Company to be bound by this Agreement as fully as if it were an initial signatory hereto pursuant to a written instrument
in form and substance reasonably acceptable to the Company, and any such transferee may thereafter make corresponding assignments
in accordance with this Section 7.4; provided, further, that no transfers or assignments of a Warrant
or any rights or obligations under this Agreement shall be permitted to any Disqualified Institution without the prior written
consent of the Company, in its sole discretion.

 

Section 7.5. Parties in Interest.
This Agreement shall be binding upon and inure solely to the benefit of each party hereto (and its respective permitted assigns),
and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

Section 7.6. Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed entirely within such State. Each of the parties hereto agrees (i) to submit to the exclusive personal
jurisdiction of the State or Federal courts in the Borough of Manhattan, the City of New York, (ii) that exclusive jurisdiction
and venue shall lie in the State or Federal courts in the State of New York, and (iii) that notice may be served upon such
party at the address and in the manner set forth for such party in Section 7.1 hereof hereof.

 

    

     

    

 

Section 7.7. Waiver of Jury Trial.
Each of the parties hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by
jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of
the parties hereto (i) certifies that no representative, agent or attorney of any other party has represented, expressly or
otherwise, that such other party would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges
that it and the other parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as
applicable, by, among other things, the mutual waivers and certifications in this Section 7.7. .

 

Section 7.8. Headings; Interpretation.
The descriptive headings contained in this Agreement are included for convenience of reference only and shall not affect in any
way the meaning or interpretation of this Agreement. The parties have participated jointly in the negotiation and drafting of this
Agreement. If any ambiguity or question of intent arises, this Agreement will be construed as if drafted jointly by the parties
and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of
this Agreement. Unless the context of this Agreement clearly requires otherwise, use of the masculine gender shall include the
feminine and neutral genders and vice versa, and the definitions of terms contained in this Agreement are applicable to the singular
as well as the plural forms of such terms. The words “includes” or “including” shall mean “including
without limitation.” The words “hereof,” “hereby,” “herein,” “hereunder”
and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which
such words appear, the word “extent” in the phrase “to the extent” shall mean the degree to which a subject
or other thing extends and such phrase shall not mean simply “if.” Any reference to a law shall include any rules and
regulations promulgated thereunder, and shall mean such law as from time to time amended, modified or supplemented. References
herein to any contract (including this Agreement) mean such contract as amended, supplemented or modified from time to time in
accordance with the terms thereof.

 

Section 7.9. Counterparts. This
Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in counterparts,
and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but
all of which taken together shall constitute one and the same agreement.

 

Section 7.10. Specific Performance.
The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in
accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition
to any other remedy at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific
performance that a remedy at law would be adequate and (b) any requirement under any Law to post security or a bond as a prerequisite
to obtaining equitable relief.

 

    

     

    

 

Section 7.11. Expenses. Except
as otherwise provided herein, all costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.

 

Section 7.12. Amendments and Waivers.
No amendment of any provision of this Agreement shall be valid and binding unless it is in writing and signed by the Company and
the Holders representing at least 50% (by number) of the Registrable Securities (with each share of Common Stock to be received
upon exercise of the Warrants counting as one Registrable Security for this purpose). No waiver of any right or remedy hereunder,
to the extent legally allowed, shall be valid unless the same shall be in writing and signed by the party making such waiver. No
waiver by any party of any breach or violation of, default under, or inaccuracy in any representation, warranty, covenant, or agreement
hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent breach, violation, default of, or inaccuracy
in, any such representation, warranty, covenant, or agreement hereunder or affect in any way any rights arising by virtue of any
prior or subsequent such occurrence. No delay or omission on the part of any party in exercising any right, power, or remedy under
this Agreement shall operate as a waiver thereof. Notwithstanding the foregoing, no amendments may be made to this Agreement that
adversely affect the rights of Atlantic Park disproportionately as compared with those of other Holders hereunder without the prior
written consent of Atlantic Park.

 

Section 7.13. No Strict Construction.
The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent and
no rule of strict construction shall be applied against any party.

 

(Next Page is
Signature Page)

 

    

     

    

 

IN WITNESS WHEREOF,
each of the parties has executed this Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	TEAM, INC.
	 	 
	 	By 	/s/ André C. Bouchard
	 	 	 
	 	 	Name: André C. Bouchard
	 	 	Title: Executive Vice President, Chief Legal Officer and Secretary
	 	 	Legal Officer and Secretary

 

    

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	 
	 	APSC Holdco II, L.P.
	 	 
	 	By 	/s/ George Fan
	 	 	 
	 	 	Name: George Fan
	 	 	Title: Authorized SignatoryExhibit 10.1

 

EXECUTION VERSION

 

 

 

CREDIT AGREEMENT

 

among

 

TEAM, INC.,

 

as Borrower,

 

the Lenders from time to time party hereto,

 

CITIBANK, N.A.,

 

as Agent, Joint Lead Arranger and Joint
Bookrunner

 

Bank
of America, N.A.,

 

as
Joint Lead Arranger and Joint Bookrunner

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

 

as
Co-Syndication Agent

 

and

 

REGIONS
BANK,

 

as
Co-Syndication Agent

 

Dated as of December 18, 2020

  

 

 

     

     

    

 

Table of Contents

 

		 	Page
	ARTICLE I DEFINITIONS	1
	1.1	Definitions	1
	1.2	Accounting Terms and Determinations	62
	1.3	Divisions	63
	1.4	Other Terms; Headings	63
	1.5	Dutch Terms	64
	1.6	Exchange Rates; Currency Equivalents; Alternate Currency	65
	1.7	Currencies	66
	1.8	Circumstances Affecting Sterling, Euro or Canadian Dollar Availability	66
	1.9	Quebec Matters	67
	ARTICLE II THE CREDIT FACILITIES 	67
	2.1	The Revolving Credit Loans	67
	2.2	[Reserved]	68
	2.3	Procedure for Borrowing; Notices of Borrowing; Notices of Conversion	69
	2.5	Revolving Credit Commitment; Mandatory Prepayments; Optional Prepayments	76
	2.6	Maintenance of Loan Account; Statements of Account	77
	2.7	Collection of Receivables	77
	2.8	Term	78
	2.9	Payment Procedures	79
	2.10	Designation of a Different Lending Office	79
	2.11	Replacement of Lenders	80
	2.12	Defaulting Lenders	80
	2.13	Letters of Credit	81
	2.14	Sharing of Payments, Etc.	84
	2.15	Protective Advances and Optional Overadvances	85
	2.16	Increase of Commitments; Additional Lenders	86
	ARTICLE III [RESERVED]	88

 

    -i- 

     

    
 

	ARTICLE IV INTEREST, FEES AND EXPENSES 	88
	4.1	Interest	88
	4.2	Interest and Letter of Credit Fees After Event of Default	88
	4.3	[Reserved]	88
	4.4	Unused Line Fee	89
	4.5	Letter of Credit Fees	89
	4.6	[Reserved]	89
	4.7	[Reserved]	89
	4.8	Fee Letter	89
	4.9	Calculations	89
	4.10	Increased Costs	90
	4.11	Taxes	91
	ARTICLE V CONDITIONS OF LENDING	 95
	5.1	Conditions to Initial Loan or Letter of Credit	95
	5.2	Conditions Precedent to Each Loan and Each Letter of Credit	99
	ARTICLE VI REPRESENTATIONS AND WARRANTIES	100
	6.1             Representations and Warranties of Borrowers	100
	ARTICLE VII AFFIRMATIVE COVENANTS OF THE BORROWERS	110
	7.1	Existence	110
	7.2	Maintenance of Property	110
	7.3	[Reserved]	110
	7.4	Taxes	110
	7.5	Requirements of Law	110
	7.6	Insurance	111
	7.7	Books and Records; Inspections	111
	7.8	Notification Requirements	112
	7.10	Qualify to Transact Business	115
	7.11	Financial Reporting	115
	7.12	Payment of Liabilities	118
	7.13	ERISA	118
	7.14	Environmental Matters	118
	7.15	Intellectual Property	118
	7.16	Solvency	119
	7.17	[Reserved]	119
	7.18	[Reserved]	119
	7.19	Sanctions; Anti-Money Laundering Laws and Anti-Corruption Laws	119

 

    -ii- 

     

    
 

	7.20	Formation of Subsidiaries; Further Assurances	119
	7.21	Post-Closing Covenants	120
	7.23	Residency for Dutch Tax Purposes	120
	7.24	Fiscal Unity for Dutch Tax Purposes	120
	7.25	Allocation of Tax Losses upon Termination of Fiscal Unity for Dutch Tax Purposes	120
	ARTICLE VIII NEGATIVE COVENANT 	121
	8.1	Indebtedness	121
	8.2	[Reserved]	122
	8.3	Entity Changes, Etc.	122
	8.4	Change in Nature of Business	123
	8.5	Sales, Etc. of Assets	123
	8.6	Use of Proceeds	124
	8.7	[Reserved]	125
	8.8	Liens	125
	8.9	Dividends, Redemptions, Distributions, Etc.	125
	8.10	Investments	126
	8.11	[Reserved]	127
	8.12	Fiscal Year	127
	8.13	Accounting Changes	127
	8.14	[Reserved]	127
	8.15	ERISA Compliance	127
	8.16	[Reserved]	127
	8.17	Prepayments and Amendments	127
	8.18	Lease Obligations	128
	8.19	[Reserved]	129
	8.20	[Reserved]	129
	8.21	Securities and Deposit Accounts	129
	8.22	Negative Pledge	129
	8.23	Affiliate Transactions	129
	ARTICLE IX FINANCIAL COVENANT(S)	130
	9.1	Consolidated Fixed Charge Coverage Ratio	130
	 	 	 
	

    -iii- 

     

    

 

	ARTICLE X EVENTS OF DEFAULT	131
	10.1	Events of Default	131
	10.2	Acceleration, Termination and Cash Collateralization	132
	10.3	Other Remedies	133
	10.4	License for Use of Software and Other Intellectual Property	134
	10.5	Post-Default Allocation of Payments	134
	10.6	No Marshaling; Deficiencies; Remedies Cumulative	135
	10.7	Waivers	136
	10.8	Further Rights of Agent and the Lenders	136
	10.9	Interest and Letter of Credit Fees After Event of Default	136
	10.10	Receiver	136
	10.11	Rights and Remedies not Exclusive	137
	ARTICLE XI THE AGENT 	137
	11.1	Appointment of Agent	137
	11.2	Nature of Duties of Agent	137
	11.3	Lack of Reliance on Agent	137
	11.4	Certain Rights of Agent	138
	11.5	Reliance by Agent	138
	11.6	Indemnification of Agent	138
	11.7	Agent in Its Individual Capacity	138
	11.8	Holders of Notes	138
	11.9	Successor Agent	139
	11.10	Collateral
Matters	139
	11.11	Actions with Respect to Defaults	140
	11.12	Delivery of Information	140
	11.13	English Law Governed Transaction Security	140
	ARTICLE XII GENERAL PROVISIONS 	144
	12.1	Notices	144
	12.2	Delays; Partial Exercise of Remedies	145
	12.3	Right of Setoff	145
	12.4	Indemnification; Reimbursement of Expenses of Collection	145
	12.5	Amendments, Waivers and Consents	146
	12.6	Nonliability of Agent and Lenders	147

 

    -iv- 

     

    

 

	12.7	Assignments and Participations	147
	12.8	Counterparts; Facsimile Signatures	150
	12.9	Severability	150
	12.10	Maximum Rate	150
	12.11	Borrower Agent; Borrowers, Jointly and Severally	151
	12.12	Entire Agreement; Successors and Assigns; Interpretation	152
	12.13	LIMITATION OF LIABILITY	153
	12.14	GOVERNING LAW	153
	12.15	SUBMISSION TO JURISDICTION	153
	12.16	[RESERVED]	154
	12.17	JURY TRIAL	154
	12.18	Attorney	154
	12.19	Agent Titles	154
	12.20	Publicity	154
	12.21	No Third Party Beneficiaries	155
	12.22	Confidentiality	155
	12.23	Patriot Act Notice	155
	12.24	Advice of Counsel	156
	12.25	Captions	156
	12.26	Platform	156
	12.27	Right to Cure	156
	12.28	Acknowledgment and Consent to Bail-In of Affected Financial Institutions	157
	12.29	Tim	157
	12.30	Keepwell	157
	12.31	Specified U.S. Guarantors	158
	12.32	Acknowledgement Regarding Any Supported QFCs	158

 

    -v- 

     

    

 

	Schedules	 
	 	 
	Schedule E-1	Eligible Inventory
	
        Schedule E-2

        Schedule 3.4(a)

        Schedule 6.1(a)

        Schedule 6.1(b)
	
        Existing Letters of Credit

        Commercial Tort Claims

        Loan Parties

        Locations

	Schedule 6.1(f)	Consents and Authorizations
	Schedule 6.1(g)	Ownership; Subsidiaries
	Schedule 6.1(p)	Judgments; Litigation
	Schedule 6.1(v)	ERISA Plans
	Schedule 6.1(w)	Intellectual Property
	Schedule 6.1(x)	Labor Contracts
	Schedule 7.21	Post-Closing Covenants
	Schedule 8.1(b)	Existing Indebtedness
	Schedule 8.5	Dispositions
	Schedule 8.8	Existing Liens
	Schedule 8.10	Existing Investments
	Schedule 8.23	Affiliate Transactions of Loan Parties

 

	Annexes	 
	 	 
	Annex A	Lenders and Commitments

 

	Exhibits	 
	 	 
	Exhibit A-1	Revolving Credit Note
	Exhibit A-3	Swingline Note
	Exhibit B	Notice of Borrowing
	Exhibit C	Notice of Conversion
	Exhibit D	Letter of Credit Request
	Exhibit E	Perfection Certificate
	Exhibit F	Financial Condition Certificate
	Exhibit G	Closing Certificate
	Exhibit H	Compliance Certificate
	Exhibit I	Borrowing Base Certificate
	Exhibit J-1	Assignment and Acceptance
	Exhibit J-2	Form of Joinder
	Exhibits K-1 to K-4	U.S. Tax Compliance Certificates

 

    -vi- 

     

    

 

CREDIT
AGREEMENT

 

This CREDIT AGREEMENT,
is entered into as of December 18, 2020, among (i) Team, Inc., a Delaware corporation, each Specified U.S. Guarantor
that is joined as a borrower hereto pursuant to Section 12.31, and those additional Persons that are joined as a party hereto
as borrowers by executing the form of Joinder attached hereto as Exhibit J-2 (each, a "Borrower" and
individually and collectively, jointly and severally, the "Borrowers"), (ii) each of the lenders identified
as a "Lender" on Annex A attached hereto (together with each of its respective successors and assigns, if
any, and any Additional Lenders, each a "Lender" and, collectively, the "Lenders"), and (iii) CITIBANK,
N.A., a national banking association, acting not individually but as agent on behalf of, and for the benefit of, the Lenders and
all other Secured Parties (in such capacity, together with its successors and assigns, if any, in such capacity, herein called
the "Agent").

 

W
I T N E S S E T H :

 

WHEREAS, upon
the terms and subject to the conditions set forth herein, the Lenders are willing to make loans and other extensions of credit
to Borrowers consisting of a revolving credit line in an amount of up to $150,000,000 and have requested that Citibank act as Agent
in connection with such credit extensions;

 

NOW, THEREFORE,
in respect of the foregoing premises and other valuable consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, Borrowers, the Lenders, and Agent, each intending to be legally bound, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1           Definitions.
Any terms (whether capitalized or lower case) used in this Agreement that are defined in the UCC or the PPSA (including Account,
Account Debtor, Chattel Paper, Commercial Tort Claims, Deposit Account, Drafts, Documents, Equipment, Farm Products, Fixtures,
General Intangibles, Intangibles, Investment Property, Instruments, Letters of Credit, Letter of Credit Rights,
Promissory Notes, Proceeds, Securities Account and Supporting Obligations) shall be construed and defined as set forth in the
UCC or the PPSA, as applicable, unless otherwise defined herein. In addition, as used herein, the following terms shall have the
meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined):

 

"2017 Senior
Convertible Notes" means the 5.00% Convertible Senior Notes due 2023 issued by the Borrower.

 

"ABL Priority
Collateral" has the meaning set forth in the Intercreditor Agreement.

 

"Acceptable
Account Debtor Jurisdiction" means (i) with respect to Receivables of the UK Borrowing Base Companies and Dutch Borrowing
Base Companies, the United Kingdom and the Netherlands, and (ii) with respect to Receivables of the U.S. Borrowing Base Companies
and Canadian Borrowing Base Companies, the United States and Canada.

 

     

     

    

 

"Acceptable
Appraisal" means, with respect to an appraisal of Inventory, the most recent current appraisal of such property received
by Agent (i) from an appraisal company satisfactory to Agent in its Permitted Discretion, (ii) the scope and methodology
(including, to the extent relevant, any sampling procedure employed by such appraisal company) of which are satisfactory to Agent
in its Permitted Discretion, and (iii) the results of which are satisfactory to Agent, in each case, in Agent's Permitted
Discretion.

 

"Acceptable
Receivable Currency" means (i) Dollars with respect to Receivables of the U.S. Borrowing Base Companies, (ii) Canadian
Dollars with respect to Canadian Borrowing Base Companies (iii) Sterling, Euro and Dollars with respect to Receivables of
the UK Borrowing Base Companies and (iv) Euro with respect to Dutch Borrowing Base Companies.

 

"Acceptance
Date" has the meaning specified in Section 12.7(b).

 

"Acquired Indebtedness"
means Indebtedness of a Person whose assets or Equity Interests are acquired by a Loan Party or any of its Subsidiaries in a Permitted
Acquisition; provided, that

 

(i)            such
Indebtedness (i) was in existence prior to the date of such Permitted Acquisition, and (ii) was not incurred in connection
with, or in contemplation of, such Permitted Acquisition,

 

(ii)            no
Person (other than such Person so acquired in such Permitted Acquisition or any other Person that such Person merges with or that
acquires the assets of such Person in connection with such Permitted Acquisition) shall have any liability or other obligation
with respect to such Indebtedness, and

 

(iii)           if
such Indebtedness is secured, no Lien thereon shall (i) extend to any Inventory or Receivables of any Borrowing Base Company
or (ii) extend to cover any other assets other than the assets acquired in such Permitted Acquisition (other than the proceeds
or products thereof, accessions or additions thereto and improvements thereon) or attach to any other property of any Loan Party.

 

"Acquisition"
means (i) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or
any division or business line of) any other Person, or (ii)the purchase or other acquisition (whether by means of a merger, consolidation,
or otherwise) by a Person or its Subsidiaries of all of the Equity Interests of any other Person.

 

"Additional
Lender" has the meaning specified in Section 2.16(b).

 

"Adjusted Excess
Availability" means, as of any date, the amount (if any) as of such date by which (i) the Line Cap, exceeds (ii) the
sum on such date of (A) the aggregate principal amount of all Revolving Credit Loans (inclusive of Swingline Loans) then outstanding,
plus (B) the aggregate undrawn amount of all unexpired Letters of Credit then outstanding, plus (C) the
aggregate amount, if any, of all accounts payable of the Loan Parties and their Subsidiaries aged in excess of historical levels
with respect thereto and all book overdrafts of the Loan Parties and their Subsidiaries in excess of historical practices with
respect thereto, in each case as determined by Agent in its Permitted Discretion.

 

    -2- 

     

    

 

"Adjusted LIBO
Rate" means, with respect to any LIBOR Rate Advance for any Interest Period or for any Base Rate Advance, an interest
rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) with respect to any LIBOR Rate Advance
denominated in Dollars, the LIBOR Index Rate determined under clause (a) of the definition of “LIBOR Index Rate”
for such Interest Period, (b) with respect to any LIBOR Rate Advance denominated in Euros, the LIBOR Index Rate determined
under clause (b) of the definition of “LIBOR Index Rate” for such Interest Period and (c) with respect to
any LIBOR Rate Advance denominated in Sterling, the LIBOR Index Rate determined under clause (c) of the definition of “LIBOR
Index Rate” for such Interest Period, in each case, multiplied by any applicable Statutory Reserve Rate; provided, that if
the Adjusted LIBO Rate is less than 0.75%, it shall be deemed to be 0.75% for purposes of this Agreement.

 

"Advance"
means amounts advanced by the Lenders (or any of them, as applicable) to or for the benefit of Borrowers pursuant to Section 2.1
hereof on the occasion of any borrowing and which are of the same initial Type, and "Advances" shall mean more
than one Advance.

 

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

 

"Affiliate"
means, as to any Person, any other Person who directly or indirectly Controls, is under common Control with, is Controlled by or
is a director, officer, manager or general partner of such Person, provided that, in any event, any Person who owns directly
or indirectly 15% or more of the Voting Interests of a Person, shall be deemed to control such Person. Without limitation
of the foregoing, the following Persons shall at all times constitute Affiliates of each Borrower: (i) each Borrower, (iii) each
Guarantor, and (iv) all Subsidiaries.

 

"Agent"
has the meaning specified in the preamble to this Agreement.

 

"Agent Parties"
has the meaning specified in Section 12.25(b).

 

"Agent's Payment
Account" means an account at the Bank designated on the Closing Date and from time to time thereafter by Agent to the
Lenders and Borrower Agent as the "Agent's Payment Account".

 

"Aggregate
Revolving Credit Commitment" means $150,000,000, as such amount may be decreased by the amount of any permanent reductions
in the Revolving Credit Commitments made in accordance with Section 2.5, and increased by the amount of any Incremental Revolving
Credit Commitments established in accordance with Section 2.16, which amount is the aggregate amount of the Revolving Credit
Commitments of the Lenders.

 

"Agreement"
means this Credit Agreement, as amended, amended and restated, supplemented or otherwise modified from time to time.

 

"All-In Yield"
means, as to any Indebtedness, the annual yield thereof, whether in the form of interest rate margins, original issue discount
("OID") or upfront fees and any Adjusted LIBO Rate or BA Rate floors (with such increased amount being equated
to interest margins for purposes of determining any increase to the Applicable Margin); provided that, (i) OID and
upfront fees shall be equated to interest rates assuming a four year life to maturity and (ii) "All-In Yield" shall
not include arrangement fees, structuring fees, underwriting fees or similar fees that are not paid to all Lenders providing the
relevant Indebtedness.

 

    -3- 

     

    

 

"Alternate
Currency" mean Canadian Dollars, Sterling and Euros.

 

"Anti-Corruption
Laws" means the United States Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act of 2010, the Corruption
of Foreign Public Officials Act (Canada), each as amended, and all other applicable laws and regulations or ordinances concerning
or relating to bribery or corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located
or is doing business.

 

"Anti-Money
Laundering Laws" means the applicable statutes, laws, regulations, or rules in any jurisdiction in which any Loan
Party or any of its Subsidiaries or Affiliates is located or is doing business that relates to money laundering, any predicate
crime to money laundering, or any financial record keeping and reporting requirements related thereto, including, but not limited
to, the Bank Secrecy Act (31 U.S.C. § 5311 et seq.), the Patriot Act and the Proceeds of Crime Money Laundering and
Terrorist Financing Act (Canada).

 

"Applicable
Margin" means, as of any date of determination and with respect to Base Rate Advances or LIBOR Rate Advances, as applicable,
the applicable margin set forth in the following table that corresponds to the Average Excess Availability of Borrowers for the
most recently completed fiscal quarter; provided, that for the period from the Closing Date through and including March 31,
2021, the Applicable Margin shall be set at the margin in the row styled "Level II"; provided further, that any
time any Event of Default has occurred and is continuing, the Applicable Margin shall be at the margin in the row styled "Level
III":

 

	Level	 	 	Average Excess Availability	 	Base Rate 
 Advances and
 Canadian 
 Prime Rate 
 Advances	 	 	LIBOR Rate 
 Advances and 
 BA Rate 
 Advances	 
	I	 	 	Greater than or equal to 66% of the Aggregate Revolving Credit Commitment	 	 	1.75	%	 	 	2.75	%
	II	 	 	Greater than or equal to 33% of the Aggregate Revolving Credit Commitment and less than 66% of the Aggregate Revolving Credit Commitment	 	 	2.00	%	 	 	3.00	%
	III	 	 	Less than 33% of the Aggregate Revolving Credit Commitment	 	 	2.25	%	 	 	3.25	%

 

The Applicable Margin shall be re-determined
as of the first day of each fiscal quarter.

 

"Assignment
and Acceptance" means an Assignment and Acceptance entered into by a Lender and its assignee, and accepted by Agent, to
be substantially in the form of Exhibit J-1.

 

"Auditors"
means a nationally recognized firm of independent public accountants selected by Borrower Agent and reasonably satisfactory to
Agent.

 

    -4- 

     

    

 

"Available
Tenor" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor
for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be
used for determining the length of an interest period pursuant to this Agreement as of such date and not including, for the avoidance
of doubt, any tenor for such Benchmark that is eliminated pursuant to Section 2.3(j) titled "Benchmark Replacement
Setting."

 

"Average Excess
Availability" means, with respect to any period, the sum of the aggregate amount of Adjusted Excess Availability for each
day in such period (as calculated by Agent as of the end of each respective day) divided by the number of days in such period.

 

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

 

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

 

"Bank"
means Citibank, so long as Citibank is Agent and, if Citibank ceases to be Agent, then, "Bank" shall mean a bank
designated by the Required Lenders as the "Bank" for purposes hereof and which, so long as no Event of Default has occurred
and is then continuing, shall be consented by the Borrower Agent (such consent not to be unreasonably withheld or delayed).

 

"Bank Product"
means any of the following products, services or facilities extended to any Loan Party or any of its Subsidiaries by a Bank Product
Provider: (i) Cash Management Services; (ii) products under Hedging Agreements; (iii) products under leasing agreements;
(iv) factored receivables; and (v) other banking products or services as may be requested by a Loan Party or one of its
Subsidiaries, other than Letters of Credit.

 

"Bank Product
Agreements" means any agreements entered into from time to time by any Loan Party or any of its Subsidiaries with the
Bank Product Provider in connection with the obtaining of any of the Bank Products.

 

"Bank Product
Obligations" means Indebtedness and other obligations of any Loan Party or any of its Subsidiaries to any Bank Product
Provider arising from Bank Products; provided, that, for the avoidance of doubt, in order for any Indebtedness or other
obligations to constitute "Bank Product Obligations," the applicable Bank Product Provider and Borrower Agent must have
provided the notice required pursuant to the definition of Bank Product Provider, unless the applicable Bank Product Provider is
Agent or one of its Affiliates.

 

    -5- 

     

    

 

"Bank Product
Provider" means Agent, any Lender or any of their respective Affiliates; provided that no such Person (other than
Agent or its Affiliates) shall constitute a Bank Product Provider with respect to a Bank Product unless and until the applicable
Lender (or Affiliate, as the case may be) and Borrower Agent shall have each provided written notice to Agent of (i) the existence
of such Bank Product; (ii) the maximum dollar amount of the obligations arising under such Bank Product (which amount may
be changed from time to time, except as provided below, by such Lender (or Affiliate, as the case may be) and Borrower Agent by
delivering written notice to Agent); and (iii) the methodology to be used by such parties in determining the Bank Product
Obligations owing with respect thereto from time to time; provided further, that if, at any time, a Lender ceases to be
a Lender under this Agreement, then, from and after the date on which it ceases to be a Lender thereunder, neither it nor any of
its Affiliates shall constitute Bank Product Providers and the obligations with respect to Bank Products provided by such former
Lender or any of its Affiliates shall no longer constitute Bank Product Obligations.

 

"Bank Product
Reserve" means the aggregate amount of reserves established by Agent from time to time in its Permitted Discretion (based
upon Agent's and the Bank Product Providers' determination of the liabilities and obligations of each Loan Party and its Subsidiaries
in respect of Bank Product Obligations) in respect of Bank Products (including, for the avoidance of doubt, Cash Management Services),
then provided or outstanding.

 

"Bankruptcy
Code" means Title 11 of the United States Code entitled "Bankruptcy," as that title may be amended from
time to time, or any successor statute.

 

"BA Period"
means with respect to any BA Rate Loan, the period commencing on the Business Day on which such Loan is disbursed or continued
or on the date of a conversion on which a Canadian Prime Rate Loan is converted into a BA Rate Loan and ending on the date that
is one, two, three or six months (or, to the extent agreed to by all affected Lenders, twelve months or a shorter period) thereafter,
as selected by the Borrower Agent in the relevant Notice of Borrowing or Notice of Conversion; provided, that, (a) if any
BA Period would otherwise end on a day that is not a Business Day, such BA Period shall expire on the next succeeding Business
Day unless such next succeeding Business Day would fall in the next calendar month, in which case such BA Period shall end on the
immediately preceding Business Day; and (b) any BA Period that commences on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the last calendar month of such BA Period) shall end on the last
Business Day of the last calendar month of such BA Period. For purposes hereof, the date of a Borrowing initially shall be the
date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of
such Borrowing.

 

"BA Rate"
means CDOR. When used in reference to any Revolving Credit Loan or Borrowing, "BA Rate" shall refer to whether such Revolving
Credit Loan comprising such Revolving Borrowing, bear interest at a rate determined by reference to the BA Rate as set forth in
the preceding sentence.

 

"BA Rate Advance"
means an Advance that bears interest as provided in Section 4.1(d).

 

"BA Rate Loan"
means Revolving Credit Loans denominated in Canadian Dollars bearing interest based upon the BA Rate.

 

    -6- 

     

    

 

"Base Rate"
means, for any period, a fluctuating interest rate per annum at all times equal to the greatest of: (i) the Federal Funds
Rate plus 0.50%, (ii) the Prime Rate, and (iii) BBA LIBOR plus 1.00% per annum. If, for any reason, Agent shall
have determined (which determination shall be conclusive absent manifest error) that it is unable, after due inquiry, to ascertain
BBA LIBOR, for any reason, including the inability or failure of Agent to obtain sufficient quotations in accordance with the terms
hereof, the Base Rate shall be determined without regard to clause (iii) of the first sentence of this definition until
the circumstances giving rise to such inability no longer exist. Any change in the Base Rate due to a change in the Prime Rate
or BBA LIBOR shall be effective on the effective date of such change in the Prime Rate or BBA LIBOR, respectively, automatically
and without notice to any Person. Notwithstanding anything in this Agreement to the contrary, if the Base Rate determined as provided
above would be less than 1.75%, then the Base Rate shall be deemed to be 1.75%.

 

"Base Rate
Advance" means an Advance that bears interest as provided in Section 4.1(a).

 

"Base Rate
Loans" means Loans the rate of interest applicable to which is based upon the Base Rate.

 

"BBA LIBOR"
means the London Interbank Offered Rate for a term of one (1) month administered by ICE Benchmark Administration Limited (or
any other Person that takes over the administration of the rate), as reported on the Reuters Screen LIBOR 1 page (or
another commercially available source reporting such quotations as designated by Agent from time to time) at approximately 11:00
a.m. (London time) on the date of determination, provided that if more than one rate is reported on such service, the applicable
rate shall be the arithmetic mean of all such rates, as determined by Agent. Notwithstanding anything in this Agreement to the
contrary, if BBA LIBOR determined as provided above would be less than 0.75%, then BBA LIBOR shall be deemed to be 0.75%.

 

"Benchmark"
means, initially, as applicable, the rate for Dollars and Alternate Currencies set forth in clause (a)(i), (b)(i) or (c)(i) of
the definition of "LIBOR Index Rate", BBA LIBOR or the BA Rate; provided that if a Benchmark Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to applicable initial rate
or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to Section 2.3(j) titled "Benchmark Replacement Setting."

 

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

 

		(1)	the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

		(2)	the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

		(3)	the sum of: (a) the alternate benchmark rate that has been selected by the Agent and the Borrower
Agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any
selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental
Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current
Benchmark for U.S. dollar-denominated (or other Alternate Currency) syndicated credit facilities at such time and (b) the
related Benchmark Replacement Adjustment; provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed
on a screen or other information service that publishes such rate from time to time as selected by the Agent in its reasonable
discretion.

 

    -7- 

     

    

 

If the Benchmark Replacement as determined
pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be
the Floor for the purposes of this Agreement and the other Loan Documents.

 

"Benchmark
Replacement Adjustment" means, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark
Replacement for any applicable interest period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

		(1)	for purposes of clauses (1) and (2) of the definition of "Benchmark Replacement,"
the first alternative set forth in the order below that can be determined by the Agent: (a) the spread adjustment, or method
for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference
Time such Benchmark Replacement is first set for an applicable interest period that has been selected or recommended by the Relevant
Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
Corresponding Tenor; (b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time
such Benchmark Replacement is first set for such interest period that would apply to the fallback rate for a derivative transaction
referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable
Corresponding Tenor; and

 

		(2)	for purposes of clause (3) of the definition of "Benchmark Replacement," the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
that has been selected by the Agent and the Borrower Agent for the applicable Corresponding Tenor giving due consideration to (i) any
selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark
Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method
for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar denominated syndicated credit facilities; provided that, in the case of clause (1) above, such
adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time
to time as selected by the Agent in its reasonable discretion.

 

    -8- 

     

    

 

"Benchmark
Replacement Conforming Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of "ABR," the definition of "Business Day," the applicable interest
period, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, the formula for calculating
any successor rates identified pursuant to the definition of "Benchmark Replacement" (including whether such formula
shall be cumulative or non-cumulative), the formula, methodology or convention for applying the successor Floor to the successor
Benchmark Replacement and other technical, administrative or operational matters) that the Agent decides may be appropriate to
reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Agent in
a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice
is not administratively feasible or if the Agent determines that no market practice for the administration of such Benchmark Replacement
exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration
of this Agreement and the other Loan Documents).

 

"Benchmark
Replacement Date" means the earliest to occur of the following events with respect to the then-current Benchmark:

 

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

 

		(2)	in the case of clause (3) of the definition of "Benchmark Transition Event," the
date of the public statement or publication of information referenced therein; or

 

		(3)	in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of
such Early Opt-in Election is provided to the Lenders, so long as the Agent has not received, by 5:00 p.m. (New York City
time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice
of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

 

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

 

"Benchmark
Transition Event" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

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

 

    -9-

     

    

 

		(2)	a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System,
the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such
component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or
an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which
states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
or

 

		(3)	a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark
(or such component thereof) are no longer representative.

 

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

 

"Benchmark
Unavailability Period" means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant
to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.3(j) titled "Benchmark
Replacement Setting" and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark
for all purposes hereunder and under any Loan Document in accordance with Section 2.3(j) titled "Benchmark Replacement
Setting."

 

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

 

"Beneficial
Ownership Regulation" means 31 C.F.R. § 1010.230.

 

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

 

"Blocked Account"
and "Blocked Accounts" have the respective meanings specified in Section 2.7.

 

"Borrower Agent"
means Team, Inc., a Delaware corporation.

 

    -10-

     

    

 

"Borrower"
and "Borrowers" have the respective meanings specified in the preamble to this Agreement.

 

"Borrowing"
has the meaning specified in Section 2.3(a).

 

"Borrowing
Base" means, as of any date of determination, the result of:

 

(i)            the
product of 90% multiplied by the Value of Eligible Investment Grade Receivables; plus

 

(ii)           the
product of 85% multiplied by the Value of Eligible Non-Investment Grade Receivables; plus

 

(iii)          the
product of 85% multiplied by the Value of Eligible Foreign Receivables; plus

 

(iv)         the
product of 80% multiplied by the Value of Eligible Unbilled Receivables; plus

 

(v)          the
lesser of (a) $10,000,000 and (b) the product of 85% multiplied by the NOLV Percentage of Eligible Inventory as such
NOLV Percentage is identified in the most recent Acceptable Appraisal of Inventory; minus

 

(vi)         the
aggregate amount of all Reserves.

 

Notwithstanding the foregoing, the aggregate
amount of the Borrowing Base (A) consisting of Eligible Unbilled Receivables shall not exceed 15% of the Line Cap, (B) consisting
of Eligible Receivables from Canadian Borrowing Base Companies, UK Borrowing Base Companies and Dutch Borrowing Base Companies
shall not exceed 20% of the Line Cap, and (C) the aggregate amount of the Borrowing Base consisting of Eligible Foreign Receivables
and Eligible Unbilled Receivables of the UK Borrowing Base Companies shall not exceed (i) $5,000,000 at all times prior
to the UK Accession Date, and (ii) $10,000,000 at all times thereafter.

 

"Borrowing
Base Certificate" has the meaning specified in Section 7.11(e).

 

"Borrowing
Base Company" means a U.S. Borrowing Base Company, a Canadian Borrowing Base Company, a UK Borrowing Base Company or a
Dutch Borrowing Base Company.

 

"Borrowing
Date" means the date on which a Borrowing is obtained.

 

"Business Day"
means any day other than a Saturday, a Sunday or any other day on which commercial banks in New York, New York are required or
permitted by law to close. When used in connection with any (i)  LIBOR Rate Advance in Dollars or Sterling, a Business Day
shall also exclude any day on which commercial banks are not open for dealings in Dollar and Sterling deposits in the London interbank
market, (ii) LIBOR Rate Advance in Euro, a Business Day shall also exclude any day that is not a TARGET Day, and (iii) a
BA Rate Loan or Canadian Prime Rate Loan, a Business Day shall also exclude any day on which commercial banks are authorized to
close under the laws of, or are in fact closed in, Toronto, Ontario.

 

    -11-

     

    

 

"Business Plan"
means a business plan of the Loan Parties and their Subsidiaries, consisting of consolidated projected balance sheets, related
cash flow statements and related profit and loss statements, together with appropriate supporting details and a statement of the
underlying assumptions, which (a) as of the Closing Date, covers a four year period and (b) for business plans delivered
after the Closing Date, covers a one year period, and, in each case, which is prepared on a monthly basis for the first year and
a quarterly basis thereafter.

 

"Canadian Borrowing
Base Companies" means TISI Canada Inc. and such other Subsidiaries organized under the laws of Canada as the Borrower
Agent and the Agent may from time to time reasonably agree to become Canadian Borrowing Base Companies.

 

"Canadian Dollars"
or "C$" means the lawful currency of Canada.

 

"Canadian Guarantor"
means any Guarantor organized under Canadian law.

 

"Canadian Prime
Rate" means, as of any date, the rate of interest representing the greater of (a) the per annum rate of interest
quoted or established as the “prime rate” of the Agent which it quotes or establishes for such day as its reference
rate of interest in order to determine interest rates for commercial loans made by it in Canadian Dollars in Canada to Canadian
borrowers and (b) one month CDOR, plus 1.00%, adjusted automatically with each quoted or established change in such rate;
provided, that, if the Canadian Prime Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.
When used in reference to any Loan or Borrowing, “Canadian Prime Rate” shall refer to whether such Revolving Credit
Loan, or the Revolving Credit Loans comprising such Borrowing, bear interest at a rate determined by reference to the Canadian
Prime Rate as set forth in the preceding sentence.

 

"Canadian Prime
Advance" means an Advance that bears interest as provided in Section 4.1(c).

 

"Canadian Prime
Rate Loan" means Revolving Credit Loans denominated in Canadian Dollars bearing interest based upon the Canadian Prime
Rate.

 

"Canadian Priority
Payables" means, as of any date of determination, the amount due and owing (whether or not past due) by any Loan Party
or for which a Loan Party has an obligation to remit to a Governmental Authority pursuant to any applicable law in respect of which
any Governmental Authority may claim an Lien or other claim ranking or capable of ranking prior to or pari passu with the Liens
in favour of the Agent against all or part of the Collateral, including, without limitation, in respect of pension fund obligations,
employment insurance, GST, HST, sales taxes and other taxes payable or to be remitted or withheld, employee withholds, vacation
pay, termination and severance pay, employee salaries and wages, workers' compensation assessment, Wage Earner Protection Program
Act (Canada), Canada pension plan payments, municipal taxes and claims by public utilities and other like charges and demands

 

"Canadian Registered
Pension Plan" means a pension plan subject to (i) the Pension Benefits Act (Ontario) or any other applicable provincial,
territorial, or federal pension benefits standards legislation as amended from time to time and any successor statute or (ii) a
 "registered pension plan" as that term is defined in subsection 248(1) of the Tax Act.

 

    -12-

     

    

 

"Canadian Security
Agreement" means a guaranty and security agreement, dated as of even date with this Agreement, in form and substance reasonably
satisfactory to Agent, executed and delivered by each of the Canadian Loan Parties to Agent.

 

"Canadian Security
Documents" means the Canadian Security Agreement, any share pledge agreement governed by Canadian law which provides for
a Lien in favor of  the Agent as security for any of the Obligations, and each other agreement, document or instrument executed
by any Loan Party governed by Canadian law which provides for a Lien in favor of  the Agent as security for any of the Obligations

 

"Capital Expenditures"
means, for any period of four consecutive fiscal quarters, for Borrower Agent and its Subsidiaries on a consolidated basis, consolidated
expenditures during such period that are required to be included in or are reflected by the consolidated property, plant, or equipment
accounts of Borrower Agent or any of its Subsidiaries, or any similar fixed asset or improvements, replacements, substitutions
or additions thereto or therefor which have a useful life of more than one year, and shall include all payments in respect of Capitalized
Lease Obligations and leasehold improvements, in each case on the balance sheet of Borrower Agent and its Subsidiaries in conformity
with GAAP.

 

"Capital Lease"
means a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP.

 

"Capitalized
Lease Obligations" means that portion of the obligations under a Capital Lease which, under GAAP, is or will be required
to be capitalized on the books of the lessee, taken at the amount thereof accounted for as Indebtedness (net of Interest Expense)
in accordance with GAAP.

 

"Cash Dominion
Period" means the period (i) commencing on the date that (A) any Event of Default occurs or (B) Excess
Availability is less than the greater of (x) $18,750,000 and (y) 12.5% of the Line Cap as of such date, in either case
for five (5) consecutive Business Days and (ii) continuing until a period of thirty (30) consecutive days has elapsed
during which at all times (A) no Event of Default shall exist and (B) Excess Availability has equaled or exceeded the
greater of (x) $18,750,000 and (y) 12.5% of the Line Cap on each day in such period.

 

"Cash Equivalents"
means (i) securities issued, guaranteed or insured by the United States or any of its agencies with maturities of not more
than one year from the date acquired; (ii) certificates of deposit with maturities of not more than one year from the date
acquired, issued by (A) a Lender or its Affiliates; (B) any U.S. federal or state chartered commercial bank of recognized
standing which has capital and unimpaired surplus in excess of $500,000,000; or (C) any bank or its holding company that has
a short-term commercial paper rating of at least A 1 or the equivalent by Standard & Poor's Ratings Services or at
least P 1 or the equivalent by Moody's Investors Service, Inc.; (iii) repurchase agreements and reverse repurchase
agreements with terms of not more than thirty (30) days from the date acquired, for securities of the type described in clause (i) above
and entered into only with commercial banks having the qualifications described in clause (ii) above or such other financial
institutions with a short-term commercial paper rating of at least A 1 or the equivalent by Standard & Poor's Ratings
Services or at least P 1 or the equivalent by Moody's Investors Service, Inc.; (iv) commercial paper, other than
commercial paper issued by Borrowers or any of its Affiliates, issued by any Person incorporated under the laws of the United States
or any state thereof and rated at least A 1 or the equivalent thereof by Standard & Poor's Ratings Services or at
least P 1 or the equivalent thereof by Moody's Investors Service, Inc., in each case with maturities of not more than
one year from the date acquired; and (v) investments in money market funds registered under the Investment Company Act of 1940,
which have net assets of at least $500,000,000 and at least eighty-five percent (85%) of whose assets consist of securities
and other obligations of the type described in clauses (i) through (iv) above.

 

    -13-

     

    

 

"Cash Management
Services" means any one or more of the following types of services or facilities: (i) credit cards, merchant card
services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services, (ii) treasury
management services (including controlled disbursement, overdraft automatic clearing house fund transfer services, return items,
and interstate depository network services) and (iii) any other demand deposit or operating account relationships or other
cash management services.

 

"CDOR"
means, on any date for any applicable period, the stated average per annum rate of interest for Canadian bankers’ acceptances
expressed as a percentage for a term comparable to such period that appears on the display referred to as the "CDOR Page"
(or any substitute therefor) of Refinitiv Benchmark Services (UK) Limited (or any successor thereto or Affiliate thereof) at 10:00
a.m. (Toronto time) on such date, or if such date is not a Business Day, then on the immediately preceding Business Day, or,
if no such display is available, the average of the rates for such period applicable to Canadian Dollar bankers’ acceptances
for a term comparable to such period quoted by the banks listed in Schedule I of the Bank Act (Canada) at approximately 10:00 a.m. (Toronto
time) on such date; provided, that, if CDOR shall be less than 0.75%, such rate shall be deemed 0.75% for purposes of this Agreement.

 

"CFC"
means a "controlled foreign corporation" within the meaning  of Section 957 of the Code in which any Loan Party
or direct or indirect owner of a Loan Party is a "United States shareholder" within the meaning of Section 951(b) of
the Code.

 

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

 

    -14-

     

    

 

"Change of
Control" means that:

 

(i)            any
Person or two or more Persons acting in concert, shall have acquired beneficial ownership, directly or indirectly, of Equity Interests
of the Borrower Agent (or other securities convertible into such Equity Interests) representing 35% or more of the combined voting
power of all Equity Interests of the Borrower Agent entitled (without regard to the occurrence of any contingency) to vote for
the election of members of the Governing Body of the Borrower Agent,

 

(ii)           Borrowers
fail to own and control, directly or indirectly, 100% of the Equity Interests of each other Loan Party except where such failure
is as a result of a transaction permitted under the Loan Documents, or

 

(iii)          a
change in control or similar event with respect to any Loan Party, as defined or described under any indenture or agreement in
respect of Material Indebtedness to which any Loan Party is a party, shall have occurred.

 

"Citibank"
means Citibank, N.A., a national banking association and any of its Affiliates including Citigroup Inc.

 

"Claims"
has the meaning specified in Section 12.4(a).

 

"Closing Date"
means the date of the making of the initial Revolving Credit Loan (or other extension of credit) under this Agreement.

 

"Code"
means the Internal Revenue Code of 1986, as in effect from time to time, and all regulations and guidelines promulgated thereunder.

 

"Collateral"
means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by any Loan Party or its Subsidiaries
in or upon which a Lien is granted by such Person in favor of Agent or the Lenders under any of the Loan Documents.

 

"Collateral
Access Agreements" means a landlord waiver, mortgagee waiver, bailee letter or similar acknowledgment of any lessor, warehouseman
or processor in possession of any Collateral or on whose property any Collateral is located in form and substance satisfactory
to Agent.

 

"Collateralization"
and "Collateralize" each means, (i) with respect to any Letter of Credit, the deposit by Borrowers in a cash
collateral account established and controlled by or on behalf of Agent of an amount equal to 103% (or 115% with respect to
Alternate Currency Letters of Credit) of the undrawn amount of such Letter of Credit or, if Agent and the Letter of Credit Issuer
shall agree in their reasonable discretion, the provision of other credit support, in each case, pursuant to documentation in form
and satisfactory reasonably satisfactory to Agent and the Letter of Credit Issuer, and (ii) with respect to any Bank Product
Obligation, the deposit by Borrowers in a cash collateral account established and controlled by or on behalf of Agent of an amount
equal to 103% of the amount of such Bank Product Obligation as reasonably determined by Agent and the applicable Bank Product
Provider to be sufficient to satisfy the estimated credit exposure with respect to such Bank Product Obligation at such time, pursuant
to documentation in form and satisfactory reasonably satisfactory to Agent and the applicable Bank Product Provider.

 

    -15-

     

    

 

"Collections"
means all cash, funds, checks, notes, instruments, any other form of remittance tendered by account debtors in respect of payment
of Receivables of the Loan Parties and any other payments received by the Loan Parties with respect to any Collateral.

 

"Commercial
Tort Claims" means all commercial tort claims, and includes those commercial tort claims listed on Schedule 3.4(a).

 

"Commitments"
means, collectively, the Revolving Credit Commitments and any other commitments that the Lenders may from time to time make to
Borrowers pursuant hereto for the extension of any credit or other financial accommodation (but excluding any Bank Product Obligations).

 

"Commodity
Exchange Act" means the Commodity Exchange Act (7 U.S.C. Section 1 et seq.), as amended from time to time,
and any successor statute, and all regulations and guidelines promulgated thereunder

 

"Communications"
has the meaning specified in Section 12.25(b).

 

"Compliance
Certificate" has the meaning specified in Section 7.11(d).

 

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

 

"Consolidated
Fixed Charge Coverage Ratio" means, for any period, with respect to the Loan Parties and their Subsidiaries, on a consolidated
basis in accordance with GAAP, as of the date of determination thereof, and without duplication of any items, the ratio of (i) EBITDA
for such period, minus all Unfinanced Capital Expenditures paid or payable during such period, to (ii) the sum of (A) all
principal amounts of Indebtedness (excluding payments of Revolving Credit Loans, prepayments with respect to the 2017 Senior Convertible
Notes and payments in connection with Refinancing Indebtedness) paid or payable during such period, plus (B) all Interest
Expense (excluding paid-in-kind interest) and all fees for the use of money or the availability of money, including commitment,
facility and like fees and charges upon Indebtedness (including Indebtedness to Agent or the Lenders) paid or payable during such
period, plus (C) without limitation of the restrictions specified in Section 8.9, all dividends, redemptions, repurchases
or other distributions paid or payable in cash on account of Borrower Agent's Equity Interests during such period, plus (D) all
cash Tax Expense paid or payable (net cash Tax refunds actually received) during such period, plus (E) all amounts paid or
payable on account of Capital Leases during such period.

 

"Consolidated
Tangible Assets" means, as of any date of determination, Consolidated total assets of the Borrower and its Subsidiaries
as of that date, determined in accordance with GAAP minus the Intangible Assets of the Borrower Agent and its Subsidiaries on that
date. When used solely in such definition of "Consolidated" means such items on a consolidated basis in accordance with
the consolidation principles of GAAP.

 

    -16-

     

    

 

"Contingent
Acquisition Indebtedness" means a seller note, any earn-out obligation or similar deferred or contingent obligation of
a Borrower or any Subsidiary of a Borrower incurred or created in connection with hereunder; provided that all such obligations
in an aggregate amount in excess of $2,000,000 shall be subordinated to the Obligations as to right and time of payment and as
to other rights and remedies thereunder and having such subordination and other terms as are, in each case, satisfactory to Agent
in its Permitted Discretion.

 

"Contingent
Obligation" means any direct, indirect, contingent or non-contingent guaranty or obligation for the Indebtedness of another
Person, except endorsements in the ordinary course of business.

 

"Contribution
Notice" means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the Pensions Act
2004.

 

"Control"
shall mean 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 ownership of voting securities, by contract or otherwise, and the terms "Controlling"
and "Controlled" shall have meanings correlative thereto.

 

"Control Agreement"
shall mean, with respect to any deposit account, securities account or commodity account maintained in the United States, an agreement,
in form and substance reasonably satisfactory to Agent and the Loan Party maintaining such account, among Agent, the financial
institution or other Person at which such account is maintained and the Loan Party maintaining such account, effective to grant
 "control" (within the meaning of Articles 8 and 9 under the applicable UCC) over such account to Agent or,
with respect to any jurisdiction outside the United States, any equivalent agreement or notice under applicable foreign (or non-United
States) law required by such law to perfect, or give notice to the applicable depository institution of, a Lien in underlying property
in accordance with, and enforceable under, such law.

 

"Convert,"
 "Conversion" and "Converted" each refers to conversion of Advances of one Type into Advances
of another Type pursuant to Section 2.3(c).

 

"Copyright
Security Agreement" means a copyright security agreement, in form and substance reasonably satisfactory to Agent, pursuant
to which each Loan Party that has Copyrights shall grant a specific security interest as security for the Obligations, as amended,
restated, supplemented or otherwise modified from time to time.

 

"Copyrights"
means (i) any and all copyright rights in any works subject to the copyright laws of the United States, Canada, the United
Kingdom or the Netherlands or any other country or group of countries, whether as author, assignee, transferee or otherwise, (ii) all
registrations and applications for registration of any such copyright in the United States, Canada, the United Kingdom or the Netherlands
or any other country or group of countries, including registrations, supplemental registrations and pending applications for registration
in the United States Copyright Office and the right to obtain all renewals thereof, including those listed on Schedule 6.1(w);
(iii) all claims for, and rights to sue for, past or future infringements of any of the foregoing; and (iv) all income,
royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments
for past or future infringement thereof.

 

    -17-

     

    

 

"Corresponding
Tenor" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

"Covenant Testing
Period" means a period (i) commencing on the last day of the fiscal quarter most recently ended prior to the occurrence
of a Covenant Trigger Event for which Borrowers were required to deliver to Agent quarterly Financial Statements pursuant to the
terms of this Agreement, and (ii) continuing until a period of thirty (30) consecutive days has elapsed from the date of the
occurrence of such Covenant Trigger Event during which period at all times Excess Availability has equaled or exceeded the greater
of (A) $15,000,000 and (B) 10% of the Line Cap.

 

"Covenant Trigger
Event" means the failure of Borrowers to have Excess Availability in an amount of at least the greater of (i) $15,000,000
and (ii) 10% of the Line Cap at such time.

 

"Covered Entity"
means any of the following:  (a) a "covered entity" as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); (b) a "covered bank" as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or (c) a "covered FSI" as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).

 

"Covered Party"
has the meaning specified therefor in Section 12.32 of this Agreement.

 

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

 

"Debtor Relief
Laws" means the Bankruptcy Code, the Bankruptcy and Insolvency Act (Canada), the Companies' Creditors
Arrangement Act (Canada), the Winding up and Restructuring Act (Canada), the debt and/or securities reorganization provisions
of the Canada Business Corporations Act, the Business Corporations Act (Ontario), the Insolvency Act 1986, the Dutch
Bankruptcy Code (Faillissementswet) and all other liquidation, conservatorship, receivership, insolvency, reorganization
or similar debtor relief laws of the United States or other any other comparable and applicable jurisdictions from time to time
in effect and affecting the rights of creditors generally.

 

"Default"
means any of the events specified in Section 10.1, which, with the giving of notice or lapse of time, or both, or the satisfaction
of any other condition, would constitute an Event of Default.

 

"Default Right"
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

"Defaulting
Lender" any Lender that (i) has failed to perform any funding obligations hereunder, including in respect of the
making of Revolving Credit Loans, the settlement of any Swingline Loans, Protective Advances or Overadvances, or the funding of
any risk participations in Letters of Credit and such failure is not cured within three (3) Business Days; (ii) has notified
Agent, any other Lender or any Loan Party that such Lender does not intend to comply with its funding obligations hereunder or
has made a public statement to the effect that it does not intend to comply with its funding obligations hereunder or under any
other credit facility; (iii) has failed, within three (3) Business Days following request by Agent or Borrower Agent,
to confirm in a manner satisfactory to Agent or Borrower Agent that such Lender will comply with its funding obligations hereunder;
(iv) has become the subject of a Bail-In Action; or (v) has, or has a direct or indirect parent company that has, become
the subject of an Insolvency Event or taken any action in furtherance thereof; provided, that a Lender shall not be a Defaulting
Lender solely by virtue of a Governmental Authority's ownership of an equity interest in such Lender or parent company. Any determination
by Agent that a Lender is a Defaulting Lender shall be conclusive and binding absent manifest error, and such Lender shall be deemed
to be a Defaulting Lender upon delivery of written notice of such determination to Borrowers, the Letter of Credit Issuer, the
Swingline Lender and each Lender.

 

    -18-

     

    

 

"Designated
Jurisdiction" means a country or territory that is the target of broad, country-wide or territory-wide Sanctions, which
countries and territories, as of the date hereof, are the Crimea region, Cuba, Iran, North Korea and Syria.

 

"Dilution"
means, as of any date of determination, an amount, expressed as a percentage, equal to (a) the Dollar amount of non-cash reductions
to Borrowers' Receivables, including bad debt write-downs, discounts, volume rebates, credits, or other dilutive items during the
most recently ended period of twelve (12) fiscal months, divided by (b) Borrowers' billings with respect to Receivables
during such period.

 

"Dilution Reserve"
means, as of any date of determination, a reserve for Dilution equal to (a) with respect Investment Grade Receivables, applicable
Dilution and (b) with respect to Eligible Receivables that are not Investment Grade Receivables, applicable Dilution in excess
of 5%.

 

"Disqualified
Equity Interests" means any Equity Interests that, by their terms (or by the terms of any security or other Equity Interests
into which they are convertible or for which they are exchangeable), or upon the happening of any event or condition (i) mature
automatically or are mandatorily redeemable (other than solely for Equity Interests issued by Borrowing Agent (and not by one or
more of its Subsidiaries) that are not Disqualified Equity Interests), 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), (ii) are redeemable at the option of the holder thereof (other than solely
for Equity Interests issued by Borrowing Agent (and not by one or more of its Subsidiaries) that are not Disqualified Equity Interests),
in whole or in part, (iii) provide for the scheduled payments of dividends in cash that are payable without further action
or decision of Borrowing Agent, or (iv) are or become convertible into or exchangeable for Indebtedness or any other Equity
Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is one hundred twenty (120)
days after the Termination Date.

 

"Dollar Equivalent"
means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount
denominated in an Alternate Currency, the equivalent amount thereof in Dollars as determined by the Agent at such time on the basis
of the Spot Rate (determined in respect of the most recent Revaluation Date or other relevant date of determination) for the purchase
of Dollars with such other currency.

 

    -19-

     

    

 

"Dollars"
and the sign "$" means freely transferable lawful currency of the United States of America.

 

"Dutch Borrowing
Base Companies" means Quest Integrity NLD B.V., Team Industrial Services Netherlands, B.V., Threshold Inspection &
Application Training B.V. and Quality Inspection Services B.V. and such other Subsidiaries organized under Dutch law as the Borrower
Agent and the Agent may from time to time reasonably agree to become Dutch Borrowing Base Companies.

 

"Dutch Guarantor"
means any Guarantor organized under Dutch law.

 

"Dutch Loan
Party" means any Loan Party organized under Dutch law.

 

"Dutch Security
Agreements" means each of the following Dutch law governed security agreements among the Agent as pledgee and the Loan
Parties party thereto as pledgors:

 

(a)            the
senior ranking security agreement among the Agent as pledgee and the Loan Parties party thereto as pledgors in relation to the
ABL Priority Collateral; and

 

(b)            the
junior ranking security agreement among the Agent as pledgee and the Loan Parties party thereto as pledgors in relation to the
Term Loan Priority Collateral.

 

"Dutch Security
Documents" means each of the Dutch Security Agreements, each of the Dutch Share Pledges, and each other agreement, document
or instrument executed by any Loan Party governed by Dutch law which provides for a Lien in favor of the Agent as security for
any of the Obligations.

 

"Dutch Share
Pledges" means each of the following Dutch law governed notarial deed of pledge of shares:

 

(a)            a
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Team Industrial Services
Netherlands B.V. as company;

 

(b)            a
deed of pledge of shares among the Agent as pledgee, Quest Integrity EU Holdings B.V. as pledgor and Quest Integrity NLD B.V. as
company;

 

(c)            a
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Threshold Inspection &
Application Training Europe B.V. as company;

 

(d)            a
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Quality Inspection Services
B.V. as company;

 

    -20-

     

    

 

(e)            a
deed of pledge of shares among the Agent as pledgee, A&M Beheer B.V. as pledgor and Turbinate International B.V. as company;

 

(f)             a
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Team Valve Repair Services
B.V. as company;

 

(g)            a
deed of pledge of shares among the Agent as pledgee, Quest Integrity EU Holdings B.V. as pledgor and A&M Beheer B.V. as company;

 

(h)            a
deed of pledge of shares among the Agent as pledgee, Quest Integrity Group, LLC as pledgor and Quest Integrity EU Holdings, B.V.
as company;

 

(i)             a
deed of pledge of shares among the Agent as pledgee, Quest Integrity NLD B.V. as pledgor and P3 Pullen Polyurethane Products B.V.
as company;

 

(j)             a
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Netherlands B.V. as pledgor and Teaminc Europe B.V.
as company;

 

(k)            a
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Furmanite B.V. as company;

 

(l)             a
deed of pledge of shares among the Agent as pledgee, Team Industrial Services International, Inc. as pledgor and Team Industrial
Services Europe B.V. as company; and

 

(m)            a
deed of pledge of shares among the Agent as pledgee, Team Industrial Services Europe B.V. as pledgor and Furmanite Holding B.V.
as company.

 

"Early Opt-in
Election" means the occurrence of the following on or after December 31, 2020:

 

		(1)	if the then-current Benchmark is USD LIBOR, a notification by the Agent to (or the request by the
Borrower Agent to the Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated
syndicated credit facilities in the U.S. syndicated loan market at such time contain (as a result of amendment or as originally
executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated
credit facilities are identified in such notice and are publicly available for review), and

 

		(2)	the joint election by the Agent and the Borrower Agent to trigger a fallback from USD LIBOR or
any other Benchmark and the provision by the Agent of written notice of such election to the Lenders.

 

    -21-

     

    

 

"EBITDA"
means, for any period, with respect to the Borrower Agent and its Subsidiaries on a consolidated basis in accordance with GAAP,
Net Income for such period (i) plus in each case, to the extent deducted in determining Net Income for such period:

 

(a)            the
amount of depreciation and amortization of fixed and intangible assets during such period, plus

 

(b)            all
Interest Expense and all fees for the use of money or the availability of money, including commitment, facility and like fees and
charges upon Indebtedness (including Indebtedness to Agent or Lenders) paid or payable during such period, without duplication,
plus

 

(c)            net
Tax Expense paid or accrued during such period, without duplication, plus

 

(d)            the
amount of all stock based compensation during such period, plus

 

(e)            the
amount of all unusual or non-recurring charges or expenses during such period (not to exceed in the aggregate with clause (i)(l) below
15% of EBITDA for any such period without giving effect to this clause (i)(e) or clause (i)(l)), plus

 

(f)             the
amount of out-of-pocket expenses incurred during such period and prior to or one hundred eighty (180) days after the Closing Date
in connection with this Agreement, the Loan Documents, the Term Loan Documents and the repurchase of the 2017 Senior Convertible
Notes in an aggregate amount not to exceed $5,000,000, plus

 

(g)            financing
fees, financial and other advisory fees, accounting fees, legal fees (and similar advisory and consulting fees), and related costs
and expenses incurred during such period by the Borrower Agent or any Subsidiary in connection with Permitted Acquisitions and
asset sales permitted by Section 8.5 (whether or not consummated) (not to exceed with respect to any such transaction, $2,500,000),
plus

 

(h)            any
loss in connection with any disposition of assets during such period, plus

 

(i)             non-cash
negative adjustments during such period for currency exchanges in accordance with GAAP, plus

 

(j)             non-cash
losses from foreign exchange conversions and mark-to-market adjustments to foreign exchange hedge agreements (or other derivatives)
during such period, plus

 

(k)            the
aggregate amount of all non-cash charges, expenses, fees or losses during such period, plus

 

(l)             business
optimization expenses and other restructuring charges or reserves (which, for the avoidance of doubt, shall include the effect
of inventory optimization programs, facility, district, office or business unit closures, facility, district, office or business
unit consolidations, retention, severance, systems establishment costs, contract termination costs, future lease commitments and
excess pension charges) (not to exceed in the aggregate with clause (i)(e) above 15% of EBITDA for any such period without
giving effect to this clause (i)(l) or clause (i)(e)).

 

    -22-

     

    

 

(ii) less in each case, to
the extent included in determining Net Income for such period:

 

(a)            the
amount of all non-recurring gains during such period, less

 

(b)            any
gain in connection with any disposition of assets, less

 

(c)            non-cash
positive adjustments for currency exchanges in accordance with GAAP, less

 

(d)            non-cash
gains from foreign exchange conversions and mark-to-market adjustments to foreign exchange hedge agreements (or other derivatives),
less

 

(e)            the
aggregate amount of all non-cash gains during such period.

 

Notwithstanding anything
to the contrary contained herein, for purposes of calculating the Consolidated Fixed Charge Coverage Ratio for any period that
includes the fiscal quarters ended December 31, 2019, March 31, 2020, June 30, 2020 or September 30, 2020,
(1) EBITDA for the fiscal quarter ended on March 31, 2020 shall be deemed to be ($3,599,000), (2) EBITDA for the
fiscal quarter ended June 30, 2020 shall be deemed to be $13,461,000, and (3) EBITDA for the fiscal quarter ended September 30,
2020 shall be deemed to be $19,163,000.

 

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

 

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

 

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

 

"Eligible Assignee"
means (i) a Lender or any Affiliate thereof; (ii) a commercial bank organized or licensed under the laws of the United
States or a state thereof having total assets in excess of $1,000,000,000; (iii) a finance company, insurance company or other
financial institution or fund, which is regularly engaged in making, purchasing or investing in loans and having total assets in
excess of $1,000,000,000; or (iv) a savings and loan association or savings bank organized under the laws of the United States
or a state thereof which has a net worth, determined in accordance with GAAP, in excess of $500,000,000; provided, that
(A) none of any owner of Equity Interests of a Loan Party, any Loan Party or any of their respective Affiliates shall qualify
as an Eligible Assignee, (B) neither a natural person nor a Defaulting Lender shall qualify as an Eligible Assignee, (C) each
Eligible Assignee under clauses (ii) through (iv) hereof shall be reasonably acceptable to and subject to the consent
of Agent (not to be unreasonably withheld), (D) nothing herein shall restrict or require the consent of any Person to the
pledge by any Lender of all or any portion of its rights and interests under this Agreement, its Notes or any other Loan Document
to any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System or U.S. Treasury
Regulation 31 CFR 203.14, and such Federal Reserve Bank may enforce such pledge in any manner permitted by applicable
law and (E) no holder of Term Loan Obligations shall qualify as an Eligible Assignee.

 

    -23-

     

    

 

 

"Eligible Foreign
Receivables" means those Receivables of any UK Borrowing Base Company or Dutch Borrowing Base Company that are Eligible
Receivables.

 

"Eligible Investment
Grade Receivables" means those Investment Grade Receivables that are Eligible Receivables.

 

"Eligible Non-Investment
Grade Receivables" means those Non-Investment Grade Receivables that are Eligible Receivables.

 

"Eligible Inventory"
means Inventory of a U.S. Borrowing Base Company, that complies with each of the representations and warranties respecting Eligible
Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding criteria
set forth below; provided, that such criteria may be revised from time to time by Agent in Agent's Permitted Discretion
to address the results of any information with respect to U.S. Borrowing Base Companies' business or assets of which Agent becomes
aware after the Closing Date, including any field examination or appraisal performed or received by Agent from time to time after
the Closing Date. Without limitation of the foregoing, no item of Inventory shall be Eligible Inventory:

 

(i)            unless
Agent has a perfected first priority Lien thereon and it is otherwise free and clear of any Lien in favor of any Person other than
Permitted Liens;

 

(ii)           if
it is not in the control or possession of such U.S. Borrowing Base Company and is covered by a warehouse receipt, a bill of lading
or other document of title, unless such warehouse receipt, bill of lading or other document of title covering such Inventory is
issued in the name of or is otherwise endorsed to and held by Agent;

 

(iii)          if
it is located on real property leased by a U.S. Borrowing Base Company or in a contract warehouse or with a bailee, in each case,
unless either (A) it is subject to a Collateral Access Agreement executed by the lessor or warehouseman, as the case may be;
provided, however, the U.S. Borrowing Base Companies shall have ninety (90) days subsequent to the Closing Date (or
such later date approved by the Agent) in which to obtain a landlord or warehousemen agreement for its leased or third party warehouse
locations and Inventory at such leased or warehouse locations which would otherwise be "Eligible Inventory" but for such
requirement shall be deemed to be "Eligible Inventory" during such period, or (B) Agent has established a Rent and
Charges Reserve with respect to such location, and in each case such Inventory is segregated or otherwise separately identifiable
from goods of others, if any, stored on the premises;

 

    -24-

     

    

 

(iv)          if
it is not located at one of the locations in the United States set forth on Schedule E-1 to this Agreement (as such
Schedule E-1 may be amended from time to time with the prior written notice to Agent) (or in-transit from one such
location to another such location);

 

(v)           if
it is consigned to or from a U.S Borrowing Base Company;

 

(vi)           if
it is not owned solely by a U.S. Borrowing Base Company or such U.S. Borrowing Base Company does not have sole and good, valid
and marketable title thereto;

 

(vii)         if
it is packing or shipping materials;

 

(viii)        if
it (A) is excess (as so determined by a U.S. Borrowing Base Company from time to time or as otherwise determined by Agent,
in its Permitted Discretion), (B) is obsolete, defective, damaged, slow moving or unmerchantable, (C) consists of samples
or inventory on hand which is used for promotional and other sales activities, or (D) consists of "seconds" or goods
returned or rejected by a U.S. Borrowing Base Company's customers;

 

(ix)          if
it is repossessed, attached, seized, made subject to a writ or distress warrant, levied upon or brought within the possession of
any receiver, trustee, custodian or assignee for the benefit of creditors;

 

(x)           if
it does not conform in all material respects to all requirements of law pertaining to its manufacture, including the Fair Labor
Standards Act;

 

(xi)          [reserved];

 

(xii)         it
consists of waste or Hazardous Materials;

 

(xiii)        unless
it is covered by casualty insurance in accordance with Section 7.6;

 

(xiv)        if
it is subject to any licensing or similar contractual arrangement limiting its sale;

 

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

 

(xvi)        if
and to the extent that the general ledger amount of such Inventory exceeds the perpetual inventory amount thereof;

 

(xvii)       if
Agent, in its Permitted Discretion, has deemed it to not be Eligible Inventory;

 

    -25-

     

    

 

(xviii)      if
it was acquired in connection with a Permitted Acquisition or Permitted Investment, or such Inventory is owned by a Person that
is joined to this Agreement as a U.S. Borrowing Base Company pursuant to the provisions of this Agreement, until the completion
of an Acceptable Appraisal of such Inventory, the results of which shall be satisfactory to Agent in its Permitted Discretion and
the completion of a field examination with respect to such Inventory that is satisfactory to Agent in its Permitted Discretion;

 

For avoidance of doubt, any Inventory that
is not, or otherwise ceases to be, Eligible Inventory at any time, nevertheless shall be at all times part of the Collateral.

 

"Eligible Receivables"
means those Receivables created by a Borrowing Base Company in the ordinary course of its business, that arise out of such Borrowing
Base Company's sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible
Receivables made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria
set forth below; provided, that such criteria may be revised from time to time by Agent in Agent's Permitted Discretion
to address the results of any information with respect to Borrowing Base Companies' business or assets of which Agent becomes aware
after the Closing Date, including any field examination performed by (or on behalf of) Agent from time to time after the Closing
Date. Without limitation of the foregoing, no Receivable shall be an Eligible Receivable:

 

(i)            unless
such Receivable constitutes the legal, valid and binding obligation of the account debtor, enforceable in accordance with its terms;

 

(ii)           if,
in relation to Receivables of a Dutch Borrowing Base Company or a UK Borrowing Base Company, such Receivable cannot or may not
be transferred, assigned or pledged;

 

(iii)          if
the account debtor is, or is controlled by, an Affiliate or owner of any Loan Party, or an employee, officer or director of any
Loan Party or any Affiliate or owner of any Loan Party;

 

(iv)          if
the amount payable in respect of such Receivable is the subject of renegotiation or redating;

 

(v)           unless
Agent has a perfected first priority Lien thereon (or a floating charge with respect to UK Borrowing Base Companies) and such Receivable
is otherwise free and clear of any Lien in favor of any Person other than Permitted Liens;

 

(vi)            if
(A) the goods giving rise to such Receivable have not been shipped and billed to the account debtor or (B) the services
giving rise to such Receivable have not been performed and billed to the account debtor;

 

(vii)         if
such Receivable is more than ninety (90) days past the date of the original invoice therefor or more than sixty (60) days past
its due date for payment, whichever is the shorter period (provided that an aggregate amount of Receivables not to exceed $15,000,000
as of any date of determination shall not be ineligible solely this clause (vii) due being more than ninety (90) days past
the date of the original invoice therefor, so long as such Accounts are not more than one hundred twenty (120) days past the date
of the original invoice therefor);

 

    -26-

     

    

 

(viii)        if,
in relation to Receivables of a UK Borrowing Base Company, such Receivable is not governed by English law;

 

(ix)          if
a Borrowing Base Company's right to receive payment is not absolute or is contingent upon the fulfillment of any condition whatsoever,
including any "sale on approval," "sale or return," "guaranteed sale" or sale on consignment, or
a Borrowing Base Company's right to receive payment is subject to any right of rescission, repurchase or reclamation;

 

(x)           if
the sale arises from any "bill and hold" or other sale of goods which remain in a Borrowing Base Company's possession
or under such Borrowing Base Company's control;

 

(xi)          if
and to the extent the invoiced amount consists of or includes interest payments, late charges, finance charges or service charges
owing to a Borrowing Base Company, but only to the extent of such payments or charges;

 

(xii)         if
the terms of sale are "cash on delivery" or "cash before delivery";

 

(xiii)        if
the account debtor or any Affiliate of the account debtor has disputed liability or has asserted a claim, right of setoff, chargeback,
defense or counterclaim, discount, deduction, reserve, allowance, recoupment or has made any other claim with respect to any other
Receivable due from such account debtor or Affiliate to a Borrowing Base Company, solely to the extent of the amount of such dispute
or claim, or the amount of such actual or asserted right of setoff, defense, counterclaim, chargeback, discount, deduction, reserve,
allowance, recoupment or other claim, as the case may be;

 

(xiv)        if
the account debtor has suspended business or is liquidating, dissolving or winding up its affairs, or the account debtor is insolvent,
or a Borrowing Base Company has received notice of an imminent Insolvency Event or a material impairment of the financial condition
of the account debtor, or the account debtor or a material portion of such account debtor's assets is the subject of an Insolvency
Event, or the account debtor or any Affiliate of the account debtor has called a meeting of its creditors to obtain any general
financial accommodation;

 

(xv)         if
the account debtor is also a supplier to, or creditor of, a Borrowing Base Company, or is otherwise a "contra" account,
whether in respect of contractual allowances with respect thereto, audit adjustments, anticipated discounts or otherwise, but only
to the extent of the aggregate amount owed (or anticipated to be owed) by Borrowing Base Companies to the account debtor in respect
thereto;

 

(xvi)        if
the sale or rendition of services is to an account debtor that either (A) does not maintain its chief executive office in
an Acceptable Account Debtor Jurisdiction, (B) is not organized under an Acceptable Account Debtor Jurisdiction thereof, or
(C) is the government of any foreign country or sovereign state, or of any state, province, municipality, or other political
subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof, unless (i) the Receivable
is supported by an irrevocable letter of credit satisfactory to Agent in its Permitted Discretion that has been delivered to Agent
and is directly drawable by Agent, or (ii) the Account is covered by credit insurance in form, substance, and amount, and
by an insurer, satisfactory to Agent in its Permitted Discretion, and on which Agent is named as "lenders loss payee";

 

    -27-

     

    

 

(xvii)       if
fifty percent (50%) or more of the aggregate balance of the Receivables of any account debtor and its Affiliates owing to Borrowing
Base Companies are deemed ineligible under clause (vii) above;

 

(xviii)      if
the account debtor is (A) the United States of America or any department, agency or instrumentality thereof, unless a Borrowing
Base Company assigns its right to payment under such Receivable to Agent as collateral hereunder in full compliance with (including
the filing of a written notice of the assignment and a copy of the assignment with, and receipt of acknowledgment thereof by, the
appropriate contracting and disbursing offices pursuant to) the Assignment of Claims Act of 1940, as amended (U.S.C. §
3727; 41 U.S.C. § 15) or (B) is the government of any foreign country or sovereign state, or of any state, province,
municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality
thereof;

 

(xix)         if
when aggregated with all other Eligible Receivables owing by the same account debtor (including, for this purpose, Receivables
owing by such account debtor's Affiliates), such Receivable exceeds 25% of aggregate Eligible Receivables (for avoidance of doubt,
only the amount of the Receivable in excess of 25% shall be excluded);

 

(xx)          if
such Receivable is evidenced by a judgment or by an instrument or chattel paper;

 

(xxi)         if
such Receivable represents a progress billing or retainage or if the obligation of the account debtor to pay is subject to a Borrowing
Base Company's completion of further performance or is subject to the equitable lien of any surety bond insurer, but only to the
extent or amount of such limitation;

 

(xxii)        if
such Receivable is payable in any currency other an Acceptable Receivable Currency;

 

(xxiii)       if
the account debtor is located in any State (or Province or Territory of Canada) that requires a creditor to file a business activity
report or similar document, or to qualify to do business in such jurisdiction in order to bring suit in such jurisdiction to recover
on such Receivable unless the relevant Borrowing Base Company (A) had filed and has maintained effective a current notice
of business activities or similar documents with the appropriate office or agency of the applicable jurisdictions or qualified
to do business therein as applicable for the then-current year or if such failure to file and inability to seek judicial enforcement
is capable of being remedied without any material delay or cost, or (B) was and has continued to be exempt from such filing
and has provided Agent with satisfactory evidence thereof;

 

    -28-

     

    

 

(xxiv)      if
Agent believes, in its Permitted Discretion, the collection of such Receivable to be insecure or to be doubtful by reason of the
account debtor's inability or unwillingness to pay;

 

(xxv)       if
Agent, in its Permitted Discretion, has deemed it to not be an Eligible Receivable; or

 

(xxvi)      if
such Receivable is owned by a target acquired in connection with a Permitted Acquisition or Permitted Investment, or is owned by
a Person that is joined to this Agreement as a Borrowing Base Company pursuant to the provisions of this Agreement, and a field
examination with respect to such Receivables, in each case, satisfactory to Agent in its Permitted Discretion, has not been completed.

 

For avoidance of doubt,
any Receivable that is not, or ceases to be, an Eligible Receivable, at any time, nevertheless shall be at all times part of the
Collateral.

 

"Eligible Unbilled
Receivables" means those Receivables of any Borrowing Base Company that would constitute an Eligible Receivable but for
the fact that an invoice or bill has not been delivered with respect thereto for a period of not more than thirty (30) days after
the month during which such Borrowing Base Company has performed the services giving rise to such unbilled Receivable, so long
as such Receivable is properly recorded in such Borrowing Base Company's accounting systems at all times.

 

"English Security
Documents" means: (i) the English law governed debenture to be made between the UK Loan Parties as chargors and the
Agent (the "English Debenture"); (ii) the English law governed share charge and subordinated debt assignment
to be made between each of the holders of shares in the UK Loan Parties (other than UK Loan Parties which are already party to
the English Debenture as chargors) in favour of the Agent (the "English Share Charge") and (iii) each other
agreement, deed, instrument or document executed by any Loan Party governed by English law which provides for a Lien in favour
of the Agent as security for any of the Obligations, in each case in form and substance satisfactory to the Agent.

 

"Entity"
for each Loan Party (other than an individual), means its status, as applicable, as a corporation, limited liability company or
limited partnership.

 

"Environment"
means ambient air, indoor air, surface water (including potable waters, navigable waters and wetlands), groundwater, surface and
subsurface strata, natural resources, wildlife, plant life, biota, and the work place or as otherwise defined in Environmental
Laws.

 

"Environmental
Action" means any summons, citation, notice of investigation or judicial or administrative proceeding, action, suit, abatement
order or other order, judgment, decree or directive (conditional or otherwise) from any Governmental Authority, or any written
notice of violation, complaint, claim, or other demand from any Person arising (i) pursuant to Environmental Laws, (ii) in
connection with any actual or alleged violation of, or liability pursuant to, Environmental Laws, including any Permits issued
pursuant to Environmental Laws, (iii) in connection with any Hazardous Materials, including the presence or Release of, or
exposure to, any Hazardous Materials and any abatement, removal, remedial, corrective or other response action related to Hazardous
Materials, or (iv) in connection with any actual or alleged damage, injury, threat or harm to health, safety or the Environment.

 

    -29-

     

    

 

"Environmental
Laws" means all federal, state, provincial and local statutes, laws (including common laws), rulings, regulations, ordinances,
codes, legally binding and enforceable policies or guidelines or governmental, administrative or judicial directives, judgments,
orders or interpretations of any of the foregoing now or hereafter in effect relating to pollution or protection of human health
or the Environment including laws and regulations relating to emissions, discharges, Releases or threatened Releases of Hazardous
Materials, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
handling of or exposure to any Hazardous Materials, in each case as amended from time to time.

 

"Environmental
Liabilities" means all liabilities, monetary obligations, losses, damages, costs and expenses (including all reasonable
fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation, feasibility study, removal, remediation,
assessment or post remediation monitoring or action), fines, penalties, sanctions, and interest incurred as a result of any Environmental
Action.

 

"Environmental
Lien" means any Lien in favor of any Governmental Authority for Environmental Liabilities.

 

"Equity Interests"
means (i) in the case of a corporation, its capital stock, (ii) in the case of a limited liability company, its membership
interests, and (iii) in the case of a limited partnership, its general and limited partnership interests, including in each
case, all of the following rights relating to such Equity Interests, whether arising under the Governing Documents of the Entity
issuing such Equity Interests or under any applicable law of such Entity's jurisdiction of organization or formation: (x) all
economic rights (including all rights to receive dividends and distributions) relating to such Equity Interests; (y) all voting
rights and rights to consent to any particular actions by the applicable issuer; and (z) all management rights with respect
to such issuer, but, in each case, excluding any debt security convertible into, or exchangeable for, Equity Interests.

 

"ERISA"
means the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1000 et seq., amendments thereto,
successor statutes, and regulations or guidelines promulgated thereunder.

 

"ERISA Affiliate"
means any entity that, together with a Loan Party is required to be treated as a single employer under Section 414(b), (c),
(m) or (o) of the Code, or under Section 4001(a)(14) of ERISA. Any former ERISA Affiliate of any Loan Party shall
continue to be considered an ERISA Affiliate of such Loan Party for purposes of this definition with respect to the period such
entity was an ERISA Affiliate of such Loan Party and with respect to liabilities arising after such period for which such Loan
Party would be liable under the Code or ERISA.

 

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

 

    -30-

     

    

 

"Euro" or
 "€" means the currency of participating member states of the European Union that have adopted a single currency
in accordance with the Treaty on European Union of February 7, 1992.

 

"Event of Default"
means the occurrence of any of the events specified in Section 10.1.

 

"Excess Availability"
means, as of any date, the amount (if any) as of such date by which (i) the Line Cap, exceeds (ii) the sum on such date
of (A) the aggregate principal amount of all Revolving Credit Loans (inclusive of Swingline Loans) then outstanding, plus
(B) the aggregate undrawn amount of all unexpired Letters of Credit then outstanding.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended.

 

"Excluded Property"
means (i) Voting Equity Interests of any CFC (other than a Protected CFC) held by any Loan Party, except to the extent that
such Voting Equity Interests represent no more than 65% (or such higher percentage that would not cause an adverse tax impact pursuant
to Code Section 245A and Treasury Regulation Section 1.956-1 to any Loan Party) of a first tier CFC (other than a Protected
CFC); (ii) any (x) rights or interest in any contract, lease, permit, license, franchise, charter, authorization or license
agreement covering real or personal property of any Loan Party (including any governmental licenses or approvals and state or local
franchises, charters and authorizations, to the extent a security interest in any such license, approval, franchises, charters,
or authorizations are prohibited or restricted thereby) and (y) equipment owned by any Loan Party that is subject to a purchase
money lien or a capital lease obligation if (but only to the extent that and only for so long as such purchase money Indebtedness
or capital lease restricts the granting of a Lien therein to Agent) the grant of a security interest therein would constitute a
violation of a valid and enforceable restriction in favor of a third party if under the terms of such contract, lease, permit,
license, franchise, charter, authorization or license agreement, or applicable law with respect thereto, the grant of a security
interest or lien therein is prohibited as a matter of law or under the terms of such contract, lease, permit, license, franchise,
charter, authorization or license agreement and such prohibition or restriction has not been waived or the consent of the other
party to such contract, lease, permit, license, franchise, charter, authorization or license agreement has not been obtained (provided,
that (A) the foregoing exclusions of this clause (ii) shall in no way be construed (1) to apply to the extent
that any described prohibition or restriction is ineffective under Section 9-406, 9-407, 9-408, or 9-409 of the UCC (or
any successor provision or provisions) or other applicable law, or (2) to apply to the extent that any consent or waiver has
been obtained that would permit Agent's security interest or lien to attach notwithstanding the prohibition or restriction on the
pledge of such contract, lease, permit, license, franchise, charter, authorization or license agreement and (B) the foregoing
exclusions of clauses (i) and (ii) shall in no way be construed to limit, impair, or otherwise affect any of Agent's
or any Lender's continuing security interests in and liens upon any rights or interests of any Loan Party in or to (1) monies
due or to become due under or in connection with any described contract, lease, permit, license, franchise, charter, authorization,
license agreement, or Equity Interests (including any Receivables or Equity Interests), or (2) any proceeds from the sale,
license, lease, or other dispositions of any such contract, lease, permit, license, franchise, charter, authorization, license
agreement, or Equity Interests); (iii) any United States intent-to-use trademark applications to the extent that, and solely
during the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use
trademark applications under applicable federal law; provided, that upon submission and acceptance by the United States Patent
and Trademark Office of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision),
such intent-to-use trademark application shall be considered Collateral; (iv) all leasehold Real Property interests; (v) fee
simple Real Property interest located outside of the United States (other than in the United Kingdom if perfected by means of a
floating charge); (vi) fee simple Real Property interests located in the United States having a fair market value (as determined
in good faith by Borrower Agent) less than $2,500,000 on a per-property basis, and any fee-owned Real Property that is subject
to a Permitted Lien of the type described in clause (v)(B) of the definition thereof (to the extent the documents creating
such Permitted Lien prohibits junior liens); (vii) to the extent subject to certificates of title (or the local law equivalent),
motor vehicles and other assets subject to certificates of title, or any rolling stock; (viii) any demand deposit account,
securities account, commodity account or other deposit account of any Loan Party that (A) is used solely and exclusively for
payroll, payroll taxes, and other employee wage and benefit payments to or for any Loan Party's employees or (B) held as cash
collateral to secure Indebtedness permitted by Section 8.1(j)(ii) (but only to the extent that and only for so long as
that the documentation with respect to such Indebtedness restricts the granting of a Lien therein to Agent); (ix) any asset
in circumstances where the cost of obtaining a security interest therein, including the cost of title insurance, surveys or flood
insurance (if necessary) would be excessive in light of the practical benefit to the Lenders afforded thereby as determined by
the Agent in its Permitted Discretion; and (x) the last day of the term of any lease, sublease or agreement to sublease now
held or subsequently acquired by any of the Loan Parties which is organized under the laws of Canada or any province or territory
therein (it being understood and agreed that the Loan Parties shall stand possessed of such last day in trust for the assignment
and disposal of it as the Agent may direct).

 

    -31-

     

    

 

"Excluded Swap
Obligation" means any obligation of any Loan Party to pay or perform under any Swap Obligation if, and to the extent that,
all or a portion of the guaranty of such Loan Party (including by virtue of the joint and several liability provisions of Section 12.11)
of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any guaranty thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of the Loan Party's failure for any reason to constitute an "eligible
contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time such guaranty or
the grant of such security interest becomes effective with respect to such Swap Obligation (after giving effect to Section 12.29).
If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion
of such Swap Obligation that is attributable to swaps for which such guaranty or security interest is or becomes illegal.

 

"Excluded Taxes"
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (A) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (B) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the Loan or Commitment (other than
pursuant to an assignment request by Borrower under Section 2.11) or (B) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 4.11, amounts with respect to such Taxes were payable either to such
Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending
office, (iii) Taxes attributable to such Recipient's failure to comply with Section 4.11(g), (iv) any U.S. federal
withholding Taxes imposed under FATCA and (v) Taxes imposed under the laws of the Netherlands to the extent such Tax becomes
payable as a result of a Recipient having a substantial interest (aanmerkelijk belang) in a Loan Party as laid down in the
Netherlands Income Tax Act 2001 (Wet inkomstenbelasting 2001).

 

    -32-

     

    

 

"Existing Letters
of Credit" means those letters of credit described on Schedule E-2 to this Agreement.

 

"FATCA"
mean Sections 1471 and 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement
between a non-U.S. jurisdiction and the United States with respect to the foregoing and any law or regulation adopted pursuant
to any such intergovernmental agreement.

 

"Federal Funds
Rate" means, for any day, the fluctuating interest rate per annum equal to the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is
not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day that is a Business Day, the average of the quotations for such day on such transactions received by Agent from three
federal funds brokers of recognized standing selected by it, as determined in good faith by Agent.

 

"Federal Reserve
Board" means the Board of Governors of the Federal Reserve System or any Person succeeding to the functions thereof.

 

"Fee Letter"
means the fee letter dated as of the Closing Date, between Borrower and Agent.

 

"Financial
Covenant" means the covenant set forth in Article VIII.

 

"Financial
Statements" means, with respect to the Borrower Agent and its Subsidiaries, the consolidated balance sheets, consolidated
profit and loss statements and statements of cash flow of the Borrower Agent and its Subsidiaries for the period specified, prepared
in accordance with GAAP and consistent with prior practices and, except in the case of annual audited Financial Statements, a comparison
to the balance sheets, profit and loss statements and statements of cash flow for the same year-to-date and month periods of the
immediately preceding year.

 

"Financial
Support Directions" means a financial support direction issued by the Pensions Regulator under section 43 of the
Pensions Act 2004.

 

    -33-

     

    

 

"Floor"
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to any Benchmark.

 

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

 

"Foreign Plan"
has the meaning specified in Section 7.13.

 

"Foreign Subsidiary"
means any direct or indirect subsidiary of any Loan Party that is organized under the laws of any jurisdiction other than the United
States, any State thereof or the District of Columbia.

 

"Fronting Exposure"
means a Defaulting Lender's Pro Rata Share of reimbursement obligations under Letters of Credit, except to the extent allocated
to other Lenders under Section 2.12.

 

"GAAP"
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board that are applicable to the circumstances as of the date of determination.

 

"Governing
Body" means (i) in the case of a corporation (or a limited liability company incorporated in the United Kingdom),
its board of directors and/or shareholders (as the case may be), (ii) in the case of a limited liability company, its managers
or members, (iii) in the case of a limited partnership, its general partner(s), and (iv) in the case of a Dutch Loan
Party, its board of directors, its general meeting of shareholders and its supervisory board, as applicable, or in each case, another
comparable governing body of the applicable Entity.

 

"Governing
Documents" means (i) in the case of a corporation, its articles (or certificate) of incorporation and bylaws, (ii) in
the case of a limited liability company, its articles (or certificate) of organization (or formation) and its operating agreement,
(iii) in the case of a limited partnership, its articles (or certificate) of limited partnership and its limited partnership
agreement, or in each case, another comparable governing document of the applicable Entity, (iv) in the case of a limited
liability company incorporated in the United Kingdom, its articles of association and memorandum (as the case may be) and its certificate
of incorporation and any certificate of incorporation on a change of name, and (v) in relation to any Dutch Loan Party in
each case including its deed of incorporation (oprichtingsakte), articles of association (statuten) and an extract
(uittreksel) from the commercial register (handelsregister) of the Dutch chamber of commerce (Kamer van Koophandel).

 

"Governmental
Authority" means any nation or government, any state, provincial or other political subdivision thereof, or any entity
exercising executive, legislative, judicial, taxing, regulatory or administrative functions thereof or pertaining thereto.

 

"Group"
means the Borrower and each of its Subsidiaries from time to time.

 

    -34-

     

    

 

"Guarantors"
means each Borrower, as to the other Borrowers, and each other Person that guarantees, in whole or in part, the Obligations on
the Closing Date or at any time thereafter.

 

"Guaranty and
Security Agreement" means a guaranty and security agreement, dated as of even date with this Agreement, in form and substance
reasonably satisfactory to Agent, executed and delivered by each of the Loan Parties to Agent.

 

"Hazardous
Materials" means any and all pollutants, contaminants and toxic, caustic, radioactive, deleterious and hazardous materials,
substances and wastes including petroleum or petroleum distillates, urea formaldehyde foam insulation, asbestos or asbestos-containing
materials, whether or not friable, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances
or wastes of any nature, that are regulated under any Environmental Laws.

 

"Hedging Agreement"
means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other
interest or currency exchange rate or commodity price hedging agreement. The term "Hedging Agreement," as used
herein, shall extend to and include any Swap Obligation.

 

"Highest Lawful
Rate" has the meaning specified in Section 12.10.

 

"Historical
Financials" has the meaning specified in Section 5.1(a)(xiii).

 

"Increase Date"
has the meaning specified in Section 2.16(c).

 

"Increased
Examination Event" means if at any time Excess Availability is less than the greater of (a) 20% of the Line Cap,
and (b) $30,000,000.

 

"Increased
Examination Period" means the period commencing after the continuance of an Increased Examination Event for five (5) consecutive
Business Days and continuing until the date when no Increased Examination Event has occurred for thirty (30) consecutive days.

 

"Increased
Reporting Event" means if at any time Excess Availability is less than the greater of (a) 12.5% of the Line Cap,
and (b) $18,750,000.

 

"Increased
Reporting Period" means the period commencing after the continuance of an Increased Reporting Event for five (5) consecutive
Business Days and continuing until the date when no Increased Reporting Event has occurred for thirty (30) consecutive days.

 

"Increasing
Lenders" has the meaning specified in Section 2.16(b).

 

"Incremental
Revolving Credit Commitments" has the meaning specified in Section 2.16(a).

 

    -35-

     

    

 

"Indebtedness"
means, with respect to any Person, as of the date of determination thereof (without duplication of the same obligation under any
other clause hereof), (i) all obligations of such Person for borrowed money of any kind or nature, including funded and unfunded
debt, (ii) all monetary obligations of such Person owing under Hedging Agreements (which amount shall be calculated based
on the amount that would be payable by such Person if the Hedging Agreement were terminated on the date of determination), (iii) all
obligations of such Person to pay the deferred purchase price of assets (other than trade payables incurred in the ordinary course
of business and repayable in accordance with customary trade practices and, for the avoidance of doubt, other than royalty payments
payable in the ordinary course of business in respect of non-exclusive licenses) and any earn-out or similar obligations, (iv) all
Capitalized Lease Obligations, (v) all Indebtedness of others secured by (or for which the holder of such Indebtedness has
an existing right to be secured) a Lien on any asset of such Person whether or not the Indebtedness is assumed by such Person,
(vi) all obligations of such Person created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreements
in the event of default are limited to repossession or sale of such property), (vii) any Disqualified Equity Interests, (viii) all
obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations
in respect of letters of credit, bankers acceptances, or other financial products, and (ix) any obligation of such Person
guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse)
any obligation of any other Person that constitutes Indebtedness under any of clauses (i) through (viii) above.
For purposes of this definition, (A) the amount of any Indebtedness represented by a guaranty or other similar instrument
shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which
the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (B) the amount
of any Indebtedness which is limited or is non-recourse to a Person or for which recourse is limited to an identified asset shall
be valued at the lesser of (1) if applicable, the limited amount of such obligations, and (2) if applicable, the fair
market value of such assets securing such obligation.

 

"Indemnified
Party" has the meaning specified in Section 12.4(a).

 

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

 

"Information"
has the meaning specified in Section 12.21.

 

    -36-

     

    

 

"Insolvency
Event" means, with respect to any Person (other than any UK Loan Party in respect of clauses (ii), (iii) or (vi) below),
the occurrence of any of the following: (i) such Person shall be adjudicated insolvent or bankrupt, institutes or consents
to the institution of proceedings under, any Debtor Relief Laws or shall generally fail to pay or admit in writing its inability
to pay its debts as they become due, (ii) such Person shall seek reorganization or the appointment of a receiver, interim
receiver, receiver and manager, trustee, monitor custodian, administrator, administrative receiver, manager, liquidator or similar
officer for it or a substantial portion of its property, assets or business or to effect a plan or other arrangement with its creditors,
(iii) such Person shall make a general assignment for the benefit of its creditors, or consent to or acquiesce in the appointment
of a receiver, interim receiver, receiver and manager, trustee, monitor, custodian, administrator, administrative receiver, compulsory
manager, liquidator or similar officer for a substantial portion of its property, assets or business, (iv) such Person shall
file a voluntary petition under, or shall seek the entry of an order for relief under, any Debtor Relief Laws, (v) such Person
shall take any corporate, limited liability company, partnership or similar act, as applicable, in furtherance of any of the foregoing,
or (vi)  such Person, or a substantial portion of its property, assets or business, shall become the subject of an involuntary
proceeding or a petition for (A) its dissolution, the suspension of payments, a moratorium of any indebtedness, winding-up,
administration, or reorganization (by way of voluntary arrangement scheme or arrangement or otherwise), (B) the appointment
of a receiver, interim receiver, receiver and manager, trustee, monitor, custodian, liquidator, administrator or restructuring
official (herstructureringsdeskundige) for it or for all or any material part of its property and (I) such proceeding
shall not be dismissed or stayed within sixty (60) days or (II) such receiver, interim receiver, receiver and manager,
trustee, monitor, custodian, liquidator, administrator or restructuring official (herstructureringsdeskundige) shall be
appointed; provided, however, that the Lenders shall have no obligation to make any Loans or cause to be issued any
Letter of Credit during the pendency of any sixty-(60) day period described in this definition, (C) any proceeding under
any Debtor Relief Law relating to it or any material part of its property is instituted and such proceeding shall not be dismissed
or stayed within 60 (days); provided, however, that the Lenders shall have no obligation to make any Loans during
the pendency of any sixty-(60) day period described in this definition and, in respect of any UK Loan Parties, means any corporate
action, legal proceedings or other procedure or step is taken in relation to: (1) the suspension of payments, a moratorium
of any indebtedness, winding-up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement
or otherwise) of that UK Loan Party; (2) by reason of actual or anticipated financial difficulties, a composition, compromise,
assignment or arrangement with or for the benefit of any creditor of that UK Loan Party; (3) the appointment of a liquidator,
receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of that UK Loan Party
or a substantial portion of its assets; or (4) enforcement of any Liens over a substantial portion of the assets of that UK
Loan Party, or any procedure or step with analogous effect is taken in any jurisdiction and/or any expropriation, attachment, sequestration,
distress or execution (or any process with analogous effect) affects a substantial portion of the assets of a UK Loan Party (the
proceedings and procedures set out in (1) to (4) above being the "Insolvency Proceedings"; any winding-up petition
which is frivolous or vexatious and is discharged, stayed or dismissed within fifteen (15)  Business Days of commencement
will not be deemed Insolvency Proceedings.

 

"Intangible
Assets" means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer
software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount
and capitalized research and development costs.

 

"Intellectual
Property" means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions (whether or not patentable),
algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints,
drawings, data, customer lists, URLs and domain names, specifications, documentations, reports, catalogs, literature, and any other
forms of technology or proprietary information of any kind, including all rights therein and all applications for registration
or registrations thereof.

 

"Intercompany
Subordination Agreement" means an intercompany subordination agreement, dated as of even date with this Agreement, in
form and substance satisfactory to Agent, executed and delivered by each Loan Party and each of its Subsidiaries, and Agent, as
amended, restated, supplemented or otherwise modified from time to time.

 

    -37-

     

    

 

"Intercreditor
Agreement" means that certain Intercreditor Agreement, dated as of even date with this Agreement, between Agent and Atlantic
Park Strategic Capital Fund, L.P..

 

"Interest Expense"
means, for any period, all interest with respect to Indebtedness (including the interest component of Capitalized Lease Obligations)
accrued or capitalized during such period (whether or not actually paid during such period) determined in accordance with GAAP.

 

"Interest Payment
Date" means (i) with respect to any Base Rate Advance or Canadian Prime Rate Advance, the first day of each month
during any period in which such Advance is outstanding, (ii)  with respect to any LIBOR Rate Advance or BA Rate Advance, the
last day of the Interest Period or BA Period applicable to the Borrowing of which such Advance is a part and, in the case of a
LIBOR Rate Advance or BA Rate Advance with an Interest Period or BA Period of more than three (3) months' duration, each day
prior to the last day of such Interest Period or BA Period that occurs at intervals of three (3) months' duration after the
first day of such Interest Period or BA Period, and (iii) with respect to any Loans, the Termination Date or such earlier
date on which the Commitments are terminated.

 

"Interest Period"
means the period commencing on the date of a LIBOR Rate Advance and ending one (1), two (2), three (3) or six (6) months
thereafter (or, if available to all of the Lenders, twelve months or any shorter period), as selected by Borrower Agent; provided,
however, that (i) Borrower Agent may not select any Interest Period that ends after the Termination Date; (ii) whenever
the last day of an Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period
shall be extended to occur on the next succeeding Business Day, except that, if such extension would cause the last day of such
Interest Period to occur in the next following calendar month, then the last day of such Interest Period shall occur on the next
preceding Business Day; and (iii) if there is no corresponding date of the month that is one (1), two (2), three (3) 
or six (6) months, as the case may be, after the first day of an Interest Period, such Interest Period shall end on the last
Business Day of such first, second, third or sixth month, as the case may be. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing.

 

"Interests"
has the meaning specified in Section 8.9.

 

"Internal Revenue
Service" or "IRS" means the United States Internal Revenue Service and any successor agency.

 

"Inventory"
means Inventory (as defined in the UCC), Inventory, stock, stock in trade and any similar asset in the nature of Inventory
(as defined in the UCC).

 

"Inventory
Reserves" means reserves established by Agent, in its Permitted Discretion, to reflect factors that may negatively impact
the value of Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition
or mix, markdowns, vendor charge backs or slow moving Inventory.

 

    -38-

     

    

 

"Investment"
in any Person means, as of the date of determination, (i) any payment or contribution in or to such Person including property
contributed to such Person for or in connection with its acquisition of any stock, bonds, notes, indebtedness, debentures, partnership
or other ownership interest or any other security of such Person, (ii) any payment or contribution for all or substantially
all of the assets of such Person (or of any division or business line of such other Person), and (iii) any loan, advance
or other extension of credit or guaranty of or other surety obligation for any Indebtedness made to, or for the benefit of, such
Person. In determining the aggregate amount of Investments outstanding at any particular time, (A) a guaranty (or other surety
obligation) shall be valued at not less than the principal outstanding amount of the primary obligation; (B) returns of capital
(but only by repurchase, redemption, retirement, repayment, liquidating dividend or liquidating distribution) shall be deducted;
(C) earnings, whether as dividends, interest or otherwise, shall not be deducted; and (D) decreases in the market value
shall not be deducted unless such decreases are computed in accordance with GAAP. For purposes of covenant compliance, the amount
of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value
of such Investment.

 

"Investment
Grade Receivables" means those Receivables that are (i) owned by a U.S. Borrowing Base Company or a Canadian Borrowing
Base Company and (ii) owing by account debtors rated at "BBB-" or better by Standard and Poor's or Baa3 or better
by Moody's.

 

"ISDA Definitions"
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from
time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

ISP98”
means the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce
Publication No. 590.

 

"Items of Payment"
has the meaning specified in Section 2.7.

 

"Joinder"
means a joinder agreement substantially in the form of Exhibit J-2 to this Agreement.

 

"Lender"
and "Lenders" have the respective meanings specified in the preamble to this Agreement.

 

    
-39- 

     

    

 

"Lender Group
Expenses" means all (i) costs or expenses (including taxes and insurance premiums) required to be paid by any Loan
Party or its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by Agent, the Letter of Credit Issuer,
and the Lenders, or any of them, (ii) reasonable and documented out-of-pocket fees or charges paid or incurred by Agent in
connection with transactions under any of the Loan Documents, (iii) Agent's customary fees and charges imposed or incurred
in connection with any background checks or OFAC/PEP searches related to any Loan Party or its Subsidiaries performed in connection
with the transactions contemplated under the Loan Documents, (iv) Agent's customary fees and charges (as adjusted from time
to time) with respect to the disbursement of funds (or the receipt of funds) to or for the account of any Borrower (whether by
wire transfer or otherwise), together with any reasonable and documented out-of-pocket costs and expenses incurred in connection
therewith, (v) customary charges imposed or incurred by Agent resulting from the dishonor of checks payable by or to any Loan
Party, (vi) reasonable and documented out-of-pocket costs and expenses paid or incurred by Agent, the Letter of Credit Issuer
and the Lenders, or any of them, to correct any default or enforce any provision of the Loan Documents, or during the continuance
of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for
sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated, (vii) fees
and expenses of Agent related to any field examinations, appraisals, or valuations to the extent of the fees and charges (and up
to the amount of any limitation) provided in Section 7.7(b), (viii) Agent's and the Lenders' reasonable and documented
costs and expenses (including reasonable attorneys' fees and expenses) relative to third party claims or any other lawsuit or adverse
proceeding paid or incurred, whether in enforcing or defending the Loan Documents or otherwise in connection with the transactions
contemplated by the Loan Documents, Agent's Liens in and to the Collateral, or the relationship of Agent, the Letter of Credit
Issuer, and the Lenders, or any of them, with any Loan Party or any of its Subsidiaries, (ix) Agent's reasonable and documented
costs and expenses (including reasonable attorneys' fees for one primary counsel for the Agent, and, if reasonably necessary, one
local counsel and one specialist counsel in each relevant jurisdiction and due diligence expenses) incurred in advising, structuring,
drafting, reviewing, administering, syndicating, or amending, waiving, or modifying the Loan Documents, and (x) Agent's and
each Lender's reasonable and documented costs and expenses (including attorneys, accountants, consultants, and other advisors fees
and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses
incurred in connection with a "workout," a "restructuring," or an Insolvency Event concerning any Loan Party
or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective
of whether a lawsuit or other adverse proceeding is brought, or in taking any enforcement action or any remedial action with respect
to the Collateral.

 

 

"Letter of
Credit" means each letter of credit issued for the account of Borrowers by the Letter of Credit Issuer under Section 2.13,
and all amendments, renewals, extensions or replacements thereof.

 

"Letter of
Credit Agreement" means the collective reference to any and all applications, reimbursement agreements and other agreements
from time to time entered into by the Letter of Credit Issuer and Borrowers, to be in form and substance reasonably satisfactory
to the Letter of Credit Issuer, pursuant to which the Letter of Credit Issuer issues Letters of Credit for the account of Borrowers
in accordance with the terms of this Agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

"Letter of
Credit Issuer" means any of the Bank, Bank of America, N.A., Wells Fargo Bank, National Association, or any other Lender
that, at the request of Borrowers and with the consent of Agent, agrees, in such Lender's sole discretion, to become a Letter of
Credit Issuer for the purpose of issuing Letter of Credit pursuant to Section 2.13 of this Agreement, and the Letter of Credit
Issuer shall be a Lender. Bank of America, N.A. shall be Letter of Credit Issuer solely with respect of the Existing Letters of
Credit.

 

"Letter of
Credit Issuer Sublimit" means (a) for Bank, $50,000,000, (b) for Bank of America, N.A., $25,000,000 and (c) for
Wells Fargo Bank, National Association, $10,000,000, as such sublimits may be adjusted from time to time as agreed among the Agent,
the applicable Letter of Credit Issuer and Borrower Agent.

 

    
-40- 

     

    

 

"Letter of
Credit Sublimit" means $50,000,000.

 

"Letter of
Credit Request" has the meaning specified in Section 2.13(c).

 

"LIBOR Index
Rate" means

 

(a)            in the case
of any LIBOR Rate Advance denominated in Dollars:

 

(i)            the rate
per annum equal to the offered rate that appears on the Reuters Screen LIBOR01 (or any successor thereto) for deposits in Dollars
(for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately
11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period; or

 

(ii)            if the rate
referenced in the preceding clause (a)(i) does not appear on such page or service or such page or service shall
not be available, the rate per annum equal to the rate reasonably determined by the Agent to be the offered rate on such other
page or other service that displays an average ICE Benchmark Administration London Interbank Offered Rate for deposits in
Dollars offered in the London interbank market (for delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first
day of such Interest Period; and

 

(iii)           if the rates
referenced in the preceding clauses (a)(i) and (a)(ii) are not available, then the LIBOR Index Rate for any LIBOR Rate
Advance denominated in Dollars for such Interest Period shall be determined pursuant to Section 2.3(j); and

 

(iv)          Notwithstanding
the above, to the extent that “LIBOR Index Rate” is used in connection with a Base Rate Advance, such rate shall be
determined as modified by the definition of Base Rate.

 

(b)            in the case
of any LIBOR Rate Advance denominated in Euros:

 

(i)             the rate per
annum equal to the offered rate that appears on Reuters Page EURIBOR01 (or any successor thereto) for deposits in Euros (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately
11:00 a.m. (Brussels time) two (2) Business Days prior to the first day of such Interest Period;

 

(ii)            if the rate
referenced in the preceding clause (b)(i) does not appear on such page or service or such page or service shall
not be available, the rate per annum equal to the rate reasonably determined by the Agent to be the offered rate on such other
page or other service that displays an average European Money Markets Institute Euro Interbank Offered Rate for deposits in
Euros (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of
approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period; or

 

    
-41- 

     

    

 

(iii)           if
the rates referenced in the preceding clauses (b)(i) and (b)(ii) are not available, then the LIBOR Index Rate for any
LIBOR Loan denominated in Euros for such Interest Period shall be determined pursuant to Section 2.3(j).

 

(c)            in the case
of any LIBOR Rate Advance denominated in Sterling:

 

(i)             the rate
per annum equal to the offered rate that appears on Reuters Page LIBOR01 (or any successor thereto) that displays an ICE Benchmark
Administration London Interbank Offered Rate for deposits in Sterling (for delivery on the first day of such Interest Period) with
a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days
prior to the first day of such Interest Period, or, if different, the date on which quotations would customarily be provided by
leading banks in the London interbank market for deposits of amounts in the relevant currency for delivery on the first day of
such Interest Period;

 

(ii)            if the rate
referenced in the preceding clause (c)(i) does not appear on such page or service or such page or service shall
not be available, the rate per annum equal to the rate reasonably determined by the Agent to be the offered rate on such other
page or other service that displays an average ICE Benchmark Administration London Interbank Offered Rate for deposits in
Sterling (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as
of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, or, if
different, the date on which quotations would customarily be provided by leading banks in the London interbank market for deposits
of amounts in the relevant currency for delivery on the first day of such Interest Period; or

 

(iii)           if the rates
referenced in the preceding clauses (c)(i) and (c)(ii) are not available, then the LIBOR Index Rate for any LIBOR Loan
denominated in Sterling for such Interest Period shall be determined pursuant to Section 2.3(j).

 

"LIBOR Loans"
means Loans the rate of interest applicable to which is based upon the Adjusted LIBO Rate.

 

"LIBOR Rate
Advance" means an Advance that bears interest as provided in Section 4.1(b).

 

"Lien"
means any lien, claim, charge, pledge, security interest, assignment, hypothecation, deed of trust, mortgage, lease, conditional
sale, retention of title, attachment or other preferential arrangement having substantially the same economic effect as any of
the foregoing, whether voluntary or imposed by law.

 

"Line Cap"
means, as of any date of determination, the lesser of (i) the Aggregate Revolving Credit Commitment as of such date of determination,
and (ii) the Borrowing Base as of such date of determination.

 

"Loan Account"
has the meaning specified in Section 2.6.

 

    
-42- 

     

    

 

"Loan Documents"
means this Agreement, the Notes, the Fee Letter, the Security Documents, the Intercompany Subordination Agreement, the Intercreditor
Agreement, any Subordination Agreement, each Lockbox Agreement, each Letter of Credit, each Letter of Credit Agreement, and any
other documents and instruments entered into, now or in the future, by any Loan Party or any of its Subsidiaries under or in connection
with this Agreement (but specifically excluding Bank Product Agreements), as each of the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

"Loan Party"
means each Borrower and each Guarantor.

 

"Loans"
means the loans and financial accommodations made by the Lenders hereunder or under this Agreement including the Revolving Credit
Loans, the Swingline Loans, the Protective Advances and any Overadvances.

 

"Lockbox"
and "Lockboxes" have the respective meanings set forth in Section 2.7(a).

 

"Lockbox Account"
and "Lockbox Accounts" have the respective meanings set forth in Section 2.7.

 

"Lockbox Agreement"
and "Lockbox Agreements" have the respective meanings set forth in Section 2.7.

 

"Material Adverse
Effect" means (i) a material adverse effect on the business, operations, results of operations, assets, liabilities,
or financial condition of the Loan Parties, taken as a whole or (ii) the material impairment of (A) the Loan Parties'
ability to perform their payment or other material obligations under the Loan Documents to which they are a party or (B) the
ability of Agent or the Lenders to enforce the Obligations or realize upon the Collateral, or (iii) a material adverse effect
upon the enforceability or priority of Agent's Liens with respect to all or a material portion of the Collateral other than any
material impairment caused by any action or inaction of Agent.

 

"Material Contract"
means any agreement or arrangement to which a Loan Party is party (other than the Loan Documents) (i) for which breach, termination,
nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect; or (ii) that relates to
Material Indebtedness.

 

"Material Indebtedness"
means (i) the Term Loan Obligations and (ii) any other Indebtedness (other than the Loans), or obligations in respect
of one or more Hedging Agreements of any Loan Party in an aggregate principal amount exceeding $12,500,000. For purposes of this
definition, the "principal amount" of the obligations of any Loan Party in respect of any Hedging Agreement at any time
shall be the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party would be required to pay if
such Hedging Agreement were terminated at such time.

 

"Material Subsidiary"
means, at any date of determination

 

(i)            the
Borrower Agent and

 

    
-43- 

     

    

 

(ii)            each
Subsidiary of the Borrower Agent that, as of the end of the most recently ended fiscal year for which Financial Statements are
required to be delivered pursuant to Section 7.11, (A) owns at least 5.0% of the consolidated total assets of the
Loan Parties and their Subsidiaries as of such date, (B) generated at least 5.0% of the consolidated revenues of the
Loan Parties and their Subsidiaries during such fiscal year or (C) is part of any group comprising Subsidiaries of a Borrower
that each would not have been a Material Subsidiary under clauses (A) or (B) but that, taken together, had revenues
or total assets in excess of 7.5% of, the consolidated revenues for any fiscal year or total assets as of such date, as applicable,
of the Loan Parties and their Subsidiaries.

 

"Maturity Trigger
Date" means the date that is one hundred twenty (120) days prior to the maturity date of the 2017 Convertible Notes.

 

"Mortgage"
means each mortgage, deed of trust or security deed between the applicable Loan Party(ies) and Agent, in form and substance satisfactory
to Agent in its Permitted Discretion, relating to the Real Property covered thereby, as amended, restated, supplemented or otherwise
modified from time to time.

 

"Multiemployer
Plan" means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any ERISA
Affiliate has contributed within the past six years or with respect to which Borrower or any ERISA Affiliate has any liability,
whether fixed or contingent., excluding any Canadian Registered Pension Plan.

 

"Net Income"
means, for any period, (i) the net income (or loss) of the Loan Parties and their Subsidiaries on a consolidated basis for
such period taken as a single accounting period determined in conformity with GAAP, minus (ii) the sum of (a) the
income of any Subsidiary of Borrower Agent to the extent that the declaration or payment of dividends or similar distributions
by that 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 Subsidiary, plus (b) (to
the extent not included in clauses (ii)(a) above) any extraordinary gains (or extraordinary losses) for that period,
determined in accordance with GAAP.

 

"NOLV Percentage"
means the net orderly liquidation value of Inventory, expressed as a percentage of the Value of such Inventory, expected to be
realized at an orderly, negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined
from time to time by Agent in its Permitted Discretion from the then most recent Acceptable Appraisal of Borrowers' Inventory (it
being recognized that individual types or kinds of Inventory may have different NOLV Percentages).

 

"Non-Consenting
Lender" means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of
all or all affected Lenders in accordance with the terms of Section 12.7 and (ii) has been approved by the Required Lenders.

 

"Non-Investment
Grade Receivables" means those Receivables owned by any U.S. Borrowing Base Company or any Canadian Borrowing Base Company
that are owing by account debtors that are rated below "BBB-" by Standard and Poor's or Baa3 by Moody's.

 

"Notes"
means the Revolving Credit Notes and the Swingline Note.

 

"Notice of
Borrowing" has the meaning specified in Section 2.3(a).

 

    
-44- 

     

    

 

"Notice of
Conversion" has the meaning specified in Section 2.3(b).

 

"Obligations"
means and includes (i) all loans (including the Loans), advances, debts, liabilities, obligations, covenants and duties owing
by the Loan Parties to Agent, the Lenders, the Letter of Credit Issuer, or any of them, or any of their respective Affiliates,
of any kind or nature, present or future, whether or not evidenced by any note, guaranty or other instrument, which may arise under,
out of, or in connection with, this Agreement, the Notes, the other Loan Documents (including the guaranty contained in the Guaranty
and Security Agreement) or any other agreement executed in connection herewith or therewith, and (ii) all Bank Product Obligations.
The term "Obligations" includes all interest, charges, Lender Group Expenses, commitment, facility, closing and
collateral management fees, letter of credit fees, cash management and other fees, interest, charges, expenses, fees, attorneys'
fees and disbursements, and any other sum chargeable to any of the Loan Parties under this Agreement, the Notes, the other Loan
Documents, or any Bank Product Agreement (including, in each case, any such amounts accruing on or after an Insolvency Event, whether
or not such amounts are allowed or allowable following such Insolvency Event). Notwithstanding the foregoing, "Obligations"
of any Loan Party shall not include its Excluded Swap Obligations.

 

"OFAC"
means the Office of Foreign Assets Control of the U.S. Department of Treasury.

 

"Operating
Account" means a deposit account of Borrowers maintained at the Bank that Borrower Agent designates in writing to Agent
on the Closing Date as Borrowers' "operating account" for purposes hereof in regard to the receipt and distribution of
the proceeds any Borrowings, or such other deposit account of Borrowers at the Bank as Borrower Agent may from time to time subsequent
to the Closing Date so designate in writing to Agent as such account.

 

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

 

"Other Taxes"
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment by a Lender after the date hereof (other than an assignment made pursuant to Section 2.10 or
Section 2.11).

 

"Overadvance"
means, as of any date of determination, the amount by which the aggregate outstanding amount (without duplication) of the Revolving
Credit Loans and the undrawn amount of all unexpired Letters of Credit is greater than the Line Cap, after giving effect to any
Reserves applicable thereto.

 

"Participant"
has the meaning specified in Section 12.7(f).

 

"Participant
Register" has the meaning specified in Section 12.17.

 

    
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"Patent Security
Agreement" means a patent security agreement, in form and substance reasonably satisfactory to Agent, pursuant to which
each Loan Party that has rights in any Patents shall grant a specific security interest in its Patents as security for the Obligations,
as amended, restated, supplemented or otherwise modified from time to time.

 

"Patents"
means patents and patent applications, including (i) all continuations, divisionals, continuations-in-part, re-examinations,
reissues, and renewals thereof and improvements thereon, (ii) all income, royalties, damages and payments now and hereafter
due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages
and payments for past, present, or future infringements thereof, (iii) the right to sue for past, present, and future infringements
thereof, and (iv) all rights corresponding thereto throughout the world.

 

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

 

"Payment Conditions"
shall mean, at the time of determination with respect to a proposed payment to fund a Specified Transaction, that:

 

(i)            no
Event of Default then exists or would arise as a result of the consummation of such Specified Transaction, and

 

(ii)            either

 

(A)          Excess
Availability (x) at all times during the thirty (30) consecutive days immediately preceding the date of such proposed payment
and the consummation of such Specified Transaction, calculated on a pro forma basis as if such proposed payment was made,
and the Specified Transaction was consummated, on the first day of such period, and (y) immediately after giving effect to
such proposed payment and Specified Transaction, in each case, is not less than the greater of (1) 20% of the Line Cap, and
(2) $30,000,000, or

 

(B)           both
(x) the Fixed Charge Coverage Ratio of the Loan Parties and their Subsidiaries is equal to or greater than 1.00:1.00 for the
trailing 12 month period most recently ended for which Financial Statements are required to have been delivered to Agent
pursuant to Section 7.11 calculated on a pro forma basis, and (y) Excess Availability (1) at all times during the
thirty (30) consecutive days immediately preceding the date of such proposed payment and the consummation of such Specified Transaction,
calculated on a pro forma basis as if such proposed payment was made, and the Specified Transaction was consummated, on
the first day of such period, and (2) immediately after giving effect to such proposed payment and Specified Transaction,
in each case, is not less than the greater of (1) 15% of the Line Cap, and (2) $22,500,000.

 

    
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"Payment in
Full" or "Paid in Full" (or words of similar import) means with respect to any Obligations, (i) the
payment or repayment in full in cash of all Obligations (other than (A) contingent indemnification obligations as to which
no claim has been asserted and (B) any Bank Product Obligations that, at such time, are allowed by the applicable Bank Product
Provider to remain outstanding without being required to repaid or cash collateralized in the manner set forth in clauses (iii) and
(iv) below), (ii) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Collateralization,
(iii) in the case of Bank Product Obligations (other than Bank Product Obligations arising from Hedging Agreements), providing
Collateralization, (iv) in the case of Bank Product Obligations arising from Hedging Agreements, the payment of any termination
amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under
Hedging Agreements provided by the applicable Bank Product Provider), and (v) all Commitments related to such Obligations
have expired or been terminated.

 

"PBGC"
means the Pension Benefit Guaranty Corporation and any Person succeeding to the functions thereof.

 

"Pension Plan"
means a pension plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA (other than a Multiemployer
Plan) which a Borrower or any ERISA Affiliate sponsors or maintains, under which a Borrower or any ERISA Affiliate has any liability,
whether fixed or contingent, or to which it is making or is obligated to make contributions, or, in the case of a multiple employer
plan (as described in Section 4063 or 4064(a) of ERISA), has made contributions at any time during the immediately
preceding six (6) plan years. For the avoidance of doubt, any Canadian Registered Pension Plan shall not be considered a Pension
Plan for purposes of this Agreement.

 

"Pensions Regulator"
means the body corporate called the Pensions Regulator established under part 1 of the Pensions Act 2004.

 

"Permits"
means, in respect of any Person, all licenses, permits, franchises, consents, rights, privileges, certificates, authorizations,
approvals, registrations and similar consents granted or issued by any Governmental Authority to which or by which such Person
is bound.

 

"Permitted
Acquisition" means any Acquisition so long as (i) no Event of Default shall have occurred and be continuing or would
result from the consummation of the proposed Acquisition and the proposed Acquisition is non-hostile, (ii) the subject assets
or Equity Interests are being acquired directly by a Loan Party and the applicable Loan Party shall have complied with Section 7.20,
(iii) Borrowers have provided Agent with written notice of the proposed Acquisition at least ten (10) Business Days prior
to the anticipated closing date of the proposed Acquisition and, not later than five (5) Business Days prior to the anticipated
closing date of the proposed Acquisition, copies of the acquisition agreement and other material documents relative to the proposed
Acquisition, (iv) with respect to any Acquisition with a purchase price over $20,000,000, Borrowers have provided Agent with
their due diligence package relative to the proposed Acquisition, including forecasted balance sheets, profit and loss statements,
and cash flow statements of the Person or assets to be acquired, all prepared on a basis consistent with such Person's (or assets')
historical financial statements, together with appropriate supporting details and a statement of underlying assumptions for the
one year period following the date of the proposed Acquisition, on a month to month basis), in form (including as to scope) and
containing underlying assumptions reasonably satisfactory to Agent, (v) the Payment Conditions are satisfied and (vi) Permitted
Acquisitions of entities that are not Loan Parties shall not exceed at any time an aggregate amount equal to $10,000,000.

 

    
-47- 

     

    

 

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

 

"Permitted
Hedging Agreement" means a Hedging Agreement made by a Loan Party or its Subsidiary in the ordinary course of its business
in accordance with the reasonable requirements of its business, and not for speculative purposes, and in any such case, if the
counterparty to such Permitted Hedging Agreement is not a Lender or an Affiliate of a Lender, such Permitted Hedging Agreement
shall be unsecured (except for Permitted Liens of the type described in clause (xii) of the definition thereof).

 

"Permitted
Intercompany Advances" means loans or advances made by (i) a Loan Party to another Loan Party, (ii) a Subsidiary
of a Loan Party that is not a Loan Party to another Subsidiary of a Loan Party that is not a Loan Party, (iii) a Subsidiary
of a Loan Party that is not a Loan Party to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination
Agreement, and (iv) a Loan Party to a Subsidiary of a Loan Party that is not a Loan Party so long as (A) the Payment
Conditions are satisfied or (B) otherwise in an aggregate amount (when combined with any Investment made pursuant to Section 8.10(k))
not to exceed $15,000,000.

 

"Permitted
Investments" has the meaning specified in Section 8.10.

 

"Permitted
Liens" means the following:

 

(i)            Liens
created hereunder and by the Security Documents;

 

(ii)           Liens
securing Indebtedness permitted by Section 8.1(c), provided that (A) such Liens shall be created substantially simultaneously
with the acquisition of such assets or within ninety (90) days after the acquisition or the completion of the construction or improvements
thereof, (B) such Liens do not at any time encumber any assets other than the assets financed by such Indebtedness, and (C) the
principal amount of Indebtedness secured by any such Lien shall at no time exceed the cost of acquiring, constructing or improving
such assets;

 

(iii)          Liens
on any property or asset of Borrowers or their Subsidiaries existing on the Closing Date and set forth on Schedule 8.8
and any Lien granted as a replacement or substitute therefor; provided that any such replacement or substitute Lien (A) does
not secure an aggregate principal amount of Indebtedness, if any, greater than that secured on the Closing Date and (B) does
not encumber any property in any material manner other than the property that secured such original Indebtedness (or would have
been required to secure such original Indebtedness pursuant to the terms thereof);

 

(iv)          Liens
on assets not including Receivables or Inventory of any Borrowing Base Company assumed by any Loan Party or its Subsidiaries in
connection with a Permitted Acquisition that secure Acquired Indebtedness permitted under Section 8.1(i); provided
that (A) such Lien is not created in contemplation of or in connection with such acquisition and (B) such Lien shall
not apply to or cover any other asset or property other than assets or property so acquired;

 

    
-48- 

     

    

 

(v)           Liens
for taxes, assessments and other governmental charges or levies not yet delinquent or that are being contested by a Borrower or
the applicable Subsidiary in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being
maintained in accordance with GAAP;

 

(vi)          Liens
imposed by law, including landlord's, carriers', warehousemen's. mechanics', materialmen's, repairmen's, construction or other
like Liens arising in the ordinary course of business securing obligations that are not overdue by more than thirty (30) days or
that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being
maintained in accordance with GAAP;

 

(vii)         deposits
to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capitalized Lease Obligations),
statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade
contracts, agreements with utilities, and other obligations of a like nature (including letters of credit in lieu of any such bonds
or to support the issuance thereof) incurred by a Borrower or any of its Subsidiaries in the ordinary course of business, including
those incurred to secure health, safety and environmental obligations in the ordinary course of business;

 

(viii)        (a) zoning
restrictions, easements, encroachments, licenses, restrictions or covenants on the use of any Real Property which do not materially
impair either the use of such Real Property in the operation of the business of the applicable Borrower or its Subsidiaries or
the value of such Real Property or (b) and any other permitted encumbrances described in the Mortgages;

 

(ix)           rights
of general application reserved to or vested in any Governmental Authority to control or regulate any Real Property, or to use
any Real Property in a manner which does not materially impair the use of such Real Property for the purposes for which it is held
by a Borrower or any of its Subsidiaries;

 

(x)            any
interest or title of a lessor or sublessor under any leases or subleases entered into by a Borrower or any of its Subsidiaries
in the ordinary course of business;

 

(xi)           (A) Liens
on demand deposit account, securities account, commodity account or other deposit account of any Loan Party held as cash collateral
to secure Indebtedness permitted by Section 8.1(j)(ii) and (B) rights of set-off, banker's lien, netting agreements
and other Liens arising by operation of law or by the terms of documents of banks or other financial institutions (including for
the avoidance of doubt any general banking terms and conditions) in relation to the maintenance of administration of deposit accounts,
securities accounts, cash management arrangements or in connection with the issuance of letters of credit, bank guarantees or other
similar instruments and so long as such Liens do not secure borrowed money;

 

    
-49- 

     

    

 

(xii)          Liens
arising under Term Loan Documents subject to Intercreditor Agreement;

 

(xiii)         pledges
or deposits in the ordinary course of business in connection with workers' compensation, unemployment insurance and other social
security legislation, other than any Lien imposed by ERISA;

 

(xiv)         Liens
granted in the ordinary course of business on insurance policies and the proceeds thereof securing any financing of the premiums
with respect thereto permitted under the terms of this Agreement;

 

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

 

(xvi)         Liens
arising by reason of deposits with or giving of any form of security to any Governmental Authority as required by applicable law
in the ordinary course of a Borrower or any of its Subsidiaries as a condition to the transaction of any business or the exercise
of any privilege or license;

 

(xvii)        Liens
arising from precautionary UCC or PPSA financing statements that do not secure Indebtedness;

 

(xviii)       the
reservations, limitations, provisos and conditions, if any, expressed in any original grant from the Crown of any real property
or any interest therein;

 

(xix)          Liens
on any cash earnest money deposits made by the Borrowers in connection with any letter of intent or purchase agreement with respect
to a Permitted Acquisition; provided, that the aggregate amount of cash earnest money deposits and cash in any escrow accounts
maintained in connection with Permitted Acquisitions shall not exceed $5,000,000 outstanding at any time;

 

(xx)           Liens
arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods permitted hereunder entered
into by the Borrower Agent or its Subsidiaries in the ordinary course of business;

 

(xxi)          Liens
arising from judgments, writs or warrants of attachment or similar process in circumstances not constituting an Event of Default
under Section 10.1(g);

 

(xxii)         Liens
solely on the assets of Subsidiaries of Borrowers that are not organized under the laws of a Security Jurisdiction, in each case
securing Indebtedness permitted by Section 8.1(o); and

 

    
-50- 

     

    

 

(xxiii)        other
Liens that do not secure debt for borrowed money as to which the aggregate amount of the obligations secured thereby does not
exceed $2,500,000 (provided that no more than $2,000,000 of such obligation shall be secured by ABL Priority Collateral).

 

The designation of a Lien as a Permitted
Lien shall not limit or restrict the ability of Agent to establish any Reserve relating thereto.

 

"Person"
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization,
joint stock company, association, corporation, institution, entity, party or government (including any division, agency or department
thereof) or any other legal entity, whether acting in an individual, fiduciary or other capacity, and, as applicable, the successors,
heirs and assigns of each.

 

"Plan"
means any employee benefit plan, other than a Canadian Registered Pension Plan, as defined in Section 3(3) of ERISA,
maintained or contributed to by a Borrower or any ERISA Affiliate or with respect to which any of them may incur liability (whether
fixed or contingent) even if such plan is not covered by ERISA pursuant to Section 4(b)(4) thereof.

 

"Platform"
means Debt Domain, Intralinks, Syndtrak, DebtX or a substantially similar electronic transmission system.

 

"Pledged Interests"
means all of each Loan Party's right, title and interest in and to all of the Equity Interests now owned or hereafter acquired
by such Loan Party, regardless of class or designation, and all substitutions therefor and replacements thereof, all proceeds thereof
and all rights relating thereto, also including any certificates representing the Equity Interests, the right to receive any certificates
representing any of the Equity Interests, all warrants, options, share appreciation rights and other rights, contractual or otherwise,
in respect thereof and the right to receive all dividends, distributions of income, profits, surplus, or other compensation by
way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to time
received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in exchange
for any or all of the foregoing.

 

"Pledged Interests
Addendum" means a Pledged Interests Addendum to the Guaranty and Security Agreement, in form and substance reasonably
satisfactory to Agent.

 

"Post-Increase
Revolving Credit Lenders" has the meaning specified in Section 2.16(e).

 

"PPSA"
means the Personal Property Security Act (Ontario), or any other applicable Canadian federal or provincial statute pertaining to
the granting, perfecting, priority or making of security interests, liens, hypothecs on personal property, and any successor statutes,
together with any regulations thereunder, in each case, as in effect from time to time, including, without limitation, the Civil
Code of Quebec. References to sections of the PPSA shall be construed to also refer to any successor sections.

 

"Pre-Increase
Revolving Credit Lenders" has the meaning specified in Section 2.16(e).

 

    
-51- 

     

    

 

"Prescribed
Part" means the amount of floating charge realisations that the insolvency officeholder must set aside for the benefit
of unsecured creditors in accordance with section 176A of the Insolvency Act 1986 and Article 3 of The Insolvency Act 1986
(Prescribed Part) Order 2003 (in each case, as may be amended or re-enacted from time to time).

 

"Prime Rate"
means the rate of interest per annum publicly announced from time to time by Citibank as its prime rate for loans denominated in
Dollars at its office in New York, New York with each change in Prime Rate to be effective from and including the date on which
such change is publicly announced as being effective.

 

"Pro Rata Share"
of any amount means, with respect to any Lender, a fraction (expressed as a percentage), the numerator of which is the aggregate
amount of the outstanding Loans, the risk participation liability with respect to outstanding Letters of Credit and the unutilized
Commitments of such Lender and the denominator of which is the aggregate outstanding amount of the Loans, the risk participation
liability with respect to outstanding Letters of Credit and the aggregate amount of the unutilized Commitments of all of the Lenders.
Notwithstanding the foregoing, if the Revolving Credit Commitments have terminated or expired, "Pro Rata Share" shall
be determined in accordance with the foregoing, but based upon the unutilized portion of the Revolving Credit Commitments most
recently in effect, after giving effect to any assignments. The initial Pro Rata Share of such Lender in respect of the Aggregate
Revolving Credit Loan Commitment is shall be as set forth opposite such Lender's name on Annex A or in the Assignment and
Acceptance pursuant to which such Lender becomes a party hereto, as applicable.

 

"Prohibited
Transaction" has the meaning specified in Section 6.1(v)(v).

 

"Protected
CFC" means (i) any "controlled foreign corporation" within the meaning of Section 957 of the IRC all
of whose United States shareholders as defined in Section 951(b) of the IRC are treated as domestic "C-corporations"
for federal income tax purposes that are eligible for the deduction under Section 245A of the IRC with respect to dividends
from such controlled foreign corporation and with respect to all exclusions under Sections 951(a)(i)(B) and 956 of the IRC
and (ii) each Canadian Loan Party, Dutch Loan Party and UK Loan Party.

 

"Protective
Advance" has the meaning specified in Section 2.15.

 

"QFC"
has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with,
12 U.S.C. § 5390(c)(8)(D).

 

"QFC Credit
Support" has the meaning specified therefor in Section 12.32 of this Agreement.

 

"Qualified
ECP Guarantor" means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding Ten Million Dollars
($10,000,000) (or whatever greater or lesser sum as is then prescribed for such purposes under the Commodity Exchange Act) at the
time that the relevant guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other Person as constitutes an "eligible contract participant" under the Commodity Exchange Act and can cause
another Person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of
the Commodity Exchange Act.

 

    
-52- 

     

    

 

"Real Property"
means any real property owned or leased by a Loan Party or any Subsidiary of a Loan Party.

 

"Receivables"
means all present and future accounts, including Accounts, book debts or similar obligations in the nature of Accounts and including,
whether or not constituting "accounts", any rights to payment for the sale or lease of goods or rendition of services.

 

"Recipient"
means (i) Agent, or (ii) any Lender or (iii) any Letter of Credit Issuer, as applicable.

 

"Recovery Plan"
means: (i) the most recent recovery plan relating to the Furmanite International Limited Pension Plan agreed between Team
Industrial Services (UK) Limited and the trustee of the Furmanite International Limited Pension Plan prior to the date of this
Agreement (as amended or varied from time to time); and (ii) any recovery plan or schedule of contributions entered into between
the trustee of the Furmanite International Limited Pension Plan and any employer (within the meaning set out in Section 318
of the Pensions Act 2004 and regulations made thereunder) under that Furmanite International Limited Pension Plan, in accordance
with sections 226 and 227 of the Pensions Act 2004 that is additional to, or replaces and supersedes, the recovery plan referred
to in clause (i).

 

"Reference
Time" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London
time) on the day that is two (2) London banking days preceding the date of such setting, and (2) if such Benchmark is
not USD LIBOR, the time determined by the Agent in its reasonable discretion.

 

"Refinancing
Indebtedness" means refinancings, renewals, or extensions of Indebtedness so long as (i) such refinancings, renewals,
or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, or extended, other
than by the amount of premiums paid thereon, the fees and expenses incurred in connection therewith, any accrued and unpaid interest
and by the amount of unfunded commitments with respect thereto, (ii) such refinancings, renewals, or extensions do not result
in a shortening of the final stated maturity or the average weighted maturity (measured as of the refinancing, renewal, or extension)
of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are materially
adverse to the interests of the Lenders, (iii) if the Indebtedness that is refinanced, renewed, or extended was subordinated
in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination
terms and conditions that are not less favorable to the Lenders as those that were applicable to the refinanced, renewed, or extended
Indebtedness in any material respect, (iv) the Indebtedness that is refinanced, renewed, or extended is not recourse to any
Person that is liable on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness
that was refinanced, renewed, or extended, (v) if the Indebtedness that is refinanced, renewed or extended was unsecured,
such refinancing, renewal or extension shall be unsecured, and (vi) if the Indebtedness that is refinanced, renewed, or extended
was secured (A) such refinancing, renewal, or extension shall be secured by substantially the same or less collateral as secured
such refinanced, renewed or extended Indebtedness on terms no less favorable to Agent or the Lenders and (B) the Liens securing
such refinancing, renewal or extension shall not have a priority more senior than the Liens securing such Indebtedness that is
refinanced, renewed or extended.

 

    
-53- 

     

    

 

 

"Register"
has the meaning specified in Section 12.7(d).

 

"Release"
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching into the Environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing
Hazardous Materials) and the migration through Environment, including movement through the air, soil, surface water or groundwater,

 

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

 

"Remedial Action"
means all actions taken to (i) clean up, remove, remediate, treat, monitor, assess or evaluate Hazardous Materials in the
Environment, (ii) prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or endanger
or threaten to endanger public or employee health or welfare or the Environment, (iii) restore or reclaim natural resources
or the Environment, (iv) perform any pre-remedial environmental-related studies, investigations, or post-remedial environmental-related
studies, investigations, operation and maintenance activities, or (v) conduct any other remedial actions with respect to Hazardous
Materials required by Environmental Laws.

 

"Rent and Charges
Reserve" means the aggregate of (i) all past due rent and other amounts owing by any Loan Party to any landlord,
warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possess any Collateral or
could assert a Lien on any Collateral; and (ii) a reserve equal to three (3) months' rent and other charges that could
be payable to any such Person, unless it has executed a Collateral Access Agreement.

 

"Reportable
Event" means any of the events described in Section 4043 of ERISA and the regulations issued thereunder other than
a reportable event for which the thirty-day notice requirement to the PBGC has been waived.

 

"Required Lenders"
means Lenders having more than 50% of the sum of all Loans outstanding and unutilized Commitments; provided that the
Loans and unutilized Commitments held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination
of Required Lenders; provided further that at any time there are two or more Lenders (who are not Affiliates of one another
or Defaulting Lenders), "Required Lenders" must include at least two Lenders (who are not Affiliates of one another).
Notwithstanding the foregoing, if the Revolving Credit Commitments have terminated or expired, "Required Lenders" shall
be determined in accordance with the foregoing, but based upon the unutilized portion of the Revolving Credit Commitments most
recently in effect, after giving effect to any assignments.

 

"Requirement
of Law" or "Requirements of Law" means (i) the Governing Documents, (ii) any law, treaty, rule,
regulation, order or determination of an arbitrator, court or other Governmental Authority, or (iii) any franchise, license,
lease, permit, certificate, authorization, qualification, easement, right of way, or other right or approval binding on a Loan
Party or any of its property.

 

    -54-

     

    

 

"Reserves"
means the sum (without duplication) of (i) any Inventory Reserve; (ii) any Rent and Charges Reserve; (iii) any Bank
Product Reserve; (iv) any Dilution Reserve; (v) reserves with respect to Canadian Priority Payables; (vi) any reserve
that Agent deems necessary or appropriate, in its Permitted Discretion, with respect to sums
that may become due or payable by any Loan Party or its Subsidiaries to any Person which is reasonably likely to be entitled
to receive payment out of asset realisations in priority to Agent and the Lenders as preferential creditors or in respect of the
Prescribed Part; (vii) reserves with respect to currency fluctuations; and (viii) those other reserves that Agent deems
necessary or appropriate, in its Permitted Discretion and subject to Section 2.1(b), to establish and maintain (including
reserves with respect to sums that any Loan Party or its Subsidiaries are required to pay under this Agreement or any other Loan
Document (such as Lender Group Expenses, taxes, assessments, insurance premiums, or, in the case of leased assets, rents or other
amounts payable under such leases) and has failed to pay and including reserves with respect to amounts owing by any Loan
Party to any Person to the extent secured by a Lien on, or trust over, or preferential claim by operation of law over, any of the
Collateral including with respect to retention of title claims and including if applicable a reserve equal to any outstanding principal
amount of the 2017 Senior Convertible Notes on and following the Maturity Trigger Date).

 

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

 

"Responsible
Officer" means, with respect to

 

(i)            any
Loan Party other than a Dutch Loan Party, the chairman, president, chief executive officer, chief financial officer, chief operating
officer, vice president, secretary, treasurer or any other individual designated in writing to Agent by an existing Responsible
Officer of such Loan Party as an authorized signatory of any certificate or other document to be delivered hereunder; and

 

(ii)           Dutch
Loan Party, any director of that Loan Party authorized to represent that Loan Party or any other Person with express irrevocable
authority to act on behalf of that Loan Party designated as such by the board of directors of that Loan Party.

 

"Restricted
Payments" has the meaning specified in Section 8.9.

 

"Revaluation
Date" means (a) with respect to any Revolving Credit Loan denominated in an Alternate Currency, each of the following: 
(i) each date of a Borrowing of such Revolving Credit Loan and (ii) each date of a conversion or continuation of such
Revolving Credit Loan pursuant to the terms of this Agreement, (iii) the last day of each fiscal quarter, (iv) the date
of any voluntary reduction of a Revolving Credit Commitment and (v) such additional dates as the Agent shall determine, or
the Required Lenders shall require, at any time when (A) a Default has occurred and is continuing or (B) to the extent
that, and for so long as, the aggregate amount of Revolving Credit Loans denominated in an Alternate Currency (for such purpose,
using the Dollar Equivalent in effect for the most recent Revaluation Date) exceeds $50 million.

 

"Revolving
Credit Commitment" means the commitment of each Lender to make Revolving Credit Loans and to participate in the making
of Swingline Loans, Protective Advances, Overadvances, and to have risk participation liability in respect of Letters of Credit,
subject to the terms and conditions set forth herein, up to the maximum amount specified for such Lender on Annex A,
as it may change from time to time pursuant to Section 2.16 and Section 12.7, and in a maximum aggregate amount not to
exceed, as to all such Lenders, the Aggregate Revolving Credit Commitment.

 

    -55-

     

    

 

"Revolving
Credit Lenders" means Lenders specified on Annex A as having Revolving Credit Commitments, as they may change
from time to time pursuant to Section 2.16 and Section 12.7.

 

"Revolving
Credit Loans" has the meaning specified in Section 2.1(a).

 

"Revolving
Credit Note" and "Revolving Credit Notes" have the respective meanings specified in Section 2.1(c).

 

"Sanction"
means any sanction administered or enforced by the U.S. government (including OFAC), the government of Japan, United Nations Security
Council, European Union, U.K. government or other applicable sanctions authorities that have jurisdiction over the Borrower's business.

 

"Sanctioned
Person" means any Person, vessel or aircraft: (a) listed on, and/or targeted by, any Sanctions; (b) directly
or indirectly owned or controlled by any such Person or Person(s); or (c) that is resident operating within, or organized
under the laws of a Designated Jurisdiction.

 

"Secured Parties"
mean Agent, the Letter of Credit Issuer, the Lenders, and any Bank Product Providers.

 

"Securitization"
has the meaning specified in Section 12.7(e).

 

"Security Documents"
means this Agreement, the Guaranty and Security Agreement, any Copyright Security Agreement, any Patent Security Agreement, any
Trademark Security Agreement, each Mortgage (if any), any Control Agreement, any Canadian Security Document, any English Security
Document, any Dutch Security Document, and any other agreement delivered in connection herewith which grants or purports to grant
a Lien in favor of Agent or any other Secured Party to secure all or any of the Obligations.

 

"Security Jurisdiction"
shall mean each of England, Wales, the Netherlands, Canada, any province thereof, the United States, any State thereof or the District
of Columbia, and any other jurisdiction which may be agreed to from time to time by the Borrower Agent and the Agent.

 

"Settlement"
has the meaning specified in Section 2.3(i).

 

"Settlement
Date" has the meaning specified in Section 2.3(i).

 

"SOFR"
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator's Website on the immediately succeeding Business Day.

 

"SOFR Administrator"
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

    -56-

     

    

 

"SOFR Administrator's
Website" means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

"Solvent"
means, when used with respect to any Person (other than a UK Loan Party), that as of the date as to which such Person's solvency
is to be measured: (i) the fair saleable value of its assets is in excess of (A) the total amount of its liabilities
(including contingent, subordinated, absolute, fixed, matured, unmatured, liquidated and unliquidated liabilities) and (B) the
amount that will be required to pay the probable liability of such Person on its debts as such debts become absolute and matured;
(ii) it has sufficient capital to conduct its business; and (iii) it is able to meet its debts as they mature; and, in
respect of any UK Loan Parties, means: (i) that Person: (A) is able or does not admit inability to pay its debts as they
fall due; (B) is not deemed to, or is not declared to be unable to pay its debts  under applicable law; (C) by reason
of actual or anticipated financial difficulties, has not suspended or threatened making payments on any of its debts; or (D) by
reason of actual or anticipated financial difficulties, has not commenced negotiations with one or more of its creditors (excluding
any Lenders in their capacity as such) with a view to rescheduling any of its indebtedness; and/or (ii) the value of that
Person's assets is not less than its liabilities (taking into account contingent and prospective liabilities); and/or (iii) no
moratorium has been declared in respect of any of that Person's indebtedness (and the ending of a moratorium will not remedy any
Event of Default so caused by that moratorium).

 

"Specified
Transaction" means, any Permitted Acquisition, Investment made pursuant to Section 8.10(h), prepayment of Indebtedness
or dividend or distribution (or declaration of any prepayment or dividend or distribution).

 

"Specified
U.S. Guarantors" means Team Industrial Services, Inc., a Texas corporation Quest Integrity USA, a Texas limited liability
company, and DK Valve & Supply, LLC, a California limited liability company.

 

"Specified
U.S. Guarantor Date" has the meaning specified in Section 12.31.

 

"Spot Rate"
means, for a currency, the rate determined by Agent to be the rate quoted by Agent acting in such capacity as the spot rate for
the purchase by Agent of such currency with another currency through its principal foreign exchange trading office at approximately
noon (New York time) on the date two (2) Business Days prior to the date as of which the foreign exchange computation is made;
provided, that Agent may obtain such spot rate from another financial institution designated by Agent if Agent acting in
such capacity does not have as of the date of determination a spot buying rate for any such currency; such calculation shall be
deemed correct absent manifest error.

 

"Statutory
Reserve Rate" means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board to which the Agent is subject with respect to the Adjusted
LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board).
Such reserve percentages shall include those imposed pursuant to such Regulation D of the Board. LIBOR 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 of the Board or any comparable regulation.
The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage

 

    -57-

     

    

 

"Sterling"
or "£" means the lawful currency of the United Kingdom.

 

"Subordinated
Debt" means any Indebtedness incurred by Loan Parties that by its terms is subordinated in right of payment to any of
the Obligations pursuant to a Subordination Agreement.

 

"Subordination
Agreement" means an agreement among the Agent, the applicable Borrower or Subsidiary of the Borrower and the holder of
any Subordinated Debt, pursuant to which such Indebtedness is made subordinate in right of payment to Payment in Full of all Obligations
on terms satisfactory to the Agent in its Permitted Discretion.

 

"Subsidiary"
means, as to any Person, any Entity in which that Person directly or indirectly owns or controls more than 50% of the issued
and outstanding Voting Interests of such Entity. Unless otherwise stated herein, any reference herein to a "Subsidiary"
means a direct or indirect Subsidiary of Borrowing Agent.

 

"Super Majority
Lenders" means Lenders having more than 66 2/3% of the sum of all Loans outstanding and unutilized Commitments; provided
that the Loans and unutilized Commitments held or deemed held by any Defaulting Lender shall be excluded for purposes of making
a determination of Super Majority Lender; provided further that at any time there are two or more Lenders (who are not Affiliates
of one another or Defaulting Lenders), "Super Majority Lenders" must include at least two Lenders (who are not Affiliates
of one another). Notwithstanding the foregoing, if the Revolving Credit Commitments have terminated or expired, "Super Majority
Lenders" shall be determined in accordance with the foregoing, but based upon the unutilized portion of the Revolving Credit
Commitments most recently in effect, after giving effect to any assignments.

 

"Supported
QFC" has the meaning specified therefor in Section 12.32 of this Agreement.

 

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

 

"Swingline
Lender" means the Bank or any other Lender that, at the request of Borrowers and with the consent of Agent agrees, in
such Lender's sole discretion, to become the Swingline Lender under Section 2.3(h) of this Agreement.

 

"Swingline
Loan" means any borrowing of Revolving Credit Loans funded with Swingline Lender's funds pursuant to Section 2.3(h),
until such Borrowing is settled among the Lenders pursuant to Section 2.3(h).

 

    -58-

     

    

 

"Swingline
Note" has the meaning given such term in Section 2.3(h).

 

"Swingline
Sublimit" has the meaning specified in Section 2.3(h).

 

"TARGET Day"
means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system which was
launched on 19 November 2007 (or, if such payment system ceases to be operative, such other payment system (if any) determined
by the Agent to be a suitable replacement) is open for the settlement of payments in Euros.

 

"Tax Act"
means the Income Tax Act (Canada), as amended from time to time.

 

"Tax Expense"
shall mean, for any period, the tax expense (including federal, state, provincial, local, foreign, franchise, excise and foreign
withholding taxes) of the Loan Parties and their Subsidiaries, including any penalties and interest relating to any tax examinations
for such period, determined on a consolidated basis in accordance with GAAP.

 

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

 

"Term Loan"
means the "Term Loan" as defined in the Term Loan Agreement.

 

"Term Loan
Agreement" means that certain Term Loan Credit Agreement dated as of the date hereof by and among Team, Inc., a Delaware
corporation and Term Loan Lender, as in effect on the date hereof or as may be amended, modified or supplemented from time to time
in accordance with the Intercreditor Agreement.

 

"Term Loan
Documents" means (a) the Term Loan Agreement and (b) each of the other agreements, instruments and other documents
with respect to the Term Loan Obligations, all as in effect on the date hereof or as may be amended, modified or supplemented from
time to time in accordance with the Intercreditor Agreement.

 

"Term Loan
Lender" means Atlantic Park Strategic Capital Fund, L.P..

 

"Term Loan
Obligations" means the "Term Loan Debt" as defined in the Intercreditor Agreement.

 

"Term Loan
Priority Collateral" has the meaning set forth in the Intercreditor Agreement.

 

"Termination
Date" means the earlier of (i) the Maturity Trigger Date unless (x)(A) the outstanding principal amount
of the 2017 Senior Convertible Notes is less than $50,000,000 on the Maturity Trigger Date and (B) if there are any 2017 Convertible
Notes on such date, pro forma Excess Availability (after giving effect to any Reserve with respect to the 2017 Senior Convertible
Notes) on the Maturity Trigger Date exceeds 20% of the Line Cap, after giving effect to all repayments of the 2017 Senior Convertible
Notes on such date or (y) the maturity date of the 2017 Senior Convertible Notes is extended past the date that is 180 days
after the fourth (4th) anniversary of the Closing Date, (ii) the fourth (4th) anniversary of the Closing Date or (iii) the
date of termination of the Commitments as provided for herein.

 

    -59-

     

    

 

"Termination
Event" means (i) a Reportable Event with respect to any Pension Plan, any failure to make a required contribution
to any Plan that could reasonably be expected to result in the imposition of a Lien, or the arising of a Lien with respect to a
Pension Plan; (ii) the withdrawal of a Borrower or any ERISA Affiliate from a Pension Plan during a plan year in which it
was a "substantial employer" (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that
is treated as a withdrawal under Section 4062(e) of ERISA; (iii) the provision of notice by the administrator of
any Pension Plan of intent to terminate a Pension Plan in a distress termination (as described in Section 4041(c) of
ERISA), or the imposition of liability on a Borrower or any ERISA Affiliate of liability under Section 4062(e) or 4069
of ERISA; (iv) the institution by the PBGC of proceedings to terminate a Pension Plan under Section 4042 of ERISA; (v) the
occurrence of any event or condition that (A) constitutes grounds under Section 4042 of ERISA for the termination of,
or the appointment of a trustee to administer, any Pension Plan, or (B)  could reasonably be expected to result in the termination
of a Multiemployer Plan pursuant to Section 4041A of ERISA; (vi) the partial or complete withdrawal, within the meaning
of Sections 4203 or 4205 of ERISA, of a Borrower or any ERISA Affiliate from a Multiemployer Plan; (vii)  receipt
by a Borrower or any ERISA Affiliate of notice that a Multiemployer Plan is "insolvent" or in "reorganization"
within the meaning of Section 4245(b) or 4241of ERISA, is in "at-risk" status (as defined in Section 430(i)(4) of
the Code or Section 303(i)(4) of ERISA), is in "critical and declining" status (within the meaning of Section 305
of ERISA), or has become subject to the limitations of Section 436 of the Code; or (viii)  the imposition of any liability
under Title IV of ERISA, other than for premiums due but not delinquent, upon a Borrower or any ERISA Affiliate.

 

"Term SOFR"
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR
that has been selected or recommended by the Relevant Governmental Body.

 

"Trademark
Security Agreement" means a trademark security agreement, in form and substance reasonably satisfactory to Agent, pursuant
to which each Loan Party that has rights in any Trademarks shall grant a specific security interest in its Trademarks as security
for the Obligations, as amended, restated, supplemented or otherwise modified from time to time.

 

"Trademarks"
means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks
and service mark applications, including (i) all renewals thereof, (ii) all income, royalties, damages and payments now
and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith
and damages and payments for past or future infringements or dilutions thereof, (iii) the right to sue for past, present and
future infringements and dilutions thereof, (iv) the goodwill symbolized by the foregoing or connected therewith, and (v) all
rights corresponding thereto throughout the world.

 

"Type"
means a Base Rate Advance, a LIBOR Rate Advance, a Canadian Prime Rate Advance or a BA Rate Advance.

 

    -60-

     

    

 

"UCC"
shall mean the Uniform Commercial Code as from time to time in effect in the State of New York provided, however,
that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security
interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect
on or after the date hereof in any other jurisdiction, then the term "UCC" shall mean the Uniform Commercial
Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection
or non-perfection or availability of such remedy.

 

"UK Borrowing
Base Companies" means Team Industrial Services (UK) Limited and Team Value and Rotating Services Limited and such other
Subsidiaries organized under the laws of England and Wales as the Borrower Agent and the Agent may from time to time reasonably
agree to become UK Borrowing Base Companies.

 

"UK Accession
Date" means the first anniversary of the date that Team Industrial Services (UK) Limited becomes a Loan Party pursuant
to documentation in form and substance acceptable to Agent in its Permitted Discretion.

 

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

 

"UK Guarantor"
means any Guarantor organized under the laws of England and Wales.

 

"UK Loan Parties"
means any Loan Party incorporated under the laws of England and Wales.

 

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

 

"Unadjusted
Benchmark Replacement" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

"Unfinanced
Capital Expenditures" means Capital Expenditures (i) not financed with the proceeds of any incurrence of Indebtedness
(other than the incurrence of any Revolving Credit Loans), the proceeds of any sale or issuance of Equity Interests or equity contributions,
the proceeds of any asset sale (other than the sale of Inventory in the ordinary course of business) or any insurance proceeds,
and (ii) that are not reimbursed by a third person (excluding any Loan Party or any of its Affiliates) in the period such
expenditures are made pursuant to a written agreement.

 

"Unused Line
Fee Rate" has the meaning specified in Section 4.4.

 

"U.S. Borrowing
Base Company" means each U.S. Borrower and each Specified U.S. Guarantor.

 

    -61-

     

    

 

"U.S. Borrower"
means any Borrower that is a U.S. Person.

 

"U.S. Guarantor"
means any Guarantor (other than a Borrower) that is a U.S. Person.

 

"U.S. Loan Party"
means any Loan Party that is a U.S. Person.

 

"USD LIBOR"
means the London interbank offered rate for Dollars.

 

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

 

"U.S. Tax
Compliance Certificate" has the meaning specified in Section 4.11(g)(ii)(B)(3).

 

"Value"
(i) in respect of Eligible Inventory, means the lower of its cost, computed on a "first in first out" (FIFO) basis
in accordance with GAAP or market value, and (ii)  in respect of Eligible Receivables (including Eligible Investment Grade
Receivables, Eligible Foreign Receivables, Eligible Non-Investment Grade Receivables, and Eligible Unbilled Receivables), means
the gross face amount of such Receivables less the sum of (A) sales, excise or similar taxes included in the amount
thereof and (B) returns and credit, rebates, trade or volume or other discounts, claims, credits, charges and allowances of
any nature at any time issued, owing, granted, outstanding, available or claimed with respect thereto.

 

"Voting Interests"
means Equity Interests having ordinary voting power for the election of the Governing Body of such Person.

 

"Withholding
Agent" means any Loan Party or Agent.

 

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

 

1.2            Accounting
Terms and Determinations. Unless otherwise defined or specified herein, all accounting terms used in this Agreement
shall be construed in accordance with GAAP, applied on a basis consistent in all material respects with the Financial Statements
delivered to Agent on or before the Closing Date. All accounting determinations for purposes of determining compliance with the
covenants contained herein shall be made in accordance with GAAP as in effect on the Closing Date and applied on a basis consistent
in all material respects with the audited Financial Statements delivered to Agent on or before the Closing Date. The Financial
Statements required to be delivered hereunder from and after the Closing Date, and all financial records, shall be maintained
in accordance with GAAP. In the event that any Accounting Change (as defined below) occurs and such change results in a change
in the method of calculation of financial covenants, standards or terms in this Agreement, then upon the written request of Borrower
Agent (acting upon the request of Borrowers) or Agent (acting upon the request of the Required Lenders), Borrowers, Agent and
the Lenders will enter into good faith negotiations in order to amend such provisions of this Agreement so as to equitably reflect
such Accounting Change with the desired result that the criteria for evaluating Borrowers' financial condition will be the same
after such Accounting Change as if such Accounting Change had not occurred; provided that provisions of this Agreement
in effect on the date of such Accounting Change will be calculated as if no such Accounting Change had occurred until the effective
date of such amendment effected in accordance with this Agreement. "Accounting Change" means (i) any change in
accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting
Standards Board of the American Institute of Certified Public Accountants or (ii) any change in the application of GAAP by
Borrowers. Anything in this Agreement to the contrary notwithstanding, any obligations of a Person under a lease (whether existing
now or entered into in the future) that is not (or would not be) required to be classified and accounted for as a capital lease
on a balance sheet of such Person under GAAP as in effect on December 31, 2018 shall not be treated as Capital Lease solely
as a result of changes in the application of GAAP, in each case, after December 31, 2018. For purposes of calculating the
Consolidated Fixed Charge Coverage Ratio as at any date, EBITDA shall be calculated on a pro forma basis (as certified by the
Borrower Agent to the Agent) assuming that all acquisitions made, and all dispositions completed, during the four consecutive
fiscal quarters then most recently ended had been made on the first day of such period (but without any adjustment for projected
cost savings or other synergies).

 

    -62-

     

    

 

1.3            Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the
asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have
been organized on the first date of its existence by the holders of its equity interests at such time.

 

1.4            Other
Terms; Headings. An Event of Default shall "continue" or be "continuing" unless and until such
Event of Default has been cured or waived in writing by Agent and the Required Lenders (or all Lenders, as applicable). The headings
and the Table of Contents are for convenience only and shall not affect the meaning or construction of any provision of this Agreement.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
 "include", "includes" and "including" shall be deemed to be followed by the phrase "without
limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall".
The term "or" has, except where otherwise specifically indicated, the inclusive meaning represented by the phrase "and/or."
Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein
or in any other Loan Document shall be construed as referring to such agreement, instrument or other document as from time to
time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements
or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed
to include such Person's successors and assigns, (iii) the words "herein", "hereof" and "hereunder",
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (iv) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Exhibits and Schedules to, this Agreement, (v) the words "asset" and "property"
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights, (vi) time of day means time of day New York, New York, except as
otherwise expressly provided; and (vii) the "discretion" of Agent, the Required Lenders or the Lenders means the
sole and absolute discretion of such Person(s). Any reference to any law will include all statutory and regulatory provisions
consolidating, amending, replacing or interpreting such law and any reference to any law or regulation means unless otherwise
specified, such law or regulation as amended, modified or supplemented from time to time. All calculations of Value, outstanding
Loans and issuances of Letters of Credit and payments of Obligations shall be in Dollar Equivalent and, unless the context otherwise
requires, all determinations (including calculations of the Borrowing Base and the Financial Covenant) made from time to time
under the Loan Documents shall be made in Dollar Equivalent in light of the circumstances existing at such time; provided that
Loans made in Alternate Currency shall be repaid in such Alternate Currency. No provision of any Loan Documents shall be construed
against any party by reason of such party having, or being deemed to have, drafted the provision. Whenever the phrase "to
the knowledge of" or words of similar import are used in any Loan Documents, it means actual knowledge of a Responsible Officer
of the applicable Loan Party or knowledge that such Responsible Officer would have obtained if he or she had engaged in good faith
and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith
attempt to ascertain the matter to which such phrase relates.

 

    -63-

     

    

 

1.5            Dutch
Terms. In this Agreement, a reference to:

 

(i)            a
 "board of directors" means a managing board (bestuur) when a Dutch Loan Party;

 

(ii)           a
 "director" means a managing director (bestuurder) when a Dutch Loan Party is concerned;

 

(iii)          a
 "security" includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud),
privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame),
and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht)
when a Dutch Loan Party is concerned;

 

(iv)          any
 "Governing Body " where applicable, includes any competent works council(s) to the extent that any action is required
to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden).

 

(v)           any
 "resolutions of the Governing Body " where applicable, includes an unconditional positive advice (advies) from
the competent works council(s) if a positive advice is required pursuant to the Works Councils Act of the Netherlands (Wet
op de ondernemingsraden);

 

    -64-

     

    

 

(vi)         a
 "winding up", "administration" or "dissolution" includes a bankruptcy (faillissement) or dissolution
(ontbinding);

 

(vii)        a
 "moratorium" includes surseance van betaling and "a moratorium is declared" or "occurs" includes
surseance verleend;

 

(viii)       any
 "action" taken in connection with insolvency proceedings includes a Dutch Loan Party having filed (i) a notice under
section 36 of the Dutch Tax Collection Act (Invorderingswet 1990), or (ii) any notice under Section 60 of the
Social Insurance Financing Act of the Netherlands (Wet Financiering Sociale Verzekeringen) in conjunction with Section 36
of the Dutch Tax Collection Act (Invorderingswet 1990);

 

(ix)          a
 "liquidator" includes a curator;

 

(x)           an
 "administrator" includes a bewindvoerder;

 

(xi)          an
 "attachment" or any form thereof including "attached" includes a beslag;

 

(xii)         "gross
negligence" means grove schuld;

 

(xiii)        "willful
misconduct" means opzet;

 

(xiv)        "The
Netherlands" means the European part of the Kingdom of The Netherlands and Dutch means in or of the Netherlands;

 

(xv)         "works
council" includes a works council (ondernemingsraad), central works council (centrale ondernemingsraad), group
works council (groepsondernemingsraad), SE works council (SE-ondernemingsraad) and staff meeting (personeelsvergadering);

 

(xvi)        "insolvency"
includes a bankruptcy (faillissement) and moratorium (surséance van betaling); and

 

(xvii)       a
 "Subsidiary" includes a dochtermaatschappij as defined in section 2:24a of the Dutch Civil Code (Burgerlijk
Wetboek).

 

1.6            Exchange
Rates; Currency Equivalents; Alternate Currency.

 

(a)           For
purposes of this Agreement and the other Loan Documents, references to the applicable outstanding amount of Revolving Credit Loans,
Letters of Credit, Revolver Usage or Letter of Credit Usage shall be deemed to refer to the Dollar Equivalent thereof (as converted
at the Spot Rate as applicable); unless the context requires otherwise.

 

(b)           For
purposes of this Agreement and the other Loan Documents, the Dollar Equivalent  of any Letters of Credit, other Obligations
and other references to amounts denominated in an Alternate Currency or a currency other than Dollars shall be determined in accordance
with the terms of this Agreement.  Such Dollar Equivalent shall become effective as of the Revaluation Date for such Letters
of Credit and other Obligations and shall be the Dollar Equivalent employed in converting any amounts between the applicable currencies
until the next Revaluation Date to occur for such Letters of Credit and other Obligations.  Except as otherwise expressly
provided herein, the applicable amount of any currency for purposes of the Loan Documents (including for purposes of financial
statements and all calculations in connection with the covenants, including the financial covenants) shall be the Dollar Equivalent
thereof.  Without limiting the foregoing, for purposes of determining compliance with any incurrence or expenditure tests
set forth in the Loan Documents (including Sections 5, 6 and 7 of this Agreement), any amounts so incurred
or expended (to the extent incurred or expended in a currency other than Dollars) shall be converted into Dollars on the basis
of the exchange rates (as determined in accordance with the terms of this Agreement) as in effect on the date of such incurrence
or expenditure (and to the extent the respective incurrence or expenditure test regulates the aggregate amount outstanding at any
time and it is expressed in terms of Dollars, all outstanding amounts originally incurred or spent in currencies other than Dollars
shall be converted into Dollars on the basis of the exchange rates (as determined in accordance with this Agreement) as in effect
on the date of the most recent incurrence or expenditures made).

 

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Wherever in this Agreement and the other
Loan Documents in connection with a borrowing, conversion, continuation or prepayment of a Revolving Credit Loan or the issuance,
amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars,
but such Revolving Credit Loan or Letter of Credit is denominated in Sterling, Euro or Canadian Dollars, such amount shall be
the relevant Dollar Equivalent of such Sterling, Euro or Canadian Dollar amount (rounded to the nearest 0.5 of a unit being rounded
upward) in each case as reasonably determined by Agent.

 

1.7            Currencies.
The Revolving Credit Loans owing by Borrowers and other Obligations owing by Loan Parties shall be calculated in Dollars at the
Dollar Equivalent on each Revaluation Date; provided that Loans made in Alternate Currency shall be repaid in such Alternate Currency.
The Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating the Dollar Equivalent amounts
of Revolving Credit Loans denominated in a currency other than Dollars. Such Spot Rates shall become effective as of such Revaluation
Date and shall be the Spot Rates employed in converting any amounts between such currency and Dollars until the next Revaluation
Date to occur.

 

1.8            Circumstances
Affecting Sterling, Euro or Canadian Dollar Availability. In connection with any request for a Revolving Credit Loan
denominated in Sterling, Euro or Canadian Dollars (each a "FX Extensions") or a continuation or extension thereof,
if the introduction of, or any change in, any Law 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 any Lender
(or the applicable lending office of such Lender) with any request or directive (whether or not having the force of law) of any
such Governmental Authority, central bank or comparable agency or any change in national or international financial, political
or economic conditions or currency exchange rates or exchange controls, shall make it unlawful or impossible for any Lender (or
any of their applicable lending office) to honor its obligations to make any or all type of FX Extension, then Agent shall promptly
give notice thereof to the Borrower Agent and the other Lenders.  Thereafter, until Agent notifies the Borrower Agent that
such circumstances no longer exist, the obligation of such Lender to make FX Extensions shall be suspended until such Lender determines
that it would no longer be unlawful or impractical to do so, provided that the Borrowers shall continue to be entitled to make
elections for applicable FX Extensions from any other Lenders.

 

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1.9            Quebec
Matters. For purposes of any Collateral located in the Province of Québec or charged by the Security Documents
governed by the laws of the Province of Québec and for all other purposes pursuant to which the interpretation or construction
of a Loan Document may be subject to the laws of the Province of Québec or a court or tribunal exercising jurisdiction
in the Province of Québec, (a) "personal property" shall be deemed to include "movable property",
(b) "real property" shall be deemed to include "immovable property", (c) "tangible property"
shall be deemed to include "corporeal property", (d) "intangible property" shall be deemed to include
 "incorporeal property", (e) "security interest" and "mortgage" shall be deemed to include a
 "hypothec", (f) all references to filing, registering or recording shall be deemed to include publication under
the Civil Code of Québec, (g) all references to "perfection" of or "perfected" Liens shall be
deemed to include a reference to the "opposability" of such Liens to third parties, (h) any "right of offset",
 "right of setoff" or similar expression shall be deemed to include a "right of compensation", (i) "goods"
shall be deemed to include "corporeal movable property" other than chattel paper, documents of title, instruments, money
and securities, (j) an "agent" shall be deemed to include a "mandatary", (k) "joint and several"
shall be deemed to include "solidary", (l) "gross negligence or willful misconduct" shall be deemed to
be "intentional or gross fault" and (m) "beneficial ownership" shall be deemed to include "ownership
on behalf of another as mandatory".

 

ARTICLE II

THE CREDIT FACILITIES

 

2.1            The
Revolving Credit Loans.

 

(a)            Revolving
Credit Loans; Borrowing Base. Each Revolving Credit Lender agrees (severally, not jointly or jointly and severally), subject
to Section 2.5(a) and the other terms and conditions of this Agreement, to make revolving credit loans (together with
the Swingline Loans, Protective Advances and Overadvances, the "Revolving Credit Loans") to Borrowers in Dollars
or an Alternate Currency, from time to time from the Closing Date to but excluding the Termination Date, at Borrower Agent's request
to Agent, in an amount at any one time outstanding not to exceed the lesser of (i) such Lender's Revolving Credit Commitment,
or (ii) such Lender's Pro Rata Share of an aggregate principal amount at any one time outstanding which, when combined with
the aggregate undrawn amount of all unexpired Letters of Credit, does not exceed the lesser of (x) the Aggregate Revolving
Credit Commitment, and (y) the Borrowing Base at such time; provided that at no time shall Revolving Credit Loans denominated
in an Alternate Currency exceed $50,000,000. Within the foregoing limits and subject to the terms and conditions set forth herein,
(A) Revolving Credit Loans denominated in Dollars may consist of Base Rate Advances, LIBOR Rate Advances, or a combination
thereof, and may be borrowed, paid, repaid and reborrowed, (B) Revolving Credit Loans denominated in an Alternate Currency
(other than Canadian Dollars, which are governed by clause (C) below) shall consist of LIBOR Rate Advances, and may be borrowed,
paid, repaid and reborrowed and (C) Revolving Credit Loans denominated in Canadian Dollars shall consist of Canadian Prime
Rate Loans, BA Rate Loans, or a combination thereof, and may be borrowed, paid, repaid and reborrowed. All Revolving Credit Loans
denominated in Dollars shall be repaid in Dollars and all Revolving Credit Loans denominated in Alternate Currency shall be repaid
in such Alternate Currency.

 

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(b)           Agent,
at any time in the exercise of its Permitted Discretion, may (i) establish and increase or decrease Reserves against Eligible
Receivables, Eligible Inventory, the Borrowing Base and the Aggregate Revolving Credit Commitment, (ii) reduce the advance
rates against Eligible Receivables and Eligible Inventory, or thereafter increase such advance rates to any level equal to or below
the advance rates in effect on the Closing Date and (iii) impose additional restrictions (or eliminate the same) to the standards
of eligibility set forth in the definitions of "Eligible Receivables" and "Eligible Inventory". The amount
of any Reserve established by Agent, and any changes to the advance rates or the eligibility criteria set forth in the definitions
of Eligible Receivables or Eligible Inventory, shall have a reasonable relationship to the event, condition, other circumstance,
or fact that is the basis for such reserve or change and shall not be duplicative of any other reserve established and currently
maintained. The establishment of any new reserve category and changes to the methodology for determining a reserve, or imposition
of a new eligibility criteria or changes to advance rates by the Agent, shall only become effective three (3) Business Days
after the date of notice by the Agent to the Borrower Agent of such change, imposition or establishment; provided that (A) no
such prior notice shall be required for changes to any reserves resulting solely by virtue of mathematical calculations of the
amount of the reserve in accordance with the methodology of calculation set forth in this Agreement or previously utilized; (B) no
such prior notice shall be required during the continuance of any Default or Event of Default; (C) no such prior notice shall
be required with respect to any reserve established in respect of any Lien that has priority over Agent's Liens on the Collateral;
and (D) the Borrower may not obtain any new Revolving Credit Loans (including Swingline Loans) or Letters of Credit to the
extent that such Revolving Credit Loan (including Swingline Loans) or Letter of Credit would cause an Overadvance after giving
effect to the establishment or increase of such reserve as set forth in such notice.

 

(c)           Revolving
Credit Notes. The Revolving Credit Loans made by each Revolving Credit Lender may, at the request of such Revolving Credit
Lender, be evidenced by a single promissory note payable to the order of such Revolving Credit Lender, substantially in the form
of Exhibit A-1 (as amended, restated, supplemented or otherwise modified from time to time, a "Revolving Credit
Note" and, collectively, the "Revolving Credit Notes"), executed by Borrowers and delivered to such Lender
in a stated maximum principal amount equal to such Revolving Credit Lender's Revolving Credit Commitment.

 

(d)           Payment.
Borrowers hereby promise to pay all of the Revolving Credit Loans and all other Obligations in respect thereof (including principal,
interest, fees, costs, and expenses payable under this Agreement and the other Loan Documents) in full on the Termination Date
or, if earlier, on the date on which the Revolving Credit Loans and the Obligations (other than Bank Product Obligations) become
due and payable pursuant to the terms of this Agreement. Borrowers may borrow, repay and reborrow Revolving Credit Loans, in whole
or in part, in accordance with the terms hereof prior to the Termination Date.

 

2.2            [Reserved].

 

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2.3           Procedure
for Borrowing; Notices of Borrowing; Notices of Conversion.

 

(a)            Borrowing.
Each borrowing of a Loan (each, a "Borrowing") shall be made on notice, given not later than 12:00 p.m. (New
York time) on the third Business Day prior to the date of the proposed Borrowing in the case of a LIBOR Rate Advance, a Canadian
Prime Rate Advance or a BA Rate Advance, and not later than 12:00 p.m. (New York time) on the date of the proposed Borrowing
in the case of a Base Rate Advance, by Borrower Agent to Agent; provided that (x)any LIBOR Advance in Dollar made on the
Closing Date shall be given on the Closing Date in form and substance acceptable to the Agent in its Permitted Discretion and (y) no
Canadian Prime Rate Advance shall be made until each Lender has received and approved documentation and other information requested
by such Lender in connection with applicable "know your customer" and Anti-Money Laundering Laws, including the Patriot
Act, with respect to such Advances. Each such notice of a Borrowing shall be in writing (by electronic transmission or otherwise
as permitted hereunder), substantially in the form of Exhibit B (a "Notice of Borrowing"), specifying
therein the requested (i) date of such Borrowing, (ii) the Type of Advance comprising such Borrowing (and in the case
of a LIBOR Rate Borrowing or BA Rate Borrowing, the initial Interest Period or BA Period, respectively, to be applicable thereto)
and (iii) the aggregate principal amount of such Borrowing (stated in Dollars or the applicable Alternate Currency). If, with
respect to Advances denominated in Dollars, no election as to the Type of Borrowing is specified, then the requested Borrowing
shall be an Borrowing of a Base Rate Advance. If, with respect to Advance denominated in Canadian Dollars, no election as to the
Type of Borrowing is specified, then the requested Borrowing shall be Borrowing of a Canadian Prime Rate Advance. If no Interest
Period or BA Period is specified with respect to any requested Borrowing of a LIBOR Rate Advance or a BA Rate Advance, as applicable,
then the Borrower shall be deemed to have selected an Interest Period or BA Period, as applicable, of one month’s duration.
If no currency is specified, the requested Borrowing shall be denominated in Dollars.

 

(b)            Alternate
Currency. Each Lender at its option may make any LIBOR Rate Advance, Canadian Prime Rate Advance, BA Rate Advance or other
Revolving Credit Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case
of an Affiliate, the provisions of Sections 4.10 and 4.11 shall apply to such Affiliate to the same extent as to such Lender);
provided, that (i) any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance
with the terms of this Agreement and (ii) such LIBOR Rate Advance, Canadian Prime Rate Advance, BA Rate Advance or other Revolving
Credit Loan (as applicable) shall be deemed to have been made and held by such Lender, and the obligation of the Borrower to repay
such LIBOR Rate Advance, Canadian Prime Rate Advance, BA Rate Advance or other Revolving Credit Loan shall nevertheless be to such
Lender, in each case, for the account of such domestic or foreign branch or Affiliate of such Lender.

 

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(c)            Conversions.
Borrower Agent may on any Business Day by giving a notice to Agent in writing (by electronic transmission or otherwise as permitted
hereunder), substantially in the form of Exhibit C (a "Notice of Conversion"), and subject to the
provisions of Section 2.3(d), convert the entire amount of or a portion of an Advance of one Type into an Advance of another
Type; provided, however, (i) no Loan may be converted into or continued as another Type denominated in a different
currency, but instead must be prepaid in the original currency of such Loan and reborrowed in a different currency, (ii) 
that any Conversion of a LIBOR Rate Advance into a Base Rate Advance shall be made on, and only on, the last day of the calendar
month and (iii) any Conversion of a BA Rate Advance into a Canadian Prime Rate Advance shall be made on, and only on, the
last day of the calendar month. Each such Notice of Conversion shall be given not later than 12:00 p.m. (New York time) on
the Business Day prior to the date of any proposed Conversion into a Base Rate Advance or a Canadian Prime Rate Advance and on
the third Business Day prior to the date of any proposed Conversion into a LIBOR Rate Advance or a BA Rate Advance. Subject to
the restrictions specified above, each Notice of Conversion shall be in writing (by electronic transmission or otherwise as permitted
hereunder), specifying (i) the requested date of such Conversion, (ii) the Type of Advance to be Converted and (iii) the
amount of such Advance to be Converted and whether such amount comprises part (or all) of the Revolving Credit Loans. Each Conversion
shall be in an aggregate amount not less than $2,000,000 or an integral multiple of $500,000 in excess thereof.

 

(d)            Limitations
on Use of LIBOR Index Rate or the BA Rate. Anything in subsection (b) or (c) above to the contrary notwithstanding,

 

(i)            if,
at least one (1) Business Day before the date of any requested LIBOR Rate Advance or BA Rate Advance, the introduction of
or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Governmental
Authority asserts that it is unlawful, for the Lenders or any of its Affiliates to perform its obligations hereunder to make a
LIBOR Rate Advance or BA Rate Advance or to fund or maintain a LIBOR Rate Advance or BA Rate Advance hereunder (including in the
case of a Conversion), Agent shall promptly give written notice of such circumstance to Borrower Agent, and the right of Borrower
Agent to select a LIBOR Rate Advance or BA Rate Advance for such Borrowing or any subsequent Borrowing (including a Conversion)
shall be suspended until the circumstances causing such suspension no longer exist, and any Advance comprising such requested Borrowing
(or Conversion) shall be a Base Rate Advance or Canadian Prime Rate Advance;

 

(ii)            if
Agent is unable to determine the LIBOR Index Rate or BA Rate for LIBOR Rate Advances or BA Rate Advances comprising any requested
Borrowing or Conversion, Agent shall promptly give written notice of such circumstance to Borrower Agent, and the right of Borrower
Agent to select or maintain LIBOR Rate Advances or BA Rate Advance for such Borrowing (or Conversion) or any subsequent Borrowing
shall be suspended until Agent shall notify Borrower Agent that the circumstances causing such suspension no longer exist, and
any Advance comprising such Borrowing (Conversion) shall be a Base Rate Advance or Canadian Prime Rate Advance;

 

(iii)           if
any Lender shall, at least one (1) Business Day before the date of any requested Borrowing of, or Conversion into, a LIBOR
Index Rate Advance or BA Rate Advance, notify Agent and Borrower Agent that the LIBOR Index Rate or BA Rate for Advances comprising
such Borrowing or Conversion will not adequately reflect the cost to such Lender of making or funding Advances for such Borrowing,
the right of Borrower Agent to select LIBOR Rate Advances or BA Rate Advance shall be suspended until such Lender shall notify
Agent and Borrower Agent that the circumstances causing such suspension no longer exist, and any Advance comprising such Borrowing
(or Conversion) shall be a Base Rate Advance or Canadian Prime Rate Advance;

 

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(iv)          there
shall not be outstanding at any time more than ten (10) Borrowings which collectively consist of LIBOR Rate Advances and BA
Rate Advances;

 

(v)           each
Borrowing which consists of LIBOR Rate Advances shall be in an amount equal to $2,000,000 (or equivalent number in the relevant
Alternate Currency) or a whole multiple of $500,000 (or equivalent number in the relevant Alternate Currency) in excess thereof
and each Borrowing which consists of BA Rate Advances or Canadian Prime Rate Advances shall be in an amount equal to C$1,000,000
(or equivalent number in the relevant Alternate Currency) or a whole multiple of C$100,000; and

 

(vi)          if
a Default or Event of Default has occurred and is continuing, no LIBOR Rate Advances or BA Rate Advances may be borrowed or continued
as such, no Base Rate Advance may be Converted into a LIBOR Rate Advance and no Canadian Prime Rate Advance may be Converted into
a BA Rate Advance.

 

(e)            Effect
of Notice. Each Notice of Borrowing and each Notice of Conversion shall be irrevocable and binding on Borrowers. Borrowers
agree to indemnify Agent and the Lenders against any loss, cost or expense incurred by Agent or any Lender as a result of (i) default
by Borrowers in making a Borrowing of, Conversion into a LIBOR Rate Advance or BA Rate Advance after Borrower Agent has given notice
requesting the same, (ii) default by Borrowers in payment when due of the principal amount of or interest on any LIBOR Rate
Advance or BA Rate Advance and (iii) prepayment of any Loan pursuant to Sections 2.11 or 2.16(e), including any loss (including
loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by Agent or any Lender to fund such Advance.

 

(f)            Disbursements.
Promptly after its receipt of a Notice of Borrowing under Section 2.3(a), Agent shall elect, in its discretion, (i) to
have the terms of Section 2.3(g) apply to the requested Borrowings, or (ii) to request that Swingline Lender make
a Swingline Loan under Section 2.3(h) to Borrowers in the amount of the requested Borrowing.

 

(g)            Lenders
to Advance.

 

(i)            If
Agent shall elect to have the terms of this Section 2.3(g) apply to a requested Borrowing as described in Section 2.3(f)(i) or
Swingline Lender has not agreed to make a Swingline Loan, then, promptly after its receipt of a Notice of Borrowing under Section 2.3(a),
Agent shall notify the Lenders in writing (by electronic transmission or otherwise as permitted hereunder) of the requested Borrowing.
Each Lender shall make the amount of such Lender's Pro Rata Share of the requested Borrowing available to Agent in same day funds,
for the account of Borrowers, at Agent's Payment Account prior to 4:00 p.m. (New York time), on the Borrowing Date requested
by Borrower Agent. The proceeds of such Borrowing will then be made available to Borrowers by Agent wire transferring to the Operating
Account the aggregate of the amounts made available to Agent by the Lenders, and in like funds as received by Agent by 4:00 p.m. (New
York time), on the requested Borrowing Date or as otherwise requested by Borrower Agent in its Notice of Borrowing, and approved
by Agent for such purpose.

 

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(ii)            Unless
Agent receives contrary written notice prior to 3:00 p.m. (New York time) on the date of any proposed Borrowing, Agent shall
be entitled to assume that each Lender will make available its Pro Rata Share of such Borrowing and, in reliance upon that assumption,
but without any obligation to do so, may advance such Pro Rata Share on behalf of such Lender. If and to the extent that such Lender
shall not have made such amount available to Agent, but Agent has made such amount available to Borrowers, such Lender and Borrowers
jointly and severally agree to pay and repay Agent forthwith on demand such corresponding amount and to pay interest thereon, for
each day from the date of such Borrowing until the date such amount is paid or repaid to Agent, at (A) in the case of Borrowers,
the interest rate applicable at such time to such Loan and (B) in the case of each Lender, for the period from the date such
Borrowing to (and including) three (3) days after demand therefor by Agent to such Lender, at the Federal Funds Rate (or (x) with
respect to any amount denominated in an Alternate Currency (other than Canadian Dollars), the rate of interest per annum at which
overnight deposits in such Alternate Currency, on an amount approximately equal to the amount with respect to which such rate is
being determined, would be offered for such day by the Agent in the applicable offshore interbank market for such currency and
(y) with respect to any amount denominated in Canadian Dollars, the Canadian Prime Rate) and, following such third day, at
the interest rate applicable at such time to such Loan, in each case, together with all costs and expenses incurred by Agent in
connection therewith. If a Lender shall pay to Agent any or all of such amount, such amount so paid shall constitute a Loan by
such Lender to Borrowers for purposes of this Agreement.

 

(h)            Swingline
Loan. If (i) Agent shall elect, in its discretion, to have the terms of this Section 2.3(h) apply to a requested
Borrowing of Revolving Credit Loans (as described in Section 2.3(f)(ii)), and (ii) the Swingline Lender, in its sole
discretion, agrees to make a Swingline Loan, the Swingline Lender shall make a Loan in the amount of such requested Borrowing (any
such Loan made solely by the Swingline Lender under this Section 2.3(h) being referred to as an "Swingline Loan")
available to Borrowers in same day funds by wire transferring such amount to the Operating Account by 4:00 p.m. (New York
time) on the requested Borrowing Date. Each Swingline Loan shall be subject to all the terms and conditions applicable hereunder
to the other Revolving Credit Loans except that prior to settlement all payments thereon shall be payable to the Swingline Lender
solely for its own account (and for the account of the holder of any participation interest with respect to such Loan). The Swingline
Lender shall not make any Swingline Loan if (i) the requested Borrowing would cause the aggregate outstanding amount of Revolving
Credit Loans, Swingline Loans and undrawn amount of unexpired Letters of Credit to exceed the lesser of (x) the Borrowing
Base and (y) the Aggregate Revolving Credit Commitment on such Borrowing Date or (ii) the requested Borrowing would cause
the aggregate outstanding amount of Swingline Loans to exceed $35,000,000 (the "Swingline Sublimit"). The Swingline
Loans shall be repayable on demand, shall be secured by the Collateral, shall constitute Revolving Credit Loans made in Dollars
and Obligations hereunder and shall bear interest at the rate in effect from time to time applicable to the Revolving Credit Loans
comprised of Base Rate Advances, including any increase in such rate that is applicable under Section 4.2. The Swingline Loans
made by the Swingline Lender may, at the request of the Swingline Lender, be evidenced by a single promissory note payable to the
order of such Lender, in the form of Exhibit A-3 (as amended, restated, supplemented or otherwise modified from time
to time, a "Swingline Note"), as executed by Borrowers and delivered to the Swingline Lender, in a stated amount
equal to the maximum amount of the Swingline Loans specified in this subsection.

 

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(i)             Settlements.
Each Revolving Credit Lender's funded portion of any Revolving Credit Loan is intended to be equal at all times to such Lender's
Pro Rata Share of all outstanding Revolving Credit Loans. Notwithstanding such agreement, Agent and the other Lenders agree (which
agreement shall not be for the benefit of or enforceable by Borrowers) that, to facilitate the administration of this Agreement
and the other Loan Documents, settlement among them as to the Swingline Loans, any Protective Advances and any Overadvances shall
take place on a periodic basis in accordance with the following provisions:

 

(i)            Agent
shall request settlement ("Settlement") with the Lenders on a weekly basis, or on a more frequent basis if so
determined by Agent, with respect to (A) each outstanding Swingline Loan, Protective Advance and Overadvance and (B) all
payments made by Borrowers on account of the Revolving Credit Loans, in each case by notifying the Revolving Credit Lenders of
such requested Settlement in writing (by electronic transmission or otherwise as permitted hereunder), prior to 2:00 p.m. (New
York time) on the date of such requested Settlement (any such date being a "Settlement Date").

 

(ii)           Each
Lender shall make the amount of such Lender's Pro Rata Share of the outstanding principal amount of the Swingline Loan, any Protective
Advance and any Overadvance with respect to which Settlement is requested available to Agent in same day funds, for itself or for
the account of Agent, to Agent's Payment Account prior to 4:00 p.m. (New York time), on the Settlement Date applicable thereto,
regardless of whether the conditions precedent specified in Section 5.2 have then been satisfied. Such amounts made available
to Agent shall be applied against the amounts of the applicable Swingline Loan, Protective Advance and Overadvance, and, together
with the portion of such Swingline Loan, any Protective Advance and any Overadvance representing Agent's Pro Rata Share thereof,
shall constitute Revolving Credit Loans of such Lenders. If any such amount is not made available to Agent by any Lender on the
Settlement Date applicable thereto, Agent shall be entitled to recover such amount on demand from such Lender together with interest
thereon at the Federal Funds Rate for the first three (3) Business Days from and after such Settlement Date and thereafter
at the interest rate then applicable to Base Rate Advances.

 

(iii)          Notwithstanding
the foregoing, not more than one (1) Business Day after demand is made by Agent (whether before or after the occurrence of
a Default or an Event of Default), each Lender (other than the Bank) shall irrevocably and unconditionally purchase and receive
from Agent, without recourse or warranty, an undivided interest and participation in such Swingline Loan, any Protective Advance
and any Overadvance to the extent of such Lender's Pro Rata Share thereof, by paying to Agent, in same day funds, an amount equal
to such Lender's Pro Rata Share of such Swingline Loan, regardless of whether the conditions precedent specified in Section 5.2
have then been satisfied. If such amount is not made available to Agent by any Lender, Agent shall be entitled to recover such
amount on demand from such Lender together with interest thereon at the Federal Funds Rate for the first three (3) days from
and after such demand and thereafter at the interest rate then applicable to the Revolving Credit Loans that are Base Rate Advances,
including any increase in such rate that is applicable under Section 4.2.

 

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(iv)          From
and after the date, if any, on which any Lender purchases an undivided interest and participation in any Swingline Loan, Protective
Advance or Overadvance under clause (C) above, Agent shall promptly distribute to such Lender such Lender's Pro Rata
Share of all payments of principal and interest received by Agent in respect of such Swingline Loan, Protective Advance and Overadvance.

 

(j)             Benchmark
Replacement Setting.

 

(i)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and any Bank Product Agreement
shall be deemed not to be a "Loan Document" for purposes of this Section titled "Benchmark Replacement Setting"),
if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is
determined in accordance with clause (1) or (2) of the definition of "Benchmark Replacement" for such Benchmark
Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document
in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of
any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance
with clause (3) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting
at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement
is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any
other Loan Document so long as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement
from Lenders comprising the Required Lenders.

 

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

 

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(iii)          Notices;
Standards for Decisions and Determinations. The Agent will promptly notify the Borrower and the Lenders of (A) any Benchmark
Replacement Date and the related Benchmark Replacement, (B) the effectiveness of any Benchmark Replacement Conforming Changes,
(C) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (iv) below and (D) the commencement
of any Benchmark Unavailability Period. For the avoidance of doubt, any notice required to be delivered by the Agent as set forth
in this Section titled "Benchmark Replacement Setting" may be provided, at the option of the Agent (in its sole
discretion), in one or more notices and may be delivered together with, or as part of any amendment which implements any Benchmark
Replacement or Benchmark Conforming Changes. Any determination, decision or election that may be made by the Agent or, if applicable,
any Lender (or group of Lenders) pursuant to this Section titled "Benchmark Replacement Setting," including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error
and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document,
except, in each case, as expressly required pursuant to this Section titled "Benchmark Replacement Setting."

 

(iv)          Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including
Term SOFR, USD LIBOR or the Sterling Overnight Index Average (SONIA)) and either (x) any tenor for such Benchmark is not displayed
on a screen or other information service that publishes such rate from time to time as selected by the Agent in its reasonable
discretion or (y) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication
of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Agent may modify the
interest period for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if
a tenor that was removed pursuant to clause (A) above either (x) is subsequently displayed on a screen or information
service for a Benchmark (including a Benchmark Replacement) or (y) is not, or is no longer, subject to an announcement that
it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Agent may modify the interest
period for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(v)           Benchmark
Unavailability Period. Upon the Borrower Agent's receipt of notice of the commencement of a Benchmark Unavailability Period,
the Borrower Agent may revoke any request for a LIBOR Rate Advance or a BA Rate Advance of, conversion to or continuation of LIBOR
Loans or BA Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower
Agent will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans or Canadian
Prime Rate Loans, as applicable. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark
is not an Available Tenor, the component of Base Rate or Canadian Prime Rate based upon the then-current Benchmark or such tenor
for such Benchmark, as applicable, will not be used in any determination of Base Rate or Canadian Prime Rate.

 

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(vi)          Disclaimer.
The Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (A) the administration,
submission or any other matter related to the London interbank offered rate or other rates in the definition of "Eurodollar
Rate" or with respect to any alternative or successor rate thereto, or replacement rate thereof (including any Benchmark Replacement
implemented hereunder), (B) the composition or characteristics of any such Benchmark Replacement, including whether it is
similar to, or produces the same value or economic equivalence to USD LIBOR (or any other Benchmark) or have the same volume or
liquidity as did USD LIBOR (or any other Benchmark), (C) any actions or use of its discretion or other decisions or determinations
made with respect to any matters covered by this Section titled "Benchmark Replacement Setting" including whether
or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or non-representative tenors, the
implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required
by clause (d) above or otherwise in accordance herewith, and (D) the effect of any of the foregoing provisions of this
Section titled "Benchmark Replacement Setting".

 

2.4           Application
of Proceeds. The proceeds of the Loans shall be used by Borrowers to refinance existing Indebtedness, for their general
working capital purposes, for expenses incurred by Borrowers in connection herewith and for other, general purposes consistent
with the terms of this Agreement.

 

2.5           Revolving
Credit Commitment; Mandatory Prepayments; Optional Prepayments.

 

(a)            Maximum
Amount. In no event shall the sum of the aggregate outstanding principal balance of the Revolving Credit Loans and the aggregate
undrawn amount of all unexpired Letters of Credit exceed (other than solely as a result of Protective Advances and Overadvances
permitted under Section 2.15) the Line Cap.

 

(b)            Mandatory
Prepayments. In addition to any prepayment required in accordance with Section 10.2 as a result of an Event of Default
hereunder, the Loans shall be subject to mandatory prepayment as follows:

 

(i)            immediately
upon discovery by or notice to Borrower Agent that any of the lending limits set forth in Section 2.1(a) or Section 2.5(a) have
been exceeded (other than solely as a result of Protective Advances and Overadvances permitted under Section 2.15), Borrowers
shall pay Agent for the benefit of the Lenders an amount sufficient to reduce the outstanding principal balance of the Loans, Collateralize
outstanding Letters of Credit, or any combination thereof, to the applicable maximum allowed amount, and such amount shall become
due and payable by Borrowers without the necessity of a demand by Agent or any Lender;

 

(ii)           within
five (5) Business Days after any Revaluation Date so long as the aggregate amount of Revolving Credit Loans denominated in
Alternate Currency exceeds the maximum amount of such Loans permitted to be denominated in Alternate Currency pursuant to Section 2.1(a) by
greater than five percent (5%), Borrowers shall pay Agent for the benefit of the Lenders an amount sufficient to reduce the outstanding
principal balance of the applicable Loans, Collateralize outstanding Letters of Credit, or any combination thereof, to the applicable
maximum allowed amount of Revolving Credit Loans denominated in Alternate Currency, and such amount shall become due and payable
by Borrowers without the necessity of a demand by Agent or any Lender; and

 

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(iii)          the
entire outstanding principal amount of the Loans, together with all accrued and unpaid interest thereon and all fees and Lender
Group Expenses payable by Borrowers hereunder, shall become due and payable on the Termination Date.

 

(c)            Voluntary
Prepayments. Borrowers may, at any time and from time to time, prepay the Loans, in whole or in part (subject, in the case
of the Payment in Full of all the Loans, to the additional requirements of Section 4.7), upon at least one (1) Business
Days' irrevocable notice by Borrower Agent to Agent in the case of Base Rate Advances, and three (3) Business Days' irrevocable
notice by Borrower Agent to Agent in the case of LIBOR Rate Advances or BA Rate Advances, specifying the date and amount of prepayment;
provided that a notice of optional prepayment may state that such notice is conditioned upon the effectiveness of other credit
facilities or the receipt of the proceeds from the incurrence of other Indebtedness or any other event, in which case such notice
of prepayment may be revoked by the Borrowers (by written notice to the Agent on or prior to the specified date) if such condition
is not satisfied. If such notice is given, Borrowers shall make such prepayment, and the payment amount specified in such notice
shall be due and payable, on the date specified therein accompanied by the amount of accrued and unpaid interest thereon.

 

2.6           Maintenance
of Loan Account; Statements of Account. Agent shall maintain an account on its books in the name of Borrowers (the
 "Loan Account") in which Borrowers will be charged with all Loans and Advances made by the Lenders to Borrowers
or for Borrowers' account, including the Revolving Credit Loans, interest, fees, Lender Group Expenses and any other Obligations.
All amounts in the Loan Account shall be calculated in Dollars at the Dollar Equivalent on the Revaluation Date. The Loan Account
will be credited with all amounts received by the Lenders from Borrowers or for Borrowers' account, including, as set forth in
Section 2.7 below, all amounts received from any Lockbox Account or Blocked Account. The Agent shall send Borrower Agent
a monthly statement reflecting the activity in the Loan Account. Each such statement shall be an account stated and shall be final,
conclusive and binding on Borrowers, absent manifest error.

 

2.7           Collection
of Receivables.

 

(a)            Lockbox.
No later than one hundred five (105) days after the Closing Date (or such later date as Agent may agree in its sole discretion)
with respect to Receivables payable to each Loan Party, the Loan Parties shall have entered into one or more agreements with the
Bank (or its agent or designee) or a depository institution acceptable to Agent in its Permitted Discretion (each, a "Lockbox
Agreement" or, collectively, the "Lockbox Agreements"), pursuant to which the Loan Parties shall have
established (or directed the Bank to establish) one or more post office boxes (each, a "Lockbox" or, collectively,
the "Lockboxes"), to be used for the sole and exclusive purpose of concentrating the remittance of Collections,
and in connection therewith, the Loan Parties shall have opened with the Bank one or more deposit accounts (each, a "Lockbox
Account" and, collectively, the "Lockbox Accounts") for the sole and exclusive purpose of, if applicable,
receiving all checks, drafts, instruments and other items of payment ("Items of Payment") received in the Lockboxes
or otherwise received in respect of such Collections as set forth in Section 2.7(b).

 

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(b)            Collections.
By not later one hundred five (105) days after the Closing Date (or such longer period as agreed to by the Agent in its reasonable
discretion), the Loan Parties shall have notified all existing account debtors, and at all times thereafter the Loan Parties shall
notify all new account debtors, to remit all payments of Receivables and other payments constituting proceeds of Collateral directly
to a Blocked Account or designated Lockbox and, to the extent any such remittances are made by wire transfer, automated clearing
house (ACH) or other like form of electronic transmission, to make such transmissions directly to a Blocked Account or Lockbox
Account. The Loan Parties shall cause any Items of Payment (or cash or money) that the Loan Parties directly receive from any of
their respective account debtors subsequent to the Closing Date (notwithstanding its contrary direction, given per above) to be
deposited on a daily basis into a Blocked Account or Lockbox Account.

 

(c)            Blocked
Accounts. Not later than one hundred five (105) days after the Closing Date (or such longer period as agreed to by the Agent
in its reasonable discretion), the Loan Parties will establish their primary deposit accounts and securities accounts, with and
through the Bank or an Affiliate of the Bank and shall maintain such deposit accounts and securities accounts with and through
the Bank or an Affiliate of the Bank during the term of the Agreement. Not later than one hundred five (105) days after the Closing
Date (or such longer period as agreed to by the Agent in its reasonable discretion), except as otherwise permitted under Section 8.21
or as otherwise agreed in writing by Agent with respect to any accounts with and through the Bank, the Loan Parties shall establish
and maintain Control Agreements with Agent and the applicable bank or securities intermediary, on terms reasonably satisfactory
to Agent, with respect to all of their deposit accounts and securities accounts (each, together with any and all deposit accounts
and securities accounts maintained with the Bank except to the extent such deposit accounts or securities accounts constitute Excluded
Property, a "Blocked Account" and collectively, the "Blocked Accounts").

 

(d)            Cash
Dominion Period. If a Cash Dominion Period has occurred and is continuing, Agent may cause all funds deposited into any Blocked
Account to be credited on a daily basis to the Loan Account, conditional upon final collection, unless Agent otherwise at any time
and from time to time, in its Permitted Discretion, deems itself insecure in regard to one or more or all such payments, in which
case such funds shall be applied to the Obligations in such order as Agent shall elect. Credit will be given only for funds received
prior to 4:00 p.m. (New York time) by Agent in any Blocked Account. In all cases, the Blocked Accounts will be credited
only with the net amounts actually received in payment of their Receivables. So long as no Cash Dominion Period is in effect, the
Loan Parties may direct the manner of disposition of funds in their respective Blocked Accounts.

 

(e)            No
Commingling. The Loan Parties will not commingle any Items of Payment with any of their other funds or property, but will segregate
them from their other assets and will hold them in trust and for the account and as the property of Agent until remitted as provided
hereinabove, and the Loan Parties will not establish any other deposit account, lockbox, lockbox account or blocked account for
the purpose of collecting any such Items of Payment or divert or direct at any time any such Items of Payment to any other deposit
account.

 

2.8          Term.
The term of this Agreement shall be for a period from the Closing Date through and including the Termination Date. Notwithstanding
the foregoing, Borrowers shall have no right to terminate this Agreement at any time that any principal of or interest on any
of the Loans is outstanding, except upon Payment in Full of all Obligations.

 

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2.9           Payment
Procedures.

 

(a)            Loan
Account. Borrowers hereby authorize Agent to charge the Loan Account with the amount of all principal, interest, fees, Lender
Group Expenses and other payments to be made hereunder and under the other Loan Documents. Agent may, but shall not be obligated
to, discharge Borrowers' payment obligations hereunder by so charging the Loan Account.

 

(b)           Time
of Payment. Each payment by Borrowers on account of principal, interest, fees or Lender Group Expenses hereunder shall be made
to Agent. All payments to be made by Borrowers hereunder and under the Notes, whether on account of principal, interest, fees or
otherwise, shall be made without setoff, deduction or counterclaim and shall be made prior to 4:00 p.m. (New York time)
on the due date thereof to Agent, for the account of the Lenders according to their Pro Rata Shares (except as expressly otherwise
provided), at Agent's Payment Account in immediately available funds. Except for payments which are expressly provided to be made
(i) for the account of Agent or Swingline Lender only or (ii) under the settlement provisions of Section 2.3(i),
Agent shall distribute all payments to the Lenders on the Business Day following receipt in like funds as received. Notwithstanding
anything to the contrary contained in this Agreement, if a Lender or any of its Affiliates exercises its right of setoff under
Section 12.3 or otherwise, any amounts so recovered shall promptly be shared by such Lender with the other Lenders according
to their respective Pro Rata Shares.

 

(c)            Next
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
payment may be made on the next succeeding Business Day and such extension of time shall be included in the computation of the
amount of interest due hereunder.

 

(d)            Application.
Subject to Section 10.5, Agent shall have the continuing and exclusive right, if an Event of Default exists, to apply or reverse
and re-apply any payment and any and all proceeds of Collateral to any portion of the Obligations. To the extent that any Borrower
makes a payment or Agent receives any payment or proceeds of the Collateral for any Borrower's benefit, which is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian
or any other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof
intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by Agent.

 

2.10         Designation
of a Different Lending Office. If any Lender requests compensation under Section 4.10, or requires any Borrower
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 4.11, then such Lender (at the request of Borrower Agent) shall use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 4.10 or Section 4.11, as the case may be, in the future, and (ii) would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Borrowers
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

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2.11         Replacement
of Lenders. If any Lender requests compensation under Section 4.10, or if any Borrower is required to pay any
Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 4.11 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance
with Section 2.10, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then Borrowers may, at their sole
expense and effort, upon notice by Borrower Agent to such Lender and Agent, require such Lender to assign and delegate (and such
Lender agrees to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in, and
the consents required by, Section 12.7), all of its interests, rights (other than its existing rights to payments pursuant
to Section 4.10 or Section 4.11) and obligations under this Agreement and the related Loan Documents to an Eligible
Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that (a) Borrowers shall have paid to Agent the assignment fee (if any) specified in Section 12.7; (b) such
Lender shall have received payment of an amount equal to the outstanding principal of all Loans owed to it, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 4.10)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrowers (in the case of all
other amounts); (c) in the case of any such assignment resulting from a claim for compensation under Section 4.10 or
payments required to be made pursuant to Section 4.11, such assignment will result in a reduction in such compensation or
payments thereafter; (d) such assignment does not conflict with applicable law; and (e) in the case of any assignment
resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall consent, at the time of such assignment,
to each applicable amendment, waiver or consent. A Lender (other than a Defaulting Lender) shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
Borrower to require such assignment and delegation cease to apply. Nothing in this Section 2.11 shall be deemed to prejudice
any rights that Borrower or any Lender that is not a Defaulting Lender may have against any Defaulting Lender.

 

2.12         Defaulting
Lenders.

 

(a)            Agent
may recover all amounts owing by a Defaulting Lender on demand, and all such amounts owing shall bear interest at a per annum
 rate equal to two percent (2%) above the per annum rate otherwise applicable to Base Rate Advances until Paid in Full.

 

(b)           The
failure of any Defaulting Lender to fund its Pro Rata Share of any Borrowing shall not relieve any other Lender of its obligation
to fund its Pro Rata Share of such Borrowing. Conversely, no Lender shall be responsible for the failure of another Lender to
fund such other Lender's Pro Rata Share of a Borrowing.

 

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(c)            Agent
shall not be obligated to transfer to a Defaulting Lender any payments made by Borrowers to Agent for the Defaulting Lender's benefit;
nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder (including any fees). Amounts payable to a Defaulting
Lender shall instead be paid to or retained by Agent. Agent may hold and, in its Permitted Discretion, apply any or all of such
amounts to the Defaulting Lender's defaulted obligations, use the funds to Collateralize such Lender's Fronting Exposure, or re-lend
to Borrowers the amount of all such payments received or retained by it for the account of such Defaulting Lender. For purposes
of voting or consenting to matters with respect to the Loan Documents and determining Pro Rata Shares, such Defaulting Lender shall
be deemed not to be a Lender and such Lender's Commitment or Loans made by it, as applicable, for such purposes shall be deemed
to be zero (0). This Section shall remain effective with respect to such Lender until the Defaulting Lender has ceased to
be a Defaulting Lender. The operation of this Section shall not be construed to increase or otherwise affect the Commitment
of any Lender or to relieve or excuse the performance by any of Borrowers of their duties and obligations hereunder.

 

(d)            Agent,
at its election, at any time, may require that the reimbursement obligations of a Defaulting Lender in respect of Letters of Credit
be reallocated to, and assumed by, the other Lenders based on their respective Pro Rata Shares (calculated as if the Defaulting
Lender's Pro Rata Share was zero (0)), provided that no Lender shall be reallocated, or required to fund, any such amounts that
could would cause the sum of such Lender's outstanding Loans and outstanding reimbursement obligations in respect of Letters of
Credit to exceed its Commitment.

 

(e)            If
Agent determines, in its sole discretion, that a Lender should no longer be deemed to be a Defaulting Lender, Agent will so notify
the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein
(which may include arrangements with respect to any cash Collateralization), that Lender will, to the extent applicable, purchase
that portion of outstanding Loans of the other Lenders or take such other actions as Agent may determine to be necessary to cause
the Loans and the funded and unfunded participations in Letters of Credit to be held by the Lenders in accordance with their Pro
Rata Shares (without giving effect to subsection (c) above) 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
Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly
agreed by the affected parties and subject to Section 2.11, no change hereunder from Defaulting Lender to Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

 

2.13         Letters
of Credit.

 

(a)            Subject
to the terms and conditions of this Agreement, upon the request of Borrower Agent (which shall be irrevocable) made in accordance
herewith, Letter of Credit Issuer agrees to issue a requested Letter of Credit in Dollars or any Alternate Currency for the account
of Borrowers of a tenor and containing terms acceptable to Borrower Agent, Agent and the Letter of Credit Issuer, in a maximum
aggregate face amount outstanding at any time not to exceed an applicable Letter of Credit Issuer Sublimit or the Letter of Credit
Sublimit; provided that (i) the Letter of Credit Issuer shall have no obligation to cause to be issued any Letter of
Credit with a termination date after the Termination Date and (ii) if a Letter of Credit is issued with an expiration date
after the Termination Date, Borrowers shall Collateralize such Letter of Credit in full immediately. The term of any Letter of
Credit shall not exceed three hundred sixty-five (365) days from the date of issuance, subject to renewal in accordance with the
terms thereof (provided that any notice of extension shall be required at least 30 days prior to the expiration of any Letter of
Credit hereunder), but in no event to a date beyond the Termination Date. All Letters of Credit shall be subject to the limitations
set forth in Section 2.5, and a sum equal to the aggregate amount of all outstanding Letters of Credit shall be included in
calculating outstanding amounts for purposes of determining compliance with Section 2.5. Without limitation of the foregoing,
but for the avoidance of any doubt, the maximum amount of all unexpired Letters of Credit outstanding at any one time, when aggregated
with (without duplication) all Revolving Credit Loans and Swingline Loans shall not exceed the lesser of (x) the Aggregate
Revolving Credit Commitment and (y) the Borrowing Base. Borrowers, Lenders, the Letter of Credit Issuer and Agent hereby acknowledge
and agree that all Existing Letters of Credit shall constitute Letters of Credit under this Agreement on and after the Closing
Date with the same effect as if such Existing Letters of Credit were issued by Letter of Credit Issuer at the request of Borrowers
on the Closing Date. Borrowers acknowledge and agree that Wells Fargo Bank, National Association shall have no obligation to issue
import Letters of Credit or any Letters of Credit denominated in Alternate Currency.

 

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(b)            Immediately
upon issuance, amendment, renewal, or extension of any Letter of Credit by the Letter of Credit Issuer in accordance with the procedures
set forth in this Section 2.13, without any further action on the part of the Letter of Credit Issuer or the Lenders, each
Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Letter of Credit Issuer and Agent,
without recourse or warranty, an undivided interest and participation, to the extent of such Lender's Pro Rata Share, of the liability
and obligations under and with respect to such Letter of Credit and the Letter of Credit Agreement (including all obligations of
Borrowers with respect thereto, other than amounts owing to the Letter of Credit Issuer or Agent pursuant to the first sentence
of Section 4.5) and any security therefor or guaranty pertaining thereto.

 

(c)            Whenever
Borrower Agent desires the issuance of a Letter of Credit, Borrower Agent shall deliver to Agent and the Letter of Credit Issuer
a written notice no later than 2:00 p.m. (New York time) at least ten (10) Business Days (or such shorter period
as may be agreed to by Agent and the Letter of Credit Issuer) in advance of the proposed date of issuance of a letter of credit,
such notice to be substantially in the form attached as Exhibit D (a "Letter of Credit Request").
The transmittal by Borrower Agent of each Letter of Credit Request shall be deemed to be a representation and warranty by Borrower
Agent that the Letter of Credit may be issued in accordance with and will not violate any of the requirements of this Section 2.13.
Prior to the date of issuance of each Letter of Credit, Borrower Agent shall provide to Agent and the Letter of Credit Issuer a
precise description of the documents and the text of any certificate to be presented by the beneficiary of such Letter of Credit
which, if presented by such beneficiary on or prior to the expiration date of such Letter of Credit, would require the Letter of
Credit Issuer to make payment under such Letter of Credit. Each of Agent and the Letter of Credit Issuer, in its Permitted Discretion,
may require different forms or changes in any such documents and certificates. No Letter of Credit shall require payment against
a conforming draft to be made thereunder prior to the second Business Day after the date on which such draft is presented.

 

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(d)            Upon
any request for a drawing under any Letter of Credit by the beneficiary thereof, (i) Borrower Agent shall be deemed to have
timely given a Notice of Borrowing to Agent for a Revolving Credit Loan on the date on which such drawing is honored in an amount
equal to the amount of such drawing and (ii) without regard to satisfaction of the applicable conditions specified in Section 5.2
and the other terms and conditions of borrowings contained herein, the Lenders shall, on the date of such drawing, make Revolving
Credit Loans comprised of Base Rate Advances in the amount of such drawing, the proceeds of which shall be applied directly by
Agent to reimburse the Letter of Credit Issuer for the amount of such drawing or payment. If for any reason, proceeds of Advances
are not received by Agent on such date in an amount equal to the amount of such drawing, Borrowers shall reimburse Agent, on the
Business Day immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of
such drawing over the amount of such Loans, if any, which are so received, plus accrued interest on such amount at the rate
set forth in Section 4.1(a) or 4.2, as applicable.

 

(e)            As
among Borrowers, Agent, the Letter of Credit Issuer and each Lender, Borrowers assume all risks of the acts and omissions of Agent
and the Letter of Credit Issuer (other than for the gross negligence or willful misconduct of Agent or the Letter of Credit Issuer)
or misuse of the Letters of Credit by the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation
of the foregoing, neither Agent nor any of the Lenders nor the Letter of Credit Issuer shall be responsible (i) for the accuracy,
genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any
drawing honored under such Letters of Credit even if it should in fact prove to be in any or all respects invalid, inaccurate,
fraudulent or forged, (ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer
or assign any such Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove
to be invalid or ineffective for any reason, (iii) for errors, omissions, interruptions or delays in transmission or delivery
of any messages, by mail, cable, telegraph, telex, telecopy or otherwise, whether or not they be in cipher, (iv) for errors
in interpretation of technical terms, (v) for any loss or delay in the transmission or otherwise of any document required
to make a drawing under any such Letter of Credit, or of the proceeds thereof, (vi) for the misapplication by the beneficiary
of any such Letter of Credit, of the proceeds of any drawing honored under such Letter of Credit, and (vii) for any consequences
arising from causes beyond the control of the Letter of Credit Issuer, Agent or the Lenders, provided, that the foregoing
shall not release Agent or the Letter of Credit Issuer for any liability for its gross negligence or willful misconduct. None of
the above shall affect, impair, or prevent the vesting of any of Agent's rights or powers hereunder. Any action taken or omitted
to be taken by Agent or the Letter of Credit Issuer under or in connection with any Letter of Credit, if taken or omitted in the
absence of gross negligence or willful misconduct of Agent or the Letter of Credit Issuer, as the case may be, shall not create
any liability of Agent or the Letter of Credit Issuer to any Borrower or any Lender.

 

(f)            The
obligations of Borrowers to reimburse the Letter of Credit Issuer for drawings honored under the Letters of Credit and the obligations
of the Lenders under this Section 2.13 shall be unconditional and irrevocable and shall be paid strictly in accordance with
the terms of this Agreement under all circumstances including the following circumstances: (i) any lack of validity or enforceability
of this Agreement, any Letter of Credit, or any Letter of Credit Agreement; (ii) the existence of any claim, setoff, defense
or other right which any Borrower or any Affiliate of any Borrower may have at any time against a beneficiary or any transferee
of any Letter of Credit (or any Persons or entities for whom any such beneficiary or transferee may be acting), Agent, any Lender
or any other Person, whether in connection with this Agreement, the other Loan Documents, the transactions contemplated herein
or therein or any unrelated transaction; (iii) any draft, demand, certificate or other documents presented under any Letter
of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any
respect; (iv) the surrender or impairment of any security for the performance or observance of any of the terms of any of
the Loan Documents; (v) failure of any drawing under a Letter of Credit or any non-application or misapplication by the beneficiary
of the proceeds of any drawing; or (vi) that a Default or Event of Default shall have occurred and be continuing.

 

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(g)            Any
Letter of Credit Issuer (other than Bank) may resign as Letter of Credit Issuer hereunder at any time upon notice to Lenders, Agent
and Borrower Agent, which notice shall be delivered (i) concurrently with any permitted assignment of such Letter of Credit
Issuer's interests hereunder as a Lender, or (ii) otherwise, 30 days in advance of its effective date.  From and after
the effective date of resignation, the retiring Letter of Credit Issuer shall continue to have all rights and obligations of a
Letter of Credit Issuer under the Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but
shall not be required to extend or issue new Letters of Credit.

 

(h)            Each
Borrower irrevocably appoints each Letter of Credit Issuer as its attorney-in-fact and authorizes such Letter of Credit Issuer,
without notice to Borrowers, to execute and deliver ancillary documents and letters customary in the letter of credit business
that may include but are not limited to advisements, indemnities, checks, bills of exchange and issuance documents. The power
of attorney granted by the Borrowers is limited solely to such actions related to the issuance, confirmation or amendment of any
Letter of Credit and to ancillary documents or letters customary in the letter of credit business. This appointment is coupled
with an interest.

 

2.14         Sharing
of Payments, Etc. If any Lender shall obtain at any time any payment (whether voluntary, involuntary, through the exercise
of any right of setoff, or otherwise) on account of Obligations payable to such Lender hereunder at such time in excess of its
ratable share (according to the proportion of (a) the amount of such Obligations to (b) the aggregate amount of the
Obligations payable to all Lenders hereunder at such time), such Lender shall forthwith purchase from the other Lenders (other
than any Defaulting Lender) such participations in the Obligations payable to them as shall be necessary to cause such purchasing
Lender to share the excess payment ratably with each of them; provided, however, that, if all or any portion of
such excess payment is thereafter recovered from such purchasing Lender, such purchase from each other Lender shall be rescinded
and such other Lender shall repay to the purchasing Lender the purchase price to the extent of such other Lender's ratable share
(according to the proportion of (i) the purchase price paid to such Lender to (ii) the aggregate purchase price paid
to all Lenders) of such recovery together with an amount equal to such Lender's ratable share (according to the proportion of
(A) the amount of such other Lender's required repayment to (B) the total amount so recovered from the purchasing Lender)
of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. Each Borrower
agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.14 may, to the fullest
extent permitted by law, exercise all its rights of payment (including the right of setoff) with respect to such participation
as fully as if such Lender were the direct creditor of such Borrower in the amount of such participation.

 

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2.15         Protective
Advances and Optional Overadvances.

 

(a)            Subject
to the limitations set forth below and notwithstanding anything to the contrary in this Agreement, Agent is authorized by Borrowers
and the Lenders, from time to time in Agent's sole discretion (but shall have absolutely no obligation to), to make Revolving Credit
Loans to Borrowers, on behalf of all Lenders, which Agent, in its Permitted Discretion deems necessary or desirable (i) to
preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of,
repayment of the Loans or other Obligations or (iii) to pay any other amount chargeable to or required to be paid by the Loan
Parties pursuant to the terms of this Agreement, including payments of reimbursable expenses (including fees and Lender Group Expenses)
and other sums payable under the Loan Documents (any of such Revolving Credit Loans are herein referred to as "Protective
Advances"); provided that (A) the aggregate amount of Protective Advances plus Overadvances outstanding at
any time shall not at any time exceed 10% of the Aggregate Revolving Credit Commitment, (B) after giving effect to such
Revolving Credit Loans, the aggregate outstanding amount (without duplication) of Revolving Credit Loans and the undrawn amount
of all unexpired Letters of Credit shall not exceed 110% of the Borrowing Base on such Borrowing Date, and (C) in no
event shall the making of any Protective Advance cause the aggregate outstanding amount of Revolving Credit Loans and the undrawn
amount of all unexpired Letters of Credit to exceed the Aggregate Revolving Credit Commitment on such Borrowing Date. Protective
Advances may be made even if the conditions precedent to Borrowing set forth in Section 5.2 have not been satisfied. Notwithstanding
anything to the contrary set forth in Section 2.2, at any time that there is sufficient Excess Availability and the conditions
set forth in Section 5.2 have been satisfied, Agent may request the Lenders to make a Revolving Credit Loan to repay a Protective
Advance. At any other time Agent may require the Lenders to fund their risk participations described in clause (c) below.
Agent's authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any such revocation must
be in writing and shall become effective prospectively upon Agent's receipt thereof.

 

(b)            Subject
to the limitations set forth below and notwithstanding anything to the contrary in this Agreement, Agent is authorized by Borrowers
and the Lenders, from time to time in Agent's sole discretion (but shall have absolutely no obligation to), to knowingly and intentionally,
continue to make Revolving Credit Loans to Borrowers notwithstanding that an Overadvance exists or would be created thereby, so
long as, after giving effect to such Revolving Credit Loans, the aggregate outstanding amount (without duplication) of Revolving
Credit Loans and the undrawn amount of all unexpired Letters of Credit shall not exceed the lesser of (i) 110% of the Borrowing
Base as of such Borrowing Date, and (ii) the Aggregate Revolving Credit Commitment on such Borrowing Date. If any Overadvance
remains outstanding for more than thirty (30) days, unless otherwise agreed to by the Required Lenders, Borrowers shall immediately
repay the Revolving Credit Loans in an amount sufficient to eliminate all such Overadvances. Agent's authorization to make Overadvances
may be revoked at any time by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively
upon Agent's receipt thereof. The foregoing provisions are meant for the benefit of the Lenders and Agent and are not meant for
the benefit of Borrowers, which shall continue to be bound by the provisions of Section 2.5(a).

 

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(c)            Upon
the making of a Protective Advance or an Overadvance by Agent (whether before or after the occurrence of a Default or Event of
Default), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased
from Agent without recourse or warranty an undivided interest and participation in such Protective Advance or such Overadvance,
as the case may be, in proportion to its Pro Rata Share. On any Business Day, Agent may, in its sole discretion, give notice to
the Lenders that the Lenders are required to fund their risk participation in Protective Advances and Overadvances, in which case
each Lender shall fund its participation on the date specified in such notice. Notwithstanding the foregoing, Agent may also request
Settlement of all Protective Advances and Overadvances in accordance with Section 2.3(i). From and after the date, if any,
on which any Lender is required to fund its participation in any Protective Advance or Overadvance purchased hereunder, Agent shall
promptly distribute to such Lender, such Lender's Pro Rata Share of all payments of principal and interest and all proceeds of
Collateral received by Agent in respect of such Protective Advance or Overadvance.

 

(d)            Each
Protective Advance and each Overadvance shall be deemed to be a Revolving Credit Loan hereunder, except that no Protective Advance
nor any Overadvance shall be eligible to be a LIBOR Rate Advance or BA Rate Advance and, prior to Settlement therefor, all payments
on the Protective Advances and Overadvances, including interest thereon, shall be payable to Agent solely for its own account.
Protective Advances and Overadvances shall be repayable upon demand, shall be secured by the Collateral, shall constitute Loans
and Obligations hereunder and shall bear interest at the rate in effect from time to time applicable to the Revolving Credit Loans
comprised of Base Rate Advances, including any increase in such rate that is applicable under Section 4.2. The provisions
of this Section 2.15 are for the exclusive benefit of Agent, Swingline Lender, and the Lenders and are not intended to benefit
Borrowers (or any other Loan Party) in any way.

 

2.16         Increase
of Commitments; Additional Lenders.

 

(a)            Borrowers
may increase, upon the request of Borrower Agent, the then effective amount of the Aggregate Revolving Credit Commitment; provided
that: (i) the principal amount of the increases in the Aggregate Revolving Credit Commitment pursuant to this Section 2.16,
shall not exceed $50,000,000; (ii) Borrowers shall execute and deliver such documents and instruments and take such other
actions as may be required by Agent in connection with such increases and at the time of any such proposed increase; (iii) no
Default or Event of Default shall have occurred and be continuing or would occur after giving effect to such increase and all representations
and warranties by or on behalf of each Loan Party and its Subsidiaries set forth in the Loan Documents shall be true and correct
in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect
or other materiality, in which case such representations and warranties shall be true and correct in all respects) on and as of
the date of such increase or, to the extent such representations and warranties expressly relate to an earlier date, true and correct
in all material respects on and as of such earlier date; (iv) the Incremental Revolving Credit Commitments provided under
this Section 2.16 (the "Incremental Revolving Credit Commitments") shall have an expiration date no earlier
than the Termination Date; (v) Borrowers shall be in pro forma compliance with the Financial Covenant as of the most recently
ended Fiscal Quarter for which Financial Statements have been delivered (regardless of whether or not then tested), calculated
as if such Incremental Revolving Credit Commitments had been established (and fully funded) as of the first day of the relevant
period for testing compliance]; and (vi) all other terms and conditions with respect to the Incremental Revolving Credit Commitments
shall, except with respect to All-In Yield (which shall be subject to clause (d) below), be identical to those applicable
to the Revolving Credit Commitments or otherwise satisfactory to Agent.

 

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(b)            Agent
shall invite each Lender to increase the principal amount of its Revolving Credit Commitment, on a pro rata basis, in connection
with the proposed Incremental Revolving Credit Commitments at the interest margin proposed by Borrowers, and if sufficient Lenders
do not agree to increase their Revolving Credit Commitments in connection with such proposed Incremental Revolving Credit Commitments,
then Agent or Borrowers may invite any prospective lender who is reasonably satisfactory to Agent to become a Lender (each such
new lender being an "Additional Lender") in accordance with this Section 2.16. No Lender shall have any obligation,
express or implied, to offer to increase the aggregate principal amount of its Revolving Credit Commitment. Only the consent of
the Lenders agreeing to increase their Revolving Credit Commitments (the "Increasing Lenders") shall be required
for an increase in the aggregate principal amount of the Revolving Credit Commitments pursuant to this Section 2.16. No Lender
which declines to increase the principal amount of its Revolving Credit Commitments may be replaced in respect to its existing
Revolving Credit Commitments, as applicable, as a result thereof without such Lender's consent.

 

(c)            Subject
to subsections (a) and (b) of this Section 2.16, any increase requested by Borrowers shall be effective upon
delivery to Agent of each of the following documents (the date of such effectiveness, the "Increase Date"): (i) an
originally executed copy of any instrument of joinder signed by a duly authorized officer of each Additional Lender, in form and
substance reasonably acceptable to Agent; (ii) a notice to the Increasing Lenders and Additional Lenders, in form and substance
reasonably acceptable to Agent, signed by a Responsible Officer of Borrower Agent; (iii) a certificate of Borrower Agent signed
by a Responsible Officer, in form and substance acceptable to Agent, certifying that each of the conditions in subsection (a) of
this Section 2.16 has been satisfied: and (iv) any other certificates or documents that Agent shall request, each in
form and substance satisfactory to Agent.

 

(d)            Anything
to the contrary contained herein notwithstanding, the All-In Yield that is to be applicable to the Loans to be made pursuant to
the Incremental Revolving Credit Commitments shall be equal to or higher than the All-In Yield applicable to the Loans hereunder
immediately prior to the Increase Date; provided that if the All-In Yield that is to be applicable to the Loans to be made
pursuant to the Incremental Revolving Credit Commitments is higher than the All-In Yield applicable to the Loans hereunder immediately
prior to the Increase Date (the amount by which the All-In Yield is higher, the "Excess"), then the interest margin
applicable to the Loans immediately prior to the Increase Date shall be increased by the amount of the Excess, subject to the occurrence
of and effective upon the Increase Date and without the necessity of any action by any party hereto.

 

(e)            Each
of the Lenders having a Revolving Credit Commitment prior to the Increase Date (the "Pre-Increase Revolving Credit Lenders")
shall assign to any Lender which is acquiring a new or additional Revolving Credit Commitment on the Increase Date (the "Post-Increase
Revolving Credit Lenders"), and such Post-Increase Revolving Credit Lenders shall purchase from each Pre-Increase Revolving
Credit Lender, at the principal amount thereof, such interests in the Revolving Credit Loans and participation interests in Swingline
Loans and undrawn Letters of Credit on such Increase Date as shall be necessary in order that, after giving effect to all such
assignments and purchases, such Revolving Credit Loans and participation interests in Swingline Loans and Letters of Credit will
be held by Pre-Increase Revolving Credit Lenders and Post-Increase Revolving Credit Lenders ratably in accordance with their Pro
Rata Shares after giving effect to such increased Revolving Credit Commitments.

 

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(f)            Unless
otherwise specifically provided herein, all references in this Agreement and any other Loan Document to Loans shall be deemed,
unless the context otherwise requires, to include Loans made pursuant to the Incremental Revolving Credit Commitments pursuant
to this Section 2.16.

 

ARTICLE III

[RESERVED]

 

ARTICLE IV

INTEREST, FEES AND EXPENSES

 

4.1           Interest.
Subject to Section 4.2, Borrowers shall pay to Agent for the ratable benefit of the Lenders interest on the Advances, payable
in arrears on each Interest Payment Date, at the following rates per annum:

 

(a)            Base
Rate Advances. If such Advance is a Base Rate Advance, at a fluctuating rate which is equal to the Base Rate then in effect
plus the Applicable Margin.

 

(b)            LIBOR
Rate Advances. If such Advance is a LIBOR Rate Advance, at the Adjusted LIBO Rate plus the Applicable Margin.

 

(c)            Canadian
Prime Rate Advances. If such Advance is a Canadian Prime Rate Advance, at the Canadian Prime Rate plus the Applicable
Margin.

 

(d)            BA
Rate Advances. If such Advance is a BA Rate Advance, at the BA Rate plus the Applicable Margin.

 

4.2           Interest
and Letter of Credit Fees After Event of Default. (a) Automatically upon the occurrence and during the continuation
of an Event of Default under Section 10.1(d), and (b) upon the occurrence and during the continuation of any
other Event of Default (other than an Event of Default under Section 10.1(d)), at the direction of Agent or the Required
Lenders, (i) all Loans and all Obligations (except for undrawn Letters of Credit) shall bear interest at a per annum
rate equal to two percent (2%) above the per annum rate otherwise applicable thereunder, and (ii) the letter of credit
fee pursuant to Section 4.5 shall be payable at the rate that would otherwise apply under Section 4.5 plus up
to an additional two percent (2%) until, in each case, the earlier of the date upon which (i) all Obligations shall have
been Paid in Full or (ii) such Event of Default shall have been cured or waived.

 

4.3           [Reserved].

 

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4.4           Unused
Line Fee. Borrowers shall pay to Agent for the ratable benefit of the Lenders on the first day of each quarter, commencing
with the quarter immediately following the Closing Date, and on the Termination Date, in arrears, an unused line fee equal to
the product of Unused Line Fee Rate (as defined below) multiplied by the difference, if positive, between (a) the Aggregate
Revolving Credit Commitment and (b) the average daily aggregate outstanding amount of the Revolving Credit Loans plus
the average daily aggregate undrawn amount of all unexpired Letters of Credit during the immediately preceding quarter or
portion thereof. As used herein, "Unused Line Fee Rate" means a per annum rate equal to (i) 0.50 %, if the
sum of the average daily balance of Revolving Credit Loans and the average daily undrawn amount of Letters of Credit was equal
to 50% or less of the Aggregate Revolving Credit Commitment during the preceding calendar quarter, or (ii) 0.375%, if the
sum of the average daily balance of Revolving Credit Loans and the average daily undrawn amount of Letters of Credit was more
than 50% of the Aggregate Revolving Credit Commitment during the preceding calendar quarter.

 

4.5           Letter
of Credit Fees. Borrowers shall pay to the Letter of Credit Issuer for its own account (i) a fronting fee in respect
of each Letter of Credit issued by the Letter of Credit Issuer for the account of Borrowers in an amount equal to 0.125% of each
such Letter of Credit, which fee shall be payable upon the issuance thereof and (ii) all customary charges associated with
the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of Credit, which charges shall
be paid as and when incurred. In addition, Borrowers shall pay to Agent for the ratable benefit of the Lenders in respect of each
Letter of Credit, on the first day of each quarter, commencing with the quarter immediately following the issuance of such Letter
of Credit and on the expiry thereof, in arrears, a fee equal to (a) the Applicable Margin then in effect with respect to
LIBOR Rate Advances, multiplied by (b) the daily average of the amount of the Letters of Credit outstanding during the preceding
quarter or during the interim period ending on the expiry date, as the case may be.

 

4.6           [Reserved].

 

4.7           [Reserved].

 

4.8           Fee
Letter. Borrowers shall pay to Agent for its own account as and when due in accordance with the terms thereof all fees
required to be paid to Agent under the Fee Letter.

 

4.9           Calculations.
Interest payable pursuant to Section 4.1 shall be computed (i) in the case of Base Rate Loans based on the Prime Rate,
Canadian Prime Rate Loans and BA Rate Loans, on the basis of a three hundred and sixty-five (365) day or three hundred and sixty-six
(366) day year, as the case may be, and (ii) in the case of LIBOR Loans and Base Rate Loans not based on the Prime Rate,
on the basis of a three hundred and sixty (360) day year, in each case for the actual number of days elapsed in the period during
which it accrues. For the purposes of the Interest Act (Canada) and disclosure under such Act, wherever any interest to be paid
under this Agreement is to be calculated on the basis of any period of time that is less than a calendar year (a "deemed
year"), such rate of interest shall be expressed as a yearly rate by multiplying such rate of interest for the deemed year
by the actual number of days in the calendar year in which the rate is to be ascertained and dividing it by the number of days
in the deemed year. Each determination by Agent of an interest rate, fee or other payment hereunder shall be conclusive and binding
for all purposes, absent manifest error. Borrowers hereby acknowledge and agree that each fee payable under this Agreement is
fully earned and non-refundable on the date such fee is due and payable and that each such fee constitutes Obligations and is
in addition to any other fees payable by Borrowers under the Loan Document. If any provision of this Agreement or any other Loan
Document would require a Loan Party to make any payment of interest or any other payment that by a court of competent jurisdiction
construes to be interest in an amount or calculated at a rate which would be prohibited by law or would result in the Agent’s
receipt of interest at a criminal rate (as those terms are construed under the Criminal Code (Canada)), then despite that provision,
that amount or rate will be deemed to have been adjusted retroactively to the maximum amount or rate of interest, as the case
may be, as would not be so prohibited by law or would not result in a receipt by the Agent of interest at a criminal rate. The
adjustment will be made, to the extent necessary, first, by reducing the amount or rate of interest required to be paid and thereafter
by reducing any fees, commissions, premiums, and other amounts that would constitute interest for the purposes of section 347
of the Criminal Code (Canada).

 

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4.10         Increased
Costs.

 

(a)            If
any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any such reserve requirement
reflected in the Adjusted LIBO Rate or BA Rate) or Letter of Credit Issuer;

 

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

 

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

 

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

 

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

 

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(c)            A
certificate of a Lender or Letter of Credit Issuer setting forth the amount or amounts necessary to compensate such Lender or Letter
of Credit Issuer or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 4.10
and delivered to Borrowers will be conclusive absent manifest error. Borrowers will pay such Lender or Letter of Credit Issuer,
as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

(d)            Failure
or delay on the part of any Lender or Letter of Credit Issuer to demand compensation pursuant to this Section 4.10 shall not
constitute a waiver of such Lender's or Letter of Credit Issuer's right to demand such compensation; provided that Borrowers shall
not be required to compensate a Lender or a Letter of Credit Issuer pursuant to this Section 4.10 for any increased costs
incurred or reductions suffered more than one hundred eighty (180) days prior to the date that such Lender or Letter of Credit
Issuer, as the case may be, notifies Borrower Agent of the Change in Law giving rise to such increased costs or reductions and
of such Lender's or Letter of Credit Issuer's intention to claim compensation therefor (except that, if the Change in Law giving
rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include
the period of retroactive effect thereof).

 

4.11         Taxes.

 

(a)            Defined
Terms. For purposes of this Section 4.11, the term "Lender" includes any Letter of Credit Issuer and the term
 "applicable law" includes FATCA.

 

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

 

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

 

(d)            Indemnification
by Loan Parties. The Loan Parties, jointly and severally, shall indemnify each Recipient, within ten (10) days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts
payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient
and any reasonable expenses arising therefrom or with respect thereto (including reasonable attorneys' and tax advisors' fees and
expenses), whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. 
A certificate as to the amount of such payment or liability delivered to Borrower Agent by a Lender (with a copy to Agent), or
by Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)            Indemnification
by the Lenders. Each Lender shall severally indemnify Agent, within ten (10) days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified Agent for
such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such
Lender's failure to comply with the provisions of Section 12.7 relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Lender, in each case, that are payable or paid by Agent in connection with any Loan Document,
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Lender by Agent shall be conclusive absent manifest error. Each Lender hereby authorizes Agent to set off and apply any and all
amounts at any time owing to such Lender under any Loan Document or otherwise payable by Agent to the Lender from any other source
against any amount due to Agent under this clause (e).

 

(f)             Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 4.11, such Loan Party shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to Agent.

 

(g)            Status
of Lenders.

 

(i)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to Borrower Agent and Agent, at the time or times reasonably requested by Borrower Agent or Agent, such properly
completed and executed documentation reasonably requested by Borrower Agent or Agent as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower Agent or Agent, shall
deliver such other documentation prescribed by applicable law or reasonably requested by Borrower Agent or Agent as will enable
Borrower Agent or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 4.11(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required
if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

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

 

(A)          any
Lender that is a U.S. Person shall deliver to Borrower Agent and Agent on or prior to the date on which such Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower Agent or Agent), executed
copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)          any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower Agent and Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of Borrower Agent or Agent), whichever of the following is applicable:

 

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

 

(2)            executed
copies of IRS Form W-8ECI;

 

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

 

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

 

(C)          any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower Agent and Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of Borrower Agent or Agent), executed copies of any other form prescribed
by applicable law as a basis for claiming exemption from or a reduction in withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit Borrower Agent or Agent to determine the withholding
or deduction required to be made; and

 

(D)          if
a payment made to a Lender under any Loan Document would be subject to 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 Borrower Agent and Agent at the time or times prescribed by law and at such
time or times reasonably requested by Borrower Agent or 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 Borrower Agent or
Agent as may be necessary for Borrowers and Agent to comply with their obligations under FATCA and to determine that such Lender
has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely
for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify Borrower Agent and Agent in writing of its legal inability to do so.

 

(h)            Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 4.11 (including by the payment of additional amounts
pursuant to this Section 4.11), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this clause (h) (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this clause (h), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this clause (h) the payment of which would place the indemnified
party in a less favorable net after-tax position than the indemnified party would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to
make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

 

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(i)             Survival.
Each party's obligations under this Section 4.11 shall survive the resignation or replacement of Agent or any assignment of
rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of
all obligations under any Loan Document.

 

ARTICLE V

CONDITIONS OF LENDING

 

5.1            Conditions
to Initial Loan or Letter of Credit. Subject to Section 7.21, the obligation of the Lenders to make the initial
Loans or of the Letter of Credit Issuer to cause to be issued the initial Letter of Credit is subject to the satisfaction or waiver
in writing (which shall include Schedule 7.21) of the following conditions prior to making of such initial Loan or Letter of Credit:

 

(a)            Loan
Documents. Agent shall have received the following, each dated as of the Closing Date or as of an earlier date acceptable
to Agent, in form and substance satisfactory to Agent and its counsel:

 

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

 

(ii)           the
Notes, each duly executed by Borrowers, to the extent such Notes were requested three (3) Business Days prior to the Closing
Date;

 

(iii)          the
Copyright Security Agreement, duly executed by each applicable Loan Party;

 

(iv)          the
Patent Security Agreement, duly executed by each applicable Loan Party;

 

(v)           the
Trademark Security Agreement, duly executed by each applicable Loan Party;

 

(vi)          the
Term Loan Agreement and the Intercreditor Agreement;

 

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(vii)         Security
Documents (other than the Dutch Share Pledges, which shall be executed within 30 Business Days of the date of this Agreement),
duly executed by each applicable Loan Party;

 

(viii)        acknowledgment
copies of financing statements duly authorized and filed under the Uniform Commercial Code and PPSA (naming Agent as secured
party and the Loan Parties as debtors and containing a description of the applicable Collateral) with respect to each Loan Party
in the jurisdiction in which such Loan Party is organized as set forth on Schedule 6.1(a);

 

(ix)           results
of lien, judgment and Intellectual Property searches, dated on or before the Closing Date, listing all effective financing statements
filed in the jurisdictions referred to in clause (viii) above and in all other jurisdictions that Agent deems necessary
or desirable to confirm the priority of the Liens created hereunder and under the Security Documents, that name each of the Loan
Parties as debtor, together with copies of such financing statements;

 

(x)           a
completed perfection certificate, substantially in the form of Exhibit E, signed by a Responsible Officer of Borrower
Agent;

 

(xi)          a
financial condition certificate of a Responsible Officer of Borrower Agent, in the form of Exhibit F;

 

(xii)         a
Borrowing Base Certificate, duly executed by Borrower Agent's Responsible Officer prepared on a pro forma basis as of October 31,
2020;

 

(xiii)        the
following (collectively, the "Historical Financials") (A) the audited Financial Statements for the fiscal
year ended December 31, 2019, certified by the Auditors, and unaudited Financial Statements for the nine-month period ended
September 30, 2020, certified by a Responsible Officer of Borrower Agent, (B) a pro forma consolidated balance sheet
of the Loan Parties and their Subsidiaries, after giving effect to the consummation of the transactions contemplated hereby, in
form and substance reasonably satisfactory to Agent, and (C) a certificate executed by a Responsible Officer of Borrower Agent
certifying that since December 31, 2019, (I) there has been no change, occurrence, development or event which has had
or could reasonably be expected to have a Material Adverse Effect, (II) all data, reports and information (other than projections
and budgets) heretofore or contemporaneously furnished by or on behalf of the Loan Parties in writing to Agent or the Auditors
for purposes of or in connection with this Agreement or any other Loan Document, or any transaction contemplated hereby or thereby,
are true and accurate in all material respects as of the date or certification thereof and are not incomplete by omitting to state
any material fact necessary to make such data, reports and information not misleading at such time, and (III) all projections
and budgets heretofore furnished to Agent or the Auditors for purposes of or in connection with this Agreement or any other Loan
Document, or any transaction contemplated hereby or thereby, have been prepared in good faith based on assumptions believed by
Borrowers to be reasonable at the time of preparation;

 

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(xiv)        an
opinion of counsel for each Loan Party addressed to Agent covering such matters incident to the transactions contemplated by this
Agreement as Agent may reasonably require, which such counsel is hereby requested by Borrower Agent on behalf of all the Loan Parties
to provide;

 

(xv)         certified
copies of all policies of insurance required by this Agreement and the other Loan Documents, (inclusive of those described in Section 7.6
hereof) together with loss payee endorsements for all such policies naming Agent as lender loss payee and an additional insured;

 

(xvi)        a
copy of the Business Plan for the four (4) year period commencing October 1, 2020, accompanied by a certificate executed
by a Responsible Officer of Borrower Agent certifying to Agent and the Lenders that the Business Plan has been prepared in good
faith on the basis of assumptions which were believed to be reasonable in the context of the conditions existing on the date hereof,
and represents, as of the date hereof, Borrower Agent's good faith estimate of its future financial performance;

 

(xvii)       copies
of the Governing Documents of each Loan Party (other than the deed of incorporation (oprichtingsakte) of Furmanite B.V.a)
and a copy of the resolutions of the Governing Body (or similar evidence of authorization) of each Loan Party authorizing the execution,
delivery and performance of this Agreement, the other Loan Documents to which such Loan Party is or is to be a party, and the transactions
contemplated hereby and thereby, attached to a certificate of the Secretary or an Assistant Secretary or other officer, as applicable
of such Loan Party certifying (A) that such copies of the Governing Documents and resolutions of the Governing Body (or similar
evidence of authorization) relating to such Loan Party are true, complete and accurate copies thereof, have not been amended or
modified since the date of such certificate and are in full force and effect, (B) the incumbency, names and true signatures
of the officers of such Loan Party authorized to sign the Loan Documents to which it is a party, (C) that attached thereto
is a list of all persons authorized to execute and deliver Notices of Borrowing, Letter of Credit Requests, and Notices of Conversion
on behalf of Borrowers, if applicable and (D) in respect of the UK Loan Parties, the Solvency of that UK Loan Party;

 

(xviii)      with
respect to U.S. Loan Parties, a certified copy of a certificate of the Secretary of State of the state of incorporation, organization
or formation (or the equivalent Governmental Authority in the jurisdiction of incorporation, organization or formation) of each
Loan Party, dated within twenty (20) days of the Closing Date, listing the certificate of incorporation, organization or formation
of such Loan Party and each amendment thereto on file in such official's office and certifying (to the extent such concept exists
in such jurisdictions) that (A) such amendments are the only amendments to such certificate of incorporation, organization
or formation on file in that office, (B) such Loan Party has paid all franchise taxes to the date of such certificate and
(C) such Loan Party is in good standing in that jurisdiction (as applicable);

 

(xix)         with
respect to any Loan Party formed under the laws of Canada or any province or territory thereof, a certificate of status (or equivalent)
issued by the governmental authority in the jurisdiction in which such Loan Party is formed, dated within twenty (20) days of the
Closing Date;

 

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(xx)          a
copy of an appraisal of the Inventory, of Borrowers, in each case, conducted in accordance with sound appraisal standards by appraisers
satisfactory to Agent;

 

(xxi)         evidence
of the opening by the Loan Parties of their primary bank accounts with the Bank;

 

(xxii)        a
closing certificate from a Responsible Officer of Borrower Agent, in the form of Exhibit G;

 

(xxiii)       Each
of the English Security Documents, duly executed by each Loan Party thereto;

 

(xxiv)       Evidence
that any process agent referred to in in Clause 34.2 (Service of Process) of the English Share Charge, has accepted its appointment.

 

(xxv)       a
copy of all notices required to be sent under the English Security Documents executed by the relevant parties thereto; and

 

(xxvi)      a
letter of financial support from Team Inc. addressed to the directors of each UK Loan Party and Team Industrial Services (UK) Limited
in form and substance acceptable to the Agent.

 

(b)            [reserved].

 

(c)            Reimbursement.
Borrowers shall have paid (i) all reasonable and documented out-of-pocket fees and Lender Group Expenses required to be paid
pursuant to Section 12.4 of this Agreement to the extent invoiced at least one (1) Business Day prior to the Closing
Date (it being understood that all other such fees and Lender Group Expenses shall be paid after the Closing Date in accordance
with the terms of this Agreement), (ii) the fees referred to in this Agreement that are required to be paid on the Closing
Date, and (iii) any fees due and payable to Agent under the Fee Letter that are required to be paid on the Closing Date.

 

(d)            [reserved].

 

(e)            Collateral
Review. Agent and its counsel shall have performed (i) a review satisfactory to Agent of all of the Material Contracts
and other assets (including material leases of operating facilities) of each Loan Party, the financial condition of each Loan Party,
including all of its tax, litigation, environmental and other potential contingent liabilities, the capitalization and capital
structure of each Loan Party and the cash management and management information systems of Borrowers, (ii) a pre-closing audit
and collateral review and (iii) reviews and investigations of such other matters as Agent and its counsel deem appropriate,
in each case with results satisfactory to Agent.

 

(f)             [Reserved].

 

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(g)          [Reserved].

 

(h)          Availability.
After giving effect to all Loans to be made and all Letters of Credit to be issued on the Closing Date, Adjusted Excess Availability,
after deduction for the amount of all costs, fees and expenses (including Lender Group Expenses) associated with the closing of
the transactions contemplated hereby which have accrued, but which have not been paid by or on the Closing Date (either from the
proceeds of the Loans or otherwise), shall exceed $45,000,000.

 

(i)            Due
Diligence. Agent shall have completed satisfactory business and legal due diligence, including, but not limited to a field
examination of the financial condition of Borrowers and their books and records.

 

(j)            Payment
of Outstanding Indebtedness, etc. Agent shall have received reasonably satisfactory evidence that all Indebtedness (other
than Indebtedness permitted under Section 8.1), together with all interest, all prepayment premiums and other amounts due
and payable with respect thereto, will have been paid in full upon the making of the initial Loan and all obligations with respect
thereto will, substantially concurrently with the making of the initial Loan, be terminated (other than contingent indemnification
obligations), and payoff letters and, evidencing that all Liens securing payment of any such Indebtedness will substantially contemporaneously
be released at the time of the making of the initial Loan, on terms and in a manner reasonably satisfactory to Agent. In addition,
Agent shall have received duly authorized release or termination statements, duly filed (or an authorization from all required
Persons to file release or termination statements) in all jurisdictions that Agent deems necessary from any creditors of the Loan
Parties being paid off on the Closing Date.

 

(k)           KYC.
Upon the request of Agent or any Lender made at least ten (10) days prior to the Closing Date, Borrowers shall have provided
to Agent or such Lender no later than five (5) days prior to the Closing Date, the documentation and other information so
requested in connection with applicable "know your customer" and Anti-Money Laundering Laws, including the Patriot Act.
At least three (3) days prior to the Closing Date, any Borrower that qualifies as a "legal entity customer" under
the Beneficial Ownership Regulation shall have delivered to Agent a Beneficial Ownership Certification in relation to such Borrower.

 

5.2         Conditions
Precedent to Each Loan and Each Letter of Credit. The obligation of the Lenders to make any Loan or the Letter of
Credit Issuer to cause to be issued any Letter of Credit is subject to the satisfaction of the following conditions precedent:

 

(a)          Representations
and Warranties. All representations and warranties contained in this Agreement and the other Loan Documents shall be true,
correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension
of credit, as though made on and as of 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 (except
that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) as of such earlier date); and

 

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(b)          No
Default. No Default or Event of Default shall have occurred and be continuing or would result from the making of the requested
Loan or the issuance of the requested Letter of Credit.

 

Each condition in Sections 5.1 and 5.2
that are subject to the satisfaction or discretion of Agent, any Lender or the Letter of Credit Issuer shall be deemed satisfied
upon Agent's, Lender's or Letter of Credit Issuer's, as applicable, making of any Loan or the issuance of any Letter of Credit.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

6.1         Representations
and Warranties of Borrowers. Each of the Borrowers and the Specified U.S. Guarantors makes the following representations
and warranties to Agent and the Lenders, which shall be true, correct and complete in all respects as of the Closing Date, and
after the Closing Date, shall be true, correct, and complete in all material respects (except that such materiality qualifier
shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof) as of the date of any Borrowing or issuance of any Letter of Credit as though made on and as of 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 (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date), and such representations
and warranties shall survive the execution and delivery of this Agreement:

 

(a)          Organization,
Good Standing and Qualification. Each Loan Party (i) is an Entity duly organized (or incorporated, as the case may be),
validly existing and in good standing (to the extent such concept exists in the relevant jurisdiction) under the laws of the state
of its incorporation, organization or formation, (ii) has the requisite power and authority to own its properties and assets
and to transact the businesses in which it presently is, or proposes to be, engaged, except to the extent that the failure own
such properties and assets or transact business in such a way could not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect and (iii) is duly qualified, authorized to do business and in good standing (to the extent
such concept exists in the relevant jurisdictions) in each jurisdiction where it presently is, or proposes to be, engaged in business,
except to the extent that the failure so to qualify or be in good standing could not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect. Schedule 6.1(a) specifies the jurisdiction in which each Loan
Party is organized and also specifies the tax identification numbers and organizational identification numbers of each Loan Party.
The information included in the Beneficial Ownership Certification most recently provided to Lenders, if applicable, is true and
correct in all respects.

 

(b)          Locations
of Offices, Records and Collateral. The address of the principal place of business and chief executive office of each Loan
Party is, and the books and records of each Loan Party and all of its chattel paper and records of its Receivables are maintained
exclusively in the possession of such Loan Party at the address of such Loan Party specified in Schedule 6.1(b) (as
such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under this Agreement).
There is no location at which any Loan Party maintains any Collateral in an aggregate principal amount exceeding $500,000 other
than the locations specified for it in Schedule 6.1(b) (as such Schedule may be updated from time to time to
reflect changes resulting from transactions permitted under this Agreement). Schedule 6.1(b) (as such Schedule
may be updated from time to time to reflect changes resulting from transactions not prohibited under this Agreement) specifies
all Real Property of each Loan Party, and indicates whether each location specified therein is leased or owned by such Loan Party.

 

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(c)          Authority.
Each Loan Party has the requisite power and authority to execute, deliver and perform its obligations under each of the Loan Documents
to which it is a party. All requisite corporate, limited liability company or partnership action necessary for the execution,
delivery and performance by each Loan Party of the Loan Documents to which it is a party (including the consent of its owners,
where required) has been taken.

 

(d)          Enforceability.
The Loan Documents delivered by the Loan Parties, when executed and delivered, will be, the legal, valid and binding obligation
of each Loan Party party thereto enforceable in accordance with its terms, except as enforceability may be limited by (i) bankruptcy,
insolvency or similar laws affecting creditors' rights generally and (ii) general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

 

(e)          No
Conflict. The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party (i) do
not and will not contravene any of the Governing Documents of such Loan Party, (ii) do not and will not contravene any material
Requirement of Law, (iii) do not and will not contravene any Material Contract, except as such contravention could not be
reasonably expected, individually or in the aggregate, to have a Material Adverse Effect, and (iv) do not and will not result
in the imposition of any Liens upon any of its properties except for Permitted Liens.

 

(f)           Consents
and Filings. No consent, authorization or approval of, or filing with or other act by, any Governmental Authority or any other
Person is required in connection with the execution, delivery or performance of this Agreement or any other Loan Document, or
the consummation of the transactions contemplated hereby or thereby, except (i) such consents, authorizations, approvals,
filings or other acts as have been made or obtained, as applicable, and are in full force and effect, (ii) the filing of
UCC and PPSA financing statements, (iii) filing of the Patent Security Agreements, Trademark Security Agreements, and Copyright
Security Agreement with the United States Patent and Trademark Office, the United States Copyright Office, the Canadian Intellectual
Property Office, the UK Intellectual Property Office, the European Patents Office, the relevant intellectual property register
of the EU Office of Harmonization for the Internal Market and any other intellectual property register or authority or other national
intellectual property registers as may be available for the purpose, (iv) filings or other actions listed on Schedule 6.1(f),
(v) registration of the particulars of the English Security Documents (and any other Security Documents entered into by a
UK Loan Party) at Companies House in England and Wales under section 859A of the Companies Act 2006 and payment of associated
fees and (vi) such consents, authorizations, approvals, filings or other acts the failure of which to be obtained or made
could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

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(g)          Ownership;
Subsidiaries. Schedule 6.1(g) (as such Schedule may be updated from time to time to reflect changes resulting
from transactions permitted under this Agreement) sets forth the legal name (within the meaning of Section 9-503 of the UCC),
jurisdiction of incorporation, formation or organization of each Loan Party, the Persons that own the Equity Interests of each
such Loan Party (other than Borrowing Agent), and the number of Equity Interests owned by each such Person. The Borrower Agent
has no Subsidiaries other than those specifically disclosed on Schedule 6.1(g) (as such Schedule may be updated from
time to time to reflect changes resulting from transactions permitted under this Agreement), and all of the outstanding Equity
Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are owned directly or indirectly
by a Loan Party in the amounts specified on Schedule 6.1(g) (as such Schedule may be updated from time to time to
reflect changes resulting from transactions permitted under this Agreement) free and clear of all Liens other than Liens permitted
pursuant to Section 8.8. The Borrower Agent has no equity investments in any other corporation or entity other than those
specifically disclosed on Schedule 6.1(g) (as such Schedule may be updated from time to time to reflect changes resulting
from transactions permitted under this Agreement). All of the outstanding Equity Interests in the Borrower Agent have been validly
issued and are fully paid and nonassessable.

 

(h)          Solvency.
The Loan Parties, taken as a whole, are Solvent and no act, procedure or step described as an "Insolvency Event" has
taken place with respect to any Loan Parties. As of the Closing Date, each UK Loan Party is Solvent.

 

(i)           Financial
Data. Borrower Agent has provided to Agent complete and accurate copies of the Historical Financials. The Historical Financials
have been prepared in accordance with GAAP consistently applied throughout the periods involved and fairly present, in all material
respects, the financial position, results of operations and cash flows of the Loan Parties and their Subsidiaries for each of
the periods covered. Since December 31, 2019, there has been no change, occurrence, development or event, which has had or
could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(j)           Accuracy
and Completeness of Information. All written factual data, reports and written factual information (other than any projections,
estimates and information of a general economic or industry specific nature) concerning the Loan Parties and their Subsidiaries
that has been furnished by or on behalf of any Loan Party to Agent or any Lender in connection with the transactions contemplated
hereby, when taken as a whole, are correct in all material respects as of the date of certification of such data, reports and
information, and do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements contained therein not materially misleading in light of the circumstances under which such statements are
made at such time.

 

(k)          Legal
and Trade Name. As of the Closing Date, during the past year, none of the Loan Parties has been known by or used any legal
name or any trade name or fictitious or French name, except for its name as set forth in the introductory paragraph and on the
signature page of this Agreement or the Guaranty and Security Agreement, as applicable, which is the exact correct legal
name of such Loan Party.

 

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(l)           No
Broker's or Finder's Fees. No broker or finder brought about the obtaining, making or closing of the Loans or financial accommodations
afforded hereunder or in connection herewith by Agent, any Lender or any of its Affiliates. No broker's or finder's fees or commissions
will be payable by any Loan Party to any Person in connection with the transactions contemplated by this Agreement.

 

(m)         Investment
Company. None of the Loan Parties is an "investment company," or an "affiliated person" of, or "promoter"
or "principal underwriter" for, an "investment company," as such terms are defined in the Investment Company
Act of 1940, as amended.

 

(n)         Margin
Stock. None of the Loan Parties is engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying "margin stock" as that term is defined in Regulation U of the
Federal Reserve Board. No part of the proceeds of any Loan or Letter of Credit will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for
the purpose of purchasing or carrying Margin Stock or to refund Indebtedness originally incurred for such purpose or (ii) for
any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including
Regulations T, U or X.

 

(o)          Taxes
and Tax Returns.

 

(i)           Each
Loan Party and each of its Subsidiaries has properly completed and timely filed all federal and other material income tax returns
it is required to file and such returns were complete and accurate in all material respects.

 

(ii)         All
federal and other material taxes and similar governmental charges required to have been paid by the Loan Parties have been timely
paid.

 

(iii)        No
material deficiencies for taxes have been claimed, proposed or assessed by any taxing or other Governmental Authority against
any Loan Party or any of its Subsidiaries which remain unpaid. There are no pending or, to the knowledge of Borrowers, threatened
audits, investigations or claims by a Governmental Authority for or relating to any material liability of any Loan Party or any
of its Subsidiaries for taxes.

 

(iv)        Each
Dutch Loan Party is resident for tax purposes in the Netherlands only, and does not have a permanent establishment or permanent
representative outside the Netherlands.

 

(v)        Any
fiscal unity (fiscale eenheid) for Dutch tax purposes in which a Loan Party is included, consists of Loan Parties only.

 

(p)          No
Judgments or Litigation. Except as specified in Schedule 6.1(p), no judgments, orders, writs or decrees are outstanding
against any Loan Party or any of its Subsidiaries, nor is there now pending or, to the knowledge of any Loan Party after due inquiry,
any threatened litigation, contested claim, investigation, arbitration, or governmental proceeding by or against any Loan Party
or any of its Subsidiaries that (i) individually or in the aggregate could reasonably be expected to have a Material Adverse
Effect or (ii) purports to affect the legality, validity or enforceability of this Agreement, the Notes, any other Loan Document
or the consummation of the transactions contemplated hereby or thereby.

 

    -103-

     

    

 

(q)          Title
to Property. Each Loan Party and each of its Subsidiaries has (i) valid fee simple title to or valid leasehold interests
in all of its Real Property and (ii) good and marketable title to all of its other assets, in each case, except where such
failure to have such title, interest or right could not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. All of such assets are free and clear of Liens except for Permitted Liens.

 

(r)           No
Other Indebtedness. On the Closing Date and after giving effect to the transactions contemplated hereby, none of the Loan
Parties nor any of their Subsidiaries have any Indebtedness other than Indebtedness permitted under Section 8.1.

 

(s)           Investments;
Contracts. None of the Loan Parties, nor any of their Subsidiaries, (i) has committed to make any Investment; (ii) is
a party to any indenture, agreement, contract, instrument or lease, or subject to any restriction in the Governing Documents or
similar restriction or any injunction, order, restriction or decree; (iii) is a party to any "take or pay" contract
as to which it is the purchaser; or (iv) has material contingent or long term liability, including any management contracts,
in each case, which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

(t)           Compliance
with Laws. On the Closing Date and after giving effect to the transactions contemplated hereby, none of the Loan Parties nor
any of their Subsidiaries is in violation of any Requirement of Law, or is in default with respect to any judgment, writ, injunction
or decree of any Governmental Authority, where such violation or default could reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

(u)          Rights
in Collateral; Priority of Liens. All of the Collateral of each Loan Party is owned or leased by it free and clear of any
and all Liens in favor of third parties, other than Liens in favor of Agent, Liens incurred under the Term Loan Documents and
other Permitted Liens. Upon the proper filing of the financing and termination statements specified in Section 5.1(a)(viii) and
any Mortgage and release specified in Section 5.1(a)(viii), the Liens granted by the Loan Parties pursuant to the Loan Documents
constitute valid, enforceable and perfected first priority Liens on the Collateral (subject only to Permitted Liens which are
non-consensual Permitted Liens, permitted purchase money Liens, the interests of lessors in respect of Capitalized Lease Obligations
or the Term Loan Lender with respect to Term Loan Priority Collateral).

 

(v)          ERISA.

 

(i)          Neither
any Loan Party nor any ERISA Affiliate maintains or contributes to any Plan, other than those specified in Schedule 6.1(v).

 

(ii)          Each
Loan Party and each ERISA Affiliate have fulfilled all contribution obligations for each Plan (including obligations related to
the minimum funding standards of ERISA and the Code), except for ordinary funding obligations which are not past due, and no application
for a funding waiver or an extension of any amortization period pursuant to Sections 303 and 304 of ERISA or Section 412
of the Code has been made with respect to any Plan.

 

    -104-

     

    

 

(iii)        No
Termination Event has occurred nor has any other event occurred that is likely to result in a Termination Event. Neither a Loan
Party or any ERISA Affiliate, nor any fiduciary of any Plan, is subject to any material direct or indirect liability with respect
to any Plan under any Requirement of Law or agreement.

 

(iv)        Neither
a Loan Party nor any ERISA Affiliate is required to or reasonably expects to be required to provide security to any Plan under
Section 307 of ERISA or Section 401(a)(29) of the Code, and no Lien exists or could reasonably be expected to arise
with respect to any Plan.

 

(v)         Each
Loan Party and each ERISA Affiliate is in compliance in all material respects with all applicable provisions of ERISA and the
Code with respect to all Plans. There has been no prohibited transaction as defined in Section 406 or 407 of ERISA or
Section 4975 of the Code with respect to any Plan or any Multiemployer Plan or any trust created thereunder that could subject
any Loan Party or ERISA Affiliate to a material civil penalty pursuant to Section 502(i) of ERISA or a material tax
imposed by Section 4975 of the Code (a "Prohibited Transaction"). Each Loan Party and each ERISA Affiliate
have made when due any and all payments required to be made under any agreement or any Requirement of Law applicable to any Plan
or Multiemployer Plan. With respect to each Plan and Multiemployer Plan, neither any Loan Party nor any ERISA Affiliate has incurred
any liability to the PBGC or had asserted against it any penalty for failure to fulfill the minimum funding requirements of ERISA
or the Code other than for payments of premiums in the ordinary course of business.

 

(vi)        Each
Plan and each trust established thereunder which is intended to qualify under Section 401(a) or 501(a) of
the Code has received a favorable determination or advisory opinion letter from the IRS, and no event has occurred since the date
of such determination or advisory opinion letter which could reasonably be expected to adversely affect the qualified status of
such Plan or trust.

 

(vii)       The
aggregate actuarial present value of all benefit liabilities (whether or not vested) under each Pension Plan, determined on a
plan termination basis, as disclosed in, and as of the date of, the most recent actuarial report for such Pension Plan, does not
exceed the aggregate fair market value of the assets of such Pension Plan as of such date.

 

(viii)      Neither
any Loan Party nor any ERISA Affiliate has incurred or reasonably expects to incur any liability (and no event has occurred which,
with the giving of notice under Section 4219 of ERISA, would result in any such liability) under Section 4201 or 4243
of ERISA with respect to any Multiemployer Plan.

 

    -105-

     

    

 

(ix)        The
aggregate withdrawal liability that would be incurred in the event of a complete withdrawal as of the date of this Agreement by
a Loan Party or any ERISA Affiliate from all Multiemployer Plans would not reasonably be expected to have a Material Adverse Effect.

 

(x)         There
are no actions, suits, claims or other proceedings, either pending or, to the knowledge of a Responsible Officer, threatened against
any Loan Party, or any ERISA Affiliate, or otherwise involving a Plan (other than routine claims for benefits), which could reasonably
be expected to be asserted successfully against any Plan, any Loan Party, or any ERISA Affiliate. To the extent that any Plan
is funded with insurance, each Loan Party and each ERISA Affiliate have paid when due all premiums required to be paid. To the
extent that any Plan is funded other than with insurance, it and each ERISA Affiliate have made when due all contributions required
to be paid.

 

(w)          Intellectual
Property. Set forth on Schedule 6.1(w) is a complete and accurate list of all material Patents and all material
or registered Trademarks and Copyrights, and all licenses thereof, of the Loan Parties, showing as of the date hereof the jurisdiction
in which registered, the registration number and the date of registration. Each Loan Party owns or licenses all Patents, Trademarks,
Copyrights and other Intellectual Property rights which are reasonably necessary for the operation of its business. No Loan Party,
to its knowledge, has infringed any Patent, Trademark, Copyright or other intellectual property right owned by any other Person
by the sale or use of any product, process, method, substance, part or other material now sold or used, where such sale or use
could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, and no claim or litigation
is pending or, to each Loan Party's knowledge after due inquiry, threatened against any Loan Party that contests its right to
sell or use any such product, process, method, substance, part or other material.

 

(x)          Labor
Matters. Schedule 6.1(x) accurately sets forth all labor contracts to which any Loan Party or any of its
Subsidiaries is a party as of the Closing Date, and their dates of expiration. There are no existing or, to each Loan Party's
knowledge after due inquiry, threatened strikes, lockouts or other disputes relating to any collective bargaining or similar labor
agreement to which any Loan Party or any of its Subsidiaries is a party which could reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect.

 

(y)          Compliance
with Environmental Laws. Except as to matters that could not reasonably be expected to have a Material Adverse Effect: (i) each
Loan Party and each of its Subsidiaries is in compliance with all applicable Environmental Laws; (ii) there are and have
been, no conditions, occurrences, violations of Environmental Law, or presence or Releases of Hazardous Materials which could
reasonably be expected to form the basis of an Environmental Action against any Loan Party, any of its Subsidiaries or affect
any real property used in the business of any Loan Party or any of its Subsidiaries; (iii) there are no pending Environmental
Actions against any Loan Party or any of its Subsidiaries, and no Loan Party or any Subsidiary has received any written notification
of any alleged violation of, or liability pursuant to, Environmental Law or responsibility for the Release or threatened Release
of, or exposure to, any Hazardous Materials; and (iv) no Environmental Lien has attached to any Collateral and no conditions
exist that could reasonably be expected to result in the imposition of such a Lien on any Collateral. To the knowledge of each
Loan Party, all of the real property used in the business (including its Equipment) is free, and has at all times been free, of
Hazardous Materials, underground storage tanks and underground waste disposal areas except in compliance with applicable Environmental
Laws or in a manner that could not reasonably be expected to have a Material Adverse Effect.

 

    -106-

     

    

 

(z)           Licenses
and Permits. Each Loan Party and each of its Subsidiaries has obtained and maintained all Permits which are necessary or advisable
for the operation of its business, except where the failure to possess any of the foregoing could not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.

 

(aa)        Compliance
with Anti-Terrorism Laws. None of the Loan Parties nor any of their Subsidiaries is any of the following:

 

(i)          a
Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist
Financing effective September 24, 2001 (the "Executive Order");

 

(ii)          a
Person owned or Controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject
to the provisions of, the Executive Order;

 

(iii)         a
Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any laws with respect to terrorism
or money laundering; or

 

(iv)        a
Person that commits, threatens or conspires to commit or supports "terrorism" as defined in the Executive Order; or
a Person that is named as a "specially designated national and blocked Person" on the most current list published by
OFAC at its official website or any replacement website or other replacement official publication of such list and none of the
proceeds of the Revolving Credit Loans will be, directly or, to the knowledge of Borrowers or any of their respective Subsidiaries,
indirectly, offered, lent, contributed or otherwise made available to any Subsidiary, joint venture partner or other Person for
the purpose of financing the activities of any Person currently the subject of sanctions administered by OFAC.

 

(bb)       Government
Regulation. None of the Loan Parties nor any of their Subsidiaries is subject to regulation under the Energy Policy Act of 2005,
the Federal Power Act, the Interstate Commerce Act or any other Requirement of Law that limits its ability to incur Indebtedness
or to consummate the transactions contemplated by this Agreement and the other Loan Documents.

 

(cc)        Material
Contracts. Each Material Contract has been duly authorized, executed and delivered by the applicable Loan Party and/or Subsidiary.
Except for matters that could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
each Material Contract of the Loan Parties and their Subsidiaries is in full force and effect and is binding upon and enforceable
against all parties thereto in accordance with its terms, and there exists no default under such Material Contract by any party
thereto.

 

    -107-

     

    

 

(dd)        Business
and Properties. No business of any Loan Party or any of its Subsidiaries is affected by any fire, explosion, accident, drought,
storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that
could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(ee)         Business
Plan. The Business Plan delivered to Agent on the Closing Date were prepared in good faith on the basis of assumptions which
were fair in the context of the conditions existing at the time of delivery thereof, and, with respect to the Business Plan, represented,
at the time of delivery, the Loan Parties' best estimate of their and their Subsidiaries' future financial performance.

 

(ff)          Beneficial
Ownership Certification. As of the Closing Date, in the event a Beneficial Ownership Certification is required to be delivered
on the Closing Date and as of the date that any Beneficial Ownership Certification is delivered pursuant to Section 5.1(k),
the information included in such Beneficial Ownership Certification is true and correct in all respects.

 

(gg)        Sanctions;
Anti-Money-Laundering Laws and Anti-Corruption Laws. Each Loan Party has complied with Sanctions and has instituted and maintained
policies and procedures designed to promote and achieve compliance with Sanctions. Each Loan Party has complied in all material
respects and is and has been during the past five (5) years in compliance in all material respects with all Anti-Money Laundering
Laws and Anti-Corruption Laws and has instituted and maintained policies and procedures designed to promote and achieve compliance
in all material respects with such Laws. No Loan Party has received any communication (including any oral communication) from
any Governmental Authority alleging that it is not in compliance with, or may be subject to liability under, any Sanctions, Anti-Money
Laundering Laws or Anti-Corruption Laws. None of any Borrower, any Subsidiary, or to the knowledge of such Borrower or such Subsidiary
any of their respective directors, officers, or employees; and to the knowledge of each Borrower, employees or any person acting
on behalf of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from this Agreement, is
a Sanctioned Person. No Borrowing, Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will
violate Sanctions applicable to any party to this Agreement.

 

(hh)       Eligible
Receivables. As to each Receivable that is identified by Borrowers as an Eligible Receivable in a Borrowing Base Certificate
submitted to Agent, such Receivable is (i) a bona fide existing payment obligation of the applicable account debtor created
by the sale and delivery of inventory or the rendition of services to such account debtor in the ordinary course of Borrowers'
business, (ii) owed to a Borrower without any claimed defenses, disputes, offsets, counterclaims, or rights of return or
cancellation other than as permitted under the definitions of Eligible Receivables, Eligible Investment Grade Receivables, Eligible
Non-Investment Grade Receivables, Eligible Foreign Receivables, or Eligible Unbilled Receivables, as applicable and as noted on
the Borrowing Base Certificate, and (iii) not excluded as ineligible by virtue of one or more of the excluding criteria (other
than any Agent-discretionary criteria) as required in the definitions of Eligible Receivables, Eligible Investment Grade Receivables,
Eligible Non-Investment Grade Receivables, Eligible Foreign Receivables, or Eligible Unbilled Receivables, as applicable.

 

    -108-

     

    

 

(ii)          Eligible
Inventory. As to each item of Inventory that is identified by Borrowers as Eligible Inventory in a Borrowing Base Certificate
submitted to Agent, such Inventory is (i) of good and merchantable quality, free from known defects, and (ii) not excluded
as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the
definition of Eligible Inventory. Each Loan Party keeps correct and accurate records itemizing and describing the type, quality,
and quantity of its and its Subsidiaries' Inventory and the book value thereof.

 

(jj)          Canadian
Registered Pension Plans. No Loan Party maintains, sponsors, contributes to, is a party to, or otherwise has any liability
(including any contingent liability) or contribution obligations under or in respect of any Canadian Registered Pension Plan.

 

(kk)         [Revised].

 

(ll)           Pensions
 – UK Loan Parties. Other than in relation to Furmanite International Limited Pension Plan, no UK Loan Party nor any
of its Subsidiaries:

 

		(i)	is, or has at any time in the six years prior to the date
                                         of this Agreement been, an employer (for the purposes of sections 38 to 51 of the Pensions
                                         Act 2004) of an occupational pension scheme which is not a money purchase scheme (both
                                         terms as defined in the Pensions Schemes Act 1993) and is not a scheme within section
                                         38(1)(b) of the Pensions Act 2004;

 

		(ii)	no member of the Group is or has at any time been in the
                                         six years prior to the date of this Agreement "connected" with or an "associate"
                                         of (as those terms are used in sections 38 and 43 of the Pensions Act 2004 save that
                                         for the purposes of this clause, a member of the Group shall not be connected with another
                                         company solely by reason of one or more of its directors or employees being a director
                                         of that other company) such an employer.

 

No member of the Group has at any time
in the six years prior to the date of this Agreement been party to an act or omission involving a scheme or employer (both as
referred to in paragraphs (i) and (ii) above) which could reasonably be expected to give rise to the issue (to it or
any of its Subsidiaries) of a financial support direction or contribution notice pursuant to section 38 or 43 of the Pensions
Act 2004 or fine by the Pensions Regulator.

 

(mm)      Centre
of main interests and establishments. (a) As at the Closing Date only, in respect of the UK Loan Parties, for the purposes
of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (as the same may be retained added to or modified
by the European Withdrawal Act 2018 or any statutory instrument made under such Act the "Regulation"), its centre of
main interest (as that term is used in Article 3(1) of the Regulation) is situated in England and Wales and it has no
 "establishment" (as that term is used in Article 2(h) of the Regulations) in any other jurisdiction and (b) in
respect of the Dutch Loan Parties, for the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings
(recast) (the "Regulation"), its centre of main interest (as that term is used in Article 3(1) of the Regulation)
is situated in the European part of the Kingdom of the Netherlands and it has no "establishment" (as that term is used
in Article 2(h) of the Regulations) in any other jurisdiction

 

    -109-

     

    

 

(nn)        Quebec
Collateral. As of the Closing Date, the fair market value of all tangible Collateral located in Quebec does not exceed C$750,000.

 

ARTICLE VII

AFFIRMATIVE COVENANTS OF THE BORROWERS

 

Borrowers and Specified
U.S. Guarantors each covenant and agree that, until Payment in Full of all Obligations:

 

7.1          Existence.
The Loan Parties shall, and shall cause each of their Subsidiaries to, (a) maintain their Entity existence, except in connection
with a transaction expressly permitted under Section 8.3 or in the case of any Entity other than a Loan Party, where the
failure to do so could not reasonably be expected to have a Material Adverse Effect, (b) maintain in full force and effect
all material licenses, bonds, franchises, leases, Trademarks, qualifications and authorizations to do business, and all material
Patents, contracts and other rights necessary or advisable to the profitable conduct of its businesses, except (i) as expressly
permitted by this Agreement, (ii) such as may expire, be abandoned or lapse in the ordinary course of business or (iii) as
could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (c) continue in
the same or reasonably related lines of business as presently conducted by it.

 

7.2         Maintenance
of Property. The Loan Parties shall, and shall cause each of their Subsidiaries to, keep all assets used or useful
and necessary to its business in good working order and condition (ordinary wear and tear and casualty and condemnation excepted)
in accordance with its past operating practices.

 

7.3         [Reserved].

 

7.4         Taxes.
The Loan Parties shall, and shall cause each of their Subsidiaries to, pay, before the same becomes delinquent or in default,
(a) all federal and other material Taxes imposed against it or any of its property, and (b) all lawful claims that,
if unpaid, might by law become a Lien upon its property; provided that, such payment and discharge will not be required
with respect to any Tax or claim if (i) the validity thereof, or to the extent the amount thereof, is being contested in
good faith, by appropriate proceedings diligently conducted, and (ii) an adequate reserve or other appropriate provision
shall have been established therefor as required in accordance with GAAP.

 

7.5         Requirements
of Law. The Loan Parties shall, and shall cause each of their Subsidiaries to, comply with all Requirements of
Law applicable to it, including any State Licensing Laws and Environmental Laws, except where the failure to so comply could not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    -110-

     

    

 

7.6          Insurance.
Each of the Loan Parties shall, and shall cause each of their Subsidiaries to maintain, with insurance companies reasonably believed
to be financially sound and reputable, insurance in such amounts and against such risks as are customarily maintained by similarly
situated companies engaged in the same or similar businesses operating in the same or similar locations, and cause Agent to be
listed as a lender loss payee on property and casualty policies and as an additional insured on liability policies, pursuant to
a standard loss payable endorsement with a standard non-contributory "lender" or "secured party" clause. Borrower
Agent will furnish to Agent, upon request, information in reasonable detail as to the insurance so maintained. Furthermore, the
Loan Parties shall: (a) obtain certificates and endorsements reasonably acceptable to the Agent with respect to property
and casualty insurance; (b) cause each insurance policy referred to in this Section 7.6 to provide that it shall not
be cancelled, modified or not renewed (x) by reason of nonpayment of premium except upon not less than ten (10) days'
prior written notice thereof by the insurer to Agent (giving Agent the right to cure defaults in the payment of premiums) or (y) for
any other reason except upon not less than thirty (30) days' prior written notice thereof by the insurer to Agent; and (c) deliver
to Agent, prior to the cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal or replacement
policy (or other evidence of renewal of a policy previously delivered to Agent, including an insurance binder) together with evidence
reasonably satisfactory to Agent of payment of the premium therefor. If any Loan Party fails to obtain and maintain insurance
as provided in this Section, or to keep the same in force, Agent, if Agent so elects, in its Permitted Discretion, may obtain
such insurance and pay the premium therefor for Borrowers' account, and charge Borrowers' Loan Account for same, and such expenses
so paid shall be part of the Obligations. Without limitation of the foregoing, if as of the Closing Date or at any time thereafter,
all or a portion of the improvements situated on any fee owned Real Property which is subject to a Mortgage are located within
an area designated by the Federal Emergency Management Agency or the Flood Disaster Protection Act of 1973 (P.L. 93-234)
as being in a "special flood hazard area" or as having specific flood hazards, Borrowers shall also furnish Agent with
flood insurance policies which conform to the requirements of said Flood Disaster Protection Act of 1973 and the National
Flood Insurance Act of 1968, as either may be amended from time to time.

 

7.7          Books
and Records; Inspections.

 

(a)          The
Loan Parties shall, and shall cause each of their Subsidiaries to, maintain books and records (including computer records and
programs) of account pertaining to the assets, liabilities and financial transactions of the Loan Parties and their Subsidiaries
in such detail, form and scope as is consistent with good business practice.

 

    -111-

     

    

 

(b)          The
Loan Parties shall, and shall cause each of their Subsidiaries to, provide Agent and its agents and one representative of each
of the Lenders access to the premises of the Loan Parties and their Subsidiaries at any time and from time to time, during normal
business hours and with reasonable notice under the circumstances, and at any time after the occurrence and during the continuance
of a Default or Event of Default, for the purposes of (i) inspecting and verifying the Collateral, (ii) inspecting and
copying any and all records pertaining thereto, (iii) conducting field examinations and appraisals with respect to the Collateral,
and (iv) discussing the affairs, finances and business of the Loan Parties and their Subsidiaries with any officer, employee
or director thereof or with the Auditors (subject to such Auditor's policies and procedures; provided that so long as no
Event of Default exists, a Responsible Officer of Borrower Agent shall be given a reasonable opportunity to be present at the
discussions with the Auditors). Borrowers shall reimburse Agent for the reasonable and documented travel and related expenses
of Agent's employees or, at Agent's option, of such outside accountants or examiners as may be retained by Agent to verify or
inspect Collateral, records or documents of the Loan Parties and their Subsidiaries; provided that, so long as no Default
or Event of Default then exists, the number of field examinations and appraisals for which Borrowers shall be liable for reimbursement
to Agent hereunder shall be limited to 1 field examination in each calendar year (increasing to 2 field examinations during any
Increased Examination Period during such calendar year) and 1 Inventory appraisal in such calendar year (increasing to 2 appraisals
during any Increased Examination Period during such calendar year), in each case, plus additional field examinations with
respect to Receivables or Inventory acquired or to be acquired in connection with any Permitted Acquisition or Permitted Investment
that Borrowers elect to include in the Borrowing Base; provided, further, that the foregoing shall not operate to
limit the number of inspections, field examinations and appraisals that Agent may elect to undertake. If Agent's own employees
are used, Borrowers shall also pay such reasonable per diem allowance as Agent may from time to time establish, or, if outside
examiners or accountants are used, Borrowers shall also pay Agent such sum as Agent may be obligated to pay as fees for such services.
All such Obligations may be charged to the Loan Account. Notwithstanding anything to the contrary in this Section 7.7, none
of the Borrowers or any of their Subsidiaries will be required to disclose, permit the inspection, examination or making copies
or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets
or non-financial proprietary information, (b) in respect of which disclosure is prohibited by law or any binding agreement,
or (c) is subject to attorney-client privilege or constitutes attorney work product.

 

7.8         Notification
Requirements. The Loan Parties shall timely give Agent and each Lender the following notices and other documents:

 

(a)          Notice
of Defaults. Promptly, and in any event within three (3) Business Days after any Responsible Officer of a Borrower Agent
obtains actual knowledge of the occurrence of a Default or Event of Default, a certificate of a Responsible Officer specifying
the nature thereof and Borrowers' proposed response thereto, each in reasonable detail.

 

(b)          Proceedings
or Changes. Promptly, and in any event within five (5) Business Days after a Responsible Officer of a Borrower Agent
obtains actual knowledge of any actual change, development or event which has had or could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, a written statement describing such proceeding, change, development or event and
any action being taken by such Loan Party or any of its Subsidiaries with respect thereto.

 

(c)          Changes.
(i) Promptly, and in any event within five (5) Business Days after (A)  a change in the location of any Collateral
from the locations specified in Schedule 6.1(b) or (B) a change of the legal name of any Loan Party, and
(ii) prior to a change to the Entity structure or jurisdiction of organization of any Loan Party, in each case, together
with a written statement describing such change, together with, in the case of clauses (i)(B) and (ii), copies of the
Governing Documents of such Loan Party, certified by the Secretary of State (or equivalent) in each relevant jurisdiction, evidencing
such change. If any notice is delivered with respect to Schedule 6.1(b) pursuant to this Section 7.8, such
notice shall be deemed to be an addition to such Schedule.

 

    -112-

     

    

 

(d)          ERISA
Notices. 

 

(i)          Promptly,
and in any event within five (5) Business Days after a Termination Event has occurred, a written statement of a Responsible
Officer of Borrower Agent describing such Termination Event and any action that is being taken with respect thereto by any Loan
Party or ERISA Affiliate, and any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC;

 

(ii)          promptly,
and in any event within five (5) Business Days after the filing thereof with the Internal Revenue Service, a copy of each
funding waiver request filed with respect to any Plan subject to the funding requirements of Section 412 of the Code and
all communications received by any Borrower or ERISA Affiliate with respect to such request;

 

(iii)         promptly,
and in any event within five (5) Business Days after receipt by any Loan Party or ERISA Affiliate of the PBGC's intention
to terminate a Pension Plan or to have a trustee appointed to administer a Pension Plan, a copy of each such notice;

 

(iv)        promptly,
and in any event within five (5) Business Days after the occurrence thereof, notice (including the nature of the event and,
when known, any action taken or threatened by the Internal Revenue Service or the PBGC with respect thereto) of:

 

(A)          any
Prohibited Transaction,

 

(B)           any
cessation of operations (by any Loan Party or ERISA Affiliate) at a facility in the circumstances described in Section 4062(e) of
ERISA,

 

(C)           a
failure by any Loan Party or ERISA Affiliate to make a payment to a Plan required to avoid imposition of a Lien under Section 302(f) of
ERISA or Section 412(n) of the Code, or the imposition of such a Lien,

 

(D)          the
adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA or Section 401(a)(29)
of the Code, or

 

(E)          any
change in the actuarial assumptions or funding methods used for any Plan where the effect of such change is to increase materially
or reduce materially the unfunded benefit liability or obligation to make periodic contributions;

 

(v)          promptly
upon and in any event within five (5) Business Days after the request of Agent, each annual report (IRS Form 5500 series)
and all accompanying schedules, the most recent actuarial reports, the most recent financial information concerning the financial
status of each Plan administered or maintained by any Loan Party or ERISA Affiliate, and schedules showing the amounts contributed
to each Pension Plan by or on behalf of any Loan Party or ERISA Affiliate in which any of its personnel participate or from which
such personnel may derive a benefit, and each Schedule B (Actuarial Information) to the annual report filed by such Loan
Party or ERISA Affiliate with the Internal Revenue Service with respect to each such Plan;

 

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(vi)            promptly
upon and in any event within five (5) Business Days after the filing thereof, copies of any Form 5310, or any successor
or equivalent form to Form 5310, filed with the Internal Revenue Service in connection with the termination of any Plan, and
copies of any standard termination notice or distress termination notice filed with the PBGC in connection with the termination
of any Pension Plan;

 

(vii)           promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or ERISA Affiliate, notice and demand
for payment of withdrawal liability under Section 4201 of ERISA with respect to a Multiemployer Plan;

 

(viii)          promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or ERISA Affiliate, notice by the Department
of Labor of any penalty, audit, investigation or purported violation of ERISA with respect to a Plan;

 

(ix)             promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or ERISA Affiliate, notice by the Internal
Revenue Service or the Treasury Department of any income tax deficiency or delinquency, excise tax penalty, audit or investigation
with respect to a Plan; and

 

(x)              promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or ERISA Affiliate, notice of any administrative
or judicial complaint, or the entry of a judgment, award or settlement agreement, in either case with respect to a Plan that could
reasonably be expected to have a Material Adverse Effect.

 

(e)            Material
Contracts. Concurrently with the delivery of any Compliance Certificates delivered pursuant to Section 7.11(d), notice
of any Material Contract that has been terminated or amended in any material respect, together with a copy of any such amendment
and delivery of a copy of any new Material Contract that has been entered into, in each case since the later of the Closing Date
or delivery of the prior Compliance Certificate; provided that the Borrower Agent shall not be required to separately deliver copies
of any Material Contracts (or amendments thereto) that are included in materials otherwise filed with the SEC.

 

(f)            Environmental
Matters.

 

(i)               Promptly
provide notice of any Release of Hazardous Materials in any quantity reportable pursuant to Environmental Laws in relation to the
business of, or from or onto real property owned or operated by, a Loan Party or any of its Subsidiaries that could reasonably
be expected to have a Material Adverse Effect, and

 

(ii)              Promptly,
but in any event within five (5) Business Days of its receipt thereof, provide written notice of any of the following: (i) an
Environmental Lien has been filed against any of the real or personal property of a Loan Party of one of its Subsidiaries, (ii) commencement
of any Environmental Action or written notice that an Environmental Action will be filed against a Loan Party or one of its Subsidiaries,
or (iii) written notice of a violation, citation, or other administrative order from a Governmental Authority, in each case,
which could individually or in the aggregate reasonably be expected to have a Material Adverse Effect.

 

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(g)            Insurance.
Promptly, and in any event within five (5) Business Days after receipt by a Loan Party of notice or knowledge thereof, of
the actual or intended cancellation of, or any material and adverse change in coverage or other terms of, any insurance required
to be maintained by the Loan Parties pursuant to this Agreement or any other Loan Document.

 

7.9           Casualty
Loss. The Loan Parties shall (a) provide written notice to Agent, within ten (10) Business Days, of any material
damage to, the destruction of or any other material loss to any Inventory located in the United States owned by any U.S. Borrowing
Base Company other than any such Inventory with a net book value (individually or in the aggregate) less than $2,500,000 (a "Casualty
Loss"), and (b) diligently file and prosecute its claim for any award or payment in connection with a Casualty Loss.

 

7.10         Qualify
to Transact Business. The Loan Parties shall, and shall cause each of their Subsidiaries to, qualify to transact business
as a foreign corporation, limited partnership or limited liability company, as the case may be, in each jurisdiction where the
nature or extent of its business or the ownership of its property requires it to be so qualified or authorized and where failure
to qualify or be authorized could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

7.11         Financial
Reporting. Borrower Agent shall deliver to Agent the following:

 

(a)            Annual
Financial Statements. Within ninety (90) days after the end of each fiscal year, beginning with the fiscal year ended December 31,
2020, the annual audited and certified consolidated Financial Statements of the Borrower Agent and its Subsidiaries for such fiscal
year, setting forth in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized
standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be unqualified
as to going concern and scope of audit (except for any such qualification pertaining to impending debt maturities of the Obligations,
the Term Loan Obligations or the 2017 Senior Convertible Notes occurring within 12 months of such audit or any breach of any financial
covenant thereunder).

 

(b)           Quarterly
Financial Statements. Within forty-five (45) days after the end of each fiscal quarter, commencing with the fiscal quarter
ended December 31, 2020

 

(i)               the
interim consolidated Financial Statements of the Borrower Agent and its Subsidiaries as at the end of such quarter and for the
fiscal year to date, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous
fiscal year and the corresponding portion of the previous fiscal year (it being understood and agreed that, notwithstanding the
foregoing, such comparison shall not be required for any period occurring prior to the Closing Date), all in reasonable detail
and certified by a Responsible Officer of the Borrower Agent as fairly presenting the financial condition, results of operations
and cash flows of the Borrower Agent and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments
and the absence of footnotes, and

 

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(ii)              a
narrative discussion of the financial condition of the Borrower Agent and its Subsidiaries and results of operations and the liquidity
and capital resources for the fiscal quarter then ended, prepared by a Responsible Officer of Borrower Agent.

 

(c)           Monthly
Financial Statements. Within thirty (30) days after the end of each fiscal month (except for any month ending at the end of
a fiscal quarter), commencing with the fiscal month ended November 30, 2020, (i) the interim consolidated Financial Statements
of the Borrower Agent and its Subsidiaries as at the end of such month and for the fiscal year to date, and (ii) a certification
by a Responsible Officer of Borrower Agent that such Financial Statements have been prepared in accordance with GAAP and are fairly
stated in all material respects (subject to normal year-end audit adjustments).

 

(d)           Compliance
Certificate. Together with the delivery of each of the Financial Statements referred to in Section 7.11(a) and Section 7.11(b),
a compliance certificate, substantially in the form of Exhibit H (a "Compliance Certificate"), signed
by a Responsible Officer of Borrower Agent, with an attached schedule of computations calculating (A) the Consolidated Fixed
Charge Coverage Ratio as of the end of such fiscal quarter (whether or not a Covenant Testing Period is in effect) and (B) Excess
Availability and Applicable Margin as of the last day of the preceding quarter

 

(e)           Borrowing
Base Certificate. Monthly, not later than the twentieth (20th) day of each month (which date shall be extended for three
(3) Business Days for the first four deliveries after the Closing Date; and which date shall be December 30, 2020 for
the November 30, 2020 Borrowing Base Certificate), a certificate signed by a Responsible Officer of Borrower Agent substantially
in the form of Exhibit I (a "Borrowing Base Certificate"), calculating the Borrowing Base and detailing
the Eligible Receivables and Eligible Inventory, (provided that the calculation of actual ineligible Receivables and actual
ineligible Inventory will be reported on a monthly basis in such certificate as of the last day of the preceding month), containing
a detailed calculation of Excess Availability and reflecting all sales, collections, and debit and credit adjustments, as of the
last day of the preceding month (or as of a more recent date as Agent may from time to time reasonably request), which shall be
prepared by or under the supervision of a Responsible Officer of Borrower Agent and certified by such officer; provided
that, upon the occurrence of an Increased Reporting Event, and continuing on a weekly basis until the end of the corresponding
Increased Reporting Period, Borrower Agent shall deliver the Borrowing Base Certificate and other reporting described above weekly,
on the second Business Day of each calendar week, as of the last Business Day of the preceding calendar week.

 

(f)            Appraisals.
Upon the request of the Agent, appraisals of Borrowers' Inventory, in scope and detail satisfactory to Agent in its Permitted Discretion,
as of the last day of the preceding fiscal year, conducted in accordance with sound appraisal standards by appraisers satisfactory
to Agent in its Permitted Discretion.

 

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(g)           Agings.
Monthly, not later than the twentieth (20th) day of each month (which date shall be extended for three (3) Business Days for
the first four deliveries after the Closing Date; and which date shall be December 30, 2020 for the November 30, 2020
deliveries), agings of Borrowers' Receivables and accounts payable, in scope and detail satisfactory to Agent, as of the last day
of the preceding month; provided that, upon the occurrence of an Increased Reporting Event, and continuing on a weekly basis
until the end of the corresponding Increased Reporting Period, Borrower Agent shall deliver such report weekly, on the second Business
Day of each calendar week, as of the last Business Day of the preceding calendar week.

 

(h)           Inventory.
Monthly, not later than the twentieth (20th) day of each month (which date shall be extended for three (3) Business Days
for the first four deliveries after the Closing Date; and which date shall be December 30, 2020 for the November 30,
2020 deliveries), a report of Borrowers' Inventory, based upon a perpetual inventory, which shall describe such Inventory by category,
item (in reasonable detail) and location, as of the last day of the preceding month; provided that, upon the occurrence
of an Increased Reporting Event, and continuing on a weekly basis until the end of the corresponding Increased Reporting Period,
Borrower Agent shall deliver such report weekly, on the second Business Day of each calendar week, as of the last Business Day
of the preceding calendar week.

 

(i)            Business
Plan. Not later than sixty (60) days after the end of each fiscal year of the Loan Parties, the Business Plan of the Loan Parties
and their Subsidiaries certified by a Responsible Officer of Borrower Agent.

 

(j)            Term
Loan Reporting. At the request of the Agent, any documents provided by the Loan Parties to the Term Loan Lender in accordance
with the reporting requirements under the Term Loan Agreement.

 

(k)            SEC
Reports. As soon as available, but not later than five (5) Business Days after the same are sent or filed, as the case
may be, copies of all financial statements and reports that any Loan Party sends to any of the owners of its Equity Interests or
files with the Securities and Exchange Commission or any other Governmental Authority and not otherwise required to be delivered
to the Agent hereto.

 

(l)            Other
Financial Information. Promptly after the request by Agent, such additional financial statements and other related data and
information as to the business, operations, results of operations, assets, collateral, liabilities or condition (financial or otherwise)
of any Loan Party or any of its Subsidiaries as Agent may from time to time reasonably request.

 

(m)           KYC.
Promptly provide information and documentation reasonably requested by Agent or any Lender for purposes of compliance with applicable
 "know your customer" and Anti-Money Laundering Laws and Beneficial Ownership Regulations.

 

As to any information contained in materials
furnished pursuant to Section 7.11(k), the Borrower Agent shall not be separately required to furnish such information under
clauses under Section 7.11(a), 7.11(b) and 7.11(c) above, but the foregoing shall not be in derogation of the obligation
of the Borrower Agent to furnish the information and materials described in Sections 7.11(a), 7.11(b) and 7.11(c) or
Section 7.11(d) at the times specified therein.

 

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Documents required to be delivered pursuant
to Sections 7.11(a), 7.11(b), 7.11(c) or 7.11(k) (to the extent any such documents are included in materials otherwise
filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on
which the Borrower Agent posts such documents, or provides a link thereto on the Borrower's website on the Internet at the website
address: https://www.teaminc.com; or (ii) on which such documents are posted on the Borrower Agent's behalf on
an Internet or intranet website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website
or whether sponsored by the Agent); provided that the Borrower Agent shall notify (by fax or e-mail transmission) the Agent
and each Lender of the posting of any such documents and provide to the Agent by e-mail electronic versions (i.e., soft copies)
of such documents. The Agent shall have no obligation to request the delivery or to maintain copies of the documents referred
to above, and in any event shall have no responsibility to monitor compliance by the Borrower Agent with any such request for
delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

7.12         Payment
of Liabilities. The Loan Parties shall, and shall cause each of their Subsidiaries to, pay and discharge, in the ordinary
course of business, all obligations and liabilities (including tax liabilities and other governmental charges), except where (i) the
same may be contested in good faith by appropriate proceedings and for which adequate reserves with respect thereto have been
established in accordance with GAAP and (ii) the failure to make payment could not reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect.

 

7.13         ERISA.
The Loan Parties shall, and shall cause each of their Subsidiaries and ERISA Affiliates to, (a) maintain each Plan intended
to qualify under Section 401(a) of the Code so as to satisfy the qualification requirements thereof in all material
respects, (b) contribute, or require that contributions be made, in a timely manner (i) to each Plan in amounts sufficient
(x) to satisfy the minimum funding requirements of Section 302 of ERISA or Section 412 of the Code, if applicable,
(y) to satisfy any other Requirements of Law and (z) to satisfy the terms and conditions of each such Plan, and (ii) to
each Foreign Plan in amounts sufficient to satisfy the minimum funding requirements of any applicable law or regulation, without
any application for a waiver from any such funding requirements, (c) cause each Plan or Foreign Plan to comply in all material
respects with applicable law (including all applicable statutes, orders, rules and regulations) and (d) pay in a timely
manner, in all material respects, all required premiums to the PBGC. As used in this Section 7.13, "Foreign Plan"
means any Plan that is subject to any Requirement of Law other than ERISA or the Code and that is maintained, or otherwise contributed
to, by a Loan Party or any of its Subsidiaries for the benefit of employees outside the United States and Canada.

 

7.14         Environmental
Matters. The Loan Parties shall, and shall cause each of their Subsidiaries to, conduct its business so as to comply
in all material respects with and address all liabilities under all applicable Environmental Laws and obtain and renew all Permits,
except, in each case, to the extent the failure to do so could not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

7.15         Intellectual
Property. The Loan Parties shall, and shall cause each of their Subsidiaries to, do and cause to be done all things
necessary to preserve and keep in full force and effect all of its material registrations of Trademarks, Patents and Copyrights.

 

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7.16         Solvency.
The Loan Parties, taken as a whole, shall be and remain Solvent at all times.

 

7.17         [Reserved].

 

7.18         [Reserved].

 

7.19         Sanctions;
Anti-Money Laundering Laws and Anti-Corruption Laws. Each of the Loan Parties shall comply with all applicable Sanctions
and in all material respects with Anti-Money Laundering Laws and Anti-Corruption Laws and shall maintain all of the necessary
Permits required pursuant to any applicable Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws in order for such Loan
Party to continue the conduct of its business as currently conducted, and will maintain policies procedures, and internal controls
designed to promote and achieve compliance with such applicable laws and with the terms and conditions of this Agreement.

 

7.20         Formation
of Subsidiaries; Further Assurances. Each Loan Party will, at the time that any Loan Party forms or acquires any direct
or indirect Material Subsidiary organized under the laws of a Security Jurisdiction after the Closing Date (including in connection
with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws), within
thirty (30) days of such event (or such later date as permitted by Agent in its reasonable discretion) (a) cause such new
Material Subsidiary to provide to Agent a joinder or similar document to the applicable Security Documents, (b) deliver to
Agent financing statements with respect to such Material Subsidiary, a Pledged Interests Addendum with respect to the Equity Interests
of such Material Subsidiary (to the extent the shareholder of such Material Subsidiary is also a Loan Party), and such other security
agreements (including Mortgages with respect to any Real Property owned in fee of such new Material Subsidiary), all in form and
substance reasonably satisfactory to Agent, necessary to create the Liens intended to be created under the Security Documents;
provided, that the joinder to this Agreement or the Security Documents, shall not be required to be provided to Agent with respect
to any Subsidiary that is not organized under the laws of a Security Jurisdiction; subject to Section 7.21 provided further,
that Team Industrial Services (UK) Limited shall not be required to become a Loan Party, (c) provide, or cause the applicable
Loan Party to provide, to Agent a Pledged Interests Addendum and appropriate certificates and powers or financing statements,
pledging all of the direct or beneficial ownership interest in such new Material Subsidiary (to the extent the shareholder of
such Material Subsidiary is also a Loan Party); provided, that only sixty-five percent (65%) (or such higher percentage
that would not cause an adverse tax impact on any Loan Party pursuant to Section 245A of the Code and Treasury Regulation
Section 1.956-1) of the total outstanding Voting Interests of any first tier CFC (other than a Protected CFC) (and none of
the Equity Interests of any Subsidiary of such CFC) shall be required to be pledged (which pledge, if reasonably requested by
Agent, shall be governed by the laws of the jurisdiction of such Subsidiary), and (d) provide to Agent all other documentation,
including one or more opinions of counsel reasonably satisfactory to Agent, which, in its Permitted Discretion, is appropriate
with respect to the execution and delivery of the applicable documentation referred to above (including policies of title insurance,
flood certification documentation or other documentation with respect to all Real Property owned in fee and subject to a Mortgage);
provided, no Real Property located in the United States shall be taken as Collateral unless Lenders receive 45 days advance notice
and each Lender confirms to Agent that it has completed all flood due diligence, received copies of all flood insurance documentation
and confirmed flood insurance compliance as required by all applicable flood insurance laws or as otherwise satisfactory to such
Lender (and Borrowers shall not be required to comply with this Section 7.20 with respect to such Real Property until such
flood compliance has occurred).  At the request of the Borrower Agent and subject to the consent of Agent, a newly formed
or acquired Subsidiary that is not a Foreign Subsidiary may be joined as a borrower hereunder by providing to Agent a Joinder
to this Agreement; provided that no such Person shall become a Borrower until each Lender has received and approved documentation
and other information requested by such Lender in connection with applicable "know your customer" and Anti-Money Laundering
Laws, including the Patriot Act (and Borrowers shall not be required to comply with this Section 7.20 with respect to such
Subsidiary until such KYC compliance has occurred). Without limiting the foregoing, each Loan Party will, and will cause each
Subsidiary to, execute and deliver, or cause to be executed and delivered, to the Agent such documents, agreements and instruments,
and will take or cause to be taken such further actions (including the filing and recording of financing statements and other
documents), which may be required by law or which the Agent may, from time to time, reasonably request to carry out the terms
and conditions of this Agreement and the other Loan Documents and, to ensure perfection and priority of the Liens created or intended
to be created by the Collateral Documents, all at the expense of the Loan Parties; provided that no such action shall be required
with respect to Collateral located in Quebec unless the aggregate fair market value of such Collateral exceeds C$750,000.

 

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7.21         Post-Closing
Covenants. As promptly as practicable, and in any event within the applicable time period set forth on Schedule 7.21
(or such longer time as Agent may agree in its sole discretion), each Loan Party will deliver all documents and take all actions
set forth on Schedule 7.21.

 

7.22         [Reserved].

 

7.23         Residency
for Dutch Tax Purposes. Each Dutch Loan Party will remain resident for tax purposes in the Netherlands only and not
create a permanent establishment or permanent representative outside the Netherlands, unless with the prior written consent of
the Agent.

 

7.24         Fiscal
Unity for Dutch Tax Purposes. Any fiscal unity (fiscale eenheid) for Dutch corporate income tax purposes (vennootschapsbelasting)
in which a Loan Party is included, will consist of Loan Parties only, unless with the prior written consent of the Agent. The
Borrower will procure that no member of the Group requests a decision (beschikking) from the Dutch tax authority for the
inclusion of any entity that is not a Loan Party in a fiscal unity for Dutch value added tax (omzetbelasting) purposes
in which a Loan Party is included, unless with the prior written consent of the Agent.

 

7.25         Allocation
of Tax Losses upon Termination of Fiscal Unity for Dutch Tax Purposes. If, at any time, a Loan Party is member of a
fiscal unity (fiscale eenheid) for Dutch corporate income tax purposes (vennootschapsbelasting) and such fiscal
unity is, in respect of that Loan Party, terminated (verbroken) or disrupted (beëindigd) as a result of or
in connection with the Agent or a Lender enforcing its rights under any Loan Document, such Loan Party shall, at the request of
the Agent, together with the parent company (moedermaatschappij) or deemed parent company (aangewezen moedermaatschappij)
of that fiscal unity, for no consideration and as soon as reasonably practicable, lodge a request with the relevant Governmental
Authority to allocate and surrender any tax losses (within the meaning of Article 20 of the Dutch Corporate Income Tax Act
(Wet op de vennootschapsbelasting 1969)) to the Loan Party leaving the fiscal unity, to the extent such tax losses are
attributable (toerekenbaar) to that Loan Party (within the meaning of Article 15af of the Dutch Corporate Income Tax
Act (Wet op de vennootschapsbelasting 1969)).

 

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ARTICLE VIII

NEGATIVE COVENANTS

 

Borrowers and Specified
U.S. Guarantors each covenant and agree that, until Payment in Full of all Obligations:

 

8.1           Indebtedness.
The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time create, incur,
assume or suffer to exist any Indebtedness other than:

 

(a)            Indebtedness
under the Loan Documents;

 

(b)            Indebtedness
existing on the Closing Date and set forth in Schedule 8.1(b), and any Refinancing Indebtedness in respect of such
Indebtedness;

 

(c)            Indebtedness
(including Capitalized Lease Obligations and purchase money Indebtedness) to finance all or any part of the purchase, lease, construction,
installment, repair or improvement of property, plant or equipment or other fixed or capital assets, in an aggregate principal
amount not to exceed greater of (i) $15,000,000 and (ii) an amount equal to 3.0% of Consolidated Tangible Assets at
any time outstanding, and any Refinancing Indebtedness in respect of such Indebtedness; provided that such Indebtedness
is incurred within ninety (90) days after the purchase, lease, construction, installation, repair or improvement of the property
that is the subject of such Indebtedness;

 

(d)           Bank
Product Obligations (other than arising under Hedging Agreements) and Indebtedness under Permitted Hedging Agreements;

 

(e)            Indebtedness
comprised of Permitted Intercompany Advances;

 

(f)            Indebtedness
in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in each
case, provided in the ordinary course of business;

 

(g)           Guarantees
of Indebtedness of the Loan Parties or their Subsidiaries permitted to be incurred under this Agreement; provided that
if the Indebtedness being guaranteed is subordinated to the Obligations, such guarantee shall be subordinated to the guarantee
of the Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such Indebtedness;

 

(h)           Acquired
Indebtedness in an amount not to exceed $15,000,000 at any one time;

 

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(i)            endorsement
of negotiable instruments for deposit or collection in the ordinary course of business;

 

(j)            Indebtedness
incurred in the ordinary course of business in respect of (i) overdraft facilities, employee credit card programs, netting
services, automatic clearinghouse arrangements and other cash management and similar arrangements, and in connection with securities
and commodities arising in connection with the acquisition or disposition of Permitted Investments and not any obligation in connection
with margin financing, (ii) up to $5,000,000 of any bankers' acceptance, bank guarantees or letter of credit facilities,
in each case, in the ordinary course of business, (iii) the endorsement of instruments for deposit or the financing of insurance
premiums, (iv) deferred compensation or similar arrangements to the employees of the Loan Parties or any of their Subsidiaries,
(v) obligations to pay insurance premiums or take or pay obligations contained in supply agreements and (vi) Indebtedness
owed to any Person providing property, casualty, business interruption or liability insurance to any Loan Party or any of its
Subsidiaries, so long as such Indebtedness shall not be in excess of the amount of the unpaid cost of, and shall be incurred only
to defer the cost of the annual premium for such insurance; or

 

(k)            Term
Loan Obligations in an amount not to exceed the Term Loan Cap Amount (as defined in the Intercreditor Agreement);

 

(l)            Indebtedness
of the Borrower Agent or any Material Subsidiary in the form of purchase price adjustments or indemnification incurred in connection
with the any Permitted Acquisition or any disposition permitted under Section 8.5;

 

(m)           Subordinated
Debt and Contingent Acquisition Indebtedness in an aggregate amount not to exceed $15,000,000 at any time outstanding;

 

(n)            (i) the
2017 Senior Convertible Notes and (ii) so long as there exists no Event of Default immediately before and after giving effect
to such transaction, any Refinancing Indebtedness maturing at least one hundred eighty (180) days after the fourth (4th) anniversary
of the Closing Date that replaces the 2017 Senior Convertible Notes;

 

(o)            Indebtedness
of Subsidiaries of Borrowers that are not organized under the laws of a Security Jurisdiction in an aggregate amount not to exceed
$10,000,000 at any time outstanding; and

 

(p)            Indebtedness
not otherwise permitted in this Section 8.1 in an aggregate amount not to exceed $7,500,000 at any time outstanding.

 

8.2            [Reserved].

 

8.3            Entity
Changes, Etc. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly,
divide, merge, amalgamate or consolidate with any Person, liquidate, wind-up or dissolve itself (or suffer any liquidation or
dissolution)except that, so long as no Default exists or would result therefrom:

 

(a)            any
such Subsidiary may merge with or liquidate or dissolve into (i) the Borrower Agent, provided that the Borrower Agent shall
be the continuing or surviving Person, or (ii) any one or more Subsidiaries, provided that when a subsidiary which is not
a Loan Party merges with a Loan Party, the Loan Party shall be the continuing or surviving Person and when a Loan Party liquidates
or dissolves, it shall liquidate and dissolve into another Loan Party;

 

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(b)           any
Subsidiary may sell all or substantially all of its assets (upon voluntary liquidation or otherwise), to the Borrower Agent or
to a Guarantor (or if such Subsidiary is not a Guarantor to another Subsidiary which is not a Guarantor);

 

(c)            the
Borrower Agent and any Subsidiary may change its jurisdiction of organization, provided (i) such Person provides the Agent
with at least twenty (20) days prior written notice of change, (ii) no Default exists at such time, and (iii) if such
Person is organized in the U.S., Canada, England or the Netherlands, (A) such new jurisdiction is in the same nation state
and (B) if such Person is a Loan Party, such Person shall deliver such Security Documents and any other documentation (including
opinions) as may be requested by the Agent to ensure the Agent maintains a valid, enforceable and perfected first priority Lien
on the Collateral of such Person (subject only to Permitted Liens which are non-consensual Permitted Liens, permitted purchase
money Liens, or the interests of lessors in respect of Capitalized Lease Obligations); and

 

(d)            any
Subsidiary may change in legal form if such change is not materially disadvantageous to the Lenders.

 

8.4            Change
in Nature of Business. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time make
any material change in the nature of their business as carried on at the date hereof or enter into any new line of business that
is not similar, corollary, related, ancillary, incidental or complementary, or a reasonable extension, development or expansion
thereof or ancillary thereto the business as carried on as of the date hereof.

 

8.5            Sales,
Etc. of Assets. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly,
sell, transfer or otherwise dispose of any of its assets (including by an allocation of assets among newly divided limited liability
companies pursuant to a "plan of division") except:

 

(a)            sales
of Inventory in the ordinary course of business;

 

(b)           the
sale or other disposition of obsolete or worn out property, or other property no longer used or useful in the conduct of business,
in each case, disposed of in the ordinary course of business (and not part of an accounts receivable financing, factoring or similar
transaction (other than by a Subsidiary which is not a Loan Party if done in ordinary course));

 

(c)            the
sale, transfer or other disposition of cash and Cash Equivalents in the ordinary course of business;

 

(d)            sales,
transfers or other dispositions of property that are a settlement of or payment in respect of any property or casualty insurance
claim or any taking under power of eminent domain or by condemnation or similar proceeding of or relating to any property or asset
of any Loan Party or any Subsidiary;

 

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(e)            non-exclusive
licenses of Intellectual Property in the ordinary course of business and not interfering in any material respect with the business
of the Loan Parties and their Subsidiaries;

 

(f)            the
abandonment of Intellectual Property (or lapse of any registration or application in respect of Intellectual Property) that is,
in the reasonable good faith judgment of Borrower Agent, no longer economically practicable to maintain or useful in the conduct
of the business of the Loan Parties and their Subsidiaries;

 

(g)            dispositions
of equipment or real property to a bona fide third party in an amount not to exceed $2,500,000 in any calendar year to the extent
that (i) such property is exchanged for credit against the purchase price of similar replacement property, (ii) the
proceeds of such disposition are reasonably promptly applied to the purchase price of such replacement property or (iii) the
Board of Directors or senior management of the Borrower Agent or such Subsidiary has determined in good faith that the failure
to replace such property will not be detrimental to the business of the Borrower Agent or such Subsidiary;

 

(h)            dispositions
permitted under Section 8.3;

 

(i)            dispositions
of property (i) by any Loan Party or Subsidiary to a Loan Party, (ii) by a subsidiary which is not a Loan Party to a
subsidiary which is not a Loan Party or (iii) by a Loan Party to a subsidiary which is not a Loan Party so long as such disposition
is for fair market value;

 

(j)            dispositions
constituting Permitted Investments;

 

(k)            sales
or dispositions of other assets (including intangible property related to such fixed assets) so long as made at fair market value
and the aggregate fair market value of all assets disposed of in the aggregate (including the proposed disposition) would not
exceed $5,000,000 in any calendar year (which amount shall be increased by any unused portion of such $5,000,000 exclusion from
the immediately preceding year (not to exceed $10,000,000 in any calendar year) and not part of an accounts receivable financing,
factoring or similar transaction (other than by a Subsidiary which is not a Loan Party if done in ordinary course); provided that
all proceeds of ABL Priority Collateral in excess of $5,000,000 in the aggregate sold in connection with asset sales permitted
by this clause (k) shall be paid in cash and shall be paid by Borrowers to Agent within two (2) Business Days of receipt
thereof, to be applied first to the outstanding principal amount of the Revolving Credit Loans and second to Collateralize outstanding
Letters of Credit (without the necessity of a demand by Agent or any Lender);

 

(l)            dispositions
set forth on Schedule 8.5; and

 

(m)           Loan
Parties or their Subsidiaries may make sales or dispositions of other assets subject to satisfaction of the Payment Conditions.

 

8.6            Use
of Proceeds. Borrowers will not (a) use any portion of the proceeds of any Loan in violation of Section 2.4
or for the purpose of purchasing or carrying any "margin stock" (as defined in Regulation U of the Federal Reserve
Board) in any manner which violates the provisions of Regulation T, U or X of the Federal Reserve Board or for any other
purpose in violation of any applicable statute or regulation, or of the terms and conditions of this Agreement, or (b) take,
or permit any Person acting on its behalf to take, any action which could reasonably be expected to cause this Agreement or any
other Loan Document to violate any regulation of the Federal Reserve Board. Borrowers shall not, directly or indirectly, use any
Letter of Credit or Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of Credit or Loan proceeds
to any Subsidiary, joint venture partner or other Person, (i) to fund any activities of or business with any Person, or in
any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or funding of the Loan, is the target of any
Sanction; or (ii) in any manner that would result in a violation of a Sanction, Anti-Corruption Law or other Applicable Law
by any Person (including any Secured Party or other individual or entity participating in any transaction). The Borrowers shall
not, and shall procure that its Subsidiaries and its respective directors, officers, employees, agents, and joint venture partners
shall not fund, directly or indirectly, all or part of, any repayment under this Agreement out of proceeds derived from dealings
with or property of a Sanctioned Person.

 

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8.7            [Reserved].

 

8.8            Liens.
The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time create, incur,
assume or suffer to exist any Lien on or with respect to any assets other than Permitted Liens.

 

8.9            Dividends,
Redemptions, Distributions, Etc. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly
or indirectly, pay any dividends or make any distributions on or in respect of its Equity Interests, or purchase, redeem or retire
any of its Equity Interests or any warrants, options or rights to purchase any such Equity Interests, whether now or hereafter
outstanding ("Interests"), or make any payment on account of or set apart assets for a sinking or other analogous
fund for, the purchase, redemption, defeasance, retirement or other acquisition of such Interests, or make any other distribution
in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Loan Parties or any of
their Subsidiaries (all of the foregoing, the "Restricted Payments"), except that:

 

(a)            each
Subsidiary may make Restricted Payments to the Borrower Agent and any of its Subsidiaries; provided that if such Subsidiary
is not a wholly-owned Subsidiary of the Borrower Agent, such dividends must be made on a pro rata basis to the holders of its
Equity Interests or on a greater than ratable basis to the extent such greater payments are made solely to the Borrower Agent
or a Subsidiary;

 

(b)           the
Borrower Agent and each Subsidiary may declare and make dividends payable solely in the common stock or other common Equity Interests
of such Person so long as, in the case of a Subsidiary, such Subsidiary remains wholly-owned by the Borrower Agent; provided
that if such Subsidiary is not a wholly-owned Subsidiary of the Borrower, such dividends must be made on a pro rata basis
to the holders of its Equity Interests or on a greater than ratable basis to the extent such greater payments are made solely
to the Borrower or a Subsidiary;

 

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(c)            the
Borrower Agent and each Subsidiary may make Equity Interest repurchases with the proceeds received from the substantially concurrent
issue of new shares of its common stock; and

 

(d)            Loan
Parties or their Subsidiaries may make Restricted Payments subject to satisfaction of the Payment Conditions.

 

8.10         Investments.
The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time make or hold
any Investment in any Person (whether in cash, securities or other property of any kind) except the following (collectively, the
 "Permitted Investments"):

 

(a)            Investments
existing on, or contractually committed as of, the date hereof and set forth on Schedule 8.10;

 

(b)            Investments
in cash and Cash Equivalents;

 

(c)            Guarantees
by the Loan Parties and their Subsidiaries constituting Indebtedness permitted by Section 8.1;

 

(d)            loans
or advances to employees, officers or directors of the Loan Parties or any of their Subsidiaries in the ordinary course of business
for travel, relocation and related expenses; provided that the aggregate amount of all such loans and advances does not
exceed $1,000,000 at any time outstanding;

 

(e)            Permitted
Hedging Agreements;

 

(f)            Permitted
Acquisitions;

 

(g)            Permitted
Intercompany Advances;

 

(h)            Investments
by Borrower Agent or any of its Subsidiaries in a Loan Party;

 

(i)             Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the sale or lease of
goods or services in the ordinary course of business, and Investments received in satisfaction or partial satisfaction of Accounts
from financially troubled Account Debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(j)             deposits
of cash made in the ordinary course of business to secure performance of (i) operating leases and (ii) other contractual
obligations that do not constitute Indebtedness;

 

(k)            Investments
by (i) Subsidiaries that are not Loan Parties in Subsidiaries that are not Loan Parties and (ii) Loan Parties in Subsidiaries
that are not Loan Parties in an aggregate amount (when combined with all other Investments made pursuant to clause (g) to
Subsidiaries that are not Loan Parties) not to exceed $15,000,000 at any time outstanding;

 

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(l)             other
Investments (excluding Acquisitions) subject to satisfaction of the Payment Conditions; and

 

(m)           other
Investments (including by way of clarification joint ventures) which in the aggregate do not exceed $10,000,000 at any time outstanding.

 

8.11         [Reserved].

 

8.12         Fiscal
Year. The Loan Parties will not, and will not permit any of their Subsidiaries to, change their fiscal year from a
year ending December 31.

 

8.13         Accounting
Changes. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time make or permit any
change in accounting policies, except as required by GAAP.

 

8.14         [Reserved].

 

8.15         ERISA
Compliance. The Loan Parties will not, and will not permit any of their Subsidiaries or ERISA Affiliates to, directly
or indirectly: (i) engage in any Prohibited Transaction for which a statutory or class exemption is not available or a private
exemption has not been previously obtained from the Department of Labor; (ii) permit to exist with respect to any Pension
Plan any accumulated funding deficiency (as defined in Section 302 of ERISA and Section 412 of the Code), whether or
not waived; (iii) terminate any Pension Plan where such event would result in any liability of any Loan Party or Subsidiary
or ERISA Affiliate under Title IV of ERISA; (iv) fail to make any required contribution or payment to any Multiemployer
Plan; (v) fail to pay any required installment or any other payment required under Section 412 or 430 of the Code
on or before the due date for such installment or other payment; (vi) amend a Pension Plan resulting in an increase in current
liability for the plan year such that any Loan Party or Subsidiary or ERISA Affiliate is required to provide security to such
Plan under Section 307 of ERISA or Section 401(a)(29) of the Code; (vii) withdraw from any Multiemployer Plan where
such withdrawal is reasonably likely to result in any liability of any such entity under Title IV of ERISA; or (viii) take
any action that would cause a Termination Event or the imposition of an excise tax under Section 4978 or Section 4979A
of the Code.

 

8.16         [Reserved].

 

8.17         UK
Pensions.

 

(a)            Each
Loan Party shall ensure that:

 

(i)               no
member of the Group is or becomes an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational
pension scheme which is not a money purchase scheme (both terms as defined in the Pensions Schemes Act 1993) and is not a scheme
within section 38(1)(b) of the Pensions act 2004 or "connected" with or an "associate" of (as those terms
are used in sections 38 and 43 of the Pensions Act 2004 save that for the purposes of this clause, a member of the Group shall
not be connected with another company solely by reason of one or more of its directors or employees being a director of that other
company) such an employer;

 

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(ii)              any
contributions that a UK Loan Party or any of its Subsidiaries are required to pay to Furmanite International Limited Pension Plan
are so paid before or when they fall due and payable in accordance with the schemes' governing documentation and any overriding
legislation; and

 

(iii)             no
action or omission is taken by any member of the Group in relation to a pension scheme which has or is reasonably likely to have
a Material Adverse Effect including, without limitation, the commencement of winding-up proceedings but excluding for these purposes
any action or omission that is taken by any member of the Group in relation to the continuation or termination of employment of
any employee of the Group (on grounds of ill-health or otherwise).

 

(b)           Each
Loan Party shall promptly:

 

(i)               notify
the Agent of any material change in the rate of contributions to the Furmanite International Limited Pension Plan paid or recommended
to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise);

 

(ii)              provide
to the Agent a copy of the Recovery Plan (and any amendments and/or variations thereto from time to time); and

 

(iii)             (subject
to any confidentiality obligations) provide copies of all notifications made to the Pensions Regulator under section 69 of the
Pensions Act 2004 (as amended from time to time).

 

(c)            Each
Loan Party shall immediately notify the Agent:

 

(i)               if
it receives a Financial Support Direction or a Contribution Notice from the Pensions Regulator;

 

(ii)              (subject
to any confidentiality obligations) of any investigation or proposed investigation by the Pensions Regulator of which it is aware
which has resulted or may result in the Pensions Regulator taking any regulatory action against any member of the Group; and

 

(iii)             any
event of which it is aware which has triggered or may trigger a debt on any member of the Group under sections 75 or 75A of the
Pensions Act 2004.

 

8.18            Prepayments
and Amendments. The Loan Parties will not, and will not permit any of their Subsidiaries to,

 

(a)            at
any time make any voluntary prepayment or any mandatory prepayment with respect to excess cash flow (or similar) mandatory prepayment
(i) with ABL Priority Collateral in respect of any principal of any Term Loan Obligation (other than with proceeds of Refinancing
Indebtedness with respect thereto) unless the Payment Conditions are satisfied or (ii) Indebtedness with an outstanding principal
amount in excess of $20,000,000 (other than with proceeds of Refinancing Indebtedness with respect thereto) other than the 2017
Senior Convertible Notes unless in each case the Payment Conditions are satisfied.

 

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(b)            [reserved]

 

(c)            directly
or indirectly, amend, modify, or change any of the terms or provisions of:

 

(i)            any
agreement, instrument, document, indenture, or other writing evidencing or concerning Indebtedness with an outstanding principal
amount in excess of $20,000,000 (other than the Term Loan Obligations) in a manner that could reasonably be expected to be materially
adverse to the interests of the Lenders and, in respect of the Term Loan Documents in a manner that (A) shortens the stated
final maturity date of the Term Loan Obligations as in effect on the date hereof or (B) restricts any Loan Party from making
payments of the Obligations that would otherwise be permitted under the Term Loan Documents as in effect on the date hereof, and

 

(ii)           the
Governing Documents of any Loan Party or any of its Subsidiaries, in each case, if the effect thereof, either individually or
in the aggregate, could reasonably be expected to be materially adverse to the interests of the Lenders.

 

8.19            Lease
Obligations. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time create, incur
or assume any obligations as lessee for the rental or hire of real or personal property in connection with any sale and leaseback
transaction other than operating lease transactions for equipment paid for by such operating leases.

 

8.20            [Reserved].

 

8.21            [Reserved].

 

8.22            Securities
and Deposit Accounts. The Loan Parties will not establish or maintain any securities account or deposit account (other
than securities accounts or deposit accounts which constitute Excluded Property or which hold less than $5,000,000 in the aggregate
at any one time) unless Agent shall have received a Control Agreement, duly executed by the applicable Loan Party and the securities
intermediary or depository bank parties thereto, in respect of such securities account or deposit account, and such accounts are
in compliance with the requirements set forth in Section 2.7.

 

8.23            Negative
Pledge. The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into or suffer to exist
any agreement (other than in favor of Agent) prohibiting or conditioning the creation or assumption of any Lien in favor of the
Obligations upon any of its assets; provided that the foregoing shall not apply to: (i) restrictions or conditions imposed
by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions contained
in agreements relating to the sale of a Subsidiary pending such sale, (iii) restrictions or conditions imposed by any agreement
relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions
apply only to the property or assets securing such Indebtedness, (iv) customary provisions in lease and other contracts restricting
the assignment thereof, (v) customary anti-assignment clauses in licenses under which the Borrowers or any of their Subsidiaries
are the licensees, (vi) any agreement in effect at a time a Person becomes a Subsidiary, so long as such agreement was not
entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions
imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents; provided that such amendments or
refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to
such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to cash deposits and
in the ordinary course of business, and (ix) restrictions and conditions contained in any of the Term Loan Documents.

 

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8.24            Affiliate
Transaction. The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into or be party to any transaction
with an Affiliate, except (i) transactions contemplated by the Loan Documents; (ii) transactions with Affiliates that
are in effect as of the Closing Date, as shown on Schedule 8.23; (iii) transactions with Affiliates in the ordinary
course of business, upon fair and reasonable terms and no less favorable than would be obtained in a comparable arm's-length transaction
with a non-Affiliate; provided, that the foregoing restrictions shall not apply to (i) employment and severance arrangements
(including equity incentive plans and employee benefit plans and arrangements) with their respective officers and employees in
the ordinary course of business, (ii) payment of customary fees and reasonable out of pocket costs to, and indemnities for
the benefit of, directors, officers and employees of the Borrower Agent and its Subsidiaries in the ordinary course of business,
(iii) any transaction solely between or among the Subsidiaries that are not Loan Parties, (iv) any transaction solely
between or among Loan Parties, and (v) guarantees by the Borrower or any Subsidiary of operating leases or other obligations
that do not constitute Indebtedness, in each case, entered into by the Borrower or any Subsidiary in the ordinary course of business
or consistent with past practices.

 

8.26            Quebec
Collateral. The Loan Parties will not, and will not permit any of their Subsidiaries to own Collateral in Quebec having a
fair market value in excess of C$750,000 unless the Agent has confirmed in writing that it is satisfied that the Loan Parties
or Subsidiaries owning such Collateral in Quebec have taken all action that the Agent has requested in order to perfect and protect
the Agent’s security interest in such Collateral under the laws of Quebec.

 

ARTICLE IX

FINANCIAL COVENANT(S)

 

Until the Payment
in Full of all Obligations:

 

9.1            Consolidated
Fixed Charge Coverage Ratio. Each Borrower hereby covenants and agrees that the Loan Parties and their Subsidiaries
will maintain a Consolidated Fixed Charge Coverage Ratio, calculated for the four (4) fiscal quarter period ending on the
last day of the fiscal quarter most recently ended prior to the occurrence of a Covenant Trigger Event for which Borrowers were
required to deliver to Agent Financial Statements pursuant to the terms of this Agreement and for each four (4) fiscal quarter
period ending on the last day of each fiscal quarter during any Covenant Testing Period (including the last day thereof), of at
least 1.00 to 1.00.

 

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ARTICLE X

EVENTS OF DEFAULT

 

10.1            Events
of Default. The occurrence of any of the following events shall constitute an "Event of Default":

 

(a)            any
Loan Party shall fail to pay any (i) principal of any Loan when due and payable, whether at the due date therefor, stated
maturity, by acceleration, or otherwise; or (ii) interest, fees, Lender Group Expenses or other Obligations (other than an
amount referred to in the foregoing clause (i)) when due and payable, whether at the due date therefor, stated maturity,
by acceleration, or otherwise, and such default continues unremedied for a period of three (3) Business Days; or

 

(b)            there
shall occur a default in the performance or observance of any covenant contained in (i) Section 2.4, 2.5(a), 2.5(b),
2.7 (with respect to any Loan Party), 7.1, 7.6, 7.7, 7.8, 7.11, 7.16, 7.19, 7.20, or 7.21, Article 8, Article 9; or
(ii) this Agreement or any other Loan Document (other than those referred to in Section 10.1(a) and Section 10.1(b)(i))
and such default continues for a period of thirty (30) days after the earlier of (x) the date on which such default first
becomes known to any Responsible Officer of Borrower Agent or (y) written notice thereof from Agent to Borrower Agent; or

 

(c)            The
Pensions Regulator issues a Financial Support Direction or a Contribution Notice to any Loan Party; or

 

(d)            any
Loan Party or any of its Material Subsidiaries shall become the subject of an Insolvency Event; or

 

(e)            (i) any
Loan Party or any of its Subsidiaries shall fail to make any payment (whether of principal, interest or otherwise and regardless
of amount) in respect of any Material Indebtedness when due (whether at scheduled maturity or by required prepayment, acceleration,
demand or otherwise), or (ii) any event or condition occurs that results in any Material Indebtedness becoming due prior
to its scheduled maturity or that enables or permits (with all applicable grace periods having expired) the holder or holders
(or a trustee or agent on behalf of such holder or holders) to declare any Material Indebtedness to be due and payable, or to
require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; or

 

(f)            any
representation or warranty made or deemed made by or on behalf of any Loan Party or any of its Subsidiaries under or in connection
with any Loan Document, or in any Financial Statement, report, document or certificate delivered in connection therewith, shall
prove to have been incorrect in any material respect (except that such materiality qualifier shall not be applicable to any representations
and warranties that are already qualified or modified by materiality in the text thereof) when made or deemed made; or

 

(g)            any
judgment or order for the payment of money which, when taken together with all other judgments and orders rendered against the
Loan Parties and their Subsidiaries exceeds $12,500,000 in the aggregate (to the extent not covered by insurance) and either (i) there
is a period of thirty (30) consecutive days at any time after the entry of any such judgment, order, or award during which (A) the
same is not discharged, satisfied, vacated, or bonded pending appeal, or (B) a stay of enforcement thereof is not in effect,
or (ii) enforcement proceedings are commenced upon such judgment, order, or award; or

 

(h)            a
Change of Control shall occur; or

 

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(i)            this
Agreement or any other Security Document that purports to create a Lien, shall, for any reason, fail or cease to create a valid
and perfected and, except to the extent of Permitted Liens which are non-consensual Permitted Liens, permitted purchase money
Liens or the interests of lessors in respect of Capitalized Lease Obligations, first priority Lien on any material portion of
the Collateral covered thereby;

 

(j)            the
Intercreditor Agreement shall be invalidated or otherwise cease to constitute the legal, valid and binding obligations of the
Term Loan Lender enforceable in accordance with its terms or the Term Loan Lender deny or contest the validity or enforceability
of the Intercreditor Agreement (in each case, to the extent that any Indebtedness held by such parties remains outstanding); or

 

(k)            (i) any
covenant, agreement or obligation of a Loan Party contained in or evidenced by any of the Loan Documents shall cease to be enforceable,
or shall be determined to be unenforceable, in accordance with its terms; (ii) any Loan Party shall deny or disaffirm its
obligations under any of the Loan Documents or any Liens granted in connection therewith or shall otherwise challenge any of its
obligations under any of the Loan Documents; or (iii) any Liens granted on any of the Collateral in favor of the Agent shall
be determined to be void, voidable or invalid, are subordinated or are not given the priority contemplated by this Agreement or
any other Loan Document.

 

10.2            Acceleration,
Termination and Cash Collateralization. Upon the occurrence and during the continuance of an Event of Default, Agent
may, or at the direction of the Required Lenders shall, take any or all of the following actions, without prejudice to the rights
of Agent or any Lender to enforce its claims against Borrowers:

 

(a)            Acceleration.
To declare all Obligations immediately due and payable (except with respect to any Event of Default with respect to a Loan Party
specified in Section 10.1(d), in which case all Obligations shall automatically become immediately due and payable) without
presentment, demand, protest or any other action or obligation of Agent or any Lender, all of which are hereby waived by each
Borrower.

 

(b)            Termination
of Commitments. To declare the Commitments immediately terminated (except with respect to any Event of Default with respect
to a Loan Party set forth in Section 10.1(d), in which case the Commitments shall automatically terminate) and, at all times
thereafter, any Loan made by the Lenders and any Letter of Credit issued by the Letter of Credit Issuer shall be in their and
its respective discretion. Notwithstanding any such termination, until all Obligations shall have been Paid in Full, Agent and
each Lender shall retain all rights under guaranties and all security in existing and future Receivables, inventory, general intangibles,
investment property, real property and equipment of the Loan Parties and all other Collateral held by it hereunder and under the
Security Documents, and the Loan Parties shall continue to turn over all Collections to Agent pursuant to the terms of this Agreement.

 

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(c)            Cash
Collateralization. With respect to all Letters of Credit outstanding at the time of the acceleration of the Obligations under
Section 10.2(a) or otherwise at any time after the Termination Date, Borrowers shall at such time deposit in a cash
collateral account established by or on behalf of Agent sufficient funds to Collateralize the aggregate then undrawn and unexpired
amount of such Letters of Credit. Amounts held in such cash collateral account shall be under the sole dominion and control of
Agent and applied by Agent to the payment of drafts drawn under such Letters of Credit, and the balance, if any, in such cash
collateral account, after all such Letters of Credit shall have expired or been fully drawn upon shall be applied to repay the
other Obligations. After all such Letters of Credit shall have expired or been fully drawn upon and all Obligations have been
Paid in Full, the balance, if any, in such cash collateral account shall be returned to Borrowers or to such other Person as may
be lawfully entitled thereto.

 

Notwithstanding anything
to the contrary, contained herein, the authority to enforce rights and remedies hereunder and under the other Loan Documents against
the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such
enforcement shall be instituted and maintained by, the Agent in accordance with this Article X for the benefit of the Secured
Parties.

 

10.3            Other
Remedies.

 

(a)            Upon
the occurrence and during the continuance of an Event of Default, Agent shall have all rights and remedies with respect to the
Obligations and the Collateral under applicable law (including the UCC and the PPSA) and the Loan Documents, and Agent may do
any or all of the following: (i) remove for copying all documents, instruments, files and records (including the copying
of any computer records) relating to Borrowers' Receivables or use (at the expense of Borrowers) such supplies or space of Borrowers
at Borrowers' places of business necessary to administer, enforce and collect such Receivables including any supporting obligations;
(ii) accelerate or extend the time of payment, compromise, issue credits, or bring suit on Borrowers' Receivables (in the
name of Borrowers or Agent) and otherwise administer and collect such Receivables; (iii) sell, assign and deliver Borrowers'
Receivables with or without advertisement, at public or private sale, for cash, on credit or otherwise, subject to applicable
law; and (iv) foreclose the security interests created pursuant to the Loan Documents by any available procedure, or take
possession of any or all of the Collateral, without judicial process and enter any premises where any Collateral may be located
for the purpose of taking possession of or removing the same.

 

(b)            The
Loan Parties and the Lenders hereby irrevocably authorize Agent, based upon the instruction of the Required Lenders, to, upon
the occurrence and during the continuation of an Event of Default, (i) consent to the sale of, credit bid, or purchase (either
directly or indirectly through one or more entities) all or any portion of the Collateral at any sale thereof conducted under
the provisions of the Bankruptcy Code, including Section 363 of the Bankruptcy Code or the Insolvency Act 1986, (b) credit
bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale
or other disposition thereof conducted under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620
of the UCC, or (c) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion
of the Collateral at any other sale or foreclosure conducted or consented to by Agent in accordance with applicable law in any
judicial action or proceeding or by the exercise of any legal or equitable remedy, in each case, free from any right of redemption,
which right is expressly waived by Borrowers. If notice of intended disposition of any Collateral is required by law, it is agreed
that ten (10) days' notice shall constitute reasonable notification. Borrowers will assemble the Collateral in their possession
and make it available at such locations in the United States as Agent may specify, whether at the premises of a Loan Party or
elsewhere, and will make reasonably available to Agent the premises and facilities of each Loan Party for the purpose of Agent's
taking possession of or removing the Collateral or putting the Collateral in saleable form. Agent may sell the Collateral or any
part thereof in one or more parcels at public or private sale, at any exchange, broker's board or at any of Agent's offices or
elsewhere, for cash, on credit or for future delivery, and upon such other terms as Agent may deem commercially reasonable. Agent
shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Agent may adjourn any public
or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice,
be made at the time and place to which it was so adjourned. Each Loan Party hereby grants Agent a license to enter and occupy
(in each case, so long as no Event of Default then exists, at reasonable times and subject to reasonable procedures) any of Loan
Parties' leased or owned premises and facilities, without charge, to exercise any of Agent's rights or remedies. The proceeds
received from any sale of Collateral shall be applied in accordance with Section 10.5.

 

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10.4            License
for Use of Software and Other Intellectual Property. Borrowers hereby grants to Agent a license or other right to use,
without charge, all computer software programs, data bases, processes, trademarks, tradenames, copyrights, labels, trade secrets,
service marks, advertising materials and other rights, assets and materials used by Borrowers in connection with its businesses
or in connection with the Collateral, in each case with respect to any exercise of remedies hereunder.

 

10.5            Post-Default
Allocation of Payments.

 

(a)            Allocation.
Notwithstanding anything herein to the contrary, during an Event of Default, if so directed by the Required Lenders or at Agent's
discretion, monies to be applied to the Obligations, whether arising from payments by the Loan Parties, realization on Collateral,
setoff, or otherwise, shall be allocated as follows:

 

(i)            first,
to all Lender Group Expenses owing to Agent (including attorneys' fees) in its capacity as Agent and any Protective Advances and
Overadvances made by Agent;

 

(ii)           second,
to all Lender Group Expenses owing to Letter of Credit Issuer and the Lenders;

 

(iii)          third,
to all amounts owing to Swingline Lender on Swingline Loans;

 

(iv)          fourth,
to all amounts owing to Letter of Credit Issuer with respect to that portion of the Obligations which constitutes unreimbursed
draws under Letters of Credit;

 

(v)           fifth,
to all Obligations constituting fees (other than amounts which constitute Bank Product Obligations);

 

(vi)          sixth,
to all Obligations constituting interest (other than amounts which constitute Bank Product Obligations);

 

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(vii)         seventh,
to the Collateralization of that portion of the Obligations constituting undrawn amounts under outstanding Letters of Credit;

 

(viii)        eighth,
to all other Obligations (other than Bank Product Obligations); and

 

(ix)           ninth,
up to the amount (after taking into account any amounts previously paid pursuant to this clause (ix) during the continuation
of the applicable Event of Default) of the most recently established Bank Product Reserve, to Bank Product Obligations based upon
amounts then certified by the applicable Bank Product Provider to Agent (in form and substance satisfactory to Agent) to be due
and payable on account of the Bank Product Obligations; and

 

(x)            tenth,
to all other Bank Product Obligations; and

 

(xi)           finally,
to the Loan Parties or whoever else may be lawfully entitled thereto.

 

Amounts shall be applied to each of the
foregoing categories of Obligations in the order presented above before being applied to the following category. Where applicable,
all amounts to be applied to a given category will be applied on a pro rata basis among those entitled to payment in such category.
In determining the amount to be applied to Bank Product Obligations within any given category, each Bank Product Provider's pro
rata share thereof shall be based on the lesser of (x) the amount presented in the most recent notice from such Bank Product
Provider to Agent (as contemplated in the definition of "Bank Product Obligations") and (y) the actual amount of
such Bank Product Obligations, calculated in accordance with a methodology presented to and approved by Agent in its Permitted
Discretion by such Bank Product Provider to Agent. Agent has no duty to investigate the actual amount of any Bank Product Obligations
and, instead, is entitled to rely in all respects on the applicable Bank Product Provider's reasonably detailed written accounting
thereof. If such Bank Product Provider does not submit such accounting of its own accord and in a timely manner, Agent, may instead
rely on any prior accounting thereof. The allocations set forth in this section are solely to determine the rights and priorities
of the Secured Parties among themselves and may be changed by agreement among them without the consent of any Loan Party. No Loan
Party is entitled to any benefit under this Section or has any standing to enforce this section.

 

10.6            No
Marshaling; Deficiencies; Remedies Cumulative. Agent shall have no obligation to marshal any Collateral or to seek
recourse against or satisfaction of any of the Obligations from one source before seeking recourse against or satisfaction from
another source. The net cash proceeds resulting from Agent's exercise of any of the foregoing rights to liquidate all or substantially
all of the Collateral, including any and all Collections (after deducting all of Agent's expenses related thereto), shall be applied
by Agent to such of the Obligations and in such order as Agent shall elect in its discretion, whether due or to become due. Borrowers
shall remain liable to Agent and the Lenders for any deficiencies, and Agent and the Lenders in turn agree to remit to the applicable
Loan Party or its successor or assign any surplus resulting therefrom. All of Agent's and the Lenders' remedies under the Loan
Documents shall be cumulative, may be exercised simultaneously against any Collateral and any Loan Party or in such order and
with respect to such Collateral or such Loan Party as Agent or the Lenders may deem desirable, and are not intended to be exhaustive.

 

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10.7            Waivers.
Except as may be otherwise specifically provided herein or in any other Loan Document, Borrowers hereby waive any right to a judicial
or other hearing with respect to any action or prejudgment remedy or proceeding by Agent to take possession, exercise control
over, or dispose of any item of Collateral in any instance (regardless of where the same may be located) where such action is
permitted under the terms of this Agreement or any other Loan Document or by applicable law or of the time, place or terms of
sale in connection with the exercise of Agent's or any Lender's rights hereunder and also waives any bonds, security or sureties
required by any statute, rule or other law as an incident to any taking of possession by Agent of any Collateral. Borrowers
also waive any damages (direct, consequential or otherwise) occasioned by the enforcement of Agent's or any Lender's rights under
this Agreement or any other Loan Document including the taking of possession of any Collateral or the giving of notice to any
account debtor or the collection of any Receivable of Borrowers. Borrowers also consent that Agent and the Lenders may enter upon
any premises owned by or leased to it without obligations to pay rent or for use and occupancy, through self-help, without judicial
process and without having first obtained an order of any court (in each case, in connection with the remedies hereunder). These
waivers and all other waivers provided for in this Agreement and the other Loan Documents have been negotiated by the parties,
and Borrowers acknowledge that it has been represented by counsel of its own choice, has consulted such counsel with respect to
its rights hereunder and has freely and voluntarily entered into this Agreement and the other Loan Documents as the result of
arm's-length negotiations.

 

10.8            Further
Rights of Agent and the Lenders. If Borrowers shall fail to purchase or maintain insurance (where applicable), or to
pay any tax, assessment, governmental charge or levy, except as the same may be otherwise permitted hereunder or which is being
contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP,
or if any Lien prohibited hereby shall not be paid in full and discharged or if a Borrower shall fail to perform or comply with
any other covenant, promise or obligation to Agent or any Lender hereunder or under any other Loan Document, Agent may (but shall
not be required to) perform, pay, satisfy, discharge or bond the same for the account of Borrowers, and all amounts so paid by
Agent shall be treated as a Revolving Credit Loan comprised of Base Rate Advances hereunder and shall constitute part of the Obligations.

 

10.9            Interest
and Letter of Credit Fees After Event of Default. Borrowers agree and acknowledge that the additional interest and
fees that may be charged under Section 4.2 are (a) an inducement to the Lenders to make Advances and to the Letter of
Credit Issuer to cause Letters of Credit to be issued hereunder and that the Lenders and Agent would not consummate the transactions
contemplated by this Agreement without the inclusion of such provisions, (b) fair and reasonable estimates of the Lenders'
and Agent's costs of administering the credit facility upon an Event of Default, and (c)  intended to estimate the Lenders'
and Agent's increased risks upon an Event of Default.

 

10.10          Receiver.
In addition to any other remedy available to it, Agent shall also have the right, upon the occurrence of an Event of Default and
during its continuation, to seek and obtain the appointment of a receiver to take possession of and operate and/or dispose of
the business and assets of Borrowers.

 

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10.11         Rights
and Remedies not Exclusive. The enumeration of the foregoing rights and remedies is not intended to be exhaustive and
the exercise of any right or remedy shall not preclude the exercise of any other right or remedy provided for herein or in any
other Loan Document or otherwise provided by law from and after the occurrence of any Event of Default and during its continuation,
all of which shall be cumulative and not alternative.

 

ARTICLE XI

THE AGENT

 

11.1          Appointment
of Agent.

 

(a)            Each
Lender hereby designates Citibank as its agent and irrevocably authorizes it to take action on such Lender's behalf under the
Loan Documents and to exercise the powers and to perform the duties described therein and to exercise such other powers as are
reasonably incidental thereto. Agent may perform any of its duties by or through its agents or employees or by or through one
or more sub-agents appointed by it.

 

(d)           The
provisions of this Article are solely for the benefit of Agent and the Lenders, and except as expressly set forth herein,
Loan Parties shall not have any rights with respect to any of the provisions hereof. Agent shall act solely as agent of the Lenders
and assume no obligation toward or relationship of agency or trust with or for Borrowers.

 

11.2          Nature
of Duties of Agent. Agent shall have no duties or responsibilities except those expressly set forth in the Loan Documents.
Neither Agent nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted by it or
them as such hereunder or in connection herewith, unless caused by its or their gross negligence or willful misconduct. The duties
of Agent shall be mechanical and administrative in nature. Agent does not have a fiduciary relationship with or any implied duties
to any Lender or any participant of any Lender.

 

11.3          Lack
of Reliance on Agent.

 

(a)            Independent
Investigation. Independently and without reliance upon Agent, each Lender, to the extent it deems appropriate, has made and
shall continue to make (i) its own independent investigation of the financial or other condition and affairs of Borrowers
and the other Loan Parties in connection with taking or not taking any action related hereto and (ii) its own appraisal of
the creditworthiness of Borrowers and the other Loan Parties, and, except as expressly provided in this Agreement, Agent shall
have no duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit or other information
with respect thereto, whether coming into its possession before the making of the initial Loans or the issuance of the initial
Letter of Credit or at any time or times thereafter.

 

(b)            No
Obligation of Agent. Agent shall not be responsible to any Lender for any recitals, statements, information, representations
or warranties herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness,
genuineness, validity, enforceability, collectability, priority or sufficiency of this Agreement or the Notes or the financial
or other condition of Borrowers and the other Loan Parties. Agent shall not be required to make any inquiry concerning either
the performance or observance of any of the terms, provisions or conditions of this Agreement or any other Loan Document, the
financial condition of Borrowers and the other Loan Parties, or the existence or possible existence of any Default or Event of
Default.

 

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11.4            Certain
Rights of Agent. Agent may request instructions from the Required Lenders at any time. If Agent requests instructions
from the Required Lenders with respect to any action or inaction, it shall be entitled to await instructions from the Required
Lenders. No Lender shall have any right of action based upon Agent's action or inaction in response to instructions from the Required
Lenders.

 

11.5            Reliance
by Agent. Agent may rely upon any written, electronic or telephonic communication it believes to be genuine and to
have been signed, sent or made by the proper Person. Agent may obtain the advice of legal counsel (including counsel for Borrowers
with respect to matters concerning Borrowers), independent public accountants and other experts selected by it and shall have
no liability for any action or inaction taken or omitted to be taken by it in good faith based upon such advice.

 

11.6            Indemnification
of Agent. To the extent Agent is not reimbursed and indemnified by Borrowers, each Lender will reimburse and indemnify
Agent to the extent of such Lender's Pro Rata Share (determined as of the time that such indemnity payment is sought) for any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees
and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against
Agent in performing its duties hereunder or otherwise relating to the Loan Documents unless resulting from Agent's gross negligence
or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction. The agreements
contained in this Section shall survive any termination of this Agreement and the other Loan Documents and the Payment in
Full of the Obligations.

 

11.7            Agent
in Its Individual Capacity. In its individual capacity, Agent shall have the same rights and powers hereunder as any
other Lender or holder of a Note or participation interest and may exercise the same as though it was not performing the duties
specified herein. The terms "Lenders," "Required Lenders," "holders of Notes," or any similar terms
shall, unless the context clearly otherwise indicates, include Citibank in its individual capacity. Agent and its Affiliates may
accept deposits from, lend money to, acquire equity interests in, and generally engage in any kind of banking, trust, financial
advisory or other business with Borrowers or any Affiliate of Borrowers as if it were not performing the duties specified herein,
and may accept fees and other consideration from Borrowers for services in connection with this Agreement and otherwise without
having to account for the same to the Lenders.

 

11.8            Holders
of Notes. Agent may deem and treat the payee of any Note as the owner thereof for all purposes hereof unless and until
a written notice of the assignment or transfer thereof shall have been filed with Agent. Any request, authority or consent of
any Person who, at the time of making such request or giving such authority or consent, is the holder of any Note, shall be conclusive
and binding on any subsequent holder, transferee or assignee of such Note or of any Note or Notes issued in exchange therefor.

 

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11.9          Successor
Agent.

 

(a)            Resignation.
Agent may, upon twenty (20) Business Days' notice to the Lenders and Borrowers, resign by giving written notice thereof to the
Lenders and Borrowers. If, at the time that Agent's resignation is effective, it is acting as Letter of Credit Issuer or Swingline
Lender, such resignation shall also operate to effectuate its resignation as Letter of Credit Issuer or Swingline Lender, as applicable,
and it shall automatically be relieved of any further obligation to issue Letters of Credit, or to make Swingline Loans.

 

(b)            Replacement
of Agent after Resignation. Upon receipt of notice of resignation by Agent, the Required Lenders, with, so long as no Event
of Default then exists, the consent of the Borrower Agent (such consent not to be unreasonably withheld or delayed) may appoint
a successor agent which shall also be a Lender. If a successor agent has not accepted its appointment within fifteen (15) Business
Days, then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor agent which,
so long as no Event of Default then exists, shall be subject to the written approval of Borrower Agent, which approval shall not
be unreasonably withheld and shall be delivered to the retiring Agent and the Lenders within ten (10) Business Days after
Borrower Agent's receipt of notice of a proposed successor agent.

 

(c)            Removal
of Agent. If the Person serving as Agent is a Defaulting Lender, the Required Lenders may, to the extent permitted by applicable
law, by notice in writing to the Borrowers and such Person as Agent and, in consultation with the Borrower, appoint a successor
thereto.

 

(d)            Discharge.
Upon its acceptance of the agency hereunder, such successor Agent shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under
this Agreement. The retiring Agent shall continue to have the benefit of the provisions of this Article for any action or
inaction while it was Agent.

 

11.10        Collateral
Matters.

 

(a)            Exercise
Binding. Except as otherwise set forth herein, any action or exercise of powers by Agent provided under the Loan Documents,
together with such other powers as are reasonably incidental thereto, shall be deemed authorized by and binding upon all of the
Lenders. At any time and without notice to or consent from any Lender, Agent may take any action necessary or advisable to perfect
and maintain the perfection of the Liens upon the Collateral.

 

(b)            Releases.
Agent is authorized to release any Lien granted to or held by it upon any Collateral (i) upon Payment in Full of all of the
Obligations, (ii) in connection with permitted sales or other dispositions of Collateral hereunder, as set forth in Section 11.10(c) or
(iii) if the release can be and is approved by the Required Lenders. Agent may request, and the Lenders will provide, confirmation
of Agent's authority to release particular types or items of Collateral.

 

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(c)            Sale
of Collateral. Upon any sale or transfer of Collateral which is permitted pursuant to the terms of this Agreement, or consented
to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business Days' prior
written request (or such shorter period as the Agent may agree to in its sole discretion) by Borrower Agent, Agent shall (and
is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the
Liens granted to Agent herein or under any of the other Loan Documents or pursuant hereto or thereto upon the Collateral that
was sold or transferred, provided that (i) Agent shall not be required to execute any document on terms which would
reasonably expose Agent to liability or create any obligation or entail any consequence and (ii) such release shall not in
any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of Borrowers in respect of) all interests
retained by Borrowers, including the proceeds of the sale, all of which shall continue to constitute part of the Collateral. In
the event of any sale or transfer of Collateral in the exercise of remedies, or any foreclosure with respect to any of the Collateral,
Agent shall be authorized to deduct all of the expenses reasonably incurred by Agent from the proceeds of any such sale, transfer
or foreclosure.

 

(d)            No
Obligation for Agent. Agent shall not have any obligation to assure that the Collateral exists or is owned by any Borrower,
that the Collateral is cared for, protected or insured, or that the Liens on the Collateral have been created or perfected or
have any particular priority. With respect to the Collateral, Agent may act in any manner it may deem appropriate, in its sole
discretion, given Citibank's own interest in the Collateral as one of the Lenders, and it shall have no duty or liability whatsoever
to the Lenders with respect thereto, except for its gross negligence or willful misconduct as determined in a final and non-appealable
judgment by a court of competent jurisdiction.

 

11.11          Actions
with Respect to Defaults. In addition to Agent's right to take actions on its own accord as permitted under this Agreement,
Agent shall take such action with respect to an Event of Default as shall be directed by the Required Lenders. Until Agent shall
have received such directions, Agent may act or not act as it deems advisable and in the best interests of the Lenders.

 

11.12          Delivery
of Information. Agent shall not be required to deliver to any Lender originals or copies of any documents, instruments,
notices, communications or other information received by Agent from Borrowers, the Required Lenders, any Lender or any other Person
under or in connection with this Agreement or any other Loan Document except (i) as specifically provided in this Agreement
or any other Loan Document and (ii) as specifically requested from time to time in writing by any Lender with respect to
a specific document, instrument, notice or other written communication received by and in the possession of Agent at the time
of receipt of such request and then only in accordance with such specific request.

 

11.13         English
Law Governed Transaction Security.

 

(a)            This
Section 11.13 shall be governed by English law and applies in relation to the English Security Documents, with the security
interest created or expressed to be created pursuant to the English Security Documents being the "English Transaction
Security". For the purposes of this Section 11.13 only:

 

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(i)            "Finance
Parties" means each Secured Bank Provider, Lender and the Agent;

 

(ii)           "Secured
Parties" means each Finance Party from time to time party to this Agreement, any Receiver or Delegate and each other
agent, arranger and lender from time to time party to this Agreement;

 

(iii)          "Receiver"
means a receiver or receiver and manager or administrative receiver of the whole or any part of the Collateral; and

 

(iv)          "Delegate"
means any delegate, agent, attorney or co-trustee appointed by the Agent.

 

(b)            The
Agent declares that it holds the benefit of the English Transaction Security on trust for each Finance Party on the terms contained
in this Agreement.

 

(e)            Each
of the Finance Parties:

 

(i)            authorizes
the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions
specifically given to the Agent under or in connection with the English Security Documents together with any other incidental
rights, powers, authorities and discretions; and

 

(ii)           agrees
that no Finance Party shall have any independent power to enforce, or have recourse to, any of the Liens or Collateral created
or evidenced, or expressed to be created or evidenced, under the English Security Documents or to exercise any right, power, authority
or discretion arising under the English Security Documents except through the Agent.

 

(f)            The
Agent shall have the benefit of (without limitation) Sections 11.2 (Nature of Duties of Agent), 11.3 (Lack of Reliance on Agent),
11.4 (Certain Rights of Agent), 11.5 (Reliance by Agent), 11.6 (Indemnification of Agent), 11.10 (Collateral Matters), 11.11 (Actions
with Respect to Defaults), 11.12 (Delivery of Information), 12.4 (Indemnification; Reimbursement of Expenses of Collection),12.6
(Nonliability of Agent and Lenders), 12.13 (Limitation of Liability), 12.21 (Confidentiality) and 12.26 (Right to Cure), as if:

 

(i)            references
in such clauses were governed by English law; and

 

(ii)           references
in such clauses to the Agent were to the Agent acting in its capacity as "Security Agent" in respect of the English
Transaction Security, mutatis mutandis.

 

(g)            The
rights, powers, authorities and discretions given to the Agent under or in connection with the Loan Documents shall be supplemental
to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Agent by law or regulation
or otherwise.

 

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(h)            Section 1
of the Trustee Act 2000 shall not apply to the duties of the Agent in relation to the trusts constituted by this Agreement, and
where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement,
the provisions of this Agreement shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency
with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that
Act. Sections 22 and 23 of the Trustee Act 2000 shall not apply to the English Security Documents.

 

(i)            If
the Agent determines, in accordance with Section 11.10(b)(i) (Collateral Matters: Releases) that:

 

(i)            all
of the obligations secured by the English Security Document have been fully and finally discharged; and

 

(ii)           no
Finance Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial
accommodation to any Loan Party pursuant to the Loan Documents,

 

the Agent shall release, without recourse
or warranty, all of the Liens and Collateral created or evidenced, or expressed to be created or evidenced, under each English
Security Document and the rights of the Agent under each of the English Security Documents, in each case in accordance with the
terms of that English Security Document and the terms of this Agreement and the trusts set out in this Agreement shall thereafter
be wound up.

 

(j)            Without
prejudice to Section 11.9(a) (Successor Agent: Resignation):

 

(i)            The
Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower
Agent.

 

(ii)           If
the Agent does not appoint an Affiliate as successor in the relevant resignation notice, the Required Lenders may appoint a successor
Agent with the consent of the Borrower Agent (such consent not to be unreasonably withheld or delayed), unless an Event of Default
then exists in which case no consent of the Borrower Agent shall be required. If the Required Lenders have not appointed a successor
within thirty (30) days after notice of resignation was given, the Agent may appoint a successor after consultation with the Borrower
Agent and the Required Lenders.

 

(iii)          The
retiring Agent shall, make available to the successor Agent such documents and records and provide such assistance as the successor
Agent may reasonably request for the purposes of performing its functions as "Security Agent" under the English Security
Documents, and the Borrower Agent shall, on demand, reimburse the retiring Agent for the amount of all costs and expenses (including
legal fees) properly incurred by it in making available such documents and records and providing such assistance.

 

(iv)          The
resignation notice of the Agent shall only take effect upon:

 

(A)            the
appointment of a successor; and

 

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(B)            the
transfer of the English Transaction Security and any other amounts or property, whether rights, entitlements, choses in action
or otherwise, actual or contingent, which the Agent is required by the terms of the English Security Documents to hold as trustee
on trust for the Secured Parties to that successor.

 

(v)           Upon
the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the English Security
Documents (other than its obligations under paragraph (i) and (j)(iii) above) but shall remain entitled to the
benefit of Sections 11.6 (Indemnification of Agent) and 12.4 (Indemnification; Reimbursement of Expenses of Collection) (each
as amended by paragraph (d) above) and this Section 11.13 (and any fees for the account of the retiring Agent shall
cease to accrue from (and shall be payable on) that date). Any successor and each of the other parties shall have the same rights
and obligations amongst themselves as they would have had if such successor had been an original party.

 

(k)            The
Agent shall not be obliged:

 

(i)            to
insure any of the assets subject to the English Transaction Security;

 

(ii)           to
require any other person to maintain any insurance; or

 

(iii)          to
verify any obligation to arrange or maintain insurance contained in any Loan Document,

 

and the Agent shall not be liable for
any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

 

(l)            the
Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person
as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other
information of any kind, unless the Required Lenders request it to do so in writing and the Agent fails to do so within fourteen
(14) days after receipt of that request.

 

(m)          The
Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the
Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust
created under this Agreement and the Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings
incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be
bound to supervise the proceedings or acts of any person. The Agent may retain or invest in securities payable to bearer without
appointing a person to act as a custodian.

 

(n)          Each
Finance Party and Secured Party confirms that the Agent has authority to accept on its behalf (and ratifies the acceptance on
its behalf of any letters or reports already accepted by the Agent) the terms of any reliance letter or engagement letters relating
to any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Loan
Documents or the transactions contemplated in the Loan Documents and to bind it in respect of those reports or letters and to
sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

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ARTICLE XII

GENERAL PROVISIONS

 

12.1         Notices.
Except as otherwise provided herein, all notices and other communications hereunder shall be in writing and sent by certified
or registered mail, return receipt requested, by overnight delivery service, with all charges prepaid, by hand delivery, or by
telecopier or other form of electronic transmission, including email, as follows:

 

	To Agent:	Citibank, N.A.

    388 Greenwich Street, 26th Floor

    New York, New York  10013

    Attn.: Kamla Kelly Josephite

    Email: kamla.kelly.josephite@citi.com
	 	 
	To Borrower Agent or

    any Borrower:	Borrower Agent

    c/o Team, Inc.

    13131 Dairy Ashford, Suite 600

    Sugar Land, Texas 77478

    Attn: André C. Bouchard, Chief Legal Officer

    Email: butch.bouchard@teaminc.com
	 	 
	To any Lender:	to its address specified in Annex A
    or in the

    Assignment and Acceptance under which it

    became a party hereto

 

Any party hereto may change its address,
email address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All such
notices and correspondence shall be deemed given (a) if sent by certified or registered mail, five (5) Business Days
after being postmarked, (b) if sent by overnight delivery service or by hand delivery, when received at the above stated
addresses or when delivery is refused and (c) if sent by facsimile or other form of electronic transmission (including by
electronic imaging), when such transmission is confirmed. All notices and other communications sent to an e-mail address shall
be (i) deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return
receipt requested" function, as available, return e-mail or other written acknowledgement) and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such notice or communication is available and
identifying the website address therefor; provided that, in the case of clauses (i) and (ii) above, if such
notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall
be deemed to have been sent at the opening of business on the next Business Day for the recipient.

 

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12.2         Delays;
Partial Exercise of Remedies. No delay or omission of Agent to exercise any right or remedy hereunder shall impair
any such right or operate as a waiver thereof. No single or partial exercise by Agent of any right or remedy shall preclude any
other or further exercise thereof, or preclude any other right or remedy.

 

12.3         Right
of Setoff. In addition to and not in limitation of all rights of offset that any Lender or any of its Affiliates may
have under applicable law, if an Event of Default shall have occurred and be continuing and whether or not such Lender shall have
made any demand or the Obligations of Borrowers have matured, each Lender and its Affiliates shall have the right, subject to
the consent of the Agent, to set off and apply any and all deposits (general or special, time or demand, provisional or final,
or any other type) at any time held and any other Indebtedness at any time owing by such Lender or any of its Affiliates to or
for the credit or the account of Borrowers or any of their Affiliates against any and all of the Obligations. In the event that
any Lender or any of its Affiliates exercises any of its rights under this Section 12.3, such Lender shall provide notice
to Agent and Borrowers of such exercise, provided that the failure to give such notice shall not affect the validity of
the exercise of such rights.

 

12.4         Indemnification;
Reimbursement of Expenses of Collection.

 

(a)            Borrowers
hereby agree that, whether or not any of the transactions contemplated by this Agreement or the other Loan Documents are consummated,
Borrowers will indemnify, defend and hold harmless Agent, each Lender, the Letter of Credit Issuer and each other Secured Party
and their respective successors, assigns, directors, officers, agents, employees, advisors, shareholders, attorneys, confirming
banks, advising banks and Affiliates (each, an "Indemnified Party") from and against any and all losses, claims,
damages, liabilities, deficiencies, obligations, fines, penalties, actions (whether threatened or existing), judgments, suits
(whether threatened or existing) or expenses (including reasonable fees and disbursements of counsel, experts, consultants and
other professionals) incurred by any of them (collectively, "Claims") (except, in the case of each Indemnified
Party, to the extent that any Claim is determined in a final and non-appealable judgment by a court of competent jurisdiction
to have directly resulted from such Indemnified Party's gross negligence or willful misconduct) arising out of or by reason of
(i) any litigation, investigation, claim or proceeding related to (A) this Agreement, any other Loan Document or the
transactions contemplated hereby or thereby, (B) any actual or proposed use by a Borrower of the proceeds of the Loans, (C) the
issuance of any Letter of Credit or the acceptance or payment of any document or draft presented to any issuer thereof or (D) any
Indemnified Party's entering into this Agreement, the other Loan Documents or any other agreements and documents relating hereto
(other than consequential damages and loss of anticipated profits or earnings), including amounts paid in settlement, court costs
and the fees and disbursements of counsel incurred in connection with any such litigation, investigation, claim or proceeding,
(ii) the presence or Release of Hazardous Materials at, on, under, to or from any assets or properties owned, leased or operated
by any Borrower or any of its Subsidiaries; any Environmental Actions or any Remedial Actions related in any way to any such assets
or properties of any Borrower or any of its Subsidiaries; or any other action taken or required to be taken by a Borrower in connection
with compliance by or liability of such Borrower, its business, or any of its owned or occupied properties, pursuant to any Environmental
Laws, and (iii) any pending, threatened or actual action, claim, proceeding or suit by any owner of any Borrower against
such Borrower or any actual or purported violation of a Borrower's Governing Documents or any other agreement or instrument to
which a Borrower is a party or by which any of its properties is bound.

 

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(b)            In
addition, Borrowers shall, upon demand, pay to each of Agent, the Letter of Credit Issuer and the Lenders all Lender Group Expenses
incurred by each of them.

 

(c)            If
and to the extent that the obligations of any Borrower hereunder are unenforceable for any reason, Borrowers hereby agree to make
the maximum contribution to the payment and satisfaction of such obligations that is permissible under applicable law.

 

(d)            Borrowers'
obligations under Sections 4.10 and 4.11 and this Section 12.4 shall survive any termination of this Agreement
and the other Loan Documents, the termination, expiration or Collateralization of all Letters of Credit and the Payment in Full
of the Obligations, and are in addition to, and not in substitution of, any of the other Obligations.

 

12.5         Amendments,
Waivers and Consents. No amendment or waiver of any provision of this Agreement or any other Loan Document (other than
the Fee Letter), or consent to any departure by Borrowers therefrom, shall in any event be effective unless the same shall be
in writing and signed by Borrower Agent on behalf of each Borrower and/or other Loan Party party thereto and the Required Lenders
(or by Agent at their instruction on their behalf), and then such amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall,
unless in writing and signed by Borrower Agent on behalf of each Borrower and/or other Loan Party party thereto and all the Lenders,
do any of the following at any time: (a) change the number or percentage of Lenders that shall be required for the Lenders
or any of them to take any action hereunder; (b) amend the definition of "Required Lenders", "Super Majority
Lenders", "Alternate Currency" or "Pro Rata Share"; (c) amend this Section 12.5; (d) reduce
the amount of principal of, or interest on, or the interest rate applicable to, the Loans or Letters of Credit or any fees or
other amounts payable hereunder; (e) postpone any date on which any payment of principal of, or interest on, the Loans or
Letters of Credit or any fees or other amounts payable hereunder is required to be made; (f) extend the stated expiry date
of any Letter of Credit beyond the Termination Date (except as provided in 2.13(a) hereof); (g) release all or substantially
all of the value of the guaranties made pursuant to the Guaranty and Security Agreement or any other Loan Document (except as
expressly provided in the Loan Documents); (h) release all or substantially all of the Collateral from the Liens of the Security
Documents (except as expressly provided in the Loan Documents); (i) contractually subordinate any of Agent's Liens on any
ABL Priority Collateral or on all or substantially all of the other Collateral (except as expressly provided in the Loan Documents);
(j) amend any of the provisions of Section 10.5; or (k) increase any advance rates under the definition of Borrowing
Base (provided that the foregoing shall not impair the ability of Agent to add, remove, reduce or increase reserves against the
Borrowing Base in accordance with Section 2.1(b)); provided further that no amendment, waiver or consent shall change
the definition of Borrowing Base or any of the component definitions thereof (in each case, provided that the foregoing shall
not impair the ability of the Agent to add, remove, reduce or increase reserves against the Aggregate Revolving Credit Commitment,
Alternate Currency, the Borrowing Base, the Eligible Inventory, or the Eligible Receivables in accordance with Section 2.1(b))
or amend, waive, consent to or change the limit on Alternate Currency Borrowings in Section 2.1(a), to the extent that any
such change results in more credit being available to Borrowers based upon the Borrowing Base, but not otherwise, without the
written consent of the Super Majority Lenders; provided, further that no amendment, waiver or consent shall, unless in
writing and signed by (i) a Lender, increase the amount of or extend the expiration date of any Commitment of such Lender,
(ii) the Letter of Credit Issuer, in addition to the Lenders required above, take any action that affects the rights or duties
of the Letter of Credit Issuer under this Agreement or any other Loan Document, (iii) the Swingline Lender, in addition to
the Lenders required above, take any action that affects the rights or duties of the Swingline Lender, and (iv) Agent, in
addition to the Lenders required above, take any action that affects the rights or duties of Agent under this Agreement or any
other Loan Document. Anything in this Section 12.5 to the contrary notwithstanding, any amendment, waiver, modification,
elimination, or consent of or with respect to any provision of this Agreement or any other Loan Document may be entered into without
the consent of, or over the objection of, any Defaulting Lender and the Loans of any Defaulting Lender shall be excluded in determining
whether all Lenders or the Required Lenders have taken or may take action hereunder, other than (x) any of the matters governed
by Section 12.5(d) and (e) that affect such Lender and (y) with respect to any amendment, waiver, modification,
elimination or consent requiring the consent of all Lenders that by its terms specifically discriminates against such Defaulting
Lender.

 

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12.6         Nonliability
of Agent and Lenders. The relationship between and among Borrowers, Agent and the Lenders shall be solely that of borrower,
agent and lender and, respectively. Neither the Lenders nor Agent shall have any fiduciary responsibilities to Borrowers. Neither
the Lenders nor Agent undertake any responsibility to Borrowers to review or inform Borrowers of any matter in connection
with any phase of Borrowers' business or operations.

 

12.7         Assignments
and Participations.

 

(a)            Borrower
Assignment. No Borrower shall assign this Agreement or any of its rights or obligations hereunder without the prior written
consent of Agent and the Lenders, and any assignment in contravention of the foregoing shall be absolutely null and void.

 

(b)            Lender
Assignments. Each Lender may, with the consent of Agent (not to be unreasonably withheld) and, so long as no Event of Default
then exists, Borrower Agent (not to be unreasonably withheld, and not required in connection with an assignment to a Person that
is a Lender or an Affiliate of a Lender), assign to one or more Eligible Assignees (or, if an Event of Default has occurred and
is continuing, to one or more other Persons) all or a portion of its rights and obligations under this Agreement, the Notes and
the other Loan Documents upon execution and delivery to Agent, for its acceptance and recording in the Register, of an Assignment
and Acceptance, together with surrender of any Note or Notes subject to such assignment and a processing and recordation fee payable
to Agent for its account of $3,500. No such assignment shall be for less than $5,000,000 of the Commitments or Loans unless it
is to another Lender or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans, and each such
assignment shall be of a uniform, and not a varying, percentage of all rights and obligations in respect of the Commitments and
the Loans. Upon the execution and delivery to Agent of an Assignment and Acceptance and the payment of the recordation fee to
Agent, from and after the date specified as the effective date in the Assignment and Acceptance (the "Acceptance Date"),
(i) the assignee thereunder shall be a party hereto, and, to the extent that rights and obligations hereunder have been assigned
to it under such Assignment and Acceptance, such assignee shall have the rights and obligations of a Lender hereunder and (ii) the
assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it under such Assignment
and Acceptance, relinquish its rights (other than any rights it may have under Sections 4.10, 4.11 and 12.4, which shall
survive such assignment) and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance
covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such Lender shall
cease to be a party hereto).

 

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(c)            Agreements
of Assignee. By executing and delivering an Assignment and Acceptance, the assignee thereunder confirms and agrees as follows:
(i) other than as provided in such Assignment and Acceptance, the assigning Lender makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement
or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, the Notes or any other
Loan Documents, (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect
to the financial condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations under
this Agreement or any other Loan Document, (iii) such assignee confirms that it is an Eligible Assignee and has received
a copy of this Agreement, together with copies of the Financial Statements referred to in Section 6.1(i), the Financial Statements
delivered pursuant to Section 7.11, if any, and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into such Assignment and Acceptance, (iv) such assignee will, independently
and without reliance upon Agent, such assigning Lender or any other Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement, (v) such
assignee appoints and authorizes Agent to take such action as agent on its behalf and to exercise such powers under this Agreement
as are delegated to Agent by the terms hereof, together with such powers as are reasonably incidental thereto, and (vi) such
assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement
are required to be performed by it as a Lender.

 

(d)            Agent's
Register. Agent, as non-fiduciary agent shall maintain a register of the names and addresses of the Lenders, their Commitments
and the principal amount (and stated interest) of their Loans (the "Register"). Agent shall also maintain a copy
of each Assignment and Acceptance delivered to and accepted by it and modify the Register to give effect to each Assignment and
Acceptance. The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and Borrowers,
Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
Agreement.  The Register and copies of each Assignment and Acceptance shall be available for inspection by Borrowers or any
Lender at any reasonable time and from time to time upon reasonable prior notice.  It is intended that the Register be maintained
such that Loans are in "registered form" for the purposes of the Code.  Upon its receipt of each Assignment and
Acceptance and surrender of the affected Note or Notes subject to such assignment, Agent will give prompt notice thereof to Borrower
Agent.  Within five (5) Business Days after its receipt of such notice, Borrowers shall execute and deliver to Agent
a new Note to the order of the assignee in the amount of the applicable Commitment or Loans assumed by it and to the assignor
in the amount of the applicable Commitment or Loans retained by it, if any.  Such new Note or Notes shall re-evidence the
indebtedness outstanding under the surrendered Note or Notes, shall be in an aggregate principal amount equal to the aggregate
principal amount of such surrendered Note or Notes and shall be dated as of the Acceptance Date.  Agent shall be entitled
to rely upon the Register exclusively for purposes of identifying the Lenders hereunder.

 

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(e)            Securitization.
The Loan Parties hereby acknowledge that the Lenders and their Affiliates may securitize their 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
Loan 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 any 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 subsection (b) above.

 

(f)            Lender
Participations.  Each Lender may sell participations to one or more parties (each, a "Participant")
in or to all or a portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents. Notwithstanding
a Lender's sale of a participation interest, such Lender's obligations hereunder shall remain unchanged.  Borrowers, Agent,
and the other Lenders shall continue to deal solely and directly with such Lender.  No Lender shall grant any Participant
the right to approve any amendment or waiver of this Agreement except to the extent such amendment or waiver would (i) increase
the Commitment of the Lender from which the Participant purchased its participation interest; (ii) reduce the principal of,
or rate or amount of interest on, the Loans or participations in Letters of Credit subject to such participation interest; or
(iii) postpone any date fixed for any payment of principal of, or interest on, the Loans or participations in Letters of
Credit subject to such participation interest.  To the extent permitted by applicable law, each Participant shall also be
entitled to the benefits of Section 4.10 and 12.4 as if it were a Lender, provided that such Participant agrees
to be subject to the last sentence of Section 2.9(b) as if it were a Lender. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or
other obligations under the Loan Documents (the "Participant Register"); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under the Code including Section 5f.103-1(c) of the U.S. Treasury Regulations
(or its successor). 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 Agent (in its capacity as Agent) shall have no responsibility
for maintaining a Participant Register.

 

(g)            Securities
Laws. Each Lender agrees that it will not make any assignment hereunder in any manner or under any circumstances that would
require registration or qualification of, or filings in respect of, any Loan, Note or other Obligation under the securities laws
of the United States or of any other jurisdiction.

 

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(h)            Information.
In connection with any assignment or participation or proposed assignment or participation or any grant of a security interest
in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of Section 12.21,
disclose all documents and information which it now or hereafter may have relating to any Loan Party and its Subsidiaries and
their respective businesses.

 

(i)            Pledge
to Federal Reserve Bank. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest, provided that
no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto

 

12.8         Counterparts;
Facsimile Signatures. This Agreement and any waiver or amendment hereto may be executed in counterparts and by the
parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall
together constitute one and the same instrument. This Agreement and each of the other Loan Documents may be executed and delivered
by facsimile or other electronic transmission (including by electronic imaging) all with the same force and effect as if the same
was a fully executed and delivered original manual counterpart.

 

12.9         Severability.
In case any provision in or obligation under this Agreement, any Note or any other Loan Document shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of
such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

12.10        Maximum
Rate. Notwithstanding anything to the contrary contained elsewhere in this Agreement or in any other Loan Document,
the parties hereto hereby agree that all agreements between them under this Agreement and the other Loan Documents, whether now
existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever
shall the amount paid, or agreed to be paid, to Agent or any Lender for the use, forbearance, or detention of the money loaned
to Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein
or therein, exceed the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for,
taken, reserved, charged or received on the Obligations, under the laws of the State of New York (or the laws of any other jurisdiction
whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or
under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest
rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the
extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents
executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate").
If due to any circumstance whatsoever, fulfillment of any provision of this Agreement or any of the other Loan Documents at the
time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be
fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Rate, and if from
any such circumstance Agent or any Lender should ever receive anything of value deemed interest by applicable law which would
exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding
hereunder or on account of any other then outstanding Obligations and not to the payment of interest, or if such excessive interest
exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall
be refunded to Borrowers. All sums paid or agreed to be paid to Agent or any Lender for the use, forbearance, or detention of
the Obligations and other Indebtedness of Borrowers to Agent and the Lenders shall, to the extent permitted by applicable law,
be amortized, prorated, allocated and spread throughout the full term of such Indebtedness, until Payment in Full thereof, so
that the actual rate of interest on account of all such Indebtedness does not exceed the Highest Lawful Rate throughout the entire
term of such Indebtedness. The terms and provisions of this Section shall control every other provision of this Agreement,
the other Loan Documents and all other agreements among the parties hereto.

 

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12.11       Borrower
Agent; Borrowers, Jointly and Severally.

 

(a)            Economies
of Scale. Each Borrower acknowledges that it, together with each other Borrower, make up a related organization of various
entities constituting a single economic and business enterprise and sharing a substantial identity of interests such that, without
limitation, Borrowers render services to or for the benefit of each other, purchase or sell and supply goods to or from or for
the benefit of each other, make loans, advances and provide other financial accommodations to or for the benefit of each other
(including the payment of creditors and guarantees of Indebtedness), provide administrative, marketing, payroll and management
services to or for the benefit of each other; have centralized accounting, common officers and directors; and are in certain circumstances
are identified to creditors as a single economic and business enterprise. Accordingly, and without limitation, any credit or other
financial accommodation extended to any one Borrower pursuant hereto will result in direct and substantial economic benefit to
each other Borrower, and each Borrower will likewise benefit from the economies of scale associated with Borrowers, as a group,
applying for credit or other financial accommodations pursuant hereto on a collective basis.

 

(b)            Attorney.
Each Borrower hereby irrevocably designates Borrower Agent to be its attorney and agent and in such capacity to borrow, sign and
endorse notes, and execute and deliver all instruments, documents, writings and further assurances now or hereafter required hereunder
including amendments, waivers and consents of the Loan Documents, on behalf of such Borrower or Borrowers, collectively, and hereby
authorizes Agent to pay over or credit all loan proceeds hereunder in accordance with the request of Borrower Agent.

 

(c)            Co-Borrowers.
The handling of this credit facility as a co-borrowing facility with a Borrower Agent in the manner set forth in this Agreement
is solely as an accommodation to Borrowers and at their request. Neither the Lenders nor Agent shall incur any liability to Borrowers
as a result thereof. To induce Agent and the Lenders to do so and in consideration thereof, each Borrower hereby indemnifies Agent
and the Lenders and holds Agent and the Lenders harmless from and against any and all liabilities, expenses, losses, damages and
claims of damage or injury asserted against Agent or any Lender by any Person arising from or incurred by reason of the handling
of the financing arrangements of Borrowers as provided herein, reliance by Agent or any Lender on any request or instruction from
Borrower Agent or any other action taken by Agent or any Lender with respect to this Section except due to willful misconduct
or gross (not mere) negligence by the indemnified party.

 

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(d)            Waivers.
Each Borrower expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution or any other
claim which such Borrower may now or hereafter have against the other Borrowers or other Person directly or contingently liable
for the Obligations hereunder, or against or with respect to the other Borrowers' property (including any property which is Collateral
for the Obligations), arising from the existence or performance of this Agreement, until termination of this Agreement and Payment
in Full of the Obligations.

 

(e)            Joint
and Several Obligations. Each Borrower's liabilities in respect of the Obligations shall at all times be joint and several
and shall be absolute and unconditional irrespective of: (i) any lack of validity, regularity or enforceability of this Agreement
or any other Loan Document; (ii) any change in the time, manner or place of payment of, or in any other term of, all or any
of the Obligations, or any other amendment or waiver of or any consent to departure from this Agreement or any other Loan Document;
(iii) any exchange, release or non-perfection of any security interest in any collateral, or any release or amendment or
waiver of or consent to departure from any guaranty, for all or any of the Obligations; (iv) any failure on the part of Agent
or any Lender or any other Person to exercise, or any delay in exercising, any right under this Agreement or any other Loan Document;
or (v) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any of Borrowers,
any Guarantor or any other guarantor with respect to the Obligations (including all defenses based on suretyship or impairment
of collateral, and all defenses that any of Borrowers may assert to the repayment of the Obligations, including failure of consideration,
breach of warranty, payment, statute of frauds, bankruptcy, lack of legal capacity, statute of limitations, lender liability,
accord and satisfaction, and usury), this Agreement and the obligations of Borrowers under this Agreement. The joint and several
liabilities of Borrowers hereunder shall remain in full force and effect until the Obligations have been Paid in Full.

 

(f)            Anything
contained in this Agreement to the contrary notwithstanding, the amount of the Obligations for which each Borrower is jointly
and severally liable hereunder shall be the aggregate amount of the Obligations unless a court of competent jurisdiction adjudicates
such Borrower's obligations under this Agreement (or the amount thereof) to be invalid or unenforceable for any reason (including
because of any applicable state, provincial or federal law relating to fraudulent conveyances or transfers), in which case the
amount of the Obligations payable by such Borrower hereunder shall be limited to the maximum amount of the Obligations that could
be incurred by such Borrower without rendering such Borrower's obligations under this Agreement invalid or unenforceable under
such applicable law.

 

12.12       Entire
Agreement; Successors and Assigns; Interpretation. This Agreement and the other Loan Documents constitute the entire
agreement among the parties, supersede any prior written and verbal agreements among them with respect to the subject matter hereof
and thereof, and shall bind and benefit the parties and their respective successors and permitted assigns. This Agreement shall
be deemed to have been jointly drafted, and no provision of it shall be interpreted or construed for or against a party because
such party purportedly prepared or requested such provision, any other provision, or this Agreement as a whole.

 

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12.13       LIMITATION
OF LIABILITY. NEITHER THE AGENT, ANY LENDER NOR ANY OTHER INDEMNIFIED PARTY SHALL HAVE ANY LIABILITY TO THE LOAN PARTIES
(WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE) FOR LOSSES SUFFERED BY THE LOAN PARTIES IN CONNECTION WITH, ARISING
OUT OF, OR IN ANY WAY RELATED TO THE TRANSACTIONS OR RELATIONSHIPS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT,
OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, UNLESS IT IS DETERMINED BY A FINAL AND NONAPPEALABLE JUDGMENT
OR COURT ORDER BINDING ON THE AGENT, SUCH LENDER OR SUCH INDEMNIFIED PARTY (AS THE CASE MAY BE) THAT THE LOSSES WERE THE
RESULT OF ACTS OR OMISSIONS CONSTITUTING GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE AGENT, SUCH LENDER, OR SUCH INDEMNIFIED
PARTY (AS THE CASE MAY BE). THE LOAN PARTIES HEREBY WAIVE ALL FUTURE CLAIMS AGAINST THE AGENT AND THE LENDERS AND EACH OTHER
INDEMNIFIED PARTY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES.

 

12.14       GOVERNING
LAW. OTHER THAN WITH RESPECT TO THE CANADIAN SECURITY DOCUMENTS, THE DUTCH SECURITY DOCUMENTS AND THE ENGLISH SECURITY
DOCUMENTS, AND SUBJECT TO SECTION 11.13 (ENGLISH LAW GOVERNED TRANSACTION SECURITY), THE VALIDITY, INTERPRETATION AND
ENFORCEMENT OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT
OR ANY OF THE OTHER LOAN DOCUMENTS, WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL
LAWS (AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND
DECISIONS OF THE STATE OF NEW YORK.

 

EACH PARTY ACKNOWLEDGES AND ACCEPTS THAT, IF
A PARTY IS REPRESENTED BY AN ATTORNEY IN CONNECTION WITH THE SIGNING AND/OR EXECUTION OF THIS AGREEMENT OR ANY OTHER AGREEMENT,
DEED OR DOCUMENT REFERRED TO IN THIS AGREEMENT OR MADE PURSUANT TO THIS AGREEMENT, AND THE POWER OF ATTORNEY IS GOVERNED BY DUTCH
LAW, THAT THE EXISTENCE AND EXTENT OF THE ATTORNEY'S AUTHORITY AND THE EFFECTS OF THE ATTORNEY'S EXERCISE OR PURPORTED EXERCISE
OF ITS AUTHORITY SHALL BE GOVERNED BY DUTCH LAW.

 

12.15       SUBMISSION
TO JURISDICTION. ALL DISPUTES BETWEEN ANY OF THE LOAN PARTIES AND THE AGENT OR ANY LENDER BASED UPON, ARISING OUT OF,
OR IN ANY WAY RELATING TO (A) THIS AGREEMENT; (B) ANY OTHER LOAN DOCUMENT; (other
than THE CANADIAN SECURITY DOCUMENTS, THE DUTCH SECURITY DOCUMENTS AND THE ENGLISH SECURITY DOCUMENTS)
OR (C) ANY CONDUCT, ACT OR OMISSION OF THE LOAN PARTIES OR THE AGENT OR ANY LENDER OR ANY OF THEIR RESPECTIVE PARTNERS,
EMPLOYEES, AGENTS, ATTORNEYS OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE,
SHALL BE RESOLVED ONLY BY STATE AND FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK AND THE COURTS TO WHICH AN APPEAL THEREFROM MAY BE
TAKEN; PROVIDED, THAT THE AGENT SHALL HAVE THE RIGHT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TO PROCEED AGAINST
ANY LOAN PARTY OR ITS PROPERTY IN (A) ANY COURTS OF COMPETENT JURISDICTION AND VENUE AND (B) ANY LOCATION SELECTED BY
THE AGENT TO ENABLE THE AGENT TO REALIZE ON SUCH PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE AGENT.
EACH LOAN PARTY WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH THE AGENT HAS COMMENCED A PROCEEDING, INCLUDING
ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON FORUM NON CONVENIENS.

 

    -153-

     

    

 

12.16       [RESERVED].

 

12.17       JURY
TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO (A) THIS AGREEMENT; (B) ANY
OTHER LOAN DOCUMENT OR OTHER PRESENT OR FUTURE INSTRUMENT OR AGREEMENT BETWEEN OR AMONG THE LOAN PARTIES, THE AGENT AND THE LENDERS,
OR ANY OF THEM; OR (C) ANY CONDUCT, ACT OR OMISSION OF THE LOAN PARTIES, THE AGENT OR THE LENDERS OR ANY OF THEIR RESPECTIVE
PARTNERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR
OTHERWISE.

 

12.18       Attorney.
Each Party acknowledges and accepts that, if a Party is represented by an attorney in connection with the signing and/or execution
of this Agreement or any other agreement, deed or document referred to in this Agreement or made pursuant to this Agreement, and
the power of attorney is governed by Dutch law, that the existence and extent of the attorney's authority and the effects of the
attorney's exercise or purported exercise of its authority shall be governed by Dutch law.

 

12.19       Agent
Titles. Each Lender, other than Citibank, that is designated (on the cover page of this Agreement or otherwise)
by Citibank as an "Agent" or "Arranger" of any type shall not have any right, power, responsibility or duty
under any Loan Documents other than those applicable to all Lenders, and shall in no event be deemed to have any fiduciary relationship
with any other Lender.

 

12.20       Publicity.
Agent may (a) publish in any trade or other publication or otherwise publicize to any third party (including its Affiliates)
a tombstone, article, press release or similar material relating to the financing transactions contemplated by this Agreement
(including the use of company logos upon execution of trademark use agreements reasonably satisfactory to Agent) and (b) provide
to industry trade organizations related information necessary and customary for inclusion in league table measurements.

 

    -154-

     

    

 

12.21       No
Third Party Beneficiaries. Neither this Agreement nor any other Loan Document is intended or shall be construed
to confer any rights or benefits upon any Person other than the parties hereto and thereto.

 

12.22       Confidentiality.
Each of Agent and the Lenders shall maintain the confidentiality of all Information (as defined below), except that Information
may be disclosed by any of them (a) to its Affiliates, and to its and their partners, directors, officers, employees, agents,
advisors and representatives (provided such Persons are informed of the confidential nature of the Information and instructed
to keep it confidential and are bound by confidentiality restrictions substantially similar to the arrangements of this Section 12.22);
(b) to the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction
over it or its Affiliates; (c) to the extent required by applicable law or by any subpoena or other legal process; (d) to
any other party hereto; (e) in connection with any action or proceeding, or other exercise of rights or remedies, relating
to any Loan Documents or Obligations; (f) subject to an agreement containing provisions substantially the same as this Section,
to any assignee or any actual or prospective assignee, participant or pledgee (or any of their respective advisors) in connection
with any actual or prospective assignment, participation or pledge of any Lender's interest under this Agreement; (g) with
the consent of Borrowers (not to be unreasonably withheld, conditioned or delayed); (h) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section or (ii) is available to Agent or the Lenders or
any of its or their respective Affiliates on a nonconfidential basis from a source other than the Loan Parties; or (i) to
the extent that preventing that disclosure would otherwise cause any transaction contemplated by the Loan Documents or any transaction
carried out in connection with any transaction contemplated by the Loan Documents to become an arrangement described in Part II
A 1 of Annex IV of the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU. Notwithstanding the
foregoing, Agent or the Lenders may publish or disseminate general information describing this credit facility, including the
names and addresses of Borrowers and a general description of Borrowers' businesses, and may use Borrowers' logos, trademarks
or product photographs in advertising materials and league table purposes, as provided in Section 12.19 (including upon execution
of trademark use agreements reasonably satisfactory to Agent). As used herein, "Information" means all information
received from a Loan Party relating to it or its business that a reasonable person would consider confidential. Any Person required
to maintain the confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises
the same degree of care that it accords its own confidential information. Agent and the Lenders acknowledge that (i) Information
may include material non-public information concerning a Loan Party; (ii) it has developed compliance procedures regarding
the use of material non-public information; and (iii) it will handle such material non-public information in accordance with
applicable law, including federal, provincial and state securities laws.

 

12.23       Patriot
Act Notice. Agent and each Lender hereby notifies the Loan Parties that pursuant to the requirements of the Patriot
Act, Agent and each Lender is required to obtain, verify and record information that identifies each Loan Party, including its
legal name, address, tax ID number and other information that will allow Agent and each Lender to identify it in accordance with
the Patriot Act. Agent will also require information regarding each personal guarantor, if any, and may require information regarding
the Loan Parties' management and owners, such as legal name, address, social security number and date of birth.

 

    -155-

     

    

 

12.24       Advice
of Counsel. Each Borrower acknowledges that it has been advised by counsel in connection with the execution of this
Agreement and the other Loan Documents and is not relying upon oral representations or statements inconsistent with the terms
and provisions of this Agreement or any other Loan Document.

 

12.25       Captions.
The captions at various places in this Agreement and any other Loan Document are intended for convenience only and do not constitute
and shall not be interpreted as part of this Agreement or any other Loan Document.

 

12.26       Platform.

 

(a)            The
Borrowers agree that the Agent may, but shall not be obligated to, make the Communications (as defined below) available to the
Letter of Credit Issuers and the Lenders by posting the Communications on the Platform.

 

(b)            The
Platform is provided "as is" and "as available." The Agent Parties (as defined below) do not warrant the adequacy
of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express,
implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party
rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the
Platform. In no event shall the Agent nor any of its directors, officers, agents, employees, advisors, shareholders, attorneys
or Affiliates (collectively, the "Agent Parties") have any liability to any Borrower, any Lender or any other
Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or
expenses (whether in tort, contract or otherwise) arising out of the Borrowers' or the Agent's transmission of communications
through the Platform, unless it is determined by a final and nonappealable judgment or court order that the damages were the result
of acts or omissions constituting gross negligence or willful misconduct of the Agent Party. "Communications"
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the
Borrowers pursuant to any Loan Document or the transactions contemplated therein that is distributed to the Agent, any Lender
or any Letter of Credit Issuer by means of electronic communications pursuant to this Section, including through the Platform.

 

12.27       Right
to Cure. Agent may, in its discretion, (a) cure any default by any Loan Party under this Agreement, any other
Loan Document or any Material Contract that affects the Collateral, its value or the ability of Agent to collect, sell or otherwise
dispose of any Collateral or the rights and remedies of Agent and the Lenders therein or the ability of any Loan Party to perform
its obligations hereunder or under any of the other Loan Documents, (b) pay or bond on appeal any judgment entered against
any Loan Party, (c) discharge any charges, Liens, security interests or other encumbrances at any time levied on or existing
with respect to the Collateral and (d) pay any amount, incur any expense or perform any act which Agent, in its discretion,
determines is necessary or appropriate to preserve, protect, insure or maintain the Collateral and the rights of Agent and the
Lenders with respect thereto. Agent may add any amounts so expended to the Obligations and charge the Loan Account or any other
account of Borrowers with Agent or the amounts thereof, such amounts to be repayable by Borrowers on demand and bear interest
until paid in full at the highest rate then applicable to the Loans. Agent shall be under no obligation to effect such cure, payment
or bonding and shall not, by doing so, be deemed to have assumed any obligation or liability of any Loan Party. Any payment made
or other action taken by Agent under this Section shall be without prejudice to any right to assert an Event of Default and
to proceed accordingly.

 

    -156-

     

    

 

12.28       Acknowledgment
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Affected Financial Institution and/or UK Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and/or UK Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

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

 

(e)            the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable
Resolution Authority or UK Resolution Authority (as the case may be).

 

12.29       Time.
Time is of the essence in this Agreement and each other Loan Document. Unless otherwise expressly provided, all references herein
and in any other Loan Documents to time shall mean and refer to New York time.

 

12.30       Keepwell.
Each Borrower and each other Loan Party, to the extent constituting a Qualified ECP Guarantor, hereby jointly and severally absolutely,
unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other
Loan Party to honor all of its obligations under the guaranty contained in the Guaranty and Security Agreement made by it in respect
of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for
the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section or
otherwise under this Agreement or any other Loan Document, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall
remain in full force and effect at all times hereafter until the Obligations have been Paid in Full. Each Qualified ECP Guarantor
intends that this Section shall constitute, and this Section shall be deemed to constitute, a "keepwell, support,
or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act.

 

    -157-

     

    

 

12.31       Specified
U.S. Guarantors. Effective upon each Specified U.S. Guarantor Date, each applicable Specified U.S. Guarantor shall
be automatically converted from a Guarantor to a Borrower hereunder with the same force and effect as if originally named therein
as a Borrower under this Agreement and the other Loan Documents. In connection therewith, each Specified U.S. Guarantor (a) agrees
to all of the terms and provisions of this Agreement and the other Loan Documents applicable to it as an "Borrower"
thereunder including Section 12.11 and (b) represents and warrants that the representations and warranties made by it
as an "Borrower" thereunder are true and correct on and as of the date hereof. For purposes of this Section 12.31,
for each Specified U.S. Guarantor, the "Specified U.S. Guarantor Date" shall be the date that the Agent has been notified
by each then existing Lender that such Lender has completed its applicable "know your customer", Anti-Money Laundering
Laws and Patriot Act due diligence with respect to such Specified U.S. Guarantor.

 

12.32       Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise,
for Hedge Agreements or any other agreement or instrument that is a QFC (such support, "QFC Credit Support" and
each such QFC a "Supported QFC"), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution
Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States): In the event a Covered Entity that is party to a Supported QFC
(each, a "Covered Party") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC
and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered
Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws
of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise
apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC
and the Loan Documents were governed by the laws of the United States or a state of the United States.  Without limitation
of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall
in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

    -158-

     

    

 

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be executed by its proper and duly authorized officer as of the date first
set forth above.

 

	 	BORROWER:
	 	 
	 	TEAM, INC.
	 	 
	 	 
	 	By: 	/s/
    André C. Bouchard
	 	Name: 	André C. Bouchard
	 	Title: 	Executive Vice President, Chief Legal Officer and Secretary

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	U.S. SPECIFIED GUARANTORS:
	 	 
	 	TEAM INDUSTRIAL SERVICES, INC
	 	 
	 	 
	 	By: 	/s/ André
    C. Bouchard
	 	Name: 	André C. Bouchard
	 	Title: 	Executive Vice President, Chief Legal Officer and Secretary
	 	 
	 	 
	 	QUEST INTEGRITY USA, LLC
	 	 
	 	 
	 	By: 	/s/ André
    C. Bouchard
	 	Name: 	André C. Bouchard
	 	Title: 	Executive Vice President, Chief Legal Officer and Secretary
	 	 
	 	 
	 	DK VALVE & SUPPLY, LLC
	 	 
	 	 
	 	By:	/s/ André
    C. Bouchard
	 	Name: 	André C. Bouchard
	 	Title: 	Executive Vice President, Chief Legal Officer and Secretary

 

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	AGENT
	 	 
	 	CITIBANK, N.A.
	 	 
	 	 
	 	By: 	/s/ Kelly Josephite
	 	Name: 	Kelly Josephite
	 	Title: 	Authorized Signatory

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	LENDERS
	 	 
	 	CITIBANK, N.A.
	 	 
	 	 
	 	By: 	/s/ Kelly Josephite
	 	Name:	 Kelly Josephite
	 	Title: 	Authorized Signatory

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	BANK OF AMERICA, N.A.
	 	 
	 	 
	 	By:	 /s/ John Osgood
	 	Name: 	John Osgood
	 	Title: 	Vice President

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	Regions Bank
	 	 
	 	 
	 	By: 	/s/ Thomas Hughston
	 	Name: 	Thomas Hughston
	 	Title: 	Assistant Vice President

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 
	 	As Lender and Letter of Credit Issuer
	 	 
	 	 
	 	By: 	/s/ Kyle Murphy
	 	Name:	 Kyle Murphy
	 	Title: 	Authorized Signatory

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	WELLS FARGO CAPITAL FINANCE CORPORATION CANADA
	 	 
	 	 
	 	By: 	/s/ David G. Phillips
	 	Name: 	David G. Phillips
	 	Title: 	Senior Vice President, Credit Officer Canada Wells Fargo
Capital Finance Corporation Canada

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, LONDON BRANCH
	 	 
	 	 
	 	By: 	/s/ Patricia Del Busto
	 	Name:	 Patricia Del Busto
	 	Title: 	Authorized Signatory

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	MUFG UNION BANK, N.A.
	 	 
	 	 
	 	By:	 /s/ Thomas Kainamura
	 	Name: 	Thomas Kainamura
	 	Title:	 Director

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	BOKF, NA dba BOK Financial
	 	 
	 	 
	 	By:	 /s/ Ryan P. Birnel
	 	Name: 	Ryan P. Birnel
	 	Title: 	SVP / Director of Asset Based Lending

 

Signature Page to the Credit Agreement

 

    

    

    

 

	 	Huntington Bank
	 	 
	 	 
	 	By:	 /s/ John Zelenka
	 	Name: 	John Zelenka
	 	Title: 	Senior Vice President

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